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	<title>World financial news</title>
	<link>http://financialmarketweblog.com</link>
	<description>Business news</description>
	<pubDate>Fri, 18 May 2012 19:07:54 +0000</pubDate>
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		<title>Reuther family rebuilds business while pursuing justice</title>
		<link>http://financialmarketweblog.com/reuther-family-rebuilds-business-while-pursuing-justice/</link>
		<comments>http://financialmarketweblog.com/reuther-family-rebuilds-business-while-pursuing-justice/#comments</comments>
		<pubDate>Fri, 18 May 2012 19:07:54 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<description><![CDATA[Janet Reuther-Schopp doesn&#8217;t like to remember what happened to Reuther Automotive Group three years ago this week.
Her family&#8217;s 53-relationship with the Chrysler and Jeep brands came to an abrupt end during Chrysler&#8217;s government-orchestrated bankruptcy. Thinking about it still makes Reuther-Schopp sad and angry, so she&#8217;d rather talk about the positive things that have happened since [...]]]></description>
			<content:encoded><![CDATA[<p>Janet Reuther-Schopp doesn&#8217;t like to remember what happened to Reuther Automotive Group three years ago this week.</p>
<p>Her family&#8217;s 53-relationship with the Chrysler and Jeep brands came to an abrupt end during Chrysler&#8217;s government-orchestrated bankruptcy. Thinking about it still makes Reuther-Schopp sad and angry, so she&#8217;d rather talk about the positive things that have happened since <a title="Reuthers never thought they'd be on hit list from Chrysler" href="http://www.stltoday.com/business/reuthers-never-thought-they-d-be-on-hit-list-from/article_fb5fb277-bb86-52a8-ad75-70b65bbdced2.html" target="_blank">May 14, 2009.</p>
<p>The former new-car dealership in Creve Coeur has remade itself as a used car sales and service business. Reuther has found new sources for financing and parts and has built relationships with nearby employers, which authorize it to pick up employees&#8217; vehicles for service. It also has relied on longtime niche businesses like snowplow maintenance.</p>
<p>The business has 19 employees, down from 100 in the new-car days. “We&#8217;re getting by, which is better than some of the dealers in our situation,” Reuther-Schopp says. “I just get up each morning and say, &#8216;Today is a new day; let&#8217;s see where this one goes.&#8217;”</p>
<p>Not that she and three business-partner siblings are ready to let go of the past. Their father, Leo Reuther Sr., began selling Jeeps when they were used more as farm trucks than as commuter vehicles, and his children are fighting to be compensated for the loss of that legacy.</p>
<p>Reuther Automotive is one of 140 former Chrysler dealers pursuing a lawsuit against the federal government. They&#8217;re relying on the Fifth Amendment, which says private property can&#8217;t be taken for public use without just compensation.</p>
<p>Leonard Bellavia, a Mineola, N.Y., attorney who represents the dealers, says his clients lost more than $500 million.</p>
<p>“The government controlled the Chrysler bankruptcy, in that they made the bailout contingent on filing for bankruptcy and terminating 25 percent of the dealers,” Bellavia said. “The government was using Chrysler as its agent to facilitate the governmental taking of private property.”</p>
<p>Many such “takings” suits are thrown out quickly, but a judge <a title="Order and opinion of Justice Hodges" href="http://www.dealerlaw.com/dox/Order%20and%20Opinion%20of%20Justice%20Hodges.pdf" target="_blank">has already rejected the government&#8217;s attempt to dismiss this one. It&#8217;s now in the discovery phase, and Bellavia says he believes that emails and other documents from the federal automotive task force will bolster his case.</p>
<p>He intends to subpoena task force officials, including former chairman Steven Rattner, as he seeks justice for Reuther and the other dealers.</p>
<p>The government&#8217;s dealership strategy was “arrogant and uncaring,” Bellavia says. “I don&#8217;t want to give you a Fourth of July speech here, but it goes against the idea of working hard and building something that you can hand down to your family.”</p>
<p>Family ties certainly mattered to the Reuthers, but relatives were among those who had to leave the dealership payroll.</p>
<p>“Having a family-run business and having to allow your children to go out and find other jobs, that&#8217;s not what we had worked all these years for,” Reuther-Schopp said.</p>
<p>If the Reuthers once felt privileged, with a business they expected to pass on to the next generation, they now feel like struggling entrepreneurs. The inventory of 30 or so used cars looks sparse on a five-acre lot that once held 300 vehicles.</p>
<p>Reuther-Schopp says the family has had offers for the land, and might sell for the right price. The current business might be more profitable on a smaller site, she said.</p>
<p>Usually, though, she doesn&#8217;t allow herself to think that far ahead, just as she tries not to dwell on the injustices of three years ago. “You have to keep your thoughts in the here and now,” she said.</p>
<p><a href='http://www.stltoday.com/business/columns/david-nicklaus/reuther-family-rebuilds-business-while-pursuing-justice/article_764332be-a06d-11e1-880d-0019bb30f31a.html' rel='nofollow'>Source</a></p>
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		<title>RehabCare Group accused of paying kickbacks</title>
		<link>http://financialmarketweblog.com/rehabcare-group-accused-of-paying-kickbacks/</link>
		<comments>http://financialmarketweblog.com/rehabcare-group-accused-of-paying-kickbacks/#comments</comments>
		<pubDate>Thu, 17 May 2012 05:28:01 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<guid isPermaLink="false">http://financialmarketweblog.com/rehabcare-group-accused-of-paying-kickbacks/</guid>
		<description><![CDATA[The U.S. Justice Department has accused RehabCare Group Inc. of paying more than $10 million in kickbacks to gain access to Medicare and Medicaid patients in Missouri nursing homes.
