Translate

Search This Blog

Search Tool




Jan 12, 2011

Yuankee dollars | Financial AndThe Standard

FINANCIAL & FOREX INFO NEWS


Yuankee dollars

Tony Liaw and agencies Thursday, January 13, 2011

State-owned Bank of China has begun offering deposit accounts denominated in yuan at its branch in New York - just days before President Hu Jintao heads for the United States.This comes as China's central bank set its reference rate for the yuan at a record high yesterday, triggering a new round of yuan appreciation.
The twin moves are expected to bring some relief to China, which is under heavy Western pressure to liberalize its currency.
Spot yuan closed at 6.6038 versus the greenback yesterday, up from 6.6200 on Tuesday.
The central parity rate of the Chinese currency was set at 6.6128, down from Tuesday's 6.6216. The yuan can trade 0.5 percent higher or lower from this parity rate each session.
However, US Treasury Secretary Timothy Geithner said the yuan remains "substantially undervalued" and Beijing is moving too slowly to fulfill a promise made in June to reform its currency practices.
Bank of China (3988), on the other hand, said its Madison Avenue branch in New York has begun offering yuan- denominated accounts, signaling that Beijing may allow similar accounts to be opened in other global financial centers this year.
But traders said the impact of the BOC move is minimal. "The adjustment for the mid-point reflected China's attitude," said a local currency trader, who expects the yuan to rise above 6.60 before Hu ends his US visit, which begins on Tuesday.
Hu will meet President Barack Obama at the White House on Wednesday, then fly to Chica

go the next day to tour a Sino-US joint energy project.As Hu prepares for his landmark visit, People's Bank of China deputy governor Yi Gang said China should seek to increase domestic demand and rebalance its economy rather than rely too much on monetary policy to fight inflation.
This means China would fall back more on the exchange mechanism to fight inflation, according to one currency trader, who did not want to be identified.
As an offshore yuan center, Hong Kong plays a key role in yuan globalization, according to Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung. It is capable of clearing yuan transactions as the deposit pool topped 280 billion yuan (HK$329.49 billion) as of November. "There is only one clearing bank each for US dollars and euros [in Hong Kong]," Chan said in the Legislative Council.
"Likewise, having one clearing bank for yuan is basically the same arrangement."
While Hong Kong is technically ready for yuan-denominated stock trading, Chan said it is up to companies to decide to take the initiative. He reiterated there is no timetable yet for the mini-QFII, a mechanism for offshore yuan to return to mainland stock markets through local brokers or fund houses.
Although the yuan's popularity is growing, Chan said it is not the right time to drop the Hong Kong dollar peg with the US dollar.
"There is no proof the peg boosts inflation," Chan said. A 10 percent appreciation of the yuan would only raise prices in Hong Kong by 0.5 percent.



 



CNBC Evening Brief : US Public Strongly Opposes Debt Level Increase, Poll Says

LATEST STORIES


»click here to see the latest top stories from CNBC.com

Inside Target
CNBC 360 Premieres Tomorrow, 9:00pm ET/PT
See how retail icon, Target, took aim at product, profit and power...making cheap- chic. "Target: Behind the Bullseye" reveals how Target became both tastemaker and discount retailer extraordinaire while continually reminding its customers to "Expect More, Pay Less." Premieres tomorrow at 9PM.
»more info


LATEST VIDEO

»click here to see the latest top video from CNBC.com

Five states where housing will recover first | MarketWatch | Personal Finance Daily::

MarketWatch
Personal Finance Daily
JANUARY 12, 2011

Wednesday's Personal Finance Stories

By MarketWatch




Don't miss these top stories:
How does it feel to be a homeowner in a state named as one of the Top 5 that's going to take the longest to recover from the housing-market bust? Not all that bad, really.

Why am I not much bothered? For one, we're not planning to move for many years. Two, we live in San Francisco, where housing prices have dropped over the past five years, sure, but nowhere near the stomach-churning 41% average drop for the state overall. Trulia.com says the median sales price for San Francisco homes in the fourth quarter is down about 16% from five years ago.

Also, while the city's unemployment rate of about 9% is starkly higher than the 4% it hovered around in 2006, it's still quite a bit below the state's current 12.4% rate.

Read Steve Kerch's story today for more on the five states where the housing market is poised to recover fastest, and the five, including California, that are at the other end of the spectrum. Also, don't miss our piece on how to make money as a blogger, and see Kristen Gerencher's blog for more on what health insurers are thinking about their business prospects under health-care reform.

There's no getting around the fact that millions of people nationwide are suffering from the economic downturn. They can't find a job, can't afford their mortgage, don't have money to feed their families.

It's also true that, from a purely selfish "how does it affect me?" standpoint, it depends entirely on where you live — and whether you're working.

