A global market meltdown and a decelerating economy could shake the steel nerves of the European Central Bank, analysts said Tuesday, as more observers are predicting it will cut borrowing costs as soon as the second quarter of this year.

The ECB has kept its benchmark interest rate on hold at 4 percent since last June _ before August’s credit crisis froze bank lending and threatened to stall major economies.

Its refusal to cut rates _ and encourage reluctant banks to give credit to each other, to companies and to homebuyers _ stood in stark contrast to the U.S. Federal Reserve which in a surprise move Tuesday reduced its rate for the fourth time since last September.

The Fed slashed its benchmark refinancing rate to 3.5 percent from 4.25 percent as stock markets dropped sharply Monday on investor skepticism that the U.S. government’s multibillion-dollar (-euro) tax relief plan could save the U.S. from a possible slide into recession.

But, until recently, ECB President Jean-Claude Trichet has talked instead about raising rates as the 15 nations that share the euro saw inflation spiral in the last two months to match an all-time high.

Trump Entertainment Resorts Chief Financial Officer Dale Black Resigns Effective Dec. 14.  Casino operator Trump Entertainment Resorts Inc. said Monday Executive Vice President and Chief Financial Officer Dale R. Black has resigned to accept a similar position at another gaming company. Black’s resignation will become effective on or about Dec. 14, the company said in a filing with the Securities and Exchange Commission.

Trump Entertainment plans to identify potential succession candidates, but did not say when. Trump Entertainment shares dropped 25 cents, or 4.8 percent, to close at $4.92 after hitting a new low of $4.83 earlier in the session. Shares continued to fall in aftermarket activity, tumbling 82 cents, or 16.7 percent, to $4.10.  It will be interesting to see who takes his place.

I was surfing the web today and came across some interesting news about the billions of dollars being saved each year by folks doing offshore banking. Around 20 years ago I was dating a lovely girl and her brother was quite successful and one the things that helped keep him that way was offshore banking. He helped blaze the trail for it by writing a book on the subject, back then it was mostly big business doing it but now it is quite common for many small and medium sized businesses to take advantage of offshore company formation and reap the financial benefits.

Here is a round-up of some of the most popular finance news items around the world.

-By keeping your car for 15 years, or 225,000 miles of driving, you could save nearly $31,000, according to Consumer Reports magazine. That’s compared to the cost of buying an identical model every five years, which is roughly the rate at which most car owners trade in their vehicles. A pretty good idea but the car manufacturers won’t like it.

-General Motors has quietly dropped a marketing strategy it announced in May where it would bring other automakers’ vehicles to its Chevrolet showrooms for customers to test against its redesigned 2008 Malibu. The company was already running a similar program for its new Saturn Aura sedan - where dealers were bringing Honda Accords and Toyota Camrys into the showroom and allowing customers to inspect and test those vehicles in comparison to the Aura.

-President Bush outlined his plan Friday for helping troubled subprime borrowers keep their homes. The proposals put forward by the president included increasing the help offered by the Federal Housing Authority to troubled borrowers. That may take the form of expanding the pool of borrowers who can apply to the FHA to refinance their loans.

-Christine Lagarde, the first woman finance minister for a G-8 nation, was rated the best minister in President Nicolas Sarkozy’s government last month by one of France’s top-selling newspapers. Great news, keep up the good work.

Stocks moved lower Friday afternoon as crude prices gained over $1 and trading thinned ahead of the weekend rush to get out-of-Dodge before July 4th.

The 30-share Dow industrials (down 10.08 to 13,412.20, Charts), the broader S&P 500 (Charts) and the tech-heavy Nasdaq (Charts) all lost about 0.4 percent with roughly an hour left in the session. At one point the Dow was up over 100 points.

Oil prices rose amid a backdrop of falling U.S. gasoline and heating fuel stocks. U.S. crude for August delivery gained $1.11 to settle at $70.68 a barrel on the New York Mercantile Exchange, its highest closing price since last August.

Earlier in the session stocks rallied on a combination of tame inflation numbers and moderate - but not too fast - economic growth.

In the report, personal spending and income both rose modestly last month, just below analysts’ forecasts.