According to a civil lawsuit transferred last week to U.S. District Court in St. Louis, Clayton-based RehabCare began making payments in 2006 to induce a Missouri nursing [...]]]></description>
			<content:encoded><![CDATA[<p>The U.S. Justice Department has accused RehabCare Group Inc. of paying more than $10 million in kickbacks to gain access to Medicare and Medicaid patients in Missouri nursing homes.</p>
<p>According to a civil lawsuit transferred last week to U.S. District Court in St. Louis, Clayton-based RehabCare began making payments in 2006 to induce a Missouri nursing home chain to grant RehabCare a contract to provide therapy services.</p>
<p>RehabCare’s revenue-sharing arrangement with the nursing home owner &#8212; Sikeston, Mo.-based Health Systems Inc. &#8212; defrauded the federal Medicare and Medicaid programs of millions of dollars, federal investigators allege.</p>
<p>Justice Department officials use the federal anti-kickback statute, which forbids paying others for referrals of Medicare and Medicaid patients, as a critical tool in fighting health care fraud and holding down costs in federal health programs.</p>
<p>The lawsuit, originally filed under seal by a whistleblower in Minnesota and joined last year by the U.S. government, provides details of a long-running federal probe into RehabCare’s business dealings in Missouri.</p>
<p>RehabCare lawyers say the government’s accusations do not contain sufficient details to support the accusation that the revenue-sharing scheme comprised illegal kickbacks.</p>
<p>“The government’s substantive kickback allegations – absent the conclusory allegations, legal conclusions and innuendo – are rather threadbare,” RehabCare’s lawyers said in court papers.</p>
<p>Named as defendants are RehabCare Group, Health Systems Inc., and its affiliate, Rehab Systems of Missouri LLC, which previously provided therapy services to Health Systems nursing homes. No individuals are named.</p>
<p>Until recently, Clayton was the headquarters for RehabCare. Last year, RehabCare was purchased by Louisville-based Kindred Healthcare Inc.</p>
<p>“We deny and intend to vigorously defend against these allegations,” Susan Moss, a Kindred spokeswoman, said in a written statement.</p>
<p>Scott Hinkle, general counsel for Health Systems, declined to comment on the pending litigation.</p>
<p>According to federal investigators, the alleged kickbacks involved a tangled web of ownership and lucrative business ties. RehabCare “has received in excess of $70 million in revenue from the transaction since it closed in 2006,” according to the government’s complaint.</p>
<p>Investigators from the FBI and Office of Inspector General at the Department of Health and Human Services say that RehabCare crafted an illegal arrangement with Health Systems and Rehab Systems. The deal, investigators allege, included a one-time, $600,000 payment from RehabCare to Rehab Systems, as well as an ongoing 30 percent cut of federally financed therapy services, which was split between Health Systems and Rehab Systems.</p>
<p>RehabCare, in exchange, was granted a five-year contract to provide therapy services to nursing home patients of Health Systems.</p>
<p>In all, Rehab Systems recorded profits of more than $10 million from the nursing home contract, even though the limited liability company “has not had a single full-time employee … conducts no operations … and provides nothing of value to the nursing homes and no legitimate services to RehabCare,” investigators allege.</p>
<p>Talks between the three companies started in 2003. Seeking to increase its market share in Missouri nursing homes, RehabCare entered negotiations that included purchasing Rehab Systems from Health Systems, which was owned by James Lincoln. Lincoln also had an ownership stake in Rehab Systems.</p>
<p>According to the government, those talks stalled when negotiators voiced concerns that the deal could violate the anti-kickback law. That&#8217;s because RehabCare&#8217;s five-year contract with Health Systems was made contingent on its willingness to also purchase Rehab Systems.</p>
<p>In 2006, the parties agreed to a contract that did not involve an acquisition. RehabCare began providing therapy services to Health Systems’ nursing homes, effectively displacing Rehab Systems &#8212; but only on the condition that Rehab Systems get a cut of RehabCare&#8217;s revenue, even while Rehab Systems did none of the work, investigators allege.</p>
<p>According to court papers, Lincoln owns about 60 nursing homes in Missouri. Rehab Systems was co-owned by Lincoln, his son Jimmy Lincoln, and manager Tom Hudspeth.</p>
<p>In February 2006, RehabCare made a one-time payment of about $600,000 to Rehab Systems, federal investigators allege. The payment “created a financial windfall to Hudspeth,” who had a financial stake in Rehab Systems, but no ownership stake in Health Services or the nursing homes, investigators say.</p>
<p>They also say that RehabCare charged Health Systems only 70 percent of the Medicaid reimbursement amount &#8212; while Health Systems billed the government for the full amount. Health Systems and Rehab Systems split the difference of the remaining 30 percent.</p>
<p>Justice Department officials say that the $600,000 payment and the profit received by Rehab Systems amount to illegal kickbacks. Federal law forbids the payment or acceptance of “any renumeration” for referrals of patients for federal health care services.</p>
