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Sep 16, 2010

The Economist: Politics this week: 11th - 17th September 2010

Politics this week
Sep 16th 2010
From The Economist print edition

In one of the biggest upsets in America’s primary-election season, Christine O’Donnell, a Republican running for senator in Delaware and supported by the tea-party movement, beat Mike Castle, the party establishment’s choice and a popular politician in the state. Ms O’Donnell’s victory in the primary could benefit the Democrats in November’s election. In Washington, DC, the sitting mayor, Adrian Fenty, lost to Vincent Gray, chairman of the city council. See article
Barack Obama named Austan Goolsbee as head of his Council of Economic Advisers, after the resignation of Christina Romer. Mr Goolsbee is one of the chief architects of the Obama administration’s economic policy. See article
Jerry Brown, the Democratic candidate for governor of California, apologised for remarks he had made about Bill Clinton. Mr Brown, long a foe of the Clintons, explained his record of not raising taxes in a previous stint as governor by way of an oblique reference to the Monica Lewinsky affair: “I did not have taxes with this state.” Mr Clinton endorsed him nonetheless.

Viviane Reding, the EU justice commissioner, used unusually harsh language to criticise France’s expulsion of Roma migrants and said the European Commission would begin legal action. Pierre Lellouche, France’s Europe minister, said it was inappropriate to say such things to France which he called “the mother of human rights”. See article
Turkey’s government won a referendum on proposed constitutional amendments by an unexpectedly large margin of 58-42%. The changes, which include an overhaul of the judiciary, have been welcomed by the EU and America. See article
Speculation grew that Yuri Luzkhov, the powerful and long-serving mayor of Moscow, had fallen out with Dmitry Medvedev, Russia’s president, and might be forced to quit. Mr Luzkhov faced harsh criticism in an investigative report on the state-owned NTV television channel. See article
Le Monde accused the French presidency of ordering intelligence agents to investigate its reporting of alleged illegal donations to President Nicolas Sarkozy’s 2007 presidential campaign, and said it would sue. Mr Sarkozy’s office denies the accusations.

Goodluck Jonathan, the president of Nigeria, announced on his Facebook page that he would contest the presidential election next January. Mr Jonathan, a southerner, became president in May after succeeding Umaru Yar’Adua, a northerner, who died in office. Normally the presidency would revert to a northerner to see out Mr Yar’Adua’s full two terms, but the bosses of the ruling People’s Democratic Party have apparently been swayed by Mr Jonathan’s merits.
The mineral-rich west African country Guinea postponed the second round of presidential elections, that were due to take place on September 19th, casting doubts on its bid to return to civilian rule.
Direct peace talks between the Israelis and the Palestinians, chaired by the United States, continued in the Egyptian resort of Sharm el-Sheikh and Jerusalem. The Americans and Palestinians want the Israelis to extend a freeze on settlement-building that expires at the end of this month. See article
The Obama administration has announced plans to sell Saudi Arabia arms worth as much as $90 billion over the coming decade, in what would amount to America’s biggest-ever weapons sale. The package includes dozens of fighter jets, which could be used in any future confrontation with a nuclear-armed Iran.
An American hiker was freed by Iran after a year in jail. Sarah Shourd was accused of being a spy when she and two male friends walked over the border from Iraq; the two men remain in custody in Iran.

As Mexico prepared to celebrate the bicentenary of independence, troops arrested Sergio Villareal Barragán, the latest in a string of drug kingpins to be captured or killed. Meanwhile two prison guards helped 85 prisoners to escape from a jail by using a ladder to scale a wall. See article
Cuba’s labour federation announced that more than 1m state employees—one-fifth of Cuba’s workforce—will lose their jobs. They will be expected to become self-employed or join new private enterprises. See article
Néstor Kirchner, the husband and predecessor of Argentina’s president, Cristina Fernández, and possible successor to her in 2011, underwent successful emergency surgery to unblock an artery.

