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Jul 29, 2010

Autralia Business: ABC News.- Business rules out return of Kohinoor diamond. July 28th., 2010



UK rules out return of Kohinoor diamond
The jewel in Britain's actual crown will not be returning to India, Prime Minister David Cameron says, ruling out any repatriation of the famed Kohinoor diamond.

Flights delayed as fog shrouds major airports
Sydney Airport is warning passengers to expect some delays as flight patterns return to normal after disruptions caused by thick fog early this morning.

Free travel after public transport meltdown
Public transport is free across Melbourne today.

More Business Stories > 

FGC BOLSA - FGC FINANCIAL MARKETS.- MarketWatch- Industry - Financial Services





 INDUSTRY- FINANCIAL SERVICES



Mutual Funds Weekly: Gold bugs swatted as investors picnic on stocks
 
By MarketWatch


Is there still a case for gold? Yes, but only if you believe that governments will have to pump more stimulus into the global economy at the expense of national currencies. Read about this and more in this week's Mutual Funds and ETF stories. 

MarketWatch: Personal Finance Daily. Better stay healthy or you could pay at work July 29th., 2010


MarketWatch

Personal Finance Daily
JULY 29, 2010

Thursday's Personal Finance stories

By MarketWatch




Don't miss these top stories:
Almost half of large U.S. companies say they now use, or they plan to use, financial penalties against employees who don't participate in certain health programs, according to survey cited by MarketWatch contributor Marla Brill in her story today.

Maybe you've already heard of companies imposing penalties on smokers, but some are starting to do so with people who have high cholesterol or a high body-mass index.

On the one hand, it's easy to understand that employers, given that they shoulder so much of our health-care costs, want to find ways to reduce those expenses. On the other hand, it seems like a slippery slope. Is any person's health really all that straightforward and simple?

For instance, I exercise regularly - they say that's a good thing -- but I do so by biking on city streets, which is a riskier endeavor than using the exercise bicycle at the gym. Should I pay more because my risk of injury is higher? Or, what if someone has had severe asthma his entire life, and he does all he can to maintain his health? Should he face higher insurance premiums?

I guess there are no easy answers when it comes to health care.

-- Andrea Coombes , Personal Finance editor


More employers peg workers' insurance premiums to health

Employees have a new reason to drop the donuts and stop smoking before benefits enrollment season begins in a few weeks. As companies put the final touches on their health care plans for 2011, more of them say they are planning to penalize workers who decline to participate in disease management or lifestyle behavior programs, who smoke, or who do not take part in voluntary health screenings offered by an employer.
See story on more employers peg workers' insurance premiums to health.


REAL ESTATE

Fixed-rate mortgages drop for sixth week

Mortgage rates fell again this week, with fixed-rate mortgages inching down to hit a sixth straight record low, according to Freddie Mac's survey of conforming mortgage rates released Thursday.
See fixed-rate mortgages drop for sixth week.


SAVING & SPENDING

Weather forecasts help stores reel you in

Ever notice how the things you need most in sweltering heat -- a bottle of water, ice cream -- seem to be everywhere you turn? It's not by accident. Retailers keep close watch on the weather to market must-have-now items in hopes that you'll wander in and pick up other things up along the way.
See Jennifer Waters's Consumer Confidential.


INVESTING

Life settlements are DOA as an investment

Life settlements are not wildly popular investments. But they are wild investments. And to that end, federal regulators and lawmakers are fast at work trying to tame these slippery products, which promise a much higher return over more traditional conservative investments.
See Robert Powell's Your Portfolio.


Commentary: Gold down, but radical bugs aren't out

Gold is under the gun, but not for the first time. Amid general panic, the radical gold bugs remain confident.
See story on gold down, but radical bugs aren't out.


INSURANCE

Prudential, MetLife death benefits bring scrutiny

Prudential Financial and MetLife Inc. are facing investigations into how the life insurers pay death benefits to families of veterans and other federal employees.
See story on Prudential, MetLife death benefits bring scrutiny.


Death benefit controversy overdone: FBR analysts say

Life insurers are facing a barrage of investigations and criticism over the way the industry pays death benefits for veterans and other federal employees. But some analysts think it's a lot of fuss about nothing.
See story on death benefit controversy overdone, some say.


THE JOB MARKET

Weekly jobless claims fall 11,000 to 457,000

The number of people applying for initial state unemployment insurance benefits fell 11,000 to 457,000 in the week ended July 24, the Labor Department reported Thursday.
See story on weekly jobless claims fall.


CARS

Toyota recalls 412,000 cars for faulty steering

Toyota Motor Corp. said Thursday it would recall more than 400,000 Avalon and Lexus LX 470 vehicles in the U.S. because steering-shaft problems could lead to a loss of driver control and has already led to at least three crashes.
See story on Toyota recalls 412,000 cars for faulty steering.


ECONOMY & POLITICS

Commentary: What's behind the slowdown?

When the advance reading on second-quarter economic growth is released Friday, the consensus forecast is that real gross domestic product grew at an annual rate of 2.5%. If the number surprises on the upside, business investment may have a lot to do with it.
See story on what's behind the slowdown.


Citigroup to pay $75 million in SEC settlement

Citigroup Inc. agreed on Thursday to pay $75 million to settle a lawsuit brought by the Securities and Exchange Commission that the bank failed to disclose $40 billion in subprime exposure to investors.
See story on Citigroup to pay $75 million in SEC settlement.


