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Jan 17, 2012

Smartcompany News and Analysis: Jim Penman’s IPO plans, Franchise Council seeks Govt lending guarantee, Exporters battle toughest conditions in 30 years, Boom in domain registries

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Today on SmartCompany, we get the lowdown on entrepreneur Jim Penman’s ambitious listing plans for 2012, hear the Franchise Council’s case on why the Government should guarantee lending for emerging companies, and delve into the boom in domain registries.

And in Boss Lady, SmartCompany founder Amanda Gome extracts the management lessons from the Italian cruise ship disaster.

Lunch with an Entrepreneur
Rob Davidson
Davidson Recruitment co-founder, Rob Davidson explains the recent spate of collapses in the sector. BY MADELEINE HEFFERNAN.
Rob Davidson

Transport and Logistics
Air travel industry hits profit turbulence
High fuel prices and strong competition has kept profit in the air travel industry grounded.

Aunty B
How do I get my staff dressing better without being too prescriptive?
I find it works better if you outline the type of style that you DON'T want them to emulate.
Aunty B

Franchise tips and trends
Jason Gehrke
News of the bankruptcy of former Olympic basketballer and high-profile multi-unit franchisee Shane Heal has some interesting lessons for fellow franchisees.
Jason Gehrke

Gen-Y Millionaire
Kirsty Dunphey
What are your clients bringing to the relationship before you even have a chance to impact on them?
Kirsty Dunphey

Property Investor
Michael Yardney
Why are some property investors able to grow significant wealth while others flounder?
Michael Yardney

Boss Lady
Amanda Gome
Faced with a major crisis, as the captain of the Costa Concordia cruise ship did, would you step up to the plate?
Amanda Gome

NYT Global Update: Captain Rebuked in Transcript; 5 More Bodies Are Found

Global Update


Captain Rebuked in Transcript; 5 More Bodies Are Found

Rescuers pulled more bodies from the stricken cruise liner on Tuesday, as transcripts of a screaming match between the coast guard and the ship's captain were released.

European Court Overrules Britain on Terror Detainee

The European Court of Human Rights said that Abu Qatada cannot be deported from Britain to his native Jordan because his trial there would be tainted by evidence obtained by torture.

New Wave of Killings in Syria

Violence surged Tuesday in Syria as activists reported at least 30 people killed, including four soldiers who had defected, in several towns and cities across the country.

Video: TimesCast

A telephone call from the cruise ship Costa Concordia, and more.

Op-Ed Contributor

A Country's Frustration, Fueled Overnight

The Nigerian government's sudden decision to end fuel subsidies, doubling prices for transportation and food, gave the people the message: You don't matter.

Ship Salvage Crews Roll Up Their Sleeves

A Dutch marine salvage company is preparing to pump half a million gallons of fuel from the stricken Costa Concordia cruise liner, the first step toward determining whether to save or scrap it.

Oversight of Cruise Lines at Issue After Disaster

Questions about a captain's maneuvering of the Costa Concordia cruise ship off the coast of Italy are raising larger issues about how the cruise industry is regulated.

Yemeni Official Hints at Election Delay

Yemen's foreign minister, Abu Bakr al-Qirbi,, said Tuesday that it would be "difficult" to hold the elections on Feb. 21 as planned, adding to fears of a worsening political crisis.

European Central Bankers Criticize Role of Rating Agencies

The heads of the European Central Bank and the Bank of England are urging investors to pay less attention to ratings downgrades of euro zone countries.

After Record Year, Airbus Predicts Orders to Drop

The European plane maker said demand for its jets would fall by about half in 2012, after beating Boeing for a fourth consecutive year.

Auditors Not Involved in Cover-Up, Olympus Says

A report released Tuesday said that Olympus's executives had so cleverly buried losses that the company's external auditors could not have uncovered them.

As States Weigh Online Gambling, Profit May Be Small

Raising revenue remains the draw for most, but some wonder whether profits from Internet play would make any significant differences to deficits.

Web Gang Operating in the Open

The Koobface gang, a Russian-based group, has grown wealthy by apparently spreading a computer worm on Facebook and other social networks and cashing in on various schemes.
Bits Blog

Wikipedia to Go Dark on Wednesday to Protest Bills on Web Piracy

Wikipedia is the latest Web site to plan a blackout for Wednesday to protest two Congressional bills intended to curtail copyright violations on the Internet.
On Soccer

With Inter Surging, Why Mess With a Good Thing?

Inter Milan has expressed interest in Manchester City's outcast, Carlos Tévez, but why change the chemistry of a soccer team that has won eight of its last nine Serie A games?

A Golden Opportunity Reigns at Wimbledon

It is an Olympic year but also a year with two chances to win a prize that glitters at the All England Club, which is making for unusual behavior at the year's first Grand Slam tournament.

