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Oct 14, 2010

F & F I N : The Australian | Business | Business Breaking News. Oct. . 14th. 2010


More Business Breaking News

MarketWatch: Personal Finance Daily.- Buyers of foreclosed homes wait, and worry. Oct. 14th., 2010

Personal Finance Daily
OCTOBER 14, 2010

Thursday's Personal Finance stories

Don't miss these top stories:

By MarketWatch
With mortgage rates at record lows and foreclosure properties at rock-bottom prices, plenty of U.S. home buyers have been jumping into the complex world of bank-owned and auction properties.

In September, sales of foreclosure homes, including pre-foreclosure sales and bank-owned properties, accounted for 31% of all home sales, according to preliminary figures from RealtyTrac. See the RealtyTrac release.

Now, the ever-growing scandal around how banks process — or more accurately, fail to process — foreclosure documents is revealing just how complicated that market can be, and buyers of foreclosure properties may be watching the unfolding story with some dread. After all, as Jennifer Openshaw writes in her column today, there's not necessarily a clear legal footing if a homeowner can prove she was evicted illegally. Read Openshaw's story for more on the unfolding story and what it might mean for you.

Andrea Coombes , Personal Finance editor

Foreclosure crisis: what it means for you

Whether you recently bought or plan to buy a foreclosed home, the latest news that banks have mishandled foreclosures may have you worried.
Read more on foreclosure crisis: What it means for you.
Fixed-rate mortgages fall to record low

Fixed-rate mortgages fell this week to record lows, with the benchmark 30-year loan averaging 4.19%, Freddie Mac said Thursday. It marked the 23rd consecutive week the 30-year has been below 5%.
Read more on fixed-rate mortgages fall to record low.


Bank bonds fall on foreclosure uncertainty

Yields on U.S. bank bonds rose more than government debt on Thursday as worries about more firms halting foreclosures weighed on the market.
Read more on bank bonds fall on foreclosure uncertainty.

Commentary: What to do with all that corporate cash?

Some corporations have a problem, admittedly one most of us wouldn't mind having: what to do with all that money.
Read more on what to do with all that corporate cash?

Is there a bond bubble?

Is there a bond bubble? Short answer: yes. We come to this conclusion by looking at data assembled by Yale economist Robert Shiller, author of the 2000 best-seller "Irrational Exuberance," who has a good claim to have called bubbles in both the stock and house markets.
Read more on Is there a bond bubble?


Credit unions mostly safe despite rescue: analysts

As the government on Thursday started selling off the toxic securities from failed wholesale credit unions, analysts nonetheless say the industry more broadly is healthy and has strong prospects.
Read more on credit unions mostly safe despite rescue: analysts.

Commentary: Don't get used to the new Fed

For decades, the Federal Reserve has been a brooding, dark, menacing presence at the edge of Wall Street, feared for its propensity to spit acid rain on markets whenever mortals dared to crack a smile.
Read more on don't get used to the new Fed.

Fannie, Freddie TARP role criticized by panel

The role of Fannie Mae and Freddie Mac in administering the Troubled Asset Relief Program was criticized Thursday by a government oversight panel, in particular the mortgage giants' role in a home mortgage modification program.
Read more on Fannie, Freddie TARP role criticized by panel.

Hoping for a peek at Bernanke's playbook

Traders are hoping to get a peek inside Ben Bernanke's playbook when the Federal Reserve chairman steps to the microphone on Friday morning to discuss how the Fed may respond to the current low-growth, low-inflation environment.
Read more on hoping for a peek at Bernanke's playbook.

Bank lobbyist expects ‘mistakes' with new rules

Tight timetables for banking and securities regulators to write hundreds of rules will not only change the outcome of financial regulation but also will result in lots of mistakes, a key bank lobbyist said Thursday.
Read more on bank lobbyist expects ‘mistakes' with new rules.

Commentary: Why Barack can't learn

Here's the problem with Barack Obama: He thinks he's on the right path.
Read more on why Barack can't learn.

Trade gap widens to $46.3 billion in August

The U.S. trade deficit widened sharply in August as imports from China flooded into the country at a record pace, according to data released Thursday.
Read more on trade gap widens to $46.3 billion in August.

CNBC: Evening Brief:.-Google Earnings Handily Beat Wall Street Expectations. Oct.14th., 2010.


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NYT: AFternoon Business News:Fund Manager Does not Hedge His Bets on Tories. Oct.14th., 2010


Bank Shares Push Wall Street Indexes Lower

Banking stocks fell day after state officials started a joint investigation into foreclosure practices of major lenders.

