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May 7, 2010

NASDAQ : Latest Forex News.: May 7th, 200-10


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NASDAQ: Top Stories - Market news and Analysis. May 7th, 2010



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MarketWatch: Industry- Financial Services. Berkshire's book value rose 5.8% in first quarter. Berkshire's book Value rose 5.8% in first Qurter. May 10th, 2010

Berkshire's book value rose 5.8% in first quarter By Alistair Barr MarketWatch
5/7/2010 6:08:00 PM

Berkshire Hathaway Inc. reports a 5.8% increase in its book value during the first quarter as the insurance-focused conglomerate run by Warren Buffett benefited from a recovery in equity and credit markets. See full story

MarketWatch Alert: Goldman CEO weathers critics at annual meeting. May 7th, 2010

Goldman CEO weathers critics at annual meeting By Steve Gelsi MarketWatch
5/7/2010 5:30:00 PM

NEW YORK (MarketWatch) - Goldman Sachs Chairman and CEO Lloyd Blankfein, whose investment bank faces federal fraud charges, received a far friendlier reception from shareholders Friday than he got from congressional lawmakers last week. See full story

MarketWatch : Weekly Roundup: MarketWatch Top Ten stories May 3 - 7. May 7th, 2010

Weekly Roundup
MAY 07, 2010

MarketWatch Top Ten stories May 3 - 7

By Greg Morcroft, MarketWatch

NEW YORK (MarketWatch) - U.S. stocks took investors on a wild ride this week. In fact, this editor hasn't seen anything quite like it since the Monday after Lehman failed. And he had not seen anything like that, ever.

Those 7 or 8 minutes on Thursday -- when the market fell 500 or so points for no reason that had anything to do with valuation, ratios, technical levels or global economic worries -- said some worrying things about the current state of our market.

Some people made money, some lost money, but that isn't really the point. If the system is set up to allow that kind of volatility -- triggered by mindless computerized trading rather than anything fundamentally important to corporations -- there is a problem.

Remember, this is the place retirement savers are supposed to be putting hard-earned money in the hopes that one day they will have accumulated enough to stop working for a few years before disappearing into the sunset, so to speak. After Thursday, who could blame them if they decided to stop?

The nature of the problem - or whether there even is one -- will no doubt be debated for some time. But at least one thing is clear after this week: investing in stocks in this country is scarier than it used to be.

The Dow Jones Industrial Average (.DJI) fell 139.89 points or 1.3% on Friday to close at 10,380.43. For the week the index fell 5.7%. The Nasdaq Composite Index (.COMP) dropped 54 points or 2.3% on the day to close at 2,265.64 and notched an 8% decline for the week. The benchmark Standard & Poor's 500 Index (.SPX) fell 17.27 points or 1.5% on Friday to close at 1,110.88. For the week the index was off 6.4%.

Please click in to MarketWatch over the weekend for all the news you need. We'll be monitoring the German regional election as well as other news in Europe and around the world. Our weekend investor story will give you a look at all the stocks in the auto industry that you would need to build a complete car, er, portfolio.

Also please be sure to check out MarketWatch's Week Ahead videos for the U.S., Europe and Asia.

 U.S. Week Ahead: A slew of data, and earnings

 Asia's Week Ahead: Sony, Toyota results on tap

 Europe's Week Ahead: U.K. Goverment In Focus

Christopher Noble , assistant managing editor.

Trading glitches driving the debate for reform

As regulators sought answers and the main exchanges were on the defensive as to what happened during Thursday's swoon on the Dow Jones Industrial Average, some veteran market observers questioned whether our modern financial frameworks serve any purpose beyond making money for those involved. Read about reaction to the market turmoil Thursday on MarketWatch.

U.S. nonfarm payrolls add 290,000 workers in April

The U.S. added 290,000 jobs in April, the biggest increase since March 2006, with broad gains throughout the economy, key government data showed Friday. Hiring has risen in the first four months of the year, reversing nearly two straight years of job losses after the recession that began in December 2007. About 1.66 million jobs have been created since January, the best four-month performance in 10 years, according to Labor's survey of U.S. households. See MarketWatch coverage of strong jobs data.