Veteran House Democrat Rangel to face ethics trial

Congressional investigators on Thursday detailed 13 alleged ethics violations by longtime U.S. Rep. Charles Rangel of New York, setting up a potentially damaging House trial just weeks before the fall elections.
See story on Rangel to face ethics trial.


Political sparring heats up over energy bills

Lawmakers wrangled over dueling energy bills Thursday, with Democrats and Republicans trading rhetoric centering on oil-industry politics.
See story on political sparring heats up over energy bills.


Carly Fiorina's muddled legacy in Silicon Valley

If Carly Fiorina wins in November, California would be sending not just any technology businessperson to the U.S. Senate.
See story on Carly Fiorina's muddled legacy in Silicon Valley.


Meg Whitman submits her resume to California voters

As Meg Whitman was prepping her first political campaign, the former eBay Inc. chief executive was dismayed to learn that someone already had snatched up Internet domain names including "MegWhitman2010.com" and "Whitman2010.com."
See story on Meg Whitman submits her resume to California voters.


Gov. Schwarzenegger reinstates worker furloughs

Facing a $19.1 billion state deficit and with no budget in place, California Gov. Arnold Schwarzenegger reinstated furloughs for state workers in an executive order declaring a fiscal emergency Wednesday.
See story on California governor reinstates worker furloughs.

CNBC : Latest Stories.- Amgen Earnings Rise 7%, Outpace Street Forecasts . July 29th., 2010


LATEST STORIES



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

LATEST VIDEO

Barney Frank on FinReg, Taxes & More
Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, talks to CNBC.
» Watch Video

Reforming Home Buying
Discussing whether owning a home should be part of the American dream, with Rep. Paul Kanjorski, (D-CT).
» Watch Video

The Battle Begins: Who Will Host 2022 World Cup?
The battle to host the 2022 FIFA World Cup is in full throttle and Qatar is trying to bring the games to the Middle East for the first time ever. CNBC's Chloe Cho speaks to Hassan Al Thawadi, CEO of the Qatar 2022 Bid Committee, about what his country has to offer.
» Watch Video

Rupiah to Appreciate Against Dollar
The Indonesian rupiah has been one of the best performing Asian currency this year. Olivier Desbarres, director of FX strategy at Credit Suisse shares his outlook for the rupiah with CNBC's Oriel Morrison.
» Watch Video

 


NYT : Afternoon Business Update.- July 29th., 2010


BUSINESS:


Citigroup Pays $75 Million to Settle Subprime Claims

By ERIC DASH and LOUISE STORY
Besides the bank, two executives were singled out for not disclosing information about mortgage investments.

As Europe Seeks to Ban Food Made From Clones, Some Makes Its Way to Market

By JAMES KANTER
Despite public opposition, some livestock producers in Europe are showing great interest in technologies that are already relatively common in the United States.

U.S. Markets Struggle as Traders Await G.D.P. Report

By SUSANNA G. KIM
Trading continued to be erratic amid lackluster economic reports and mixed earnings forecasts.
Wheels Blog

400,000 Vehicles in Toyota Recall

By CHRISTOPHER JENSEN
Among the Toyota recalls are 373,000 2000-4 Avalon models for a steering problem that could cause a crash, and 39,000 2003-7 Lexus LX 470 S.U.V.'s for a steering defect.

Britain Plans to Scrap Mandatory Retirement Age in 2011

By JULIA WERDIGIER
The government says it wants to give people the chance to work beyond 65. But business leaders warned that a sudden change would create serious problems.

RTTNews: Evening Market Wrap.- Stocks Post Moderate Losses Amid Mixed Indicators - U.S. Commentary. JUuly 29th., 2010

Evening Market Wrap Thu Jul 29 17:01 2010 

Commentary

Jul 29, 2010 Stocks Post Moderate Losses Amid Mixed Indicators - U.S. Commentary Stocks ended moderately lower on Thursday, as mixed indications from the Federal Reserve, the labor market and the earnings front prompted some selling in the equity markets. With the declines, the major averages pulled back further off their recent highs. Full Article

Economic News

Jul 29, 2010 Weekly Jobless Claims Show Modest Drop But Remain Elevated After releasing a report last week showing a notable increase in first-time claims for unemployment benefits, the Labor Department released a report Thursday morning showing a modest decrease in initial jobless claims in the week ended July 24th. The report showed that jobless claims dropped to 457,000 from the previous week's revised figure of 468,000. Economists had been expecting jobless claims to edge down to 460,000 from the 464,000 originally reported for the previous week. Full Article
Jul 29, 2010 Bullard: Fed Policy Putting U.S. At Risk For Japanese-Style Deflation St. Louis Federal Reserve President James Bullard said Thursday that the Fed's current policies are putting the U.S. at risk for "a Japanese-style deflationary outcome within the next several years." Bullard said Thursday that the Fed should consider expanding "quantitative easing" and buying more Treasury securities, rather than promising to keep interest rates low for an "extended period." Full Article

