Pay-by-phone technology may be making big moves with Google Inc. (GOOG).

According to rumors, Google plans to begin testing its new mobile phone-based payment service in New York and San Francisco in the next four months. The system, developed by VeriFone Systems (PAY), will allow mobile phones equipped with near-field-communication (NFC) technology to simply tap the phone against the register to complete the transaction.

Continue reading Google: Mobile Payment Service

Google: Mobile Payment Service originally appeared on BloggingStocks on Tue, 15 Mar 2011 17:30:00 EST. Please see our terms for use of feeds.

Continue reading Sign of the Times: Recession Prompts Transit Fare Hikes, Service Cuts

Sign of the Times: Recession Prompts Transit Fare Hikes, Service Cuts originally appeared on BloggingStocks on Wed, 14 Apr 2010 17:30:00 EST. Please see our terms for use of feeds.

Four more banks bit the dust last week, bringing the total to 30 -- just shy of 75 days into 2010. Regulators closed banks in New York, Florida and Louisiana, representing in aggregate nearly $1.1 billion in assets and a little over a billion dollars in deposits.

Park Avenue Bank in New York was shut down by the FDIC this week. It had $520.1 million in assets and $494.5 million in deposits as of the end of last year. Its deposits will be assumed by Valley National Bank, which is based in Wayne, New Jersey, and it will pay a small premium for them. Valley National also agreed to pick up virtually all of the bank's assets.

Continue reading 75 Days, 30 Bank Failures

75 Days, 30 Bank Failures originally appeared on BloggingStocks on Mon, 15 Mar 2010 10:00:00 EST. Please see our terms for use of feeds.

Continue reading Few Public Services, Programs Are Safe in New Normal Era

Few Public Services, Programs Are Safe in New Normal Era originally appeared on BloggingStocks on Wed, 20 Jan 2010 11:30:00 EST. Please see our terms for use of feeds.

The future investment stars are already with us. The NYSE Financial Future Challenge, operated by the NYSE Foundation, By Kids for Kids, K12 Inc. and the United Investors Association, is in full swing, with five finalists just identified. To reach this level, the participants had to develop a new product, idea or process that would "excite, educate and motivate their peers" to become interested in the financial marketplace. The eventual winner lurks within this subset and will receive a $2,500 prize -- a great way to get that portfolio started. And, he or she will be feted at a closing bell ceremony at the NYSE (NYX) on January 11, 2010.

The finalists presented a variety of ideas which are sure to generate some buzz. Kelsey Foss, a 12-year-old from Mountainville, NY, proposed a new television show, "Stock Market Tycoon Idol," which would harness the popularity of reality TV while amping up the content. The program would involve the journeys of 10 kids as they seek to make money or lose it, with the possibility of becoming virtual millionaires along the way. The show would be set at a mock NYSE studio on Wall Street, and exports would be brought out to mentor the contestants. The reality TV reach would help engage a younger audience.

Continue reading Tomorrow's gurus shine in NYSE Financial Future Challenge

Tomorrow's gurus shine in NYSE Financial Future Challenge originally appeared on BloggingStocks on Fri, 13 Nov 2009 09:15:00 EST. Please see our terms for use of feeds.

It's easy to save the world when you've already taken care of yourself. But, we rely on these mavericks -- the wealthy who realize they can make a difference -- to do what we cannot on our own. So, it comes as a relief that Bill Gates, founder of Microsoft (MSFT) believes executive compensation is still too high.

It's a murky topic, and some forms of regulation, Gates believes, won't help. In a discussion on philanthropy at the 92nd Street Y in Manhattan, where many of the people Gates criticized send their kids for early education, the former CEO and still rich guy cites the $1 million executive salary cap required by law in 1993 as a big mistake. While compensation has to be controlled, he believes this measure backfired and thinks that other, similar efforts are doomed to fail now.

Continue reading Rich still too richly compensated according to richest of them all

Rich still too richly compensated according to richest of them all originally appeared on BloggingStocks on Thu, 12 Nov 2009 15:40:00 EST. Please see our terms for use of feeds.