Changing economy poses challenges for job seekers

A surprisingly strong April jobs report points to a labor market on the mend, but for 15.3 million unemployed Americans it will take a long time yet to overcome the steep job losses resulting from the Great Recession and longer-term changes to the labor market. Read about job prospects in the improving U.S. economy at MarketWatch.

Negotiations begin to secure 10 Downing Street

The election is over but the battle to rule Britain has just begun. Conservative leader David Cameron, whose party bested the incumbent Labour party but failed to win an outright majority in the House of Commons, said Friday he would seek the support of the smaller Liberal Democrats in an attempt to form a government. Read coverage of U.K. election on MarkwtWatch.

Malignant market forces set sights on Europe

History is written by the winners. It's also written by the survivors. In that context, it was sad to see former Bear Stearns chiefs James "Jimmy" Cayne and Alan Schwarz on Capitol Hill Wednesday still screaming into the wind two years later that their investment bank was taken out by "unjustified and irrational" market forces. Sad because nobody was listening; sadder because they were right; saddest because it is happening again. European politicians and central bankers stand in Cayne and Schwarz's shoes this week. Read David Callaway commentary of the European debt crisis.

Apple reportedly drawing anti-trust scrutiny

Apple Inc. (AAPL) is reportedly drawing scrutiny from U.S. regulators after the company took steps to tighten its control over independent software developers who make applications for the iPhone. The Justice Department and the Federal Trade Commission, which enforce antitrust laws, are both examining Apple and could launch an investigation, The Wall Street Journal reported Tuesday. Read about Apple and reported antitrust scrutiny on MarketWatch.

Gulf Coast expands oil spill emergency defenses

Emergency crews along the Gulf of Mexico bolstered shoreline defenses this week to fend off a fast-spreading oil slick that the U.S. Coast Guard warned will wash into Louisiana delta marshes by the weekend and could soon threaten the beaches of western Florida. Meanwhile, brown crude, gushing now for two weeks from an uncapped BP PLC (BP) well, stretches across 120 miles of ocean south of Louisiana in what is now the worst offshore oil-well blowout since the 1969 Santa Barbara Channel spill. Efforts were continuing to cap the well. Read about preparations to combat the spill's landfall on MarketWatch.

German parliament approves aid for Greece in key votes

Germany's parliament approved legislation Friday to contribute 22.4 billion euros to an international aid package aimed at staving off bankruptcy in debt-laden Greece. Under the legislation, Germany will provide 22.4 billion euros to Greece over three years as part of a 110 billion-euro rescue plan put together by the International Monetary Fund and euro-zone nations. In the first year, the German contribution will be up to 8.4 billion euros. In Athens, the Greek parliament approved on Thursday a program of austerity measures required by euro-zone nations and the IMF in exchange for the bailout. The measures include cutting public-sector wages and pensions, as well as raising taxes. Read latest on Greek tragedy from MarketWatch.

Gold prices resume march up, at five-month highs

Gold was back at testing a record high on Friday, as it changed direction higher and pushed past the $1,200-an-ounce mark in choppy trade. "Fear is the thing driving gold," said Darin Newsom, senior analyst at Telvent DTN in Omaha. People realize that Europe could bring the recovery to its knees, he added. "Everything is linked, we cannot say the ocean protects us." Read about gold's new assault on record at MarketWatch.

Senate votes to drop $50 billion bank fund from reform

A proposed $50 billion fund that would have been used to dismantle a large failing bank so it doesn't cause collateral damage to the markets was dropped from sweeping bank reform legislation on Wednesday when lawmakers voted on a series of changes to 'too-big-to-fail' sections of the bill. Read about latest on financial reform moves in Washington.

