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Apr 22, 2010

RTTNews. Asian Markets commentary: Asian Markets Mostly Trade Lower/22/2010 11:43PM ET

Asian Market Commentary
Asian Markets Mostly Trade Lower
4/22/2010 11:43 PM ET
TOP MARKET NEWS
NZ Dollar Soars To Multi-year High Against Euro
Australian Dollar Declines Against Most Majors On Weak Asian Stocks
Pfizer Halts Phase 3 Trial Of Sutent In Liver Cancer
Eastman Chemical Q1 Profit Surges On Higher Sales; Guides Q2, FY10
International Game Technology Q2 Profit Rises - Update
(RTTNews) -  Asian stock markets are mostly down in the red on Friday with investors indulging in some selling in a few blue chips from stocks across various sectors amid a lack of prominent triggers. The overnight flat close on Wall Street and lower commodity prices appear to be dragging down stock prices. Concerns about Greece's debt worries are also hurting sentiment to an extent.

The benchmark S&P/ASX 200 index, which declined to around 4,876, is currently trading at 4,888, down 19.4 points or 0.4% from its previous close. The broader All Ordinaries index is down 17.8 points or 0.3% at 4,919.

Among key bank stocks, Commonwealth Bank of Australia is down by over 1%, ANZ Bank is trading lower by 0.5% and Westpac Banking Corporation is down marginally, while National Australia Bank is in positive territory with a modest gain. Diversified financials stock Macquarie Group is trading lower by about 1%.

Top miners BHP Billiton and Rio Tinto are trading lower by 0.6% and 0.4% respectively. Newcrest Mining is gaining about 0.7%. Bluescope Steel and Incitec Pivot are trading marginally higher, while Fortescue Metals and Orica are exhibiting weakness.

Forbes: Markets April 22nd 2010

April 22, 2010 11:56 PM

Wall Street Claws Its Way To Gains After Obama Speech

Mixed earnings and lower jobless claims did less to lift stocks than the president's mild push for financial reform.

Company Watchlist

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Jobless claims fell by 24,000 last week, better than expected, to a seasonally adjusted 456,000. Continuing claims fell by 40,000 to just under 4.7 million.
Existing home sales rose 6.8% in March, the highest level since December and better than economists expected.
CenturyTel will buy Qwest Communications in a stock-swap deal with $10.6 billion.
Verizon 's quarterly profits shrank to 56 cents per share and wireless provider added fewer contract-based subscribers than rival AT&T.
PepsiCo 's Q1 profits rose to 89 cents per share, beating expectations, thanks to strength in China and India which helped offset sluggish sales in the U.S. and Europe.
More >

 


















NYT: Afternoon Top Stories & Business News Update. April 22nd, 2010



 Afternoon Top Stories & Business News
TOP STORIES

Obama to Wall Street: 'Join Us, Instead of Fighting Us'

By PETER BAKER
Pushing an overhaul plan for financial regulation on Thursday, the president said, 
"Unless your business model depends on bilking people, there is little to fear from 
these new rules."

Republicans Block Start of Debate on Financial Bill

By DAVID M. HERSZENHORN
The two parties traded bitter accusations about who was standing in the way of 
bipartisanagreement on the financial overhaul measure.

U.S. Urging NATO to Maintain Nuclear Deterrent

By MARK LANDLER
The U.S. secretary of state is expected to press a gathering of foreign ministers 
not to drop aging tactical weapons.

Blood Test May Reduce Biopsies After Transplants

By ANDREW POLLACK
A study found that a test that analyzes genetic activity may help avoid invasive
approaches to detect rejection of transplanted hearts.

In Albany, Keeping an Eye on the Polls, and the Scales

By NICHOLAS CONFESSORE
Voters' anti-incumbent mood has many politicians in Albany worried about image,
and their weight has become an issue as they head out on the campaign trail.

Video: TimesCast

A daily look inside The Times's newsroom. Today, President Obama's speech on the financial bill and more.
U.S.
 
Opinion

How to Green Your Parents

When children become the teachers, the Earth Day message gets through loud and clear, writes Allison Arieff.


