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Dec 14, 2010

F & F I N : The Australian | Business | Business Breaking News

US economy 'not cutting jobless' : BBC Business Latest News

15 December 2010 Last updated at 02:08 GMT

US economy 'not cutting jobless'Unemployed man in California reading a job notice

The US economic recovery is still too slow to bring down the country's high level of unemployment, the Federal Reserve warns.

Yahoo cutting its workforce by 4%

Yahoo confirms it is cutting its workforce by 4% or 600 people, its fourth such move in three years as it seeks to cut costs.

Ghana due to pump its first oil New

The West African nation of Ghana is due to pump its first oil, after the discovery of the offshore Jubilee Field three years ago.

Expert Views

Stephanomics - Economic Insights

CFTC filed a Compaint On Registration Violations Against Vincent Patrick McCrudden And His Two Companies

CFTC Charges New York Man Vincent Patrick McCrudden and His Two Companies with Registration Violations

The CFTC filed a complaint alleging registration violations against Vincent Patrick McCrudden of Dix Hills, N.Y., Alnbri Management, LLC and Managed Accounts Asset Management, LLC.

MarketWatch Personal Finance Daily : What, me worry? Yes, if you're American

Personal Finance Daily
DECEMBER 14, 2010

Monday's Personal Finance stories

By MarketWatch

Don't miss these top stories:

Recession. Unemployment. Mortgages. Health. Financial security. On these and other major life issues, Americans worry a lot.

And not without good reason. Between March 2008 and September 2009, a majority of U.S. households suffered a decline in wealth or earnings, or an increase in mandatory spending such as medical needs.

This financial squeeze understandably makes people anxious. And even though the U.S. economy is out of recession and slowly recovering, many Americans aren't experiencing the rebound, while others are too suspicious of the recovery to breathe any easier. That could be one reason why individual investors have been so reluctant to buy U.S. stocks, despite prices moving sharply higher over the past 20 months.

Ruth Mantell's column on Tuesday looks at why Americans are feeling so foggy about the future nowadays, and then fill up with a story on how we're turning to comfort food in uncertain times. Plus, other top stories from MarketWatch focus on the latest in taxes, mortgages, and why fund managers are increasingly bullish about global stocks.

So many Americans took a bath with their stock portfolios and their home values, that even three years later it's hard to see the end of the tunnel. "Don't worry; be happy" is what we want. But for now at least, "Once bitten, twice shy" is what we've got.

Jonathan Burton , Money & Investing editor

Americans worry a lot, mostly justifiably

Americans worry about all sorts of major life issues and, as it turns out, there are a whole lot of folks on economic shaky ground, according to a new report.
Read more: Americans worry a lot — mostly jusfifiably.


Craving comfort food in uncomfortable times

As the Great Recession drags on for many — with unemployment stubbornly near 10%, home foreclosures continuing and food banks reporting more formerly middle-class families lining up for assistance — what we are putting on our tables this holiday season is taking on extra meaning.
Read more: Craving comfort food in uncomfortable times.

Can America's truffle industry take root?

While U.S. chefs buy most of their truffles from the famed food regions of Provence in France and Tuscany in Italy, there is a truffle movement afoot in America, with growers from North Carolina to California to Oregon hoping to cash in on the highly prized underground fungus.
Read more: Can America's truffle industry take root?

Tiny Napa Valley town has diners seeing stars

Yountville, in California's Napa Valley, takes up less than two square miles and has about 3,400 residents, but it boasts some of America's best chefs and restaurants.
Read more: Tiny Napa town has diners seeing

Celebrity chefs are the talk of their town

Celebrated wine country chefs Bob Hurley, Philippe Jeanty and Michael Chiarello explain why the Napa Valley town of Yountville boasts more world-class restaurants and Michelin stars per capita than any place in the world.
Watch: Yountville's celebrity chefs are the talk of their town.


Tax-cut deal heads for approval in Senate

A deal to extend Bush-era tax cuts appeared headed for final approval in the Senate, a day after it cleared a procedural step with strong bipartisan support.
Read more: Tax-cut deal heads for Senate approval.