RTTNews: Evening Market Wrap. May 7th, 2010

Evening Market Wrap Fri May 7 17:01 2010 


May 7, 2010 Stocks Extend Sharp Losses Amid Volatile Trading Session - U.S. Commentary Stocks fell by substantial margins to close out the week on Friday, as continued worries regarding the financial stability of Europe along with bewilderment regarding the market anomaly seen in the previous session contributed to the pullback in equities. Meanwhile, the day's strong April jobs report may have limited some of the selling pressure. Full Article

Economic News

May 7, 2010 Canadian Employment Surges In April, Unemployment Down To 8.1% Canada's employment situation improved well beyond economists' expectations in April, suggesting the nation's economy continues to outperform its international rivals in the aftermath of the worst downturn since the Great Depression. Canadian employment increased by 109,000 in April, according to data released Friday morning by Statistics Canada. Full Article
May 7, 2010 Employment Shows Bigger Than Expected Increase In April U.S. employment increased by much more than expected in the month of April, according to a report released by the Labor Department on Friday, although the report also showed an unexpected increase in the unemployment rate due to a sharp rise in the size of the labor force. Full Article

Corporate News

May 7, 2010 Washington Post Swings To Profit In Q1Washington Post Co. (WPO) Friday reported a profit for the first quarter, compared to a loss last year, reflecting higher revenues and the absence of hefty charges that the company recorded a year ago. The Washington, District of Columbia-based company's net income attributable to common stock was $45.38 million or $4.91 per share. Full Article
May 7, 2010 Pershing Square Still Opposed To Simon Property Takeover Of General GrowthActivist Investor William Ackman's hedge fund Pershing Square Capital Management, L.P. said Friday that it continues to be opposed to a takeover of bankrupt mall operator General Growth Properties, Inc. (GGP) by rival Simon Properties Group, Inc. (SPG). Pershing Square said it has agreed to forego its right to receive interim warrants to purchase 17 million shares of GGP as consideration in return for its investment commitment. Full Article
May 7, 2010 PG&E Q1 Profit Rises, Tops View; Backs 2010, 2011 OutlookPublic utility firm PG&E Corp. (PCG), an energy-based holding company that owns Pacific Gas and Electric Co., reported Friday a year-over-year increase in profit for the first quarter, reflecting higher revenues, lower natural-gas and operating costs. Adjusted earnings per share for the quarter rose, and topped analysts' expectations by seven cents, while quarterly revenues also blew past consensus estimate. Full Article
May 7, 2010 AIG Swings To Profit In Q1 On Higher Investment IncomeAmerican International Group Inc. (AIG), the beleaguered insurance giant that received a federal bailout, Friday reported a turnaround to a profit for the first quarter from a loss last year, driven by strong investment income growth. The results were also favored by a significant gain from discontinued operations. Full Article
May 7, 2010 Iamgold Q1 Profit Rises On Higher Gold PricesCanadian gold miner Iamgold Corp. (IAG, IMG.TO) reported Friday a 12% growth in first-quarter net profit and a better-than-expected 40% growth in adjusted earnings per share, driven by increased gold and niobium sales as well as higher gold prices. The company also backed its fiscal 2010 gold production forecast. Full Article
May 7, 2010 Edison International Q1 Profit Declines On Healthcare ChargeElectric utility company Edison International (EIX) Friday said its profit in the first quarter declined from the year-ago period, hurt mainly by a charge related to the recent healthcare legislation. Adjusted earnings topped Wall Street expectation. Additionally, the company maintained its annual core earnings guidance for 2010, but lowered its GAAP earnings guidance. Full Article
May 7, 2010 Pepco Holdings Q1 Profit DeclinesElectric and natural gas utility company Pepco Holdings, Inc. (POM) reported Friday a decrease in first-quarter profit, citing higher Power Delivery operation and maintenance expense related to two severe winter storms that occurred in February 2010 as well as income tax adjustments of uncertain tax positions. Full Article
May 7, 2010 HSBC Posts Lower Pre-tax Profit In Q1London-based banking and financial services firm HSBC Holdings plc (HBC, HSBA.L), in an interim management statement, Friday said its financial performance for the first quarter was "very good" and well ahead of last year, substantially driven by lower loan impairment charges. The company's US division returned to a profit since 2007. Full Article

