What would you do with 700 billion: related news

110 banks have asked for $170b under bailout plan

WASHINGTON (Agencies): At least 110 banks have requested more than $170 billion from the Treasury Department's rescue fund, and many more are expected to have submitted applications before Friday's deadline. The requests would come from the $250 billion the Treasury set aside from the $700 billion fund to purchase stock in banks. Analysts at Keefe, Bruyette & Woods estimated that 62 banks have received full or preliminary approval from the Treasury for $173 billion from the Troubled Asset Relief Program. The government said Monday that American International Group Inc. also would receive $40 billion from the program. That $40 billion, however, won't come from the $250 billion set aside for the banks. Another 48 banks have applied for about $6.

Russian banks to pay $18.5 bln in foreign debt in Q4, companies - $29bln

MOSCOW. Oct 10 (Interfax) - Russian banks will have to pay a total of $18.5 billion in foreign debt in the fourth quarter of 2008, while companies working in other sectors of the economy will have to pay $29 billion, the Central Bank said on its website. Banks will have to pay off $16.5 billion in principal debt in the fourth quarter and $2 billion in interest payments. Companies working in other sectors will have to pay $26 billion in principal debt and $3 billion in interest payments. The payments will decline in 2009. Banks will have to pay foreign debt of $13.6 billion in the first quarter of 2009, $12.9 billion in the second quarter, $8.3 billion in the third quarter and $13.2 billion in the fourth quarter, the Central Bank said. Other companies are planning to pay $16.

Apple earnings climb 26%, iPod, Mac sales rise

on Tuesday reported a fiscal fourth-quarter profit of $1.14 billion, or $1.26 a share, on revenue of $7.9 billion, up from of $904 million, or $1.01 a share, on $6.22 billion in sales in the same period a year ago. Analysts surveyed by FactSet Research had forecast Apple to earn $1.10 a share on revenue of $8.02 billion. Apple said that when adjusting to eliminate the impact of subscription-based accounting related to certain products, it would have earned $2.44 billion on $11.68 billion in sales. For its first quarter, Apple estimates it will earn between $1.06 to $1.35 share on revenue in a range of $9 billion to $10 billion. End of Story

Earnings: Nokia Profit Down 30 Percent; Sales, Market Share Down

Nokia (NYSE: NOK) reported third quarter earnings today, which saw its net income fall 30 percent to 1.09 billion euros ($1.47 billion), from 1.56 billion euros ($2.10 billion), compared to a year ago. Third quarter earnings per share came in at 0.29 euros, down from 0.40 euros year on year, missing analyst forecasts of 0.31 euros. Sales were down 5 percent to 12.2 billion euros ($16.4 billion), falling short of analyst expectations of 12.7 billion euros ($17.1 billion). The handset maker shipped 117.8 million units, up 5 percent year on year and down 3 percent sequentially.

CORRECT: Vodafone cuts sales outlook as profit falls

the world's largest mobile operator by sales, on Tuesday said first-half net income fell 35% to 2.14 billion pounds, or 4.02 pence a share, from 3.29 billion pounds, or 6.19 pence a share, earned in the year-earlier period. Profit in the latest period was hit by an impairment loss of 1.7 billion-pound impairment related to the group's Turkish business. Excluding one-time items, adjusted earnings came in at 7.52 pence a share, up 17% from a year earlier. Sales rose 17% to 19.9 billion pounds. The company also lowered its outlook for the year. It now expects revenue in the range of 38.8 billion pounds to 39.7 billion pounds, instead of its previous forecast of around 39.8 billion pounds, and adjusted operating profit of 11 billion pounds to 11.

Vodafone cuts sales outlook as quarterly profit falls 35%

the world's largest mobile operator by sales, on Tuesday said first-half net income fell 35% to 2.14 billion pounds, or 4.02 pence a share, from 3.29 billion pounds, or 6.19 pence a share, earned in the year-earlier period. Profit in the latest period was hit by an impairment loss of 1.7 billion-pound impairment related to the group's Turkish business. Excluding one-time items, adjusted earnings came in at 7.52 pence a share, up 17% from a year earlier. Sales rose 17% to 19.9 billion pounds. The company also lowered its outlook for the year. It now expects revenue in the range of 38.8 billion pounds to 39.7 billion pounds, instead of its previous forecast of around 39.8 billion pounds, and adjusted operating profit of 11 billion pounds to 11.

Fannie Mae posts $29 billion loss in third quarter

on Monday said its third-quarter loss widened to $29 billion, or $13 a share in its fiscal third quarter ending Sept. 30, from a loss of $1.52 billion, or $1.56 a share in the year-ago period. Fannie Mae also reported a decrease in the non-GAAP estimated fair value of its net assets, from a positive $35.8 billion on Dec. 31 to a negative $46.4 billion on Sept. 30. Third-quarter results were driven primarily by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets, as well as $9.2 billion in credit-related expenses arising from the ongoing deterioration in mortgage credit conditions and declining home prices, the Washington, D.C. lender said. On Sept. 6, Fannie Mae began operating under the conservatorship of the Federal Housing Finance Agency.

