10 Things You Need To Know This Morning

tiger woods elinHere’s what you need to know this morning:

  • President Obama is in New York today making his case to Wall Street for financial reform. He is seeking cooperation on Sen. Dodd’s bill, and several changes he wants to see implemented. There continues to be significant political and industry opposition to these moves.
  • Russia is taking advantage of current market confidence and offering the second largest emerging market debt offering on record, valued at $5.5 billion. It will be the first time the Russian government has tapped markets since the ruble crisis and default of 1998.
  • The story of China’s housing market tightening continues to grow more robust as Hong Kong today launched a further duty to quell speculation on high priced residential properties. The stamp duty increase targets properties worth more than $20 million.
  • U.S. telecom giants CenturyLink and Qwest have agreed to a merger, where CenturyLink will buy Qwest for $10.6 billion. The resulting company will be worth $19.8 billion in revenues based on 2009 results.
  • The UK’s annual deficit tops anything the country has seen since World War II, as its parliamentary leaders head for their second televised debate. Tonight’s topic will be foreign affairs, but the subject of debt will surely arise and polling results after are likely to impact pound futures.
  • European flights have returned to normal today, as a backlog of stranded passengers finally begin to make their way home. Airline Ryanair, which originally refused to pay stranded passengers compensation, is now agreeing to do so.
  • Bernie Madoff’s right hand man, Frank DiPascali, is being charged responsible for $170.25 billion in debts the firm incurred to victims. The government plans to strip him of his assets, and sell them in a effort to pay back those who lost money in their investments.
Reblog this post [with Zemanta]


The recent uptick in stocks has not been met with much enthusiasm by corporate insiders.  In fact, pessimism rules the day in the land of insider buying and selling trends.  For the week ending February 26th insiders sold a total of $1.88B in stock and purchased just $13.22MM.  Selling was up substantially from last week and buying was down substantially from last week.  The selling was the highest level experienced this year.  Interestingly, as the rally has continued insiders have actually increased their selling. Leer más “INSIDER SELLING HITS NEW 2010 HIGH”

How to be a billionaire


Ferrari for auction.Do billionaires have any traits in common?

Research reveals three qualities common to people who build great fortunes.

Have you dreamed of becoming a billionaire?

Based on the response I’ve gotten to my recent article Three Myths About Starting Your Own Business, many people have. They imagine having wealth like the founders of Google and Apple, so they can fly to their own chateaus on the French Riviera in a Gulfstream IV or maybe even a Boeing 737. They picture making it onto the Forbes Rich List and buying diamonds from Tiffany.

What does it take to get that rich? Are billionaires completely different from you and me? My firm, the China Market Research Group, decided to see if we could answer those questions and if there were any secrets we could learn from them. Over the last five years we interviewed secretive real estate tycoons in China who own companies through proxies for fear of being too high-profile, internet pioneers in the US who party with rock stars, multi-generational conglomerate tycoons in India and retail heirs in Europe who hit the Alps to ski. In all, we interviewed about a dozen billionaires and several dozen people worth more than $USD 100 million. We had fun doing it, too, from gambling at racetracks in Hong Kong to chomping on biscuits in Boston.

While almost everyone we interviewed said luck and timing played a role in their success, we found some other similarities in their responses, too. Most of the truly rich, perhaps surprisingly, are not that different from you and me. They have the same fears about their children and their health, and the same desires. But we did find some differences.

We narrowed those differences down to three secrets of the truly rich that most of the people we talked to said had helped them get to where they are:

The first secret of the truly rich is that they are never afraid to fail. Most of our interviewees told us that at one point they had had a choice to either stick to an easy, secure route or take a calculated risk. To reach the truly heights of wealth, some risk is needed. If you look for security in a job or are scared to try something different, you won’t get far in the pursuit of true wealth.

Even when they had failed-and every single one of them had at least once-the truly rich said they had used those experiences to learn from their mistakes and get back in the saddle. They had avoided the real failure of letting a bad experience destroy their optimism and their passion. Leer más “How to be a billionaire”

Grow VC brings a crowdfunding platform to mobile and web startups

Much the way Kiva matches investors with entrepreneurs in the developing world, so Grow VC brings a crowdfunding platform to mobile and web startups around the globe.

Launched earlier this month, Hong Kong-based Grow VC aims to bring the first truly transparent, global, community-based approach to early-stage funding. Focusing on startup funding needs ranging from USD 10,000 to USD 1 million, Grow VC collects membership fees from its participants and pools 75 percent of them into a community fund. That fund then gets invested into promising member startups. Grow VC manages these investments, but members can control how their portion of the fund should be allocated, allowing them to focus on the startups they feel have the most potential. Grow VC users can follow each other in Twitter-like fashion, while reputation statistics reflect their track records. When a startup fails, the community fund covers its own losses. But when one does well, 75 percent of the returns are paid as commissions to top-ranked members.

The company explains: “We’re here to fix the traditional opaque and mysterious startup funding system. Grow VC offers the platform and tools so the process from idea to launch can be managed and communicated with a more structured manner, while at the same time enabling the race to success to start much earlier.”

Fees depend on the amount to be raised or invested. Startup and funder pricing starts at USD 20 per month. Others, such as experts, certified partners and business sponsors pay more.

Grow VC spent several months in beta, and by January had already gained more than 700 registered users. One to get in on early…? (Related: Twitter for entrepreneurs; “Open-mic nights” for business ideas.)

Website: www.growvc.com
Contact: jouko@growvc.com

Spotted by: John Greene


Reblog this post [with Zemanta]