Earnings News

Jul 29, 2010 Colgate-Palmolive Q2 Profit Tops Estimates - Update Colgate-Palmolive Co. (CL) reported Thursday a higher profit for its second quarter, helped by increased sales and volumes, despite negative foreign exchange. Quarterly earnings per share topped the market projections by a penny. For the full year, the consumer products company now expects the Venezuelan currency devaluation to have a higher negative impact on earnings than projected. However, it did not alter its double-digit growth guidance for full-year adjusted earnings. Full Article
Jul 29, 2010 Southwest Airlines Q2 Profit Rises On Robust Travel Demand - Update Low-cost airline Southwest Airlines Co. (LUV) Thursday reported higher profit for the second quarter, as revenues grew about 21% from last year on strong consumer travel demand. Adjusted earnings met Wall Street consensus estimate. The company's second-quarter net income improved to $112 million or $0.15 per share from $91 million or $0.12 per share reported last year. Full Article
Jul 29, 2010 Motorola Q2 Profit Rises; Guides Q3 Profit In Line - Update Mobile phone maker Motorola, Inc. (MOT) reported Thursday that profit for the second quarter climbed from last year, reflecting strong sales of smartphones. The company shipped 8.3 million handsets, including 2.7 million smartphones that operate on Google Inc.'s Android software and compete with Apple's system. Full Article

Forex Top Story

Jul 29, 2010 Dollar Hits Fresh Multi-Month Lows Versus Euro, Sterling The dollar fell further versus the euro and sterling on Thursday as data continued to suggest the economic picture across the Atlantic is brighter than once feared. Meanwhile, the pace of the US recovery appears to have slowed, generating a divergence of opinion within the Federal Reserve. Full Article
Jul 29, 2010 Fed's Fisher: Regulatory Uncertainty Hurting Economy Dallas Federal Reserve President Richard Fisher said Thursday that regulatory uncertainty is hindering the nation's economic recovery. Speaking in San Antonio, Fisher said that such uncertainty will also make any further monetary accommodation from the Fed ineffective. "No amount of further monetary policy accommodation can offset the retarding effect of heightened uncertainty over the fiscal and regulatory direction of the country," Fisher said in prepared remarks. Full Article

Political News

Jul 29, 2010 Obama Touts Education Reform As Essential To EconomyPresident Barack Obama Thursday emphasized the importance of education as a way to build the national economy. Speaking at the National Urban League Centennial Conference, Obama said that education, like health care and the other major initiatives he has advanced, is a central economic issue for the nation's future. Full Article
Jul 29, 2010 House Approves $708 Million In Border Security Spending After the Senate declined to include money for border security in the war funding bill that was passed earlier this week, the House voted late Wednesday to pass a separate bill to spend $701 million in emergency funds to secure the border. The bill, which passed the House by voice vote, includes funding for hiring 1,200 additional Border Patrol agents and 500 more Customs and Border Protection officers along with money to improve border surveillance and beef up anti-smuggling investigations. Full Article
Jul 29, 2010 Republicans Block Bill To Increase Small Business LendingSenate Republicans blocked a bill to increase lending to small businesses on Thursday, with the vote raising concerns about whether the Senate will be able to pass the bill before the August recess. The Senate voted 58 to 42 to end debate on the bill, falling short of the 60 votes needed. All 41 Republicans voted against the motion, and Senate Majority Leader Harry Reid, D-Nev., switched his vote in order to call up the bill again at a later time. Full Article

Money Morning.- How to pick Stocks in the New Normal Economy


July 29, 2010
How the Iranian Sanctions Will Increase the Price of Oil
By Dr. Kent Moors, Editor, The Oil & Energy Investor

I have spent the past six weeks immersed in the BP disaster... advising oil clients, Wall Street analysts, investment managers, and the occasional government official.

But one thing you learn in this business is that the target shifts. No sooner does the BP situation calm down, than another of my specialty areas blows up.

And what is happening there is certain to increase the price of crude oil... Full Story.




How to Pick Stocks in the 'New Normal' Economy

[Editor's Note: Capital Wave Forecast Editor Shah Gilani brought the two news anchors on Fox Business up out of their chairs with his "gutsy call" during a morning appearance on their show this week. Watch this video clip to see what prompted this response from the TV commentators and find out what stocks Gilani is recommending now.]

By Shah Gilani, Contributing Editor, Money Morning


In today's potentially ultra-slow-growth "New Normal" economy, old stock market multiples do not apply.

In fact, investors who rely on long-held rules about Price/Earnings (P/E) ratios when they buy and sell stocks are risking a pretty big "haircut:" They may be overvaluing some of their stocks - and the stock market in general - by 17% to 20%.

Let's take a closer look...

To understand how to value stocks in the "New Normal" economy, please read on...
Gilani on...
--
The Seven Golden Rules That Will Keep You Safe in Today's 'New Normal' Markets
--
High-Yield Hangover: Cash Pouring Into Junk-Bond Funds May Signal Stormy Seas For Stocks



This Infallible Technology Is Minting Millionaires
Keith Fitz-Gerald has harnessed fractal mathematics and the space-age technology inside the B-2 "stealth" bomber to... mint millionaires. One reader wrote to say that he made $405,000 in one year... while another said he’d made in excess of $1.5 million following Keith’s recommendations. Learn more about this technology here...

History Gives a Reason to Be Hopeful about U.S. Stocks

By Jon D. Markman, Contributing Writer, Money Morning


Volatility has hamstrung U.S. stocks recently, but history suggests there's a reason for hope on the horizon.

The past week and a half has been a welcome reprieve from the extreme volatility we've seen over the past few months. There have been no fewer than 19 days this year in which up or down volume has accounted for more than 90% of total volume.

The rapid up-and-down, all-or-nothing nature of the stock market has confounded even the most talented, highly paid and well informed traders. The hedge fund industry as a whole has been caught flat-footed - posting losses in each of the last two months.