More losers than winners from tax-code overhaul

Any overhaul of the income-tax code will produce more losers than winners. It has to, since the object is to reduce the national debt by squeezing more revenues out of taxpayers without them realizing it by lowering tax rates.
Read more: Tax-code change to produce more losers than winners.


Banks' customer-satisfaction scores improve

Banks' approval numbers are rising, according to the American Customer Satisfaction Index, but it's because the customers with the biggest complaints have already gone elsewhere.
Read more: Bank customer-satisfaction scores improve.

Mortgage help falls far short

A $30 billion Obama administration program set up to help troubled homeowners modify mortgages has failed to help the vast majority of homeowners facing foreclosure, a congressional watchdog said.
Read more: Mortgage help falls far short.


Fund managers get more bullish: survey

Fund managers around the world are taking an increasingly bullish view of 2011, but inflation worries are sending them into energy stocks, according to a new survey.
Read more: Fund managers increasingly bullish.

CNBC Evening Brief: Quadruple Witching Is Near, but Don't Expect a Freaky Friday


»click here to see the latest top stories from

Behind the Counter: The Untold Story of Franchising
CNBC 360 The American Dream In A Box
It’s the American Dream…in a box. Tomorrow night, go inside the franchise biz…where little guys can make it big! Darren Rovell takes you “Behind the Counter: The Untold Story of Franchising.
»Premieres Tomorrow, 9:00PM ET/PT


»click here to see the latest top video from

Markets close flat as Fed sparks late-day sell-off | Financial & Forex Info News |


Markets close flat as Fed sparks late-day sell-off
Fed keeps policy on hold, says recovery too slow
Retail sales boost growth prospects
GE sees strong earnings growth in 2011
Traders see Fed hike in Nov 2011
Obama discusses economy with Buffett, Gates
Nigeria may strike deal in Halliburton, Cheney case
Ford: Moving quickly on investment grade goals
Obama considers Levin, others for economic adviser
CEOs more optimistic on economy: Roundtable

FINANCIAL AND FOREX INFO NEWS | KITCO : New York Market close Report


New York Market Close Dec 14/10 05:20 PM EST

Federal Reserve sticks to easy money: Financial & Forex Info News | The Australian Business News

Federal Reserve sticks to easy money
Ben Bernanke UPDATED Luca Di Leo, Jon Hilsenrath and Jeffrey Sparshott FEDERAL Reserve officials stuck to their easy money policy amid new signs that the US recovery is gathering some steam.
Power sell-off to reap $5.3bn
power sell-off Matt Chambers NSW is set to reap up to $5.3 billion from the first stage of its long-targeted power privatisation.
China raises 2011 inflation target
China consumer inflation Jason Dean CHINA says it will raise its inflation target for 2011 to 4 per cent from this year's 3 per cent, despite recent tightening measures.
Rio cautious on aluminium outlook
Rio Tinto Andrea Hotter THE aluminium division of Rio Tinto will push ahead with modernisation and brownfield projects aimed at boosting cost competitiveness.
Reform could result in 'huge cost savings'
swan Glenda Korporaal DAWN Stocks wanted to change her $550,000 mortgage to another lender.
APRA to co-operate on covered bonds
John Laker Scott Murdoch APRA will work closely with Canberra on its proposal to introduce covered bonds, after expressing initial hesitation on the changes.
Private equity tax case settled
ATO Andrew Main THE Australian Taxation Office has settled a legal action it has been running for over a year against Resource Capital Funds.
UK's latest iron lady joins BHP board
bhp Matt Chambers BHP Billiton's newest board appointment is former British Labour minister Shriti Vadera.
Financial Markets
Wall St pares gains on inflation risks
Wall St Donna Kardos Yesalavich US stocks rose to two-year closing highs today as the Federal Reserve stuck to its easy money policy and economic data showed improvement.
Federal Reserve sticks to easy money
Gold price edges up after Fed decision
Financial Markets Coverage
Mining & Energy
Gold price edges up after Fed decision
gold Tatyana Shumsky GOLD settled in positive territory in New York, and rose slightly in after-market trade after the Federal Reserve's statement.
Rio cautious on aluminium outlook
UK's latest iron lady joins BHP board
More Mining & Energy Coverage

