Translate

Search This Blog

Search Tool




Oct 1, 2010

Breaking News Alert : Fed suspend One of the nations contractors from receiving government work. Oct. 1st., 2010



Breaking News Alert: Feds suspend one of the nation's largest contractors from receiving government work
October 1, 2010 6:45:09 PM
----------------------------------------

Federal officials allege that Northern Virginia's GTSI Corp. inappropriately went through other firms to gain access to contracts set aside for small companies.

The U.S. Small Business Administration's suspension imperils hundreds of millions of dollars in revenue for GTSI, a top 50 contractor that has relied on the Pentagon and the rest of the federal government for more than 90 percent of its sales in recent years.
For more information, visit washingtonpost.com

Nick Nicolaas - Mining Interactive.-Zeal Intelligence Weekly - "Junior Gold Producers" by Scott Wright. Oct. 1st., 2010



Dear Friends:
Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website. Click here:
Zeal Intelligence Weekly

Brought to you by

604-657-4058
www.mininginteractive.com




MarketWatch: Personal Finance Daily.-Credit cards and their perks. Oct. 1st., 2010

MarketWatch
Personal Finance Daily
OCTOBER 01, 2010

Friday's Personal Finance stories

Don't miss these top stories:

By MarketWatch





When lenders levy double-digit interest rates even in an ultra-low interest-rate environment, and double-digit fees on one-day-late bills, it gets easy to bash them and their product, the infamous credit card.

But despite their reputation, credit cards serve consumers well — at least, those consumers who keep their shopping habits in check. There are the rewards programs, some of which are valuable, and fraud protection. And did you know that some card companies will reimburse customers for the cost of goods purchased if the item gets stolen? It's called purchase protection, and not that many consumers know they can tap into it.

Read Jennifer Waters's column today for more on this credit-card perk, plus don't miss Ruth Mantell's story on the positive and negative effects of deflation.

Some have said credit-card interest rates are akin to theft. I'm guessing you probably can't make that claim to the companies, though...

Andrea Coombes , Personal Finance editor

CONSUMERS

Credit cards pay you back for stolen goods

There are few things more defeating than having something you just bought — a brand-spanking new bike, say — get stolen only days later.
Read more on credit cards pay you back for stolen goods.

Deflation's a mixed bag for consumers

Lower prices sound pretty good, right? Many people would like to pay less for everything from cantaloupes to cars. Deflation means lower prices, and it can help keep down mortgage rates and prompt consumers to save more.
Read more on deflation's a mixed bag for consumers.

CARS

Commentary: Detroit dares to think big again

The numbers are in and they rock. General Motors' U.S. car sales rose nearly 11% last month. Ford Motors sales jumped 46%. Chrysler sales surged a staggering 61%!
Read more on Detroit dares to think big again.

INVESTING

Bond-fund buyers wallow in debt

Bond mutual-fund investors booked a strong third quarter, continuing a string of robust returns, but the gains can't mask looming challenges facing the bond market.
Read more on bond-fund buyers wallow in debt.

Emerging markets fuel international fund gains

Investors in U.S.-stock mutual funds certainly enjoyed a bumper third quarter — but that uptick pales against the gains seen in their international-stock counterparts.
Read more on emerging markets fuel international fund gains.

Few investments miss rally as hope, fear converge

Stocks and oil just had their most memorable monthly rallies in years. But so did gold. Even bonds held their ground.
Read more on few investments miss rally as hope, fear converge.

SEC, CFTC blame algorithm for flash crash

The Securities and Exchange Commission and the Commodity Futures Trading Commission on Friday blamed two liquidity crises caused by a computer trading algorithm as the source of the "flash crash" on May 6 that rattled markets and upended investor confidence worldwide.
Read more on SEC, CFTC blame algorithm for flash crash.

HEALTH CARE

States see staff shortage for health reform

There may not be enough state staffers to implement health-care reform on time, and contractors may need to be hired for some "key" responsibilities, according to a report released Thursday by the Kaiser Family Foundation.
Read more on states see staff shortage for health reform.

REAL ESTATE

How to get your condo approved for FHA loans

As of last December, the FHA is no longer approving mortgages on condominium units on a loan-by-loan basis. Now, the entire project must be cleared by the agency, Lew Sichelman says.
Read more on how to get your condo approved for FHA loans.

TRAVEL

United Continental dawns as largest carrier

Continental Airlines and the parent of United concluded their merger Friday to form United Continental Holdings Inc., what will be the world's largest carrier.
Read more on United Continental dawns as largest carrier.

ECONOMY & POLITICS

Personal income outstrips spending in August

Incomes grew faster than spending in August, pushing up the nation's personal savings rate, the Commerce Department estimated Friday.
Read more on personal income outstrips spending in August.

