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Jul 8, 2010

MarketWatch : Personal Finance Daily. July 8th., 2010

MarketWatch
Personal Finance Daily
JULY 08, 2010

Thursday's Personal Finance stories

By MarketWatch



Don't miss these top stories:

The depressing thing about these economically troubled times is that there are so many deals out there, but so few people able to take advantage of them. Take cars. As Jennifer Waters details in her column today, some new cars are now cheaper than their older models, turning on its head the old personal-finance trope that you shouldn't buy new. It's now a smart money move to go buy that new-car smell, at least on certain models.

But who wants to buy any kind of car right now? If your current vehicle is still going strong, one look at the last jobs report is a good reminder of why now's not the time to take on more debt or dip into savings.

As Waters notes in her story, however, the deals won't last. Isn't that always the way? By the time you feel more confident about buying, everything's going to be more expensive.

It's true with mortgage rates, too. Rates on a 30-year-fixed mortgage loan fell even further this past week, down to 4.57%. But who's buying homes these days, especially now that the home-buyer tax credit is gone? And when people are ready to buy, rates will be higher.

Oh well. While it's tough on the economy that people aren't really spending, who doesn't celebrate U.S. consumers' newfound frugality? Took a lot of pain to get here, but if we can all maintain our new, smarter spending habits, that's a good thing overall.

-- Andrea Coombes , Personal Finance editor

Want a new car? It's a good time to trade in your old one

There's rarely been a better time than now to trade in your used car for a new one. New cars are loaded with deals and rebates while a dearth of used cars is driving up those prices.
See Jennifer Waters's Consumer Confidential.


REAL ESTATE

Mortgage rates hit new record lows

The 30-year fixed-rate mortgage has hit a record low, ticking down to an average 4.57% in week ended July 8, compared with 4.58% in the prior week, Freddie Mac reported Thursday.
See Mortgages.


TRAVEL

Three travel tips for rental car insurance

If you're driving a rental car this summer, watch out: you might not have the insurance coverage you think you do.
See Jennifer Openshaw.


ECONOMY & POLITICS

U.S. recovery gathering strength but risks remain, IMF says

The U.S. economy is gathering strength but the high unemployment rate will continue to restrain consumer spending, according to a report prepared by the staff of the International Monetary Fund released Thursday.
See story on U.S. recovery gathering strength but risks remain, IMF says.


Jobless claims fall 21,000 to 454,000

The number of people filing first-time claims for unemployment benefits sank 21,000 in the latest week to a still-high 454,000, maintaining a recent see-saw pattern.
See story on jobless claims fall 21,000.


New 'Volcker Rule' may not be as tough as it seems

The "Volcker Rule" - a key part of sweeping bank reform legislation on the verge of final passage -- appears to set some pretty tough restrictions on big banks.
See story on new "Volcker Rule" may not be as tough as it seems.


INVESTING

Invest like a millionaire

The rich -- if the latest World Wealth Report is any indication -- are truly different than you and me. According to that report, the world's wealthiest investors, some 10 million strong, have allocated their assets in ways that often are out of reach for most investors.
See Robert Powell's Your Portfolio.


On General Electric, investors and Wall Street don't agree

General Electric Co. shares have taken a swift and steep tumble in recent weeks, clobbered by concerns that the global economy again is faltering.
See story on investors and Wall Street don't agree on General Electric.


The most unlikely stock-fund winners

Small-cap stock funds weren't supposed to be the best performing diversified fund category so far this year. Yet investors can still expect big things from these little guys, says Money & Investing Editor Jonathan Burton in This Week in Mutual Funds.
 Watch video report on the most unlikely stock-fund winners.


Commentary: The 'X-factor' in options trading

One reason why options have a reputation for being so difficult is a mysterious concept called "implied volatility." This is the unknown factor built into the price of an option.
See Outside the Box.


THE GULF OIL SPILL

Coast Guard unwilling to assume BP timetable

The top federal official overseeing the government's response to the Gulf of Mexico oil spill said Thursday that he's unwilling to assume BP PLC will be able to meet a more optimistic timetable for stifling the rogue well that has poured millions of gallons of oil into the Gulf.
See story on Coast Guard unwilling to assume BP timetable.

