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May 15, 2012

Smartcompany News and Analysis: Construction giant collapses as funds dry up, Best Buy founder quits: five scandal-ridden resignations, PwC scraps 211 jobs.

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The construction industry blues continue after Sydney-based building group St Hilliers Construction announced this morning it had been placed in voluntary administration. Today, SmartCompany reports on the company's collapse.

We look at a Sydney couple running an airconditioning business jailed after a Project Wickenby tax investigation, examine Coles and Woolworths' grilling before the Senate yesterday and talk to entrepreneur Kathryn Anderson about how she bucked the trends in physiotherapy.

Plus in Entrepreneur Watch, James Thomson considers how the Facebook IPO is dividing hearts and minds.

Lunch with an Entrepreneur
Kathryn Anderson
About 10 years ago, the physiotherapy industry adopted a high-turnover business model. Kathryn Anderson decided to buck the trend. BY CARA WATERS.
Features

Health and Pharmaceuticals
Dispensing health and wealth: Pharmacies maintain mature growth as competition intensifies
Pharmacies continue to play an important and long-established role in Australia’s primary health care system. Long-term trends suggest future growth in the sector. BY KAREN DOBIE.
Features

Aunty B
My workmates think I won't return after giving birth. Help!
Thankfully you aren’t the first woman to tread this path. Here’s what you need to do.
Aunty B

Profitable growth
Julia Bickerstaff
The truth is that most employees think strategy is a management thing, so the challenge for you is to change your employees from bystanders into activists.
Ask the Experts

Internet secrets
Craig Reardon
There's much more to a web presence now than merely editing your website.
Smart Blogs

Entrepreneur Watch
James Thomson
The Facebook hype machine is officially out of control. But, in a way, it is understandable.
Entrepreneur Watch

NYT Global Update: Key Murdoch Aide to Be Prosecuted in Hacking Case.

Global Update


TOP NEWS

Key Murdoch Aide to Be Prosecuted in Hacking Case

By JOHN F. BURNS and ALAN COWELL
British prosecutors said that Rebekah Brooks, a former key aide to Rupert Murdoch, will face prosecution along with her husband and four others.

Hollande Assumes the Presidency in France

By STEVEN ERLANGER
François Hollande, 57, was invested Tuesday morning as the first Socialist president of France since 1995.

Greek Coalition Talks Fail, Forcing New Election

By RACHEL DONADIO and NIKI KITSANTONIS
The decision by President Karolos Papoulias could set off a series of events that would lead Greece to abandon the euro.
Multimedia

Video: TimesCast

The race to define Mitt Romney's career at Bain Capital; President Obama courts female voters and more...
Opinion

Latitude

Chávez vs. Putin

By FRANCISCO TORO
Though these two autocrats are more similar than not, Westerners tend to be softer on Chávez than Putin. Why is that?
WORLD

Syrians Defy Leaders to Aid Those in Need

By THE NEW YORK TIMES
An increasingly organized underground network is providing food and medicine to people trapped by the offensive of President Bashar al-Assad's government.

Violent Melee Ensnares U.N. Monitor Convoy in Syria

By NEIL MacFARQUHAR and HWAIDA SAAD
The monitors escaped unscathed, but three of their vehicles were damaged by some kind of explosive device. Activist organizations said the confrontation killed around 20 and wounded dozens.

23 Syrian Soldiers Reported Killed by Rebels

By NEIL MacFARQUHAR and HWAIDA SAAD
While opposition forces said they had repulsed an attack on the city of Rastan, spillover sectarian fighting continued in northern Lebanon.
BUSINESS

Euro Zone Economy Skirts Recession

By JACK EWING
The euro zone narrowly avoided recession at the beginning of 2012, after the German economy grew much more than expected.

European Finance Ministers Reach Compromise

By PAUL GEITNER
European Union finance ministers broke an impasse Tuesday and agreed on a plan to force banks to hold more capital as a buffer against the unexpected.

Markets Calm as Hollande Is Sworn In

By DAVID JOLLY
European markets calmed as the new French president, François Hollande, prepared to meet with other European leaders in Brussels to address the crisis in Greece.
TECHNOLOGY

Facebook's Prospects May Rest on Trove of Data

By SOMINI SENGUPTA
As the company goes public, it has to figure out how to use its vault of information to enrich its shareholders.

