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Oct 25, 2010

F & F I N (FINANCIAL & FOREX INFO NEWS).- UNDERLYING credit growth in Australia remains slow

UNDERLYING credit growth in Australia remains slow, with business and consumer confidence remaining fragile, the Commonwealth Bank says.
"Recent uncertainty over the pace of recovery in the United States and Europe highlights the downside global economic risks still in play," CBA chairman David Turner told shareholders at the group's annual general meeting.
"Evidence of these is a slowing in the underlying momentum of our business at the end of the 2010 financial year. This has continued into the current year, with underlying credit growth in Australia slow, particularly so for business lending, where our customers remain cautious.

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MarketWatch: Personal Finance Daily.- Home sales, appraisals and that tax deduction.

Personal Finance Daily
OCTOBER 25, 2010

Monday's Personal Finance stories

By MarketWatch

Don't miss these top stories:
On the same day that the National Association of Realtors announced that existing-home sales rose 10% in September, a news report posited that a bipartisan commission charged with finding ways to reduce the federal deficit will propose limiting the mortgage-interest tax deduction, so beloved by homeowners nationwide.

The idea has been proposed before — remember President George W. Bush's tax simplification committee? — but it's even less likely to get through Congress this time around, if the deficit commission does indeed propose it, given the tenuous state of the housing market. Talk about a way to stifle home-buyer demand.

Read more about the unlikelihood of Congress touching that particular tax cut, as well as details on the good-news signs in the real-estate market. Plus, read Amy Hoak's Home Economics column on how federal regulators are cracking down on inaccurate home appraisals.

On the non-real-estate front, read how older Americans report that some costs are rising — even though their Social Security benefits are not.

Andrea Coombes , Personal Finance editor


Costs rise, even if Social Security doesn't

Thanks to low average inflation nationwide, retired Americans' Social Security checks in 2011 won't include a cost-of-living increase for the second year in a row. But even though the inflation rate has been low for about two years, older people report that they're paying more for a variety of items.
Read more on costs rise, even if Social Security doesn't.


USDA: Food inflation to accelerate into 2011

Food inflation will "accelerate" during the final months of 2010 and into the first six months of 2011, especially for meat, cereal and dairy products, the U.S. Agriculture Department said Monday.
Read more on food inflation to accelerate into 2011.


Tougher appraisal standards coming soon

Appraisers and appraisal management companies are facing new requirements aimed at ensuring home valuations are accurate and fair — and they could be in for tougher penalties if they don't follow the rules.
Read more on tougher appraisal standards coming soon.

Existing-home sales climb 10% in September

Sales of existing homes climbed 10% in September, with a drop in prices helping transactions increase for a second straight month, according to a report released Monday.
Read more on existing-home sales climb 10% in September.

Watchdog: Loan-modification plan failing

A watchdog on Monday said the government's home-loan modification program is failing, which risks sparking more public anger and mistrust.
Read more on loan-modification plan failing.

Bair backs ‘safe harbor' plan on foreclosures

Federal Deposit Insurance Corp. Chairman Sheila Bair on Monday outlined ideas to tackle the so-called "robo-signing" crisis, saying that lenders, investors and borrowers could reach a broad pact on which foreclosures should be able to go forward.
Read more on Bair backing ‘safe harbor' plan on foreclosures.

Commentary: For housing, stability still far off

U.S. home sales have perked up in the past two months after plunging to a record-low in July, the real-estate agents reported Monday.
Read more on for housing, stability still far off.

Commentary: Take away the mortgage deduction at your own risk

It doesn't make much sense to allow homeowners to deduct their mortgage-interest payments on their federal income-tax returns. But then how many dozens of other tax breaks can you say the same thing about?
Read more on take away the mortgage deduction at your own risk.

Mortgage-interest tax break may face ax

The hugely popular mortgage-interest tax deduction could be targeted by a bipartisan commission charged with finding ways to chop the deficit, according to a report published Monday.
Read more on mortgage-interest tax break may face ax.


Stock funds yield surprisingly strong dividends

One of the mutual-fund world's dirty little secrets has been that "growth-and-income" and "equity-income" funds provided shareholders with virtually no income.
Read more on stock funds yield surprisingly strong dividends.

Gold-miner ETF fails to break 2008 peak

An exchange-traded fund that invests in gold-miner stocks has tripled in price since bottoming two years ago, but the ETF suffered a sudden correction last week as an attempt to break through its 2008 apex failed.
Read more on gold-miner ETF fails to break 2008 peak.