What we learned about the economy

The Institute for Supply Management's manufacturing index dropped to 54.4% in September from 56.3% in August. That means the manufacturing sector is still growing but at a slowing pace. More worryingly, the index is well off April's highs and may point to a weaker fourth quarter.
Read more on what we learned about the economy.

Commentary: Economy still leaning on government

U.S. personal incomes increased again in August, hitting an all-time high of $12.57 trillion at an annual rate, according to government data released Friday.
Read more on economy still leaning on government.

Obama names Rouse as chief of staff

President Barack Obama named White House adviser Pete Rouse as his interim chief of staff on Friday, replacing Rahm Emanuel as the Chicagoan prepares to run for mayor of the Windy City.
Read more on Obama names Rouse as chief of staff.

U.S. manufacturing growth cools in September

Business at the nation's manufacturers was still expanding in September, but activity tapered off and signs pointed to a further slowdown in the final three months of 2010, according to closely watched industry survey released Friday.
Read more on U.S. manufacturing growth cools in September.

CNBC EVENING BRIEF: How a Single Trade May Have Triggered the 'Flash Crash'. Oct. 1st., 2010



LATEST STORIES


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

All-New CNBC Original
CNBC 360 GOLDMAN SACHS: POWER & PERIL
Goldman Sachs has long been home to Wall Street’s best and brightest. Now, this storied institution has found itself the subject of public scorn. Join David Faber as he reports on the king of the financial world, and its tarnished crown. Premieres Wednesday, October 6 at 9:00PM ET/P
»more info


LATEST VIDEO

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

The Wsahington Post : Breaking News Alert.-Bank of America to halt foreclosures in 23 states because of document problems. Oct 1st., 2010


Breaking News Alert: Bank of America to halt foreclosures in 23 states because of document problems
October 1, 2010 5:20:11 PM
----------------------------------------

Breaking News Alert: Bank of America to halt foreclosures in 23 states because of document problems
October 1, 2010 5:20:11 PM
----------------------------------------

Bank of America, the nation's largest bank, has put foreclosures in 23 states on hold in order to review whether "certain affidavits have followed the correct procedures," the company said today. The bank is the third major lender to freeze foreclosures in those states due to flawed paperwork. J.P. Morgan and Ally Financial have announced similar measures. on hold in order to review whether "certain affidavits have followed the correct procedures," the company said today. The bank is the third major lender to freeze foreclosures in those states due to flawed paperwork. J.P. Morgan and Ally Financial have announced similar measures.

F & F I N : Reuters - Daily Investor Update.- Wall Street ends higher with resources stocks. Oct 1st., 2010





Wall Street ends higher with resources stocks
Single trade kickstarted flash crash: regulators
Auto sales down in September from August
Fed officials say stimulus needed if U.S. stays weak
Factory and inflation data suggest more Fed easing
Big banks face even stricter capital rules: sources
CFTC wants caps on exchange and clearinghouse control
Privately held Facebook in 5-for-1 stock split
Fund sues Goldman over Hudson CDO
Diller quit over Live Nation's board rifts: Malone

RTTNews : Evening Market Wrap.Stocks Post Modest Gains On Mixed Economic Data - U.S. Commentary . Oct 1ist., 2010

Evening Market Wrap Fri Oct 1 17:06 2010  

Commentary

Oct 1, 2010 Stocks Post Modest Gains On Mixed Economic Data - U.S. Commentary Stocks saw modest gains to close out the week on Friday, as traders focused on the silver lining in the day's mixed economic reports. Consumer spending and income rose more than expected and construction spending picked up unexpectedly, while data on manufacturing activity disappointed. Full Article

Economic News

Oct 1, 2010 Personal Spending Rises By 0.4% For Second Straight Month Personal spending showed another moderate increase in the month of August, according to a report released by the Commerce Department on Friday, with the report also showing a notable increase in personal income during the month. Full Article
Oct 1, 2010 Consumer Sentiment Index Revised Up More Than Expected While a report released by Thomson Reuters (TRI) and the University of Michigan on Friday showed a notable upward revision to their reading on consumer sentiment in the month of September, the index was still down from the previous month. Full Article
Oct 1, 2010 Construction Spending Unexpectedly Increases Amid Jump In Highway Construction With a jump in spending on public construction more than offsetting a decrease in spending on private construction, the Commerce Department released a report on Friday showing that construction spending unexpectedly increased in the month of August. The report showed that construction spending rose by 0.4 percent in August to an annual rate of $811.8 billion after falling 1.4 percent to an annual rate of $808.6 billion in July. Full Article
Oct 1, 2010 Manufacturing Activity Sees Slower Growth In September A report released by the Institute for Supply Management on Friday showed a notable slowdown in the pace of growth in the manufacturing sector in the month of September, although activity in the sector still expanded for the fourteenth consecutive month. The ISM said its index of activity in the manufacturing sector fell to 54.4 in September from 56.3 in August, but a reading above 50 indicates continued growth in the sector. Full Article