The Khmer Rouge tribunal in Cambodia indicted four senior leaders of the former regime, three years after they were put behind bars. The move ensures that a former head of state, an ex-foreign minister and his wife and the Khmer’s second-in-command will face trial. In July the regime’s top jailer was sentenced to 35 years in prison.
Ichiro Ozawa, a past master of Japanese political intrigue, lost his attempt to usurp Naoto Kan as leader of the governing Democratic Party of Japan (DPJ). Had he won, Mr Ozawa would have become the country’s prime minister, despite corruption scandals and his widespread unpopularity. See article

At least 20 civilians and a policeman were killed in Indian-controlled Kashmir, as a summer of violence intensified since the end of Ramadan. In Delhi Sonia Gandhi, leader of the governing Congress party, made an unusually conciliatory plea on behalf of Kashmiris’ “legitimate aspirations”, and blamed their anger on the brutality of the 20-year conflict. See article
A maritime squabble between Japan and China escalated, even as Japan released 14 members of a Chinese fishing crew that its navy had detained a week earlier. The crew’s captain remains in detention, accused of ramming his boat into two Japanese patrol vessels in waters near a disputed group of islands which both countries claim as sovereign territory. See article
A once-in-a-generation conference of North Korea’s ruling party, at which the succession of power from Kim Jong Il was thought likely to be announced, has been postponed, according to a South Korean minister. Meanwhile South Korea resumed food aid to the North for the first time in six months and the North offered to hold high-level military talks with the South. See article

The Economist : Business this week: 11th - 17th September 2010. .

Business this week
Sep 16th 2010
From The Economist print edition

Agreement was reached on Basel 3, the new international regulatory regime for banks. The rules raise the minimum amount of capital lenders are required to have as a cushion against unexpected losses. They will have until 2019 to comply fully with the 7% core Tier 1 capital-ratio requirement. Investors were relieved at the comfortable timetable; critics, however, argued that the rules were too lax. See article

The European Commission, the European Union’s executive branch, proposed the creation in 2012 of a regulatory watchdog to oversee opaque financial practices. The new agency will target short-selling and derivatives trades and will have the power to ban them for up to three-month periods. Michel Barnier, the EU commissioner in charge, said no financial market could afford to stay in “Wild West territory”.
The World Trade Organisation ruled that Boeing, an American planemaker, had received illegal subsidies from the American government. The details of the decision remained confidential. The WTO had earlier ruled that Airbus, Boeing’s European rival, had also been getting illegal low-interest government loans. America and the EU filed their WTO cases against each other in 2004.
See article
Greece managed to raise €1.2 billion ($1.6 billion) in six-month bills in its second foray into the markets since its bail-out in May. The sale was 4.5 times oversubscribed, but investors demanded a 4.82% yield. The debt-laden country had paid 4.65% in its last auction, in July. The Greek debt-management authority plans to tap the markets on a monthly basis, issuing three- and six-month paper.
On the other side of the Aegean, Turkey’s economy grew by an impressive 3.7% in the second quarter and by 10.3% year-on-year. The OECD advised the country to seize the “golden opportunity” for labour-market reform and fiscal discipline to sustain economic momentum.

The price of gold hit an all-time high of $1,274 per troy ounce on September 14th. The price came amid forecasts that central banks would be net buyers of bullion in 2010 for the first time in two decades. The commodity’s price has climbed by 15% since the beginning of the year.
Japan intervened to drive down the yen for the first time since 2004 after the currency hit a 15-year high against the dollar. Naoto Kan, the Japanese prime minister, said he would take action again to curb the rise of the currency, which has been threatening the country’s fragile economy. See article
AIG is planning a Hong Kong listing for AIA, its Asian life-insurance unit. The company, which is nearly 80% owned by the American government, is disposing of assets to repay a $182.3 billion taxpayer infusion during the crisis. Earlier in 2010 AIG tried to sell its Asian business to Prudential, a British insurer, for $35.5 billion but the deal fell through.

