Nike sets $8 billion share buyback program

Nike sets $8 billion share buyback program

Sept. 20, 2012
By Greg Morcroft

NEW YORK (MarketWatch) -- Nike Inc. NKE +1.37% said on Thursday that its board has approved a new $8 billion share buyback plan over the next four years. The plan will follow the company's current $5 billion repurchase plan that will wrap up at the end of the 2013 second quarter. Nike said that it has bought back $10 billion of its shares in the last 10 years.

	http://sirifarm.com/index.html To: From: Depart: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 12:00am 1:00am 2:00am 3:00am 4:00am 5:00am 6:00am 7:00am 8:00am 9:00am 10:00am 11:00am 12:00pm 1:00pm 2:00pm 3:00pm 4:00pm 5:00pm 6:00pm 7:00pm 8:00pm 9:00pm 10:00pm 11:00pm Morning Noon Evening Anytime Stops: 0 1 2 3 Return: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 12:00am 1:00am 2:00am 3:00am 4:00am 5:00am 6:00am 7:00am 8:00am 9:00am 10:00am 11:00am 12:00pm 1:00pm 2:00pm 3:00pm 4:00pm 5:00pm 6:00pm 7:00pm 8:00pm 9:00pm 10:00pm 11:00pm Morning Noon Evening Anytime 0 1 2 3 4 5 Adults (15-64) 0 1 2 3 4 Children (2-14) 0 1 2 3 4 5 Seniors (65+) Child Ages: -?- 2 3 4 5 6 7 8 9 10 11 12 13 14 -?- 2 3 4 5 6 7 8 9 10 11 12 13 14 -?- 2 3 4 5 6 7 8 9 10 11 12 13 14 -?- 2 3 4 5 6 7 8 9 10 11 12 13 14

The Forbes 400: The Richest People in America

The Forbes 400: The Richest People in America

By Luisa Kroll and Kerry A. Dolan | Forbes
Sep 19, 2012
Forbes launched its definitive ranking of the nation’s superrich in 1982. Back then the price of admission into this most exclusive of clubs was a mere $75 million of net worth. Even after adjusting for inflation, this year’s entry fee ($1.1 billion) is roughly ten times what it was thirty years ago. There were just 13 billionaires at the time and the total worth of the 400 club was a mere $93 billion. Today the combined net worth of the 400 richest Americans is $1.7 trillion, up from $1.5 trillion a year ago. The average net worth of a Forbes 400 member is a staggering $4.2 billion, up from $3.8 billion, and the highest in at least a decade, as two-thirds of the individuals added to their fortunes in the past year.

U.S. mortgage refinancing applications rise as rates hit record low: MBA

U.S. mortgage refinancing applications rise as rates hit record low: MBA

NEW YORK | Wed Sep 19, 2012

(Reuters) - Applications for home mortgages dipped last week, though demand for refinancings rose as mortgage rates fell to a record low, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, edged down 0.2 percent in the week ended Sept 14.

eBay sellers: iPhone 5 is yours for a mere $1,600

eBay sellers: iPhone 5 is yours for a mere $1,600

People are selling the iPhone 5 at a premium on eBay in yet another sign that demand for the smartphone is high.

by Greg Sandoval September 19, 2012

Those trying to cash in on the iPhone 5 craze have taken to eBay to sell off iPhone 5s even before they've gone on sale.
A check of eBay shows that the range of prices varies wildly. The secondary market thinks nothing of asking more than $1,000 for an unlocked 64-gigabyte iPhone 5 and there were was one going for $1,625. Unlocked 32 GB models could be found for between $800 and $1000. Those selling unlocked

FedEx Says Economy Is Worsening, Cuts Outlook

FedEx Says Economy Is Worsening, Cuts Outlook

By: AP With CNBC.com | 18 Sep 2012

FedEx said the global economy is worsening and it's again cutting its forecast for the fiscal year ending in May.
The company said it also expects net income for the current quarter ending in November to fall well below last year's quarter.

For the full year, the Memphis, Tenn., company now expects to earn between $6.20 and $6.60 per share, compared with a previous forecast of $6.90 to $7.40 per share.

New York Manufacturing Level Keeps on Falling

New York Manufacturing Level Keeps on Falling

Monday, 17 Sep 2012
By: Reuters

Factory activity in New York state contracted for a second month in a row in September, falling to its lowest level in nearly 3-1/2 years as new orders shrank further, a report from the New York Federal Reserve showed on Monday

The New York Fed's "Empire State" general business conditions index dropped to minus 10.41, from minus 5.85 in August, frustrating economists' forecasts for an improvement to minus 2, according to a Reuters poll. It was the lowest level since April 2009.

AT&T: 'Most successful' iPhone 5 launch smashes sales records

AT&T: 'Most successful' iPhone 5 launch smashes sales records
The giant carrier says Apple's latest iPhone has broken sales records in the first weekend of the highly anticipated smartphone going on sale.
by Zack Whittaker September 17, 2012

AT&T said today that the iPhone 5 has sold faster than any previous model of the Apple smartphone.
The network declined to offer numbers on the first weekend of the iPhone 5 going on sale -- normally reserved for Apple, in which an announcement is expected in the coming days -- but the cell network giant said it set a "sales record" for its first day of pre-orders and over the weekend.