Wal-Mart (WMT) won't close Thanksgiving weekend -- not at all. The world's largest retailer is going to keep its stores open 24 hours in an attempt to manage demand for entry during the busiest shopping days of the year. The company has announced it will also implement other crowd-control measures. The festivities start at 5 AM on November 27, 2009. Of course, this doesn't involve any change fro the Wal-Mart Supercenters which already remain open 24 hours a day, but it does address the 800 stores that aren't.

The 24-hour access alone won't do much to alleviate the pressure from thrill-seekers and the bargain-crazed who will want to push through immediately. To help with this problem, Wal-Mart is allowing people to gather in different parts of the store when waiting for the deals to kick off. According to Wal-Mart spokesman David Tovar, "If you've got a 200,000-square-foot store, people will be dispersed throughout the store instead of lined up outside the store." Yeah, that makes a lot of sense.

As the old infomercial guys love to say ... "But wait, there's more!"

Continue reading Wal-Mart amps up hours, crowd control for Black Friday

Wal-Mart amps up hours, crowd control for Black Friday originally appeared on BloggingStocks on Thu, 12 Nov 2009 14:00:00 EST. Please see our terms for use of feeds.

Another player in the Bernie Madoff saga has fallen. His longtime auditor, David Friehling, pleaded guilty in federal court on Tuesday to charges of securities fraud, investment adviser fraud, making false filings with the SEC, and obstructing or impeding the administration of the Internal Revenue laws (among others).

Despite the plea, Friehling still told U.S. District Judge Alvin K. Hellerstein, "At no time was I ever aware Bernard Madoff was engaged in a Ponzi scheme."

Continue reading Friehling: Another Madoff domino falls

Friehling: Another Madoff domino falls originally appeared on BloggingStocks on Wed, 04 Nov 2009 12:20:00 EST. Please see our terms for use of feeds.

Continue reading Despite crisis, New York still viewed as financial capital of the world

Despite crisis, New York still viewed as financial capital of the world originally appeared on BloggingStocks on Fri, 30 Oct 2009 17:30:00 EST. Please see our terms for use of feeds.

The mayhem in the media industry continues. The Wall Street Journal, a News Corp (NASDAQ: NWS) property, is closing its Boston bureau and sending nine employees into the wind. The newswire and MarketWatch operations are going to stay open in Boston, however, with no headcount impact.

The Journal doesn't have any plans to close other offices, according to a memo by managing editor Robert Thomson: "there are no plans, nascent or otherwise, to close any other U.S. or international bureau." The WSJ will still support an "investigative function" in Boston, but the New York-based Money and Investing team will cover Boston's mutual fund industry, which boasts such heavy hitters as Fidelity.

At the same time, magazine company Time Inc., owned by Time Warner (NYSE: TWX) is looking to cut $100 million in expenses, and layoffs will undoubtedly figure into the equation. The company that owns Time, Fortune, People and Sports Illustrated - and falls under the same umbrella as AOL, which owns BloggingStocks - is feeling the squeeze of a media recession that's even worse than the regular recession we've all been battling for what feels like decades.

Continue reading Time and WSJ to lay off more

Time and WSJ to lay off more originally appeared on BloggingStocks on Fri, 30 Oct 2009 14:20:00 EST. Please see our terms for use of feeds.

Toys R Us bought FAO Schwarz in May and is now ready to do something interesting with it.

It's a pretty bold move for a tough retail market. Toys R Us is opening FAO Schwarz boutiques in some of its stores. It's also relaunching the upscale toy seller's website, FAO.com. A year ago, this would have been suicide, but now, it might work out. With retailers in every sector fighting for an edge, this move may beef up the Toys R Us in-store experience, with the online play helping it reach higher-spending consumers that may not have access to an FAO brick-and-mortar spot.

Continue reading Toys R Us opening FAO Schwarz boutiques for the holidays

Toys R Us opening FAO Schwarz boutiques for the holidays originally appeared on BloggingStocks on Tue, 27 Oct 2009 11:40:00 EST. Please see our terms for use of feeds.

A year ago, Manhattan homeowners lived within the firm grasp of the worst recession in 70 years. A skyrocketing real estate market seemed ready to come back to Earth, as carnage in the financial services industry - which spread to just about every other business - decimated incomes and net worths throughout the city.