CNBC : Evening Brief : Double Dip or a Bull Market? Earnings Could Tell the Story. July 8th., 2010


LATEST STORIES


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

LATEST VIDEO

Taxing People Who Make More Than $250k
Is it fair for the government to increase taxes on couples who make more than $250,000? Christopher Metzler, a law professor at Georgetown, and Boyce Watkins, a finance professor at Syracuse, debate the topic.
» Watch Video

Taxing People Who Make More Than $250k
Is it fair for the government to increase taxes on couples who make more than $250,000? Christopher Metzler, a law professor at Georgetown, and Boyce Watkins, a finance professor at Syracuse, debate the topic.
» Watch Video

Wilbur Ross Adds to Bank Portfolio
Wilbur Ross, CEO of WL Ross & Co., has made a nearly 25% investment in Sun Bancorp. Ross discusses this $170 million deal with CNBC.
» Watch Video

On the Ground With BP's Dudley
NBC's Kerry Sanders goes one on one with Bob Dudley, head of BP's Gulf Coast restoration unit.
» Watch Video

 

NYT : Afternoomn Business Update.- Merck Sheds 15% of Work Force. July 8th., 2010


BUSINESS:


Sluggish June Sales for Many U.S. Retailers

By STEPHANIE CLIFFORD
Store owners say shoppers are buying mostly deeply discounted clothing amid escalating job worries.

Greece Approves Pension Overhaul Despite Protests

By LANDON THOMAS Jr. and NIKI KITSANTONIS
The government took a major step in overhauling its economy with a pension bill that would increase the retirement age and slash benefits.

European Plane Maker Submits Bid for U.S. Tankers

By CHRISTOPHER DREW
Boeing plans to submit its bid on Friday as its supporters question whether Airbus has a cost advantage because of European aid.Prescriptions Blog

Merck Sheds 15% of Work Force

By NATASHA SINGER
The layoffs are the result of the company's merger with Schering-Plough. It will also close research and manufacturing sites around the world.

Apple Making New Push Into China

By DAVID BARBOZA
Apple is opening a flagship store in Shanghai and plans dozens more shops as it seeks to raise its profile in China.

RTTNews : Evening Market Wrap .- Stocks Rally Into The Close Of Wobbly Session - U.S. Commentary . July 8th., 2010

Evening Market Wrap Thu Jul 8 17:01 2010 

Commentary

Jul?8,?2010 Stocks Rally Into The Close Of Wobbly Session - U.S. Commentary Stocks extended their gains for a third day in a row via a late-day rally on Thursday, as a sharper than expected decline in jobless claims drove buying interest in the face of a drop in consumer credit and the prospect of lackluster second quarter earnings. The major averages ended firmly higher, moving further off of last Friday's multi-month closing lows. Full Article

Economic News

Jul?8,?2010 Weekly Jobless Claims Fall By More Than Expected First time claims for unemployment benefits fell by more than expected in the week ended July 3rd, according to a report released by the Labor Department on Thursday, with the drop likely to ease some of the recent concerns about the outlook for the labor market. Full Article
Jul?8,?2010 IMF Says U.S. Economic Recovery Is Well Established The economic recovery in the U.S. has become increasingly well established, according to a statement from the International Monetary Fund on Thursday, although the organization noted that unemployment is likely to remain elevated. The IMF said that prevailing balance sheet strains have been overcome by massive macroeconomic stimulus and the turn in the inventory cycle, adding that autonomous private demand has also started to gain ground due in part to steadily improving financial conditions. Full Article

Corporate News

Jul?8,?2010 Merck To Close 16 Facilities; Sees Merger Costs Of About $4.3 Bln. - Update Drug maker Merck & Co., Inc. (MRK), said Thursday it plans to close eight research and eight manufacturing sites in order to meet cost-saving targets following the its $41.1 billion merger with Schering-Plough in November 2009. The company now projects cumulative pretax costs of up to $4.3 billion for the initial phases of the merger restructuring program, and expects a charge for certain portions of these costs to be recorded in the second quarter of 2010. Full Article
Jul?8,?2010 Target June Comps "Relatively Soft" - Update Discount-store operator Target Corp. (TGT) on Thursday reported "relatively soft" comparable same store sales for June, falling short of market expectations. The company's comparable store sales for the five weeks ended July 3, 2010 increased 1.7%, compared with a decline of 6.2% last year. Full Article

Commodities

Jul?8,?2010 Oil Extends Gains Above $75 After Data Show Bigger Supply Drop The price of crude oil extended prior-session gains on Thursday, after a bigger-than-expected drop in US crude inventories and the IMF's upward revision to economic growth forecasts. The greenback weakened to an eight-week low against the euro, further underpinning dollar-denominated oil prices. Full Article

