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Jan 3, 2011

Likely new White House chief of staff has bided time at Morgan Chase | GATA THE GATA DISPATCH

Likely new White House chief of staff has bided time at Morgan Chase

It's like he never left the government. ...
* * *
Obama Said to Consider William Daley for Top White House Post
By Julianna Goldman and John McCormick
Bloomberg News
Monday, January 3, 2010
http://www.bloomberg.com/news/2011-01-03/obama-said-to-consider-william-...
President Barack Obama is considering naming William Daley, a JPMorgan Chase & Co. executive and former U.S. commerce secretary, to a high-level White House post, possibly as his chief of staff, people familiar with the matter said.
Such a move, which is still under discussion and which White House officials wouldn't confirm, would bring a Washington veteran -- and someone with strong business ties -- into the administration as Obama enters the second half of his term. The president is faced with a Republican majority in the House of Representatives and is trying to accelerate the U.S. economic recovery while addressing the budget deficit.
Daley, 62, who typically responds to questions, didn't return two messages seeking comment left on his cell phone yesterday or a phone call to his office and an e-mail sent to him today. White House officials declined to discuss the matter.
"I'm not going to comment on personnel speculation," White House spokesman Robert Gibbs said in an e-mail.

As he remakes his staff at the midway point of his presidency, Obama also is seeking to address complaints from some executives that the Democratic administration is anti- business. Daley is JPMorgan's Midwest chairman and the bank's head of corporate responsibility.
Among the pressing personnel decisions Obama must make is naming a successor to Lawrence Summers as head of the National Economic Council, which could come as early as this week. Gene Sperling, a counselor to Treasury Secretary Timothy Geithner, has emerged as the leading candidate for the post.
If selected, Sperling would be returning to the position he held for four years under President Bill Clinton, making him the longest-serving NEC director. While he doesn't have strong ties to the business community or Summers' standing as an economist, Sperling has played key roles crafting the administration’s economic policies, most recently in forging Obama's compromise with Republican leaders to extend Bush-era income tax cuts.
Yale University President Richard Levin and Roger Altman, the founder of Evercore Partners Inc., are under consideration for the NEC post as well.
If named as chief of staff, Daley would replace Pete Rouse, whom Obama selected to fill the role on an interim basis after Rahm Emanuel resigned Oct. 1 to pursue a bid for mayor of Chicago.
Rouse has indicated to administration officials that he is reluctant to serve in that job for the remainder of Obama's presidency, according to a person familiar with the matter. Rouse also has signaled that he would stay as chief of staff if asked by the president, the person said, speaking on condition of anonymity because the discussions are private.
Rouse, who has worked for Obama since his days in the Senate, is conducting an internal review that covers personnel, policy and political strategy as the president contends with a new political landscape and gears up for his re-election bid less than two years from now. Obama is considering a number of staff changes. Senior adviser David Axelrod has said that he plans to leave in the coming months, and former campaign manager David Plouffe will join the administration.
During the 2008 presidential campaign, Daley served as an Obama economic adviser. After the election, he was a co-chairman of Obama's transition team.
Daley, the younger brother of Chicago Mayor Richard M. Daley, was commerce secretary during the second term of the Clinton administration, serving from January 1997 to June 2000. He was chairman of Vice President Al Gore's unsuccessful presidential campaign in 2000.
After serving as president of SBC Communications for more than two years, he joined JPMorgan Chase in 2004.
While there, Daley has worked on some of the Midwest's biggest takeovers. He advised Chicago's Exelon Corp. on its unsuccessful 2004 proposal to buy Public Service Enterprise Group Inc. for $17.8 billion, and CBOT Holdings Inc., also based in Chicago, on its 2007 sale to CME Group Inc. for $11 billion, according to Corporate Control Alert, an industry newsletter.
Daley was a political mentor to Emanuel. The two worked together to get the union-opposed North American Free Trade Agreement passed in 1993. Emanuel was then a senior aide to Clinton and Daley was a special counsel to the president.
The youngest of seven children born to longtime Chicago Mayor Richard J. Daley and Eleanor "Sis" Daley, William Daley is a member of Illinois' most powerful political dynasty.
Besides his work as a banker, he serves on several corporate boards, including Boeing Co. and Abbott Laboratories.
The administration has come under fire from the business community, including the U.S. Chamber of Commerce. The nation's biggest business lobbying group opposed Obama's health-care and financial-regulatory overhauls and committed $75 million to political ads in the midterm congressional elections, mainly directed against Democrats.
Still, Obama is generating more optimism among corporate executives after a series of actions and overtures, including a deal to extend tax cuts enacted in 2001 and 2003, efforts to boost exports such as a U.S.-South Korea free-trade agreement, and a loosening of controls on some technology sales.
Obama met with 20 company executives on Dec. 15 in Washington and said afterward that he made "good progress" toward establishing closer cooperation between government and business to accelerate the economic recovery. The president has said private companies are crucial to the U.S. climbing out of the worst recession since the Great Depression.