Read full story...




World's Largest Steelmaker Warns of Slowing Economic Recovery

By Don Miller, Associate Editor, Money Morning


Lakshmi Mittal, the chairman of ArcelorMittal (NYSE ADR: MT), the world's largest steel company, yesterday (Wednesday) issued a warning about the slowing pace of the global economic recovery and lowered his company's third-quarter forecast.

ArcelorMittal posted a 146% rise in net profits in the second quarter compared with the same period last year as demand recovered. However, the company warned third quarter results would slump by as much as 30% - hit by a seasonal dip in demand during the European summer, slower growth in China, and higher costs for iron ore.

"The improved performance in the second quarter is in line with our expectations and reflects the continued slow and progressive recovery," Mittal told The Wall Street Journal. "The challenge for the second half of the year will be to pass on the full extent of cost increases to our customers."

Read full story...

RTTNews : Daily Stocks to Watch.- Newport' strong quarter, outlook . July 29th., 2010

Daily Stocks to Watch Thu Jul 29 09:03 2010 

Stocks To Watch

Jul 29, 2010 Newport' strong quarter, outlook Newport Corp. (NEWP) swung to a profit in the second quarter, thanks to a 30.9% rise in sales, and guided fiscal 2010 key metrics above Street estimates. Full Article
Jul 29, 2010 Introducing RTT Growth & Value StocksThe Growth & Value Stocks service is designed with a disciplined approach of extensive fundamental analysis to cater swing traders and investors. The service identifies growth stocks that are generally overlooked and value stocks that are usually undervalued by the market. The growth and value stocks we select have significantly outperformed the broader market indices. Full Article

RRTNews: Morning Market Briefing.- Jul 29, 2010 Stocks May See Early Strength Following Drop In Jobless Claims - U.S. Commentary. July 29th., 2010

Morning Market Briefing Thu Jul 29 09:02 2010 

Commentary

Jul 29, 2010 Stocks May See Early Strength Following Drop In Jobless Claims - U.S. Commentary Stocks are poised for a moderately higher open on Thursday, as traders are looking to a sharper than forecast drop in jobless claims and some positive quarterly earnings news. The major index futures are all in positive territory, with the Dow futures up by 56 points. Full Article

Economic News

Jul 29, 2010 Japan Retail Sales Rise In JuneRetail sales in Japan climbed 3.2 percent on year in June, the Ministry of Economy, Trade and Industry said on Thursday in a preliminary report, standing at 11.004 trillion yen. Full Article
Jul 29, 2010 RBNZ Hikes OCR To 3.0%, Cites Inflation RiskThe Reserve Bank of New Zealand hiked its Official Cash Rate by 25 basis points to 3.00 percent, on Thursday. Full Article
Jul 29, 2010 Weekly Jobless Claims Dip To 457,000 After releasing a report last week showing a notable increase in first-time claims for unemployment benefits, the Labor Department released a report Thursday morning showing a modest decrease in initial jobless claims in the week ended July 24th. Full Article
Jul 29, 2010 German Unemployment Drops Further In JulyThe number of unemployed in Germany dropped for the thirteenth consecutive month in July, as improved economic conditions boost the country's labor market. Full Article
Jul 29, 2010 Eurozone July Economic Sentiment Hits 28-Month High, Tops Expectations Eurozone economic sentiment rose to a 28-month high in July, driven by strong performance in Germany. Full Article
Jul 29, 2010 U.K. House Prices Drop For First Time In 5 Months: Nationwide British house prices dropped in July for the first time since February as tight credit conditions and uncertainty over the future economic situation restricted potential home buyers from entering the market. Full Article
Jul 29, 2010 N.Z. Trade Surplus Falls To NZ$276 Million New Zealand recorded a smaller trade surplus for June compared to May, official data showed on Thursday. The decline came mainly due to a fall in export value and a small rise in imports. Full Article