Increase in Customer Base Helps Groupon Narrow Loss

By THE ASSOCIATED PRESS
The company's revenue surpassed Wall Street's expectations and Groupon's stock rose nearly 18 percent in after-hours trading.

Chairman of Best Buy Resigns After an Internal Audit

By STEPHANIE CLIFFORD
The company's audit committee said Richard Schulze, also the chain's founder, failed to report an inappropriate relationship between the former chief executive and an employee.
SPORTS

The Champions League: A Gamble That Paid Off Big

By ROB HUGHES
The idea to combine sports, television and marketing was seen as a risk when it was floated two decades ago, but the tournament today is worth billions.

The Play in Madrid, and Not Just the Clay, Merits Attention

By CHRISTOPHER CLAREY
While nearly all the talk in the past week was about the new blue clay, Serena Williams and Roger Federer made their own statements by winning in Spain.

Seasons Are Ending, but the Drama Isn't

By ROB HUGHES
Two big-name Italian soccer clubs are waving goodbye to iconic players, while English and Spanish fans will have to get used to seeing Blackburn and Villarreal playing in their second divisions.
U.S. NEWS

Fiscal Woes Boomerang for Brown in California

By ADAM NAGOURNEY
By now, Gov. Jerry Brown had hoped to have dispensed with huge budget shortfalls, not be facing another one.

Gay Prosecutor Is Denied Judgeship in Virginia

By SABRINA TAVERNISE
Republicans in the House of Delegates rejected the nomination of Tracy Thorne-Begland, saying his activism on behalf of gay rights meant he would impose an activist agenda as a judge.

Florida Woman Kills 4 Children and Then Herself, Police Say

By TIMOTHY WILLIAMS
Tonya Thomas of Port St. John shot her four children before shooting herself, the authorities said.
OPINION
Op-Ed Columnist

The ESPN Man

By DAVID BROOKS
With all the fundamentals gone haywire, why is Obama staying competitive at the polls?
Op-Ed Columnist

The Right's Righteous Frauds

By FRANK BRUNI
Many of the country's self-appointed moralists are hypocrites whose own histories tumble out the window as soon as there is a check to be cashed.
Op-Ed Columnist

Make Banking Boring

By JOE NOCERA
JPMorgan's bad bets show why regulators need to force changes that will curb risky behavior.

DealBooK | DealB%K Afternoon Edition: F.B.I. Begins Preliminary Inquiry Into JPMorgan Investigator.


Tuesday, May 15, 2012
TOP STORY
TOP STORY
Protesters hold signs outside JPMorgan Chase's annual meeting in Tampa, Fla., on Tuesday.
F.B.I. Begins Preliminary Inquiry Into JPMorgan Investigators will look at the bank's accounting practices and disclosures about the trades that prompted a $2 billion loss.
After JPMorgan Loss, Lawmakers Delay Dodd-Frank Debate On Tuesday, the House Agriculture Committee postponed a hearing on three bills that aim to ease crucial aspects of the Dodd-Frank financial regulatory overhaul.
Dimon Faces Shareholders at JPMorgan's Annual Meeting At the meeting, the board recommended against stripping Jamie Dimon of his title as chairman of JPMorgan Chase. Mr. Dimon also said the bank was "not against new regulations."
 
DEALBOOK HIGHLIGHTS
After Coty Bid Dies, Avon Faces Hard Slog Shares in Avon plunged on Tuesday after Coty withdrew its $10.7 billion bid. Now the cosmetics maker faces few easy options in its turnaround effort.
In Debt: The Challenges in ResCap's Bankruptcy Stephen J. Lubben says that the Chapter 11 bankruptcy filing of Ally Financial's mortgage unit has the potential to remove the company's biggest obstacle to a turnaround, but this is a complex case with many moving parts.
Addressing Pay and Protesters at Morgan Stanley's Annual Meeting The company's annual meeting was dominated by questions - and assertions - from individuals about financial regulation and bankers' pay. But shareholders overwhelmingly approved executive compensation packages.
For Europe's Banks, Pinch of Debt Crisis Intensifies After a strong rally in European stock and bond markets earlier this year, financial institutions are again gearing up for fallout from the continuing sovereign debt crisis.
Carlyle's Profit Falls in First Quarter In its first report as a public company, the Carlyle Group said on Tuesday that first-quarter economic net income fell 26 percent, to $392 million, from the period a year earlier.
BUZZ TRACKER
Bet on Greek Bonds Paid Off for 'Vulture Fund' When Greece announced on Tuesday that it had made a 436 million-euro bond payment, almost 90 percent is said to have been delivered to the coffers of Dart Management, a secretive investment fund based in the Cayman Islands, Landon Thomas Jr. writes in The New York Times.
Why JPMorgan Should Become 'Boring' JPMorgan Chase's trading loss underscores the need for a tough Volcker Rule, says Joe Nocera in his Op-Ed column in The New York Times "What banking most needs is to become boring, the way the business was before bankers became addicted to trading profits," he writes.
LOOKING AHEAD
Corporate Earnings Companies reporting on Wednesday will include Abercrombie & Fitch, Staples, Target and Limited Brands.
In the United States The Federal Reserve will release minutes of its April meeting. A House Financial Services subcommittee will hold a hearing about the meaning of being labeled a systemically important financial institution. A House Financial Services subcommittee will hold a hearing about market access for financial companies in China.
Overseas The European Central Bank will have a monetary policy conference.

