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Mar 30, 2010

BBC Business News and Videos, March 30th, 2010

Page last updated at 23:09 GMT, Tuesday, 30 March 2010 00:09 UK

Anglo Irish Bank
The Irish government will inject another 8.3bn euros (£7.4bn, $9.9bn) into the nationalised Anglo Irish Bank, it is announced.

Miners in landmark iron ore deals
Two of the world's biggest mining firms agree landmark deals to buy iron ore on quarterly contracts rather than annual ones.

IMF cuts German growth projection
The International Monetary Fund cuts its 2010 growth projection for the German economy to 1.2% from 1.5%.

MarketWatch: Personal Finance Daily, March 30th, 2010

Personal Finance Daily
MARCH 30, 2010

Tuesday's Personal Finance stories

By MarketWatch

Don't miss these top stories:

If the financial system is going to crash again in the not too distant future, why bother investing? That's the conundrum Paul B. Farrell attacks in his latest column. For a while now, Farrell's been noting that another big hit to the stock market will come in the next decade, but he also advocates the Lazy Portfolios -- a group of set-it-and-forget-it strategies that, while they've bested the S&P 500 Index ($SPX) over the past five years, still involve investing in a market that is all but certain to crash again at some point.

Read Farrell's column for his take on why investing requires a careful mental balancing act; plus, don't miss Ruth Mantell's Diary of a Recession Baby on why parents are spending ever more time planning their children's daily activities.

-- Andrea Coombes , Personal Finance editor

Commentary: Lazy Portfolios or a 2012 Collapse: It's OK to believe in both

Ten years ago this week, we wrote "Next crash? Sorry, you'll never hear it coming ." In 2000 the market topped at 11,722. Today the Dow's still under 11,000. We also predicted Wall Street's 2007 meltdown. Over the decade, we all watched Wall Street insiders get rich while they lost more than 20% of Main Street America's retirement money.
See Paul B. Farrell.


Planning children's care is becoming a full-time job

I spend a lot of time on my baby, but all that time isn't necessarily spent with my baby. There are hours of phone calls and emails and text messages every week to make sure that Eve is healthy and happy.
See Diary of a Recession Baby.


Supreme Court sides with funds industry in fees case

In a decision with significant implications for the mutual-fund industry and its investors, the U.S. Supreme Court ruled Tuesday that shareholders must adhere to a strict standard to win lawsuits involving excessive management fees.
See FundWatch.

Hedge fund of funds for clean tech

TerraVerde Capital looks for managers investing across the carbon-footprint supply chain -- solar, wind, biomass, biofuels, weather and agriculture, even water and water pipes, says managing member Richard Bookbinder. Jonathan Burton reports.
 Watch Video Report.

Commentary: Gold timers are not pessimistic enough to satisfy contrarians

There is a lot more pessimism today among gold traders than there was several weeks ago. That's good news, of course, at least from a contrarian point of view.
See Mark Hulbert.

Dow 11,000 might be out of reach in April

The Dow Jones Industrial Average (DJIA) is within sight of the 11,000 mark, and ultimately, says Jeff Kleintop, it will get there. But the chief investment strategist for LPL Financial Services says it is unlikely to happen in April.
 Listen to Radio Report.

Bet against bonds

The spread between 30-year Treasurys and corporate bonds has been narrowing, but interest rates will start rising and investors can bet against corporate bonds, says Fox Business anchor Cody Willard. Simon Constable reports.
 Watch Revolution Investing.


Nissan's electric car for the masses

WSJ's Kate Linebaugh talks to Stacey Delo about Nissan's new Leaf electric car and its $32,780 price tag. While that's almost 50% higher than Toyota's Prius hybrid, the price falls to $25,280 when a $7,500 tax credit is applied and even lower when factoring in state tax credits.
 Watch Digits.


Will iPhone win over the business crowd?

Now that a new Verizon-compatible (VZ) iPhone appears to be on the horizon, Digits looks at what Apple Inc. (AAPL) can do to win over mobile business users, particularly from RIM's BlackBerry market. Plus, WSJ's Kate Linebaugh talks to Stacey Delo about Nissan's new Leaf electric car and its $32,780 price tag.
 Watch Digits.


Retirement advice rules could crimp brokers

A Labor Department proposal to expand the availability of investment advice could restrict the way some financial advisers work with clients -- and present new business opportunities for others. Jason C. Roberts, a partner at law firm Reish & Reicher in Los Angeles, explains.
 Watch Video Report.


Consumer confidence rebounds in March

U.S. consumer confidence rebounded in March after falling sharply in the prior month, the Conference Board said Tuesday.
See Economic Report.