Earnings News

Jul 29, 2010 Visa Q3 profit declines 2%; backs FY10, FY11 EPS viewWednesday, Visa Inc. (V) reported a 2% decline in its third-quarter profit, despite double-digit growth across all revenue categories, mainly attributable to a drop in investment income. Looking ahead, the company reiterated its earnings guidance for fiscal years 2010 and 2011. Full Article
Jul 29, 2010 Covidien Q3 profit up 30%, beats estimateThursday, Covidien plc (COV) said its third-quarter profit rose 29.5%, as sales grew 2% from last year. Adjusted earnings came in above the Street view, but revenue fell short of expectations. Further, the company noted that gross margin improved 120 basis points to 55.6%, reflecting positive mix in the Medical Devices segment, benefits from restructuring program, as well as favorable foreign exchange. The company also revealed that it plans to sell its specialty chemicals business by end of the fiscal year. Full Article
Jul 29, 2010 Sanofi-Aventis Q2 profit up 61%; backs FY10 earnings viewWednesday, Sanofi-aventis (SNY) reported a 61.2% jump in profit for the second quarter, as the company cut prices in Europe amid continued competition from generics. Sales for the quarter grew 4.6% from the past year. Looking ahead, the company also maintained its fiscal 2010 earnings growth guidance. Full Article
Jul 29, 2010 Goldcorp turns to profit in Q2Wednesday, Goldcorp, Inc. (GG) said it returned to profit in the second quarter, helped by both higher gold prices and volumes of business. Adjusted earnings nearly doubled, yet came in below the Street view by a penny. Revenues for the quarter grew 34%, but fell short of the consensus estimate. Further, the company reiterated its gold production and cash costs for the second half of the year. Full Article
Jul 29, 2010 Express Scripts Q2 profit surges; raises low end of FY10 EPS viewWednesday, Express Scripts Inc. (ESRX) reported a 50.7% rise in its profit for the second quarter, reflecting more than a two-folds growth in revenues. Earnings came in above the Street view by a penny, but revenues fell short of estimates. Looking ahead, the company lifted the low end of its earlier earnings outlook for fiscal 2010. Full Article
Jul 29, 2010 Symantec Q1 profit more than doubles; guides Q2 earnings below StreetWednesday, Symantec Corp. (SYMC) said its first-quarter profit climbed over two-folds, although revenue was more or less flat from last year, helped in part by the absence of a tax provision that hurt year-ago results. Looking ahead, Symantec said it expects second quarter profit to come in below the current estimate of analysts. Full Article
Jul 29, 2010 AstraZeneca Q2 profits up 22%, beats estimate; lifts FY10 EPS view above StreetThursday, AstraZeneca PLC (AZN) posted a 22% rise in profit for the second quarter, as revenue grew 2.7% from last year on strong sales in emerging markets that offset weaker performance in the U.S. Core earnings came in well above the Street view. Upbeat on the results, the company boosted its full-year earnings guidance to a range above the current estimate of analysts. Further, AstraZenaca also revealed that the FDA committee approved its blood thinning drug Brilinta. Full Article
Jul 29, 2010 Banco Santander Q2 profit declines over 7%Thursday, Banco Santander S.A. (STD) reported over a 7% slide in profit for the second quarter, hurt by weakness in home markets and European operations. The company continues to expect a full-year profit in line with year-ago results. Full Article
Jul 29, 2010 Sony turns to profit in Q1; lifts FY11 viewThursday, Sony Corp. (SNE) said it swung back to profit in the first quarter, on higher sales of televisions and personal computers. Sales for the quarter grew 3.8% from the past year. Looking ahead, the company also lifted its fiscal-year earnings outlook, while reiterating its revenue guidance. Full Article
Jul 29, 2010 BT Q1 profit up 33% on lower costsThursday, BT Group plc (BT) reported a 32.7% rise in profit for the first quarter, despite a 4% decline in revenues, helped by lower costs. Adjusted profit climbed 14.6% year-over-year. Looking ahead, the company maintained its outlook for the full year. Full Article
Jul 29, 2010 Automatic Data Processing Q4 profit down 41%Thursday, Automatic Data Processing, Inc. (ADP) posted a 41.2% drop in its fourth-quarter profit, although revenue grew 4.3% from last year. Looking ahead, the company said it expects both earnings and revenue to grow 1% - 3% in fiscal 2011. Full Article
Jul 29, 2010 Royal Dutch Shell Q2 profit up 15% on higher productionThursday, Royal Dutch Shell PLC (RDS-A) said its second quarter profit rose 15%, despite hefty tax payment, helped by higher production, and a decline in costs. Revenue grew 41.8%, as total oil and gas production in the quarter went up 5%. Further, the company said it expects to sell $7 billion to $8 billion worth assets through 2011. Full Article
Jul 29, 2010 Potash Corp. Q2 profit rises sharply; lifts FY10 EPS viewThursday, Potash Corporation of Saskatchewan Inc. (POT) reported more than a 150% rise in second-quarter profit, attributable to continuing recovery in fertilizer demand and a special dividend from its investment in Israel Chemicals Ltd. Sales for the period grew 68.2% from last year. Looking ahead, the company provided earnings guidance for the third quarter and also boosted its outlook for the full year. Full Article
Jul 29, 2010 Colgate-Palmolive Q2 profit up 7%Thursday, Colgate-Palmolive Co. (CL) reported about a 7% rise in profit for the second quarter, as sales grew nearly 2% from the past year. Earnings per share came a penny above the Street view, while revenue fell short of expectations. Looking ahead, the company said it still expects to report a double-digit earnings per share growth for 2010. Full Article
Jul 29, 2010 Motorola Q2 profit rises; guides Q3 EPSThursday, Motorola Inc. (MOT) said its second-quarter profit increased sharply, despite a 1.5% dip in revenue. The company also provided earnings outlook range for the third quarter, with the current estimate of analysts at low end of the range. Full Article
Jul 29, 2010 Celgene Q2 profit up 8.7%, beats estimate; guides Q3Thursday, Celgene Corp. (CELG) said its second-quarter profit climbed 8.7%, as revenue climbed 35.6% year-over-year. Both adjusted earnings, which rose 50%, and revenue came in above the Street view. The results of the latest quarter were hurt by hefty acquisition related charges as well as higher costs. Looking ahead, the company provided earnings and revenue guidance for the full year. Full Article
Jul 29, 2010 Exxon Mobil Q2 profit jumps over 90%Thursday, Exxon Mobil Corp. (XOM) reported over a 90% rise in its profit for the second quarter, helped by higher oil prices and improved refining margins. Revenue for the quarter grew 24.2%, as oil and gas production went up 8% year-over-year. Full Article
Jul 29, 2010 Thomson-Reuters Q2 profit down 8.6%Thursday, Thomson Reuters Corp. (TRI) reported an 8.6% fall in its second-quarter profit, as revenue from ongoing businesses slid 2% year-over-year. Underlying operating profit dropped 17%. Looking ahead, the company still expects 2010 revenue to be flat to slightly down from 2009. Thomson Reuters also said it expects to record sales growth in the third quarter. Full Article
Jul 29, 2010 Barrick Gold Q2 profit up 59%; lifts dividend by 20%Thursday, Barrick Gold Corp. (ABX) said its second-quarter profit jumped 59.1%, as revenue grew 34.4% from the previous year on higher gold prices. Both adjusted earnings and revenue came in above the Street view. Further, the company hiked quarterly dividend payments by 20%. Full Article

