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Nov 9, 2010

F & F I N : Robert Zoellick urges G-20 leaders to agree on structural reforms. | World Bank


 FINANCIAL & FOREX INFO NEWS

World Bank GroupWorld Bank Group

Op-ed: The G20 must look beyond Bretton Woods

Robert Zoellick
8 November 2010

With talk of currency wars and disagreements over the US Federal Reserve's policy of quantitative easing, the summit of the Group of 20 leading economies in Seoul this week is shaping up as the latest test of international co-operation. So we should ask: co-operation to what end?

When the G7 experimented with economic co-ordination in the 1980s, the Plaza and Louvre Accords focused attention on exchange rates. Yet the policy underpinnings ran deeper. The Reagan administration, guided by James Baker, the then Treasury secretary, wanted to resist a protectionist upsurge from Congress, like the one we see today. It therefore combined currency co-ordination with the launch of the Uruguay Round that created the World Trade Organisation and a push for free trade that led to agreements with Canada and Mexico. International leadership worked with domestic policies to boost competitiveness.

To read full Article click , here

Nouriel Roubini: Here's Why a Gold Standard Won't Work | CNBC - Evening Brief


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F & F I N : Julia Gillard is on her way to Seoul, leaving behind the debate about surplus and economic strength | The Australian Capital Circle



 Capital Circle Newsletter

Gillard flies out as Penny takes centre stage
 
Julia Gillard is on her way to Seoul, leaving behind the debate about surplus and economic strength.

The PM will attend her first G20 meeting as PM, but first she will hold bilateral meetings the South Korean President, Lee Myung-Bak.
Ms Gillard will have her Deputy and Treasurer Wayne Swan, putting Finance Minister Penny Wong on the spot a day after the MYEFO numbers were released.
In fact, Capital Circle hears that Senator Wong has 11 interviews booked today. Surely we should be paying her more? Peter Van Onselen is full of praise for Penny today: "Wong is nothing if not a pedant for detail and precision. She will be prepared to make the sort of cuts Lindsay Tanner never did. And she won't face the personality struggle when doing so that her predecessor did in terms of her relationship with Treasurer Wayne Swan.''
BREAKING: NSW Transport Minister John Robertson is expected to announce shortly he will seek preselection for the lower house seat of Blacktown. Mr Robertson's move from the upper house, which will position him to succeed NSW Premier Kristina Keneally, has been made possible by the retirement of controversial Blacktown Labor MP Paul Gibson (HT: Imre Salusinszky)
Rooty Hill comes to Melbourne (well, Burvale). The Herald Sun/Sky News People's Forum - to be held tonight at the Burvale Hotel in the crucial marginal seat of Forest Hill in the city's east - will give voters the chance to tell the state's political leaders what really matters to them.
Spotted sauntering down Bourke Street - just a short walk from the Spring Street seat of power - Labor svengali Bruce Hawker. It was Mr Hawker, of course, who helped convince two of the trio of independents to back Labor during the 17 day of waiting. And it was the same Mr Hawker who helped devise a marginal seats strategy that helped Mike Rann over the line in South Australia. What could he be doing in Melbourne now?
Driving the day, David Uren reports on MYEFO: Treasury believes the economy is hitting full capacity, increasing concerns that in
Read more...

Stocks Settle Down By Moderate Margins Amid Profit Taking - U.S. Commentary | RTTNews - Evening Market Wrap

Evening Market Wrap Tue Nov 9 17:01 2010

Commentary

Nov 9, 2010 Stocks Settle Down By Moderate Margins Amid Profit Taking - U.S. Commentary Stocks saw moderate weakness on Tuesday, as traders gave in to profit taking with equity prices near their best levels in two years after last week's jump. The day's lack of major economic data left little justification for additional buying or in some cases holding capital in the stock market. Full Article

Economic News

Nov 9, 2010 U.S. Wholesale Inventory Growth Far Exceeds Estimates In September Wholesale inventories in the U.S. increased by much more than expected in the month of September, according to a report released by the Commerce Department on Tuesday, with the increase due in large part to a jump in inventories of non-durable goods. The report showed that wholesale inventories increased by 1.5 percent in September following a revised 1.2 percent increase in August. Economists had expected inventories to increase by 0.6 percent. Full Article