* * *

Join GATA here:
Yukon Mining Investment e-Conference
Wednesday-Thursday, January 19-20, 2011

http://theyukonroom.com/yukon-eblast-static.html
 

China to step up energy acquisitions | Financial & Forex Info News | The Australñian Business Briefing

Financial & Forex Info News





 
China to step up energy acquisitions
oil platform Alison Tudor CHINA'S quest for global energy resources is shifting into higher gear as the country's giant oil companies seal bigger, more complex deals.
 
Pain deepens for Australia's factories
manufacturing plastic bottles Geoffrey Rogow MANUFACTURERS suffered more pain in December, hit by the record Australian dollar and higher interest rates, an index showed today.
 
Miners face global worker shortages
minerals - mine Robert Guy Matthews RISING global demand for miners has prompted warnings from companies that a labour shortage could slow growth and increase costs.
 
Vallar eyes Australian acquisitions
Mongolia coal LONDON-listed investment firm Vallar is considering acquisitions of coal assets in North America and Australia worth up to $US1 billion.
 
Wheat prices soar on flood, cold risks
wheat Tom Polansek US wheat futures jumped today as floods threatened grain transportation in Australia and bitter cold in the US stoked crop-loss fears.
 
Investment values Facebook at $US50bn
Facebook Anupreeta Das GOLDMAN SACHS and Russia's Digital Sky Technologies have invested in Facebook, in a deal valuing the social-networking site at $US50 billion.
 
Online sales will kill jobs: retailers
online shopping Blair Speedy AUSTRALIA'S biggest retailers will launch an advertising campaign aimed at pressuring the government to impose GST on all goods bought over the internet.
 
Bets placed on gambling over sex
Crown casino Gary Parkinson A SMALL online casino and advertising company is hoping that gambling will prove more lucrative than sex.
 
Financial Markets
Weak financials push shares lower
share market THE sharemarket was slightly weaker by early afternoon, as the insurance sector weighed on worries about the damage bill from the floods.
 
China vows to keep buying Spain's debt
Wheat prices soar on flood, cold risks
 
Financial Markets Coverage
 
Mining & Energy
Vallar eyes Australian acquisitions
Mongolia coal LONDON-listed investment firm Vallar is considering acquisitions of coal assets in North America and Australia worth up to $US1 billion.
 
Miners face global worker shortages
China to step up energy acquisitions
 
More Mining & Energy Coverage

Judge denies bail for insider trading defendant | Financial & Forex Info News | Reuters Daily Investor Update

Financial & Forex Info News

FROM: News

LATEST NEWS
Judge denies bail for insider trading defendant
SAN FRANCISCO (Reuters) - A federal magistrate refused to grant bail on Monday to a California woman charged with leaking inside information about technology companies. | Full Article

Wall Street climbs in first session of 2011
January 03, 2011 04:35 PM ET
NEW YORK (Reuters) - Stocks greeted the new year with a rally on Monday as encouraging signs about the outlook for manufacturing around the world prompted investors to inject new money into the market. | Full Article
Manufacturing grows, bolsters 2011 outlook
January 03, 2011 01:51 PM ET
NEW YORK (Reuters) - U.S. manufacturing grew at its fastest pace in seven months in December, extending a recent run of encouraging economic data and suggesting that expansion of the world's biggest economy will accelerate in 2011. | Full Article
BofA settles sour mortgages with Fannie Mae, Freddie
January 03, 2011 04:29 PM ET
CHARLOTTE, North Carolina (Reuters) - Bank of America Corp agreed to pay $2.8 billion to mortgage finance giants Fannie Mae and Freddie Mac to settle claims over soured mortgages, signaling the bank may be closer to containing its out-sized housing losses. | Full Article
U.S. stock investors eye January with caution
January 03, 2011 03:30 PM ET
NEW YORK (Reuters) - Stocks may have kicked off 2011 with a no-holds-barred surge but anyone predicting a sustainable rally through January may be overly optimistic. | Full Article

