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Mar 24, 2010

Forbes Asia: The yuan Can't Dethone The Dollar, March 24th, 2010

Latest Stories

The Yuan Can't Dethrone The Dollar

The Yuan Can't Dethrone The Dollar
For the yuan to become the world's reserve currency, far too many things would have to go right in China and wrong in the U.S.
Read More Read More

China Kowtows To Nobody

China Kowtows To Nobody
Google acts alone while others
yield to China
Read More Read More

Where China Needs
Most To Improve

Where China Needs <br>Most To Improve
Its biggest weakness lies in its educational system.
Read More Read More

Right of Way

Right of Way
Kapil Sibal's education bill is ambitious. But he has to convince the states.
Read More Read More

LG Looks Beyond Phones

LG Looks Beyond Phones
In an attempt to move beyond cellphones, LG has developed a line of netbooks for U.S. consumers.
Read More Read More

GATA DISPATCHES: Zero Hedgethrows itself into the fight against gold price suppression, March 24th, 2010

Zero Hedge throws itself into the fight against gold price suppression

6:47p ET Wednesday, March 24, 2010
Dear Friend of GATA and Gold:
Picking up on today's story in The Telegraph about demands for information about the British gold sales, Zero Hedge again has thrown itself into the struggle to expose the gold price suppression scheme.
Zero Hedge's Tyler Durdan (aka Dan Ivandjiiski) wonders "under what circumstances will the Federal Reserve finally acknowledge that it is constantly manipulating gold prices lower to benefit JPMorgan Chase and other members of the London Bullion Market Association whose short positions will likely blow them up if the fair price of gold is attained," and "when will 'gold bugs' finally stop being ridiculed for their assertions that the gold market is manipulated in light of glaring evidence on a day-to-day basis"?
The Zero Hedge commentary cites commentary at Jesse's Cafe Americain that contains a stunning but unattributed quotation about gold price suppression. The quotation is from the complaint in Reginald Howe's groundbreaking gold price suppression lawsuit, underwritten by GATA and brought in U.S. District Court in Boston in December 2000, which you can find in the "Legal Materials" section of Howe's Internet site, the Golden Sextant, here:
The Zero Hedge commentary can be found here:
Or try this abbreviated link:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Support GATA by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:

RTTNews: Evening Market Wrap Up, March 24th, 2010

Evening Market Wrap Wed Mar 24 17:06 2010 


Mar 24, 2010 Overseas Debt Concerns Drag Stocks Notably Lower - U.S. Commentary Stocks fell by moderate margins on Wednesday, as overseas financial concerns weighed down market sentiment while disappointing economic news from the U.S. also dampened the mood on Wall Street. The major averages all closed in negative territory, seeing their first down day of the week. Full Article

Economic News

Mar 24, 2010 Durable Goods Orders Show Modest Increase In FebruaryWith orders for machinery showing a notable rebound in the month of February, the Commerce Department released a report on Wednesday showing a modest increase in durable goods orders that came roughly in line with economist estimates. The report showed that durable goods orders increased by 0.5 percent in February following an upwardly revised 3.9 percent increase in January. Full Article
Mar 24, 2010 Fitch Downgrades Portugal's Credit Rating Rating agency Fitch on Wednesday lowered Portugal's long-term foreign and local currency Issuer Default Ratings, or IDR, to 'AA-' from 'AA'. The outlooks on the long-term IDRs are negative. The agency has simultaneously affirmed the country's short-term foreign currency rating at 'F1+' and country ceiling at 'AAA'. Full Article
Mar 24, 2010 New Home Sales Unexpectedly Fall To Record Low In FebruaryNew home sales unexpectedly decreased in the month of February, according to a report released by the Commerce Department on Wednesday, with new home sales falling for the fourth consecutive month to a record low annual rate. The report showed that new home sales fell 2.2 percent to an annual rate of 308,000 in February from the revised January rate of 315,000. Full Article

