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Nov 15, 2010

Get a second opinion before hiring a money manager:- MarketWatch - Personal Finance Daily

MarketWatch
Personal Finance Daily
NOVEMBER 15, 2010

Monday's Personal Finance stories

By MarketWatch




Don't miss these top stories:
How likely are you to get a second opinion? Whether it's a doctor, car mechanic, or a financial adviser, getting a second opinion is usually a good idea — and you're likely to save money in the long run.

Failing to get a second opinion — that is, settling on the first adviser they meet — is just one of seven common mistakes people make when seeking to hire a trusted money manager.

Read Chuck Jaffe's story today for more on the mistakes to avoid when hiring a financial adviser, plus read his piece looking at what all those letters after that expert's name really mean. Also, read Kristen Gerencher's Health Matters blog for a look at the changes coming to your Medicare plan, and read Amy Hoak's column for tips to avoid water damage to your home.

I'm terrible about getting second opinions. It just seems so time-consuming. But sometimes, a little extra time is money well spent.

Andrea Coombes , Personal Finance editor

7 mistakes to avoid in hiring a financial adviser

I have given countless talks over the past 15 years to groups of people interested in hiring financial advisers or working better with the helpers they have, and I typically poll my audience to learn about their experiences.
Read more: 7 mistakes to avoid in hiring a financial adviser.


What a financial adviser's credentials mean to you

Say you're nearing retirement age, and you want to improve your portfolio to make sure it lasts a lifetime and helps meet your personal goal of putting the grandkids through college someday.
Read more: What a financial adviser's credentials mean to you.


Glossary of credentials for financial advisers

Your financial adviser might be highly educated, with years of experience as an industry professional to justify the fees you're paying. Or, he might be an out-of-work bartender who's decided to call himself an "investment consultant" because he reads a financial news Web site every day.
Read more: Glossary of credentials for financial advisers.


HEALTH CARE

Flex-spending accounts get a makeover

It's soon going to be harder to have purchases of over-the-counter medicines reimbursed by your flexible-spending account.
Read more: Flex-spending accounts get a makeover.


Time to compare options for 2011 Medicare coverage

If you or someone you love is one of the 47 million older and disabled Americans enrolled in the federal Medicare program, Nov. 15 marks the first day you can switch your health and drug coverage for next year.
Read more: Your 2011 Medicare coverage: Time to compare options.


REAL ESTATE

Stop home water leaks before they really cost you

Water damage is the second-most-common cause of damage in homes. Heed these tips to avoid the need for costly repairs.
Read more: Stop home water leaks before they really cost you.


INVESTING

8 things your fund manager shouldn't say

There are some things you just don't want to hear from your mutual fund manager.
Read more: 8 things your fund manager shouldn't say.


ETFs mint new bout of metals speculation

Exchange-traded funds are making it easier for individuals to place sophisticated bets on precious metals, but there are concerns these buyers are hopping on the bandwagon late.
Read more: ETFs mint new bout of metals speculation.


TAXES

Lame-duck Congress arrives to talk taxes

U.S. lawmakers returned to Capitol Hill on Monday to debate expiring tax cuts and a budget for the government, as well as to decide on new leaders in the wake of the Republicans' retaking of the House of Representatives in the midterm elections.
Read more: Lame-duck Congress arrives to talk taxes.


CAREERS

Wall Street chiefs no longer top charts on pay

Tech giants and media companies were more spendthrift than Wall Street was last year, according to a new Wall Street Journal study on CEO compensation.
Read more: Wall Street chiefs no longer top charts on pay.


ECONOMY & POLITICS

Ethics panel agrees to facts in Rangel case

A House committee probing corruption charges against veteran Democrat Charles Rangel agreed on Monday that the facts in the prosecution's case against him aren't in dispute, suggesting that the panel will conclude he broke House rules.
Read more: Ethics panel agrees to facts in Rangel case.


Empire State factory survey turns negative

Conditions for New York area manufacturers deteriorated sharply in November, with a regional survey turning negative for the first time since July 2009.
Read more: Empire State factory survey turns negative.


