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Jun 9, 2010

ABC News . Australia.- Financial Crisis.- Full-time work leads unemployment fall.Australia June 10th, 2010. Posted June 9th 10:06 EST Lima Perú



GLOBAL FINANCIAL CRISIS

Job 
ads in newspaper
Hiring not firing: Unemployment fell to 5.2 per cent in May

Full-time work leads unemployment fall Photo

By online business reporter Michael Janda
Posted 1 hour 15 minutes ago
Updated 38 minutes ago
Australia's labour market has surprised analysts again, with unemployment falling to 5.2 per cent in May.

Australian fund sues Goldman for 'shitty deal'

An Australian hedge fund has launched a multi-million dollar lawsuit alleging Goldman Sachs knowingly sold it dud investments.

ASIC cautions against mining tax exaggeration

The corporate regulator says mining companies need to ensure they comply with continuous disclosure rules, when making statements during the debate about the proposed resources super profits tax.

NASDAQ FOREX : LATEST FOREX NEWS: 6/9/2010 10:34:12 PM

NASDAQ FOREX





MarketWatch : Personal Finance Daily .- The housing-market recession is not over. June 9th., 2010

MarketWatch
Personal Finance Daily
JUNE 09, 2010

Wednesday's Personal Finance stories

By MarketWatch



Don't miss these top stories:

If you're an optimist, like me, you tend to focus on the data that seem to point to a nascent housing-market recovery, like Case-Shiller's recent report showing home prices rose 2.3% in March compared with a year ago, and the National Association of Realtors report that the median existing-home price rose 4% in April, and existing-home sales were up 7.6% that month.

Doesn't it all sound great?

Not if you stop to consider how many homeowners are out of work, how many foreclosures have yet to occur and how many empty homes banks have yet to put on the market. Don't miss Amy Hoak's Home Economics column to read about four feel-good dreams you might have about the real-estate market -- four dreams that are all too likely to get shattered in the not-too-distant future.

I guess I can be glad about this: My family's plan is to stay in our current home for a very, very long time. Fingers crossed that nothing upsets that plan.

-- Andrea Coombes , Personal Finance editor

The housing-market recession is not over

After years of hearing how home prices are plummeting and foreclosures are mounting, consumers want to feel hopeful about the housing market -- but maybe they're being too optimistic.
See Amy Hoak's Home Economics.


CONSUMERS

New overdraft rules can save you cash

How much would you pay to avoid a moment's worth of embarrassment? It's not a hypothetical question, but one you may soon hear from your bank.
See Chuck Jaffe.


New overdraft rules

Soon banks will be required to get permission to enroll consumers in overdraft-protection plans for debit-card transactions at stores and ATMs. Should you opt in for this pricey service, or not? MarketWatch's Andrea Coombes has some tips.
 Watch Personal Finance Minute.


Risky behavior on social-media sites

Facebook is facing controversy over changing privacy controls, but a new survey finds that plenty of people on social-media sites engage in risky information-sharing of their own volition. Adam Levin, chairman and founder of Identity Theft 911, says people need to take steps to control their online data sharing. MarketWatch's Andrea Coombes reports.
 Watch Video Report.


INVESTING

Pay attention to neglected stocks

This hardly seems the time to be investing in stocks that are illiquid. After all, the market is prone wild swings right now. But that's exactly what Roger Ibbotson is asking investors to do.
See Robert Powell's Your Portfolio.


Companies returning more money to shareholders

Several big U.S. companies announced plans Wednesday to return more money to shareholders, flashing a sign of confidence in future profits even as concerns linger over the strength of the economic recovery.
See story on companies returning more money to shareholders.


HEALTH CARE

Stand-alone surgery centers found lacking on infection control

Freestanding surgery centers that get you in and out within 24 hours are an increasingly popular option over traditional hospitals for generally healthy people who have elective surgery, endoscopy or pain injections. But a new, first-of-its-kind study suggests lapses in widely accepted infection-control practices are common at ambulatory-surgery centers, though the study didn't examine whether the lapses led to actual infections.
See Kristen Gerencher's Health Matters Blog.