Corporate News

Nov 9, 2010 Gates At MHealth Summit: Global Health Is KeyGlobal health is the key to solving virtually every challenge facing the planet, Microsoft Corp. (MSFT) founder Bill Gates said Tuesday at the 2010 mHealth Summit in Washington, D.C. Whether it is energy or climate change or deforestation, Gates said, the key is to keeping global population under control and the ultimate key to that, he said, is improving global heath. Full Article
Nov 9, 2010 Sara Lee Q1 Profit Down; To Sell N. American Fresh Bakery Unit In $959 Mln DealProcessed and packaged goods company Sara Lee Corp. (SLE) Tuesday announced its first-quarter results, reporting lower profit, hurt by higher commodity costs and marketing spending. On an adjusted basis, earnings came in below Wall Street analysts' forecast. The company also revised its earnings and sales outlook for fiscal 2011. Further, Sara Lee revealed a deal to sell its North American Fresh Bakery business to Mexican food company Grupo Bimbo for $959 million. The transaction is expected to close during the first half of calendar year 2011. Full Article
Nov 9, 2010 Dean Foods Profit Down 51%; CFO To ResignDairy processor Dean Foods Co. (DF) on Tuesday reported a 51% decline in profit for the third quarter, hurt by weak performance at its conventional dairy business as customers increasingly shifted to less-expensive private-label milk offerings. The results were also negatively impacted by higher dairy commodity costs. Looking ahead, the company forecasts earnings per share for the fourth quarter below analysts' estimates. Separately, Dean Foods announced the resignation of Jack Callahan as executive vice president and chief financial officer of the company. Full Article
Nov 9, 2010 Chevron To Acquire Atlas Energy In $4.3 Bln DealEnergy giant Chevron Corp. (CVX) is acquiring Atlas Energy, Inc. (ATLS) in a deal valued at $4.3 billion, including debt, the companies announced Tuesday. Through the deal, Chevron will gain access to a natural gas resource position primarily in southwestern Pennsylvania's Marcellus Shale. Atlas stock is over 36% higher in pre-market activity. Atlas Energy shareholders will receive a total consideration of $43.34 per share, a 37% premium to the stock's closing share price on November 8. Full Article
Nov 9, 2010 Fossil Q3 Profit Tops View; Lifts OutlookFashion accessories and watch retailer Fossil, Inc. (FOSL) on Tuesday reported a 93% increase in profit for the third quarter, helped by margin expansion and strong sales growth. Both earnings per share and sales for the quarter topped analysts' expectations. Buoyed by the results, the company raised its earnings forecast for the fourth quarter and fiscal year 2010. Following the news, the company's shares are up more than 6% in the pre-market trading. Full Article

Currency Alerts

Nov 9, 2010 Dollar Roars Back As Sovereign Debt Fears Grip EuropeWith the cost of insuring government debt rising in Ireland, Spain and Portugal, the dollar extended its comeback against the euro and was generally stronger versus other majors on Tuesday. The buck surged to the upside against the yen, as global leaders prepared for the G20 Summit in Seoul. It is expected that trade imbalances will by a topic of discussion, much to the consternation of officials in Japan and Germany. Full Article
Nov 9, 2010 Dollar Roars Back As Sovereign Debt Fears Grip EuropeWith the cost of insuring government debt rising in Ireland, Spain and Portugal, the dollar extended its comeback against the euro and was generally stronger versus other majors on Tuesday. The buck surged to the upside against the yen, as global leaders prepared for the G20 Summit in Seoul. Full Article