Australian Winds His Way to Olympic Heights, One Great Leap at a Time

Among the hundreds of first-time Olympians in London in July, perhaps none will have come as far as Mitchell Watt, 24, a favorite for the gold medal in the men's long jump.

U.S. to Force Drug Firms to Report Money Paid to Doctors

To head off medical conflicts of interest, the companies would be required to disclose what they pay doctors for research, consulting, speaking, travel and entertainment.

Los Angeles Makes Condom Use Mandatory for Adult Film Actors

The City Council approved a mandate requiring that all adult film actors wear condoms when filming within city limits.
Patrick Chappatte

Downgrade of France's Credit Rating

Standard & Poor's downgraded the credit ratings of France, Italy and seven other European countries.
Op-Ed Contributor

Why China Is Weak on Soft Power

China's internal restrictions undermine its efforts to build up its image and cultural influence.
Op-Ed Columnist

Don't Do It, Bibi

Temptation rises for Israel to make a terrible mistake.

Financial and Forex Info News | Kitco New Yopk Matket Close Report

New York Market Close Jan 17/12 05:25 PM EST

DealBook Alert: Yahoo Co-Founder Jerry Yang Resigns From Board

Dealbook News Alert
The New York Times
Tuesday, January 17, 2012

Yahoo Co-Founder Jerry Yang Resigns From Board

Yahoo announced on Tuesday that co-founder and board member Jerry Yang had stepped down from its board effective immediately. He has also resigned from the boards of Yahoo Japan and the Alibaba Group.

The online portal, which recently appointed a new chief executive, did not fully explain Mr. Yang’s abrupt departure, but the board has wrestled with several issues in recent months including a possible sale of its Asian assets and the company’s strategic direction. In a letter to Yahoo’s chairman Roy Bostock, disclosed on Tuesday, Mr. Yang was obtuse: “The time has come for me to pursue other interests outside of Yahoo.” He also expressed his confidence in the new chief, Scott Thompson, and the rest of the management team.

Shares of Yahoo jumped more than 4 percent in after-hours trading to more than $16 per share, immediately following the announcement.

Read More:

Wilkie wedged as Gillard prevails: Financial and Forex Info News | The Australian Capital Circle

Wilkie wedged as Gillard prevails
Julia Gillard has dodged a poker machine reform no-confidence vote, staring down independent Andrew Wilkie.

First off: Mr Wilkie yesterday said he would accept a trial of mandatory pre-commitment on poker machines that would push back the full reform package to 2016. Mr Wilkie's decision came after a series of meetings with the Prime Minister, independent senator Nick Xenophon and West Australian National Tony Crook (report) and is a backdown from his threat to withdraw support for the government if reform was not legislated by 2014. Ms Gillard reportedly told the independent MP at a meeting on Sunday that she would not introduce the scheme, or an alternative proposal for $1 bet limits.
Julia Gillard is in Melbourne. The Prime Minister will make a public appearance later today.
Tony Abbott is back from leave and is in Sydney but his office is being tight-lipped about his plans today.
Front pages: The Australian; The Herald Sun; The West Australian; The Sydney Morning Herald; The Advertiser; The Age; The Daily Telegraph; The NT News; The Hobart Mercury; The Canberra Times.
Talking point: Immigration Minister Chris Bowen writes that ALP members should directly elect its leader.
Movements: More details about the staff shake-out following the ministerial reshuffle are emerg
Peter Brent
Peter Brent
Postpone pokie reform?
The Rudd government’s April 2010 decision to dump/postpone its Carbon Pollution Reduction Scheme was bad politics on several levels. For one thing most…
More Peter Brent

DealBook | DealB%K Afternoon Edition: Carried Interest Debate Flares Anew With Romney Disclosure

