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Steve Jobs Dies, India Makes $35 Tablet, Bonuses Deferred

Big Changes for Apple – Steve Jobs Dies (NYTimes)

Steven P. Jobs, the visionary co-founder of Apple who helped usher in the era of personal computers and then led a cultural transformation in the way music, movies and mobile communications were experienced in the digital age, died Wednesday. He was 56.

Apple Inc. (NASDAQ:AAPL)

Lehman Brothers Suit Dismissed (Reuters)

Former directors of Lehman Brothers Holdings Inc (LEHMQ.PK) won the dismissal of a lawsuit seeking to hold them liable for losses suffered by the fallen investment bank’s employee retirement plan program.

Wall Street Expected to Extend Rally (Reuters)

Wall Street was set to rise on Thursday, extending a rally into a third day, on optimism that European policymakers are making progress in their efforts to help shore up troubled banks.

Citic Securities Starts Off Weak in Hong Kong (Reuters)

Citic Securities Co Ltd, China’s largest listed brokerage, made a weak debut in Hong Kong on Thursday, underscoring poor appetite for new share sales in the face of global market volatility.

Domestic Market Weakens Germany Economy (BusinessInsider)

This is interesting. You’d surmise that as its neighbors collapse, the German economy would feel the weakness, because its so export dependent. And indeed, German August factory orders just fell 1.4% vs. expectations of being unchanged, but according to Markit, the source of the weakness was actually a collapse in the domestic market, down 3.2% in the month, whereas foreign orders actually increased by 0.1%.

Volcker Rule Details Revealed (NYTimes)

Federal regulators are planning to vote next week on plans to prohibit banks from making certain lucrative, yet risky trades, the latest step toward reining in risk-taking on Wall Street in the aftermath of the financial crisis. As the Federal Deposit Insurance Corporation prepares Tuesday to vote on the so-called Volcker Rule, some clues have emerged on the details of the proposal.

Capital One Defends ING Deal (NYTimes)

Subprime lender or benevolent bank? The two contrasting images of Capital One vied for attention on Wednesday at a hearing in San Francisco before the Federal Reserve, which is examining the bank’s proposed $9 billion takeover of ING Direct USA.

India Debuts $35 Tablet Computer (FT)

The world’s cheapest tablet computer, on sale for as little as $35, has been unveiled in India in the latest attempt by the emerging economy to shift from being a global outsourcing centre to one of frugal innovation for lower-income consumers. Wednesday’s launch of the Aakash – which means “sky” in Hindi – is designed to boost e-learning to help India solve its education problems and bridge the digital divide that sees Asia’s third-largest economy lag behind its emerging market peers in internet access.

Ireland Seeks Eurozone Bailout (FT)

“Ireland should be allowed to tap the eurozone’s financial rescue fund to cut the cost of its bank bail-out and boost its chances of becoming Europe’s recovery success story, Ireland’s deputy prime minister has said.”

US Banks Defer 60% of Bonuses (FT)

The largest US banks are deferring more than 60 per cent of senior bank executives’ bonuses, according to a survey by the Federal Reserve. The new trend in bank pay comes after a crisis many blame on excessive risk-taking by bankers and traders who were compensated for taking short-term risks without having to suffer the long-term consequences of their actions. Financial regulators around the world initiated a crackdown.

ECB Holds Rates (Reuters)
European Central Bank President Jean-Claude Trichet is expected to prepare the ground for a pre-Christmas interest rate cut at his final policy meeting on Thursday and offer banks further protection against the euro zone’s worsening debt storm.

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