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Photo: Henrik Fisker, CEO of Irvine carmaker Fisker Automotive, shows off the production version of the Karma plug-in hybrid. Credit: Allen J. Schaben / Los Angeles Times
The New York Stock Exchange and the Nasdaq Stock Market were expected to open as usual for trading on Monday, as the worst of Hurricane Irene passed.
It wasn't clear how many market employees would be able to get to work, however, with New York public transit systems still shut down.
The Securities and Exchange Commission said on its website Sunday that "the securities exchanges have informed the SEC that they will open for regular hours on Monday. The decision to open was made in consultation with the SEC following a series of discussions throughout the weekend."
Trading was expected to be light this week, in any case, with many market players on vacation during the unofficial last week of summer.
The Securities Industry and Financial Markets Assn., Wall Street's main trade group, said Sunday that it recommended a normal trading session in the bond market on Monday as well.
Several economic reports are due on Monday, including U.S. personal income and personal spending figures for July, pending home sales for July, and manufacturing activity in August in the Southwestern region covered by the Federal Reserve Bank of Dallas.
-- Tom Petruno
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Photo: A man walks across 42nd Street in Times Square in New York on Sunday as Hurricane Irene hits the city. Credit: Timothy A. Clary / AFP / Getty Images
Here is a roundup of alleged cons, frauds and schemes to watch out for:
Hurricane Irene –- Law enforcement agencies are forecasting that a wave of fraudulent charitable donation schemes will arrive in the aftermath of Hurricane Irene. To make sure donations get to those who need them, the Internet Crime Complaint Center suggests that donors do not respond to unsolicited emails or telephone calls seeking donations. Instead, donations should go directly to recognized charitable organizations, the agency said.
Government grants –- The Federal Trade Commission, along with four state attorneys general, has obtained a court order shutting down a fraudulent organization that promised to provide government grants to the needy but instead sold worthless how-to books and coaching services. Under a settlement, Wealth Power Systems and Aria Financial Services were banned from marketing grant-writing programs and ordered to pay a fine of $265,000. Several other individuals and organizations were banned from marketing moneymaking opportunities, the FTC said in a news release.
When a “law firm” calls –- The Better Business Bureau is warning residents of Texas to be careful if they receive telephone calls from people claiming to be from law firms that are suing them on behalf of payday loan providers. The callers use the name of an existing law firm and ask victims to provide bank or credit card information. The bureau cautions that you should never disclose personal financial or identifying information to people you don’t know.
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Identity theft, fake gems: Your weekly ScamWatch
Social Security Administration employee accused of stealing from beneficiaries
Gold jewelry, foreign currency: Your weekly ScamWatch
-- Stuart Pfeifer
Photo: Satellite image of Hurricane Irene. Credit: Reuters
-- Athleta, Gap Inc.'s activewear brand, will open its first store in Southern California on Wednesday. The store, at Fashion Island shopping center in Newport Beach, is the fourth Athleta store opening this year.
The brand, until recently only available online and through its catalog, is slowly breaking into the bricks-and-mortar space. Athleta currently operates two stores in the Bay Area and two in New York, with additional openings slated to open this fall in Los Angeles (at the Grove), Philadelphia, Washington, D.C., and Minneapolis. The company plans to open 50 Athleta stores in the U.S. by 2013.
-- Mark your calendars: Citadel Outlets and the City of Commerce Employment & Business Development Center will host an annual job fair at the shopping center Wednesday, Sept. 21. The job fair, in its third year, will be held from 10 a.m. to 2 p.m.
Employers including Puma, Penske Motor Group, Guess by Marciano, Pacific College and Clearpoint Financial Solutions will be on interview to meet job candidates, who should "dress for success" and bring resumes.
A one-hour mini job prep workshop will be held at 9 a.m. Last year more than 5,000 job seekers met with potential employers; this year the City of Commerce mall says it expects 8,000 attendees.
-- Animal rights group Change.org is asking Learning Express stores to stop selling live frogs as toys, citing animal welfare and health concerns. The organization, which has circulated 1,000 petition signatures, says the educational toy retailer is selling live African dwarf frogs in 4-square-inch plastic cubes called "EcoAquariums." Other retailers, including Target, Brookstone and toy store chains, have stopped selling the animals.
-- Andrea Chang
Ben Bernanke’s speech at Jackson Hole, Wyo., was sketchier than it might have been about monetary policy but strikingly detailed about fiscal policy.
As chairman of the Federal Reserve, Mr. Bernanke’s official purview is in the monetary, not the fiscal realm, of course. But in a conversation in the new Weekend Business podcast, Catherine Rampell says he seemed to be deliberately vague about the central bank’s own plans.
While he said the Fed’s full toolkit is available as needed, he didn’t spell out what the bank’s actions might entail. On the other hand, he said that short-term fiscal stimulus, combined with longer-term debt reduction, would do much to invigorate the economy.
In another podcast conversation and in the Economic View column in Sunday Business, Richard Thaler, the University of Chicago economist, says Congress has been much better at spending than at budget-cutting, which is part of what he calls a self-restraint problem.
Like people with a New Year’s Day hangover, many members of Congress find it easy to make promises if they needn’t fulfill them for months or years to come. In his view, imposing legal constraints on spending, through a balanced budget amendment or other means, is unlikely to compel effective action. Voters need to be willing to elect mature adults, who, in turn, need to exercise willpower to make better choices for the country, he says.
Steven P. Jobs, who is stepping down as chief executive of Apple, has had an enormous impact in many fields. In a podcast conversation and in the Unboxed column in Sunday Business, Steve Lohr discusses the qualities of Mr. Jobs as a role model. Above all else, he says, Mr. Jobs is an innovator, and his entire career may be seen as a relentless effort to improve the odds of bringing forth innovation, both for himself and in the organizations he has managed.
And the problem of illegal products passed off as health supplements is the focus of a conversation with Natasha Singer, who tackles the subject on the cover of Sunday Business. Federal authorities are struggling to stop the distribution of these black-market goods, which may endanger consumers’ health.
You can find specific segments of the podcast at these junctures: Catherine Rampell on the Fed (33:53); news headlines (25:04); Steve Lohr on Steve Jobs (22:13); Richard Thaler on Congress (15:49); Natasha Singer on black-market supplements (8:59); the week ahead (2:06).
As articles discussed in the podcast are published during the weekend, links will be added to this post.
You can download the program by subscribing from The New York Times’s podcast page or directly from iTunes.
But beef eaters who couldn’t claim a voucher on OutbackFreeSteaks.com to one of the 777 participating stores may still be eligible for a $5 coupon.
The restaurant company says its Great Aussie Steakout freebie offer for a 6-ounce special sirloin and side coincides with the launch of its wood-fire grilling method and new menu items.
The Australian-themed chain, with dozens of California locations, is owned by OSI Restaurant Partners of Tampa, Fla.
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-- Tiffany Hsu
Consumer columnist David Lazarus has an idea for cable companies facing greater competition from the Web: Stop charging customers a lot of money for packages that include shows we don't watch. Instead, he suggests that cable firms take a cue from iTunes and charge for only the channels a subscriber wants. According to the Nielsen Co., a typical cable subscriber watches only about 17 channels, not the hundred or so they pay for.
Read more in his column Friday.
--Pat Benson
Recent columns by David Lazarus:
JetBlue can teach Verizon a thing or two about compassion
Obama needs to add consumer agency to his to-do list
Inflated medical bills mask true cost of care