Forex Top Story

May 7, 2010 Dollar Closes Wild Week At Yearly Highs The dollar held most of its strong recent gains versus the euro and sterling as markets remained in flux following one of the most dramatic weeks since the credit collapse of 2008. Global stocks are in correction mode amid deepening concerns that Greece will eventually default on its sovereign debt, in spite of a massive aid package announced last weekend. Full Article

Political News

May 7, 2010 Kerry & Lieberman To Roll Out Climate Change Bill Next Week, Graham Calls For Pause Sens. John Kerry, D-Mass., and Joe Lieberman, I-Conn., announced Friday that they plan to unveil their comprehensive climate change and energy bill Wednesday. The senators, who worked for several months on the legislation with Sen. Lindsey Graham, R-S.C., announced the unveiling of the legislation despite the fact that Graham has withdrawn his support for the measure over a dispute with Democratic leaders on immigration reform. Full Article
May 7, 2010 Obama Heartened By Job Growth NumbersPresident Barack Obama Friday said that he was heartened by newly released figures that showed the U.S. economy adding roughly 290,000 jobs in April. The numbers, which also showed that the first two months of the year had added roughly 120,000 more jobs than previously estimated, were especially welcome, Obama said, given that when he took office the economy was shedding an average of 750,000 jobs per month. Full Article
May 7, 2010 White House And Republicans Express Differing Views On April Jobs Data With the Labor Department releasing its April jobs report on Friday, it comes as no surprise that the White House and Republicans have differing views on what the report means for the economy. The report showed that that non-farm payroll employment increased by 290,000 jobs in April following an upwardly revised increase of 230,000 jobs in March. Economists had expected an increase of about 187,000 jobs. Full Article
May 7, 2010 Akaka And Menendez Unveil "Honest Broker" Amendment To Financial Reform BillSenators Daniel Akaka, D-Hawaii, and Robert Menendez, D-N.J., unveiled an amendment to the Wall Street Reform bill Friday to obligate financial professionals to act in the best interest of their clients by imposing fiduciary duty on brokers. According to the lawmakers, their amendment would require brokers to act in the best interests of their retail clients. Full Article
May 7, 2010 Feingold Supports Obama's Reported Consideration Of Line-Item VetoSenator Russ Feingold, D-Wis., Friday voiced his support to reports that President Barack Obama is considering asking Congress to grant him line-item veto power. An Obama administration official told the New York Times Thursday that the White House plans to send proposed legislation to Congress to "give the President a new tool to reduce unnecessary or wasteful spending." Full Article

NYT. : Afternoon Top Stories and Business Update. May 7th, 2010

The New York Times
May 07, 2010


Afternoon Update


For Blankfein, a Day Spent Before a Much-Friendlier Crowd

The Goldman Sachs chief, speaking at the annual shareholder's meeting, unveiled a plan to review the bank's business practices.

Old vs. New in Japan Tourist Push

The rush to build attractions to lure foreigners risks the country's soul, some residents say.

India's High Court Settles Dispute on Energy Prices

The interests of two brawling billionaire brothers are involved in a ruling that says the government, not private parties, have the right to set prices for natural resources.


Economy Gains Impetus as U.S. Employers Add 290,000 Jobs

Payrolls surged with an unexpectedly strong 290,000 jobs last month, but the unemployment rate rose to 9.9 percent.

Wall St. Ending a Down Week on Sour Note

The markets gyrated on Friday as policy makers sought to calm investors who feared that Greece's crisis would spread within Europe and beyond.

British Parties Jockey to Form Governing Alliance

David Cameron, the Conservative leader, reached out to the Liberal Democrats as Prime Minister Gordon Brown signaled that he would not immediately step down.
City Room

Package Spotted, and Times Sq. Pauses

The police cleared parts of the bustling square twice on Friday while suspicious packages were investigated.

Regulator Deferred to Oil Industry on Rig Safety

The federal agency charged with regulating the oil industry has allowed the industry largely to police itself.