Fed seeking to create wealth, not just cut rates

Fed seeking to create wealth, not just cut rates

By PAUL WISEMAN and MARTIN CRUTSINGER AP
posted:09/14/12

WASHINGTON -The Federal Reserve wasn't just trying to drive down interest rates when it announced a third round of bond purchases Thursday.
It also wants to make people feel wealthier — and more willing to spend.

The idea is for the Fed's $40 billion-a-month in bond purchases to lower interest rates and cause stock and home prices to rise, creating a "wealth effect" that would boost the economy.

The Tightwire Act of Living Only on Social Security

The Tightwire Act of Living Only on Social Security

By PAUL SULLIVAN | New York Times
2012/9/13

Yahoo! Finance/Edward Linsmier for The New York Times - Greta Morrison sold her house in Indiana this year and rented an apartment in Florida to be closer to a daughter.

LIVING on an inflexible budget, one that teeters on the brink of poverty, is not what most people equate with retirement. But that is pretty much what anyone who lives solely on Social Security can expect.

According to the Social Security Administration, 23 percent of married couples and 46 percent of single people receive 90 percent or more of their income from Social Security. Furthermore, 53 percent of married couples and 74 percent of unmarried people receive half of their income or more from the program.

$104 million reward

UBS whistleblower nets $104 million reward

By James O'Toole @CNNMoney September 12, 2012

NEW YORK (CNNMoney) -- A former UBS banker who provided information on the firm's vast business of helping wealthy Americans hide their assets from the Internal Revenue Service has received a $104 million whistleblower reward, which his lawyers said was the largest in U.S. history.
Bradley Birkenfeld's tips helped pave the way for a 2009 settlement between the U.S. government and UBS (UBS) under which the bank agreed to pay $780 million in penalties and turn over the account information of thousands of U.S. clients.

Chesapeake Energy to raise $6.9 billion from asset sales

Chesapeake Energy to raise $6.9 billion from asset sales

Wed Sep 12, 2012

(Reuters) - Chesapeake Energy Corp said it will sell most of its Permian Basin properties to Royal Dutch Shell Plc and Chevron Corp and a majority of its pipeline assets to raise about $6.9 billion in cash.

The company, which has been shedding assets to raise cash to meet an estimated $10 billion funding gap, said it would use the proceeds to repay $4 billion of term loans in the fourth quarter.

Chesapeake has been working to sell the Permian Basin assets since February. The company holds 1.5 million acres in the basin, spread across the western part of Texas and the southeastern part of New Mexico.

Trading in your old iPhone? Here's what it's worth

Trading in your old iPhone? Here's what it's worth

By Julianne Pepitone @CNNMoneyTech September 12, 2012

NEW YORK (CNNMoney) -- If you're planning to upgrade to the new iPhone that Apple is about to release, you can still score cash for your old iPhone to offset the cost -- but you'll have to move fast.
Trade-in services offer up a price based on supply. The fewer phones are being offered, the more money a customer gets. The best chance to lock in a top-dollar iPhone trade was three to four weeks ago. Trade-in companies say prices will decline quickly once Apple (AAPL, Fortune 500) makes the iPhone 5 official.

Markets rally after German high court gives nod to European bailout package

Markets rally after German high court gives nod to European bailout package

By Associated Press, Published Wednesday, September 12,2012

KARLSRUHE, Germany — Germany’s highest court paved the way on Wednesday for the creation of Europe’s €500 billion ($640 billion) rescue fund, after it rejected calls to block it.

The Federal Constitutional Court’s decision clears the way for German President Joachim Gauck to ratify the fund, the European Stability Mechanism. Jean-Claude Juncker, who chairs meetings of the 17-nation euro area’s finance ministers, said he planned to convene the first meeting of the fund’s board of governors on Oct. 8.

Gold Advances on Outlook for Further Stimulus From Fed

Gold Advances on Outlook for Further Stimulus From Fed

By Maria Kolesnikova on September 11, 2012
Gold rose as the outlook for more stimulus from the U.S. Federal Reserve spurred demand for the metal as a store of value.

The policy-setting Federal Open Market Committee will consider asset purchases at its Sept. 12-13 meeting, with unemployment stalled above 8 percent for 43 months. Chairman Ben S. Bernanke signaled last month that a third round of quantitative easing may be needed to reduce joblessness. Gold almost doubled from December 2008 to June 2011 as the Fed bought $2.3 trillion of debt in two previous rounds of QE.

“That’s where the focus is, especially for gold,” Marc Ground, a commodities strategist at Standard Bank Plc in Jonannesburg, said today by phone, referring to the Fed meeting. “The market is pricing in the order of $500 billion in outright easing, but I’m not sure the Fed would do something on that scale just yet. So we could see a pullback at the end of the week.”