Political News

Nov 9, 2010 US Vows To Be 'Very Active' To Ensure Asia-Pacific SecurityThe United States will augment military deployment in the Asia-Pacific for "stabilizing and providing the context for peace and prosperity" in the region. This was announced by Secretary of State Hillary Rodham Clinton in Melbourne before concluding her two-week Asia-Pacific tour on Monday. During her most extensive foreign tour as Secretary of State, Clinton also visited Vietnam, China, Cambodia, Malaysia, Papua New Guinea and New Zealand. Full Article
Nov 9, 2010 Security On All US-bound Cargo TightenedThe United States Department of Homeland Security is heightening security on all US-bound cargo in the wake of the thwarted cargo jet bomb threat that originated from Yemen last month. All cargo flights from Yemen and Somalia, two countries considered to be posing potential terror threat to America, have been banned. Full Article
Nov 9, 2010 Christie Gets Decent Grades But Seen As Not Ready For The White HouseNew Jersey's Republican Governor Chris Christie has a relatively high approval rating among voters in his state, the results of a Quinnipiac University poll revealed on Tuesday, although the poll also showed that most New Jersey voters do not think Christie would make a good president. Full Article
Nov 9, 2010 No Charges To Be Filed In Destruction Of CIA Interrogation TapesFollowing a nearly two-year long investigation, no criminal charges will be brought against members of the Central Intelligence Agency for the destruction of videotapes of detainee interrogations, the Justice Department announced on Tuesday. Full Article
Nov 9, 2010 Turner Calls For End Of War And Elimination Of Nuclear WeaponsTed Turner, the founder of CNN and numerous other cable networks, said Tuesday that his goal is to end war and rid the nation of nuclear weapons. Turner, speaking at a conference broadly centered on improving mobile heath technology, said that the increasing interconnectedness of the world makes war increasingly undesirable. Full Article

Stocks To Watch

Nov 9, 2010 Shiny quarter, Bright outlook What brings this shiny stock into our radar? -- A splendid beat and raise quarter, recent supply deals leading to expansion of customer base, strategic financing agreement for a $8.9 billion credit fa Full Article

Financial Rules to Win G-20 Backing Despite Banks' Objections | NYT- Afternoon Business News

 

 BUSINESS:

 

Shifting Health Costs to High Earners

By REED ABELSON
As costs rise, employers are shifting the burden of health care contributions to workers in top salary brackets.
DealBook

Chevron to Buy Atlas Energy for $4.3 Billion

By THOMAS KAPLAN
Chevron has agreed to acquire Atlas Energy for $4.3 billion, the most recent deal by an energy company to expand in the natural gas sector.

Jump in Energy Demand Seen by 2035

By JULIA WERDIGIER
In its annual report, the International Energy Agency said it expected energy demand will grow by more than a third over the next 25 years.

Financial Rules to Win G-20 Backing Despite Banks' Objections

By JACK EWING
The endorsement will be the signal for countries to begin incorporating new capital requirements into their own laws.
Prescriptions Blog

Former Glaxo Lawyer Indicted

By DUFF WILSON
In a rare move, federal prosecutors charge that a former pharmaceutical company lawyer had misled investigators and obstructed a federal inquiry.

Stocks fall late on banks and metal stocks| F & F I N | Reuters Daily Investor Update




Stocks fall late on banks and metal stocks
Banks' mortgage practices reap more lawsuits
Chevron bets on shale gas with $3.2 billion Atlas buy
EU fines airlines €800 million for cargo cartel
GE Healthcare eyes long-term 10 percent profit growth
U.S. growth outlook broadly unchanged: Reuters poll
Wholesale inventory surge implies weakness ahead
Sprint says Clearwire crunch doesn't mean no funds
GM Financial's quarterly profit doubles
Buyers win 2 percent payment delay on A400M: sources


Financial & Forex Info News | The Australian Business Brief.






Woodside sell-off a test for Canberra
Woodside Petroleum Andrew Burrell, Sarah-Jane Tasker and Nicolas Perpitch ROYAL Dutch Shell's shock move to slash its controlling stake in Woodside Petroleum will spark global interest in the Australian company.
 
Wall St slips on Fed stimulus concerns
Wall St Donna Kardos Yesalavich US stocks fell today as investors became increasingly concerned about the potential impacts of the Federal Reserve's stimulus plans.
 
EU fines Qantas over freight cartel
qantas Alessandro Torello THE European Union has fined 11 airlines, including Qantas, a total of $1.02 billion for forming a global cartel to fix air-freight tariffs.
 
Uncertainty helps gold to new record
gold Matt Whittaker GOLD settled at a record well above $US1400 today as euro-zone debt concerns had investors park their money in a safer place.
 