Terra Firma, a private-equity group, has been granted its day in a New York court against Citigroup, which it sued over the buy-out in 2007 of EMI, a British music company. Terra Firma claims that the American bank, which was advising EMI on its sale and also acting as a lender, tricked it into buying the company by deliberately providing false information about a rival bid.
Nokia hired Stephen Elop, a former Microsoft executive, to replace Olli-Pekka Kallasvuo, who will be stepping down as chief executive. The Finnish company also launched three new smart-phone models in an attempt to rebuild eroding market share. Nokia has failed to produce a serious competitor to the iPhone so far, but remains the world’s biggest mobile-phone manufacturer.
Credit Suisse said it had agreed to buy a stake in York Capital Management, an asset manager, for an initial $425m and potential additional performance-related payments over time. York manages roughly $14 billion on behalf of other investors.
The Indian environmental-protection agency blocked plans by Lafarge, the world’s biggest cement-maker, to build a factory in the Himalayas. The $187m limestone-quarry and plant project is backed by the local community. The French company, which has faced difficulties operating in India before, said it remained committed to building it.

First Quantum Minerals sued Eurasian Natural Resources Corporation over ownership of the Kolwezi copper project in the Democratic Republic of Congo. First Quantum, of Canada, owned the mine until last year when the Congolese government seized it, citing violations of mining rules, and then sold a majority share to ENRC. Congo is the second-biggest copper producer in Africa after Zambia.

GATA : THE GATA DISPATCH: Watch for $ 21 Silver And Mining Company Acquisitions. September 16th., 2010

Watch for $21 silver and mining company acquisitions

8:53p ET Thursday, September 16, 2010
Dear Friend of GATA and Gold:
At the King World News blog tonight, GoldMoney founder and GATA consultant James Turk says $21 silver should be the trigger for the precious metals explosion. The interview with him is headlined "James Turk -- Here We Go Again" and you can find it here:
Meanwhile King World News founder Eric King writes that mining company acquisitions and combinations are likely to increase sharply as rising prices outpace new mine development. King's commentary is headlined "Gold and Silver Takeovers Heating Up" and you can find it here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Join GATA here: Toronto Resource Investment Conference
Saturday-Sunday, September 25-26, 2010
Metro Toronto Convention Center, Toronto, Ontario, Canada

The Silver Summit
Thursday-Friday, October 21-22, 2010
Davenport Hotel, Spokane, Washington

New Orleans Investment Conference
Wednesday-Saturday, October 27-30, 2010
Hilton New Orleans Riverside Hotel

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Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
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MarketWatch : Special Financial Services: Robert Powell: Eight ways to fix the U.S. retirement crisis. September 16th., 2010


Robert Powell: Eight ways to fix the U.S. retirement crisis

By Robert Powell MarketWatch

Paul Volcker and his troupe, the President’s Economic Recovery Advisory Board, are unlikely to appear on the “America’s Got Talent” stage any time soon. But retirement experts are giving the group, which just issued a 188-page plan to fix the nation’s complicated retirement system, mostly high marks for their effort. 

CNBC EVENING BRIEF:'s Evening Brief: RIM Shares Push Higher as Results, Outlook Top Forecasts. September 16th., 2010


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MarketWatch: Personal Finance Daily : Personal Finance Daily: Family of four, on $60 a day. September 16th., 2010

Personal Finance Daily
SEPTEMBER 16, 2010

Thursday's Personal Finance stories

Don't miss these top stories:

By MarketWatch

    A family of four living on $22,000 a year -- or less. That's about $60 a day, including housing, food, everything. I don't know where you can survive on that kind of income, or lack thereof, but many millions of people are doing it this year. Counting all types of households, 43.6 million people lived in poverty in 2009, not all that surprising, I guess, given the decimation of the labor market.

    Read Ruth Mantell's story today for more on the Census Bureau's report, which also found that the number of Americans with health insurance fell in 2009, the first time there's been a drop since 1987. All told, more than 50 million people did not have health insurance last year. Again, the job market is at least partly to blame.

    Perhaps, given the economic downturn, the figures aren't all that surprising. But they certainly are staggering.