Forex Commentary

Oct 1, 2010 Dollar Spirals Lower As Fed Support Measure Seen As Inevitable The dollar remained under heavy pressure on Friday, ending a dreadful week at a 6-month low against the euro. With comments from a top central banker cementing speculation that the Federal Reserve is leaning towards another round of quantitative easing, the dollar remained near a 15-year low against the yen and record low versus the Swiss franc. Full Article

Political News

Oct 1, 2010 Poll Shows Substantial Generation Gap In Voting PreferencesWith young voters showing an increased likelihood to favor the Democratic candidate in their congressional district in September, the results of a Gallup poll released on Friday showed the widest generational gaps in voter preferences so far this year. Full Article

NYT: Afternoon Business News.- Russia Resolves U.S. Objections to Its W.T.O. Entry. Oct. 1st., 2010



Fed Official Signals That More Asset Purchases Are Likely

By SEWELL CHAN
Comments by William C. Dudley of the New York Fed solidify a growing conviction on Wall Street that the central bank will make a move in November.

Russia Resolves U.S. Objections to Its W.T.O. Entry

By ANDREW E. KRAMER
The agreement wrapped up 17 years of negotiations on issues ranging from frozen chicken to intellectual property, and moved Russia a step closer to joining the trade body.
Off the Charts

The Recession Is Over, but Pessimism Still Reigns

By FLOYD NORRIS
Consumer confidence figures for September showed that only 10 percent of Americans were optimistic about their incomes.
Wealth Matters

Good Job Offer, but What About the House?

By PAUL SULLIVAN
Some executives offered job opportunities in new cities encounter daunting problems when trying to sell one house and buying a new home in a bad housing market.

New Role Proposed for U.N. in Combating Global Warming

By JAMES KANTER
Rather than focus on a binding climate agreement, the United Nations should take a stronger role in making sure that countries promote cleaner energy sources, the former U.N. climate chief says.

The Washington Post Afternoon Edition.-Most Read Articles . Sept.1st., 2010

Most Viewed Articles on washingtonpost.com



1) NATO fuel tankers torched in Pakistan

ISLAMABAD, PAKISTAN - Armed men torched dozens of NATO fuel tankers in southern Pakistan on Friday, police said, as supply convoys remained blocked at a vital entry point to Afghanistan for a second consecutive day.

2) Fairfax County community mourns after teen is struck, killed by neighbor's car

No one knows exactly why 15-year-old Johnny "Bo" Rupp ended up wandering in and out of traffic on a poorly lit road half a mile from his Centreville home Saturday night. What neighbors and friends know, if vaguely, is what led up to that moment: a concert at Jiffy Lube Live, drinking, an encounte...

3) Why is he sending them?

What kind of commander in chief sends troops to war announcing a fixed date for their withdrawal?

4) EyakTek and GTSI: Alaskan Natives unaware of maze of lawsuits, contracts, and disputes

As one of the most successful Alaska native corporations, Eyak Technology occupies an entire floor of a four-story glass-and-concrete building in a bustling technology corridor minutes from Dulles International Airport.

5) War without end or reason

If the purpose of the Afghan war is to influence events in Pakistan, we're not doing a very good job.

6) Report gives stimulus package high marks

The massive economic stimulus package President Obama pushed through Congress last year is coming in on time and under budget - and with strikingly few claims of fraud or abuse - according to a White House report to be released Friday.

7) Pete Rouse, who will replace Emanuel as chief of staff, is known as 'fixer'

Few people outside Washington, and not many inside, have heard the name Pete Rouse. The man President Obama will name as his interim White House chief of staff on Friday is a quiet political player who avoids the spotlight. He does not suit up for the Sunday talk shows there are no stories about hi

8) Four suicides in a week stun Fort Hood

Fort Hood's leaders have tried nearly everything to stop the suicides. There are support groups and hotlines, counseling sessions and Reiki healing therapies, and strict assessment guidelines for commanders.

9) After 2 turbulent years, officials assess TARP

Treasury Secretary Timothy F. Geithner stood before staff members at a recent town hall meeting and offered a eulogy for the government's $700 billion bank bailout program, which is set to expire Sunday, two turbulent years after Congress approved it during the heat of the financial crisis.

10) Digest

Ecuadoran President Rafael Correa was rescued Thursday night from a hospital where he had been trapped much of the day by police, incensed by a new law that cuts their benefits.

WSJ : SEC, CFTC Report Says Algorithm Trade Set Off May 6 'Flash Crash'. Oct. 1st., 2010

Markets Alert
from The Wall Street Journal


Federal regulators investigating the causes of the May 6 “flash crash” concluded a large trader’s use of a computer trading system to sell futures contracts led to a rapid and sudden selling that triggered additional sell-offs in an already unstable market.