After Greece, Assessing the Risk to Europe as a Whole

As markets gyrated Friday over fears of defaults on government bonds, analysts and investors began to focus on the risks to European banks if severe budget-cuts caused a double-dip recession.

German Parliament Approves Greek Rescue

As leaders of the euro zone prepared to put finishing touches on the rescue effort, finance ministers from the G-7 nations planned to consult on containing the crisis.

For Blankfein, a Day Spent Before a Much-Friendlier Crowd

The Goldman Sachs chief, speaking at the annual shareholder's meeting, unveiled a plan to review the bank's business practices.

Old vs. New in Japan Tourist Push

The rush to build attractions to lure foreigners risks the country's soul, some residents say.

India's High Court Settles Dispute on Energy Prices

The interests of two brawling billionaire brothers are involved in a ruling that says the government, not private parties, have the right to set prices for natural resources.

Telegraph: Finance.-General Election 2010. May 7th, 2010

The City of London faces a big shake up in the way it is 
regulated As the election looks set to deliver the first hung Parliament since 1974, join us in following the reaction across financial markets.
Greek riots - ECB paralysis rattles markets as debt costs hit new 
highs Debt costs surged to fresh highs across the eurozone periphery after the European Central Bank ruled out using its "nuclear option" to stabilise the bond markets, with worrying signs of contagion to Italy.
BA sacks union official on eve of decision over fresh strikes British Airways' fractious relations with its cabin crew have been inflamed by the airline's decision to sack a senior union official on the eve of a possible decision on further strikes.
The former chief executive of failed Icelandic bank Kaupthing has been arrested on suspicion of falsifying documents and market manipulation.
He is vaunted as the most gifted investor of his generation – with a personal touch renowned for spotting and negotiating deals where others fall by the wayside. But it is that personal touch that may have got Warren Buffett into hot water.
Li Li, a former meat factory worker, has become China's richest man after successfully floating his company on the Shenzhen exchange on Thursday. today  
Dimitar Dilkoff The attack on an Athens bank that left three dead stirred memories of the blood-spattered years of Greek civil war in the 1940s. Former correspondent Harry de Quetteville reports that many fear the violence has yet to run its

NFA permanently bars Florida firm, City Capital Management LLC and its principal. May 7th, 2010

For Immediate Release
For More Information Contact:
Larry Dyekman (312) 781-1372 begin_of_the_skype_highlighting              (312) 781-1372      end_of_the_skype_highlighting,
Karen Wuertz (312) 781-1335 begin_of_the_skype_highlighting              (312) 781-1335      end_of_the_skype_highlighting,

NFA permanently bars Florida firm, City Capital Management LLC and its principal
May 7, Chicago - National Futures Association (NFA) has permanently barred City Capital Management LLC (CCM) and its principal, Jonathan Lee from NFA membership. CCM is a Commodity Trading Advisor located in Naples, Florida. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in February 2010.
The Committee found that CCM failed to provide an NFA approved disclosure document to customers. Additionally, the Committee found that CCM and Lee failed to cooperate promptly and fully with NFA during NFA's audit of CCM by failing to respond to certain requests set forth in NFA's audit report. CCM and Lee failed to file an Answer to the Complaint. CCM and Lee may appeal the Decision to the Appeals Committee of NFA.
The complete text of the Complaint and Decision can be found on NFA's website (
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

BBC : Business and Video News. Global shares fall on Greece debt May 7th 2010

Page last updated at 16:08 GMT, Friday, 7 May 2010 17:08 UK

A man waits to cross a street outside a securities firm in Tokyo
Shares in the US and Europe fall amid investor fears over Greek debt, as sterling slumps during the British general election count.

Spanish economy out of recession
Spain's economy emerged from recession after growing by 0.1% in the first three months of 2010, the country's central bank says.

US watchdog to probe share drop
The US financial watchdog says it will look into stock market activity which saw the Dow Jones share index plummet 9%.

Why South East Europe's economies are vulnerable
Is investment bank Goldman Sachs a villain or victim?
Cloud computing is going mainstream at last



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