<p>In court papers, RehabCare lawyers acknowledged that the company made a payment to Rehab Systems, but differed over the amount. The company paid a $405,765 “recruiting fee” to Rehab Systems, and insist that the payment represents “reasonable consideration and fair market value,” the company&#8217;s lawyers assert in court records.</p>
<p>The case began in 2007 as a whistleblower lawsuit, filed under seal by a RehabCare competitor, Minnesota-based Health Dimensions Rehabilitation Inc. RehabCare has contracts with about 50 nursing homes in Minnesota.</p>
<p>After conducting an investigation, the Justice Department decided in December to join the lawsuit. The case was transferred to St. Louis because most of the relevant events took place in Missouri and key witnesses are located here.</p>
<p>The suit accuses RehabCare and the other defendants of filing false Medicare and Medicaid claims and of making or using false records or statements to support those claims. The Justice Department has asked for the defendants to pay treble damages plus civil penalties of as much as to $50,000 per every false claim. But the outcome of such cases is usually a settlement.</p>
<p>“There were many claims filed,” said Assistant U.S. Attorney Chad Blumenfield of Minneapolis.</p>
<p>He said that one purpose of the anti-kickback statute is to control costs by discouraging the payment of referral fees for health services. It also encourages providers to make health care decisions “based on what’s in the best interest of patients, rather than the best financial interests of the nursing home or the therapy company.”</p>
<p><a href='http://www.stltoday.com/business/local/rehabcare-group-accused-of-paying-kickbacks/article_087961c0-9f7a-11e1-9657-0019bb30f31a.html' rel='nofollow'>Source</a></p>
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		<title>Warmer weather pushes Home Depot 1Q profit up</title>
		<link>http://financialmarketweblog.com/warmer-weather-pushes-home-depot-1q-profit-up/</link>
		<comments>http://financialmarketweblog.com/warmer-weather-pushes-home-depot-1q-profit-up/#comments</comments>
		<pubDate>Tue, 15 May 2012 13:15:46 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<guid isPermaLink="false">http://financialmarketweblog.com/warmer-weather-pushes-home-depot-1q-profit-up/</guid>
		<description><![CDATA[Home Depot says its fiscal first-quarter profit climbed 27.5 percent as warmer weather brought consumers out for spring gardening and lawn products.
The world&#8217;s biggest home-improvement company also boosted its 2012 financial outlook Tuesday, citing its year-to-date performance.
But the Atlanta retailer&#8217;s quarterly revenue results and its full-year revenue guidance fell short of analysts&#8217; expectations. Its stock [...]]]></description>
			<content:encoded><![CDATA[<p>Home Depot says its fiscal first-quarter profit climbed 27.5 percent as warmer weather brought consumers out for spring gardening and lawn products.</p>
<p>The world&#8217;s biggest home-improvement company also boosted its 2012 financial outlook Tuesday, citing its year-to-date performance.</p>
<p>But the Atlanta retailer&#8217;s quarterly revenue results and its full-year revenue guidance fell short of analysts&#8217; expectations. Its stock dropped 3 percent in premarket trading.</p>
<p>Home Depot Inc. reported net income of $1.04 billion, or 68 cents per share, for the period ended April 29. That&#8217;s up from $812 million, or 50 cents per share, a year earlier.</p>
<p>The latest results beat the 64 cents per share that analysts polled by FactSet expected.</p>
<p>&#8220;We saw a stronger-than-expected start to the year, driven by record warm weather and continued demand for core products,&#8221; Chairman and CEO Frank Blake said in a statement.</p>
<p>Revenue rose 6 percent to $17.81 billion from $16.8 billion. But that missed Wall Street&#8217;s estimate of $17.89 billion.</p>
<p>Home Depot&#8217;s shares fell $1.50, or 3 percent, to $48.38 ahead of the market opening.</p>
<p>Revenue at stores open at least a year rose 5.8 percent, with the metric climbing 6.1 percent for U.S. locations.</p>
<p>This figure is a key indicator of a retailer&#8217;s health because it excludes results from stores recently opened or closed.</p>
<p>The company expects fiscal 2012 earnings of $2.90 per share, with revenue up about 4.6 percent. This implies revenue of approximately $73.66 billion. Home Depot previously predicted earnings of about $2.79 per share and a 4 percent revenue increase.</p>
<p>Analysts had expected earnings of $2.90 per share on revenue of $74.06 billion.</p>
<p>Home Depot has 2,254 stores in 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and China.</p>
<p><a href='http://www.stltoday.com/business/national-and-international/warmer-weather-pushes-home-depot-q-profit-up/article_27726839-79a8-517f-8631-0796ae8794a2.html' rel='nofollow'>Source</a></p>
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		<title>Greek efforts for coalition founder</title>
		<link>http://financialmarketweblog.com/greek-efforts-for-coalition-founder/</link>
		<comments>http://financialmarketweblog.com/greek-efforts-for-coalition-founder/#comments</comments>
		<pubDate>Sun, 13 May 2012 21:07:54 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<guid isPermaLink="false">http://financialmarketweblog.com/greek-efforts-for-coalition-founder/</guid>
		<description><![CDATA[Critical last-ditch talks to form a coalition government in crisis-struck Greece foundered once more Sunday, leading the country one step closer to new elections, although the socialist party leader said he retained &#8220;existing but limited&#8217; optimism for a deal.