How to spot some age-old revenue-cooking tricks

Talk about a caffeine jolt. When securities regulators questioned whether Green Mountain Coffee Roasters had improperly booked sales, investors unceremoniously dumped the stock down the drain.
Read more on how to spot some age-old revenue-cooking tricks.
Two formerly bearish indicators now more positive

A "head and shoulders" top? Just such a bearish prospect was quite the rage this summer among many bearish advisers. All that was needed for this technical indicator to trigger an actual sell signal was for the market to fall below the "neckline" that connected the right and left shoulders — and the market came dangerously close to doing so.
Read more on two formerly bearish indicators now more positive.


Gridlock would wash in with GOP ‘wave'

Republican agenda, meet Washington gridlock. On the verge of recapturing the House of Representatives on Nov. 2 but with the Senate still looking out of reach, President Barack Obama's opponents and their smaller-government ideas are facing a scenario of probable political inertia even as they ride a wave of voter discontent and anger at Washington incumbents.
Read more on gridlock would wash in with GOP ‘wave'.

New cyber law could stifle telecom growth

An Obama administration proposal to increase law enforcement's ability to listen in on electronic communications could have far-reaching implications for the future of the Internet and cellular-phone service.
Read more on new cyber law could stifle telecom growth.

Open economies better for jobs in long run: World Bank

Open economies provide more jobs and allow for a better recovery than closed ones in the long run, according to new research presented at the World Bank Monday.
Read more on open economies better for jobs in long run: World Bank.

CNBC Evening Brief : Investors Snap Up 5-Year TIPS, Expecting Inflation to Rebound.


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NYT Afternoon Business News Update.- Treasury Sells Bonds With a Negative Yield


New Rules to Cut Emissions for Trucks

New medium- and heavy-duty trucks will have to cut fuel consumption and emissions by 10 to 20 percent under the standards proposed by administration.

Hotels Seek Rules for Online Reviews

As TripAdvisor's influence grows, hotels are increasingly concerned about damage from inflammatory claims in reviews.

Treasury Sells Bonds With a Negative Yield

Inflation-protected securities sold at negative yields for the first time ever as traders anticipate that the Fed will start a new round of asset purchases.

U.S. Home Sales Rose in September

Sales of existing homes grew 10 percent last month to an annual rate of 4.53 million but were still down 19 percent from the same month a year ago.
Media Decoder Blog

Newspaper Circulation Falls Broadly but at Slower Pace

Newspaper publishers reported lower overall circulations for the period of April through September.

F & F I N : Reuters - Daily Investor Update.- Wall St ends up on weak dollar, Fed hopes.


Wall St ends up on weak dollar, Fed hopes
Existing home sales rise but Fed easing still seen
Ford sees U.S. sales in October as best in 2010
DuPont profit seen lower; investors eye potential
BankUnited to file for IPO this week: sources
SEC questioned Warren Buffett's Berkshire on loss accounting
Foreclosure mess may hurt housing market, FDIC says
Sprint's Tab is cheaper but requires a contract
Regulators reviewing foreclosure practices: Bernanke
CFTC takes aim at "runaway robotic trades": Chilton

The Wasington Post: Today's Most Read Articles

 Most Viewed Articles on

1) Gauging the scope of the tea party movement in America

In an unruly, unpredictable and chaotic election year, no group has asserted its presence and demanded to be heard more forcefully than the tea party. The grass-roots movement that was spawned with a rant has gone on to upend the existing political order, reshaping the debate in Washington, defea...

2) Just who does Jon Stewart think he is?

These days, he can claim to be many things: political satirist, pseudo-anchorman, media critic, author, successful businessman, philanthropist, Emmy Award magnet. On Monday he arrives in Washington in a new, self-anointed role: as our national voice of reason, moderation and rationality -- a unit...

3) Election Day could bring historic split: Democrats lose House, keep Senate

The question around Washington today is not whether Nov. 2 will be a difficult day for the Democrats who control Congress, but rather how bad it will be.

4) Are you part of the New Elite?

The tea party appears to be of one mind on at least one thing: America has been taken over by a New Elite.

5) RI Dem: Obama can 'shove it' for not endorsing him

PROVIDENCE, R.I. -- The Democratic candidate for Rhode Island governor, widely seen as more conservative than the independent seeking to lead the heavily Democratic state, said Monday that President Barack Obama can "shove it" after learning Obama would not endorse him.

