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May 11, 2010

MarketWatch: Bank of Korea keeps policy rate at record-low 2%. May 11th, 2010

MarketWatch
  (INDUSTRY: FINANCIAL SERVICES)
Bank of Korea keeps policy rate at record-low 2% By Myra P. Saefong MarketWatch
5/11/2010 10:33:00 PM


South Korea’s central bank leaves its policy interest rate unchanged, as expected, and says it foresees continued growth in the nation’s economy but also warns of uncertainty. See full story

NASDAQ : Top Business Stories / Market News and Analysis

NASDAQ
   
        TOP BUSINESS STORIES

How to take money and emotion out of the gold market.









Perhaps no other market in the world elicits such emotion and passion than the world's gold market. One only has to mention gold, and theories just come out of the woodwork in regards to conspiracy, market manipulation, and a host of other less than savory subjects.
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I've been asked to update our outlook on gold, so I thought that today I would make a short video to share with you some of the points I see in the current market.

http://www.ino.com/info/553/CD3233/&dp=0&l=0&campaignid=3

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Enjoy the video,

Adam Hewison
President, INO.com
Co-creator, MarketClub.com

BBC: David Cameron Is UK 's. May 11th, 2010



David Cameron is UK's new prime minister

David Cameron gives his first speech as Prime Minister outside 10 Downing Street
Conservative leader David Cameron has become the new prime minister after the resignation of Gordon Brown.
Lib Dem leader Nick Clegg will be his deputy prime minister in the UK's first coalition government in 70 years.
Mr Cameron, who at 43 is the youngest PM in nearly 200 years, vowed to set aside party differences and govern "in the national interest".
His party won the most seats in the general election last week, but not an overall Commons majority.
The Lib Dem parliamentary party and its federal executive endorsed the coalition agreement by the required three-quarters majority at a meeting that broke up just after midnight/
Downing Street had said earlier that the Queen had approved Mr Clegg's appointment.
Lib Dem Treasury Spokesman Vince Cable has been given responsibility for "business and banks" but it is not known if his title will be chief secretary to the Treasury, a senior Lib Dem source has told the BBC.

Meanwhile, details are emerging from Conservative sources about the new government's programme, including:
  • Plans for five-year, fixed-term parliaments
  • The Lib Dems have agreed to drop plans for a "mansion tax", while the Conservatives have ditched their pledge to raise the inheritance tax threshold to £1m
  • The new administration will scrap Labour's planned rise in National Insurance but some of the benefits will go on reducing income tax thresholds for lower earners
  • A pledge to have a referendum on any further transfer of powers to the EU and a commitment from the Lib Dems not to adopt the euro for the lifetime of the next Parliament
  • The Lib Dems have also agreed to Tory proposals for a cap on non-EU migration
  • Conservatives will recognise marriage in tax system - Lib Dems will abstain in Commons vote
  • Lib Dems will drop opposition to replacement for Britain's Trident nuclear missiles but programme will be scrutinised for value for money
  • There will be a "significant acceleration" of efforts to reduce the deficit - including £6bn of spending reductions this year
  • Referendum on moving to Alternative Vote system and enhanced "pupil premium" for deprived children as Lib Dems demanded
Mr Cameron has begun the work of appointing his first cabinet, with George Osborne confirmed as chancellor, William Hague as foreign secretary and Liam Fox as defence secretary.
Mr Clegg's chief of staff, Danny Alexander, who was part of the party's negotiating team, is to be Scottish Secretary, the BBC understands.
A Downing Street spokesman said it had been agreed that five cabinet posts would be filled by Liberal Democrats, including the appointment of Mr Clegg, although there are expected to be about 20 Lib Dems in government jobs in total.
PRIME MINISTER DAVID CAMERON
David and Samantha Cameron at No 10