BP in Deal to Sell Some Gulf Fields

BP in Deal to Sell Some Gulf Fields

September 10, 2012
By ANUPREETA DAS, RYAN DEZEMBER and ALEXIS FLYNN
BP BP +1.79% PLC reached a deal to sell some of its Gulf of Mexico offshore oil fields to Plains Exploration & Production Co. PXP +1.41% for $5.55 billion, as BP continues to divest itself of assets to pay for the 2010 oil spill in the region.

The properties sold include the Marlin, Dorado and King fields, the Horn Mountain field, the Holstein field, as well as the Diana-Hoover field, which is operated by ExxonMobil Corp., XOM +1.05% and the Ram Powell field, which is operated by Royal Dutch Shell RDSB.LN +0.22% PLC unit Shell Offshore Inc., Plains said in a statement Monday.

Plains also said it concluded a separate deal with Shell to buy its controlling stake in Holstein for $560 million.

U.K.-based BP, among the largest global oil producers, has been selling off assets to help pay for cleanup and other costs related to the April 2010 drilling-rig explosion that killed 11 people and resulted in a massive oil spill. Of about $38 billion in assets earmarked for sale, BP has so far agreed to sell about $32 billion

Treasury to Cut A.I.G. Stake Below 50%

Treasury to Cut A.I.G. Stake Below 50%

BY MICHAEL J. DE LA MERCED
2012/09/09
The Treasury Department said on Sunday that it was planning its biggest sale of shares in the American International Group to date, making the federal government a minority shareholder in the bailed-out insurer for the first time since it took control of the company four years ago.

With the sale of at least $18 billion worth of shares in A.I.G., a number that could grow to $20.7 billion if investors prove enthusiastic, the Treasury Department could reduce its holdings to as little as 15 percent from 53 percent.

Taking the government’s stake in A.I.G. below 50 percent is the realization of a long-held goal by both the Obama administration and the company, helping to cut ties to one of the most controversial bailouts of the 2008 financial crisis. The Treasury Department expects to earn a profit on its investment in A.I.G., though it is unclear how large.
“This was always meant as a temporary measure,” Henry T. C. Hu, a professor at the University of Texas School of Law at Austin, said. “The faster we can do this as a practical matter, the better for everyone involved.”

China approves $157 bln infrastructure spending

China approves $157 bln infrastructure spending

By Pete Sweeney and Langi Chiang
SHANGHAI/BEIJING | Fri Sep 7, 2012

(Reuters) - China has given the green light for 60 infrastructure projects worth more than $150 billion as it looks to energise an economy mired in its worst slowdown in three years, fuelling hopes the world's growth engine may get a lift from the fourth quarter.

Shares and steel futures jumped on the plans to build highways, ports and airport runways, among the most ambitious unveiled in China this year, which analysts say signalled growing intent to bolster economic growth as the country's once-a-decade leadership change looms.

Glencore Raises Offer for Xstrata in Surprise Move

Glencore Raises Offer for Xstrata in Surprise Move

Published: Friday, 7 Sep 2012
By: CNBC.com with Reuters
Glencore did an about-turn on Friday, raising its offer for miner Xstrata to 3.05 Glencore shares for every Xstrata share, from 2.8 earlier.
The move followed high drama on Friday when Glencore [GLEN-LN 373.90 -18.45 (-4.7%) ] suspended a shareholder vote on its $34 billion takeover bid for Xstrata [XTA-LN 1047.50 68.50 (+7%) ].

Shares of Xstrata jumped nearly 9 percent after news of the amended deal crossed the wires.

Under the new deal terms, Glencore's CEO Ivan Glasenberg would become the CEO of the combined company rather than Xstrata CEO, Mick Davis. The deal would also be structured as a takeover, rather than as a merger.

Spain to put another $7.5 bln in bank rescue fund

Spain to put another $7.5 bln in bank rescue fund

By HAROLD HECKLE
Associated Press / September 4, 2012

MADRID (AP) — The Spanish government will inject another €6 billion ($7.5 billion) into its bank rescue fund to cope with growing problems in its financial sector as it awaits a loan from its 16 partner countries in the eurozone.

An official with the Economy Ministry, speaking only on condition of anonymity because of government policy, confirmed the extra cash will raise the capital base of the bank rescue fund to €15 billion.

Lufthansa Hit by Strikes

Lufthansa Hit by Strikes

By NICKY REDL

August 31, 2012

FRANKFURT—Thousands of passengers are stranded at Frankfurt airport Friday after the union representing Deutsche Lufthansa AG LHA.XE +1.08% cabin crew called out its members on a half-day strike over pay and conditions in what could be a long standoff between staff and the German carrier, Europe's largest airline by passenger numbers.

The impact of the strike has spread beyond Germany. Fraport AG, FRA.XE +0.48% the operator of Frankfurt airport, warned that aircraft on flights from Europe not already in the air won't be permitted to land due to the number of Lufthansa planes stuck on the tarmac because of the strike.