Berlusconi Contracts Scarlet Fever

Italian Prime Minister Silvio Berlusconi has been diagnosed with scarlet fever-an illness typically associated with children.He probably caught it from his grandchild.Scarlet fever is characterized by a sore throat,fever and a scarlet rash.It is caused by a hemolytic streptococcus bacterium,meaning one which damages blood cells,causing the red protein hemoglobin to leak into the surrounding fluid.
Treatment for scarlet fever is by antibiotics,just as it is for strep throat,which is also caused by streptococcus bacteria.The infection is usually not dangerous if treated properly.Mr.Berlusconi reportedly felt very sick and canceled all his appointments this week,including a European Union summit.Some 25,000 Italians catch scarlet fever each year.

What Bothers Dennis Gartman

Money manager Dennis Gartman,founder and editor of The Gartman Letter,a leading financial website,says the stock market is telling you the recession is ending.Oil is up because of the weak dollar.If you start to get up to 80-85 dollars a barrel,you start to bring new technologies into play.New methods become profitable.
The Federal Reserve can be destroyed by congressional edict,Mr.Gartman observed.You have a left-leaning administration that will not tolerate rising interest rates.
Hedge fund misbehavior is probably widespread,in Mr.Gartman's view.This insider trading bothers him.I am a hedge fund manager,he said.We match wits with what the market's doing.This is sad,not a good thing for our business.
I got hurt in 19 October,1987,Mr.Gartman recalled.You had a stock market that had been going down for four months.My strategy was dead-spot on,but it just didn't work.Each time,the market is completely different,Mr.Gartman explained.
The Gartman Letter is accessible to subscribers only.Dennis Gartman is a frequent guest on business television,however.

AmEx Scores Double Beat

American Express beat Wall Street expectations in Q3 for both earnings per share and revenue.AmEx earned 0.54 cents per share,versus the estimate of 0.38;its revenue was 6.0 billion,versus an estimate of 5.92.Still,this represents a year over year drop of 22% in earnings per share,and a 17% drop in revenue.Loan losses were up,but at a slower rate.AmEx set aside 1.8 billion to cover bad loans,which is 13% lower,and its expenses fell 17%.
Overall,CEO Ken Chenault was pleased with the company's performance.He said it showed significant progress.Billings have stabilized over the last few months.It is the most difficult environment they have ever seen.AmEx's priorities are:1.staying liquid;2.staying profitable;and 3.investing selectively for growth.As a bank holding company,it offers a number of depositary accounts,as well as travel services,and publishes checks and day planners.The company's prudent management and affluent lifestyle branding make it one of the soundest financials over the long term.

Ad Council Thanks Donors

Ad Council,a non-profit group that sponsors health and safety messages by such icons as Smokey the Bear and McGruff the Crime Dog,has published a list of its 2009 donors.The President's Circle($150,000+):Coca-Cola,Google,Johnson&Johnson,Microsoft Advertising,PepsiCo,Time Warner and Yahoo;The Leadership Circle($100,000-149,999):Ad Council Board of Directors and Staff,Alcoa Foundation,Comcast,GE,Hearst Communications,NBC Universal and Procter&Gamble.Other donors include:National Football League,Bloomberg,Advertising Age,The Wall Street Journal,Univision Communications,Black Enterprise Magazine,Martha Stewart Living Omnimedia,United States Tennis Association and Facebook.
The Ad Council said its public service campaigns enrich,educate and improve the lives of Americans.Its health and safety campaigns include anti-steroids,diabetes management,H1N1 flu prevention and emergency preparedness themes.
Ad Council is profoundly grateful to its generous donors.Its website is at http://www.adcouncil.org/ Interested companies should call Nina West at 212 922 1500.

Small Business,Big Problem

Parts of the financial system are still very damaged,Treasury Secretary Timothy Geithner says.Access to credit for small business is still very constrained.We need to keep getting capital to banks and the Small Business Administration for small businesses.A recovery that's gonna work requires that it be led by private demand,if it's gonna be sustainable.We're not gonna make the mistake of putting on the brakes too early.If you look at the cost of credit,there's been a really dramatic improvement in the system as a whole.Generally the system today is in a much better position to provide the credit the country needs.
Private capital is more valuable than public capital,Mr.Geithner emphasized.The financial markets are open for capital,as they have been since spring.Regulatory reform must provide 1.much stronger protection for consumers and investors,and 2.a less fragile system,where the government can take action without putting the people at risk.
Getting growth on track led by the private sector is our number one priority,Mr.Geithner asserted.The big source of uncertainty now is how strong private demand is gonna be.Uncertainty is bad for business.When health care reform is settled,the certainty will be a very good thing for businesses across this country,Secretary Geithner believes.His speech becomes slurred at times as his mind races ahead of his tongue.He repeatedly returns to the importance of the private sector and small business.

Citigroup Tagged By Credit

Credit losses weighed down Citigroup's Q3 earnings.The company lost 0.27 cents a share.CEO Vikram Pandit said that,while consumer credit trends are improving internationally,the U.S. environment is still challenging.Citigroup experienced eight billion dollars in net credit losses.There was some improvement in late stage delinquencies,but there was still some stress in early stage delinquencies.Citi wrote down losses in leveraged loans,and it is likely that toxic asset losses will never be recovered.
The U.S. government owns a one-third stake in Citi,and Citi must pay the government and other investors dividends on preferred stock holdings.Prince Alwaleed bin Talal of Saudi Arabia,one of Citi's major shareholders,has urged the government to divest its position as soon as possible.This is unlikely to happen for some time,however,out of an abundance of caution.
Despite Citi's problems,Deutsche Bank has initiated coverage of the stock with a buy rating,and a target price of 5.50 a share.Citi did realize a Q3 profit of 101 million-much better than last year's Q3 loss of 2.8 billion dollars.An independent evaluation approved of Citigroup's management.

Medical Research Means Business

A professor at University of Maryland, Baltimore's School of Medicine is showing that he is a businessman as well as a scholar.Dr.J. Marc Simard,M.D.,PhD.,receieved the Research Lecturer of the Year Award from the university in 2007 for discovering a new use of the diabetes drug glyburide.An intravenous form of the drug may be used for treating strokes,head or spinal cord injuries.The drug can reduce brain cell death,swelling and hemorrhaging.In 2008,Dr.Simard received the university's Entrepreneur of the Year Award for his effort to market his discovery.This involved setting up a company,Remedy Pharmaceuticals,which aims to raise enough capital for extensive clinical trials on the way to Food and Drug Administration approval of the new use for glyburide.The company raised its initial goal of 22 million dollars,but more needs to be done.
Dr.Simard has spent many hours pitching his discovery to investors,explaining the complex science and outlining the business implications as well.He has known success as an inventor in the past,with 30 patents issued or pending to his name.Dr.Simard said he's happy to do the legwork for the benefit of patients with untreatable diseases.
University of Maryland, Baltimore has six professional schools,plus a graduate school.It is a world-class research institute and seed-bed for business.