    Andrea Coombes , Personal Finance editor

    Poverty rate highest since 1994: Census

    The poverty rate in the United States rose to 14.3% in 2009, the highest since 1994, up from 13.2% in 2008, the Census Bureau reported Thursday.
    Read more on poverty rate highest since 1994.


    U.S. retirement income deficit: $6.6 trillion

    The gap between what Americans need for retirement and the amount they have saved is a staggering $6.6 trillion, Retirement USA, a coalition of workers' groups, said in a study published Wednesday.
    Read more on U.S. retirement income deficit: $6.6 trillion.


    Room to talk on tax cuts, Hoyer says

    House Democratic Leader Steny Hoyer indicated Wednesday that he's willing to negotiate with Republicans and some Democrats about an extension of tax cuts due to expire at the end of this year.
    Read more on Democrat says room to talk on tax cuts.


    Dimming American dream

    Homeownership has lost some allure, a new survey by Fannie Mae shows.
     Watch video report on homeownership has lost some allure.


    Jobless claims drop 3,000 to 450,000

    The number of people who filed new claims for unemployment benefits dipped 3,000 to 450,000 in the latest week, reflecting little change in a weak jobs market.
    Read more on weekly jobless claims drop 3,000 to 450,000.

    Don't count the Democrats out just yet

    Don't count the Democrats out in the upcoming midterm elections. That's the upshot of two polls released Thursday, which suggest that despite voter discontent over the handling of the economy, both Democrats and Republicans in Congress aren't held in high regard among voters.
    Read more on don't count the Democrats out just yet.

    Ineffective TARP limits future response, panel says

    The Treasury Department's "ineffective" handling of the $700 billion Troubled Asset Relief Program makes it more difficult for the government to respond to future financial crises, a key congressional watchdog said Thursday.
    Read more on ineffective TARP limits future response, panel says.

    Wary consumers rule the wobbly recovery

    Uneasy lies the head that wears the recovery crown. Consumers, who reign supreme in the U.S. economy, are doing their part to support growth. They are doing it cautiously, however. They can increase spending only about as fast as their incomes grow.
    Read more on wary consumers rule the wobbly recovery.

    Current account gap widens to $123.3 billion

    The U.S. balance of payments deficit widened sharply in the second quarter to $123.3 billion from $109.2 billion in the first quarter, the Commerce Department reported Thursday.
    Read more on current account gap widens to $123.3. billion.


    State Street strategist sees stocks outpacing bonds

    A weak but sustainable economic recovery is likely to help stocks outperform bonds over the next 12 to 18 months, said the top investment guru for State Street Global Advisors Thursday.
    Read more on State Street strategist sees stocks outpacing bonds.

    Six investing lessons from Lehman's fall

    The Wall Street community is not anxious to celebrate the second anniversary of the collapse of Lehman Brothers, other than to signify that a significant amount of time has passed since one of its darkest hours. It wishes the news media, and the public, would forget the excesses that led to the near-collapse of the financial world.
    Read more on six investing lessons from Lehman's fall

    Exit Harry Schultz, pursued by a bear?

    A famous veteran gold bug, who called the Crash of 2008, is now calling for sudden hyperinflation. But he warns he may not be around to comment on it.
    Read more on exit Harry Schultz, pursued by a bear?

    RTTNews : Evening Market Wrap: Stocks End Mixed Following Tepid Economic Reports - U.S. Commentary

    Evening Market Wrap Thu Sep 16 17:01 2010  


    Sep 16, 2010 Stocks End Mixed Following Tepid Economic Reports - U.S. Commentary Stocks saw a mixed close on Thursday, as another round of lackluster economic data prompted a lack of conviction in the markets. The day's silver lining came in the form of an unexpected decline in weekly jobless claims, while data on Philadelphia-area manufacturing disappointed and producer prices rose slightly more than expected. Full Article