The political uncertainty has alarmed the international creditors who have given Greece billions of euros in bailout [...]]]></description>
			<content:encoded><![CDATA[<p>Critical last-ditch talks to form a coalition government in crisis-struck Greece foundered once more Sunday, leading the country one step closer to new elections, although the socialist party leader said he retained &#8220;existing but limited&#8217; optimism for a deal.</p>
<p>The political uncertainty has alarmed the international creditors who have given Greece billions of euros in bailout loans over the past two years, and has thrown the country&#8217;s continued presence in the European Union&#8217;s joint currency into serious doubt.</p>
<p>President Karolos Papoulias convened the heads of the parties that came in the top three spots in last Sunday&#8217;s inconclusive elections, in an ultimate effort to broker an agreement after a week of talks led to deadlock.</p>
<p>The meeting ended without a solution, but the process continued Sunday evening with the president meeting individually with the leaders of smaller parties that made it into parliament. Those include the extremist right-wing Golden Dawn, whose head, Nikolaos Michaloliakos, caused a furor by giving a fascist salute during an Athens city council meeting last year. The party won 7 percent of the vote in the elections.</p>
<p>Voters furious at the handling of Greece&#8217;s financial crisis and two years of harsh austerity measures taken in return for billions of euros in international bailout loans punished the formerly dominant socialist PASOK and conservative New Democracy parties in the elections. The two saw their support crumble to the lowest point in decades, while Radical Left Coalition, or Syriza, made big gains to come in second place after campaigning on an anti-bailout platform.</p>
<p>The PASOK and New Democracy leaders could form a coalition with the smaller Democratic Left party of Fotis Kouvelis _ combined they would have 168 seats in the 300-member parliament. New Democracy won 18.9 percent last Sunday while PASOK garnered just 13.2 percent, compared to nearly 44 percent in the last elections in 2009. Kouvelis&#8217; 6.1 percent put him in a kingmaker position, with 19 seats.</p>
<p>But all three insist any power-sharing deal must include Syriza, led by the 38-year-old Alexis Tsipras, given its strong showing at the ballot box.</p>
<p>Tsipras, however, insists he cannot join or even lend his support to a government that will continue implementing the terms of Greece&#8217;s international bailout. In return for euro240 billion in rescue loans from the European Union and International Monetary Fund, Greece has imposed severe spending cuts, including slashing pensions and salaries in the public sector, and repeated rounds of tax hikes. The measures have left Greece mired in a fifth year of deep recession, with unemployment spiraling above 21 percent.</p>
<p>&#8220;The three parties that have agreed on a two-year government in order to apply (the bailout) have 168 seats in parliament,&#8221; Tsipras said after the meeting. &#8220;Let them go ahead. Their demand that Syriza participate come what may in their own agreement is senseless and unprecedented.&#8221;</p>
<p>Tsipras insists the terms of the bailout must be cancelled <a href="http://easy-quick-payday-loans.com">payday loans</a><!-- . -->. PASOK head Evangelos Venizelos, who spent nine months handling the crisis as finance minister, and conservative leader Antonis Samaras, say that position is irresponsible and will force Greece out of the euro. Although Sunday&#8217;s meeting convened by the president with the three top party leaders was inconclusive, Venizelos said that &#8220;I retain some limited but existing optimism that a government can be formed.&#8221;</p>
<p>Samaras appeared more pessimistic.</p>
<p>&#8220;I made every effort for the cooperation of all,&#8221; he said. &#8220;Syriza didn&#8217;t listen to the mandate of the Greek people and does not accept not only the formation of a viable government, but not even the tolerance of a government which would in fact undertake to renegotiate the terms of the (bailout) and the loan agreement.&#8221;</p>
<p>Tsipras, however, stuck to his position, insisting that supporting a pro-bailout government would be a betrayal of his pre-election platform.</p>
<p>&#8220;After today&#8217;s meeting it is obvious they are demanding that Syriza become an accessory to a crime,&#8221; he said after the discussions with the president. &#8220;In the name of democracy, of our patriotic duty, we cannot accept this shared guilt. We call on all Greeks to condemn once and for all the forces of the past and to realize that only one hope remains: unity against blackmail in order to prevent the continuing barbarity.</p>
<p>&#8220;Fellow Greeks, we can assure you of one thing: we will not betray you.&#8221;</p>
<p>Tsipras will also have his eye on recent opinion polls which show his party would gain strength if Greeks go to the ballot box again next month.</p>