ECONOMY & POLITICS

Modest growth seen all across nation

The U.S. economy continued to grow modestly all across the nation in the past two months, the Federal Reserve reported Wednesday, based on interviews with thousands of business contacts.
See Economic Report.


Senate tweaks jobs bill, adds Medicaid funding

Helping states pay for Medicaid and raising taxes for investment-fund managers are two controversial provisions in a far-reaching jobs bill taken up by the U.S. Senate on Tuesday.
See story on Senate tweaks jobs bill, adds Medicaid funding.


Recovery can shrug off coming fiscal drag: Bernanke

The U.S. economy is strong enough to withstand fiscal tightening down the road, Federal Reserve Chairman Ben Bernanke said Wednesday.
See The Fed.


Commentary: Obama's crude rhetoric targets BP, hits state pensions

President Obama's ramped up rhetoric over the BP oil spill is beginning to have an effect.
See MarketWatch First Take.


Lincoln victory gives impetus to her derivatives measures

Senator Blanche Lincoln's primary victory on Tuesday is not likely to provide enough momentum for lawmakers to save a tough derivatives-divestiture provision she introduced within sweeping bank regulation legislation.
See story on Lincoln victory gives impetus to her derivatives measures.


Mixed primary results reveal new narrative

What was billed as a sort of Super Tuesday for the mid-term primaries fell flat as the carefully constructed media narratives crumbled in the face of mixed results.
See Darrell Delamaide's Political Capital.


Wall Street pay reforms remain to be seen

The Federal Reserve has found that the pay structures at banks that encourage risk taking, which had contributed to the financial crisis, remain in place, according to a news report published Wednesday.
See story on Wall Street pay reforms remain to be seen.

CNBC : Evening Brief . June 9th., 2010


LATEST STORIES


»click here to see the latest top stories from CNBC.com

LATEST VIDEO

Beige Book Highlights
CNBC's Hampton Pearson has the highlights from the Fed's Beige Book.
» Watch Video


Legendary Financier on Markets & Economy
John Whitehead, former co-chairman of Goldman Sachs, shares his market insight and economic outlook with CNBC.
» Watch Video

THE GATA DISPATCH : Bernanke purports to be mystified by gold price. June 9th., 2010

Bernanke purports to be mystified by gold price

Maybe the Fed won't show HIM its gold swap records either.
* * *
Bernanke: Gold Sends Different Signal on Inflation
By Frank Tang
Reuters
Wednesday, June 9, 2010
http://www.reuters.com/article/idUSTRE65846U20100609
Gold's response to inflation is different when compared with other assets and commodities, U.S. Federal Reserve Chairman Ben Bernanke said on Wednesday.
"The signal that gold is sending is in some ways very different from what other asset prices are sending," said Bernanke at a Wednesday U.S. House of Representatives Budget Committee hearing when asked about inflation.
Gold prices hit an all-time high on Tuesday above $1,250 an ounce on fears that European credit contagion could lead to a double-dip recession. Year to date, the metal was up 12 percent.
"For example, the spread between nominal and inflation-indexed bonds, the break even, remains quite low, suggesting that markets expect about 2 percent inflation over the next 10 years," he said.
Bernanke added that prices of commodities including oil and food have fallen quite severely recently. So, "gold is out there doing something different from the rest of the commodity group," he said.
On Wednesday, the metal extended losses after Bernanke's comments. Bullion was at $1,226 an ounce, down 0.6 percent for the day.
U.S. Consumer Price Index slipped 0.1 percent in April, and the closely watched core inflation rate had risen just 0.9 percent over the past 12 months, its smallest annual gain since 1966.
"I don't fully understand the movements in the gold price, but I do think that there's a great deal of uncertainty and anxiety in financial markets right now," Bernanke said.
"Some people believe that holding gold will be a hedge against the fact that they view many other investments as being risky and hard to predict at this point," he added.