According to a joint report from the Securities and Exchange Commission and Commodity Futures Trading Commission, the trader chose to use an algorithm to trade the E-mini futures contract, a contract that mimics trading in the S&P 500 stock index. The computer program executed the trade “extremely rapidly in just 20 minutes,” according to the report.

The report found that the trades were initially absorbed by high-frequency traders and others in the market, but soon liquidity dried up for that contract and elsewhere.

http://online.wsj.com/article/SB10001424052748703859204575525973854203534.html?mod=djemalertMARKET

GATA : THE GATA DISPATCHES: Gold's rise to become disorderly, Davies tells King World News

Gold's rise to become disorderly, Davies tells King World News

10a ET Friday, October 1, 2010
Dear Friend of GATA and Gold (and Silver):
In a brief interview with King World News, Hinde Capital CEO Ben Davies remarks that gold's rise in price as been so orderly as to appear to have been managed, but he predicts that it will become disorderly as market forces exert themselves more in price discovery. The headline on the Davies interview is "Orderly Ascent in Gold to Become Disorderly" and you can find it at King World News here:
http://bit.ly/bgQzhO
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


Join GATA here: The Silver Summit
Thursday-Friday, October 21-22, 2010
Davenport Hotel, Spokane, Washington
http://www.silversummit.com/

New Orleans Investment Conference
Wednesday-Saturday, October 27-30, 2010
Hilton New Orleans Riverside Hotel
http://www.neworleansconference.com/redirect.php?page=index.html&source_...

* * *
Support GATA by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
http://www.goldrush21.com/
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:

http://www.gata.org/node/16

MarketWatch: Special Financial Services.-The Ratings Game: Amazon shares get clipped after run-up. Oct. 1st., 2010.

MarketWatch
SPECIAL FINANCIAL SERVICES
 
The Ratings Game: Amazon shares get clipped after run-up
 
By Dan Gallagher MarketWatch
10/1/2010 11:28:53 AM



A pair of brokers expressed concern Friday about Amazon.com’s high valuation following a run-up that has boosted the stock by 25% over the last month.  

MarketWatch: Special Financial Services.- Financial Stocks: KeyCorp, Marshall & Ilsley lead financials / Tech Stocks: H-P’s new CEO doesn’t fire up stock . Oct. 1st., 2010

MarketWatch
SPECIAL FINANCIAL SERVICES
 
Financial Stocks: KeyCorp, Marshall & Ilsley lead financials
 
By Sam Mamudi MarketWatch


Shares of regional banks Marshall & Ilsley Corp. and KeyCorp lead the financial gainers after both receive ratings upgrades. 


 
By Rex Crum MarketWatch


Company’s stock drops as tech giant appoints Leo Apotheker to top post 

The New York Times Breaking News: Coalition Picks Maliki in Move That May End Iraq Stalemate. Oct 1st., 2010

Breaking News Alert
The New York Times
Fri, October 01, 2010

Coalition Picks Maliki in Move That May End Iraq Stalemate

An alliance of Iraq's Shiite political blocs has chosen the
incumbent, Nuri al-Maliki, as its nominee for prime minister,
alliance officials said on Friday, ending months of wrangling
that had stalled formation of a government.

The decision appeared to make it all but certain that Mr.
Maliki would form a new government and continue as prime
minister.

Read More:
http://www.nytimes.com/2010/10/02/world/middleeast/02iraq.html?hp&emc=na

The Washington Post : Ezra Klein's Wonkbook.-Wonkbook: Meet Pete Rouse. Oct. 1st., 2010.

 Friday, October 1, 2010
 
Wonkbook: Meet Pete Rouse Today, President Obama will announce that Rahm Emanuel is resigning as chief of staff to run for mayor of Chicago. There will be wailing, rending of garments, and many tears -- at least from the journalists.
Emanuel was like a gift from the Gods of Journalistic Color. He was witty and profane. He liked talking to the press, and his friends and foes liked talking about him to the press. He had an outsized personality and a Washington legend that could be used to explain both his achievements and his shortcomings. The man who is replacing him, Pete Rouse, doesn't.
Rouse, who used to be known as the '101st senator,' was Tom Daschle's former chief of staff. When Daschle unexpectedly lost his 2004 reelection race, Obama snapped him up. Rouse went from being chief of staff for the most powerful Democrat in the Senate to being chief of staff for the body's most junior member. It turned out to be a good decision.
Quiet and retiring, Rouse doesn't make a point of going on the Sunday shows or talking to reporters. Remember that no-drama thing you used to hear about the Obama team? That's Rouse. He's like a black hole for drama. But that means few in Washington no much about him. Which is why Wonkbook begins today with a Pete Rouse primer.
The Pete Rouse Primer

