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Nov 11, 2010

Australia’s government, banks face off over rates. MarketWatch- Special Financial Services

 Asia Markets: Australia’s government, banks face off over rates
By Sarah Turner MarketWatch
11/11/2010 11:45:11 PM

Australia’s banks are back in the spotlight on Friday, with senior government figures stepping up rhetoric about what they say is a lack of competition in the sector. 

CNBC Evening Brief: Regional Bank Profits to Get Hit By New Regulations: Whitney.


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F & F I N : Cisco's rout dents Wall St but upside trend | Reuters -Daily Investor Update


Cisco's rout dents Wall St but upside trend rules
Cisco shares plummet, sink broader market
UK to tape trader cellphones to fight market abuse
Bank of America urges dismissing robo-signing suit
Viacom to sell Rock Band
Kuwait transfers 8 Boeing 787 orders to Saudi Arabia
Nader, allies seek suspension of GM IPO
Ireland says surge in borrowing costs "very serious"
G20 grapples with formula to ease currency strains
Barnes & Noble tests toy boutiques to boost sales

Stocks See Notable Weakness On Disappointing Cisco Guidance - U.S. Commentary | RTTNews: Evening Market Wrap

Evening Market Wrap Thu Nov 11 17:01 2010


Nov 11, 2010 Stocks See Notable Weakness On Disappointing Cisco Guidance - U.S. Commentary Stocks saw considerable weakness on Thursday, as traders reacted negatively to disappointing guidance from technology bellwether Cisco Systems (CSCO). The major averages all ended the day firmly in negative territory, pulling back further off their recent highs. Full Article

Economic News

Nov 11, 2010 RealtyTrac: Oct. Foreclosure Filings Dip From Last MonthRealtyTrac Inc., an online marketplace for foreclosure properties, reported Thursday that foreclosure filings in the month of October remained at the prior year level, while dropping 4% compared to the previous month. Among states, Nevada maintained its top position in foreclosure rates. Full Article

Corporate News

Nov 11, 2010 J. C. Penney Creates Growth Brands DivisionRetailer J. C. Penney Co, Inc. (JCP) Thursday said it has created a Growth Brands Division, which will pursue high potential opportunities in the retail sector. The company has appointed Anne Sutherland Fuchs, a brand and digital executive, as Group President, Digital Ventures of the division. Full Article
Nov 11, 2010 GM Recalls 14,245 Cadillac, Buick CarsAutomaker General Motors Co. announced Thursday the recall of 14,245 cars as the vehicles could have a cause for malfunctioning of power steering. The company recalled the Cadillac DTS and Buick Lucerne cars of 2010 and 2011 model year that are fitted with the V8 engines. Detroit, Michigan-based automaker said the cars involved in the recall can have a starter or alternator cable that comes in contact with the power steering return line, which can ultimately lead to power steering fluid leak and a loss of power steering. Full Article
Nov 11, 2010 Viacom Q3 Adjusted Profit Rises; To Sell HarmonixMedia giant Viacom Inc. (VIA, VIAB) on Thursday reported a 59% drop in profit for the third quarter, reflecting a loss from discontinued operations that offset a 5% increase in revenues. Excluding items, adjusted earnings from continuing operations increased 7%, reflecting strong growth in advertising revenues at its Media Networks business. Viacom said it intends to sell Harmonix, which developed the Rock Band music video game franchise. Full Article
Nov 11, 2010 Siemens Loss Narrows; Sees Earnings Growth In Fiscal 2011German electronics and electrical engineering company Siemens AG (SI) Thursday announced its fourth-quarter results, reporting a loss that narrowed from last year. The latest quarter results included significant impairment charges at its Diagnostics segment, offsetting the benefits of higher revenue and order growth. The company also said it plans to propose a higher dividend for fiscal 2010 and expects at least 25-35% growth in income from continuing operations for fiscal 2011. Full Article

Currency Alerts

Nov 11, 2010 Dollar Continues To Rebound Versus Major Rivals The U.S. dollar has held on to most of the modest gains seen in recent days as it moved away from longer-term lows against the other majors. Currencies are expected to be a hot topic as World leaders meet starting today for the G20 Summit in South Korea Full Article