<p>A poll published by To Vima newspaper Sunday indicated Syriza would come first in new elections with 20.5 percent of the vote _ less than the 28 percent an earlier opinion poll published Thursday gave him, but still well ahead of New Democracy. Although it would not be enough to form a government, it would put him in the dominant position to form a coalition with smaller anti-bailout parties.</p>
<p>To Vima&#8217;s poll, carried out by Kappa Research, showed New Democracy in second place with 18.1 percent and PASOK losing yet more votes to reach 12.2 percent. The poll was carried out on May 9 and 10, and had a margin of error of 3.09 percentage points.</p>
<p>Attention Sunday night will be focused on the president&#8217;s meeting with Kouvelis. First in for the evening round of meetings was Panos Kamenos of the anti-bailout right-wing Independent Greeks party, to be followed by Communist Party head Aleka Papariga and then Michaloliakos.</p>
<p>Papoulias&#8217; mediation to broker a deal could in theory continue until May 17, the scheduled opening date for the new parliament, although they are expected to end sooner. If no agreement is reached, Greece will have to hold new elections next month, most likely on June 10th or 17th.</p>
<p><a href='http://www.stltoday.com/business/national-and-international/greek-efforts-for-coalition-founder/article_cd27f844-4919-56ce-b49c-608c9f9a938a.html' rel='nofollow'>Source</a></p>
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		<title>10 bodies found near Indonesia plane crash site</title>
		<link>http://financialmarketweblog.com/10-bodies-found-near-indonesia-plane-crash-site/</link>
		<comments>http://financialmarketweblog.com/10-bodies-found-near-indonesia-plane-crash-site/#comments</comments>
		<pubDate>Sat, 12 May 2012 05:00:02 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<description><![CDATA[Search teams found at least 10 bodies Friday near where a Russian-made jetliner crashed into the side of an Indonesian volcano while on a demonstration flight for potential buyers from airlines, an official said.
All 45 aboard the Sukhoi Superjet-100 are feared dead.
The search team used ropes to climb up to the wreckage on the near-vertical [...]]]></description>
			<content:encoded><![CDATA[<p>Search teams found at least 10 bodies Friday near where a Russian-made jetliner crashed into the side of an Indonesian volcano while on a demonstration flight for potential buyers from airlines, an official said.</p>
<p>All 45 aboard the Sukhoi Superjet-100 are feared dead.</p>
<p>The search team used ropes to climb up to the wreckage on the near-vertical slopes of Mount Salak, search and rescue agency spokesman Gagah Prakoso said. The 10 bodies they found are being prepared to be transported from the crash site by helicopter.</p>
<p>Local television showed what appeared to be the plane&#8217;s tail with the blue-and-white Sukhoi logo, part of a wing and bits of twisted metal scattered along the slope like confetti.</p>
<p>The jetliner slammed into the dormant volcano Wednesday at nearly 800 kph (480 mph). Russian and French investigators have arrived to join the ongoing investigation into the cause.</p>
<p>The Superjet-100 is Russia&#8217;s first new model of passenger jet since the fall of the Soviet Union two decades ago and was intended to help resurrect its aerospace industry <a href="http://businesscardsabc.com">business cards</a><!-- . -->.</p>
<p>The ill-fated Superjet was carrying representatives from local airlines and journalists on what was supposed to be a 50-minute demonstration flight. Just 21 minutes after takeoff from a Jakarta airfield, the Russian pilot and co-pilot asked for permission to drop from 10,000 feet to 6,000 feet (3,000 meters to 1,800 meters). They gave no explanation, disappearing from the radar immediately afterward.</p>
<p>It was not clear why the crew asked to shift course, especially since they were so close to the 7,000-foot (2,200-meter) volcano, or whether they got an OK, officials have said.</p>
<p>Communication tapes will be reviewed as part of the investigation, but it&#8217;s unlikely they will be released to the public any time soon.</p>
<p><a href='http://www.stltoday.com/business/national-and-international/bodies-found-near-indonesia-plane-crash-site/article_79250f85-5e5c-5c14-a849-b78c5bf8eca7.html' rel='nofollow'>Source</a></p>
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		<title>What if Apple were part of the Dow?</title>
		<link>http://financialmarketweblog.com/what-if-apple-were-part-of-the-dow/</link>
		<comments>http://financialmarketweblog.com/what-if-apple-were-part-of-the-dow/#comments</comments>
		<pubDate>Thu, 10 May 2012 15:19:56 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<guid isPermaLink="false">http://financialmarketweblog.com/what-if-apple-were-part-of-the-dow/</guid>
		<description><![CDATA[Apple is the world&#8217;s most valuable company. The Dow Jones industrial average is probably the world&#8217;s best-known stock index. So don&#8217;t they deserve each other?