    Economic News

    Sep 16, 2010 Weekly Jobless Claims Unexpectedly Show Modest Decrease First-time claims for unemployment benefits unexpectedly showed a modest decrease in the week ended September 11th, according to a report released by the Labor Department on Thursday, with jobless claims falling to a key psychological level. The report showed that initial jobless claims fell to 450,000 from the previous week's revised figure of 453,000. Economists had expected jobless claims to rise to 460,000 from the 451,000 originally reported for the previous week. Full Article
    Sep 16, 2010 Rebound By Energy Prices Contributes To Producer Price Growth With energy prices showing a substantial rebound in the month of August, the Labor Department released a report on Thursday showing that producer prices for the month increased by a little more than economists had been anticipating. The Labor Department said that its producer prices index rose by 0.4 percent in August following a 0.2 percent increase in July. The increase in producer prices came in slightly above economist expectations for 0.3 percent growth. Full Article
    Sep 16, 2010 Philly Fed Index Remains Negative For Second Straight Month While a report released by the Federal Reserve Bank of Philadelphia on Thursday showed that its reading on regional manufacturing activity in the month of September increased compared to the previous month, the index unexpectedly remained negative. The Philly Fed said its diffusion index of current activity rose to a negative 0.7 in September from a negative 7.7 in August, with a negative reading indicating a contraction in activity. Full Article
    Sep 16, 2010 U.S. Poverty Rate Jumps To Highest Level Since 1994The poverty rate in America jumped to a fifteen-year high in 2009, according to a report released by the Census Bureau on Thursday, with the number of Americans living in poverty reaching its highest level in the 51 years for which estimates are available. Full Article

    Earnings News

    Sep 16, 2010 FedEx Lifts FY11 View After Strong Quarterly Earnings; To Cut 1,700 Jobs - Update Package delivery company FedEx Corp. (FDX) reported Thursday a strong growth in first-quarter profit, in line with market projections, mainly reflecting higher demand at FedEx Express and FedEx Ground, along with increased fuel surcharges. Further, the company lifted its fiscal 2011 adjusted earnings forecast. Full Article


    Sep 16, 2010 Williams Cos. Slashes Earnings, Spending Outlook - Update Natural gas player Williams Companies, Inc. (WMB) on Thursday said it may fall short of the company's own projections through 2012, and will pull back on spending over the same time period. Still, the company continues to expect steady earnings growth during the period, despite lower expected natural gas prices and lower expected natural gas liquid margins. Full Article

    Forex Commentary

    Sep 16, 2010 Dollar Rally Versus Yen Runs Out Of Steam The dollar inched only slightly higher versus the yen on Thursday, despite reports suggesting that Japanese officials are preparing to intervene in the currency markets for a second time this week. In a highly irregular move showing just how desperate authorities are to reign in the rapidly rising yen, Japan bought up dollars on Wednesday. The move had a temporary effect, as the buck rose sharply from a 15-year low reached earlier in the week. Full Article

    Political News

    Sep 16, 2010 Senate Votes 61-38 To Pass Small Business BillUnder pressure from the White House to quickly pass a small business bill following months of debate, the Senate voted Thursday to give final approval to the Small Business Jobs and Credit Act of 2010 less than a week after returning from the month-long August recess. The 61 to 38 vote in favor of the small business bill largely came down along party lines, with only two Republicans Senators, George Voinovich of Ohio and George LeMieux of Florida, joining with Democrats to pass the bill. Full Article
    Sep 16, 2010 Poll Shows Americans Continue To Blame Bush For EconomyWhile more Americans now blame President Barack Obama for the economic problems facing the U.S. than did so a year ago, the results of a Gallup poll released Thursday showed that a significantly higher percentage blame former President George W. Bush. Full Article
    Sep 16, 2010 Obama Reiterates Goal Of Doubling U.S. ExportsPresident Barack Obama Thursday reiterated his commitment to supporting U.S. businesses selling more products overseas. Obama, speaking at a meeting of the President's Export Council at the White House, said that in the coming years the country's economic recovery would need a realignment of business and workers into a "united front" to ensure America succeeds. Full Article
    Sep 16, 2010 Senate Committee Approves New Nuclear Arms Treaty With RussiaA key Senate panel voted Thursday to approve a new nuclear arms treaty between the United States and Russia, sending the treaty to the full Senate for consideration. The Senate Foreign Relations Committee voted 14 to 4 in favor of the new Strategic Arms Reduction Treaty, or START. Full Article

    NYT : Afternoon Business News: F.D.A. Panel Rejects Diet Pill

    Prescriptions Blog


    F.D.A. Panel Rejects Diet Pill

    An advisory committee voted against approving a weight-loss drug by Arena Pharmaceuticals, citing in part potential heath risks.