Mark Preston profiles Rouse in 2004, his last year as Senate Minority Leader Tom Daschle's chief of staff: "When it comes to leadership staff-level discussions between parties, Rouse usually defers to a clutch of Daschle’s most trusted policy advisers. But that doesn’t mean Rouse was not in constant contact with Republican leadership aides, who have welcomed Rouse’s willingness to find solutions on pressing matters when needed...As for future career paths, lobbying is one avenue he doesn’t expect to pursue in the future...In fact, Rouse said he doesn’t think he would be a good fit as a lobbyist, citing a gruff exterior and the fact that 'my strongest asset is not my sunny personality.'"
Perry Bacon profiled Rouse during the presidential primaries in August 2007: "Pete Rouse is the Outsider's Insider, a fixer steeped in the ways of a Washington that Obama has been both eager to learn and quick to publicly condemn. The meticulous workaholic rose through three decades of unglamorous legislating to become arguably the most influential Democratic aide in the Senate when he worked for then-Majority Leader Thomas A. Daschle (S.D.). "
"With help from Gibbs and Axelrod, Rouse wrote a detailed memo for Obama's first year in the Senate. What they came to call 'The Strategic Plan' laid out for Obama the approach adopted by Hillary Rodham Clinton when she entered the Senate in 2001: Show respect to other senators even though you're a star, don't let your constituents think you are forgetting them, and find ways to build relationships with colleagues, particularly those in the opposite party."
Anne Kornblut highlights Rouse's role as a "fixer": "There is a reason Rouse has a reputation as a fixer. At a White House dinner Obama held for his top female advisers last fall, several of them shared stories about their colleagues, particularly Emanuel and economic adviser Lawrence H. Summers. The tales all had the same punch line, according to a person familiar with the dinner: "Either Rahm or Larry would do something horrible, and at the end of the day, Pete would come in to fix it."
By the end of the night, Obama was finishing the women's stories himself, saying, "Let me guess - Pete fixed it." "
WaPo's Pete Rouse slideshow: http://wapo.st/9wc1BW
Frontline interviewed Rouse during the general: "I don't want to be disparaging here, but criticism of the DLC [the centrist Democratic Leadership Council] is find the lowest common denominator and pass it. That's not what he's talking about here. I think he's talking about moving forward with a progressive agenda. Clearly it's not going to be 100 percent of what you want, but we can do better...We're not looking for the lowest common denominator just to pass something. We're looking to pass something that may not be the bill we would write if we were sitting alone in the Harvard library writing it, but it's one that we think significantly moves the ball forward. It's not just passing it to pass it. You're passing it because it's making things better."
Tom Kizzia interviewed Rouse at the beginning of the administration: "The deputy chiefs of staff report to me, one for policy and one for operations, who run the place from day to day...I fix problems. There’s a number of us who fix problems - execution, anticipate things. I know a lot of the senators, Rahm knows the House very well. The thing about both the campaign and the office here, it’s very collaborative. You have a loosely enforced hierarchy where people are responsible for certain things, but people get along very well and there’s no turf. People help each other and not compete with each other. That’s the Obama style, and that was the Daschle style too when he was leader.
This isn't Rouse-related, but I loved this proposal for a taxpayer's receipt: http://bit.ly/cW4QsA
Canadian twin pop interlude: Tegan and Sara play "The Con" on Minnesota Public Radio.
Still to come: AIG has reached a deal to repay the Fed and Treasury; the administration defens the stimulus (and TARP!); Elizabeth Warren takes to the Wall Street Journal to lay out her approach; Michelle Obama's nutrition bill failed in the House; and a drivable, truck-sized little red wagon.
Economy/FinReg