BUSINESS

CenturyTel to Acquire Qwest in $10.6 Billion Deal

By MICHAEL J. de la MERCED and JENNA WORTHAM
The combined company will serve about 5 million broadband customers and 
850,000 wireless customers.

US Airways Ends Talks With United

By JAD MOUAWAD
The decision by US Airways suggested that Continental's own discussions with 
United might succeed.

Fresh Financial and Civil Setbacks for Greece

BY MATTHEW SALTMARSH
Civil servants in Greece staged a strike as the European Union raised its estimate 
of thecountry's budget deficit, sending borrowing costs higher.

Backlash Builds in Japan to New Rules for Banks

By HIROKO TABUCHI
As momentum grows in the United States and Europe for tighter regulations,
bankers inJapan are calling the effort an overreaction and worry the proposals
could hurt expansion 
plans.

New York Exemption Denied for Tarmac Time Limit

By THE ASSOCIATED PRESS
Under the rule, airlines that do not provide food and water after a two-hour
delay or achance to disembark after three hours, will face fines.

Forbes: Financial: Heads the IRS Wins, Tails You Lose, April 22nd, 2010



Money & Investing

Heads the IRS Wins, Tails You Lose

William P. Barrett, 04.22.10, 02:00 PM EDT
Forbes Magazine dated May 10, 2010

The feds tax your gambling winnings to the max. Loss deductions are a little harder to come by.



image

If you win a nice pot at a casino, the Internal Revenue Service is there to share it with you: You'll get a Form W-2G if you win $1,200 or more from slots or bingo, $1,500 from keno, $5,000 from poker or $600 from racetracks and state lotteries if the payout is 300 or more times the wager.
As legalized wagering has spread--it's now present to some degree in every state except Utah and Hawaii--so, too, have gamblers' problems with the IRS. Often they end up two-time losers: Their gambling costs them real dough and raises their tax bills to boot.
Federal tax law says that wins are always income but that losses are losses only to the extent you have wins in the same year. If you make $10,000 this year at the track and lose $9,000 next year, your two-year total of taxable gambling income is going to be $10,000, not $1,000. In fact, there often isn't full parity even within the space of a year. Make $10,000 at poker in June, lose $10,000 in July and you could wind up boosting your tax bill. That's because the profits go on the front of the return as part of your adjusted gross income, while the losses show up two pages later as itemized deductions. A higher AGI can subject more of a retiree's Social Security checks to tax and cause a loss of various credits, deductions and exemptions denied to the better-off. The IRS has, however, magnanimously decided to allow netting of gains and losses taking place within a single day.
The rare taxpayer who can make the case that he is a professional gambler doesn't have a same-year timing problem. He can put both income and losses on a Schedule C. But most folks, no matter how many hours they spend at the tables, don't qualify as pros.
Gamblers tend to face two big problems when they tangle with the IRS. First, they haven't kept adequate records substantiating their losses. Second, the IRS is loath to consider them pros.
Judges are sometimes more sympathetic. A 1987 U.S. Supreme Court decision granted pro status to down-on-his-luck Robert E. Groetzinger, a Peoria, Ill. man who lost his trucking job of 20 years and started spending up to 80 hours a week betting on dog races. "If one's gambling activity is pursued full-time, in good faith and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business," Justice Harry Blackmun declared.

Esther K. Chow of San Gabriel, Calif. retired from running her husband's medical practice and played the slots at Morongo Casino near Palm Springs on 176 days in 2005, wagering $1.23 million and winning $1.08 million. She filed a Schedule C. The IRS objected, but in March a Tax Court judge said he'd give her pro status. The judge added, however, that Chow "would be prudent to abandon gambling as a potential source of income."
Park Avenue (New York City) psychiatrist Michael Merkin reported his $691,575 in 2003 winnings and $710,249 in losses from video poker as a Schedule C business--and boldly took the loss against his second Schedule C for his practice. The IRS disapproved of his idea of deducting poker losses against couch revenue. Merkin said he believed his knowledge of mathematical probabilities would make his gambling profitable. But the Tax Court judge found that as a gambler Merkin didn't operate in a "businesslike manner." He was nailed for $25,450 in taxes and penalties.
Common problem for serious gamblers: They have W-2Gs for their big wins but insufficient paperwork to document losses. Minnesota racetrack habitu???? Janello S. Dungca said his wife threw out his betting slips that would have shown $99,000 in losing bets to offset his $78,000 in 2005 winnings. But since he had a journal and bank records, the Tax Court allowed him a partial, $65,000 deduction.