Corporate News

Mar 24, 2010 Starbucks To Pay First Dividend, Expands Stock BuybackThe world's largest specialty coffee retailer Starbucks Corp. (SBUX) said Wednesday that its board of directors has approved the payment of the first-ever cash dividend to its shareholders and also authorized the repurchase of 15 million more shares of the company's common stock. Full Article
Mar 24, 2010 Lennar Q1 Loss Narrows On Margin ImprovementHomebuilder Lennar Corp. (LEN, LEN.B) Wednesday reported narrower loss for the first quarter of fiscal 2010, driven by gross margin improvement and lower SG&A expenses. The company also stated that it is on track to achieve its goal of profitability in fiscal 2010. Full Article
Mar 24, 2010 General Mills Q3 Profit Rises; Lifts FY10 Adj. EPS ForecastBranded foods maker General Mills Inc. (GIS) reported Wednesday a 15% increase in third-quarter profit, while adjusted earnings per share climbed 23%, surpassing market projections, on higher net sales from its US retail and international segments. Further, the company lifted its fiscal 2010 adjusted earnings forecast, which is below Wall Street view. Full Article
Mar 24, 2010 J. M. Smucker To Cut 700 JobsBranded food products maker J. M. Smucker Company (SJM) Wednesday said it would cut about 700 full-time jobs, or 15% of its workforce, in an effort to improve its supply chain and enhance profitability of its leading brands. The company plans to invest $220 million in its coffee and namesake fruit spreads businesses over the next three years. Full Article
Mar 24, 2010 ConocoPhillips To Lower Lukoil Stake; Plans Dividend Hike, Share RepurchaseIntegrated energy company ConocoPhillips (COP) Wednesday announced its intention to reduce equity ownership in Russian oil company Lukoil by half as part of its plan to sell $10 billion of assets over two years. The company also intends to raise dividend and revealed a share repurchase program of $5 billion. ConocoPhillips made these announcements at its annual analyst meeting in New York. Full Article
Mar 24, 2010 Aeterna Zentaris Turns To Profit In Q4 On Surge In Licensing FeeBiopharmaceutical company Aeterna Zentaris Inc. (AEZS, AEZ.TO) Wednesday reported profit for the fourth quarter compared to loss last year, helped by an upfront licensing payment received from Sanofi-Aventis (SNY) as part of its development and marketing agreement for cetrorelix in benign prostatic hyperplasia or BPH for the U.S. market. Full Article
Mar 24, 2010 Commercial Metals Q2 Loss Widens On Weak DemandManufacturer of steel and metal products Commercial Metals Co. (CMC) reported Wednesday a wider year-over-year loss for the second quarter, hurt by rising rising raw material pricing, and weak demand amid the unusually severe winter in the U.S. and Europe. Looking ahead, the company expects third quarter results to benefit substantially from a seasonal pickup in demand in the nonresidential construction markets. Full Article

Forex Top Story

Mar 24, 2010 Dollar Pounds Euro Amid Sovereign Debt Crisis The dollar rocketed higher on Wednesday, riding its status as the world's de facto safe haven currency to a new 10-month high against the beleagured euro. Crippled by concerns that sovereign debt problems will spread beyond Greece to other profligate European nations, the euro was pummeled by most counterparts today. Full Article

