Weekly Wrap Up
Markets continued their weekly winning steak, aside from the NYSE, posting gains. The suppressed worries over European economic stability have allowed the Dow and its cohorts to erase nearly all of its 2011 losses in the past couple weeks. A dissapointing job reports Friday kept gains at a minimum, though.In corporate news, Verizon (VZ: Charts, News, Offers) enacted their new tiered data plans, eliminating unlimited plans for new subscribers. And Facebook announced a deal with Skype to offer video chat, and Google (GOOG: Charts, News, Offers) released Google+ to select users. More Market News
Economic News
Economy moving in the wrong direction
Today’s latest job numbers show that the labor market is floundering. Private-sector employers added only 57,000 new jobs in June while layoffs in the public sector across the country brought the total new jobs to a mere 18,000. April and May’s data were revised downwards by a total of 44,000 jobs. And the unemployment rate ticked back up to 9.2%. Read our complete report on “Hiring weak in June.”This is grim news for workers and should be seen as a serious wake-up call to policy makers. We cannot get our fiscal house in order until we get America back to work. The economy will not be able to withstand the shock of running into the debt ceiling early next month, but it will also be an economic tragedy if the negotiations lead to reductions in public spending while the job market is so weak. (Source: Market Watch) Click here to read the full article
Today’s latest job numbers show that the labor market is floundering. Private-sector employers added only 57,000 new jobs in June while layoffs in the public sector across the country brought the total new jobs to a mere 18,000. April and May’s data were revised downwards by a total of 44,000 jobs. And the unemployment rate ticked back up to 9.2%. Read our complete report on “Hiring weak in June.”This is grim news for workers and should be seen as a serious wake-up call to policy makers. We cannot get our fiscal house in order until we get America back to work. The economy will not be able to withstand the shock of running into the debt ceiling early next month, but it will also be an economic tragedy if the negotiations lead to reductions in public spending while the job market is so weak. (Source: Market Watch) Click here to read the full article
Oil falls on disappointing jobs data
U.S. crude prices fell 2.5 percent on Friday, the biggest percentage loss in two weeks, as a disappointing June jobs report dashed hopes the data would indicate a rebound for stalled economic growth.News of reduced North Sea loadings helped limit Brent losses, and pushed the premium to its U.S. counterpart to above $22 a barrel intraday, the highest since June 15, according to Reuters data. (Source: Reuters) Click here to read the full article
U.S. crude prices fell 2.5 percent on Friday, the biggest percentage loss in two weeks, as a disappointing June jobs report dashed hopes the data would indicate a rebound for stalled economic growth.News of reduced North Sea loadings helped limit Brent losses, and pushed the premium to its U.S. counterpart to above $22 a barrel intraday, the highest since June 15, according to Reuters data. (Source: Reuters) Click here to read the full article
Business News
Morgan Stanley boosts EM syndicate with GS/DB bankers
Morgan Stanley has hired two bankers to boosts its emerging markets team. The US bank has hired Dolph Habeck, former executive director at Goldman Sachs, and David Yellend from Deutsche Bank.Habeck had been at Goldman Sachs since September 2009, he previously worked at Dresdner Kleinwort. Habeck will replace Karim Movaghar who was responsible for emerging markets and corporates syndicate at Morgan Stanley. The latter left the firm in April to join Bank of America Merrill Lynch. (Source: Reuters) Click here to read the full article
Morgan Stanley has hired two bankers to boosts its emerging markets team. The US bank has hired Dolph Habeck, former executive director at Goldman Sachs, and David Yellend from Deutsche Bank.Habeck had been at Goldman Sachs since September 2009, he previously worked at Dresdner Kleinwort. Habeck will replace Karim Movaghar who was responsible for emerging markets and corporates syndicate at Morgan Stanley. The latter left the firm in April to join Bank of America Merrill Lynch. (Source: Reuters) Click here to read the full article
JPMorgan Settles Bond Bid-Rigging Case for $211 Million