Tuesday, January 17, 2012
Carried Interest Debate Flares Anew With Romney Disclosure: The "carried interest" tax debate that has raged in Congress and on Wall Street over the past half decade took center stage in the presidential race on Tuesday. Mitt Romney, speaking at a campaign stop in Florence, S.C., revealed that his effective tax rate was about 15 percent. Mr. Romney's disclosure is sure to reignite complaints that private equity executives - among the nation's wealthiest individuals - get preferential tax treatment. Private equity executives are taxed at the capital gains rate of 15 percent on most of their earnings, a rate well below the 35 percent tax on ordinary income. Certain hedge fund managers, real estate investors, and venture capitalists also earn much of their pay in the form of carried interest. A White House spokesman said Tuesday that the 15 percent tax rate reveals unfairness in the tax code.
    Europe Leans Toward Blocking NYSE-Deutsche Borse Merger: The European Union's competition commissioner won support from government representatives on an advisory panel in his effort to halt the deal between NYSE Euronext and Deutsche Borse.
    In S.E.C.'s Actions, a Hint at a Tougher Stance: In rejecting a proposed settlement with Spencer C. Barasch and requiring admissions in a small number of cases, the agency has taken two small steps toward burnishing its image as Wall Street's top cop, writes Peter J. Henning in his White Collar Watch column for DealBook
    Morgan Stanley to Cap Cash Bonuses at $125,000: The bonus caps reflect the difficulties that new financial regulations and the debt turmoil in Europe have posed to Morgan Stanley and its rival firms.
    Walid Chammah to Retire From Morgan Stanley: Walid A. Chammah, the chairman of Morgan Stanley International, is retiring, according to a memorandum sent on Tuesday to employees. The chief executive executive and chairman of Morgan Stanley, James P. Gorman, said Mr. Chammah had told him in September that he planned to retire early in 2012. Mr. Chammah is not the only executive to recently announce plans to leave Morgan Stanley. The bank's former chief, John J. Mack, with whom Mr. Chammah was seen as aligned, retired last year.
    Citigroup reported fourth-quarter results that fell far short of what analysts were forecasting.
    Citigroup Struggles in Weak Quarter Citi shares fell more than 7 percent in the fourth quarter, and investors wasted little time in showing their disappointment. The capital markets unit was especially weak.
    Wells Fargo Profit Rose 20% in Fourth Quarter But the gains at Wells Fargo were limited by declining revenue, reflecting a setback felt across the banking industry as a result of the sluggish economic recovery.
    UniCredit Gaining Investor Support for $9.6 Billion Rights Issue Aabar Investments, an investment vehicle for Abu Dhabi's sovereign wealth fund, said on Tuesday that it would increase its stake in Italian bank UniCredit to 6.5 percent as UniCredit is expected to gain investor backing to raise 7.5 billion euros, or $9.6 billion, in a so-called rights offering.
    Ralcorp Outlines Post Cereals Spinoff The spinoff of the maker of Grape-Nuts, Honey Bunches of Oats and other cereals will cap a short-lived $1.65 billion acquisition that never quite took off.
    Renaissance's New Fund: Jim Simons' hedge fund company, Renaissance Technologies, is starting its first new fund in five years, reports Katherine Burton of Bloomberg News.
    The Pay Gurus of Wall Street: As Wall Street banks gear up for their annual bonus season, one group of influential outsiders, known as compensation consultants, is lending advice on pay to banks and other financial firms, DealBook's Kevin Roose reports in The New York Times. "The misunderstanding many people have about this industry is that pay is whimsical," said Alan Johnson, a leading compensation consultant. "It's not."
    Eton Park's Lock-Up: Last year was an ugly one for Erich Mindich's Eton ParkCapital Management. Many investors who want to get out can't as the fund's terms "remain among the most onerous in the hedge fund world," writes Michelle Celarier.
    Next up on the Wall Street earnings hit parade is Goldman Sachs, which reports its fourth-quarter results at 8 a.m. New York time. And the House Financial Services committee holds a hearing on the Volcker rule beginning at 9:30 a.m., Washington time. 

NYT Afternoon Business News: Majesco Q4 Loss Widens, Shares Fall

Latest Business News

4:53 PM ET
Majesco Q4 Loss Widens, Shares Fall
4:51 PM ET
Carnival, Citigroup, Tesla Are Big Movers
4:50 PM ET
Summary Box: Europe Debt Auctions Lift Stocks

Wall St up on strong global signs: Financial and Forex Info News | The Australian Business Briefing

Wall St up on strong global signs
Brendan Conway and Christian Berthelsen US stocks gained after better-than-expected economic data in the US, China and Germany fuelled optimism.
Citi profit slumps as IB weighs
Matthias Rieker and Mia Lamar CITIGROUP'S fourth-quarter profit fell 11 per cent as choppy capital markets weighed on its investment bank.
Europe bond auctions positive
Emese Bartha and Art Patnaude European bond issuers provided markets with a positive set of auction results yesterday, despite downgrades by S&P.
ANZ wields axe as banks feel the pinch
Scott Murdoch ANZ has started the first round of planned savage job cuts as the bank battles tough domestic and global economic conditions.
Eight LNG plants enough: Ferguson
Matt Chambers THE Gillard government says it will discourage more onshore standalone liquefied natural gas plants.
CBA pays top rate in $3.5bn debt deal
Scott Murdoch THE higher funding costs infecting global markets have hit Australia, with CBA forced to pay elevated rates to secure local funding.
Seer who defied trend predicts cuts
James Frost WESTPAC chief economist Bill Evans is looking for two more interest rate cuts of 25 basis points each by the end of May.
Aluminium weighs down on Rio
Matt Chambers RIO Tinto racks up production records at its Australian iron ore operations but will log a second-half loss at its aluminium unit.
Financial Markets
Wall St up on strong global signs
Brendan Conway and Christian Berthelsen US stocks gained after better-than-expected economic data in the US, China and Germany fuelled optimism.
Gold hits one-month high
Europe bond auctions positive
Financial Markets Coverage