Broker Ratings Changes

Jul 29, 2010 FBR Capital Markets Cuts Advanced Micro Devices Inc. (AMD) To Market Perform From Outperform With $11 Down From $14 Price Target
Jul 29, 2010 FBR Capital Markets Lowers NVIDIA Corp. (NVDA) To Market Perform From Outperform With $10 Down From $18 Price Target
Jul 29, 2010 FBR Capital Markets Lowers Symantec Corp (SYMC) To Market Perform From Outperform With $15 Down From $20 Price Target

Todays WS Events

Jul 29, 2010 McAfee Q2 10 Earnings Conference Call At 4:30 PM ET McAfee, Inc. (MFE) will host a conference call at 4:30 PM ET, to discuss Q2 10 earnings results, on July 29, 2010. To access the live webcast, log on at http://investor.mcafee.com To hear the live call, dial 1-800-809-7467 (US) or 1-706-679-4671 (International) with passcode 45021797. A replay of the call can be heard by dialing 1-800-642-1687 (US) or 1-706-645-9291 (International).
Jul 29, 2010 KLA-Tencor Q4 10 Earnings Conference Call At 5:00 PM ET KLA-Tencor Corporation (KLAC) will host a conference call at 5:00 PM ET July 29, 2010, to review its Q4 10 operating results. To access the live webcast, log on at http://ir.kla-tencor.com
Jul 29, 2010 Motorola Q2 10 Earnings Conference Call At 8:00 AM ET Motorola, Inc. (MOT) will host a conference call at 8:00 AM ET July 29, 2010, to discuss its Q2 10 financial results. To access the live webcast, log on at www.motorola.com/investor
Jul 29, 2010 Automatic Data Processing Q4 10 Earnings Conference Call At 8:30 AM ET Automatic Data Processing, Inc. (ADP) will host a conference call at 8:30 AM ET, to discuss Q4 10 earnings results, on July 29, 2010. To access the live webcast, log on at www.adp.com
Jul 29, 2010 Waste Management Q2 10 Earnings Conference Call At 10:00 AM ET Waste Management, Inc. (WM) will host a conference call at 10:00 AM ET, to discuss Q2 10 earnings results, on July 29, 2010. To access the live webcast, log on at www.wm.com To hear the live call, dial (877) 710-6139 (US) or (706) 643-7398 (International) with passcode 81116607. A replay of the call can be heard by dialing 800-642-1687 or 706-645-9291 with pass code 81116607.
Jul 29, 2010 Microsoft 2010 Analyst Meeting At 11:00 AM ET Microsoft Corp (MSFT) will host its 2010 financial Analyst Meeting. The event is scheduled to begin at 11:00 AM ET, July 29, 2010. To access the live webcast, log on at www.microsoft.com/msft
Jul 29, 2010 Colgate-Palmolive Q2 10 Earnings Conference Call At 11:00 AM ET Colgate-Palmolive Co. (CL) CEO, Ian Cook, will host a conference call at 11:00 AM ET, July 29, 2010, to discuss its Q2 10 earnings results. To access the live webcast, log on at www.colgate.com
Jul 29, 2010 Exxon Mobil Q2 10 Earnings Conference Call At 11:00 AM ET Exxon Mobil Corp (XOM) will host a conference call at 11:00 AM ET July 29, 2010, to discuss its Q2 10 earnings performance. To access the webcast, log on to http://ir.exxonmobil.com/phoenix.zhtml?p=irol-eventDetails&c=115024&eventID=3208290 The call can also be accessed by 877-208-2391 with code 6416482.
Jul 29, 2010 Moody`s Q2 10 Earnings Conference Call At 11:30 AM ET Moody's Corporation (MCO) will host a conference call at 11:30 AM ET July 29, 2010, to discuss its Q2 10 financial results. To access the live webcast, log on at http://ir.moodys.com To participate a call, dial 1-800-289-0722 (US/Canada) or +1-913-905-3198; passcode for the call is "Moody''s Corporation." For replay, dial 888-203-1112 (US/Canada) or +1-719-457-0820; confirmation code is 4966904.

General News

Jul 29, 2010 Russian President Approves Law Expanding Federal Security Service Powers Russian President Dmitry Medvedev has approved amendments expanding the powers of the country's secret services. The law, aimed at helping the fight against terror and extremist tendencies, allows the Federal Security Service (FSB) to issue official warnings within 10 days after obtaining information that suggests a person may be about to commit a crime, the Kremlin's press service said on Thursday. Full Article

FOX BUSINESS : Keeping SECrest From U.S.. July 29th., 2010


SEC Seal 276
Keeping SECrets From UsEXCLUSIVE Under a little-noticed provision of the financial reform law, the SEC no longer has to comply with virtually all requests for information releases from the public. | WATCH
THE MOST POWERFUL NAME IN BUSINESS NEWS

China Urges Change in U.S. Policy

Is the World Broke? The U.S. should alter policy to take account of China's role in the global stage.