From the second quarter to the third, this year, the sale of co-ops and apartments spiked between 46% and 69% according to several reports from the real estate business. Sales are still lower than last year, but the recovery has been nothing short of amazing (to the chagrin of those of us who had dreams of one day moving up from the rental class).

Prudential Douglas Elliman reported a price increase of almost 2% from the second quarter, though the median was down 8% to 18% from last year - to the $760,000 to $850,000 range. Jonathan Miller, president and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm, calls this good news, but cautions that it doesn't mean we're at the bottom.

Continue reading Pricey Manhattan homes are moving again

Pricey Manhattan homes are moving again originally appeared on BloggingStocks on Mon, 05 Oct 2009 09:00:00 EST. Please see our terms for use of feeds.

Lincoln, Neb., is the best place in the country for job-hunters. A new survey by headhunting firm Manpower (NYSE: MAN) reports that 21% of employers there plan to add employees in the next quarter, with only 4% looking to cut. That 17% spread (which Manpower calls the "net employment outlook") is tops in the United States.

Flint, Mich., on the other hand, is at the other end of the spectrum: 26% of employers are planning to chop jobs, while only 9% are forecasting new positions.

Continue reading Need a job? Consider a move to Nebraska

Need a job? Consider a move to Nebraska originally appeared on BloggingStocks on Sun, 27 Sep 2009 09:40:00 EST. Please see our terms for use of feeds.

Continue reading Citigroup cutting back on retail outlets

Citigroup cutting back on retail outlets originally appeared on BloggingStocks on Thu, 24 Sep 2009 09:00:00 EST. Please see our terms for use of feeds.

Anne Lacombe, spokeswoman for the Corcoran Group, a real estate broker involved in the transaction, said the home was under contract for more than asking but did not have information on the exact amount, buyer or closing date, according to the Associated Press.

Continue reading Madoff mansion moves for more than asking price

Madoff mansion moves for more than asking price originally appeared on BloggingStocks on Thu, 17 Sep 2009 18:00:00 EST. Please see our terms for use of feeds.

Albert Gonzalez is calling it quits. Accused of masterminding the largest identity theft in the United States ever, he has agreed to plead guilty in U.S. District Court in Massachusetts. Separate charges filed in New Jersey, however, remain.

The 28 year-old faces 15 to 25 years in prison and will forfeit $1.65 million and a Miami condo (in addition to $1.1 million already seized). If the judge accepts the terms, this would be the longest sentence ever recorded for a hacking case.

Continue reading Hacker pleads guilty in Mass., charges pending in N.J.

Hacker pleads guilty in Mass., charges pending in N.J. originally appeared on BloggingStocks on Sun, 30 Aug 2009 10:10:00 EST. Please see our terms for use of feeds.

Continue reading JockStocks: How to fix ESPN

JockStocks: How to fix ESPN originally appeared on BloggingStocks on Fri, 21 Aug 2009 14:50:00 EST. Please see our terms for use of feeds.

Continue reading New York auto dealers quit the 'cash for clunkers' program

New York auto dealers quit the 'cash for clunkers' program originally appeared on BloggingStocks on Wed, 19 Aug 2009 17:45:00 EST. Please see our terms for use of feeds.

Damien Hirst has gotten to the point where the sound of his own voice isn't good enough - now he needs a record of his thoughts for the ages. He and fellow artist Richard Prince (who actually has some talent) discuss the pains of the art market in Requiem II, which is scheduled to be published by Other Criteria this fall. Of course, Hirst is one of the publishing house's founders, making one wonder if this is the only most effective way for him to get a book published.

If a recent interview with ArtNews is any indication, Requiem II will contain the insights you'd come to expect from an artist of Hirst's caliber. My personal favorite: "Yeah, we ain't gonna sell as much art, art shows are gonna get better now the focus shifts away from money."

Brilliant.

Continue reading Art market sucks, Hirst and Prince turn to books

Art market sucks, Hirst and Prince turn to books originally appeared on BloggingStocks on Mon, 03 Aug 2009 15:20:00 EST. Please see our terms for use of feeds.

Continue reading Tell-tale stat: Manhattan apartment rents plunge

Tell-tale stat: Manhattan apartment rents plunge originally appeared on BloggingStocks on Tue, 21 Jul 2009 10:20:00 EST. Please see our terms for use of feeds.