    G.M. Says Treasury Will Sell Its Stake Over Time

    How long it takes for the government to divest its holdings in General Motors will, in part, be determined by the company's success, G.M.'s chief executive said.

    Fiat Shareholders Approve Plans to Separate Businesses

    The Italian company hopes the move to spin off its industrial business from its automotive unit will lead the stock market to view the two halves more positively than it has the whole.

    Energy Costs Push Up U.S. Producer Prices

    The core index, which removes the volatile food and energy prices, rose 0.1 percent in August.
    Prescriptions Blog

    TV Ad Attacks McDonald's

    A new commercial uses a corpse clutching a hamburger to talk about the dietary effects of eating fast foods.

    FINANCIAL & FOREX INFO : Reuters - Daily Invetor Update: Stocks stay in tight range after economic data



    Stocks stay in tight range after economic data
    RIM profit rises more than expected
    FedEx profit lags Street view
    Geithner vows to take China currency dispute to G20
    Senate passes long-stalled small business bill
    Gulf bounce back seen distant after spill
    GM bailout payback to take several years: CEO
    Gold rushes to record
    Jobless claims at two-month low
    Fannie, Freddie could cost govt $53 billion through 2020

    The Washington Post : Afternoon Edition : Most read articles. September 16th., 2010

    Most Viewed Articles on

    1) O'Donnell's primary victory is a win for . . . the White House?

    Of all the primaries so far this year, none has been sweeter for the White House than the one in Delaware on Tuesday night.

    2) As Vincent Gray weighs choices for divided D.C., schools chief Michelle Rhee calls election results 'devastating'

    On his first day as the District's presumptive mayor-elect, D.C. Council Chairman Vincent C. Gray said he plans to spend the next two months trying to "heal" a city that seems sharply divided by race, class and geography.

    3) Racial hostilities, thawed with the ice

    The woman cradled Lanier W. Phillips's head in her arm as if he were a baby, gently feeding the shipwrecked sailor hot soup she had brewed to help save his life. "Swallow," she said gently. "Swallow."

    4) Softball practice in Boehner Land

    The presumed Speaker-in-Waiting is stumbling under the pressure.

    5) A nickel for big government

    A need for economic recovery is no excuse to subordinate private interests to public authority.

    6) Christine O'Donnell's big win in Delaware sends message to Republican establishment

    "Tea party" activists have been saying all along that their movement is about something more than winning elections. And as the bloody Republican primary season reaches an end, they have proved they really mean it.

    7) D.C. Schools Insider: Election result 'devastating,' Rhee says

    Schools Chancellor Michelle A. Rhee made it increasingly clear Wednesday evening that she has no long-term interest in serving as Vincent C. Gray's schools leader.

    8) The Fix: Palin's support is deep but narrow, poll shows

    1. Former Alaska Gov. Sarah Palin demonstrated her political magic touch in a pair of primaries Tuesday night -- watching while former New Hampshire Attorney General Kelly Ayotte and Delaware businesswoman Christine O'Donnell won their respective primaries due, at least in part, to her support.

    9) Storming the Castles

    Mike Castle represented a disposition that the Tea Party is determined to destroy.

    10) Census: 1 in 7 Americans live in poverty

    WASHINGTON -- The ranks of the working-age poor climbed to the highest level since the 1960s as the recession threw millions of people out of work last year, leaving one in seven Americans in poverty.

    FOX BREAJING BUSINESS NEWS: :Senate passes package of tax breaks and aid to small businesses.September 16th., 2010

    Obama Flag 276 generic
    Who Carries the Burden?EMac The president has said the rich can afford to pay "a bit more" in taxes, but top 5% of earners already pay 60.63% of them, says the National Taxpayers Union, while the bottom 50% pays just 2.89%.