Stocks End Mostly Higher Amid Continued Signs Of Recovery - U.S. Commentary : RTTNews Evening

Evening Market Wrap Tue Dec 14  2010


Dec 14, 2010 Stocks End Mostly Higher Amid Continued Signs Of Recovery - U.S. Commentary Stocks stumbled down the stretch but were able to end mostly higher on Tuesday, as November retail sales firmly beat expectations and the Federal Open Market Committee reiterated that it sees continued improvement in the U.S. economy. Full Article

Economic News

Dec 14, 2010 U.S. November Retail Sales Growth Exceeds Expectations Retail sales in the U.S. increased by more than anticipated in the month of November, according to a report released by the Commerce Department on Tuesday, with the data likely to add to recent optimism about the holiday shopping season. The report showed that retail sales rose by 0.8 percent in November following an upwardly revised 1.7 percent increase in October. Economists had expected sales to increase by 0.5 percent. Full Article
Dec 14, 2010 U.S. Producer Prices Rise More Than Expected Amid Jump In Energy Prices With energy prices showing another substantial increase in the month of November, the Labor Department released a report on Tuesday showing that total producer prices for the month increased by more than economists had been expecting. The Labor Department said its producer price index increased by 0.8 percent in November after rising by 0.4 percent in each of the two previous months. The price growth exceeded economist estimates for a 0.5 percent increase in producer prices. Full Article
Dec 14, 2010 U.S. Business Inventory Growth Misses Economist Estimates Business inventories in the U.S. increased by less than expected in the month of October, the Commerce Department revealed in a report on Tuesday, with the weaker than expected growth partly due to a drop in inventories at retailers. The report showed that business inventories increased by 0.7 percent in October following an upwardly revised 1.3 percent increase in September. Full Article
Dec 14, 2010 Fed: Economic Recovery Too Slow To Bring Down Unemployment Announcing its widely anticipated decision to leave interest rates unchanged on Tuesday, the Federal Reserve made few changes to its accompanying statement. The Fed noted that the economic recovery is continuing, although it acknowledged that the rate of growth has been insufficient to bring down unemployment. Full Article

Corporate News

Dec 14, 2010 Telus Backs FY10 Outlook; Provides FY11 ViewVancouver, Canada-based telecommunication products provider Telus Corp. (TU, T.TO, T_A.TO) Tuesday confirmed its guidance range for fiscal 2010. The company also provided financial targets for next year in light of its significant broadband infrastructure investments. Full Article
Dec 14, 2010 BP To Sell Pakistan Energy Assets To UEG For $775 Mln - Update British energy giant BP Plc (BP, BP.L) agreed Tuesday to sell almost all of its exploration and production assets in Pakistan to United Energy Group Limited, or UEG, for $775 million. The sale is part of BP's plan to divest up to $30 billion of assets by the end of 2011. Full Article
Dec 14, 2010 Best Buy Q3 Profit Declines; Slashes 2011 Outlook; Shares Plunge Consumer electronics retailer Best Buy Co., Inc. (BBY) reported Tuesday lower than expected sales and earnings for the third quarter, with profit declining 4.4% from last year, despite continued improvement in gross margins, hurt by a decline in comparable store sales and softer than expected domestic sales. Full Article
Dec 14, 2010 Ryanair Cuts Traffic, Jobs In Germany Citing Tourist Tax - Update Low-cost airline Ryanair Holdings Plc (RYAAY, RYA.L) Tuesday announced additional cuts to its summer 2011 schedule for flights and traffic in its German operations in response to German government's introduction of tourist tax of 8 euros foreseeing damages in traffic. Full Article