Separate reports showed construction spending jumped 0.9 percent last month, topping forecasts, while the revised University of Michigan consumer sentiment index for June also topped forecasts, though the reading was down from May.

But it was really the PCE number that mattered most.

Fears over rising inflation and interest rates have recently stung stocks and pushed Treasury yields to a 5-year high, as higher interest rates make borrowing more expensive for companies and hurt profits.

Let’s keep a keen eye out for the movements of the market after the holiday because it could set the tone for the entire Summer.

Bad news from the company that owns Sound Advice said Thursday it may file for Chapter 11 bankruptcy reorganization.

Tweeter Home Entertainment Group has nine Sound Advice stores in South Florida - West Palm Beach, Plantation, Pembroke Pines, North Palm Beach, Miami, Fort Lauderdale, Coral Gables, Boca Raton and Aventura.

The Canton, Mass.-based company is also the name sponsor on the Sound Advice Amphitheatre in West Palm Beach.

The electronics retailer also reported a red third quarter.

Tweeter (NASDAQ: TWTR - News) said it lost $35.2 million, or $1.38 a share, on revenue of $163.3 million for the for the period ended March 31. For the same period the year before, Tweeter said it earned $424,000, or 2 cents a share, on revenue of $186.8 million.

Tweeter said the loss was worsened by charges of $27.2 million for restructuring and $1.71 million for impairment.

The retailer said last month it planned to slash about 20 percent of its work force and close more than 40 stores in an effort to regroup.

Retailers got a huge boost in March from the early arrival of Easter, but the positive mood was tempered by low sales forecasts for April.

Overall, the sales results paint a mixed picture for retailers’ first-quarter earnings but at the same time don’t signal any surprising weakness in consumer spending, despite rising gasoline prices and the recent meltdown in the subprime mortgage market.

Wal-Mart (Charts), the world’s largest retailer on Thursday reported a 4 percent jump in sales at its stores open at least a year, which is a key measure of retail performance known as same-store sales. That beat analysts’ expectations for a 1.6 percent increase, according to Thomson Financial.

Wal-Mart said Easter-related purchases and strong sales at its pharmacy business - where late last year it rolled out a $4 generic drug plan - boosted spending in its stores. Moreover, due to the calendar, most retailers also included the first week of April in their final tally of March sales.

Analysts said this also contributed to better-than-expected sales results last month. According to Thomson Financial, which tracks numbers from 52 store chains, March same-store sales rose a strong 6 percent versus a 1.8 percent gain in the same month a year ago. The firm had originally expected April same-store sales to rise 4.1 percent.

“This March-April distortion happens every year with Easter. But the 53-week reporting calendar also added to all the noise surrounding March sales,” said Richard Hastings, chief retail analyst with Bernard Sands.

Hastings and other industry experts said it’s better to evaluate retailers’ March and April sales combined for a more accurate picture of consumer spending patterns in the first quarter.

“Forget Easter and the calendar issue. If you really want to know how retailers are doing, go straight to the earnings,” he said.

To that end, the signals are mixed.

Wal-Mart warned on its first quarter, saying that while its profit forecast of 68 to 71 cents a share was still attainable, “given the tough sales environment for the April period, it will be a challenge.” Analysts, on average, expect the retailer to earn 69 cents a share for the quarter.

The discounter also expects April same-store sales to be flat to down 2 percent.

But teen clothing chains Aeropostale and American Eagle Outfitters both upped their first-quarter earnings forecasts.

The retailer said customers took advantage of spring clearance activity at its Gap and Banana Republic stores during the month.

Retail is hoping to bounce back with big Summer results.

Federal Reserve officials stressed on Friday the importance of keeping close watch on inflation expectations as a way to keep inflation in check and keep track of trends in the economy.

The U.S. economy added 97,000 jobs in February, the smallest gain in two years.

The trade deficit narrowed slightly in January as U.S. exports rose to an all-time high while imports dropped, sending a hopeful signal that the country’s trade imbalances may finally start to improve this year.

Strong demand for corn from ethanol plants is driving up the cost of livestock and will raise prices for beef, pork and chicken, the Agriculture Department said Friday.