Retail sales in U.S. jump 1.2% in October

U.S. retail sales grew sharply in October, marking the fourth straight monthly gain, as consumers flocked to auto showrooms and made more purchases online.
Read more: Retail sales in U.S. jump 1.2% in October.


PERSONAL TECH

Facebook unveils new messaging service

Facebook Inc. launched a messaging service Monday for its 500 million members, a move that could make the social-networking site the largest Internet messaging provider and challenge rivals such as Google Inc. Yahoo Inc. and Microsoft Corp.
Read more: Facebook unveils new messaging service.


Tablet growth expected to explode beyond iPad

While the iPad currently rules the nascent market for tablet devices, a large swath of rival products is expected to benefit from booming demand for mobile-computing gadgets over the next four years.
Read more: Tablet growth expected to explode beyond iPad.


Comcast rolls out TV app for iPad

Comcast Corp. said Monday that it will unveil an application for Apple Inc.'s iPad that allows Comcast digital subscribers to watch movies and TV shows on the tablet device, starting next month.
Read more: Comcast rolls out TV app for iPad.


Get the latest news on our mobile site: http://www.marketwatch.com/m

S&P 500 and Nasdaq slip on Fed concerns. F & F I N | Reuters-Daily Investor Update




FROM : REUTERS-DAILY INVESTOR UPDATE

S&P 500 and Nasdaq slip on Fed concerns
GM seen pricing IPO above $30 per share: sources
Caterpillar buying Bucyrus in big bet on mining
Retail sales jump and signal pick-up in growth
Debt reduction plan full adoption unlikely: Moody's
Card delinquencies fall as outlook improves
Forecasters trim recovery expectations: Philly Fed
Berkshire to start Combs off slowly: report
Special Report: Was a Houston energy trader a one-woman Enron?
Ireland not at point of seeking aid: Eurogroup chair

Bove: Market Doomed Because Of QE2?: CNBC: Evening Brie



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Stocks End Mixed After Stumbling Late In The Day - U.S. Commentary . RTTNews Evening Market Wrap


Evening Market Wrap Mon Nov 15 17:01 2010

Commentary

Nov 15, 2010 Stocks End Mixed After Stumbling Late In The Day - U.S. Commentary Stocks saw a mixed close to open the week on Monday, with earlier gains evaporating down the stretch. Initial upside came after strong reports on retail sales and business inventories, although buying was limited by an unexpected contraction in New York State manufacturing activity. Full Article

Economic News

Nov 15, 2010 U.S. Business Inventory Growth Matches Estimates In September Business inventories in the U.S. increased in line with economist estimates in the month of September, the Commerce Department revealed in a report released on Monday, with the report also showing a modest increase in business sales. The report showed that business inventories increased by 0.9 percent in September, matching the revised increase seen in August. The increase in inventories matched economists' expectations. Full Article
Nov 15, 2010 U.S. Retail Sales Rose 1.2% In October Amid Jump In Auto Sales With auto sales showing a notable increase in the month of October, the Commerce Department released a report Monday morning showing that total U.S. retail sales for the month increased by much more than economists had been anticipating. The Commerce Department said that retail sales surged up by 1.2 percent in October following an upwardly revised 0.7 percent increase in September. Economists had expected sales to increase by 0.7 percent. Full Article
Nov 15, 2010 New York Manufacturing Activity Unexpectedly Contracts In November Conditions for New York State manufacturers unexpectedly deteriorated in November, according to a report released by the New York Federal Reserve on Monday, with the general business conditions index turning negative for the first time since mid-2009. The report showed that the general business conditions index fell to a negative 11.1 in November from a positive 15.7 in October, with a negative reading indicating a contraction in activity in the New York manufacturing sector. Full Article