Treasury bets boom will plug hole
Wayne Swan Scott Murdoch THE federal government has forecast that a business investment boom will help Australia repair the budget erosion.
 
Goyder upbeat on Coles
Richard Goyder Andrew Burrell WESFARMERS chief executive Richard Goyder has warned that Christmas trading could be hit by rising interest rates and economic uncertainty.
 
Fortescue's $8.3bn Pilbara growth plan
Andrew Forrest Matt Chambers   FORTESCUE is poised to approve construction of an $US8.4 billion expansion of its Pilbara region iron ore operations in Western Australia
 
Top prizes for Paradice
Illustration: John Tiedemann Cameron Cooper INDUSTRY veteran David Paradice says focused stock pickers are behind his firm's success
 
Financial Markets
Wall St slips on Fed stimulus concerns
Wall St Donna Kardos Yesalavich US stocks fell today as investors became increasingly concerned about the potential impacts of the Federal Reserve's stimulus plans.
 
Uncertainty helps gold to new record
Treasury bets boom will plug hole
 
Financial Markets Coverage
 
Mining & Energy
Uncertainty helps gold to new record
gold Matt Whittaker GOLD settled at a record well above $US1400 today as euro-zone debt concerns had investors park their money in a safer place.
 
Steelmakers talk up iron ore benchmark
Mining windfall shrinks as dollar climbs
 
More Mining & Energy Coverage

MarketWatch : Personal Finance Daily - Personal Finance Stories

MarketWatch
Personal Finance Daily
NOVEMBER 09, 2010

Tuesday's Personal Finance stories

By MarketWatch



Don't miss these top stories:
There's nothing quite as funny as human beings trying to justify their less-than-angelic behavior. Take food. We can all distinguish between the good food — vegetables, fruit, most things green — and bad — fried and fatty comestibles. But when asked to compare the caloric content of a hamburger-plus-salad dinner, with that of a hamburger by itself, people say the dinner with the salad has fewer calories, according to a new study.

Yes, adding food to a meal can reduce the calories. Who knew?

Apparently, we tend to allow the sheen of the "greens" improve an entire meal. Read our story for more on the mistakes calorie-counters make, and don't miss Jennifer Waters's Consumer Confidential column to find out why paying cash at the register is going to help you in the weight-loss department.

Plus, don't miss our stories on what Congress is going to do to your taxes between now and the end of the year, and read advice from a financial adviser on how not to let money ruin your relationship.

Andrea Coombes , Personal Finance editor

HEALTH CARE

Calorie counting is not as easy as you think

The U.S. obesity epidemic may have less to do with fast food and more to do with being bad at math. A recent study from Northwestern University shows that many people simply can't add correctly when it comes to calories.
Read more: Calorie counting is not as easy as you think.


Want to lose weight? Use cash

Looking for an easy way to lose weight? Pay for all your food with cash. Studies consistently show that consumers are adverse to impulsive overspending when they're pulling cold, hard cash out of their wallets rather than plastic. Now comes a new report that finds a correlation between eating so-called "vice" foods, rather than "virtue" foods, with how you pay for it. The results could lead to a thinner you.
Read more: Want to lose weight? Use cash.


TAXES

Tax cuts to top lame ducks' to-do list

Chastened Democrats and newly emboldened Republicans will return to Congress next week for a lame-duck session that's expected to focus heavily on expiring tax cuts, and compromise is in the air following the drubbing President Barack Obama's party took in the midterm elections.
Read more: Tax cuts to top lame ducks' to-do list.


Commentary: Congressional gridlock will raise your taxes

Here's a sobering thought: Unless the Democrats and the Republicans can work together quickly, just about everyone's taxes will jump on Jan. 1.
Read more: Congressional gridlock will raise your taxes.


COUPLES & MONEY

Don't let money break up your relationship

A couple I will call Karen and Tim came into my office with what seemed like a potentially serious threat to their otherwise happy marriage. Tim had recently retired, and Karen wished to do so within a few years. Both were quite worried about their financial future, but for apparently opposite reasons.
Read more: Don't let money break up your relationship.