Forex Top Story

Jul?8,?2010 Dollar Barely Budges As Jobless Claims Fall The dollar was little changed versus other majors on Thursday, supported by a relatively encouraging look at the US jobs situation. The Labor Department showed that initial jobless claims fell to 454,000 from the previous week's upwardly revised figure of 475,000. Economists had expected jobless claims to fall to 460,000 from the 472,000 originally reported for the previous week. Full Article

Other

Jul?8,?2010 Poll Shows Boxer With Narrow Lead In California Senate Race A new Field Poll released Thursday showed Senator Barbara Boxer, D-Calif., with a narrow lead over Republican challenger and former Hewlett-Packard (HPQ) CEO Carly Fiorina. The poll, which surveyed 1,390 registered voters from June 22nd to July 5th, showed Boxer with a 47% to 44% lead over Fiorina. However, Boxer's lead has narrowed substantially from the 55% to 25% lead she held over Fiorina in a Field Poll conducted in March of last year. Full Article

FGC BOLSA -FGC FINANCIAL MARKETS : U.S. Markets At Close. July 8th., 2010



U.S. Markets at close


Market Snapshot
Index Last Change %Change
DJIA 10,138.99 +120.71 1.20% Hilighted
Nasdaq 2,175.40 +15.93 0.74%
S&P 500 1,070.25 +9.98 0.94%
FOX 50 780.36 +7.54 0.98%
DIJA Chart
 Bulls Stay in Driver's Seat; Dow Gains 121
 Goldman, Morgan Stanley Face Profits Squeeze From Bonds

NASDAQ

7/8/2010 4:30:00 PM ET DJ30 PointChange: +120.71 Level: 10138.99 NASDAQ PointChange: +15.93 Level: 2175.40 NQ100 PercentChange: +0.5 R2K PercentChange: +1.4 SP400 PercentChange: +1.1 SP500 PointChange: +9.98 Level: 1070.25 NASDAQ-Adv:1818 Dec: 783 NYSE-Adv:2327 Dec: 691
[BRIEFING.COM] Stocks spent most of the session chopping along listlessly with modest gains, but a broad-based bounce in the last hour enabled stocks to finish near their best levels of the day.
The session started in positive territory as early participants responded to overseas gains and news that the International Monetary Fund (IMF) increased its 2010 world GDP forecast to 4.6% from 4.2%. The IMF kept its growth forecast for 2011 at 4.2% as stronger growth in the U.S. is expected to be offset by softer growth in the euro area. In the interest of promoting healthy, sustainable growth, the European Central Bank left its benchmark interest rate at 1.00%, as expected. To little surprise, the Bank of England also kept its benchmark interest rate at 0.50% and left its asset repurchase program at 200 billion pounds.
Most of the stock market’s early strength stemmed from the latest weekly jobs report, which indicated that initial jobless claims for the week ended July 3 totaled 454,000, which is down from the prior week and slightly lower than the 460,000 initial claims that had been widely expected. As for continuing claims, they plummeted more than expected to a near 20-month low of 4.41 million. However, the expiration of worker benefits likely played a major part in that drop.
Early gains had dissipated by afternoon as a general lack of leadership left the broader market to chop along just above the neutral line and the Nasdaq made periodic dips into the red. Though the Dow sported a solid gain throughout the afternoon lull, a broader base of buyers stepped back into the action in the final hour of trade. Their re-entry coincided with a climb by the euro to its best level of the day – the currency finished with a 0.5% gain.
All 10 major sectors were able to book gains. The best moves were made by materials (+1.5%), consumer staples (+1.5%), energy (+1.3%), and industrials (+1.3%). Even the consumer discretionary sector advanced 0.8%, despite relative weakness among retailers following a raft of same-store sales results that generally failed to impress investors.
The commodities pits saw crude oil futures gain 1.9% to close at $75.44 per barrel. Oil prices oscillated throughout the session, unable to find a clear path despite a larger-than-expected draw in weekly inventories.

Read more: http://www.nasdaq.com/aspx/market-summary.aspx#ixzz0t7xIouih

Forbes: Financial .-Why Investment Choices In Your 401(k) Might Change. July 08th., 2010.


Why Investment Choices In Your 401(k) Might Change
David Kudla
As employers seek to cut costs, retail mutual funds are being replaced by lower cost options.


Hedging Agreement Guides Islamic Investing
Oxford Analytica
A solid framework for sharia-compliant transactions will help Islamic-based investing better compete with 
conventional financial products.
 