Corporate News

Nov 15, 2010 Caterpillar To Buy Bucyrus For $8.6 Bln Including Debt - Update Construction and mining equipment giant Caterpillar Inc. (CAT) Monday announced a deal to acquire Bucyrus International, Inc. (BUCY), a designer and manufacturer of mining equipment, in a transaction valued at approximately $8.6 billion, including net debt. Caterpillar estimates that the companies' combined mining equipment businesses will derive over $400 million in annual synergies from their financial strength and complementary product offerings beginning in 2015. The transaction is expected to close in mid-2011. Full Article
Nov 15, 2010 El Paso Pipeline To Acquire Interests In El Paso Assets For $1.13 BlnNatural gas pipeline system El Paso Pipeline Partners, L.P. (EPB) said Monday that it has agreed to acquire additional interests in assets from its parent company, oil ans gas producer El Paso Corp. (EP), for $1.133 billion. The company said it will acquire the remaining 49% interest in both Southern LNG Co., L.L.C. or SLNG, and El Paso Elba Express Co. L.L.C. as well as an additional 15% interest in Southern Natural Gas Co. or SNG from El Paso Corp. Following the acquisition, El Paso Pipeline will own 100% of SLNG as well as Elba Express, and a 60% interest in SNG. Full Article
Nov 15, 2010 EMC To Acquire Isilon For $2.25 Bln Cash; Backs 2010 OutlookData storage solutions provider EMC Corp. (EMC) agreed Monday to acquire video storage systems vendor Isilon Systems, Inc. (ISLN) for $33.85 per share or a total consideration of $2.25 billion in cash. The boards of both companies have unanimously approved the terms of the transaction, which is expected to be completed late this year. Full Article
Nov 15, 2010 Lowe's Q3 Profit Rises, Yet Trims FY10 Earnings ViewLowe's Companies, Inc. (LOW), the world's second largest home improvement retailer, reported Monday a 17.4% rise in profit for the third quarter, mainly reflecting higher sales and margin growth. However, top line missed market projections. The company also provided fourth-quarter earnings and sales growth forecast, while it lowered fiscal 2010 forecast, which reflects ongoing uncertainty in employment and housing. Full Article
Nov 15, 2010 Gymboree Profit Edges Down, Beats EstimatesChildren's clothing retailer Gymboree Corp. (GYMB), which has signed a deal to be taken private by Bain Capital Partners, LLC, reported Monday a slight decline in profit for the third quarter, mainly reflecting one time expenses and lower comparable store sales. Adjusted earnings per share topped the market projections, while top line missed their view, despite a growth. Full Article

Political News

Nov 15, 2010 Mark Warner To Co-Chair Senate-India CaucusDemocratic Senator Mark R. Warner of Virginia will co-chair the Senate-India Caucus in the new U.S. Congress, after his veteran party colleague Chris Dodd and a close friend of President Barack Obama opted out of the just-concluded mid-term polls. Full Article
Nov 15, 2010 McConnell Agrees To Support Moratorium On EarmarksWhile Senate Republican Leader Mitch McConnell, R-Ken., has previously been a defender of Congressional earmarks, he revealed Monday that he will support a moratorium on the pet projects that are often cited as proof of wasteful spending in Washington. "The 2010 midterm election was a “change” election the likes of which I have never seen, and the change that people want, above all, is right here in Washington," McConnell said in remarks on the Senate floor. Full Article
Nov 15, 2010 House Panel Rejects Rangel's Plea To Delay HearingA House ethics subcommittee rejected a plea from New York Representative Charlie Rangel to delay his hearing until he can afford a lawyer. Rangel walked out of his trial just 40 minutes after it began Monday morning, saying the hearing was "unfair" under the circumstances. He told the panel he ran out of money after paying nearly $2 million in legal fees leading up to the trial. Full Article

NYT: Afternoon Business News : Weaker Dollar Seen as Unlikely to Cure Unemployment.


BUSINESS:

Weaker Dollar Seen as Unlikely to Cure Unemployment

By MOTOKO RICH and JACK EWING
With many American companies manufacturing their products abroad, the effect on exports of a weak dollar is diminished.
DealBook

G.M. Offering Could Price Higher Than Expected

By MICHAEL J. DE LA MERCED
G.M.'s stock could be priced as high as $32, or possibly even $33, apiece as investor demand for the offering proved higher than anticipated, people briefed on the matter said.