Fund Manager Doesn't Hedge His Bets on Tories

As the right-leaning British government prepares to impose some of the deepest spending cuts in a generation, it is doing so with the full throated support of London's financial elite.

Wal-Mart to Buy More Local Produce

With the focus on sustainable agriculture, the retail giant is trying to improve efficiency among suppliers.

U.S. Trade Deficit Widens; Producer Prices Rise

The trade deficit in August increased 8.8 percent to $46.3 billion, while the producer price index rose 0.4 percent in September.

Europe Walks a Fine Line on Regulation of Cloning

New rules on cloned livestock would be stronger than those in the United States with regard to actual clones, but would seek to avoid trade tensions.

F & F I N : Fox Business .- Bulls Take a Break. Oct. 14th., 2010

Traders 052510 276
Worries about the foreclosure crisis and a surprise spike in jobless claims combined to break the Dow’s four-day win streak.

$200M for Four Flights a Day

They're Burning Your Money: A small airport in Pennsylvania has become a big drain on taxpayers.

Health-Care Lawsuit Gets Green Light

WATCH States were given approval to proceed with a fight to overturn the president's health-care reforms.

Dimon: Housing Recovery Could Suffer

JPMorgan CEO Jamie Dimon said he is concerned that investigations into banks' foreclosure practices may deal a blow to the housing market.

Google Beats Expectations

The world's largest search engine posted a third-quarter net income of $7.64 a share

F & F I N : Snapshot At Close


 U. S.  Stock Indexes At Close
 Last Change% Chg
DJI11094.57   -1.51-0.01
S&P 500*1173.81-4.29-0.36
DJ Total Stock 12301.34-45.18-0.37


THe Washington Post Afternoon Edition: Today's Most Read Articles: Oct.14th., 2010

Washington Post


Most Viewed Articles on

1) Letter From France: Hamburger chain's decision sparks tensions over Islam

LA COURNEUVE, FRANCE - Sami Desadjri, an observant French Muslim, used to have a problem when he and his high school classmates hit the local burger joint for lunch. Since the meat was not halal, or slaughtered according to Islamic guidelines, he was forced to fall back on fish sandwiches, assau...

2) Grace under fire: The man Cheney shot

AUSTIN -- Nearly five years on, Harry Whittington still speaks with a slight flutter in his voice -- a "warble," he calls it, inadvertently choosing a bird metaphor. His easy East Texas drawl changed forever one day in February 2006 when a tiny lead pellet pierced his larynx. It's still there.

3) A historic shift in the making?

Voters seem poised to produce something not seen since 1981-82.

4) The O'Donnell-Coons debate and survival of the fittest

Were she still a witch, Christine O'Donnell no doubt would have put a hex on Wolf Blitzer then and there.

5) Lack of proper mortgage paper trail could leave big banks reeling again

The federal government's pressure on lenders Wednesday to fix the paperwork problems plaguing foreclosures left unaddressed a far greater potential threat facing the financial system and the U.S. economy.

6) Redskins safety LaRon Landry is playing his best football yet

There was a time in the spring when football-starved Washington Redskins fans, subsisting solely on a diet of unsourced offseason reports and speculation, were left to envision LaRon Landry wearing another team's colors in 2010. His name was linked to trade talks between the Redskins and the Phil...

7) O'Donnell, Coons show their differences in nationally televised debate

Tiny Delaware's U.S. Senate race kept its perch in the national spotlight Tuesday night with a lively candidates' debate between Republican Christine O'Donnell and Democrat Chris Coons broadcast live on CNN.

8) Michelle Obama, on the trail as mom-in-chief

On the trail as mom-in-chief

9) Brigade linked to Afghan civilian deaths had aggressive, divergent war strategy

When the 5th Stryker Combat Brigade arrived in Afghanistan, its leader, Col. Harry D. Tunnell IV, openly sneered at the U.S. military's counterinsurgency strategy. The old-school commander barred his officers from even mentioning the term and told shocked U.S. and NATO officials that he was unint...

10) Few signs at tea party rally expressed racially charged anti-Obama themes

A new analysis of political signs displayed at a tea party rally in Washington last month reveals that the vast majority of activists expressed narrow concerns about the government's economic and spending policies and steered clear of the racially charged anti-Obama messages that have helped defi...