If Apple had been added to the Dow in June 2009, the last time there were serious rumors that it would happen, the average would be about 2,500 points higher than [...]]]></description>
			<content:encoded><![CDATA[<p>Apple is the world&#8217;s most valuable company. The Dow Jones industrial average is probably the world&#8217;s best-known stock index. So don&#8217;t they deserve each other?</p>
<p>If Apple had been added to the Dow in June 2009, the last time there were serious rumors that it would happen, the average would be about 2,500 points higher than it is today. It would also be well above its all-time high.</p>
<p>That&#8217;s the calculation of Paul Hickey of Bespoke Investment Group, which crunches numbers about the markets <a href="http://unsecured-personal-loans-quick.com">guaranteed online personal loans</a><!-- . -->. He says the Dow would be at 15,360, about 1,200 points above its record.</p>
<p>Dow Jones Indexes, which maintains the average, says its purpose is to reflect the broad economy _ not pick the hottest stocks.</p>
<p><a href='http://www.stltoday.com/business/national-and-international/what-if-apple-were-part-of-the-dow/article_4c0d916f-b37f-56a1-91a8-6076d38ee284.html' rel='nofollow'>Source</a></p>
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		<title>When family leave is a must</title>
		<link>http://financialmarketweblog.com/when-family-leave-is-a-must/</link>
		<comments>http://financialmarketweblog.com/when-family-leave-is-a-must/#comments</comments>
		<pubDate>Wed, 09 May 2012 01:32:02 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<description><![CDATA[ You&#8217;re not normally one to let your personal life interfere with work, but when you&#8217;re ducking out of the office a few times a week to take Dad to dialysis or your kid to physical therapy, it&#8217;s tough to get everything done to your usual standard. 
Perhaps you need a break from juggling. Thanks [...]]]></description>
			<content:encoded><![CDATA[<p> You&#8217;re not normally one to let your personal life interfere with work, but when you&#8217;re ducking out of the office a few times a week to take Dad to dialysis or your kid to physical therapy, it&#8217;s tough to get everything done to your usual standard. </p>
<p>Perhaps you need a break from juggling. Thanks to the federal Family Medical Leave Act (FMLA), you may be entitled to up to 12 weeks of unpaid time off per year to tend to certain family-care needs. More workers took advantage of this right in the past year, a recent Towers Watson survey found. </p>
</p>
<p>&quot;As the economy picked up, people felt more comfortable asking for time away to deal with personal matters,&quot; explains Tom Billet, a senior consultant at the firm. Should you find yourself needing a respite to focus on family, take these steps to ease the transition. </p>
<p>Know your rights</p>
<p>To qualify for FMLA leave, you must have worked for a company with 50 or more employees for at least a year and put in 1,250 hours in that time. FMLA applies if you, a parent, child, or spouse develops a serious illness, sustains a major injury, or requires ongoing medical treatment. </p>
<p>Other eligible circumstances: births, adoptions, and the deployment or recuperation of a military family member. The law guarantees that your position will be restored when you return. Health coverage continues while you&#8217;re away, but you probably won&#8217;t accrue vacation or retirement benefits. </p>
<p>More men choosing kids over career</p>
<p>See if you afford it</p>
<p>Before putting in for leave, be sure you can manage without the income. Don&#8217;t have several months&#8217; expenses banked in an emergency fund? Use paid vacation first. </p>
<p>For your own ailments, exhaust sick days; also inquire about short-term disability. Should your relative only require intermittent care, take the leave, but work a few days on, a few days off to keep cash coming in. </p>
<p>Get buy-in from the boss</p>