AIG has finalized its plan for repaying the US, reports Brady Dennis: "The plan that AIG detailed early Thursday, more than nine months in the making, has several parts: Most significant is that Treasury would swap its preferred shares in the company, worth about $49 billion, for about 1.7 billion shares of AIG common stock. The deal will leave the federal government with a 92.1 percent ownership stake in AIG, up from its current stake of 79.8 percent. Treasury expects to sell those shares to investors over time, meaning that AIG's stock price ultimately will determine how quickly the government can pull out of the company and how much of the taxpayer investment it can recoup."
Criticism of the AIG bailout persists, including from Elizabeth Warren: http://politi.co/cmYCVc
A new White House report defends the stimulus' record, reports Lori Montgomery: "Speed was of paramount importance, and the administration vowed to get 70 percent of the money out the door within 18 months. The report shows that the administration has met that target, spending $551 billion of the original $787 billion. That figure includes $242 billion in tax breaks to families and businesses and $232 billion in payments to states, unemployed workers and other victims of the recession, the report says. The administration has also written $77 billion in checks for thousands of public works projects, with an additional $127 billion unspent but committed, the report says."
The Comptroller of the Currency is ordering banks to review their foreclosure procedures: http://wapo.st/bsCe3N
Tim Geithner offered a strong defense of TARP on its two year anniversary, reports Brady Dennis: "He cited the unrelenting outrage from lawmakers who continue to question the program's effectiveness. He acknowledged that most Americans remain 'rightfully angry' at seeing their government bail out the financial firms whose recklessness sent the housing market into a tailspin, triggered a wave of unemployment and wreaked havoc on the economy. And then he offered the full-throated defense of TARP that he and other officials have repeated often in the wake of the financial crisis, an insistence that he and his predecessors made hard but courageous choices."
Senate leaders urged Tim Geithner to not give up US votes at the IMF: http://wapo.st/ckxHBn
We need to simplify financial regulation, writes Elizabeth Warren: "The very early feedback I've received indicates that the industry is eager for simplification. Some bankers have told me that a short, easy-to-read agreement is exactly what they want. And many others have expressed their interest in working with the new agency to advance a robust market for consumer credit--one that produces real competition that benefits millions of Americans. At the birth of this new agency, we have a remarkable opportunity to put aside misconceptions and work together. Let's build something better for families, for the financial industry, and for the American economy."
It's time to get commercial real estate moving again, writes Steven Pearlstein: http://wapo.st/avvdpU
Paul Krugman argues that only sanctions will get China to adjust its currency: "Restrictions on foreign investment limit the flow of private funds into China; meanwhile, the Chinese government is keeping the value of its currency, the renminbi, artificially low by buying huge amounts of foreign currency, in effect subsidizing its exports. And these subsidized exports are hurting employment in the rest of the world. Chinese officials defend this policy with arguments that are both implausible and wildly inconsistent."
The US and China need each other, writes David Wessel: http://bit.ly/b7neKQ
Gearhead interlude: A truck-sized, road-legal Radio Flyer wagon.
Energy

The Interior Department won't lift the offshoring drilling ban, reports Josh Voorhees: "Salazar unveiled a pair of new rules for offshore drillers Thursday and indicated he needs proof industry has reduced the risk of another BP-like oil spill before he delivers a final verdict...The rules go into effect immediately and create tough new standards for the equipment and technology used in offshore drilling, including requiring the independent certification of a well’s blowout preventer. They also include new workplace safety standards aimed at reducing human and organization errors, such as the ones believed to have played a role in the Deepwater Horizon rig explosion."
China's solar sector is set to take off, reports Ted Plafker: "Citing the most recent available data, analysts note that China is home to hundreds of manufacturing plants turning out solar panels and modules. It produces between one-third and one-half of the world’s total supply of photovoltaic solar cells. But it accounts for 1 percent to 5 percent of the working installations. Instead of helping to meet China’s own rapidly growing energy demand, the bulk of Chinese manufactured solar energy equipment gets shipped overseas, destined to soak up sun rays and generate power in markets like Germany, Spain and Denmark."
BP is paying a record fine for refinery toxins: http://bit.ly/9x0o4S
Green energy executives blame oil subsidies for poor prospects, reports James Kanter: "The renewable energy sector was one of the casualties of the financial crisis in Europe and the United States as lending dried up and governments cut support measures as part of austerity programs to shore up their budgets...He cited estimates by the International Energy Agency showing that fossil fuel subsidies were in the region of $500 billion in 2008, more than 10 times the amount spent on subsidizing renewable sources."
Massey Energy says regulator action led to its mine accident: http://bit.ly/br3Quj
Obama's incremental climate plan could work with the right increments, writes Glenn Hurowitz: "One of the brightest possibilities is permanent tax credits for carbon sequestration through the protection and restoration of forests and wetlands and shifts to sustainable agriculture. These tax credits can pay enormous dividends at low cost: by helping reduce tropical deforestation, they'll cut the source of 15 of global carbon pollution, more than all the cars, trucks, ships, and planes in the world combined. Restoring forests -- the lungs of the Earth -- can suck additional carbon pollution out of the air. And shifts in agricultural practices can cut into the 15 percent of global emissions produced by ranching and farming."
Adorable babies being adorable interlude: A toddler rocks out to dubstep.
Domestic Policy