Political News

Mar 24, 2010 Clinton Talks Of "New Day" In U.S.-Pakistan RelationshipSecretary of State Hillary Clinton gave a speech Wednesday in which she said a "new day" has begun in the often-tense relationship between the U.S. and Pakistan. Addressing the issue of terrorism, Clinton said that Pakistan "stands at the front line of a struggle against violent extremism." Full Article
Mar 24, 2010 Corker Remains Hopeful Of Achieving Bipartisan Financial Regulation ReformSenator Bob Corker, R-Tenn., released a statement Wednesday in which he said he remained hopeful the Senate could achieve bipartisan support for financial regulatory reform. "I am still hopeful that we can get to a regulatory reform bill that can receive strong bipartisan support, but as I told my Republican colleagues at lunch today, I believe our hand has been weakened now that the bill has left the committee on a party line vote," Corker said. Full Article
Mar 24, 2010 Pence To Speak At Iowa Republican Rally Ahead Of Obama's VisitRepresentative Mike Pence, R-Iowa, is scheduled to speak via video at a rally in Iowa Wednesday evening intended for people to show disapproval for the recently passed health care reform legislation ahead of President Barack Obama's visit to the state on Thursday. The Stand Up for Freedom Rally is set to take place at the University of Iowa and is intended for people to show their disapproval for the health care reform bill Obama signed into law on Tuesday. Full Article
Mar 24, 2010 Belief That U.S. Is Safer Now Than Before 9/11 Hits New LowA new Rasmussen Reports survey released Wednesday showed that the belief among Americans that the U.S. is safer now than it was before the September 11th terrorist attacks has hit a new low. According to the survey, only 35% of Americans believe the U.S. is safer now than it was before the attacks. Full Article
Mar 24, 2010 Leahy Lashes Out At Republicans For Blocking Committee HearingsSenator Patrick Leahy, D-Verm., released a statement Wednesday critical of Republicans for forcing the suspension of a Senate Judiciary Committee hearing that was to consider pending court nominations. Utilizing a rule requiring the Senate's unanimous consent to permit committees to hold hearings and meetings, Republicans have not yet consented to permit several Committees to meet Wednesday afternoon. Full Article
Mar 24, 2010 Poll Shows Americans Preferred Obama's Handling Of Health Care ReformA new Gallup poll released Wednesday showed that more Americans favored how President Barack Obama handled the health care reform issue over the last year than Congressional Democrats or Republicans. According to the poll, which surveyed 1,005 March 22, 46% of Americans believe Obama has done an excellent job handling the health care reform issue over the last year. Full Article
Mar 24, 2010 U.S. Senate Resumes Health Care DebateThe U.S. Senate resumed its health care debate Wednesday, one day after President Barack Obama signed into law what he called a historic reform of the nation's health insurance system. The bill is now in the Senate for a few final modifications, and already the Senate has used about a third of the 20 hours set aside to debate on the measure before its final passage. Full Article
Mar 24, 2010 New Poll Shows Tea Party Could Hurt GOP In November ElectionsA new Quinnipiac University poll released Wednesday showed that the Tea Party movement may have a negative impact on Republicans in the November elections. According to the poll, which surveyed 1,907 voters March 16 - 21, 44% said they would vote for a Republican over a Democrat, while 39% said they would vote for a Democrat over a Republican. Full Article
Mar 24, 2010 Obama To Sign Executive Order Reaffirming Restrictions On Funding For AbortionsPresident Barack Obama is set to sign an executive order Wednesday that will reaffirm the Patient Protection and Affordable Care Act's consistency with longstanding restrictions on the use of federal funds for abortion. Full Article
Mar 24, 2010 US, Mexico Agree To Broaden Drug War Beyond Military Efforts The United States has pledged increased support to Mexico in the fight against drug gangs, as "the cartels were not just at war with the Mexican government but with the US as well." Leading a high-level delegation in Mexico City Tuesday, U.S. Secretary of State Hillary Rodham Clinton held Cabinet-level talks with the government of the neighboring country on stepping up efforts in the fight against Mexico-based drug-trafficking cartels, among other issues. Full Article

Market Watch : Personal Finance Daily, March 24th, 2010

Personal Finance Daily
MARCH 24, 2010

Wednesday's Personal Finance stories

By MarketWatch

Don't miss these top stories:

It seems we did get at least a form of "public option" after all.

As Kristen Gerencher writes on her Health Matters blog, in the health-reform bill that President Obama signed into law on Tuesday is a provision for a new long-term-care insurance pool. Once the program starts, unless you opt out, your employer will automatically deduct funds from your paycheck to pay for long-term-care insurance. Then, when the time comes to pay for a nursing home, home-health aide or similar services, people who've participated in this insurance pool for at least five years will enjoy a minimum $50-per-day benefit to help cover those costs.

Like annuities, long-term-care insurance is one of those complex and pricey products that you wish you could avoid altogether, but it covers such an important need -- the steep costs of medical care in our later years -- that you really must at least consider whether it makes sense for you to buy it.

Many of the details of this new option still need to be worked out -- for instance, it's still unclear how much participants will pay in -- but maybe it will help us plan for our future ailments while avoiding the extreme anxiety that comes with purchasing a product plagued with the severe and unexpected price hikes that struck so many long-term-care insurance policies in the not-so-distant past.

-- Andrea Coombes , Personal Finance editor

What health reform means for your retirement

How will the new health-care-reform law signed by President Obama this week affect older Americans and those planning for their retirement years? There are three main ways.
Read Kristen Gerencher's Health Matters Blog.

Your next must-have gadget?

Inventors of products such as the Glam Can, Spotless Paw and Ready Hat are at Chicago's International Home & Housewares Show for a chance to present their invention to industry experts -- and get their product to market. Jennifer Waters reports.
 Watch Video Report.