Mr Cameron's arrival in Downing Street marks the end of 13 years of Labour rule.
The coalition is also the first Liberal Democrat and Conservative power-sharing deal at Westminster in history.
Mr Cameron, six months younger than Tony Blair when he entered Downing Street in 1997, is the youngest prime minister since 1812 and the first Old Etonian to hold the office since the early 1960s.
Barack Obama was the first foreign leader to congratulate Mr Cameron in a brief telephone call during which the US president invited the new prime minister to visit Washington in the summer, Downing Street said. Mr Obama was also due to speak to Gordon Brown.
German Chancellor Angela Merkel has offered her congratulations and invited Mr Cameron to visit Berlin.
I came into politics because I love this country, I think its best days still lie ahead
David Cameron

In a speech outside his new Downing Street home, after travelling to Buckingham Palace to formally accept the Queen's request to form the next government, Mr Cameron paid tribute to outgoing Prime Minister Gordon Brown for his long years of public service.
He also pledged to tackle Britain's "pressing problems" - the deficit, social problems and to "rebuild trust in our political system".
Instead he stressed there would be "difficult decisions" but said he wanted to take people through them to reach "better times ahead".
He said he aimed to "help build a more responsible society here in Britain... Those who can should and those who can't, we will always help. I want to make sure that my government always looks after the elderly, the frail, the poorest in our country.
"We must take everyone through with us on some of the difficult decisions we have ahead.
"I came into politics because I love this country, I think its best days still lie ahead and I believe deeply in public service.
"I think the service our country needs right now is to face up to our big challenges, to confront our problems, take difficult decisions, lead people through those decisions, so that together we can reach better times ahead."
Emotional statement
The Conservatives have been in days of negotiations with the Lib Dems - who also negotiated with Labour - after last Thursday's UK election resulted in a hung parliament.
Earlier the Lib Dems said talks with Labour had failed because "the Labour Party never took seriously the prospects of forming a progressive, reforming government".
A spokesman said key members of the Labour team "gave every impression of wanting the process to fail" and the party had made "no attempt at all" to agree a common approach on issues like schools funding and tax reform.
"Certain key Labour cabinet ministers were determined to undermine any agreement by holding out on policy issues and suggesting that Labour would not deliver on proportional representation and might not marshal the votes to secure even the most modest form of electoral reform," he said.

However, Labour's Lord Mandelson told the BBC they had been "up for" a deal, but the Lib Dems had "created so many barriers and obstacles that perhaps they thought their interests lay on the Tory side, on the Conservative side, rather than the progressive side".
Gordon Brown: "Thank you and goodbye"
After it became clear the talks had failed, Mr Brown tendered his resignation and said he wished the next prime minister well.
In an emotional resignation statement in Downing Street, Mr Brown thanked his staff, his wife Sarah and their children, who joined the couple as they left for Buckingham Palace.
Mr Brown said it had been "a privilege to serve" adding: "I loved the job not for its prestige, its titles and its ceremony - which I do not love at all. No, I loved the job for its potential to make this country I love fairer, more tolerant, more green, more democratic, more prosperous and more just - truly a greater Britain."
He also paid tribute to the courage of the armed forces, adding: "I will never forget all those who have died in honour and whose families today live in grief."
Later he thanked Labour activists and MPs for all their efforts and told them Labour's general election performance was "my fault, and my fault alone".
The Lib Dem and Conservative teams met for hours of negotiations at the Cabinet Office on Tuesday.
The talks resumed after Lib Dem negotiators had met a Labour team, which followed Mr Brown's announcement on Monday that he would step down as Labour leader by September.
But there were signs throughout the afternoon that Labour and the Lib Dems - who together would still not command an overall majority in the House of Commons - would not reach a deal.

MarketWatch : Personal Finance Daily. May 11th, 2010

MarketWatch
Personal Finance Daily
MAY 11, 2010

Tuesday's Personal Finance stories

By MarketWatch


Don't miss these top stories:
After all these years of so many Americans living it and talking about it, you'd think balancing a life of full-time work and parenting would be easy.

It isn't.

While the real picture varies widely depending on your particular situation -- how flexible your job and your employer are, your financial resources -- it is not easy to be working parents of school-aged or younger children. Read Ruth Mantell's Diary of a Recession Baby to read how Sen. Amy Klobuchar, FDIC Chairwoman Sheila Bair and some less-famous mothers handle their busy work and family lives.

For my part, I missed plenty of important moments while my daughter was growing up -- and I'm among those lucky enough to have had relatively flexible jobs. The key was to trust the people taking care of her, and to make the absolute most of any time we did spend together.