Central Bank foreign currency reserves during the first quarter of 2008 increasing by $ 400 million to reach $ 35 billion marking a 1.35 % increase above their level three months ago.

Central Bank foreign currency reserves during the first quarter of 2008 increased by $ 400 million to reach $ 35 billion marking a 1.35 % increase above their level three months ago. That was announced by the Central Bank Governor, Dr. Farouk Al Oqda, confirming that imports during FY 2007/ 2008 reached $ 52.7 billion & that compares with $ 29.4 billion leaving the country with $ 23.3 billion balance of trade deficit. Dr. Al Oqda revealed that total foreign indebtedness as at 6/30/2008 reached $ 33.9 billion apart from local indebtedness put at L.E. 666.1 billion as at the same date. N.B. The daily Al Akhbar of the same day (P. 4) has quoted Dr. Al Oqda indicating that the said foreign currency reserves cover 8 months' imports. Utmost interesting statements of the Governor were regarding the Egyptian expatriates transfers (earlier repeate

Spacecraft Escape Capsule

A report discusses the Gumdrop capsule — a conceptual spacecraft that would enable the crew to escape safely in the event of a major equipment failure at any time from launch through atmospheric re-entry. The scaleable Gumdrop capsule would comprise a command module (CM), a service module (SM), and a crew escape system (CES). The CM would contain a pressurized crew environment that would include avionic, life-support, thermal control, propulsive attitude control, and recovery systems. The SM would provide the primary propulsion and would also supply electrical power, life-support resources, and active thermal control to the CM. The CES would include a solid rocket motor, embedded within the SM, for pushing the CM away from the SM in the event of a critical thermal-protection system failure or loss of control.

Telefonica O2 CR third-quarter sales up 5%

Czech incumbent Telefonica O2 CR posted revenues of CZK16.8 billion (USD840.4 million) in the three months to 30 September 2008, up 5% on the corresponding period of 2007. Fixed line sales accounted for CZK7.9 billion of the total, up 7.5% year-on-year, and mobile turnover increased less sharply by 2.2% to CZK8.2 billion. Consolidated operating income before depreciation and amortisation (OIBDA) dipped by half a percentage point to CZK7.2 billion, yielding a margin of 43%, while operating income expanded 6.7% to CZK4.1 billion, and net income rose 18.4% to CZK3.2 billion. Third quarter CAPEX was CZK1.7 billion (down 7.3%).

How Do You Justify the Existence of IT?

bakamaki writes "I work for a small manufacturing company as a SysAdmin. My boss is a DBA. We are the only IT employees. He recently decided to record hours spent on his projects and then evaluate how much time the databases he writes save the employees. Then he translates that into a $ figure. He's asking me to do something similar but I'm kinda at a loss. It seems most of the stuff I do is preventative, IE care and feeding of servers and network infrastructure in addition to all the break fix stuff I do for the user base with their desktops. When in this position what do you folks usually do?"

Germany unveils $681 billion bank rescue plan

LONDON (MarketWatch) -- German Chancellor Angela Merkel on Monday outlined a 500 billion euro ($681 billion) rescue package for German banks. The plan includes 400 billion euros to guarantee loans and up to 80 billion euros to be used to recapitalize the German banking sector. In addition the package includes a 20 billion euro provision to cover potential losses. Merkel said the plan is aimed at stabilizing markets and added banks that take advantage of the plan will have to abide by certain requirements, including restrictions on management pay and a commitment to maintain lending. She also said countries need to work more closely on overseeing international firms and the IMF should take a bigger supervisory role when dealing with those firms.

Poll: How do you prefer to charge for freelance Web design?

Money is on a lot of our minds this season. Either we're worried that we don't have enough, or we're trying to make the most of what we do have. Either way, charging for your work becomes more and more important. But how do you charge? Coming up with a pricing structure or just deciding what to charge can be hard. If you decide to bill for your hourly work, how do you decide on a fair rate? And how do you go about deciding to bill at a flat-rate vs. hourly? If you do freelance Web design, what is your preferred method of charging customers?

Wachovia reports $23.89 billion Q3 loss

Wachovia, a diversified financial services company, has reported a net loss of $23.89 billion or net loss per share of $11.18, for the third quarter ended September 30, 2008, compared to net income of $1.62 billion or net earning per share of $0.85, in the corresponding period of 2007. This net loss includes a provision for credit losses of $6.63 billion to cover $1.87 billion in net charge-offs and to build reserves by $4.76 billion.

What would you do with $700 billion?