NewsCorp. Is On Track to Sell Its MySpace Unit by Mid-Year | CNBC |Evening Brief








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Crackberry'd: The Truth About Information Overload
CNBC 360 Premiere's January 4th
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Slow and Steady Saving Still Pays | MarketWatch | Personal Finance Daily

MarketWatch
Personal Finance Daily
JANUARY 03, 2011

Monday's Personal Finance stories

By MarketWatch



Don't miss these top stories:
This is the year that the leading edge of the baby-boom generation becomes eligible for Medicare. The number of people 65 and older in the United States will rise to almost 47 million by 2015, up from 40 million in 2010, according to U.S. Census Bureau projections cited by the Alliance for Aging Research. In 2050, that number is expected to hit 88.5 million.

Put another way, by 2050, more than 20% of the population will be 65 years old and up from 13% last year, according to U.S. Census projections.

In other words, the population is getting older relatively fast, and that means more people will find themselves in the rewarding but also potentially stressful and time-consuming situation of taking care of their aging parents' daily needs. Already, about three in 10 households serve as unpaid caregivers for parents, children and other relatives with disabilities or illness every year, according to a 2009 study by the National Alliance of Caregiving.

Buying a smartphone might be able to help. As Anya Martin notes in her story today, owners of iPhones or Android-based phones have access to a growing number of health-care apps that can help keep track of medications, nutritional needs and more.

Read Anya's story today for more on health-care apps aimed at caregivers. Plus, don't miss the column by Jennifer Waters on what your Facebook profile may be telling identity thieves, and read why retirement savers who stuck to the stock market through thick and thin since 2000 are doing better than you may expect.

Andrea Coombes , Personal Finance editor

Five smartphone apps for caregivers

Taking care of an aging or ailing relative with heath-care issues can be stressful and confusing, but a growing number of free or cheap smartphone apps aim to help caregivers keep track of medication dosages, nutritional requirements and other daily health-care needs.
Read more: Five smartphone apps for caregivers.


RETIREMENT

Slow and steady saving still pays

The path toward having enough money to enjoy a comfortable retirement is a long one. And as the recent decade in the U.S. stock market shows, it's one where patience pays off.
Read more: Slow and steady saving still pays.


IDENTITY THEFT

What your Facebook profile may be telling ID thieves

Your pet's name is a fraudster's best friend. You may think you're revealing precious little when you tell your Facebook friends that you're dressing your pooch, Puddles, in your favorite color, red, for brunch at Grandma's on Sunday. But you've actually just opened a Pandora's box of risks.
Read more: What your Facebook profile may be telling ID thieves.


TAXES

Taxing year brings a less-taxing year

In the normally staid world of taxes, 2010 was downright tumultuous. Never was so much done to so many by so few — and for such a short time.
Read more: Taxing year brings a less-taxing year.


Some taxpayers must wait to file returns

Since most taxpayers get income-tax refunds each year, it's tempting to file as early as possible. But this year, some would-be early birds will have to wait until mid- to late February.
Read more: Some taxpayers must wait to file returns.


ECONOMY & POLITICS

New Congress ready to take fight to Obama

Poised to take over the House of Representatives this week, emboldened congressional Republicans are preparing to mount an early challenge to President Barack Obama's health-care law and attack government spending.
Read more: New Congress ready to take fight to Obama.


Commentary: Factories booming, but economy isn't

The ISM index rose to a seven-month high in December, but the strength of the factory sector isn't translating into gains in the broader economy.
Read more: Factories booming, but economy isn't.


Major employment, manufacturing reports this week

Key reports on jobs and manufacturing are due to kick off the New Year.
Read more: Major employment, manufacturing reports this week.


REAL ESTATE

Bank of America settles mortgage dispute

Bank of America Corp. (BAC) said Monday it's reached a settlement with Fannie Mae and Freddie Mac of outstanding repurchase claims arising from certain home loans sold to them by Countrywide Financial Corp.
Read more: Bank of America settles mortgage dispute.


INVESTING

Commentary: 7 mutual-fund stories to watch for in 2011

The crystal ball is as clear as mud about how 2011 will shape up for the mutual-fund industry.
Read more: 7 mutual fund stories to watch for in 2011.


Commentary: 2011 is already a year to remember

After gaining ground measurably well again in 2010, 2011 is already shaping up to be a year to remember.
Read more: 2011 is already a year to remember.