<p>You can&#8217;t be fired for taking FMLA leave, but the way you manage this process can affect the way your employers view you &#8212; and your promotability. So be proactive. </p>
<p>Start by explaining the situation to your boss (you&#8217;ll be required to provide proof). Specify how much time off you&#8217;ll need, and ask what you can do to lessen workflow disruption. </p>
<p>&quot;Problems arise when people take leaves in dribs and drabs,&quot; says Las Vegas employment lawyer Mary Chapman. &quot;It&#8217;s harder for HR to keep track, and co-workers inherit a larger workload.&quot; </p>
<p>Best to make the leave as predictable as possible. For example, schedule appointments for Junior&#8217;s physical needs at the same time each week. Also, open up to co-workers about what you&#8217;re dealing with, advises Christopher Metzler, a human resources professor at Georgetown. Otherwise, your empty chair may raise eyebrows &#8212; and questions about whether you&#8217;re slacking. </p>
<p>Do you know a Money Hero? MONEY magazine is celebrating people, both famous and unsung, who have done extraordinary work to improve others&#8217; financial well-being. Nominate your Money Hero. &nbsp; </p>
<p><a href='http://money.cnn.com/2012/05/08/pf/family-leave.moneymag/index.htm' rel='nofollow'>Source</a></p>
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		<title>Hollande defeats Sarkozy 51.62 pct to 48.38 pct</title>
		<link>http://financialmarketweblog.com/hollande-defeats-sarkozy-5162-pct-to-4838-pct/</link>
		<comments>http://financialmarketweblog.com/hollande-defeats-sarkozy-5162-pct-to-4838-pct/#comments</comments>
		<pubDate>Mon, 07 May 2012 09:27:37 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<guid isPermaLink="false">http://financialmarketweblog.com/hollande-defeats-sarkozy-5162-pct-to-4838-pct/</guid>
		<description><![CDATA[Final results from France&#8217;s presidential election show Francois Hollande narrowly defeated incumbent Nicolas Sarkozy with 51.62 percent of the vote.
Interior Ministry figures released Monday morning show the outgoing Sarkozy garnered 48.38 percent of the vote, giving Hollande a winning margin of 1.13 million votes.
Voter turnout was 80.34 percent, about the same as in the first [...]]]></description>
			<content:encoded><![CDATA[<p>Final results from France&#8217;s presidential election show Francois Hollande narrowly defeated incumbent Nicolas Sarkozy with 51.62 percent of the vote.</p>
<p>Interior Ministry figures released Monday morning show the outgoing Sarkozy garnered 48.38 percent of the vote, giving Hollande a winning margin of 1.13 million votes.</p>
<p>Voter turnout was 80.34 percent, about the same as in the first round of voting April 22.</p>
<p>Hollande is pledging to buck Europe&#8217;s austerity trend and NATO&#8217;s timetable for Afghanistan <a href="http://instant-payday-loan-service.com">no teletrack payday loan</a><!-- . -->.</p>
<p>His allies are now jockeying for government jobs. Sarkozy&#8217;s conservative party is turning its sights to upcoming parliamentary elections to try to hold onto its majority despite a wave of support for the left.</p>
<p><a href='http://www.stltoday.com/news/hollande-defeats-sarkozy-pct-to-pct/article_ffe3d1fc-45e6-5d34-af97-e6c07cb0a4e4.html' rel='nofollow'>Source</a></p>
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		<title>Debt, down market drove plane maker to bankruptcy</title>
		<link>http://financialmarketweblog.com/debt-down-market-drove-plane-maker-to-bankruptcy/</link>
		<comments>http://financialmarketweblog.com/debt-down-market-drove-plane-maker-to-bankruptcy/#comments</comments>
		<pubDate>Sat, 05 May 2012 19:43:55 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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		<guid isPermaLink="false">http://financialmarketweblog.com/debt-down-market-drove-plane-maker-to-bankruptcy/</guid>
		<description><![CDATA[Economic turbulence has shrunk the market for business jets, and it&#8217;s causing an especially bumpy ride for Hawker Beechcraft.