U.S. home prices down in January

Home prices in 20 major U.S. cities fell a not-seasonally adjusted 0.4% in January compared with December, according to the Case-Shiller home-price index released Tuesday by Standard & Poor's.
See Economic Report.

Commentary: Four ways to reduce the deficit

Besides the two ways of reducing the deficit that you are familiar with, there are two more. We will probably use at least one of these remaining two before you know it.
See Irwin Kellner.

Commentary: Is your bank the next Lehman?

The bank-appointed examiner's report on Lehman Brothers Holdings Inc. (LEHMQ) shocked the public on its release two weeks ago. Who would believe a Wall Street firm would be so devious in attempting to hide the poisonous cancer on its balance sheet?
See David Weidner's Writing on the Wall.


CERN scientists create mini-big bang

Scientists at the European Organization for Nuclear Research, known as CERN, have successfully created the first high-powered collisions of subatomic particles. These are essentially mini-versions of the "big bang" that lead to the birth of the universe more than 13 billion years ago.
 Watch Video Report.

CNBC : Evening Brief, Top Stories, March 30th, 2010


»click here to see the latest top stories from

NYT. Afternoon Business Update, March, 30th, 2010


Ford Shifts and Gains Ground in Asia
Ford has cut back on luxury models and increased output of smaller, fuel-efficient cars.

Chrysler Expects to Break Even This Year
The company also said it would present a five-year plan in April that would outline its steps

to get back to sustained growth.

Toyota Sees Sales Rebounding
As executives charged with overseeing safety met in Japan, Toyota said its sales most 

likely rose in March.

Technology Coalition Seeks Stronger Privacy Laws
Microsoft, Google and other companies are pushing to protect private information from

government access.

U.S. Home Prices Inch Up, but Worries Remain
While the Case-Shiller index showed prices were slightly higher in January, the rebound

seems to be fading.

More Business News

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RTTNews: Evening Market Wrap, March 30th 2010

Evening Market Wrap Tue Mar 30 17:06 2010 


Mar 30, 2010 Stocks Close Mixed Amid Polarizing News - U.S. Commentary Stocks ended Tuesday's session on a mixed note, as overseas financial woes and upbeat data on U.S. consumer confidence polarized the markets. The major averages eked out thin gains amid a lack of conviction in today's session, with the markets also indecisive ahead of key employment data due out the end of the week. Full Article

Economic News

Mar 30, 2010 Consumer Confidence Rebounds In March But Remains Relatively LowAfter revealing a sharp decline in consumer confidence in the month of February, the Conference Board released a report Tuesday morning showing that consumer confidence rebounded by even more than anticipated in the month of March. The Conference Board said its consumer confidence index jumped to 52.5 in March from an upwardly revised 46.4 in February. Full Article

Corporate News

Mar 30, 2010 3Com Q3 Profit Rises, Beats ViewEnterprise networking solutions provider 3Com Corp. (COMS) Tuesday reported a surge in third-quarter profit, driven by strong China direct sales and margin improvement. The third-quarter results were also favored by lower one-time charges compared with last year. On an adjusted basis, 3Com's earnings rose from the prior-year quarter and topped analysts' forecast. Full Article
Mar 30, 2010 Xerox Chairman Anne Mulcahy To Step DownOffice equipment manufacturer Xerox Corp. (XRX) announced Tuesday that Chairman Anne Mulcahy is planning to step down as chairman and also from the Xerox board, effective May 20, 2010. The Norwalk, Connecticut-based company noted that Chief Executive Officer Ursula Burns will assume the additional role of chairman, effective the same day, also the annual shareholders' meeting day. Full Article
Mar 30, 2010 Yellow Media To Buy Canpages For C$225 MlnYellow Media Inc. (YLO_UN.TO) said Tuesday that it has agreed to buy search and directories publisher Canadian Phone Directories Holdings Inc. or Canpages from an investor group led by private equity firm HM Capital Partners for about C$225 million. Full Article
Mar 30, 2010 Daily Mail & General Says Trading Ahead Of ExpectationsBritish media company Daily Mail & General Trust plc (DMGT.L) Tuesday issued a trading statement prior to the close of its half year on April 4, stating that trading continued to be ahead of its expectations. The company also expects first-half results to show a significant rise over last year. However, the company remains cautious about the second half of the year due to the political uncertainty in the UK after the General Election. Full Article
Mar 30, 2010 Kazakhmys FY09 Profit DeclinesMining group Kazakhmys plc (KAZ.L) Tuesday said its profit in 2009 declined from the previous year, as revenues decreased owing to lower copper prices and a drop in sales volumes. Announcing the preliminary results for the year ended December 31, 2009, the Kazakh miner said its profit attributable to owners of the company declined to $554 million or $1.04 per share. Full Article
Mar 30, 2010 Domino's Pizza UK & IRL Q1 Like-for-like Sales Up 10.5%Pizza delivery company Domino's Pizza UK & IRL Plc (DOM.L), in its first-quarter interim statement for the thirteen weeks to March 28, 2010, said Tuesday that its system sales for the period increased 17.5% and like-for-like sales grew 10.5%. In addition, the company noted that its current performance and trading continues to progress in line with expectations. Full Article