Will Bad History Repeat With Congress And The IRS?
Janet Novack
Taxpayer advocate warns service is suffering, while enforcement and taxpayer burden are increasing. She sees parallels to 1990s.
 
Housing Double Dip Appears To Be Underway
Stephane Fitch
Home values slide again in 2010, with few exceptions.
 
What's A Fair Divorce Settlement?
Laurence J. Kotlikoff
Even in an amicable split, it's tough to judge what's fair, unless you can project future living standards.

Real Clear Politics. July 8th., 2010

Real Clear Politics Thursday

A Cynical Budget Maneuver - David Broder, Washington Post
Government Bureaucracy on Liberal Autopilot - Jonah Goldberg, NRO
Show Us the Money - Joe Conason, New York Observer
Obama's Partisanship: What Happened to Change? - Keith Koffler, Politico
Moving Forward to Protect Seniors' Care - Dan Pfeiffer, White House
Obama Tries to Dodge Health Care Debate - John Podhoretz, New York Post
The Climate Clique Looks After Its Own - Gerald Warner, Daily Telegraph
Climategate Burned by Reality - Gene Lyons, Salon
The Politics of Arizona's Immigration Law - Sean Trende, RealClearPolitics
Top 10 Must-Do's in Afghanistan - Ralph Peters, New York Post
Obama Leads a War He Doesn't Believe In - Andrew Bacevich, New Republic
NASA: Mission to Mecca? - Charles Lane, Washington Post
Five Books on Freedom & the Economy - Gov. Mitch Daniels, FiveBooks
Treasury Should Rescue the States - Christopher Edley, New York Times
Why Bonds Are Signalling a Depression - Jeremy Warner, Daily Telegraph
Depression Fear Mongers Obscure Real Threats - Amity Shlaes, Bloomberg
Is College Overrated? - Patrick Welsh, USA Today
RCP Blog: Palin's Latest Mama Grizzly| CA Sen: Boxer in Trouble?

Editorials

Is Immigration Lawsuit a Joke? - Denver Post
Clueless in Illinois - Chicago Tribune
Climate Change is Real, Urgent and Increasing - The Guardian
Kagan: For Fruits But Not for Liberty - Washington Times

RTTNews: Daily Market Analysis.- Optimistic Growth Expectations May Support Markets. July 8th., 2010

Daily Market Analysis Thu Jul 8 09:31 2010 

Jul 8, 2010 Optimistic Growth Expectations May Support Markets - RTTNews Daily Market Analysis The major U.S. index futures are pointing to a higher opening on Thursday, with the weekly jobless report released earlier in the day likely to offer support to the buying momentum witnessed in the past two sessions. Jobless claims declined by much more than expected in the recent reporting week, offering some confidence about the slow and steady recovery seen in the labor market. Additionally, an upbeat assessment of the global economic conditions by the International Monetary Fund may aid sentiment. That said, the continuing uncertainty prevent any meaningful gains. Full Article

RTTNews : Morning Market Briefing.- Stocks Poised For Moderate Gains After Drop In Jobless Claims - U.S. Commentary . July 8th., 2010

Morning Market Briefing Thu Jul 8 09:01 2010 

Commentary

Jul 8, 2010 Stocks Poised For Moderate Gains After Drop In Jobless Claims - U.S. Commentary Stocks are on pace for a moderately higher open on Thursday, as a larger than expected decline in weekly jobless claims has raised some optimism in the markets regarding the recovery of the battered employment sector. The major index futures are all in positive territory, with the Dow futures up by 46 points. Full Article

Economic News

Jul 8, 2010 Weekly Jobless Claims Drop To 454,0000 First time claims for unemployment benefits fell by more than expected in the week ended July 3rd, according to a report released by the Labor Department on Thursday, with the drop likely to ease some of the recent concerns about the outlook for the labor market. Full Article
Jul 8, 2010 U.K. Manufacturing Output Growth Biggest In 15 Years U.K. manufacturing output in May recorded its biggest annual expansion in 15 years led by strong growth in machinery and equipment industries. Full Article
Jul 8, 2010 IMF Upgrades Global Growth Outlook The International Monetary Fund has raised its 2010 growth estimate for the global economy reflecting stronger activity during the first half of the year. At the same time, the lender warned downside risks to global growth had heightened amid renewed financial market turmoil. Full Article
Jul 8, 2010 German Exports Rebound Strongly In May German exports rebounded more than expected in May, indicating that the economy is benefiting from the ongoing world trade recovery. The calendar and seasonally adjusted exports increased 9.2% month-on-month in May, data released by the Federal Statistical Office showed Thursday. Full Article
Jul 8, 2010 Australia Unemployment Rate Steady At 5.1%Australia's unemployment rate remained steady in June but managed to beat expectations, official figures showed on Thursday. Full Article
Jul 8, 2010 Japan Core Machinery Orders Fall 9.1% In MayCore machinery orders in Japan plunged a seasonally adjusted 9.1 percent in May compared to the previous month, the Cabinet Office said on Thursday, falling for the first time in three months. Full Article