Bank of America tackles taboo of principal forgiveness

Since the mortgage crisis hit in 2007, U.S. banks have undertaken various measures to hold back the tidal wave of foreclosures. But one thing the industry has avoided is cutting the principal owed on troubled home loans.
See story on B. of A.'s new mortgage-loan forgiveness program.

New-home sales fall to record low

Sales of new homes in the U.S. fell slightly in February -- the fourth straight monthly drop -- to a record low despite an extension of a federal tax credit meant to attract buyers. Bad weather may have been a factor.
See Economic Report.

Mortgage rates expected to stay low

As the Federal Reserve ends its purchases of more than a trillion dollars in mortgage-related debt this month, bond investors say the market is now stable enough to prevent a big jump in mortgage rates once its biggest buyer exits.
See story on what happens when Fed exits mortgage market.


Health reform and your retirement

The overhaul of the health-care system will bring some changes to your retirement, including relief from the Medicare "doughnut hole" and a new paycheck deduction for long-term-care insurance, MarketWatch's Kristen Gerencher notes in Health Minute.
 Watch Health Minute.

Senate debates fixes to new law

Senate Democrats were moving quickly Wednesday to fix the massive health-care overhaul just signed into law, even as Republican lawmakers prepared delaying tactics.
See health-care reform story.


Investors pile into volatile asset class despite lagging returns

While there's much talk about investors staying away from stock mutual funds during the bull market, one sector has been seeing net inflows and racking up assets all along.
See FundWatch.

Girding for bear market in bonds

After three decades of falling interest rates, investors need to be ready for what could be a 30-year bear market for bonds. But they've got more options than hanging out in short-term Treasury notes.
 Watch Market Edge.

Passive investing still has its fans

Despite the market's volatility in recent years, some investment advisers remain big advocates of passive investing. Norm Mindel, a Chicago-based adviser, talks about how he deals with crazy days in the market while maintaining a passive investing strategy.
 Watch Video Report.

Commentary: Ten reasons why this is not a bull market

Kevin Cassidy, a senior credit analyst at Moody's, recently referenced the $700 billion in risky high-yield corporate debt on the horizon and offered, "An avalanche is brewing in 2012 and beyond if companies don't get out in front of this."
See Todd Harrison.

Commentary: What bullish quarter means for the year

Is first-quarter strength in the stock market a good omen for the rest of the year?
See Mark Hulbert.

Party now, worry later

The overriding attitude on Wall Street, according to Jim Awad of Zephyr Management: "Enjoy the party now" and don't worry until next year. Awad says there is plenty to worry about, including what happens when all the stimulus is removed and fiscal policy turns constrictive, "but people aren't going to worry about that until next year."
 Listen to Radio Report.


Joblessness casts uneven shadow over midterm election

After suffering through the worst economy in a generation and watching millions of jobs disappear in the recession, a few more people are likely to join the ranks of the unemployed: congressional Democrats.
See story on how unemployment rate will affect midterm election.

Senate horse race: Will the Republicans take over?

Political experts say the Democrats will lose some seats in the Senate in this fall's midterm election, but how many? Could the Republican Party take control of the body next year?
See MarketWatch's Election Blog.

House's Frank: Congress will pass bank overhaul

Legislation to reform oversight of the nation's financial system in the wake of the worst crisis since the Great Depression is likely to be approved shortly because it's the issue Americans are most focused on, a key lawmaker said Wednesday.
See story on bank reform.

Commentary: 'Party of No' strategy backfires

The party put everything on the line, pulled out all the stops, played for the jackpot -- and lost.
See Darrell Delamaide's Political Capital.


Will Apple's iPad live up to the hype?

Apple's iPad makes its much-awaited debut in just 10 days.'s Kara Swisher discusses whether she believes the tablet computer will live up to the hype. Plus, WSJ's Jessica Vascellaro joins Stacey Delo on Digits to discuss her conversation with Google co-Founder Sergey Brin on Google's dramatic decision to shutter its China-based search engine.
 Watch Digits.

CNBC: Latest Stories: Fed Isn't Only Central Bank Gearing Up an Exit Strategy


»click here to see the latest top stories from

NYT : Afternoon Business Update


Financial Overhaul Is Next Priority of Democrats
The overhaul appeared to be gaining momentum as two key Republican senators said

they expected a bill to pass.