6) Faster Forward: Sony finally ejects the Walkman

This weekend's weirdest tech news: Sony will stop selling its Walkman portable tape player in Japan, the land of that once-iconic device's birth. That's "weirdest" not in the sense of "I can't believe Sony won't make those things anymore," but in terms of "I can't believe Sony still sells those things."

7) Think this economy is bad? Wait for 2012.

We're barely two years past the banking crisis, still weathering the mortgage crisis and nervously watching Europe struggle with its sovereign debt crisis. Yet every economic seer has a favorite prediction about what part of the economy the next crisis will come from: Municipal bonds? Hedge funds?...

8) Haynesworth excels vs. Bears after nearly a season and a half of struggles

Yes, it took being a part of the NFL's Gaffe of the Year, a 60-minute, mistake-laden slop featuring eight total fumbles and six interceptions. But Albert Haynesworth finally arrived as the awesome playmaker he promised Washington in February 2009.

9) Last house on sinking Chesapeake Bay island collapses

On Holland Island, Md. The story was strange enough to be a child's fable: In an isolated section of the Chesapeake Bay, there was a two-story Victorian house that seemed to emerge directly from the water. And, scurrying around it, there was a retiree, trying to keep the house from falling in. Fi...

10) Realco guns tied to 2,500 crimes in D.C. and Maryland

Outside a baby shower in Landover three years ago, Erik Kenneth Dixon snapped. As he argued with his sister and her boyfriend in a parking lot, the 25-year-old man whipped out a .45-caliber Glock and shot her in the leg. Then he chased down her boyfriend, firing between cars and at the running ma...

F & F I N : U.S. Markets At Close Snapshot


DJIA*11164.50  31.49 0.28
Nasdaq*2490.85  11.46 0.46
S&P 500*1185.67    2.54      0.21
DJ Total Stock Market*12428.30  36.84 0.30
Russell 2000     707.89    4.46 0.63

F & F I N : Existing-Home Sales Rose 10% in September.

Mineweb : Top Stories.- Wafi-Golpu, Freeport and nickel

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FEATURED PODCAST                                                     

Wafi-Golpu, Freeport and nickel

A look at the importance of the expansion in the ounces at Wafi-Golpu, Freeport's strong numbers and why nickel prices are doing so well

TOP STORIES | Monday , 25 Oct 2010                                                     

Copper miner Equinox to buy Citadel Resource for A$1.25bn

With the goal of becoming a leading independent copper producer with assets in Zambia and Saudi Arabia, Australian companies Equinox Minerals and Citadel Resources have announced a friendly merger.    Monday , 25 Oct 2010

Exeter looking to add further value to its gold ounces in the ground

Junior gold explorer, Exeter Resource, sees little need to expand its gold/copper/silver resource at Caspiche in Chile and is concentrating on making its ounces in the ground ‘more valuable'.    Monday , 25 Oct 2010

Gold and the G20 - what next?

A warning that if long term broad capital controls are taken up by G20 members this could be disastrous for the global economy but positive for gold and other precious metals.    Monday , 25 Oct 2010

Newcrest and Harmony's gold strike of the century

The Harmony-Newcrest JV at Wafi-Golpu in Papua New Guinea is now targeting 30m ounces of gold while the copper target has been raised from 4m to 8m tonnes    Friday , 22 Oct 2010

Fairly magic results from Silver Lake prospect near Kalgoorlie

Silver Lake Resources has produced high grade gold intercepts north and south of previous drilling at its Magic Prospect 50kms south east of Kalgoorlie    Monday , 25 Oct 2010

South Australia's mining tax rebellion

South Australia joins Western Australia in the loud chorus against Canberra's planned mining tax    Monday , 25 Oct 2010

Copper capitulation by the DRC

Freeport-McMoRan accepts a slew of changes for the Tenke Fungurume contract but, on close inspection, the changes look more like a face-saving exercise for the DRC than a hard won deal    Friday , 22 Oct 2010

Blackrock favours iron ore, copper

Evy Hambro cited strong underlying Chinese commodity consumption, undented by steps to curb growth as reason why the group likes the metals    Monday , 25 Oct 2010

Canada's pro-business stance tested by BHP's Potash bid

The Canadian government will have its pro-business reputation on the line when it decides whether or not to allow BHP's bid for Potash Corp and is likely to win enemies either way    Monday , 25 Oct 2010

Why people are worried about China's rare earth dominance

A look at the reasons behind global jitters about China's dominance in the rare earth space as concerns continue to mount that the country has been choking off shipments of the metals    Monday , 25 Oct 2010