Facebook Offers New Messaging Tool

By MIGUEL HELFT
The product aims to handle users' e-mail and other communications across different services, taking on Google's and Yahoo's popular e-mail platforms.

Wall Street Rises After Strong Retail Sales Report

By CHRISTINE HAUSER
Caterpillar's deal to buy Bucyrus for $7.6 billion, as well as a better-than-expected report on retail sales, encouraged investors to push stocks higher.

Caterpillar in $7.6 Billion Deal for Bucyrus

By DEALBOOK
Caterpillar is offering $92 a share in cash for Bucyrus, making a big push into mining equipment.

Gold price edges up as $US caps gains. : F & F I N | The Australian Business Briefing.








Facebook service won't kill email: CEO
Facebook Scott Morrison FACEBOOK launched a messaging service today for its 500 million members and its CEO says the new service is "not an email killer".
 
Wall St mixed as tech stocks weaken
Wall St UPDATE: Donna Kardos Yesalavich US stocks closed mixed today as technology stocks weakened, despite solid gains in retail sales for October.
 
Companies on prowl for offshore assets
OneSteel Damon Kitney MORE cashed-up Australian companies are expected to make major foreign acquisitions in the coming months.
 
Westpac CEO takes $1m pay cut to $9.5m
Westpac chief executive Gail Kelly Scott Murdoch WESTPAC chief executive Gail Kelly has taken a $1.12 million pay cut.
 
New bank bonds to cut rates pressure
Wayne Swan Annabel Hepworth and David Uren AUSTRALIAN banks would be allowed to raise money using depositors' funds as collateral.
 
Caterpillar to buy Bucyrus for $7.7bn
Caterpillar Bob Tita CATERPILLAR has unveiled plans to acquire mining equipment maker Bucyrus International for about $US7.6 billion ($7.7bn).
 
AMP returns with revised Axa bid
Revised Axa bid Scott Murdoch AMP has revived its ambition to buy rival Axa Asia Pacific (APH), with a revised $14 billion cash and scrip bid.
 
BHP consoles itself with a buyback
BHP's Olympic Dam Matt Chambers BHP Billiton has killed its $US40 billion ($40.7bn) bid for Potash Corporation of Saskatchewan and begun a $US4.2bn share buyback.
 
Financial Markets
Wall St mixed as tech stocks weaken
Wall St UPDATE: Donna Kardos Yesalavich US stocks closed mixed today as technology stocks weakened, despite solid gains in retail sales for October.
 
Gold price edges up as $US caps gains
AMP returns with revised Axa bid
 
Financial Markets Coverage
 
Mining & Energy
Gold price edges up as $US caps gains
Gold Tatyana Shumsky EURO zone worries failed to reignite gold's rally today as a stronger US dollar weighed on prices.
 
Caterpillar to buy Bucyrus for $7.7bn
BHP's Potash chase ends for now
 
More Mining & Energy Coverage
 

Avoiding scrutiny at what cost?: F & F I N | The Australian Capital Circle




Capital Circle Newsletter
Avoiding scrutiny at what cost?
 
The government could be forced to refer the NBN to the Productivity Commission.