-- Andrea Coombes , Personal Finance editor

Whether FDIC chief, senator or regular mom, balancing job and family isn't easy

This Mother's Day, moms across the nation got a chance, hopefully, to enjoy a relaxing day with their families. They deserve it: Time constraints and conflicting responsibilities make the successful juggling of work and family seem like a daily miracle.
See Diary of a Recession Baby.


HEALTH CARE

Cost of cancer care doubled in past 20 years

The cost of cancer care doubled in the last 20 years even as treatment has shifted away from inpatient hospital settings, according to a new study published online in the journal Cancer.
See Kristen Gerencher's Health Matters Bog.


Headache research gets a boost from military interest

Even though headaches are among the most common and debilitating of health problems, they don't command much respect in the high-stakes, big-money world of medical research.
See Kristen Gerencher's Health Matters Blog.


REAL ESTATE

Emotion drives many home-loan defaults

People often fall in love with their homes based on some charming but impractical feature or other. Now, increasing numbers of homeowners are abandoning their nests for similarly emotional -- and sometimes irrational -- reasons.
See story on emotion drives many home-loan defaults.


CHARITABLE GIVING

People giving the hair off their heads for oil cleanup

Volunteer efforts to collect hair cuttings from pets and people for oil-protective barriers to contain the spill in the Gulf of Mexico are blossoming in recent weeks.
See story on people giving the hair off their heads for oil cleanup.


ECONOMY & POLITICS

Economy's momentum building, top forecaster says

The U.S. economic recovery won't be derailed by financial turmoil in Europe or by high debt levels here at home, according to Jim O'Sullivan, chief economist for MF Global.
See MarketWatch's Forecaster of the Month.


Small businesses slightly more optimistic

Optimism among small-business owners improved slightly in April, but they remain very discouraged about the U.S. economy, according to a monthly survey released by the National Federation of Independent Business.
See Economic Report.


Senate unanimously approves measure to audit the Fed

A compromise measure requiring the government to conduct a one-time and unprecedented audit of the Federal Reserve's emergency-response programs was unanimously approved Tuesday by the Senate as part of sweeping bank-reform legislation.
See the Fed.


FDIC: Biggest banks need to submit 'living wills'

About 40 of the largest U.S. banks would need to submit "living wills" to bank regulators, according to a Federal Deposit Insurance Corp. proposal responding to the financial crisis released Tuesday that mirrors requirements legislators are considering on Capitol Hill.
See story on biggest banks need to submit 'living wills.'


TRAVEL

Flight cancellations come in light of new tarmac rules

Strong winds combined with new rules to protect passengers from getting stranded on the tarmac during lengthy delays resulted in the airline industry's first flight cancellations last weekend. It's a harbinger of what travelers will experience this summer.
See story on flight cancellations come in light of new tarmac rules.


INVESTING

SEC: No evidence of 'fat finger' error in May 6 market plunge

Two top regulators can find no evidence that a trader might have made a so-called "fat finger" error that contributed to stock market's dizzying May 6 plunge and partial recovery, according to statements from two key regulators on Tuesday.
See story on no evidence of 'fat finger' error in May 6 market plunge.


Commentary: Don't blame the glitch on machines

So, what happened? What we know: At 2:40 p.m. Thursday the Dow Jones Industrial Average (DJIA) plummeted nearly 1,000 points. Some exchange-traded funds lost more than 60% of their value and big names including Procter & Gamble Co. (PG) were ripped with huge losses or had no buyers. Trading ground to a halt.
See David Weidner's Writing on the Wall.


Top international-stock ETF buffeted by debt, currency storm

A large exchange-traded fund that invests in foreign developed markets has taken a hit in recent weeks on Europe's debt woes and other negative news, while the movements in global currencies have added to the pain.
See ETF Investing.


Commentary: Buffett defends Goldman, joins greed conspiracy

Time to short Buffett's new "Baby Berkshires," short Goldman, short Moody's and other favorites of Uncle Warren.
See Paul B. Farrell.