Commentary: The January effect is a small-cap affair

The so-called January effect is well known on Wall Street, and many consider it to refer to the tendency for the stock market as a whole to exhibit strength during the first month of the new year. In fact, the January effect is almost exclusively concentrated among the smallest-cap stocks.
Read more: The January effect is a small-cap affair.


Year of the stock?

Stocks are expected to rally in January, potentially marking 2011 as the return to equities. Let our experts help you get you back in the game.
Read the full special report: Trading Strategies.


Facebook, Groupon IPOs unlikely until 2012

News that Facebook and Groupon have both raised significant sums of money from investors may suggest that neither is planning to go public this year.
Read more: Facebook, Groupon IPOs unlikely until 2012.


Commentary: ‘Buying panic' bull draws in horns, somewhat

Well, it wasn't a "buying panic," but stocks did finish 2010 at a two-year high. The top timer that raised the idea is still bullish but increasingly fears a "substantial correction."
Read more: ‘Buying panic' bull draws in horns, somewhat.


TRAVEL

Expedia shares fall on American Airlines dispute

Shares of Expedia Inc. (EXPE) declined after the online-travel service removed AMR Corp.'s (AMR) American Airlines airfare and schedule from its website as part of an industry-wide spat over commission fees and product control.
Read more: Expedia shares fall on American Airlines dispute.

Financial & Forex Info News | New York Metal Market Close | KITCO







New York Market Close Jan 03/11 05:20 PM EST
Metals
Bid
Ask
Change
Low
High
Gold
1414.60
1415.60
-7.00
-0.49%
1412.00
1425.00
Silver
30.67
30.69
-0.24
-0.78%
30.47
31.28
Platinum
1766.00
1771.00
-3.00
-0.17%
1760.00
1793.00
Palladium
790.00
795.00
-10.00
-1.25%
787.00
812.00

Stocks Notch Impressive Gains To Open 2011 - U.S. Commentary | RTTNews: Evening Market Wrap


Evening Market Wrap Mon Jan 3 17:01 2011

Commentary

Jan 3, 2011 Stocks Notch Impressive Gains To Open 2011 - U.S. Commentary Stocks saw substantial gains to open the 2011 trading year on Monday after upbeat reports on manufacturing sector activity and construction spending. The move also came on strong volume as most market participants returned to trading, waking the markets from a two-week lull. Full Article

Economic News

Jan 3, 2011 U.S. Manufacturing Activity Expands At Faster Pace In December Activity in the U.S. manufacturing sector expanded for the seventeenth consecutive month in December, according to a report released by the Institute for Supply Management on Monday, with the pace of growth accelerating compared to the previous month. The ISM said its index of activity in the manufacturing sector rose to 57.0 in December from 56.6 in November, with a reading above 50 indicating growth in the sector. Economists had expected the index to increase to a reading of 57.2. Full Article
Jan 3, 2011 U.S. Construction Spending Rose For Third Straight Month In November With spending on U.S. residential construction increasing for the third straight month in November, the Commerce Department released a report Monday morning showing that total U.S. construction spending for the month increased by more than economists had anticipated. The report showed that total construction spending increased by 0.4 percent in November following a 0.7 percent increase in October. Economists had expected total construction spending to edge up by a more modest 0.1 percent. Full Article

Featured Article

Jan 3, 2011 Dollar Hits 2-Year Low Versus Loonie The dollar fell further below par versus its Canadian counterpart and failed to gain much ground against other major currencies on Monday, as Wall Street kicked off the new year with solid gains for stocks. With commodities prices continuing to soar, Canada's resource-backed loonie was the big winner on the first official trading day of 2011. Full Article

Political News

Jan 3, 2011 DeMint Calls For Showdown On Increasing Debt CeilingSenator Jim DeMint, R-S.C., has issued a call to his fellow Republicans saying that there needs to be a "big showdown" with President Barack Obama and Congressional Democrats over raising the nation's debt ceiling. "We need to have a showdown at this point that we are not going to increase our debt ceiling anymore," DeMint said in an interview with conservative magazine Human Events released Monday. Full Article
Jan 3, 2011 Poll Shows Americans Favor Raising Taxes On Wealthy To Balance BudgetA majority of Americans think that raising taxes on the wealthy should be the first step taken to balance the federal budget, according to the results of a 60 Minutes/Vanity Fair Poll released on Sunday. The poll showed that 61 percent of those surveyed favor increasing taxes on the wealthy, including 58 percent of those that make between $50,000 and $100,000 a year and 46 percent of those that make more than $100,000 a year. Full Article

NYT: Afternoon Business News




BUSINESS:

Pfizer Caught Short on Antismoking Drug in Japan

By HIROKO TABUCHI
After an increase in the cigarette tax, Pfizer halted sales of an antismoking drug until it could increase production.
DealBook

Bank of America Settles Fannie Mae and Freddie Mac Claims

By DEALBOOK
The bank announced on Monday that it would take a $2 billion charge stemming from an agreement with the two entities that centers on loans sold by Countrywide Financial.