The House will not pass Michelle Obama's child nutrition bill, reports Abby Phillip: "At the root of the impasse: a proposed $2.2 billion cut in future funding for the Supplemental Nutrition Assistance Program, which provides food stamps for the poor. Despite personal appeals by the first lady, the Democrats balked at what they saw as a plan to pay for the nutrition bill by quietly cutting SNAP -- an essential food safety net that lawmakers had already borrowed from to pay for emergency aid to states. White House spokesman Reid Cherlin said the administration has committed to restoring any proposed cuts to SNAP and will do all it can to move the $8 billion bill forward."
Michael Bloomberg and Rupert Murdoch lobbied Congress to expand skilled worker immigration: http://bit.ly/d5yscP
Fishers are fighting genetically modified salmon, report Alicia Mundy and Bill Tomson: "A coalition that includes Pacific Coast trollers, Atlantic fishing companies and organic-yogurt maker Stonyfield Farm says the genetically altered salmon might threaten their livelihoods by spreading unease about salmon and other foods. 'This stuff is not healthy for people, and it's not like our fresh fish,' said Angela Sanfilippo, president of the Gloucester Fishermen's Wives Association of Massachusetts. Ms. Sanfilippo's group and others have joined with 39 lawmakers who wrote to the FDA this week asking the agency to stop its approval process for the genetically modified salmon. They cited concerns about 'human health and environmental risks' from the AquAdvantage salmon."
The Senate is blocking Obama from making recess appointments: http://politi.co/9hKBtG
Tech pioneers are protesting Senator Pat Leahy's anti-piracy bill, reports Cecilia Kang: "Specifically, early Internet systems creator David Reed and others said the bill could destabilize the domain name system used as an underlying infrastructure for the Web. The engineers said the measure could wipe out entire domain names, which are used to translate sites like www.washingtonpost.com into the Internet addresses used by computers to communicate with each other. 'Worse, an incredible range of useful, law-abiding sites can be blacklisted under this bill,' they wrote."
New research could make embryonic stem cells unnecessary: http://wapo.st/9Patjw
Our campaign finance system is eroding confidence in Congress, writes Lawrence Lessig: "Last week the House Committee on Administration took a step toward radically changing this approach to making government trustworthy. By a voice vote, the committee approved a bill that would give candidates the option to fund their campaigns through small-dollar contributions only. The Fair Elections Now Act would offer a 4-to-1 match for contributions capped at $100. It would ensure qualifying candidates a sufficient grubstake to wage an effective opening campaign."
Closing credits: Wonkbook compiled with help from Dylan Matthews and Mike Shepard.

F & F I N : FOX BUSINESS .- Bullish Kickoff to 4 Q . Oct. 1st., 2010




Consumer Prices
Consumer Spending RisesConsumer spending rose slightly more than expected in August as inflation remained subdued and income increased 0.5%.



FOX Business: THE POWER TO PROSPER

Bullish Kickoff to 4Q

Wall Street kicked off October and the fourth quarter on the right foot as the markets cheered data.

Fed's Dudley: More Action Could Come

William Dudley said unless the economic outlook improves, the Fed will be forced to take more action.

BP Pledges U.S. Assets to Help Fund

The company named the Gulf of Mexico assets it will use to help finance the $20 billion fund for victims.

Blame Game for Flash Crash

A report will reportedly show a trade from Waddell & Reed Financial sparked selling on May 6.

Bonus for Microsoft CEO Curbed

Despite notching strong sales, Steve Ballmer did not get his maximum bonus for the last fiscal year.

RTTNews: Daily Market Analysis.- Positive Data Sets Market On Track For Rebound. Oct. 1st., 2010

Daily Market Analysis Fri Oct 1 09:06 2010 

Oct 1, 2010 Positive Data Sets Market On Track For Rebound - RTTNews Daily Market Analysis The major U.S. index futures are pointing to a higher opening on Friday, with sentiment improving further after the government released a report, which showed a bigger than expected increase in personal income and personal spending. With optimism improving following the release some positive domestic and overseas economic data, the prices of commodities have turned higher. If the Institute for Supply Management's manufacturing survey produces better-than-expected or in line results, the markets may build on the buoyancy. Full Article

RTTNews: Morning Market Briefing.- Stocks May Open Higher After Pickup In Consumer Spending - U.S. Commentary . Oct. 1st.2010

Morning Market Briefing Fri Oct 1 09:01 2010 

Commentary

Oct 1, 2010 Stocks May Open Higher After Pickup In Consumer Spending - U.S. Commentary Stock futures are pointing to solid gains at the open on Friday, as the markets are digesting healthy pickups in consumer income and spending ahead of a number of other economic reports. The major index futures are all in positive territory, with the Dow futures up by 54 points. Full Article