    Stocks Inch Lower on FedEx, Philly Fed

    Wall Street ticked slightly lower in the wake of a second-straight negative Philly Fed manufacturing report and FedEx's cautious earnings view.   

    SEC Seeks More Disclosures

    Regulators are considering requiring companies to disclose more info on their short-term borrowings.

    Geithner: China Must Move Faster

    LIVE The Treasury secretary told lawmakers he was taking a tougher line on China's currency policies.

    RTTNews: Daily Stocks to Watch: LightPath’s bright Q4. September 16th., 2010

    Daily Stocks to Watch Thu Sep 16 09:02 2010 

    Stocks To Watch

    Sep 16, 2010 LightPath’s bright Q4 – Stocks To Watch Optical components maker LightPath Technologies Inc. (LPTH) swung to a profit in the fourth quarter, as revenues and gross margins rose sharply. Full Article
    Sep 16, 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

    RTTNews : Morning Market Briefing: Stocks Headed For Lower Open Following Jobs, Price Data - U.S. Commentary . September 16th., 2010

    Morning Market Briefing Thu Sep 16 09:01 2010


    Sep 16, 2010 Stocks Headed For Lower Open Following Jobs, Price Data - U.S. Commentary Stocks futures are pointing to a modestly lower open on Thursday, with traders largely shrugging off an unexpected drop in weekly jobless claims. The major index futures are all in negative territory, with the Dow futures down by 37 points. Full Article

    Economic News

    Sep 16, 2010 Producer Prices Rose 0.4% In August Amid Jump In Energy Prices With energy prices showing a substantial rebound in the month of August, the Labor Department released a report on Thursday showing that producer prices for the month increased by a little more than economists had been anticipating. Full Article
    Sep 16, 2010 Weekly Jobless Claims Edge Down To 450,000 First-time claims for unemployment benefits unexpectedly showed a modest decrease in the week ended September 11th, according to a report released by the Labor Department on Thursday, with jobless claims falling to a key psychological level. Full Article
    Sep 16, 2010 RBA Member Warns Of Changing Risk ScenarioAustralia has emerged from the global financial downturn in good shape but while the economy's outlook has changed due to strong ties with emerging Asia, so too have the risks, a senior Reserve Bank of Australia official warned on Thursday. Full Article
    Sep 16, 2010 RBI Lifts Key Rates For Fifth Time This Year The Reserve Bank of India on Thursday hiked its key rates for the fifth time this year to contain inflation and anchor inflationary expectations amid robust economic growth. Full Article
    Sep 16, 2010 RBNZ Holds OCR Steady At 3.00%The Reserve Bank of New Zealand on Thursday left its Official Cash Rate unchanged at 3.00 percent, pausing a two-month period of rises. Full Article
    Sep 16, 2010 U.K. Retail Sales Fall For First Time Since January U.K. retail sales fell in August for the first time since January driven by declines in both food and non-food store segments. This unexpected drop has fueled concern over the sustainability of the economic recovery. Full Article

    Earnings News

    Sep 16, 2010 FedEx Q1 profit soars, meets Street; guides Q2 EPS below StreetThursday, FedEx Corp. (FDX) reported a 110% surge in profit for the first quarter, reflecting better margins and a 18% growth in revenue. Earnings came in line with the Street view, while revenue surpassed expectations. The company said that strong demand resulted in higher volumes for the quarter. Operating margin expanded to 6.6% from 3.9%. However, looking ahead, the firm guided second quarter earnings below the current estimate of analysts. FedEx lifted its fiscal 2011 earnings outlook range. Full Article
    Sep 16, 2010 Dress Barn Q4 profit up 64%; guides FY11 EPSWednesday, Dress Barn Inc. (DBRN) reported a 64% rise in profit in the fourth quarter, reflecting a 78% growth in revenues, helped by inclusion of sales from Justice apparel brand that was acquired last year. Looking ahead, the company provided earnings guidance for fiscal year 2011. Full Article