Wall Street Starts New Year on the Run

By REUTERS
Shares got a lift from the "January effect" when fund managers are no longer engaged in year-end window dressing and focus on stocks they find attractive.
Itineraries

What Gift to Bring the Kids?

By LIZ GALST
Experts urge parents returning from a business trips to be careful about giving gifts to children, and some say teaching them to handle a parent's absence is the best of all.

Facing Threat From WikiLeaks, Bank Plays Defense

By NELSON D. SCHWARTZ
Since WikiLeaks threatened to "take down" a major American bank, Bank of America has been hunting for signs that its systems have been compromised.
More Business News »

Pfizer Caught Short on Antismoking Drug in Japan

By HIROKO TABUCHI
After an increase in the cigarette tax, Pfizer halted sales of an antismoking drug until it could increase production.
DealBook

Bank of America Settles Fannie Mae and Freddie Mac Claims

By DEALBOOK
The bank announced on Monday that it would take a $2 billion charge stemming from an agreement with the two entities that centers on loans sold by Countrywide Financial.

Wall Street Starts New Year on the Run

By REUTERS
Shares got a lift from the "January effect" when fund managers are no longer engaged in year-end window dressing and focus on stocks they find attractive.
Itineraries

What Gift to Bring the Kids?

By LIZ GALST
Experts urge parents returning from a business trips to be careful about giving gifts to children, and some say teaching them to handle a parent's absence is the best of all.

Facing Threat From WikiLeaks, Bank Plays Defense

By NELSON D. SCHWARTZ
Since WikiLeaks threatened to "take down" a major American bank, Bank of America has been hunting for signs that its systems have been compromised.

Executive pay reforms 'too onerous' | Financial & Forex Info News | The Australian Business Briefing


Financial & Forex Info News




 
Executive pay reforms 'too onerous'
Executive pay reforms Damon Kitney PLANNED federal government changes to executive pay are set to burden non-executive directors with costly new responsibilities.
 
Wall St begins 2011 with solid gains
Wall St UPDATED Donna Kardos Yesalavich US stocks started 2011 with a bang, reaching two-year closing highs after data boosted investors' outlook for the world's biggest economy.
 
Online sales will kill jobs: retailers
online shopping Blair Speedy AUSTRALIA'S biggest retailers will launch an advertising campaign aimed at pressuring the government to impose GST on all goods bought over the internet.
 
Calls for insurers to reveal flood claims
Flooded Emerald in Central Queensland Annabel Hepworth and Matt Chambers MAJOR insurance providers are under pressure to update investors on the extent of claims from the floods that have devastated Queensland.
 
Sundance saviour keeps the faith
George Jones, Sundance Resources Sarah-Jane Tasker A PLANE crash in Africa that killed Sundance Resources' entire board threatened to make 2010 the mining hopeful's final year.
 
Winning bets from the top tipsters
Elio D'Amato Tim Boreham THE judges can't hear a protest siren so we declare a winner.
 
Investment values Facebook at $US50bn
Facebook Anupreeta Das GOLDMAN SACHS and Russia's Digital Sky Technologies have invested in Facebook, in a deal valuing the social-networking site at $US50 billion.
 
Dollar soaring but expected to stabilise
Dollar Sarah-Jane Tasker THE Australian dollar has started the year on a high, remaining above parity, with further gains expected in the next few weeks. 
 
Financial Markets
Wall St begins 2011 with solid gains
Wall St UPDATED Donna Kardos Yesalavich US stocks started 2011 with a bang, reaching two-year closing highs after data boosted investors' outlook for the world's biggest economy.
 
Oil strikes above $US92 before easing
Gold edges up to record price
 
Financial Markets Coverage
 
Mining & Energy
Oil strikes above $US92 before easing
oil Dan Strumpf OIL shot to a new two-year high during the first trading day of 2011 on a wave of optimism about the US economic recovery.
 
Gold edges up to record price
Electricity inquiry tipped to go ahead
 
More Mining & Energy Coverage