Earnings News

Jul 8, 2010 Tractor Supply guides Q2 EPS above Street, lifts FY10 outlookWednesday, Tractor Supply Co. (TSCO) said it expects profit for the second quarter to surpass the prior-year results, and also to come in above the Street view. Sales for the quarter grew 12.6%, and same-store sales increased 6.1%. Tractor supply also raised its fiscal 2010 outlook, with its earnings view above the current estimate of analysts. Full Article

Corporate News

Jul 8, 2010 H&R block names Alan Bennett new CEO as Smyth quitsWednesday, H&R Block, Inc. (HRB) said Chief Executive Russ Smyth resigned to head a private company in Chicago. Smyth, who had joined the company in 2008, will be replaced by board member and former interim-CEO Alan Bennett, effective immediately. Full Article
Jul 8, 2010 Wells Fargo to cut 3,800 jobs, close 638 US officesWednesday, Wells Fargo & Co. (WFC) said it will slash 3,800 job positions next year and will close 638 Wells Fargo Financial stores, consolidate its consumer-finance division, as a part of the restructuring process to improve efficiencies and to streamline processes. The company plans to eliminate around 2,800 positions during the next next 60 days and about 1,000 positions during the next 12 months. Wells Fargo also revealed strong intentions to exit non-prime portfolio mortgages and auto and credit-card loans businesses. Full Article
Jul 8, 2010 Total to buy Canadian UTS Energy for $1.5 blnWednesday, Total SA (TOT) said it agreed to buy 20% stake in the Fort Hills mining project in the Canadian province of Alberta, under the proposed takeover of UTS Energy (UTS.TO). The UTS board agreed to sell the company to a unit of Total for $1.5 billion in cash and shares. Last year, UTS turned down two takeover bids for the oil-sands assets from Total. Full Article
Jul 8, 2010 Walt Disney reportedly close to selling Miramax for about $650 mln; to pay $270 mln in Celador suitThursday, Walt Disney Co. (DIS) is reportedly closing in on a deal to sell Miramax to private equity firm Colony Capital LLC and construction magnate Ron Tutor. The deal, which is worth about $650 million in cash, could be signed in a week's time. In addition, the company was ordered on Wednesday to pay about $270 million in damages to Celador, the British production company that created the hit game show “Who Wants to Be a Millionaire” more than a decade ago. Disney responded by saying, “We believe this verdict is fundamentally wrong and will aggressively seek to have it reversed.” Full Article

Todays WS Events

Jul 8, 2010 El Paso To Present At Morgan Stanley Energy Ideas Conference; Webcast At 12:15 PM ET El Paso Corp. (EP) will make a presentation at the Morgan Stanley Energy Ideas Conference in New York. The event is scheduled to begin at 12:15 PM ET July 8, 2010. To access the webcast, log on at www.elpaso.com
Jul 8, 2010 Encana To Present At The Morgan Stanley Energy Ideas Conference; Webcast At 11:30 AM ET EnCana Corp. (ECA) will make a presentation at the Morgan Stanley Energy Ideas Conference in New York. The event is scheduled to begin at 11:30 AM ET July 8, 2010. To access the webcast, log on at www.encana.com

FOX BUSINESS : Breaking News.- Weekly Data lift Futures. July 8th., 2010


stock traders Oct 2009 01 276
Jobs Data Lift FuturesAs traders sort through jobless and retail data, Wall Street was pointing to a green open.

IMF Raises 2010 World GDP Forecast

Is the World Broke? The IMF upgraded its 2010 global growth forecast, citing expansion in Asia.

Bank of England Holds Rates Steady

The Bank of England's Monetary Policy Committee kept its key interest rate at its all-time low of 0.5%.

BP Dampens Hope of Early Fix

Hopes of an early fix fade while a battle over a deepwater drilling ban heads to court.

Banks Face Profits Squeeze

Goldman Sachs and Morgan Stanley could lose billions in revenue from fixed income trading.