First off: KEY independents are considering backing Coalition moves for tougher scrutiny of the government's controversial $43 billion national broadband network after the OECD criticised the concept of a publicly owned monopoly on wholesale internet services.
The opposition spokesman on broadband, Malcolm Turnbull, has proposed amendments that would knock out the government's plan to exempt the crucial deal between NBN and Telstra from the normal safeguards of competition law. [via Lenore Taylor]
The response: COMMUNICATIONS Minister Stephen Conroy has ridiculed the OECD over its warning that the NBN could stymie the development of better internet-based technologies. Senator Conroy has also rejected fresh opposition demands for a cost-benefit analysis of the $43 billion project, saying no such study could possibly dispute the need for better broadband service. [viaDavid Uren and Matthew Franklin]
Julia Gillard on the NBN, in Question Time yesterday: "[there is] a lot of misinformation out there about the NBN, a lot of misinformation being fear mongered by the opposition". And again: "The factual position is a very simple, the government is working a way through NBN Co to rolling out around the country super fast broadband so people can have the services they need,'' she said.
On the road to Bendigo: it's time (for the Victorian ALP's campaign launch) and Capital Circle will be there. John Brumby, the would-be-returned Premier will promise " A $100 million program to create 10,000 kindergarten places to help cater for Victoria's baby boom ... the Premier will pledge that if he wins the election on Saturday week he will build about 335 kindergarten rooms around the state over next four years.'' [via Paul Austin]
Brumby will also announce "a policy aimed at transforming secondary school edu
Read more...

Gadgets to add to your Black Friday shopping list | The Washington Post. Afternoon Edition - Most Read articles

Washington Post

Most Viewed Articles on washingtonpost.com


1) Gadgets to add to your Black Friday shopping list

The Washington Post's consumer technology expert tells you nine things to add to your wishlist - and one that's a waste of money.

2) One and done: To be a great president, Obama should not seek reelection in 2012

President Obama must decide now how he wants to govern in the two years leading up to the 2012 presidential election.

3) Prince George's residents take arrest of county executive Johnson personally

Given that Prince George's County residents had largely said their goodbyes to Jack B. Johnson, whose eight years as county executive end in three weeks, news of his arrest on criminal charges might have been shrugged off as yesterday's news.

4) Petraeus warns Afghans about Karzai's criticism of U.S. war strategy

KABUL - Gen. David H. Petraeus, the coalition military commander in Afghanistan, warned Afghan officials Sunday that President Hamid Karzai's latest public criticism of U.S. strategy threatens to seriously undermine progress in the war and risks making Petraeus's own position "untenable," accord...

5) House panel rejects Rangel's request to delay corruption trial

Rep. Charles B. Rangel (D-N.Y.) pleaded with a House panel Monday to delay his long-awaited public trial on corruption charges, saying he needed time to find a new lawyer, but his request was rejected and the session went ahead without him.

6) Get real, G-men. Only an idiot would do what the FBI says Johnson did.

Prince George's County Executive Jack B. Johnson ought to have a fairly easy time getting the charges against him dropped. It's obviously a case of mistaken identity. Only a nincompoop would do what the FBI alleges he did.

7) An intricate plot unleashed in Mumbai, the West confronts a new threat

David Coleman Headley seemed like a gregarious, high-rolling American businessman when he set up shop in Mumbai in September 2006. But it was all a front. As Headley confessed in a guilty plea in U.S. federal court this year, he was in Mumbai to begin undercover reconnaissance for a sophisticated attack that would take two years to plan.

8) A lame and spineless duck?

The session of Congress that begins this week will test the outgoing majority.

9) Junior Democrats in Senate seek to change the way chamber does business

Senate Democrats are expected to elect the same party veterans as their leaders when they return to work this week, but a new class of junior lawmakers is exerting its influence by challenging the chamber's sacred traditions and the partisan, top-down governing style that has marked the past two ...

10) Researchers find that beached dolphins are often deaf

New research into the cause of dolphin "strandings" - incidents in which weakened or dead dolphins are found near shore - has shown that in some species, many stranded creatures share the same problem.