Weekly Jobless Claims Dip 11K

The number of initial claims for state unemployment benefits dropped to 457,000.

Futures Indicate Green Open

Futures stayed in green territory after earnings from ExxonMobil and jobless claims data.

Exxon Profit Up 85%

The oil giant reported a quarterly profit $7.56 billion or $1.60 per share, but revenue fell short.| WATCH

Foreclosures Still Dragging on Market

A new report shows foreclosures rose in 3 of every four large U.S. metro areas in this year's first half.

More Recall Woes for Toyota

The said it would recall 412,000 high-end passenger cars in the U.S. to fix steering problems.

WSJ: China Real Time Report : Criticism of Chinese Savings Mocked as ‘Fanciful Logic’. . July 29th., 2010

THE WALL STREET JOURNAL:

Note to Japan: China Tourists Want to Soak

Criticism of Chinese Savings Mocked as ‘Fanciful Logic’


Zhang Jianhua, head of the People’s Bank of China research bureau, forcefully rejected the notion that China’s high savings rate was a cause of the financial crisis in the U.S. and other western countries, dismissing it as “fanciful logic” and using an idiom that can be translated as “taking the incidental as the fundamental.”

Bloomberg News
Zhang made the comments in an interview published Thursday by the People’s Daily, the official Communist Party mouthpiece. Zhang’s interviewer summarized the case made by many western critics that China’s excess savings replaced savings in western countries and drove down interest rates, thus encouraging excess consumption, risky investments, and the formation of asset bubbles. (See, for instance, Alan Greenspan’s argument that global excess savings pushed down long-term interest rates, inflating the housing bubble.)
“There is no necessary connection between China’s high savings rate and America’s low savings rate,” Zhang said in the paper. “America’s high-consumption habit was formed well before the rise in China’s savings rate.”
The fundamental causes of America’s low savings rate are certain structural problems in its economy, some economic policy “mistakes,” and a general “excess optimism,” Zhang said. And that is to say nothing of the “structural malpractice” of some European countries such as Greece, with declining competitiveness, excessively high benefits, and lax fiscal discipline.
Zhang acknowledged that China’s surplus savings supplanted savings in western countries and helped sustain economic growth over the past decade. But he said that western countries failed to take advantage of the influx of foreign savings to make necessary structural adjustments. “Rather they used the borrowed money to strengthen their existing growth pattern, continuing with excess consumption, excess public spending, and blowing large asset bubbles.”
For western countries to now turn around and ask, “Why did China loan us this money,” that’s just searching for an excuse to find someone guilty, Zhang concluded.
– Aaron Back

The Washington Post : Today's Highlights


TODAY'S HIGHLIGHTS

Plan would ease FBI's access to e-mail data
The Obama administration is seeking to make it easier for the FBI to compel companies to turn over records of an individual's Internet activity without a court order if agents deem the information relevant to a terrorism or intelligence investigation.
(By Ellen Nakashima, The Washington Post)

In Taliban hotbed, any ally will do
Local strongman is U.S. troops' most reliable friend in Kandahar province
(By Karin Brulliard, The Washington Post)

Missing oil in gulf: A good sign or bad?
Less visible on surface, it could be underwater or eaten up by microbes
(By David A. Fahrenthold and Leslie Tamura, The Washington Post)

Poll shows opposition to health care overhaul declining
(By David S. Hilzenrath, The Washington Post)

Recovery nearing a fork in the road
CAN MOMENTUM TAKE HOLD?
Economy at crucial point ahead of GDP reading

(By Neil Irwin, The Washington Post)

POLITICS
Plan would ease FBI's access to e-mail data
The Obama administration is seeking to make it easier for the FBI to compel companies to turn over records of an individual's Internet activity without a court order if agents deem the information relevant to a terrorism or intelligence investigation.
(By Ellen Nakashima, The Washington Post)

Charlie Rangel, falling with grace
(By Dana Milbank, The Washington Post)

Appealing to the masses, but keeping an eye on a few deep pockets
Obama's events highlight balancing act of midterm campaign
(By Michael D. Shear, The Washington Post)

Primaries' ad season appears primed to hit new lows, analyst says
Contested elections, vulnerable incumbents heighten negativity
(By Shailagh Murray, The Washington Post)

Congress passes bill to reduce disparity in crack, powder cocaine sentencing
(By Jim Abrams, The Washington Post)

More Politics


NATION
Missing oil in gulf: A good sign or bad?
Was Tony Hayward right, after all? Back in May, BP's chief executive told a British newspaper that "the Gulf of Mexico is a very big ocean," and the vast amounts of oil and chemical dispersants dumped into it were small by comparison. After he said that, BP's well leaked for two more months....
(By David A. Fahrenthold and Leslie Tamura, The Washington Post)

Poll shows opposition to health care overhaul declining
(By David S. Hilzenrath, The Washington Post)

In studies, mouth-to-mouth gets the kiss-off
Chest compressions alone found to yield similar survival rates
(By David Brown, The Washington Post)

Rage, panic in AIDS fight
Activists fear a lack of funding will force people to be turned away from help and accuse the U.S. of reneging on pledges
(By David Brown, The Washington Post)

Post Tech Cecilia Kang
Excerpt from voices.washingtonpost.com/posttech
(The Washington Post)

More Nation

WORLD
Rage, panic in AIDS fight
Ten years ago, many experts thought you couldn't bring antiretroviral therapy to people with AIDS in poor countries. The drugs cost too much, there weren't enough doctors, the patients wouldn't take the medicines correctly, and the risk of creating a resistant virus was too high.
(By David Brown, The Washington Post)