FGC BOLSA - FGC FINANCIAL MARKETS .- MarketWatch Industry - Financial Services.- Bank of England Leaves Monetary Policy Unchanged





INDUSTRY -  FINANCIAL SERVICES


Outside the Box: The 'X- factor' in stock options trading  
By Michael Sincere
7/8/2010 7:01:00 AM



One reason why options have a reputation for being so difficult is a mysterious concept called 'implied volatility.' This is the unknown 'X-factor' built into the price of an option. 


 
By William L. Watts MarketWatch
7/8/2010 7:02:00 AM



The Bank of England’s Monetary Policy Committee on Thursday left the central bank’s key lending rate unchanged at a record low 0.5% and made no move to re-start its 200 billion pound ($303.5 billion) program of asset purchases. 




Most Asian stocks rally on earnings optimism
 
By V. Phani Kumar MarketWatch
7/8/2010 6:02:00 AM



Most Asian stocks and currencies jumped on Thursday as hopes for strong corporate results in the region as well as in the U.S. spurred risk appetite. 






THE WALL STREET JOURNAL : China Real Time Report.´Scams and Scandal Shadow Expo. July 8th., 2010

THE WALL STREET JOURNAL

previousPolice Smash Soccer Gambling Ring

Scams and Scandal Shadow Expo



Associated Press
Some observers have suggested Expo mascot Haibao looks suspiciously like Gumby.
The 2010 World Expo in Shanghai has already been declared an official success. But, like perhaps any event of this scale, the six-month Expo has also been a hotspot for scams and scandal–despite a massive effort by Chinese police and officials to ensure it proceeds smoothly. Chinese media report that some 60 suspects have been arrested this year for theft, swindling, and intellectual property rights crimes related to the Expo, and that authorities are also working to prevent commercial bribery and construction fraud during the event. Here’s some of the Expo misbehavior:
1. Fake disabled people. Visitors to the exhibits are discovering that
there is no better way to beat the long lines at popular pavilions than to fake a disability and move to a much shorter queue. From the unusual rise in wheelchair rentals alone, Expo organizers suspect that thousands of people are faking disabilities every day, according to a Shanghai Daily article. The park has fought back by requiring disabled people to show a government-issued ID proving their disability. Now, fake government IDs certifying a disability are on the rise.
2. Latvian scandal. Aerodium, the company behind the Latvian pavilion’s “vertical wind tunnel,” is accusing the Latvian Investment and Development Agency, or LIDA, a state institution, of asking for a heavy bribe in order to seal the $4.4 million Expo deal. The public scandal has turned ugly as LIDA’s director and the head of Aerodium trade personal barbs and insults, according to the Baltic Times.
3. Questionable creativity. A promotional song for the Expo called “Right Here Waiting for You in 2010″ was silenced after a flurry of furious accusations that it was plagiarized from a song written by Japanese pop singer Mayo Okamoto. Chinese Expo authorities are reportedly going to pay $3.2 million in copyright infringement fees to make the mess go away. Meanwhile, many observers have raised the question: doesn’t Expo mascot Haibao look suspiciously like the American claymation star Gumby?
4. Fakes of all kinds. Fake Expo tickets, fake hotel reservations, fake
merchandise, mountains of fake Haibao, and now fake ATMs. A bogus cash machine that steals money and user information was discovered in Beijing, raising fears that this innovative scam might migrate to the Expo, which has over 100 ATMs and bank outlets to service the flood of foreign visitors. The Shanghai Public Security Bureau has already cracked hundreds of credit card fraud cases, though most were before the Expo’s opening, according to China Daily. Now police will have to be on the lookout for rogue ATMs.
Christopher Carothers



NYT ; Business.- Asian Markets Encouraged by Strong U.S. Retail Sales Data . July 8th., 2010


BUSINESS:

Owner of Exploded Rig Exploits Offshore Status
By BARRY MEIER
Transocean, the owner of the Deepwater Horizon rig, has pursued profits while testing local laws, maintaining questionable ties in Myanmar and with Iran and Syria. 



Facebook Makes Headway Around the World
By MIGUEL HELFT
In country after country, Facebook is cementing itself as the social networking leader. 



Asian Markets Encouraged by Strong U.S. Retail Sales Data
By BETTINA WASSENER
Investors grew more optimistic about the prospects of recovery in the world's largest economy.