Forex Top Story

Mar 30, 2010 Dollar Rebounds As Consumer Shows Signs Of Life The dollar rebounded from losses in the previous two sessions on Tuesday, bolstered by data suggesting the US consumer is in a better frame of mind this month. The American consumer, once the engine of global economic growth, has turned gun shy in the aftermath of the worst recession since in decades. However, barring February's discouraging reading on consumer confidence, American shoppers appear to be coming out of their doldrums. Full Article

Political News

Mar 30, 2010 Obama Signs Health Reform Fixes, Changes To Student Loan ProgramsPresident Barack Obama Tuesday signed a bill making some technical changes to the sweeping health reform legislation he signed last week. The reconciliation bill caps a sometimes convoluted process for enacting the health reform legislation that had seemed dead following the victory of Sen. Scott Brown, R-Mass., in the special election to fill the seat held by the late Sen. Edward Kennedy. Full Article
Mar 30, 2010 Coalition Calls For Update To Electronic Communications Privacy ActA broad coalition of privacy groups and technology companies, calling itself Digital Due Process, sent a set of principles to Capitol Hill Tuesday to try and convince Congress to update digital communications privacy laws. Specifically, the coalition takes issue with what they feel is an outdated Electronic Communications Privacy Act, which was first passed in 1986. Full Article
Mar 30, 2010 Poll Shows Americans Remain Concerned About Health Care CostsA new Gallup poll released Tuesday showed that most Americans remain concerned about health care costs even after the health care reform bill was signed into law. The poll, which surveyed 1,033 adults March 26 - 28, showed that 55% of Americans believe that healthcare costs in the U.S. will get worse as a result of the bill. Full Article
Mar 30, 2010 Obama Says U.S. Is Determined To Improve Relations With ChinaPresident Barack Obama met with Zhang Yesui, China's new Ambassador to the U.S., at the White House Monday, stating that the U.S. is determined to "further develop a positive relationship with China." "[Obama] reaffirmed our one China policy and our support for the efforts made by Beijing and Taipei to reduce friction across the Taiwan Strait," White House Press Secretary Robert Gibbs said in a statement. Full Article
Mar 30, 2010 Leaders Encourage G20 Governments To Deliver On ReformsU.S. President Barack Obama was among a group of world leaders who sent a letter to fellow Group of 20 members Tuesday calling on the G20 governments to recommit and deliver on reforms they have already agreed to. "Our first objective is the return to sustained growth and job creation," the leaders said in their letter. Full Article
Mar 30, 2010 Poll Shows Lt. Gov. Fisher With Lead In Ohio's Democratic Senate PrimaryA new Quinnipiac University poll released Tuesday showed that Ohio Lieutenant Governor Lee Fisher holds a lead over Secretary of State Jennifer Brunner in Ohio's Democratic U.S. Senate primary race. The poll, which surveyed 978 Democratic Ohio voters March 25 - 28, showed Fisher with a 33% to 26% lead over Brunner. Full Article

Forbes: Investing, Governments Guilty of Repo 1055' Accounting.March 30th, 2010

Governments Guilty Of 'Repo 105' Accounting
Fred Fraenkel
Like Lehman, the Fed and public pensions bury trillions in liabilities.

Reinventing Your Life After Wall Street
David K. Randall
How seven people are moving on. Five Tax-Free Gifts To Family
Deborah L. Jacobs
There are simple ways to pick up some of relatives' biggest expenses without getting snared by the gift tax.
Health Reform Will Set Off Biotech Tax Credit Rush
Dean Zerbe
New research credit, capped at $1 billion, should be a bonanza for some small and medium-sized firms and their investors.
Actively Managed Mutual Funds Are Obsolete
Richard A. Ferri
With index funds and ETFs offering diversification at lower cost, actively managed funds have lost their original purpose.