Political News

Dec 14, 2010 Holder Calls For Intellectual Property Enforcement, Crackdown On CounterfeitingAttorney General Eric Holder Tuesday issued a call for the government and the private sector to do more to combat the theft of intellectual property and counterfeiting. Speaking at a forum sponsored by the White House aimed at better protecting consumers' health and safety from IP theft, Holder said the nation must do more. "When the theft of a single trade secret can destroy a burgeoning small business, America's entrepreneurs and industry leaders are relying on strong IP enforcement," he said. Full Article
Dec 14, 2010 Tax Cut Agreement Passes Key Procedural Vote In Senate A bill to extend the Bush-era tax cuts for all Americans cleared a key procedural hurdle on Monday, as the Senate voted to move forward on the bill, which allows includes an extension of unemployment benefits for the long-term unemployed. The Senate voted 83 to 15 in favor of a motion to cut off debate on the bill, paving the way for a final vote on the bill within the next few days. Full Article
Dec 14, 2010 House Dems Introduce Stand-Alone Bill To Repeal "Don't Ask, Don't Tell"Rep. Patrick Murphy, D-Penn., Tuesday introduced a stand-alone bill to repeal the military's "Don't Ask, Don't Tell" policy, with House Majority Leader Steny Hoyer, D-Md., as the lead co-sponsor. The introduction of the bill comes after Republicans in the Senate blocked a version of the defense authorization bill including a repeal of the policy, which bans gays and lesbians from serving openly in the U.S. armed forces. Full Article

NYT: Afternoon Business Update News.- To Conquer Wind Power, China Writes the Rules





To Conquer Wind Power, China Writes the Rules

Competing for China's lucrative business means playing by house rules that are often stacked in Beijing's favor.

Bond Yields Rise as the Fed Stands Pat

The equities indexes had a modest response to the statement issued after the meeting of Federal Reserve policy makers.

HCR ManorCare in $6.1 Billion Deal With HCP

HCR ManorCare, the nursing home and assisted living chain controlled by the Carlyle Group, has agreed to sell $6.1 billion in real estate assets to HCP.

Dublin Blocks Payment of Bank Bonuses

The finance minister said it was galling that part of the taxpayer bailout of Allied Irish Banks would be paid out as bonuses to 2,400 senior staff.

Banker at Small Swiss Firm Is Charged

Federal prosecutors accused a Swiss banker of advising wealthy American clients to avoid disclosing their hidden offshore accounts held at a small Swiss bank.

U.S. Markets At Close Snapshot


Major Indexes
    LastChange   % Chg
DJIA*11476.54  47.98   0.42
Nasdaq*  2627.72    2.81   0.11
S&P 500*  1241.59    1.13  0.09
DJ Total Stock Market*13101.65      5.98  0.05 

Source: The Wall Street Jornal

Persecuting him instead of prosecuting him | Financial & Forex Info News | The Australian Capital Circle

 Capital Circle Newsletter

Persecuting him instead of prosecuting him
Julian Assange is free, almost. But what happens next to the whisteblower remains up in the air.

First off: RESOURCES Minister Martin Ferguson has accused the Australian Greens of seeking to derail mining approval processes. Mr Ferguson has vowed he will not be "intimidated" into putting politics ahead of jobs. Warning that the Greens are running political campaigns designed to sink projects such as the expansion of South Australia's Olympic Dam uranium mine, a defiant Mr Ferguson has also demanded the Coalition be less obstructionist and provide more support for Labor economic development policy. (more from Matthew Franklin)
Minerals CouncilMitchell Hooke writes: JULIA Gillard must stare down the Greens on the mining tax and establish her reformist credentials.
Just in - free, almost: JULIAN Assange remained behind bars in London today as supporters scrambled to raise £200,000 (A$316,000) in cash so he can be released on bail. A high-powered legal team convinced a magistrate overnight that the Australian internet activist should be set free while he battles extradition to Sweden on rape allegations but his freedom was delayed by a Swedish government appeal against his release, and by the race to produce the large cash bail. Lawyer Mark Stephens said the decision by Swedish prosecutors to extend Mr Assange's time in the "Dickensian" Wandsworth prison for as long as possible showed that the Swedes were "persecuting him instead of prosecuting him." (more from Peter Wilson in London)
Wikiwatch: The head of Australia's top intelligence agency, the Office of National Assessments, told American diplomats in October 2008 that al-Qaeda "ultimately has failed to achieve the strategic leadership role it sought within the Islamic world". (Philip Dorling reports)
Mr Assange's lawyer, Mark Stephens, told the ABC this morning that the judge in the