More Business News

FGC BOLSA - FGC FINANCIAL MARKETS : MarketWatch - Industry - Financial Services Banks Rally for Second Day to Lift Europe. July 8th., 2010






INDUSTRY -  FINANCIAL SERVICES


London Markets: Lloyds Banking Group, RBS climb in London trading  
By Sarah Turner MarketWatch
7/8/2010 5:00:00 AM



Domestically-focused banks climbed in London on Thursday, with Credit Suisse equity strategists recommending that investors buy into the sector. 
 
Europe Markets: Banks rally for second day to lift Europe  
By Sarah Turner MarketWatch
7/8/2010 4:02:00 AM



European banks rallied for a second day on Thursday, lifted by a combination of corporate profit hopes, emerging details of stress tests and a broker upgrade of the sector. 



By Simon Kennedy MarketWatch
7/8/2010 4:32:00 AM



U.K. hedge fund manager Man Group on Thursday reported a 2.3% drop in its funds under management over the second quarter, but said it was pleased with the performance of its flagship AHL fund given the weakness in global equity markets. 



The Washington Post : Today´s Highlights .-Business - Europe is top threat to global recovery .


TODAY'S HIGHLIGHTS

Fed weighs steps to keep economic recovery afloat
Federal Reserve officials, increasingly concerned over signs the economic recovery is faltering, are considering new steps to bolster growth.
(By Neil Irwin, The Washington Post)

Europe is top threat to global recovery
IMF scales back growth projections for the continent
(By Howard Schneider, The Washington Post)

Candidate banking on sympathy for Wall St.
In affluent N.Y. district, Rep. Maloney's tough stance has alienated some voters
(By Philip Rucker, The Washington Post)

Afghans view police, judiciary as corrupt
About 28 percent of households in survey reported paying bribe
(By Ernesto Londoño, The Washington Post)

TONIGHT, HE DECIDES WHO PAYS THE KING'S RANSOM
Reality television: A sign of the times
(By Mike Wise, The Washington Post)


POLITICS
To save money, U.S. turns to 'front lines'
Federal workers with thoughts on how to save taxpayer dollars can start submitting their cost-conscious ideas Thursday as part of a contest backed by the White House.
(By Ed O'Keefe, The Washington Post)

Candidate banking on sympathy for Wall St.
In affluent N.Y. district, Rep. Maloney's tough stance has alienated some voters
(By Philip Rucker, The Washington Post)

U.S., Russia negotiating swap of spy suspects
10 would be freed after plea deal in exchange for release of defense researcher
(By Walter Pincus and Karen DeYoung, The Washington Post)

Ex-lawmaker pleads guilty to lobbying for terrorism-linked charity
(By R. Jeffrey Smith, The Washington Post)

3 other states weighing tough immigration bills
Despite lawsuit, Okla., S.C. and Utah may follow Arizona's lead
(By Michael W. Savage, The Washington Post)

More Politics


NATION
3 other states weighing tough immigration bills
Attention is focused on Arizona and the federal government's challenge to the state's strict new immigration law, but three other states could adopt similar legislation next year.
(By Michael W. Savage, The Washington Post)

Al-Qaeda operative led N.Y. subway plot, U.S. says
SAUDI AMERICAN IS CHARGED
Indictment points to ongoing efforts by group

(By Spencer S. Hsu, The Washington Post)

U.S., Russia negotiating swap of spy suspects
10 would be freed after plea deal in exchange for release of defense researcher
(By Walter Pincus and Karen DeYoung, The Washington Post)

The radically reflective Van Jones
(By Dana Milbank, The Washington Post)

The oil spill: The latest developments
(The Washington Post)

More Nation

WORLD
Cuba says it will free 52 dissidents
MEXICO CITY -- The Cuban government will free 52 political prisoners, Catholic officials in Havana said Wednesday, the largest release of captive dissidents in decades and a surprise gesture that could help thaw relations with the United States.
(By William Booth and Karen DeYoung, The Washington Post)

Still living like a queen, but pinching her pennies
As Britain braces for painful budget cuts, royal family looks to tighten its belt, too
(By Anthony Faiola, The Washington Post)

In Japanese campaigns, it's all over but the shouting
Prohibited by law from advertising on TV or using the Web, candidates take to streets with megaphones -- but many voters are covering their ears
(By Chico Harlan, The Washington Post)

U.S., Russia negotiating swap of spy suspects
10 would be freed after plea deal in exchange for release of defense researcher
(By Walter Pincus and Karen DeYoung, The Washington Post)

Nation Digest
(The Washington Post)