FT: From the Markets, March 30th, 2010


Steel prices to rocket under new contract

Iron ore mine Agence,France-Presse

Benchmark system scrapped after 40 years

From WORLD 12:59pm

China invited to join IEA as oil demand shifts

Energy watchdog risks losing its relevance, admits agency’s head

From COMPANIES 7:20pm

Google takes blame for China search failure

Technical change led to spike in access problems

Market Club : Why gold will not make new highs or lows this year, March 30th, 2010

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Gold has had some dramatic moves in the last eighteen months and we expect it will have some equally dramatic moves in the future, but not right now. HERE

While I recognize that gold is one of the few commodity markets that people are really passionate about; the purpose of this article is not to take sides either with the gold bugs or those who reject the argument that gold is forever.  Rather, I want to discuss my interpretation of the markets cycle.
After spot gold made an all-time high against the dollar on December 2 at $1,226.37, gold has been in retreat mode. For the for the past several months gold has been in a broad trading range, seemingly unable to move one way or another. This process has created frustration from bulls and bears alike.
Here is the dirty little secret about the gold market. It can be a horrible investment and here's why:
Gold first started trading in the 80s while I was on the floor of the Chicago Mercantile Exchange in Chicago as a member of the International Monetary Market, (IMM) which was at that time a division of the CME now the CME Group.  When gold opened up the public clamored to buy into the gold futures market and guess who sold it to them? Thats right it was the pros- the guys who made their living trading. As a result, gold hit an all-time high of around $850 an ounce back then and it took almost 25 years for gold to move over that level, at least in dollar terms. I dont know what your timeline is, but 25 to 30 years is an awful long time to get even again.
So what is really happening in this market?

Everyone is aware of the problems in Europe with Greece, Portugal and a host of yet to be named countries. We all know that the huge amount of money being printed, coupled with the bank failures abroad contribute to the dollars declining value. These events, in conjunction with the American governments actions, also contribute to the devaluation of the dollar. The government claims that this is beneficial to exports, but the bottom line is that the purchasing power of the American dollar continues to erode in world markets.
Based on the declining value of world currency against gold you might ask- why isnt gold trading at $2,000 or even $3,000 an ounce? What is wrong with this market? This is because a great deal of what goes into the gold market is psychological and reacts to cyclic trends driven by both psychological and economic factors.

So what does all this have to do with the price of gold now? It has everything to do with gold and nothing to do with gold.

Here is what I've been able to observe in the last several years in gold and seems to be holding true.  It is something that you should pay attention to if you're interested in the next big move in the gold market.
Before gold can move higher it needs to create what I call an "energy field".  The most recent energy fields in gold were between May 12, 2006 and September 20, 2007. This 17 month energy field saw gold prices oscillate between a broad trading range bound by $730.08 (upside) and $541.80 (downside).  That energy field produced enough power to propel gold to the new high of $1,012.40 on March 17, 2008. This marked the first time gold exceeded, in dollar terms, the highs set in the early 80s mentioned earlier.

The energy fields I have observed for gold are taking somewhere between 17 and 18 months to complete. If the energy field holds, then the December 3rd 2009 high of $1,226.37 should remain in place for quite some time. If the same cycle remains true then the recent lows that we witnessed, at $1,050, should also remain intact as they represent the 15 to 16 month cycle low.

With the lows in place the next question becomes when is the next cyclical high in gold? Based on the existing cycle, we can expect the next major gold high in 2011.
To summarize: I expect gold to be locked in a broad trading range for the next 12 months bounded by the December 09 highs of 1,226.37 and the lows of $1,050.00. If the gold cycle holds true, we expect that gold tops the $1,226.37 marker by April or May of 2011.
On the on the upside we will also be looking for gold to make a nature cyclic high in October or November of 2011. It's impossible to predict the future with any degree of accuracy; however when we look at the cycles in gold this reads as a pretty good bet.

No matter what happens we expect gold will offer some great trading opportunities that investors and traders should be able to take advantage of. HERE

As I always discuss- in trading one should approach gold or any other market with a game plan and proper money management stops. The key to success in this decade will be an investors willingness to move in and out of asset classes such as gold and be well diversified into more than one asset class. That way you wont be left holding the bag for the next 25 years. Our World Commodity Portfolio is a good example of this approach and one I believe will serve investors well in the coming years.
All the best,

Adam Hewison
Co-creator, MarketClub

Forbes: Intelligent Investing: The Millionaires are Back, March 30th, 2010

Intelligent Investing with Steve Forbes


Intelligent Investing Panel
The Millionaires Are Back
Luxury retailers are reaping the benefits of a more confident, wealthy consumer. Buy Nordstrom and Coach.
With Alexandra Zendrian
Intelligent Investing
Currency Crisis And Debasement
From Roman times to TARP, here's what you need to know so you're not cold cocked by a nasty currency surprise.
With Robert T. Lutts

Video: Intelligent Investing With Steve Forbes

Intelligent Investing With Steve Forbes
The Risk Is Baked Into Emerging Markets
Ashmore's Jerome Booth says emerging markets are less risky than developed markets.