MarketWatch: Special Financial Services : What does the foreclosure crisis mean to you? By Jenniffer Openshaw

Jennifer Openshaw: Foreclosure crisis: What it means for you
By Jennifer Openshaw

Whether you recently bought or plan to buy a foreclosed home, banks’ mishandling of foreclosures may have you worried — for good reason. 

F & F I N : Reuters - Deals Today .- Private equity courts News Corp, AOL on Yahoo: source


Private equity courts News Corp, AOL on Yahoo: source
Special report: What if Elvis ran a hedge fund?
Poll: AIA IPO price seen above mid-point
Dogan Yayin confirms bids, News Corp offer too low
Demag share volumes set stage for battle for control
Liverpool sale saga lurches on after new twist
Enel pushes ahead with big EGP renewable unit IPO
Bain nearing 1 billion pound deal with Priory: report
Potash to move some staff to Canada to fend off BHP
GM's Whitacre sees IPO share price in $20-25 range

RTTNews : Morning Market Briefing.- Stocks May Inch Higher Following Influx Of Data - U.S. Commentary .

Morning Market Briefing Thu Oct 14 09:01 2010


Oct 14, 2010 Stocks May Inch Higher Following Influx Of Data - U.S. Commentary Stock futures are pointing to modest gains Thursday morning, as the markets are digesting a mixed batch of economic reports, including a pickup in jobless claims and a rise in producer prices. The major index futures are all in positive territory, with the Dow futures up by 11 points. Full Article

Economic News

Oct 14, 2010 South Korea Keeps Rates On Hold South Korea's central bank has kept its benchmark interest unchanged for the third straight month at 2.25% as widely expected. The decision comes amid tension in the global currency markets and the won's sharp rise against the U.S. dollar. Full Article
Oct 14, 2010 Singapore Moves To Widen Currency Band Singapore has moved to steepen and widen the band of its currency to control inflation. It comes after official figures showed the economy registered double-digit growth in the September quarter. Full Article
Oct 14, 2010 Sentance Wants BoE To Start Gradual Exit NowThe Bank of England should now start gradual adjustment of monetary policy in line with economic developments, policy maker Andrew Sentance said late Wednesday. Full Article
Oct 14, 2010 Riksbank's Wickman-Parak: Strong Recovery Demands Further Policy Tightening Sweden needs further repo rate hikes going forward with the economic recovery remaining strong and firm, Riksbank Deputy Governor Barbro Wickman-Parak said Thursday. Full Article
Oct 14, 2010 RealtyTrac: Foreclosure Filings Rise In SeptemberRealtyTrac, an online marketplace for foreclosure properties, Thursday said foreclosure filings grew 1% year-over-year in September and increased 3% sequentially. Full Article
Oct 14, 2010 Trade Deficit Widens More Than Expected In August With the value of imports increasing at a much faster rate than the value of exports in the month of August, the Commerce Department released a report on Thursday showing that the trade deficit for the month widened by more than economists had anticipated. Full Article
Oct 14, 2010 Producer Prices Rise More Than Expected In September Producer prices increased by much more than expected in the month of September, according to a report released by the Labor Department on Thursday, with the price growth largely due to a substantial jump in food prices. Full Article

Earnings News

Oct 14, 2010 Progressive Corp. Q3 profit dips 3%Thursday, Progressive Corp. (PGR) reported a 3% dip in net income for the third quarter, despite a 4% growth in net premiums earned. The firm revealed that combined ratio for the quarter rose to 92.9% from 92.7% in the same period last year. Full Article
Oct 14, 2010 Grainger Q3 profit rises 4%, raises FY10 viewThursday, W.W. Grainger, Inc. (GWW) reported a 4% rise in net profit for the third quarter, as sales grew 19% year-over-year to surpass the Street view. Excluding unusual items, earnings climbed 25%. The results also benefited from an increase in gross profit margins. Looking ahead, the firm boosted its fiscal 2010 outlook. Grainger also announced that it acquired substantially all of the assets of SafetyCertified, Inc. The firm did not reveal the terms of the deal. Full Article
Oct 14, 2010 Apollo Group Q4 profit down 55%; withdraws FY11 viewWednesday, Apollo Group, Inc. (APOL), the parent of the University of Phoenix, reported a 55% drop in profit for the fourth quarter, hit by huge goodwill and asset impairments. Net revenues for the period grew 17.4% to come in line with the Street view. The firm withdrew its fiscal 2011 guidance, citing decline in Phoenix student enrollment. Full Article
Oct 14, 2010 Fairchild Semiconductor Q3 climbs steeplyThursday, Fairchild Semiconductor International Inc. (FCS) reported a sharp rise in its third-quarter profit, helped by continued improvements in product mix. Sales for the quarter surged 25% from last year, but came in below the Street view. Looking ahead, the company guided fourth-quarter sales in line with current estimate of analysts. Full Article