Political News

Nov 11, 2010 Bachmann Drops Bid For House GOP Leadership PostIn a move that likely solidifies the top House Republican leadership positions in the next congress, Tea Party favorite Rep. Michele Bachmann, R-Minn., announced Wednesday that she has decided to drop her bid to become Chairman of the House Republican Conference. Bachmann decided to bring her candidacy for the number four position in the new Republican majority to a close and endorsed Rep. Jeb Hensarling, R-Texas. Full Article
Nov 11, 2010 Poll Shows Palin Is Most Polarizing Of Potential GOP 2012 CandidatesFormer Alaska Governor and vice presidential candidate Sarah Palin is the most well recognized of those currently seen as potential Republican presidential candidates in 2012, according to the results of an Associated Press-GfK poll released on Wednesday, although she is also the most polarizing. Full Article
Nov 11, 2010 New Iraqi Government Expected By Next WeekIraqi Prime Minister Nuri al-Maliki, who heads a new coalition government, will begin his second term after next week's Eid holidays. This was reported on Thursday by regional news network al-Arabiya, quoting government spokesperson Ali al-Dabbagh. The four-day Eid al-Adha celebrations in Iraq conclude on Thursday next week. Full Article

NYT: Afternoon Business News: U.S. and South Korea Fail to Agree on Trade.


High & Low Finance

No Credit for Man Whose Predecessor Got No Blame

Ben S. Bernanke, the Fed chairman, may long for some of the praise that was once lavished on Alan Greenspan.

U.S. and South Korea Fail to Agree on Trade

President Obama and South Korea's leader gave negotiators more time to work out differences over Korean imports of American autos and beef.

Politicians and Executives Confront Each Other at the G-20

In Seoul, world leaders talked jobs, financial regulation, and the backlash against bankers with some 120 executives of major global companies.
Wheels Blog

General Electric to Place Big Order for Chevrolet Volt

General Electric announced Thursday morning that it would buy 25,000 electric vehicles by 2015, including 12,000 from General Motors, starting with the Chevrolet Volt (although the Volt is technically a plug-in hybrid with a limited electric range).

Britain to Tape Traders' Cell Phones to Fight Fraud

New rules would oblige financial services firms to record relevant employee communications made on their work cell phones.

IFM Thodey go udercover: Financial and Forex info | The Australian Business Briefing

Thodey goes undercover
David Thodey Exclusive: Damon Kitney IF the Ten Network was after a special guest star for its show Undercover Boss Australia, they should look no further than David Thodey.
Wall St drops as tech stocks weigh
Wall St UPDATE: Steven Russolillo US stocks fell today as a disappointing outlook from Cisco Systems hurt technology stocks and dragged down the broader market.
EU ready to help amid bond sell-off
ireland Terence Roth THE EU said it is prepared to help Ireland as investors continued dumping bonds issued by Ireland and other fiscally weak euro-zone nations.
Copper hits record on China's appetite
copper Matt Whittaker COPPER prices have hit a record on the back of the relentless pace of Chinese demand and a potential supply shock from Chile.
Look beyond big four banks: BoQ chief
david liddy Richard Gluyas BANK of Queensland chief executive David Liddy has warned that Labor will lose office if it fails to tackle the lack of bank competition.
Chinese chasing iron ore juniors
Iron Ore Sarah-Jane Tasker A CHINESE company is making a bold $1.2 billion pitch to become a key player in Australia's burgeoning iron ore industry.
Strong ad growth lifts Fairfax
John B. Fairfax Damon Kitney and James Chessell STRONG growth in display ads and real estate classifieds helped Fairfax Media reaffirm expectations for high single-digit earnings growth.
Optus rings up profit of $175m
Optus Mitchell Bingemann OPTUS has posted another strong profit result, notching 12 straight quarters of earnings growth.
Financial Markets
Wall St drops as tech stocks weigh
Wall St UPDATE: Steven Russolillo US stocks fell today as a disappointing outlook from Cisco Systems hurt technology stocks and dragged down the broader market.
Gold plays on theme of weak $US
Copper hits record on China's appetite
Financial Markets Coverage
Mining & Energy
Gold plays on theme of weak $US
gold ingots Matt Whittaker WORRIES about weakening currencies and a jump in Chinese inflation sent investors back to gold today as an inflation and currency hedge.
Copper hits record on China's appetite
Mining tax 'to push up power costs'
More Mining & Energy Coverage

Banks war continues on foreign soil:The Australian Capital Circle | Financial & Forex Info News

Capital Circle Newsletter

Banks war continues on foreign soil
Julia Gillard and Wayne Swan have been working the diplomatic circuit in Seoul.