The Wichita, Kan.-based aircraft maker filed for bankruptcy protection this week, seeking approval for a plan that would write an estimated $2.5 billion in debt off its books and eliminate almost $125 million in annual cash interest [...]]]></description>
			<content:encoded><![CDATA[<p>Economic turbulence has shrunk the market for business jets, and it&#8217;s causing an especially bumpy ride for Hawker Beechcraft.</p>
<p>The Wichita, Kan.-based aircraft maker filed for bankruptcy protection this week, seeking approval for a plan that would write an estimated $2.5 billion in debt off its books and eliminate almost $125 million in annual cash interest expenses.</p>
<p>Hawker Beechcraft Corp., which is owned by Onex Partners and GS Capital Partners, a Goldman Sachs private equity fund, has struggled with the sluggish business jet market more than other plane makers because it was purchased in a highly-leveraged deal at the peak of the general aviation market, just before the market tanked.</p>
<p>&#8220;It is one badly damaged firm, in a badly damaged market segment _ just a unique set of circumstances,&#8221; said Richard Aboulafia, an aviation analyst with Teal Group, a Fairfax, Va.-based aerospace and defense analysis company.</p>
<p>The economic downturn that began in late 2008 hit business jet makers especially hard, as corporate customers that were lining up for their own planes earlier in the decade began looking for ways to trim fat. The public outrage that Detroit auto executives took private jets to Washington seeking bailout money that November reinforced the planes&#8217; image as a symbol of corporate excess. Two months later, the White House pressured Citigroup to cancel the planned delivery of a jet.</p>
<p>Wichita, the self-proclaimed &#8220;Air Capital of the World,&#8221; is the home of major manufacturing plants not only for Hawker Beechcraft but also for Boeing, Spirit AeroSystems, Cessna, Bombardier and more than a hundred smaller aircraft suppliers. But the business jet segment of industry has struggled as its sales sunk by 56 percent during a global economic downturn. Another blow for Wichita came earlier this year when Boeing announced it was closing its defense plant in Wichita.</p>
<p>&#8220;Frankly, given what Wichita has been through, this is unpleasant but relatively small,&#8221; Aboulafia said.</p>
<p>More than 13,000 aircraft workers here have lost their jobs since the 2008 start of the Great Recession, which pummeled sales of the small and mid-size business jets made by three of Wichita&#8217;s major manufacturing facilities.</p>
<p>&#8220;This is definitely another blow, another nail in this situation we have been going through and it is definitely not good news,&#8221; said Jeremy Hill, director for The Center for Economic Development and Business Research at Wichita State University.</p>
<p>Since its founding with the highly-leveraged 2007 purchase of Raytheon&#8217;s former aircraft unit, Raytheon Aircraft, Hawker Beechcraft has carried a heavy debt burden, reporting a total debt of $2.3 billion at the end of 2011, according to its annual statement to the Securities and Exchange Commission.</p>
<p>Hawker Beechcraft will likely emerge from bankruptcy keeping a majority of its business, although one or two of its product lines could be shut down, Aboulafia said.</p>
<p>&#8220;This is a company with good products and a good name,&#8221; he said. &#8220;They just happen to be carrying a lot of debt and they are going to have to make some tough choices about what they are going to do next.&#8221;</p>
<p>In 2009, Hawker delivered 98 business jets. Deliveries plummeted to 51 last year. It has stopped making its Hawker 400XP until demand improves, according to a filing last month.</p>
<p>Hawker Beechcraft sold $2.3 billion worth of business and general aviation planes in 2009. Last year those sales were almost $1 billion lower.</p>
<p>There&#8217;s little reason to buy a new jet right now. There are more than 4,000 used business planes on the market right now, said Gordon Blalock, vice president for sales at Omni International Jet Trading. &#8220;The market&#8217;s so depressed,&#8221; he said. &#8220;We&#8217;re seeing some of these airplanes selling for less than 50 percent of what they sold for brand new.&#8221; Several years ago, some planes actually appreciated in value because demand was so high, he said.</p>
<p>Cai von Rumohr, an analyst at Cowen and Co., said Hawker Beechcraft&#8217;s financial problems have made it harder to sell jets in the down market, because jet owners want to know that the company that built its plane will be around to service it and make parts.</p>
<p>&#8220;They have been losing share in the (business jet) market,&#8221; he said. &#8220;The crisis of confidence among their customers has been an issue.&#8221;</p>
<p>The company also makes trainers and other small planes for the military, but civilian planes are still 56 percent of its revenue, compared to 27 percent for military planes. Hawker has delivered more than 700 T-6 trainers, most of them to the U.S. Air Force and Navy. But that contract is winding down. Hawker is trying to sell a light attack version of that plane to the Air Force, which is reconsidering its initial pick of a competing plane.</p>
<p>For Wichita as well as Kansas, the stakes in the future of Hawker Beechcraft and the aviation industry are high.</p>
<p>Aircraft sales comprise the state&#8217;s number one export, accounting for a third of the products it makes, Hill said. In 2008, aerospace accounted for $4.3 billion of Kansas exports _ a number which plummeted to $2.1 billion by 2010. Kansas used to be the sixth largest city among U.S. aviation exporters in 2008, dropping to tenth by 2010.</p>
<p>Hawker Beechcraft employs some 7,400 people, with roughly 4,700 working at its Wichita facility. It also has factories in Little Rock, Ark., Britain and Mexico, as well as more than 100 service centers worldwide.</p>
<p><a href='http://www.stltoday.com/business/national-and-international/debt-down-market-drove-plane-maker-to-bankruptcy/article_10e57bc2-abb0-5da0-a5f1-188e5f8c2548.html' rel='nofollow'>Source</a></p>
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		<title>BCE profit rises 14.1% to $574 million in first quarter</title>
		<link>http://financialmarketweblog.com/bce-profit-rises-141-to-574-million-in-first-quarter/</link>
		<comments>http://financialmarketweblog.com/bce-profit-rises-141-to-574-million-in-first-quarter/#comments</comments>
		<pubDate>Fri, 04 May 2012 03:32:05 +0000</pubDate>
		<dc:creator>Newsmaker</dc:creator>
		
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			<content:encoded><![CDATA[<p>MONTREAL</p>
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