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Friday, July 3, 2009 12:01 AM PDT

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Today's Business News: GM awaits judge's ruling on sale plan Feds seize Madoff penthouse, wife leaves Asian markets retreat on gloomy US jobs report Senate bill fines people refusing health coverage Oil hovers above $66 after dismal jobs data SEC limits broker-dealer votes for directors Banks trim borrowing from Fed's emergency program DemandTec posts wider 1Q loss ECB holds rates, to start buying bonds next week Fannie, Freddie ease terms for mortgage refinance Web retailers, states tussle over tax rules U.S. home prices seen down over 40 percent: Barclays Fifth blast hits Canada gas pipeline: police AIG to sell consumer finance unit in Colombia Dollar slips vs euro, pound on mixed economic data Insurers Innovate, but They Don't Communicate Summer Reading List: The B-School Edition GM awaits judge's ruling on sale plan Thu, 2 Jul 2009 10:57 pm PDT AP - General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after U.S. Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM's plan to sell its good assets to a new company. Full Story Top Feds seize Madoff penthouse, wife leaves Thu, 2 Jul 2009 10:59 pm PDT AP - Federal marshals seized disgraced financier Bernard Madoff's $7 million Manhattan penthouse on Thursday and forced his wife to move out and leave her possessions behind, including a fur coat she had asked to take with her, an official told The Associated Press. Full Story Top Asian markets retreat on gloomy US jobs report Thu, 2 Jul 2009 09:45 pm PDT AP - Asian stocks retreated Friday as a weaker-than-expected U.S. jobs report signaled more pain ahead for the world's largest economy. Full Story Top Senate bill fines people refusing health coverage Thu, 2 Jul 2009 10:58 pm PDT AP - Americans who refuse to buy affordable medical coverage could be hit with fines of more than $1,000 under a health care overhaul bill unveiled Thursday by key Senate Democrats looking to fulfill President Barack Obama's top domestic priority. Full Story Top Oil hovers above $66 after dismal jobs data Thu, 2 Jul 2009 09:18 pm PDT AP - Oil prices hovered above $66 a barrel Friday in Asia in light holiday trading volume a day after grim unemployment numbers from the U.S. and Europe sent crude prices tumbling. Full Story Top SEC limits broker-dealer votes for directors Wed, 1 Jul 2009 09:54 am PDT Reuters - U.S. securities regulators narrowly adopted a rule on Wednesday that would bar broker-dealers from voting for corporate directors on behalf of their clients unless told to do so. Full Story Top Banks trim borrowing from Fed's emergency program Thu, 2 Jul 2009 01:46 pm PDT AP - Banks borrowed less from the Federal Reserve's emergency lending facility over the past week and cut back on other programs designed to ease the financial crisis, encouraging signs that some credit stresses are easing. Full Story Top DemandTec posts wider 1Q loss Wed, 1 Jul 2009 03:16 pm PDT AP - Price-management software company DemandTec Inc. posted a wider net loss Wednesday for its fiscal first quarter, hurt by charges and higher costs even as revenue inched higher. Full Story Top ECB holds rates, to start buying bonds next week Thu, 2 Jul 2009 10:05 am PDT Reuters - The European Central Bank kept euro zone interest rates at 1.0 percent on Thursday, bolstering expectations they will stay there well into next year, and said it would start buying bonds next week. Full Story Top Fannie, Freddie ease terms for mortgage refinance Wed, 1 Jul 2009 02:57 pm PDT Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages. Full Story Top Web retailers, states tussle over tax rules Thu, 2 Jul 2009 06:07 pm PDT AP - In a big break for online shoppers, Web retailers generally don't have to charge sales taxes in states where they lack a store or some other physical presence. Full Story Top U.S. home prices seen down over 40 percent: Barclays Thu, 2 Jul 2009 12:56 pm PDT Reuters - U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer said. Full Story Top Fifth blast hits Canada gas pipeline: police Thu, 2 Jul 2009 02:56 pm PDT AFP - A gas leak at a pipeline owned by EnCana in Canada's western British Columbia province was caused by a blast that police said Thursday is the fifth act of sabotage in the region since October 2008. Full Story Top AIG to sell consumer finance unit in Colombia Wed, 1 Jul 2009 02:10 pm PDT AP - American International Group Inc. on Wednesday said it agreed to sell all of its ownership interests in its consumer finance operations in Colombia, the latest in a recent string of asset sales by the embattled insurer to bolster its finances. Full Story Top Dollar slips vs euro, pound on mixed economic data Wed, 1 Jul 2009 01:21 pm PDT AP - The dollar was lower against most major currencies Wednesday on mixed economic reports that showed more stable manufacturing activity and a rise in pending home sales. Full Story Top Insurers Innovate, but They Don't Communicate Thu, 2 Jul 2009 05:08 am PDT BusinessWeek Online - Last time, in our column "Insurers: Effective Innovators -- Almost,", we said -- in total sincerity, we want to stress -- that insurance had the potential to be one of the most innovative industries on Earth. Full Story Top Summer Reading List: The B-School Edition Thu, 2 Jul 2009 05:08 am PDT BusinessWeek Online - Reading books can give managers and aspiring managers a new perspective and insight into the human condition that drives their businesses. "Reading will make you a better businessperson and a better, happier person," says Erik Gordon, associate director of the Zell-Lurie Institute for Entrepreneurial Studies at the University of Michigan's Ross School of Business (Ross Full-Time MBA Profile). "Students don't want to hear it. They want to know the magical formula that will get them rich tomorrow, but we have a duty to try and convince them." Full Story Top

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