Jared Bernstein: How Did Things Get So Screwed Up?

It’s time to realize what a potentially wonderful country we have here in America and to once again embrace the responsibility for its stewardship. Right now, that means making the effort to see through shape-shifting flimflammers.

Read more: Mitt Romney, Elections 2012, 2012 Election, Paul Ryan, Barack Obama, Economy, Politics News

Plan to Merge Penguin and Random House Book Publishing Division Announced

(BERLIN) — Pearson PLC will merge its Penguin Books division with Random House, which is owned by German media company Bertelsmann, in an all-share deal that will create the world’s largest publisher of consumer books. The planned joint venture brings together classic and best-selling names. As well as publishing books from authors such as John Grisham, Random House scored a major hit this year with “Fifty Shades of Grey.” Penguin has a strong backlist, including George Orwell, Jack Kerouac and John Le Carre. The two companies said Monday that Bertelsmann would own a controlling 53 percent share of the joint venture, which will be known as Penguin Random House. Bertelsmann would keep full control of Verlagsgruppe Random House, its trade publishing business in Germany, and Pearson would retain the right to use the Penguin brand in education. The announcement appears to put paid to any hopes that News Corp. may have had in netting Penguin. Reports over the past couple of days have indicated that News Corp. has expressed an interest in buying Penguin for 1 billion pounds ($1.6 billion) in cash. News Corp. owns HarperCollins, another big publishing house. Under the terms of the deal, Random House worldwide chief executive Markus Dohle will be CEO of the new group while Penguin’s CEO John Makinson will be the chairman of its board of directors. “Together, the two publishers will be able to share a large part of their costs, to invest more for their author and reader constituencies and to be more adventurous in trying new models in this exciting, fast-moving world of digital books and digital readers,” said Marjorie Scardino, chief executive of Pearson. And Bertelsmann’s Dohle said the link-up will “create a publishing home that gives employees, authors, agents, and booksellers access to unprecedented resources.” The closing of the deal is scheduled to take place in the second half of 2013 following regulatory approval. Pearson said the deal does not require approval by shareholders; Bertelsmann is privately-owned. Pearson shares were down 1 percent at 1,209 pence in midmorning

There’s Even More Reason To Panic About The Fiscal Cliff

By Jason Lange WASHINGTON, Oct 28 (Reuters) – The United States runs the risk of a recession far deeper than many investors and polic…

Read more: Fiscal Affairs, Public Spending, Video, Congress, Cbo, Spending Cuts, Reuters, Federal Reserve, Fiscal Cliff, Tax Hikes, Congressional Budget Office, Business News

UPDATE 1-TNT Express quarterly profit down 12 pct

AMSTERDAM, Oct 29 (Reuters) – TNT Express, the
Dutch mail delivery group being bought by UPS said
third-quarter profit fell 12 percent.

BRIEF-GSK gets 60-66 pct interest in dolutegravir via Shionogi deal

LONDON, Oct 29 (Reuters) – GlaxoSmithKline Plc :
* Chief Strategy Officer David Redfern says GSK will have 60-66
percent economic interest in HIV/AIDS drug dolutegravir via
revised Shionogi deal
*…

NTT Data to make Itelligence wholly-owned for $78.5 mln

TOKYO, Oct 29 (Reuters) – Japan’s NTT Data Corp
said on Monday it will launch a tender offer for all remaining
shares in German IT consulting unit Itelligence AG for
10.80 euros per share, in a deal…

UPDATE 1-Dymon launches pvt equity fund with Temasek unit’s backing

HONG KONG, Oct 29 (Reuters) – Dymon Asia Capital is
branching out to the private equity world, launching a fund with
backing from a unit of Singapore state investor Temasek
Holdings, a company email…

Dymon launches pvt equity fund with Temasek unit’s backing

HONG KONG, Oct 29 (Reuters) – Dymon Asia Capital is
branching out to the private equity world, launching a fund with
backing from a unit of Singapore state investor Temasek
Holdings, a company email…