* * *

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RTTNews : Evening Market Wrap.-Stocks See Fragile Rally Broken In Late-Day Trading . June 9th., 2010

Evening Market Wrap Wed Jun 9 17:01 2010 

Commentary

Jun?9,?2010 Stocks See Fragile Rally Broken In Late-Day Trading - U.S. Commentary Stocks gave up substantial gains and sunk by moderate margins on Wednesday, with the downturn partly in reaction to comments from German Chancellor Angela Merkel. The major averages all closed firmly in the red, extending their recent streak of volatility. Full Article

Economic News

Jun?9,?2010 Bernanke: U.S. Must Prepare To Face Future Budget Challenges NowFederal Reserve chairman Ben Bernanke said Wednesday that the time is now to begin preparing to face future budget challenges, even as the phasing out of economic stimulus and the fledgling recovery begin to shrink the U.S. budget deficit. Full Article
Jun?9,?2010 Fed Sees Modest Improvement In Economic ActivityWhile the Federal Reserve's Beige Book report released Wednesday showed that economic activity has continued to improve in all twelve Fed districts since the release of the last report in April, it noted that many districts described the pace of growth as "modest." Full Article
Jun?9,?2010 Wholesale Inventories Increase For Fourth Straight Month In AprilWholesale inventories showed another modest increase in the month of April, according to a report released by the Commerce Department on Wednesday, although the increase in inventories came in slightly below economist estimates. Full Article

Corporate News

Jun?9,?2010 General Maritime To Buy Seven Double Hull Tankers For $620 MlnGeneral Maritime Corp. (GMR) said Wednesday that it has agreed to buy seven double-hull tankers for $620 million from companies affiliated with Metrostar Management Corp., a Greek shipping company. The company noted that the acquisition will expand its fleet by 50% on a tonnage basis. Full Article
Jun?9,?2010 Genzyme,Icahn Settle Proxy FightBiotechnology company Genzyme Corp. (GENZ) and activist investor Carl Icahn and certain of his affiliated private investment funds Wednesday revealed an agreement to settle their proxy contest. Full Article
Jun?9,?2010 Brown-Forman Q4 Profit Declines On Higher ExpensesAlcoholic Beverage manufacturer Brown-Forman Corp. (BF-B, BF-A) reported Wednesday a 9% year-over-year decline in profit for the fourth quarter, despite a 7% sales growth, hurt by higher expenses and margin contraction. Full Article
Jun?9,?2010 Ciena Q2 Loss Narrows On Absence Of Goodwill ChargesNetwork specialist Ciena Corp. (CIEN) reported Wednesday a significantly narrower net loss for the second quarter, which was better-than-anticipated by Street analysts, helped primarily by higher revenues and absence of hefty goodwill impairment charge incurred last year. Full Article
Jun?9,?2010 Navistar Q2 Profit More Than Doubles, Despite Lower SalesCommercial and military trucks producer Navistar International Corp. (NAV) reported Wednesday a profit for the second quarter that more than doubled from last year, mainly reflecting lower expenses as well as strong performance by its core business. Full Article
Jun?9,?2010 Devon Energy Names John Richels CEOIndependent oil and gas producer Devon Energy Corp. (DVN), Wednesday said it elected President John Richels as its new Chief Executive Officer. Following the appointment, current CEO Larry Nichols, who has been holding the position since 1980, will now take up the newly created position of executive chairman. Full Article
Jun?9,?2010 Banco Santander To Buy Back Mexican Unit Stake For $2.5 Bln.Spanish banking giant Banco Santander S.A. (BNC.L) Wednesday said that it has reached a deal to buy back Bank of America Corp. (BAC)'s 24.9% stake in Grupo Financiero Santander, Santander's Mexican unit, for US$2.50 billion. Full Article