Ivanhoe attempting return to high-yield bond market

The success of the issuance is important for the company's expansion plans but, the four-notch difference between the ratings from the three biggest agencies has raised questions about how the deal will be prices    Monday , 25 Oct 2010

Rio Tinto says Ivanhoe tension won't hold back Oyu Tolgoi

Tom Albanese, Rio CEO, says he still hopes to see first production from the mine in 2013 and reiterated that both Rio Tinto and Ivanhoe were committed to the rapid development of the project despite their disagreements    Monday , 25 Oct 2010

Pundits have copper in short supply from next year

Industry experts on copper, not normally prone to hyperbole, are looking for serious production shortfalls from next year.    Sunday , 24 Oct 2010

Australian gold miner turns its hand to rare earths

A Western Australian company that graduated into gold mining this year now has its sights on the growing rare earths mining business.    Friday , 22 Oct 2010

Coal India buys Wenco's Fleet Management System

In what the company describes as its biggest ever deal, Wenco International Mining Systems is to supply its Fleet management system to four Coal India mines.    Sunday , 24 Oct 2010

Weekend Top Story: The value saga of Oyu Tolgoi

Questions abound as capital raising machinations raise the risks associated with getting the most out of the Oyu Tolgoi project Thursday , 21 Oct 2010

Bond Report: Treasurys rise before TIPS sale, housing data.

Bond Report: Treasurys rise before TIPS sale, housing data
By Deborah Levine MarketWatch

Treasury prices rise on Monday, pushing yields down, on speculation the Federal Reserve will buy even more debt that previously predicted See full story

RTTNews: Morning Market Briefing.-Stocks Headed For Solid Open After G20 Pledge - U.S. Commentary .

Morning Market Briefing Mon Oct 25 09:01 2010


Oct 25, 2010 Stocks Headed For Solid Open After G20 Pledge - U.S. Commentary Stock futures are pointing to a solid open Monday morning after the G20 revealed policy that in effect would weaken the U.S. dollar. The major index futures are all in positive territory, with the Dow futures up by 40 points. Full Article

Economic News

Oct 25, 2010 Japan Logs JPY797.0 Bln Trade SurplusJapan had a merchandise trade surplus of 797.008 billion yen in September, the Ministry of Finance said on Monday, up 54.0 percent on year from 517.63 billion yen in September 2009. Full Article
Oct 25, 2010 U.K. Mortgage Activity Remains Subdued: BBA Mortgage lending by British banks continued to slow in September, figures showed Monday, with the number of loans approved by main high street banks falling to an 18-month low. Full Article
Oct 25, 2010 Additional Fed Action- More Of Sentimental Impact?Offering some relief to the markets, some economic numbers released in the previous week came in better than expected. Full Article
Oct 25, 2010 RBA Calls For More Exchange Rate FlexibilityReserve Bank of Australia Governor Glenn Stevens on Monday said more flexibility of exchange rates in key emerging countries in Asia would create a more balanced global economy, but warned that flexible currencies alone won't spur global growth. Full Article
Oct 25, 2010 Eurozone Industrial Orders Surge New industrial orders received by euro area manufacturers rose in August and at almost twice the expected pace, official figures showed on Monday. The sharp rise lifts hopes that the eurozone's manufacturing-led recovery could continue through to the end of the year. Full Article

Earnings News

Oct 25, 2010 RadioShack Q3 profit rises 23% helped by smartphone salesMonday, RadioShack Corp. (RSH) said its third-quarter profit rose 23% from last year, helped by sustained growth in wireless products, and strong performance by U.S company-operated stores. Comparable store sales grew 6.2% year-over-year. Full Article
Oct 25, 2010 Lorillard Q3 profit rises 17%, beats StreetMonday, Lorillard, Inc. (LO) reported a 16.6% rise in profit for the third quarter, helped by stock repurchases, higher prices, and an increase in shipments, as the company expanded its market share. Both earnings and revenue, which grew 12.6% from last year, came in above the Street view. Full Article
Oct 25, 2010 Invesco Q3 profit surges 47%Monday, Invesco Ltd. (IVZ) reported a 47% jump in profit for the third quarter, reflecting a 35% growth in operating revenue that however, came in below the Street view. The results of the latest quarter were boosted by Invesco's acquisition of Morgan Stanley's (MS) retail asset management business. Full Article
Oct 25, 2010 NV Energy Q3 profit flat with last year, beats StreetMonday, NV Energy, Inc. (NVE) reported a third-quarter profit that was flat with last year, despite a 7% decline in revenue, reflecting lower fuel and power costs. Earnings per share came in above the Street view, but revenue fell short of estimates. Full Article