MarketWatch: Industry - Internet. Canadian Markets: Canadian market rises as gold soars. May 11th, 2010


MarketWatch
  (INDUSTRY: INTERNET)
Canadian Markets: Canadian market rises as gold soars By Liana B. Baker MarketWatch
5/11/2010 3:58:00 PM


Canada's main stock market index rose 0.6% on Tuesday as skepticism over Europe's bailout package made gold stocks a popular safe-haven bet for investors. See full story

NYT: Afternoon Business Update. May 11th, 2010

BUSINESS

'A Wall of Worry' on the Street

By DAVID JOLLY and CHRISTINE HAUSER
Trading was tempered by a nervousness over China's economy, the European bailout plan and the trading glitches in the Wall Street market.

Inflationary Pressures Rise in China

By DAVID BARBOZA
Data showing explosive growth in some parts of the economy renewed concerns that Beijing may have to do more to prevent it from overheating.

In Greek Bailout, Russian Echoes

By ANDREW E. KRAMER
As financial markets try to absorb the rescue package for Greece and other teetering euro-zone economies, some bankers and economists see parallels to Russia's 1998 meltdown.
DealBook

Cuomo Sues Bank of New York Unit Over Madoff

By MICHAEL J. DE LA MERCED
The New York attorney general sued a fund-of-funds unit of Bank of New York Mellon over the $227 million in investor losses tied to Bernard L. Madoff.

Head of Nokia's Mobile Phone Unit Is Leaving

By KEVIN J. O'BRIEN
The departure of Rick Simonson, who has been in the job for six months, comes amid Nokia's second reorganization in less than a year.

FDIC: Press Release: FDIC Board Approves NPR for Additional Reporting, Analysis and Contingent Resolution Plans at Certain Large Depositories. May 11th, 2010

Press Release
FDIC Board Approves NPR for Additional Reporting, Analysis and Contingent Resolution Plans at Certain Large Depositories


FOR IMMEDIATE RELEASE
May 11, 2010
Media Contact:
Andrew Gray
(202) 898-7192 begin_of_the_skype_highlighting              (202) 898-7192      end_of_the_skype_highlighting
angray@fdic.gov

The FDIC today issued for public comment a proposed rule that would require certain identified insured depository institutions ("IDIs") that are subsidiaries of large and complex financial parent companies to submit to the FDIC analysis, information, and contingent resolution plans that address and demonstrate the IDI's ability to be separated from its parent structure, and to be wound down or resolved in an orderly fashion. The contingent resolution plan, gap analysis, and mitigation efforts are intended to enable the FDIC to develop a reasonable strategy, plan or options for the orderly resolution of the institution. The proposal would apply only to IDIs with greater than $10 billion in total assets that are owned or controlled by parent companies with more than $100 billion in total assets.
The rule seeks to address lessons learned from the recent financial crisis and provides the necessary framework to resolve a systemically important institution.
FDIC Chairman Sheila C. Bair said, "We must recognize that not only did market discipline fail to prevent the excesses of the last few years, but the regulatory system also failed in its responsibilities. There were significant shortcomings in our approach that permitted excessive risks to build in the system. Critically, the lack of an effective resolution process for the large, complex financial institutions limited regulators' ability to manage the crisis. As we now know, early planning and preparation is the key to avoiding bailouts. This NPR moves us forward to address these gaps."
The comment period will be open for 60 days following publication in the in the Federal Register.
Attachments:

Notice of Proposed Rulemaking (PDF Help)

Forbes: Financial.- Wall Street History: Al Capone Vs. The IRS. May 1th, 2010


Wall Street History: Al Capone Vs. The IRS
Andrew Beattie
This week marks the end for one of the most notorious American gangsters, the birthday of Warren Buffett's mentor and much more.


What The National Debt Means To You
Troy Adkins
The U.S. deficit seems to grow every year. But how does it actually affect you?
 
Companies Cashing In On Allergies
Eric Fox
Allergy season isn't uncomfortable for everyone. Find out who profits from your sniffling.
 
Top Careers Launched Via YouTube
Tara Struyk
How social media helped these celebrities thrive.
 
Cut Commissions With 'For Sale By Owner' Sales
Barry Nielsen
How to cut commissions and not lose all of an agent's services.

