Finance chiefs of the Group of Seven will hold emergency talks on the euro zone debt crisis on Tuesday due to heightened global alarm about strains on the euro. According to Reuters, Canadian Finance Minister, Jim Flaherty, said that central bankers in the US, Canada, Japan, Britain, Germany, France and Italy will hold a special conference call, raising pressure on Europeans to act. Concerns about a bank run in Spain in conjunction with the Greek election occurring mid-month have increased the urgency for the EU to act appropriately. ORDERS FOR FACTORY GOODS FELL IN EUROPE New orders for factory goods fell in April for the third time in four months, causing markets to remain down to stagnant most of Monday. The Commerce Department said on Monday that the orders for manufactured goods dropped 0.6 percent during the month. The government also revised its estimate for new orders in March down. Economists had forecast orders to rise 0.2 percent in April, according to Reuters. The Dow closed down 17 points on Monday ending at 12, 101. Asian markets were up on Tuesday due to the rumored G7 talks and European markets are mixed. BANKRUPTCY TRUSTEE MAY SUE CORZINE A bankruptcy trustee said on Monday that MF Global seriously underestimated the speed and extent of the panic that overtook the firm in late October of 2011, according to the Wall Street Journal. The trustee , James Giddens, indicated that Mr. Corzine's aggressive strategies drove the firm to the brink. He also suggested that compliance procedures were ignored. It is anticipated the Mr. Corzine may be sued personally by the bankruptcy trustee. WALT DISNEY TO CUT BACK JUNK FOOD ADS Walt Disney plans to curb the advertising of junk food on its television and radio programs aimed at children, according to theWall Street Journal. In 2006, Disney, which owns the ABC network as well as Disney Channel and ESPN, launched an initiative to phase out the promotion of junk food to kids at its theme parks but this did not impact advertisers. ANCILLARY TRAVEL FEES PLAGUE BUSINESS TRAVELERS In a study conducted by the Global Business Travel Association, researchers studied the ancillary fees for extra services charged by nine major airlines, four car rental agencies and ten hotel chains. Then, according to USA Today, the fees were rated for how common they are, the transparency of the fees, and the ease of tracking through expense reports. For airlines, the fees included extra charges for soft drinks, headset use, movies and food. Car rental ancillary fees included tolls, late returns, drop off of a one way rental and fuel. Parking and internet fees were the most common for hotels. Travel managers say all fees account for 8 percent of what companies pay for trips. Baggage fees were not considered because they are disclosed. STARBUCKS EXPANDS TO BREAD Starbucks announced on Monday that it plans to acquire a small artisan bakery chain, Bay Bread and 19 unit La Boulange Bakery, for $100 million. The transaction is expected to close in the third quarter. This comes shortly after Starbuck's purchase of the Evolution Fresh juice brand. According to USA Today, food is now one of Starbuck's fastest growing businesses, accounting for$1.5 billion in revenues. The baked goods will eventually make it into the Starbucks coffee shops.
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Monday, June 25, 2012
Millionaire Corner Daily Financial News and Analysis, VIDEO LOGS - June 5, 2012
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