Joseph Skore of Los Angeles said he had $9,600 in casino winnings in 2002 and losses beyond that. Documents were scarce. "I don't know where they are now," Skore testified in his Tax Court lawsuit challenging disallowance of the losses. The judge sided with the IRS, including its imposition of an accuracy-related penalty.









REUTERS : Daily Investor Update -DAI: Wall St rises late on earnings, April 22nd, 2010






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Good evening Fernando, THU 22 Apr 2010 
Wall St rises late on earnings
Microsoft profit up, but shares fall
Obama scolds Wall Street for resisting reform
Economic signs show modest recovery, point to low rates
Amazon beats in Q1, shares down on outlook
Goldman urges clients to stay, CEO at Obama speech
US Airways pulls out of merger talks with UAL
CenturyTel to buy Qwest for $10.6 billion in stock
Continental in red; Southwest posts profit
Big expectations for RIM at BlackBerry trade show


Wall St rises late on earnings
April 22, 2010 04:09 PM ET
NEW YORK (Reuters) - Stocks staged a late-day comeback on Thursday as another steady drum beat of strong quarterly profits from consumer bellwethers like Starbucks Corp outweighed worries about Greece's finances.

Full Article
Microsoft profit up, but shares fall
April 22, 2010 04:34 PM ET
SEATTLE (Reuters) - Microsoft Corp posted a 35 percent jump in quarterly profit on Thursday, lifted by sales of Windows 7, and it nudged down its expected costs for the full year.

Full Article
Obama scolds Wall Street for resisting reform
April 22, 2010 04:13 PM ET
NEW YORK (Reuters) - President Barack Obama scolded Wall Street on Thursday for its "furious efforts" to fight tighter regulation, saying the United States was doomed to another financial crisis if reforms were not implemented

Full Article
Economic signs show modest recovery, point to low rates
April 22, 2010 01:48 PM ET
WASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless aid fell last week as the labor market gradually heals and producer price data showed inflation remained muted despite a surge in food costs last month.

Full Article
Amazon beats in Q1, shares down on outlook
April 22, 2010 04:24 PM ET
SAN FRANCISCO (Reuters) - Amazon.com Inc posted a 68 percent surge in net income on Thursday that blew past analyst estimates, but its revenue and income outlook failed to impress Wall Street and its shares fell 5 percent.

Full Article
Goldman urges clients to stay, CEO at Obama speech
April 22, 2010 03:06 PM ET
NEW YORK/FRANKFURT (Reuters) - Goldman Sachs Group Inc intensified its public relations counteroffensive over fraud charges on Thursday as the company's chief executive watched President Barack Obama urge Wall Street to back regulatory reforms.

Full Article
US Airways pulls out of merger talks with UAL
April 22, 2010 02:29 PM ET
CHICAGO/NEW YORK (Reuters) - US Airways Group Inc said on Thursday it has dropped out of merger discussions with United Airlines parent UAL Corp, a decision that changes the dynamic of similar talks between UAL and Continental Airlines Inc.

Full Article
CenturyTel to buy Qwest for $10.6 billion in stock
April 22, 2010 02:01 PM ET
NEW YORK (Reuters) - CenturyTel Inc said it will buy Qwest Communications International Inc in a $10.6-billion stock deal that would combine two of the largest U.S. landline phone companies in a bid to cut costs.

Full Article
Continental in red; Southwest posts profit
April 22, 2010 03:48 PM ET
NEW YORK (Reuters) - Severe winter weather and higher fuel costs pinched Continental Airlines Inc's first-quarter results on Thursday and the company posted a larger-than-expected loss despite a jump in revenue.

Full Article
Big expectations for RIM at BlackBerry trade show
April 22, 2010 02:02 PM ET
OTTAWA (Reuters) - Research In Motion Ltd needs to produce evidence next week that it is close to unveiling a more consumer-friendly BlackBerry experience if it hopes to disarm critics who question its competitive chops.

Full Article












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