All 152 aboard Airbus killed in crash outside Islamabad
TWO AMERICANS AMONG THE DEAD Weather in Pakistani capital cited as possible cause
(By Shaiq Hussain, The Washington Post)

In Taliban hotbed, any ally will do
Local strongman is U.S. troops' most reliable friend in Kandahar province
(By Karin Brulliard, The Washington Post)

For Petraeus, rooting out Afghan corruption is a priority
(By Joshua Partlow, The Washington Post)

Afghanistan war deaths
(The Washington Post)

More World

METRO
Law's foes applaud ruling, but both sides remain in battle mode
In Arizona on Wednesday, police chiefs shifted plans, activists recalibrated and public tensions were generally elevated, rather than calmed, after a federal judge blocked key parts of the state's controversial immigration law from taking effect.
(By Stephanie McCrummen, The Washington Post)

LOTTERIES
July 28
(The Washington Post)

Peace of mind restored to Md. family
Outage complicated life of woman with breathing problems
(By Stephanie Lee, The Washington Post)

What was for FDR's eyes only is now for yours
Archives' acquisition of papers long hidden, including mistress's last letter, thrills historians
(By Michael E. Ruane, The Washington Post)

Metro simply has to get serious about safety
(By Robert McCartney, The Washington Post)

More Metro


BUSINESS
Ex-Enron chief seeking bail
Former Enron executive Jeffrey Skilling is seeking to be released from prison on bail while an appeals court reconsiders convictions questioned by the Supreme Court.
(By Bloomberg News, The Washington Post)

Post Tech Cecilia Kang
Excerpt from voices.washingtonpost.com/posttech
(The Washington Post)

Plan would ease FBI's access to e-mail data
Administration wants more records available without court order
(By Ellen Nakashima, The Washington Post)

Missing oil in gulf: A good sign or bad?
Less visible on surface, it could be underwater or eaten up by microbes
(By David A. Fahrenthold and Leslie Tamura, The Washington Post)

Recovery nearing a fork in the road
CAN MOMENTUM TAKE HOLD?
Economy at crucial point ahead of GDP reading

(By Neil Irwin, The Washington Post)

More Business 

TECHNOLOGY
Post Tech Cecilia Kang
Rep. John D. Dingell (D-Mich.) said Wednesday that the chairman of the Federal Communications Commission should drop his push to re-regulate broadband lines.
(The Washington Post)

Plan would ease FBI's access to e-mail data
Administration wants more records available without court order
(By Ellen Nakashima, The Washington Post)

Teacher held in abuse case facing federal porn charges
(By Josh White, The Washington Post)

Crime Report
(The Washington Post)

Crime Report
(The Washington Post)

More Technology


SPORTS
San Diego finally beats Los Angeles at Petco Park
SAN DIEGO -- Jerry Hairston Jr. drove in three runs and five San Diego pitchers retired the final 19 batters, leading the NL West-leading Padres to a 6-1 win over the rival Los Angeles Dodgers on Wednesday night.
(By BERNIE WILSON, AP)

Bryan brothers win in bid for record 62nd title
(By BETH HARRIS, AP)

Pittsburgh hands Colorado eighth straight loss
Pirates 6, Rockies 2
(AP)

O's waste Guthrie's outstanding game
With 5-0 defeat, Baltimore stays winless against Toronto in 2010
(By Jeff Zrebiec, The Washington Post)

Stars align for Man. United
More than 70,000 watch English team beat best of MLS
(By Associated Press, The Washington Post)

More Sports

STYLE
Voices of the Beat generation, on the road and over the top
JACK KEROUAC AND ALLEN GINSBERG The Letters Edited by Bill Morgan and David Stanford
(By Michael Dirda, The Washington Post)

ABC resignation gives Summer TV Press Tour a zany start
(By Lisa de Moraes, The Washington Post)

Condo-Retha!
Political and pop culture figures show each other a little R-E-S-P-E-C-T
(By Anne Midgette, The Washington Post)

Jay-Z parody hits right notes
(Associated Press, The Washington Post)

Abused husband needs to act despite wife's threats
(By Carolyn Hax, The Washington Post)

More Style


LIVE DISCUSSIONS
'Top Chef DC' -- Chat with the losing chef from Episode 7 at 2:00 p.m.
Chat with the losing chef from the latest episode of Top Chef DC.
(Top Chef, washingtonpost.com)

Celebritology Live
(Jen Chaney, washingtonpost.com)

'Top Chef DC' analysis -- Live video discussion at 1:30 p.m.
(Joe Yonan,Bonnie Benwick, BudgetTravelOnline.com)

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

Home Front: Design ideas from Jura Koncius and Terri Sapienza with interior designer Sheila Bridges
(Jura Koncius,Terri Sapienza,Sheila Bridges, washingtonpost.com)

More Live Discussions



Restraining Arizona
THE DECISION by U.S. District Judge Susan R. Bolton to block the enforcement of several provisions of a controversial Arizona immigration law is a good first step toward reversing a discriminatory measure that should never have been adopted.
(The Washington Post)

A better deal on drug prices
A Senate panel can end the 'pay for delay' tactics on generics.
(The Washington Post)

When two-thirds won't do
The D.C. Council should act swiftly on pending Board of Elections vacancies.
(The Washington Post)