RTTNews: Evening Market Wrap.-Stocks End Mixed Amid Split Market Sentiment - U.S. Commentary . May 11th, 2010

Evening Market Wrap Tue May 11 17:06 2010 

Commentary

May 11, 2010 Stocks End Mixed Amid Split Market Sentiment - U.S. Commentary Stocks ended Tuesday's session on a mixed note, as a second look at the European bailout plan prompted a split reaction in the marketplace amid an otherwise light day on the economic front. The major averages ended on opposite sides of the unchanged mark after spiking up off of their lows in the previous session. Full Article

Economic News

May 11, 2010 Wholesale Inventories Increase For Third Straight Month In MarchWholesale inventories increased for the third straight month in March, according to a report released by the Commerce Department on Tuesday, with the pace of inventory growth coming in just below the expectations of economists. The report showed that wholesale inventories increased by 0.4 percent in March following a 0.6 percent increase in February. Full Article

Corporate News

May 11, 2010 EasyJet Reports Narrower H1 Loss; Cuts Full-year Outlook On Volcanic Ash Cloud ImpactLow-cost airline easyJet Plc (EZJ.L) reported Tuesday a narrower loss for the first half, benefited by a 13.3% growth in revenues as it witnessed improvements across all of its geographic regions helped by good consumer demand. Meanwhile, citing the recent volcanic ash related disruption, the company cut its profit expectations for the full year at current exchange rates and fuel price. Full Article
May 11, 2010 Hitachi Swings To Profit In Q4Electronics giant Hitachi Ltd. (HIT) reported Tuesday a profit for the fourth quarter compared to a loss last year, helped by a significant improvement in Automotive Systems and Digital Media & Consumer Products segments. Hitachi said it expects a net income attributable to the company in fiscal 2010 with a sequential growth in revenue. Full Article
May 11, 2010 Toyota Posts Profit In Q4; Sees Higher Results In FY11Japan's biggest automaker Toyota Motor Corp. (TM) reported Tuesday a profit in its fourth quarter, compared to loss in the same period last year, reflecting strong revenue growth in all regions, except Europe. The company's cost reduction efforts also benefited the quarterly results. Further, Toyota provided fiscal 2011 earnings and revenue forecast, higher than fiscal 2010. Full Article
May 11, 2010 Nokia Revamps Structure, Shakes Up ManagementMobile phone maker Nokia Corp. (NOK) on Tuesday announced a management reorganization, the second in a span of seven months. The company also announced the creation of a new Mobile Solutions unit within its devices and services business as it battles growing competition from rivals in smartphones and mobile computers. Full Article
May 11, 2010 Abbott Signs Licensing Deal With Zydus CadilaHealthcare company Abbott Laboratories (ABT) said Tuesday it has entered into a licensing and supply agreement with India-based Zydus Cadila for a portfolio of pharmaceutical products. Abbott will gain rights to at least 24 Zydus products in 15 key emerging markets, and also has the option to add more than 40 Zydus products to the collaboration. Full Article
May 11, 2010 Northgate Minerals Q1 Profit PlungesCanada-based gold and copper producer Northgate Minerals Corp. (NXG, NGX.TO) reported Tuesday a sharp drop in first-quarter profit, despite higher revenues, reflecting an increase in expenses incurred during the period. For the first quarter, the company's net earnings plunged to US$4.94 million or US$0.02 per share. Full Article
May 11, 2010 Merck To File Five NDAs In 2010Merck & Co., Inc. (MRK) Tuesday said it plans to file five new drug applications this year, in addition to the four that are currently under review. Hosting its first R&D and Business Briefing after completing its merger with Schering-Plough last year, the drug maker said its late-stage pipeline has over 20 new candidates in development. Full Article
May 11, 2010 Gilead Sciences Authorizes $5 Bln Share Buyback ProgramDrug maker Gilead Sciences, Inc. (GILD) announced Tuesday that its Board of Directors have authorized a new $5 billion share repurchase program through the next three years, following the completion of the $1 billion share buyback program initiated in January 2010. Full Article
May 11, 2010 Fossil Q1 Profit More Than Doubles; Lifts FY10 EPS OutlookFossil, Inc. (FOSL), a retailer of watches and fashion accessories, Tuesday said profit in the first quarter more than doubled from last year, as sales increased about 22% helped by strong performance in the direct to consumer and North America wholesale segments. Earnings per share topped Wall Street consensus estimate. Full Article
May 11, 2010 Church & Dwight Q1 Profit Rises, Tops View; Backs 2010 Profit OutlookConsumer products maker Church & Dwight Co., Inc. (CHD) reported Tuesday a 28% year-over-year increase in profit for the first quarter, boosted by margin expansion and a 9.2% sales growth. Adjusted earnings per share for the quarter rose 21%, and topped analysts' expectations by three cents, while quarterly revenues also beat consensus estimate. Full Article