The Washington Post Afternoon Edition , Dec. 14 2010 Most Read Articles

Washington Post

1) Richard Holbrooke dies: Veteran U.S. diplomat brokered Dayton peace accords

Longtime U.S. diplomat Richard C. Holbrooke, whose relentless prodding and deft maneuvering yielded the 1995 Dayton peace accords that ended the war in Bosnia - a success he hoped to repeat as President Obama's chief envoy to Afghanistan and Pakistan - died Monday in Washington of complications f...

2) Police: 4 bodies found on NY beach were dumped

BABYLON, N.Y. -- Investigators are considering the possibility that a serial killer may have dumped four bodies along the same quarter-mile stretch of beachside road, a police chief said Tuesday.

3) Foreign architects put stamp on Chinese skyline

SHANGHAI - Drawn by a building boom unmatched in the world in recent decades, U.S. and European architects are flocking to China, turning Chinese leaders' bold visions into concrete and steel realities and giving Chinese cityscapes a distinctly foreign signature.

4) Berlin's Holocaust memorial damaged by cracks

BERLIN -- Officials at Berlin's Holocaust memorial say experts are looking into what has caused cracks in many of its concrete slabs and how to repair them.

5) A high point in the pit

The look on Florence Lacey's face said it all. Singing for the first time with the 20-piece orchestra for "Sunset Boulevard" - the largest band Signature Theatre has ever assembled for a musical - the actress lingered onstage and beamed.

6) Envoy says US committed to Palestinian state

RAMALLAH, West Bank -- The U.S. will not be deterred by setbacks and will persevere until a Palestinian state is established alongside Israel, President Obama's Mideast envoy said Tuesday after meeting the Palestinian president.

7) Cabinet members on how health reform will survive its legal fight

The cost of uncompensated health care is too high to accept.

8) At Edwards funeral, a rebuked protest

For all of the hundreds of people who turned out to pay respects to Elizabeth Edwards in Raleigh, N.C., on Saturday, observers noted a few vacant and available seats inside Edenton Street United Methodist Church. Many members of the public, it seems, chose to show their support for the Edwards fa...

9) Gun dealers often stay in business with new licenses after ATF shuts them down

About a hundred times a year, regulators strip gun dealers of their licenses for violations of federal law, an extreme step taken only when repeated infractions are deemed a threat to public safety.

10) Federal workers may not get payroll tax holiday

For hundreds of thousands of federal workers, Scrooge seems to be running the merrymakers out of town. It's the holiday season, but federal staffers, along with millions of state and local public employees, won't get the tax holiday included in legislation that jumped a procedural hurdle in the Sena

With Growth Sluggish, Fed Keeps Buying Bonds: NYT .- Breaking News Alert

Breaking News Alert
The New York Times
Tue, December 14, 2010
With Growth Sluggish, Fed Keeps Buying Bonds

Calling the pace of economic recovery "insufficient to bring
down unemployment," the Federal Reserve announced on Tuesday
that it would move ahead with its plan to buy $600 billion in
government securities through June and would keep its
short-term interest rates near zero.

The central bank decided not to waver from its strategy
despite heavy recent criticism and despite indications that
market reaction to the tax compromise forged by the Obama
administration and Republican lawmakers could hamper the
Fed's goal of reducing long-term interest rates.

The Fed statement suggested that it remained preoccupied with
the high jobless rate -- which ticked upward nationally to
9.8 percent this month -- and with employers' apprehensions
about hiring. The Fed said it saw little threat of
accelerating inflation.

Read More:

Financial & Forex Info News (F & F I N) Retail Sales Increased From Previous Month and November (2009).

Economics and Statistics Administration Logo
Retail sales in November 2010 were $378.7 billion, an increase of 0.8% from October and an increase of 7.7% from November 2009.  Excluding autos, retail sales were $311.9 billion, up 1.2% from last month and up 6.7% from last year.