The Curator » Business & Finance Today

October 30, 2008

Business & Finance Today

7:03PM

Federal Court Limits Patents · A federal appeals court ruled that pure software or business method patents that are neither tied to a specific machine nor change something into a different state cannot be patented, possibly invalidating a great number of existing patents. (Techdirt)

7:28AM

Bank of Japan Cuts Key Rate, Nikkei Plunges · The Bank of Japan lowered its key interest rate to 0.3% Friday, down from an already record low 0.5%, to help stave off a prolonged recession. The Nikkei 225 index plunged 5% after three of the eight board members dissented in favor of a larger cut. (Bloomberg)

4:32AM

Treasury Halts Negotiations With Detroit Automakers · The U.S. Treasury is reportedly no longer negotiating with Detroit automakers about a possible capital infusion via its $700 billion Troubled Asset Relief Program, complicating prospects for a tie-up between struggling General Motors and Chrysler. (Detroit Free Press)

6:14AM

Sprint Disconnects Cogent, May Slow Web · Cogent Communications, the worldwide broadband provider, claims Sprint severed the connection between their networks. Cogent alleges that Sprint is in “violation of a contractual obligation" to allow "peering." (GigaOM)

12:52PM

U.S. Economy Shrinks As Consumers Cut Back · The U.S. Commerce Department reported Thursday that the economy contracted at a 0.3% annual rate in the third quarter, the sharpest decline since 2001, as personal consumption fell the most in 28 years. (Economix)

8:40PM

IMF Extends $9B Loan To Pakistan · The International Monetary Fund reportedly agreed Friday to extend a $9 billion loan to Pakistan in an effort to help it meet foreign debt payments amid the global credit crisis. (CNBC)

5:09AM

Islamic Banking Thrives As Wall Street Falters [ANALYSIS] · Islamic finance, which bans interest and trading in debt according to sharia law, has held steady despite a painful global credit crisis, spurring U.S. Treasury officials to examine its features for regulatory guidance. (Washington Post)

5:28AM

Laeven: The Cost Of Crisis Resolution [OPINION] · International Monetary Fund economist Luc Laeven calculates that between 1970 and 2007 the fiscal cost of banking crises in industrialized economies averaged 15% of GDP, three times the U.S.'s $700 billion bailout plan, suggesting costs associated with the current credit crisis could rise appreciably. (VOX)

6:59PM

Microsoft Slimming Future Windows · Microsoft will ship a slimmed-down Windows in the future, replacing much of the software previously included in its OS with Web-based services. Software chief Ray Ozzie says Windows will be used to optimize hardware performance rather than to add software. (InfoWorld)

2:44PM

Schwarzman: Regulation Is Not A Solution [VIDEO] · Stephen Schwarzman, head of private-equity giant Blackstone, said in an interview Thursday that the failure of "regulated" banks and brokerages in recent weeks underscores that more government regulation is not necessarily a solution to the crisis. (Fortune Video)

8:58AM

The Financial Crisis: Parallels To The 1930s [VIDEO] · Henry Farrell of George Washington University and Daniel Drezner of Tufts University discuss the parallels between the current financial crisis and that of the 1930s as well as examine the role of China in a global economic recovery. (bloggingheads.tv)

6:57PM

Marc Andreessen: Google Chrome ‘Very Meaningful’ · Internet pioneer Marc Andreessen says Google's Chrome browser is helping powerful Internet-based applications emerge. He also says companies should follow the example of Intel in 1985 when it shut down its failing memory chip business to focus on microprocessors. (Portfolio)

10:57AM

Roubini: Get Ready For ‘Stag-Deflation’ [OPINION] · Economist Nouriel Roubini cautions that goods, labor, commodity, financial and bond markets are all sending the same message: deflation or"stag-deflation" looms ahead. (Forbes)

9:16PM

U.S. Pension Funds Face $100B Deficit · Pension industry analysts estimate that U.S. companies will need to inject more than $100 billion into their employee pension funds over the next year to cover recent market losses. Currently, pension fund losses are estimated at 20% year to date. (FT)

12:41PM

Citadel Closes Fund of Fund, Reallocates Capital · Citadel Alternative Asset Management, a unit of Chicago-based Citadel Investment Group, will close a $1 billion hedge fund of funds and reallocate its assets to invest in early-stage hedge funds. The move comes a week after Citadel denied rumors that federal regulators were combing its account for losses. (Pensions & Investments, Bloomberg)