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




U.S. Markets At Close Snapshot:

 Major Indexes 
  Last Change % Chg
DJIA* 11201.97    9.39    0.08
Nasdaq*   2513.82   -4.39   -0.17
S&P 500*  1197.75   -1.46   -0.12
DJ Total Stock Market* 12583.46 -12.21   -0.10

Source. The Wall Street Journal
























Mawson -Rompas Gold-Uranium Discovery: Mining Interactive



MAWSON RESOURCES LTD.
ROMPAS PROJECT GOLD-URANIUM DISCOVERY IN FINLAND
- INITIAL FIELD PROGRAM COMPLETED –

Still Awaiting Assay Lab Results from approx. 2,000 Rompas Samples

During the last 5 months the Mawson has completed:
• A 1,300 soil and bedrock channel sample program over an area of 8km by 500m;
• A 1,000 sample regional geochemical and prospecting survey.  Geochemical samples were collected at sample sites located on 1km by 1km grid over the entire 95,000 hectare land holding;
• A 3,279 line km Heliborne magnetic and radiometric geophysical survey over an area of approximately 21km by 8km;
• Detailed lithological, alteration and geomorphological mapping and prospecting, with the aim to map the key structural, geological and alteration signatures associated with gold and uranium mineralization;

States Michael Hudson, Mawson President & CEO: “Mawson has undertaken and completed all work programs at the Rompas discovery as previously outlined.  Issues associated with transporting samples to the laboratory have now been resolved.
Approximately 90% of results remain to be released from almost 300 new discovery sites within the 6 kilometer long mineralized trend at Rompas and we eagerly await releasing results as they become available.”


Dear Friends:

The Mawson Flagship Rompas new gold discovery is moving along steadily. In all my days in this business I have never come across a project at this level of exploration with the bonanza grades seen to date, with such a large footprint (6km x 200m) and with such a high rate of discovery at surface. And remember soil covers +90% of the area.
  Grade is certainly king!

The key points to remember are:
1) Mawson has done what it said it would do and completed the work program as disclosed;
2) Only approx 10% of results have been released to date with all channel samples awaited;
3) Almost 300 more surface discoveries have been made this year.


Now that transport issues have been resolved, I expect more results will start to flow soon!

Stay Tuned - - there is much – much more to come from Mawson!!!

Regards,
Nick L. Nicolaas
Mining Interactive "Ahead of the Pack"
Gold at Rompas Finland



METALS AND ENERGY IN SCANDINAVIA.


MiningInteractive Videos
Click Here

Stay tuned for the most recent updates on Mawson Resources and other leading mining companies through the MiningInteractive Video Interviews.
Nick L. Nicolaas
(604) 657-4058
nick@mininginteractive.com

Why Japan Fell... And What It Teaches Us - Robert Samuelson, Newsweek:: Real Clear Politics


Why Japan Fell... And What It Teaches Us - Robert Samuelson, Newsweek
The World as Obama Finds It - Paul Krugman, New York Times
Bernanke's Risky Balancing Act - Irwin Stelzer, Weekly Standard
Bush Stands by Strategic Decisions - Bevan & McIntyre, RealClearPolitics
Time to Make Us Believe Again - Sasha Abramsky, Salon
Obama is a Big Problem for Democrats - Clifford Orwin, Globe and Mail
TSA Ejects Man from Airport for Refusing Check - Robert Hawkins, SDUT
Travelers Must Cooperate & Be Patient - Janet Napolitano, USA Today
The System is Not Working - Jed Babbin, The American Spectator
Rangel Ethics Trial Set To Begin In House - Peter Overby, NPR
GOP Should Say No to NBC/Politico Debate - Hugh Hewitt, DC Examiner
Show Spine in Lame Duck Session - E.J. Dionne, The New Republic
Obama's Inflated Self-Esteem - Ralph Reiland, Pittsburgh Tribune-Review
Palin's TV Show is Embarrassing - Jennifer Braceras, Boston Herald
A 'Hedge' Strategy Toward China - Fareed Zakaria, Washington Post
Entrepreneurs Key to New York's Future - Edward Glaeser, City Journal
Christopher Hitchens Chooses His Regrets - Andrew Anthony, Observer
Sunday Show Panels: Meet the Press | Fox News Sunday | This Week

Editorials

GOP Must Change D.C.'s Culture of Spending - Wall Street Journal
World's Criticism of Federal Reserve is Off Base - Boston Globe
A Weakened President? - The Oklahoman
Happy Meals, Stupid Politicians - New Hampshire Union Leader