Forex Top Story

May 11, 2010 Dollar Eases Versus Sterling As Stocks Rise Further The dollar was generally weaker on Tuesday, but held its ground against the beleaguered euro as traders continued to assess the $1 trillion bailout designed to backstop European sovereign debt. Doubts have emerged about the long-term implications of the deal, which was hammered out over the weekend to prevent the Greek debt crisis from spreading to its vulnerable neighbors. Full Article

Political News

May 11, 2010 Senate Approves Amendment To Examine Federal Reserve LendingIn a unanimous vote Tuesday, the Senate approved an amendment to the financial reform bill authorizing an examination of the Federal Reserve's emergency lending to financial institutions during the financial crisis. The vote on the amendment was 96-0. Under the amendment, which was authored by Senator Bernie Sanders, I-Ver., the Government Accountability Office would conduct a top-to-bottom audit of all emergency actions by the Fed since the start of the financial crisis in 2007. Full Article
May 11, 2010 US Reaffirms Long-term Commitment To AfghansSetting aside weeks of public spats that caused tension in U.S.-Afghan ties, Secretary of State Hillary Rodham Clinton has kicked off a day of deliberations with Afghan government delegation by assuring President Hamid Karzai that the U.S. will remain committed for long to Afghanistan's security and reconstruction even after the American military completes its mission in that country. Full Article
May 11, 2010 Obama Unveils New National Drug Control Strategy President Barack Obama unveiled a new National Drug Control Strategy Tuesday, establishing five-year goals for reducing drug use and its consequences through a balanced policy of prevention, treatment, enforcement, and international cooperation. The five-year goals of the plan include reducing the rate of youth drug use by 15%, decreasing drug use among young adults by 10%, reducing the number of chronic drug users by 15%, reducing the incidence of drug-induced deaths by 15%, and reducing the prevalence of drugged driving by 10%. Full Article
May 11, 2010 Obama's Popularity Deeply Divided By Race, Age And Party AffiliationA new Gallup poll released Tuesday showed that President Barack Obama's popularity among Americans continues to be divided deeply along party lines and by age. The poll, which surveyed 3,578 adults May 3-9, showed Obama with 82% approval among Democrats but only 14% approval among Republicans. Full Article
May 11, 2010 Senators Unveil Legislation To Create Earmark DatabaseSenators Tom Coburn, R-Okla., John McCain, R-Ariz., Russ Feingold, D-Wis., and Kirsten Gillibrand, D-N.Y.. unveiled legislation Tuesday to create an earmark database requested by President Barack Obama. The Earmark Transparency Act of 2010 would create an online database that would allow citizens to sort, search and download earmark data. Full Article
May 11, 2010 SEC And CFTC Form Joint Committee To Address Regulatory IssuesSecurities and Exchange Commission Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler Tuesday announced the formation of a joint committee to address emerging regulatory issues. The Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues will develop recommendations on emerging and ongoing issues relating to both agencies. Full Article
May 11, 2010 Inhofe Intends To Oppose Kagan's Nomination To Supreme CourtSenator Jim Inhofe, R-Okla., announced Monday that he intends to oppose Solicitor General Elena Kagan's nomination to the Supreme Court. Inhofe also voted against Kagan's nomination to be Solicitor General last year. "As with her nomination to serve as Solicitor General, I remain concerned about Elena Kagan's record," Inhofe said. Full Article
May 11, 2010 Obama To Meet With Senior Officials In Closed Door MeetingsPresident Barack Obama is set to meet with senior officials Tuesday afternoon in a series of closed door meetings. After receiving the daily briefings and meeting with senior advisers this morning, Obama will meet with Secretary of State Hillary Clinton and U.S. Ambassador to Afghanistan Karl Eikenberry in the early afternoon. Full Article