New Home Sales Weaken in February
The report, along with a bleak report on existing home sales this week, dimmed hopes for 

a fast housing recovery.

Euro and Markets Feel Downgrade of Portugal Debt
Markets in Europe and on Wall Street, however, were mixed after Portugal’s debt was

downgraded by Fitch Ratings.

Appeals Court Stays Order to Turn Over Galleon Wiretaps
A federal appeals court on Wednesday granted a motion by hedge fund manager 

Raj Rajaratnam to stay the turnover of wiretap recordings to the Securities and Exchange
Commission, pending an appeal.

Google Official Calls for Action on Internet Restrictions
Google’s director of U.S. public policy said that censorship had become more than a human

rights issue and was hurting profit for foreign companies.

More Business News

Reuters : Daily Investor UpdateDAI: Markets fall after Portugal credit downgrade, March 24th 2010

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Good evening Fernando, WED 24 Mar 2010 
Markets fall after Portugal credit downgrade
Bank of America to offer home loan write-downs
Home sales show market struggling to find footing
Fitch downgrades Portugal on budget concerns
Rio trial ends, verdict could take some time
Starbucks sets first dividend, to add U.S. cafes
Google to phase out China search partnerships
Ex-VP sues Goldman over "mommy track"
Toyota to realign Japan manufacturing ops: report
Two tech IPOs, bank IPO soar in debuts

Markets fall after Portugal credit downgrade
March 24, 2010 04:13 PM ET
NEW YORK (Reuters) - Stocks fell on Wednesday, threatening to end a string of gains, after Fitch Ratings cut Portugal's credit rating on deficit concerns in the latest sign of worsening sovereign debt problems in Europe.

Full Article
Bank of America to offer home loan write-downs
March 24, 2010 04:11 PM ET
WASHINGTON (Reuters) - Under pressure from Massachusetts Attorney General Martha Coakley, Bank of America Corp. on Wednesday said it would offer about $3 billion in loan forgiveness to about 45,000 troubled homeowners.

Full Article
Home sales show market struggling to find footing
March 24, 2010 01:57 PM ET
WASHINGTON (Reuters) - Sales of newly built U.S. homes fell for a fourth straight month to a record low in February, but another rise in new orders for durable goods offered assurance that the economic recovery was on course.

Full Article
Fitch downgrades Portugal on budget concerns
March 24, 2010 12:44 PM ET
LISBON (Reuters) - Fitch Ratings cut Portugal's sovereign credit rating by one notch to AA- on Wednesday, citing budgetary underperformance in 2009 and warning that a similar outcome this year and next could cause another downgrade.

Full Article
Rio trial ends, verdict could take some time
March 24, 2010 09:16 AM ET
SHANGHAI (Reuters) - The trial of four Rio Tinto executives ended in Shanghai on Wednesday, with three contesting charges of stealing commercial secrets in a case that has highlighted China's sensitivities over its rich steel sector.

Full Article
Starbucks sets first dividend, to add U.S. cafes
March 24, 2010 03:46 PM ET
SEATTLE (Reuters) - Starbucks Corp declared its first dividend on Wednesday, joining food and beverage companies like McDonald's Corp and Coca-Cola Co in making payouts to shareholders.

Full Article
Google to phase out China search partnerships
March 24, 2010 12:30 PM ET
BEIJING/HONG KONG (Reuters) - Two days after shutting its Chinese portal over censorship, Google Inc said it plans to phase out deals to provide filtered search services to other online or mobile firms in China.

Full Article
Ex-VP sues Goldman over "mommy track"
March 24, 2010 04:14 PM ET
NEW YORK (Reuters) - Goldman Sachs Group Inc was sued for alleged bias by a former vice president, who said the Wall Street bank consigned her to a "mommy track" that led to her firing while she was on maternity leave.

Full Article
Toyota to realign Japan manufacturing ops: report
March 24, 2010 02:14 PM ET
(Reuters) - Toyota Motor Corp plans to reorganize domestic manufacturing operations across group companies to consolidate production of similar vehicles regardless of brand, the Nikkei business daily said.

Full Article
Two tech IPOs, bank IPO soar in debuts
March 24, 2010 01:19 PM ET
NEW YORK (Reuters) - Shares of two tech companies and a bank holding company blew past expectations in their stock debuts on Wednesday, reviving hope for what had been a sickly market for initial public offerings.

Full Article