Corporate News

Oct 14, 2010 Occidental CEO Irani to quit in May 2011, Stephen Chazen to succeed - reportsWednesday, Occidental Petroleum Corp.'s (OXY) chief executive Ray Irani will resign from office in May 2011, the Wall Street Journal reported. Irani, who agreed to take a smaller pay package, will remain executive chairman until the end of 2014. The company said Irani will be replaced by chief operating officer Stephen Chazen. Full Article
Oct 14, 2010 Wal-Mart mulls opening smaller storesWednesday, Wal-Mart Stores Inc. (WMT) said it is planning to open over 30 new small and medium format stores in the US, in an attempt to ward off competition from dollar stores, and to try to reach more customers in big cities and smaller towns. Wal-Mart, which expects sales at its existing supercenters to improve in the next few months, said the smaller stores will mainly sell groceries. Full Article
Oct 14, 2010 Aon Corp. to cut 1,500 to 1,800 jobs worldwideThursday, Aon Corp. (AON) said it intends to slash 1,500 to 1,800 jobs in the next three years, following its acquisition of Hewitt Associates, Inc,. The firm expects the restructuring process to get over by the end of 2013. It expects to save $355 million per year, mainly through job eliminations. Full Article

Broker Ratings Changes

Oct 14, 2010 FBR Capital Markets Cuts Apollo Group (APOL) To Underperform From Market Perform With $40 Down From $49 Price Target

Todays WS Events

Oct 14, 2010 Gap Investor Conference Call At 8:45 AM ET Gap Inc. (GPS) will host a meeting for investors on October 14, 2010 in New York. The event is scheduled to begin at 8:45 AM ET. To access the live webcast, log on at To hear the live call, dial (800) 932-6399 or (706) 758-6314 (International) with passcode 10742309.
Oct 14, 2010 H&R Block Conference Call At 9:00 AM ET On 2SS Holding Acquisition H&R Block Inc. (HRB) will host a conference call for analysts, institutional investors and shareholders to discuss the acquisition of 2SS Holdings, Inc. The event is scheduled to begin at 9:00 AM ET, October 14, 2010. To listen to the webcast, log on at To hear the live call, dial (877) 247-6355 (US) or (706) 679-0371(International) with ID 10673363. A replay of the call can be heard by dialing (800) 642-1687 (US) or (706) 645-9291 (International) with ID 10673363.
Oct 14, 2010 Safeway Q3 10 Earnings Conference Call At 11:00 AM ET Safeway Inc. (SWY) will host a conference call at 11:00 AM ET, October 14, 2010, to discuss its Q3 10 earnings result. To access the webcast, log on to
Oct 14, 2010 Google Q3 10 Earnings Conference Call At 4:30 PM ET Google Inc. (GOOG) will host a conference call at 4:30 PM ET, October 14, 2010, to discuss its Q3 10 earnings results. To access the live webcast, log on at
Oct 14, 2010 Advanced Micro Q3 10 Earnings Conference Call At 5:00 PM ET Advanced Micro Devices Inc. (AMD) will host a conference call at 5:00 PM ET, October 14, 2010, to discuss its Q3 10 earnings results. To access the live webcast, log on at

F & F I N : Weekly Jobs Claims Rise | fox business news. Oct. 14th., 2010

jobs jobless unemployment 276
Jobless Claims Rise to 462K The number of people filing new claims for unemployment insurance rose 13,000 last week while the number of people still collecting jobless benefits fell to an almost two-year low.


Trade Gap Widens in August

They're Burning Your Money: Record imports from China widened the gap to $46.4 billion.

Producer Prices Rise 0.4%

Higher food and energy prices pushed inflation at the wholesale level up twice as fast as expected.

Futures Shrug Off Data

After being hit with a trio of economic reports, Wall Street continued to cling to green.

Lacker Wouldn't Support More Easing

The Richmond Fed Reserve Bank President said he is not very worried about subdued inflation readings.

Home Foreclosures Top 100K

Banks foreclosed on 102,134 properties in September, the first month above the century mark.

Yahoo May Be Takeover Target

Several private equity firms have reportedly approached companies to gauge their interest in buying out Yahoo.