But they have been less than diplomatic with the banks.
Phillip Coorey reports the PM has accused the big banks of threatening Australia's economic recovery by fleecing customers with large interest rate increases.
In a speech in Seoul yesterday to a forum of 120 global business leaders, including the chief executive of ANZ, Mike Smith, the Prime Minister said the latest increases by the Commonwealth Bank and ANZ were damaging consumer confidence and, therefore, economic recovery. With the leaders of the world's 20 foremost developed and developing nations in Seoul to discuss the global recovery, Ms Gillard told the forum that Australia's economy had weathered the global financial crisis better than most. Growth was a ''strong'' 3.3 per cent, more than 375,000 jobs had been created in the past year, and the budget was due to return to surplus in 2012-13, by which time other Group of 20 nations were hoping to halve their deficits. ''But this good economic news is being threatened by community concern and anger about mortgage interest rates,'' she said.
Tony Abbott has fired up too, writing today: Prime Minister Gillard is reportedly angry over the latest bank interest rate rise ... Wayne Swan has been angry with the banks on more than 30 occasions over the past three years but that hasn't stopped them from raising interest rates by more than the Reserve Bank. This almost never happened under John Howard and Peter Costello and is a sign that the current government isn't taken seriously as an economic manager.
Currency positioning: David Uren says Wayne Swan has signed up to a US attack on China's currency management, declaring it risks suffocating recovery in the major advanced economies.

Editorial diplomacy: The Treasurer has also penned an op-ed on

FOX BUSINESS :Ted Turner on Investing in Clean Energy

  • Banks Set to Point Blame at Fannie, Freddie

    Because of Fannie and Freddie rules, banks will argue, delinquent mortgage holders say they often receive two letters from banks, one saying they're in foreclosure and another saying their loans can be modified.
  • Markets Held Hostage by Cisco, Euro

    Posting their steepest decline in nearly a month, stocks buckled under the pressure of Cisco’s cratering stock and Europe’s tumbling currency.

U.S. Markets At close Snapshot: Financial And Forex Info News

U.S. Markets At Close Snapshot :
Major Indexes

 LastChange% Chg
DJIA*11283.10   -73.94-0.65
Nasdaq*  2555.52-23.26-0.90
S&P 500*  1213.54  -5.17-0.42
DJ Total Stock Market*12761.14-47.44-0.37

Source : The Wall Street Journal


Nostalgic for George W. Bush: The Washington Post Afternoon Edition: Most Read Artiscles

Washington Post

Most Viewed Opinions Columns

1) Nostalgic for George W. Bush

He possessed a trait that has been absent among his fellow conservatives.

2) 2010 a banner year for conservatives

Barack Obama's presidency has resuscitated the conservatives.

3) Democrats should hold their ground

Democrats are being asked to retreat. Republicans would never accept such bullying.

4) The right role for the lame-duck Congress

People who have been voted out of office can attempt to make policy for those who remain.

5) Bill O'Reilly's threats

The Fox News host wants my head - literally.

6) Dazzling new weapons require new rules for war

The world needs a clear legal regime as more countries engage in a high-tech warfare.

7) Dazzling new weapons require new rules for war

A new arsenal of drones and satellite-guided weapons is changing the nature of warfare. America and its NATO allies possess these high-tech weapons, but smaller countries want them, too. Here's an inside glimpse of how the process of technology transfer works:

8) Why Senate Republicans should pass the New START treaty

The GOP could bear the blame if relations with Russia go south.

9) Why we need a third party of (radical) centrists

We need a third party of (radical) centrists.

10) Democrats should hold their ground

In 2008, the largest number of voters in American history gave the Democrats their largest share of the presidential vote in 44 years and big majorities in the House and Senate.

Financial sector drops 1% in stock pullback: MarketWatch -Special Financial Services

Financial Stocks: Financial sector drops 1% in stock pullback
By John Spence MarketWatch

Cisco’s revenue warning rattles financial stocks and the overall market but H&R Block shares rally after the firm says it is in discussions to settle a lawsuit with HSBC Holdings.

See full story

F & F I N : Viacom to sell Rock Band: Viacom to Sell Rock Band : Reuters -Deals Today.