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Banks have 500.5 bln rbs on CBR correspondent accounts on November 17

MOSCOW. November 17 (Interfax) - Russian banks have 500.5 billion rubles on correspondent accounts in the Central Bank as of November 17 including 343.9 billion rubles for Moscow banks. The balance on November 14 was 531.3 billion rubles and 350.5 billion rubles, respectively. Banks had 338.2 billion rubles on deposit accounts in the Central Bank on November 17 against 409.9 billion rubles on previous day. [RU ASIA EUROPE EEU EMRG CEN BNK M MMT ECI MCE]

China c.bank to sell up to 5 bln yuan 1-year bills

SHANGHAI, Nov 17 (Reuters) - China's central bank said on Monday it would auction up to 5 billion yuan ($733 million) of one-year bills in its regular open market operation on Tuesday, down from 10 billion yuan at the previous auction of such bills two weeks ago. A total of 26.5 billion yuan in central bank bills is due to mature this week and there are no repos maturing this week. Last week, the central bank conducted a net injection of 84.5 billion yuan into the market, after it injected a net 11.5 billion yuan in the previous week. ($1 = 6.82 yuan) (Reporting by Karen Yeung; Editing by Jonathan Hopfner) Keywords: CHINA OPENMARKET (karen.yeung@thomsonreuters.com; +86 21 6104 1783; Reuters Messaging: karen.yeung.reuters.com@reuters.net)

Inherited IRA withdrawals

My grandfather has an IRA through his bank that expires in 2014. He died this year. I closed all his CDs and paid the penalties. How do I close his IRA? I called the bank and told them I wanted to close it, but they said you can't close one early. Do I insist and just pay a penalty or do I tell them he died? Do I have to then go to court? The IRA is only $3,900. What do I do?

Can an iPhone free you from the shackles of a laptop?

So I can't get out of my mind the idea planted by Jon Gruber of some kind of Macbook/iPhone hybrid with a full-sized keyboard, fitting into the netbook niche and running the iPhone/iPod touch version of OS X. What it would really need to succeed, I suppose, would be stripped down versions of Pages, Numbers, and Keynote. It would also need a price point that would fit between the Macbook (currently $999 at rock bottom) and the iPhone (currently topping out at $300 -- the price of some Linux-based netbooks. The question is, how much would people be willing to pay for such an intermediary gadget that would be for almost everyone a second computer?

Trading the Markets With FOSS Software?

Robert writes "Along with many other techies, I share an interest in the world of finance (bubble-era stock options pulled me in). Unfortunately, as someone with a strong preference for GNU/Linux as my operating system of choice, I have found that software in this area seems quite sparse. For awhile I have made do with Python, R, Gnumeric, Gnucash and a telephone, along with some small utilities I have written myself. What I would like to know is: what FOSS software do you use for financial analysis, trading, system development, and testing in a Un*x environment? Are there programs you would like to see written or ported? Do any brokerages, data providers, or other services provide good support for we the few? And finally, what commercial entities do you know of that are using FOSS software in their operation?"

Union Bank Earns N113 Billion, Rewards Shareholders With Bonus

Union Bank of Nigeria PLC has declared a gross earnings of N113 billion from N89.24 billion achieved in 2007, representing an increase of about 28 per cent, while pre-tax profit also grew by 88 per cent from N17.58 billion to N33.01 billion.

Game Industry Rakes in $1.27 Billion in September, But Down 7% On Halo 3 Comparison

The NPD Group has released its video game sales data for the month of September, and while sales were indeed down across all categories, the results would seem to be far better than some analysts had forecast. The industry saw total sales of $1.27 billion, down seven percent from last September's $1.35 billion. Hardware was down nine percent to $497.98 million and software was down six percent to $616.09 million. Accessories saw the smallest decline, dropping three percent to $152.59 million. Year-to-date, industry sales are still tracking ahead 26 percent, totaling $11.82 billion. Hardware and software sales are tracking ahead 16 and 36 percent, respectively.

Javelin Report Says Online Payments to Reach $148 Billion in 2008

Financial services research firm Javelin Strategy & Research released its 2008 Online Retail Payments Forecast. The study found that while online payments represents only 3.5% of total retail sales in 2008, consumers are steadily increasing adoption of alternative payment types, replacing transactions from the traditional, financial institution-controlled credit and debit cards. Javelin said during this year's holiday shopping season, it projects $7.8 billion will come from alternative payments versus $35 billion from traditional online payment methods. The overall projected growth for online payments is expected to reach $148 billion in 2008, climbing to $268 billion by 2013.

$700 Billion Bailout Signed Into Law

Many readers reminded us of what no-one can have failed to hear: that the Congress passed and the President signed a $700B bailout bill in an attempt to avert the meltdown of the US economy. The bill allocates $700 billion to the Treasury Department for the purchase of so-called "toxic assets" that have been weighing down Wall Street balance sheets. This isn't particularly a tech story, though tech will be affected as will virtually all parts of the economy, and not just in the US. Among the $110B in so-called pork added to the bill to sway reluctant legislators are extensions of popular tax benefits for business R&D and alternative energy, relief for the growing pool of people subject to the alternative minimum tax, and a provision raising the FDIC's ceiling of guaranteed deposits to $250,000.

Poll: Do you do print mockups for your designs or online?

Mockups are an important part of the design process. You don't want to do too much work before you know if the client will like it, but you want to make sure the client understands what you're going to give them. Personally, I prefer online mockups to print - for one thing, when I work for clients far from me, it's a lot easier to send them to a URL than to make sure they get a good color print out. But I had teammates who would never go to any meeting without a print mockup. And there are definite benefits - like you can draw right on the mockup what changes they want.

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