Forex Top Story

Jun?9,?2010 Dollar Pulls Back Versus EuroThe dollar eased versus the euro on Wednesday, giving back some strong recent gains after Federal Reserve Chairman Ben Bernanke's positive comments about the economy fueled risk appetite. Full Article

Political News

Jun?9,?2010 Angle Victorious In Nevada's Republican Senate Primary Sharron Angle won Nevada's Republican U.S. Senate primary Tuesday, earning the right to challenge Senate Majority Leader Harry Reid, D-Nev., in the general election. With close to 60% of precincts reporting, Angle had 39% of the vote, while opponents Sue Lowden had 28% and Danny Tarkanian had 23%. Full Article
Jun?9,?2010 Obama Hails New U.N. Sanctions On IranPresident Barack Obama Wednesday praised the imposition of what he called the "toughest sanctions ever" on the Iranian government in response to its nuclear program. The sanctions, Obama said, would send an unmistakable message to the Iranian government. Full Article
Jun?9,?2010 Whitman Wins GOP Gubernatorial Primary In CaliforniaFormer eBay (EBAY) chief executive Meg Whitman won California's Republican gubernatorial primary Tuesday, beating state Insurance Commissioner Steve Poizner. With 97% of votes counted, Whitman had a 64% to 27% lead over Poizner. Full Article
Jun?9,?2010 Feingold, Carper And McCain Unveil Line-Item Veto LegislationSenators Russ Feingold, D-Wis., Tom Carper, D-Del., and John McCain, R-Ariz., unveiled legislation Wednesday to give the president line-item veto authority. The Reduce Unnecessary Spending Act is intended to enable any president to single out earmarks or other non-entitlement spending in legislation that arrives on his desk. Full Article
Jun?9,?2010 Leahy Unveils Legislation To Strengthen Penalties For Environmental CrimesSenator Patrick Leahy, D-Ver., unveiled legislation Wednesday to strengthen penalties against oil companies and other companies for environmental crimes. The Environmental Crimes Enforcement Act would increase sentences for environmental crimes in an attempt to deter companies from practices that cause harm to the environment. Full Article
Jun?9,?2010 New Poll Shows Crist With Slim Lead In Florida Senate RaceA new Quinnipiac University poll released Wednesday showed that Florida Governor Charlie Crist leads both Republican Marco Rubio and Democratic candidate Rep. Kendrick Meek, D-Fla., in Florida's U.S. Senate race. Full Article
Jun?9,?2010 Angle Victorious In Nevada's Republican Senate PrimarySharron Angle won Nevada's Republican U.S. Senate primary Tuesday, earning the right to challenge Senate Majority Leader Harry Reid, D-Nev., in the general election. With close to 60% of precincts reporting, Angle had 39% of the vote, while opponents Sue Lowden had 28% and Danny Tarkanian had 23%. Full Article
Jun?9,?2010 Haley Headed To Run-Off Election In South Carolina's GOP Gubernatorial RaceNikki Haley won South Carolina's Republican gubernatorial primary by a wide margin Tuesday night, but she still did not receive enough votes to prevent a run-off election. Haley captured 49% of the vote compared to 22% for her opponent, Rep. Gresham Barrett, R-S.C. Full Article
Jun?9,?2010 Lincoln Overcomes Tough Challenge To Win Arkansas PrimarySenator Blanche Lincoln, D-Ark., overcame a tough challenge from Lt. Governor Bill Halter in Arkansas' Democratic U.S. Senate run-off election Tuesday, earning the chance for re-election in November. Full Article

BBC : Business.- EU debts 'cause growth hurdles'


Business


Page last updated at 18:50 GMT, Wednesday, 9 June 2010 19:50 UK

Greece
Europe's debt crisis has created "hurdles" on the path to economic growth, the World Bank has warned.

Finland in double-dip recession
Finland's economy slipped back into recession during the first three months of 2010, official figures show.

Germany rejects GM loan request
German Economy Minister Rainer Bruederle says he has rejected a request for state aid by General Motors for its Opel division.


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