Corporate News

Oct 25, 2010 Arena's weight-loss drug fails to get FDA approvalSaturday, Arena Pharmaceuticals, Inc. (ARNA) got a jolt as the U.S Food and Drug Administration denied approval to its weight-loss drug Lorcaserin. Last month, an FDA advisory panel did not recommend the drug's approval, citing potential safety issues. Full Article
Oct 25, 2010 BP to sell stake in four of Gulf of Mexico assets for $650 mlnMonday, BP Plc (BP) said it agreed to divest its stakes in four deepwater oil and gas fields in the US Gulf of Mexico to Marubeni Oil and Gas for $650 million. The British oil giant has been selling assets of lately to meet its financial obligations resulting from the Gulf of Mexico spill. The firm expects the deal to close in early 2011. Full Article

Broker Ratings Changes

Oct 25, 2010 FBR Capital Markets Downgrades The Home Depot, Inc (HD) To Market Perform From Outperform With $32 Price Target
Oct 25, 2010 FBR Capital Markets Lowers Microsoft Corp (MSFT) To Market Perform From Outperform With $27 Down From $32 Price Target

Todays WS Events

Oct 25, 2010 Lorillard Q3 10 Earnings Conference Call At 10:00 AM ET Lorillard, Inc. (LO) CEO Murray Kessler, will host a conference call at 10:00 AM ET, October 25, 2010, to discuss its Q3 10 earnings results. To access the live webcast, log on at To hear the live call, dial (888) 239-6824 (US) or (706) 902-3787 (International) with passcode 15224371. A replay of the call can be heard by dialing (800) 642-1687 (US) or (706) 645-9291 (International) with passcode 15224371.
Oct 25, 2010 Amgen Q3 10 Earnings Conference Call At 5:00 PM ET Amgen Inc. (AMGN) will host a conference call at 5:00 PM ET, October 25, 2010, to discuss its Q3 10 earnings result. To access the live webcast, log on at
Oct 25, 2010 Plum Creek Timber Q3 10 Earnings Conference Call At 5:00 PM ET Plum Creek Timber Company, Inc. (PCL) will host a conference call at 5:00 PM ET, to discuss Q3 10 earnings results on October 25, 2010. To access the live webcast, log on at To hear the live call, dial 1-800-572-9852 or 1-706-645-9676. A replay of the call can be heard by dialing 1-800-642-1687 or 1-706-645-9291 (International) with passcode 84401833.
Oct 25, 2010 Texas Instruments Q3 10 Earnings Conference Call At 5:30 PM ET Texas Instruments Inc. (TXN) will host a conference call at 5:30 PM ET, to discuss Q3 10 earnings results, on October 25, 2010. To access the live webcast, log on at

F & F I N : Before The Bell .- Stocks Futures rise as dollar falls after G20


  Stock futures rise as dollar falls after G20
Cities hold key to healthier GDP
Bank of America finds foreclosure mistakes: report
Singapore Exchange to buy ASX for $8.3 billion
BP CEO slams media, rivals for boosting spill fears
RadioShack profit, sales top estimates
SEC plans to streamline complaint process: report
G20 inks pact to avert trade war
BP sells Gulf of Mexico fields to pay for oil spill
JPMorgan to launch copper ETP: SEC filing

WSJ: India News Update

Go to Page  India Real Time
Piramal Healthcare Shareholders Get A Raw Deal
Piramal Healthcare Ltd. shareholders are a disappointed lot. They have been waiting to be rewarded by the pharmaceutical company ever since it announced the sale of its local generic-drugs business to U.S.-based Abbott Laboratories for a hefty $3.7 billion in May.

India’s Microlenders Still Struggling
Some of India's microlenders are still being blocked from doing business in the state of Andhra Pradesh.

‘Holy Kitchens’ Films Ponder Religious Side of Food
For New York chef Vikas Khanna, a meal is about much more than just eating the food that's prepared, which is why he's backing a series of films that look at religion and food.

India Journal: Gandhi and Ambani, Indian Neighbors
Obama needs to visit a Mumbai neighborhood which shows all India has to offer, says Prashant Agrawal.

India Digest:Obama Coming, Officials Struggle to Narrow Distance
Here is a roundup of news from Indian newspapers, news wires and Web sites on Monday, October 25, 2010. The Wall Street Journal has not verified these stories and does not vouch for their accuracy.