DAI: Dow, S&P 500 fall as euro-zone fears linger. May 11th, 2010




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Good evening Fernando, TUE 11 May 2010 
Dow, S&P 500 fall as euro-zone fears linger
U.S. still looking for market plunge cause
Senate OKs Fed audit as part of bank overhaul
Intel CEO confident of return to sales, PC growth
Fannie, Freddie aid cost unclear: regulator
Bernanke saw threat to US banks from Europe: Shelby
Cuomo sues Bank of NY Mellon unit over Madoff
Apple questions Android smartphone surge
U.S. hiring hits 15-month high in March, openings up
FDIC floats bank wills, securitization rules


Dow, S&P 500 fall as euro-zone fears linger
May 11, 2010 04:33 PM ET
NEW YORK (Reuters) - The Dow and the S&P 500 fell in a volatile session on Tuesday as fears that a $1 trillion bailout for Europe won't solve the region's deep-seated problems blunted an improving U.S. economic picture.

Full Article
U.S. still looking for market plunge cause
May 11, 2010 04:36 PM ET
NEW YORK/WASHINGTON (Reuters) - The top U.S. securities regulator said no single event had been found to explain Thursday's mysterious market plunge, but the shocking drop was unacceptable and additional safeguards were coming.

Full Article
Senate OKs Fed audit as part of bank overhaul
May 11, 2010 01:39 PM ET
WASHINGTON (Reuters) - The Senate challenged the Federal Reserve's tradition of secrecy on Tuesday by unanimously approving a measure to expose the details of the central bank's emergency lending during the financial crisis.

Full Article
Intel CEO confident of return to sales, PC growth
May 11, 2010 02:31 PM ET
SANTA CLARA, California (Reuters) - Intel Corp expects annual earnings growth to double over the next few years, bolstered by an expected 15 percent to 16 percent expansion in the global personal computer market.

Full Article
Fannie, Freddie aid cost unclear: regulator
May 11, 2010 02:56 PM ET
WASHINGTON (Reuters) - It is unclear how much U.S. taxpayers will eventually have to shell out to help mortgage finance giants Fannie Mae and Freddie Mac, the regulator of the two companies said on Tuesday.

Full Article
Bernanke saw threat to US banks from Europe: Shelby
May 11, 2010 04:09 PM ET
WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke on Tuesday described the Greek debt crisis to lawmakers as a European dilemma but one that could have hit U.S. banks if left unattended, senior senators said.

Full Article
Cuomo sues Bank of NY Mellon unit over Madoff
May 11, 2010 02:55 PM ET
NEW YORK (Reuters) - New York Attorney General Andrew Cuomo sued a Bank of New York Mellon Corp unit and two former senior officers on Tuesday, claiming they kept clients in the dark about investing with Bernard Madoff.

Full Article
Apple questions Android smartphone surge
May 11, 2010 02:11 PM ET
SAN FRANCISCO (Reuters) - Apple Inc on Tuesday questioned recent data showing smartphones using Google's Android operating system surpassing iPhone sales in the United States, and said there are no signs that the competition is gaining in the smartphone market.

Full Article
U.S. hiring hits 15-month high in March, openings up
May 11, 2010 02:08 PM ET
WASHINGTON (Reuters) - U.S. hirings touched their highest level in 15 months in March, while job openings also rose, according to a government report on Tuesday that confirmed a recovery in the labor market was gaining traction.

Full Article
FDIC floats bank wills, securitization rules
May 11, 2010 02:53 PM ET
WASHINGTON (Reuters) - The largest U.S. banks would have to come up with plans for regulators to dismantle them in times of severe distress, under a new rule proposed by the Federal Deposit Insurance Corp on Tuesday.

Full Article
REUTERSwww.reuters.com