More World

METRO
Primetime Emmy nominations to be announced Thursday morning
This year's Primetime Emmy Awards nominees will be unveiled Thursday morning at the Television Academy's HQ in North Hollywood, in a made-for-TV (naturally) event focused on the glam categories: comedy, drama, movie, miniseries, reality series, all the lead acting categories and a couple others.
(The Washington Post)

Insurgents' bomb kills Virginia Beach native
Army staff sergeant, 30, serving in Afghanistan 'took his job seriously'
(By Stephanie Lee, The Washington Post)

Water needed in Rockville gushes onto Potomac road
(By Michael Laris, The Washington Post)

Water needed in Rockville gushes onto Potomac road
(By Michael Laris, The Washington Post)

Tolerance for heat reaches boiling point
Residents' nerves start to fry as D.C. area records 3rd day of oppressive temperatures
(By Michael E. Ruane, The Washington Post)

More Metro

BUSINESS
BP looks to foreign partners for investment
BP's chief executive Tony Hayward met with Abu Dhabi's crown prince Wednesday while BP's investment bankers worked to raise money without shedding any of the company's crown jewels.
(By Steven Mufson, The Washington Post)

Europe is top threat to global recovery
IMF scales back growth projections for the continent
(By Howard Schneider, The Washington Post)

Fed weighs steps to keep economic recovery afloat
European debt crisis, other issues raise risk of regression, officials fear
(By Neil Irwin, The Washington Post)

Haunted by their checkered financial histories
(The Washington Post)

Some at Arlington salon grow heated over 'tan tax'
Health-care law added 10 percent surcharge on indoor bronzing beds
(By N.C. Aizenman, The Washington Post)

More Business 

TECHNOLOGY
Crime Report
These were among incidents reported by Montgomery County police. For information, call 240-773-5030.
(The Washington Post)

Crime Report
(The Washington Post)

More Technology


SPORTS
Burnett finally wins again, Yankees sweep A's
OAKLAND, Calif. -- Mark Teixeira hit a three-run homer to help A.J. Burnett win for the first time in more than five weeks, and the New York Yankees completed a sweep of the Oakland Athletics with a 6-2 victory Wednesday night.
(By JANIE McCAULEY, AP)

Callaspo's three-run home run helps give Royals a win
(AP)

Celtics re-sign Ray Allen for two years, $20 million
(By JIMMY GOLEN, AP)

Monumental Sports merger leads to layoffs
(The Washington Post)

V. Williams feels the heat in Kastles debut
Grand Slam winner defeats record-setting temperatures, Hingis
(By Jorge Castillo, The Washington Post)

More Sports

STYLE
Organists hit town, pull out all the stops
The Washington National Cathedral was filled Monday night with a near-capacity crowd. You'd expect such a turnout for a state funeral. You might not expect it for a concert of two little-known 20th-century works: Samuel Barber's "Toccata Festiva" for organ and orchestra, and Paul Paray's Requiem for...
(By Anne Midgette, The Washington Post)

Click Track THE POST'S POP MUSIC BLOG
washingtonpost.com/clicktrack
(By David Malitz, The Washington Post)

CNN fires editor who posted pro-cleric tweet
(By David Bauder, The Washington Post)

Name shrinkage for National Public Radio
(The Washington Post)

A world of trouble and despair in 22nd-century Bangkok
(By Michael Dirda, The Washington Post)

More Style

LIVE DISCUSSIONS
Primetime Emmy Award Nominees -- The TV Column Live
Post TV Columnist Lisa de Moraes discusses the snubs, shoo-ins and closest calls from the 2010 Emmy Award nominations.
(Lisa de Moraes, washingtonpost.com)

Celebritology Live
(Jen Chaney, washingtonpost.com)

'Top Chef DC' -- Double elimination! Chat with the losing chefs from Episode 4 at 1:00 p.m.
(Top Chef, washingtonpost.com)

Got Plans?
(The Going Out Gurus, washingtonpost.com)

Carolyn Hax Live: Advice columnist tackles your problems
(Carolyn Hax, washingtonpost.com)

More Live Discussions


Middle East pivot
FOR MUCH of the past 15 months, President Obama sought to advance his goal of a Middle East peace settlement through public pressure on Israeli Prime Minister Binyamin Netanyahu. The results were mixed. Mr. Netanyahu made significant concessions to the White House, including announcing for the first...
(The Washington Post)

Tax truths
Summertime, and the driving is easy -- too easy.
(The Washington Post)

Failed experiments
Sometimes closing a poor-performing charter school is the right choice.
(The Washington Post)