S&P CAPITAL IQ. SPECIAL WEB EVENT: U.S. Housing: Are We Recovering?

S&P Capital IQ


- SPECIAL WEB EVENT -U.S. Housing: Are We Recovering?

A Discussion of Current Price and Affordability Trends, Consumer Credit Default, and the Outlook for U.S. Housing

Following another year of unprecedented events in the global credit markets, we continue to face a weak recovery. Having a solid grasp on trends and expectations can be a challenge. Join us on June 6th for an insightful discussion on current trends and issues, from pricing and affordability to consumer credit default, as well as an outlook for the U.S. Housing sector. 

Join David Blitzer, Managing Director and Chairman of the S&P Index Committee at S&P Indices; Robert Keiser, Vice President of Global Markets Intelligence at S&P Capital IQ; and James Elder, Solutions Architect at S&P Capital IQ, to explore the U.S. Housing sector through the economic recovery.

Topics include:

  • Overview of mortgage, affordability and price trends
  • Outlook for the U.S. Housing sector
  • Examination of consumer credit default using
    S&P/Case-Shiller Home Price Indices
  • Case study focused on homebuilder trends 
CO-HOSTED WITH INSTITUTIONAL INVESTOR.


NYT Afternoon Business News: F.B.I. Begins Preliminary Inquiry Into JPMorgan




BUSINESS
DealBook

F.B.I. Begins Preliminary Inquiry Into JPMorgan

By BEN PROTESS 
 
Investigators will look at the bank's accounting practices and disclosures about the trades that prompted a $2 billion loss.
DealBook

Dimon Faces Shareholders at JPMorgan's Annual Meeting

By JESSICA SILVER-GREENBERG 
 
At the meeting, the board recommended against stripping Jamie Dimon of his title as chairman of JPMorgan Chase. Mr. Dimon also said the bank was "not against new regulations."

Bet on Greek Bonds Paid Off for 'Vulture Fund'

By LANDON THOMAS Jr. 
 
When Greece agreed to pay bondholders who rejected a restructuring, most of the money went to a secretive investment fund based in the Cayman Islands.

Euro Zone Economy Skirts Recession

By JACK EWING 
 
The euro zone narrowly avoided recession at the beginning of 2012, after the German economy grew much more than expected.

European Finance Ministers Reach Compromise

By PAUL GEITNER
European Union finance ministers broke an impasse Tuesday and agreed on a plan to force banks to hold more capital as a buffer against the unexpected.

CBS NEWS | Political Hotsheet Top Stories: George W. Bush voices support for Romney

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CBS POLITICAL HOTSHEET TOP STORIES    



   
While at an event in Washington, former president reportedly says "I'm for Mitt Romney" as elevator doors close
Read full story
George W. Bush voices support for Romney

Paul camp: Supporters to be Campaign chairman says supporters of Ron Paul's presidential campaign will observe "decorum" at the GOP convention in Tampa this summer

Obama gives himself an The president won't give himself a letter grade on the economy, says "we still have some headwinds out there"

Romney takes aim at Obama stimulus Presumptive GOP nominee Romney makes the $787 billion stimulus in 2009 a central theme of an address in Iowa this afternoon

Boehner sets up another debt limit fight House Speaker John Boehner wants spending cuts to be higher than debt limit hike