INVESTING

Contrarian take on stock market's prospects

Contrarian analysis giveth, and contrarian analysis taketh away. No sooner did I report Friday morning that advisers remained surprisingly subdued in the face of the stock market's new bull-market highs, those advisers began in droves to jump on the bullish bandwagon.
Read more: Contrarian take on stock market's prospects.

Stock investors: Put on your rally cap

Growth stocks and small stocks are fueling the U.S. stock-market rally, reversing the trends that prevailed in the April-June correction. While it might not be time for Champagne yet, it is heartening on many levels.
Read more: Stock investors: Put on your rally cap.


Gold tops $1,410 on sovereign-debt hedge

Momentum buying carried gold futures to a fourth record high in a row on Tuesday, but prices came off their intraday best.
Read more: Gold tops $1,410 on sovereign-debt hedge.


Commentary: At Goldman, it's fool me twice

Did anyone think Goldman Sachs Group Inc.'s (GS) infamous Abacus deal was an isolated incident?
Read more: At Goldman, it's fool me twice.


CONSUMERS

Retailers stock up for the holidays: survey

As retailers vie for sales in the upcoming holiday season, their biggest selling period, they are stocking more goods in anticipation of increased demand.
Read more: Retailers stock up for the holidays: survey.


Cash is the new plastic

Consumers are spending again, but gone are the days of swiping and signing for everything from lattes to lawn furniture. Shoppers are reaching for paper money, and as they do, stores and even credit-card issuers are increasingly ready to reward them — with more cash.
Read more: Why cash is the new plastic.


ECONOMY & POLITICS

Commentary: Five reasons business people make bad politicians

Every electoral cycle, Brett Arends writes, the public and the pundits deplore the crop of "career politicians."
Read more: Five reasons business people make bad politicians.


Commentary: On Wall Street pay is the problem, again

Given a shot at tamping down risk-taking on Wall Street, writes David Weidner, did Washington miss out on using a silver bullet?
Read more: On Wall Street pay is the problem, again.

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



U.S. MARKETS AT CLOSE SNAPSHOT:

Major Indexes
 Last  Change  % Chg
DJIA*11346.75   -60.09  -0.53
Nasdaq*  2562.98  -17.07  -0.66
S&P 500*  1213.40    -9.85  -0.81
DJ Total Stock Market*12738.90 -110.89  -0.86

The Wahington | Afternoon Edition- Post Most Read Articles

Washington Post


Most Viewed Opinions

1) Would we be better off under a President Hillary Clinton?

Would the Democrats have lost fewer seats on Tuesday?

2) In Alaska, a preview of the GOP's future

The hypocrisy at the heart of the GOP is at its starkest in Alaska.

3) Boehner's health delusion

John Boehner's interpretation of our health care system shows he is out of touch with reality.

4) Mr. President, some leadership, please

It may be unfair, but presidents aren't allowed to be discouraged.

5) Rick Perry takes on the salt police

The Texas governor tells a tale of big government intrusion in the kitchen.

6) Will the Tea Party shift American foreign policy?

Will the Tea Party shift America Foreign Policy?

7) 5 myths about George W. Bush

September 11. Katrina. Iraq. These events will be forever linked with the presidency of George W. Bush. Now, with the release of his memoir, "Decision Points," the former president has the chance to defend his record and explain his actions. But as historians and the public alike look back on the...

8) Snowe removal in 2012?

Maine's Tea Party is gearing up to oust Olympia Snowe.

9) A return to the norm

The Republican wave of 2010 did little more than undo a two-year experiment in hyper-liberalism.

10) Maryland GOP's Election Day skulduggery

Ehrlich campaign's sleazy Election Day attempt at voter suppression

Special Report: Lilly's survival plan is far from generic | Financial & Forex Info News | Reuters Deals Today



FROM: REUTERS - DEALS TODAY
Special Report: Lilly's survival plan is far from generic
Sara Lee shrinks with sale of bread business
Danone in talks to sell bottled water unit: report
Vodafone ups outlook; reveals $5 billion Japanese sale
Court to rule on Potash-BHP suit ahead of tender expiry
Aussie media floats worth $7 billion on the cards
Henderson raises stake in troubled rival Gartmore