    Corporate News

    Sep 16, 2010 Clearwater Paper to buy Cellu Tissue Holdings for $502 mlnThursday, Clearwater Paper Corp.(CLW) said it agreed to buy Cellu Tissue Holdings Inc. (CLU) for about $502 million, including equity of about $247 million and net debt of about $255 million. Clearwater Paper expects the $12.00-a-share deal to be immediately accretive to its earnings per share. The firm expects the purchase to close in the fourth quarter of 2010. Full Article

    Broker Ratings Changes

    Sep 16, 2010 KeyBanc Capital Markets Initiates Anixter International Inc (AXE) At Hold
    Sep 16, 2010 KeyBanc Capital Markets Lowers Actuant Corp. (ATU) To Hold From Buy

    Todays WS Events

    Sep 16, 2010 FedEx Q1 11 Earnings Conference Call At 8:30 AM ET FedEx Corp. (FDX) will host a conference call at 8:30 AM ET, September 16, 2010, to discuss its Q1 11 earnings results. To access the webcast, log on at
    Sep 16, 2010 3M To Present At Credit Suisse Chemical And Ag Science Conference; Webcast At 8:10 AM ET 3M Co (MMM) will make a presentation at the Credit Suisse Chemical and Ag Science Conference in New York City. The event is scheduled to begin at 8:10 AM ET September 16, 2010. To access the webcast, log on at
    Sep 16, 2010 Walt Disney To Present At Bank Of America Merrill Lynch Media, Communications And Entertainment ConfWalt Disney Co (DIS) will make a presentation at the Bank of America Merrill Lynch Media, Communications and Entertainment Conference. The event is scheduled to begin at 2:15 PM ET, September 16, 2010. To access the live webcast, log on at
    Sep 16, 2010 Anadarko Petroleum To Present At Barclays Capital CEO Energy/Power Conference; Webcast At 11:45 AM EAnadarko Petroleum Corp.(APC) CEO, Jim Hackett, will make a presentation at the Barclays Capital CEO Energy/Power Conference in NY. The event is scheduled to begin at 11:45 AM ET September 16, 2010. To access the live webcast, log on at
    Sep 16, 2010 Microsoft To Present At Deutsche Bank Technology Conference; Webcast At 2:30 PM ET Microsoft (Nasdaq: MSFT) will make a presentation at the Deutsche Bank Technology Conference. The event is scheduled to begin at 2:30 PM ET, September 16, 2010. To access the live webcast, log on at
    Sep 16, 2010 Oracle Q1 11 Earnings Conference Call At 5:00 PM ET Oracle Corp. (ORCL) will host a conference call at 5:00 PM ET September 16, 2010, to discuss its Q1 11 financial results. To access the live webcast, log on at

    FOX BUSINESS : BREAKING BUSINESS NEWS: Producer prices tick up 0.4% in August, largest rise since March. September 16th., 2010

    05-2010 Trader Concerned 05 276
    Futures Indicate Red OpenWall Street was pointing to a red start after earnings from FedEx and ahead of jobless data.


    MarketWatch: Special Financial Services: Peter Brimelow: Exit Harry Schultz, pursued by a bear?. September 16th., 2010

    Peter Brimelow: Exit Harry Schultz, pursued by a bear?
    By Peter Brimelow MarketWatch

    A famous veteran gold bug, who called the Crash of 2008, is now calling for sudden hyperinflation. But he warns may not be around to comment on it. 

    FINANCIAL & FOREX INFO : Reuters - Before The Bell : Stock futures dip ahead of jobless data. September 16th., 2010


    Stock futures dip ahead of jobless data
    FedEx profit doubles, but shy of Wall Street view
    Japan PM says ready to step into forex markets again
    Potash working on China-led buyout to top BHP: report
    DOJ drops charges against former Merrill banker in Enron case
    Cost of drilling moratorium less than feared
    China says pressure on yuan will not help
    Senate could pass small-business bill Thursday
    Banks take over record number of homes in August
    Bailout anger may hamper U.S. in future crisis: panel