JPMorgan Chase reached a $211 million settlement with federal and state authorities on Thursday to resolve allegations that it cheated governments in 31 states by rigging the bidding process for reinvesting the proceeds of dozens of municipal bond transactions.Without admitting or denying wrongdoing, the bank settled accusations that it had improperly entered secret agreements with bidding agents that gave it a “last look” at bids submitted by its competitors. The bank has agreed to return about $129.7 million to the municipalities that were harmed. (Source: New York Times) Click here to read the full article
JPMorgan Chase reached a $211 million settlement with federal and state authorities on Thursday to resolve allegations that it cheated governments in 31 states by rigging the bidding process for reinvesting the proceeds of dozens of municipal bond transactions.Without admitting or denying wrongdoing, the bank settled accusations that it had improperly entered secret agreements with bidding agents that gave it a “last look” at bids submitted by its competitors. The bank has agreed to return about $129.7 million to the municipalities that were harmed. (Source: New York Times) Click here to read the full article
Technology Focus
Verizon’s New Tiered Data Plans: What You Need to Know
Verizon this week confirmed that new, tiered data plan pricing will go into effect on Thursday, July 7. These plans, which cover all Verizon smartphones, including the Apple iPhone 4, do away with Verizon’s previously unlimited data caps and swap in some less compelling options.We knew this was coming. Verizon announced in January that it would ditch its 150MB $15 monthly plan and require new smartphone users to subscribe to its $30 unlimited plan. That move, announced several days before Verizon unveiled its version of the iPhone, was intended to attract new customers to Verizon and the iPhone, Fran Shammo, president and chief executive officer of Verizon Telecom and Business, said in March. (Source: PC Mag) Click here to read the full article
Verizon this week confirmed that new, tiered data plan pricing will go into effect on Thursday, July 7. These plans, which cover all Verizon smartphones, including the Apple iPhone 4, do away with Verizon’s previously unlimited data caps and swap in some less compelling options.We knew this was coming. Verizon announced in January that it would ditch its 150MB $15 monthly plan and require new smartphone users to subscribe to its $30 unlimited plan. That move, announced several days before Verizon unveiled its version of the iPhone, was intended to attract new customers to Verizon and the iPhone, Fran Shammo, president and chief executive officer of Verizon Telecom and Business, said in March. (Source: PC Mag) Click here to read the full article
Facebook taps Skype for video chat
The social network has tapped Skype for video chat. The partnership will also enable users to import their news feed, send instant messages, comment, and “like” all within Skype.Facebook is holding another one of its news briefings Wednesday and we’ll there to bring you the news, live from the company’s Palo Alto, Calif., headquarters. (Source: CNET) Click here to read the full article
The social network has tapped Skype for video chat. The partnership will also enable users to import their news feed, send instant messages, comment, and “like” all within Skype.Facebook is holding another one of its news briefings Wednesday and we’ll there to bring you the news, live from the company’s Palo Alto, Calif., headquarters. (Source: CNET) Click here to read the full article
Your Money
Self-Control is a Limited Resource
Self control is like a muscle. You can build it. But, just like a muscle, it has limits, and you can also exhaust it. If you know how self-control works, and if you know key strategies, you can improve your self-control. (Source: Sources of Insight) Click here to read the full article
Self control is like a muscle. You can build it. But, just like a muscle, it has limits, and you can also exhaust it. If you know how self-control works, and if you know key strategies, you can improve your self-control. (Source: Sources of Insight) Click here to read the full article
Steve Forbes Interview: Author Joel Greenblatt
Steve Forbes: Joel, good to have you with us.Joel Greenblatt: Thank you.
Steve Forbes: Joel, good to have you with us.Joel Greenblatt: Thank you.
Forbes: We had you on a little over a year ago, but since then you’ve come out with a new book called The Big Secret. This follows another book that you had. Why two books for investor advice? Couldn’t you get it all in the first book, which was called The Little Book That Beats the Market? (Source: Forbes) Click here to read the full article