Mineweb : Top Stories: North American metals and mining companies slowly recovering-S&P. Oct. 14th., 2010

Mineweb logo

TOP STORIES | Thursday , 14 Oct 2010                                                     

North American metals and mining companies slowly recovering-S&P

Gold continues to be a bright spot for North American metals and mining companies while credit profiles for gold miners are strong.    Thursday , 14 Oct 2010

Anticipating fresh potash predators?

Potash stocks sizzle, outclassing strong subsectors such as silver, gold, iron ore and copper.    Wednesday , 13 Oct 2010

BIS taking in more gold - who are the counterparties this time?

The Bank of International Settlements hit the headlines earlier this year when it was discovered that its gold holdings had soared, now it appears they are on the increase again    Wednesday , 13 Oct 2010

Capital allocation mining industry's number one risk-Ernst & Young

Despite a strong outlook for the mining sector and strong quarterly earnings, banks are unwilling to finance mining projects, forcing mining companies to allocate capital to growth by acquisition.    Thursday , 14 Oct 2010

Indian diamond makers to further grow export market

With consumers in the global market opting for higher value-added stones, Indian diamond processors and jewellery makers are hoping for export sales to rise 30-35%    Thursday , 14 Oct 2010

Bulls beating bears on gold price direction

The gold price continues to move upwards overall, but the path has not been a smooth one with bouts of profit taking bringing so far relatively shortlived falls.    Wednesday , 13 Oct 2010

Rio maintains 2010 production guidance, all divisions near or at capacity

CEO Tom Albanese said in a production report that the group reported record production in iron ore, alumina and coking coal, driven by an insatiable appetite for commodities from Asian giants    Thursday , 14 Oct 2010

Gold could reach peak in next 3 to 6 months

According to Natixis, the global economy is not in quite as bad a state as many in the market are thinking and as a result the price of gold could reach its zenith in 2011    Wednesday , 13 Oct 2010

Chile mine saga and subsequent mine clampdown unlikely to hit production

Industry insiders say the expected clampdown on older, decrepit mines in Chile is unlikely to affect copper output in the world's top producer    Thursday , 14 Oct 2010

Momentum to propel silver price to new levels.

While silver's recent price rise has a few echoes of what was seen in 1980, the 33% rise since July could see the metal hit some resistance between $23 and $25 an ounce    Thursday , 14 Oct 2010

Implats offered $2.9bn for Rasimone platinum mine

The mine is a joint venture between Anglo Platinum and a unit of unlisted Royal Bafokeng Holdings, but according to RBH CEO Niall Carroll, Anglo Platinum snubbed the deal.    Thursday , 14 Oct 2010

Grande Cache Coal cuts full-year sales forecast 14%

The Canadian group said the decline comes on the back of production delays at one of its mines as well as congestion issues at the Westshore Terminals    Thursday , 14 Oct 2010

Norilsk co-owner supports sale of utility unit

Vladimier Potanin said Wednesday he supports the sale of Norilsk's GMK-3 valuing it at $2.5 - $3bn    Thursday , 14 Oct 2010

Potash to move key staff to Saskatchewan in bid to win provincial support

The Canadian company trying to stave off a $39bn bid by BHP Billiton is hoping the move will win it political favour in the province    Thursday , 14 Oct 2010

September quarter iron ore shipments up 8% year-on-year Fortescue

But the Australian miner said the shipments were down 7% when compared to the previous quarter as a result of planned maintenance interruptions    Thursday , 14 Oct 2010

New investor arrives after Australian gold merger called off

Bendigo Mining and BCD Resources announced separately today that a planned merger is off and Minemakers emerges as BCD's financial white knight    Thursday , 14 Oct 2010

Yesterday's Top Story: Copper stock prices tell an interesting story

Listed copper stocks are currently somewhat more keenly priced than gold counterparts, but what does it mean?    Tuesday , 12 Oct 2010

FINANCIAL & FOREX INFO NEWS: Stock futures climb as dollar continues slide.Oct. 14th., 2010


Stock futures climb as dollar continues slide
Private equity courts News Corp, AOL on Yahoo: source
Singapore hits dollar, U.N. body warns of FX war
OPEC to hold output steady as oil price rises
September home foreclosures top 100,000 for first time
U.S. is currency war's "tomb maker": China economist
World stocks hit two-year high, led by emerging markets
Rattner nears SEC settlement over charges: source
No political influence in SEC-Goldman case: report
Microsoft deepens Facebook ties in Web search battle