Economic News

Oct 1, 2010 Eurozone Manufacturing Signals Sharp Slowdown Eurozone manufacturing activity fell to an eight-month low in September, while new orders received by manufacturers grew at the slowest pace in a year, fresh survey data revealed on Friday. The figures suggest that the euro area's manufacturing-led recovery may be about to slow. Full Article
Oct 1, 2010 Data Shows Japan Remains Stuck In DeflationNationwide core consumer prices in Japan declined 1.0 percent on year in August, the Ministry of Internal Affairs and Communications said on Friday, marking the 18th straight month of deflation. Full Article
Oct 1, 2010 Personal Spending Rose More Than Expected In August Personal spending showed another moderate increase in the month of August, according to a report released by the Commerce Department on Friday, with the report also showing a notable increase in personal income during the month. Full Article
Oct 1, 2010 German Retail Sales Slip For Second Month German retail sales fell for the second consecutive month in August, official data showed on Friday. The surprise fall suggests the economic upturn in Europe's largest economy has as yet failed to lift consumer spending. Full Article
Oct 1, 2010 Eurozone Jobless Rate Remains At 12-Year High The euro area unemployment rate continued to stay at a 12-year high in August as the region's economy started to cool, reflecting slowing trends in global economy. Full Article

Earnings News

Oct 1, 2010 Accenture Q4 profit up 75%, beats Street; raises FY11 earnings growth viewThursday, Accenture Plc (ACN) reported a 75% jump in its fourth-quarter profit, helped by the absence of restructuring charge that hit year-ago results. Revenue for the period grew 6% from last year, and operating margin widened 500 basis points to 13.2%. Earnings came in above the Street view. Looking ahead, Accenture boosted its earnings growth forecast for fiscal 2011, but maintained its revenue growth guidance. In addition, the firm raised its interim cash dividend by 20%. Full Article
Oct 1, 2010 Lawson Software Q1 profit climbs, adj. EPS beats StreetThursday, Lawson Software Inc. (LWSN) reported a 60% rise in its first-quarter profit, as revenue grew 3.4% from the past year. Both adjusted earnings and revenues came in above the Street view. Looking ahead, the company provided earnings and revenue guidance for the second quarter. Full Article

Corporate News

Oct 1, 2010 Repsol, Sinopec sign $17.8 bln Brazil JVFriday Repsol YPF SA (REP) and China's Sinopec Shanghai Petrochemical Co. Ltd. (SHI) agreed to jointly develop the projects of Repsol's Brazilian unit, resulting in a company worth $17.77 billion. The Spanish group will retain 60% stake in the alliance and Sinopec will get a 40% stake. Full Article
Oct 1, 2010 BP pledges assets as collateral for $20 bln oil-spill fundFriday, BP Plc (BP) stated it pledged specific assets in the Gulf of Mexico assets as collateral for the $20 billion Deepwater Horizon Oil Spill Trust that was set up to pay claims arising from the catstrophic oil spill in April. The pledged collateral includes an overriding royalty interest in oil and gas production of BP's Thunder Horse, Atlantis, Mad Dog, Great White and Mars, Ursa and Na Kika oil and gas assets in the Gulf of Mexico, the group revealed. Full Article
Oct 1, 2010 Dollar Thrifty shareholders snub Hertz offer, Avis proposal likely to take effectThursday, Dollar Thrifty Automotive Group, Inc.(DTG) said its shareholders rejected the $1.5 billion takeover offer from Hertz Global Holdings, Inc.(HTZ). With Hertz Global quitting the acquisition race, Avis Budget Group, Inc. (CAR) now stands a good chance of materializing its higher offer. Full Article
Oct 1, 2010 HP names ex-SAP chief Apotheker as CEOThursday, Hewlett-Packard Co. (HPQ) roped in former SAP AG chief Léo Apotheker to head the company as president and chief executive officer, effective November 1. Cathie Lesjak, who was appointed interim CEO in August after Mark Hurd's exit, will remain the firm's chief financial officer. Full Article
Oct 1, 2010 Novartis agrees to $422.5 mln settlementThursday, Novartis AG's (NVS) unit Novartis Pharmaceuticals Corp. agreed to defray $422.5 millionto settle criminal and civil allegations that implicate it to have illegally marketed the epilepsy drug Trileptal and paid kickbacks to doctors to prescribe its drugs. Civil allegations were made relating to five other products. Full Article

Broker Ratings Changes

Oct 1, 2010 KeyBanc Capital Markets Lifts Idacorp Inc. (IDA) To BUY From HOLD With $38.50 Price Target

Todays WS Events

Oct 1, 2010 Hewlett-Packard Investor Update Conference Call At 9:00 AM ET Hewlett-Packard Company (HPQ) will host an investor conference to discuss election of Léo Apotheker as CEO and other changes in the board. The event is scheduled to begin at 9:00 AM ET, October 1, 2010. To access the webcast, log on to www.hp.com/investor/home
Oct 1, 2010 Ford Motor September U.S. Sales Conference Call At 1:00 PM ET Ford Motor Company (F) will host a conference call at 1:00 PM, ET, to discuss September U.S. Sales, on October 1, 2010. To access the live webcast, log on at www.shareholder.ford.com To hear the live call, dial 866-783-2138 (US) or 857-350-1597 (International). A replay of the call can be heard by dialing 888-286-8010 (US) or 617-801-6888 (International) with passcode 18326954.