Andrea Coombes , Personal Finance editor

REAL ESTATE

The five states where housing will recover first

The recovery in home building and housing will begin in states that were far removed from the big boom of the last decade.
Read more: The 5 states where housing will recover first.


Home-building rebound in 2011 a small matter

Housing starts will be up in 2011, but the increase is coming off such a low base that the economic impact will be muted.
Read more: Home-building rebound in 2011 a small matter.


Would-be homeowners get down-payment help

If you're looking to buy a home, you could qualify for help with your down payment or closing costs from your state or local government. And there are more programs now than just six months ago.
Listen to podcast: Would-be homeowners get down-payment help.


HEALTH CARE

Aetna's finance chief talks health reform

With significant changes from the new health-reform law starting to take effect this year, diversification is a popular theme among health insurers presenting their 2011 business strategies to investors this week at the J.P. Morgan Healthcare Conference in San Francisco.
Read more: Aetna's finance chief talks health reform.


CAREERS

Blogging all the way to the bank

Blogs are an ever-growing presence on the Internet, but can you make money in this crowded field? Certainly some people do, and a major part of their success is choosing the right topic to blog about.
Read more: Blogging all the way to the bank.


Would you be the ax man?

When asked if they would fire their direct subordinate on their first day of work if it meant getting their dream job, 80% of respondents said they would.
Read more: Would you be the ax man?


TAXES

White House weighing corporate tax cuts: Geithner

The White House is looking for a way to lower the rate of corporate taxes without increasing the deficit, Treasury Secretary Timothy Geithner said Wednesday
Read more:


ECONOMY & POLITICS

Little appetite in Congress for new gun controls

The shooting of Rep Gabrielle Giffords, D-Ariz., has generated lots of ideas in Congress about how to protect U.S. lawmakers, but stiffer gun-control restrictions isn't really one of them.
Read more: Little appetite in Congress for new gun controls.


Small businesses may be growing again

There are encouraging signs that the weakest half of the economy is on the mend, but strong job growth is still hindered by lack of funding for new companies.
Read more: Small businesses may be growing again.


INVESTING

ETFs to expand in 2011; assets top $1 trillion

Exchange-traded funds have topped $1 trillion in assets and investors should look for more financial firms to join the business in 2011.
Read more: ETFs to expand in 2011; assets top $1 trillion.


The recovery in dividends

Dividends will start to pay again.
Read more: The recovery in dividends.


Investor optimism may be rising too fast

Consumers want to feel good, but they may be fooling themselves.
Read more:


WEATHER REPORT

Slide show: Northeast whacked again

New England is hit hardest as severe snow and wind lead to flight cancellations, school closures and generally socked-in conditions — again.
See slide show: Northeast whacked again.


Australia flood death toll rises, dozens missing

The death toll from flooding in Australia's Queensland state rises overnight, with scores of people reportedly still missing as state capital Brisbane continues to brace for the worst flooding in more than 35 years.
Read more:


INTERNATIONAL

Lack of coordination seen as key global risk

The inability of global leaders to identify and avert crises, along with growing economic disparities and volatile commodity prices, present the biggest risks to the global economy, according to a Swiss-based think tank.
Read more: Lack of coordination seen as key global risk.


Yuan trade in U.S. is step to internationalization

Bank of China Ltd.'s move to allow trading in yuan for the first time in the United States is an incremental step by Beijing to press ahead with the internationalization of the currency, according to an analyst.
Read more: Yuan trade in U.S. is step to internationalization.

Financial And Forex Info News | KITCO New York Market Close




New York Market Close Jan 12/11 05:20 PM EST
Metals
Bid
Ask
Change
Low
High
Gold
1388.00
1389.00
6.70
0.49%
1375.80
1390.10
Silver
29.65
29.67
0.14
0.47%
29.38
29.86
Platinum
1801.00
1806.00
34.00
1.92%
1763.00
1813.00
Palladium
809.00
814.00
27.00
3.45%
788.00
816.00

FDIC Special Alert : E-mails fraudulently claiming to be from the FDIC ...





Special Alert

SA-10-2011
January 12, 2011


TO: CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)
SUBJECT: Consumer Alert
Summary: E-mails fraudulently claiming to be from the FDIC are attempting to get recipients to click on a link, which may ask them to provide sensitive personal information. These e-mails falsely indicate that FDIC deposit insurance is suspended until the requested customer information is provided.

The Federal Deposit Insurance Corporation (FDIC) has received numerous reports from consumers who received an e-mail that has the appearance of being sent from the FDIC. The e-mail informs the recipient that "in cooperation with the Department of Homeland Security, federal, state and local governments…" the FDIC has withdrawn deposit insurance from the recipient's account "due to account activity that violates the Patriot Act." It further states deposit insurance will remain suspended until identity and account information can be verified using a system called "IDVerify." If consumers go to the link provided in the e-mail, it is suspected they will be asked for personal or confidential information, or malicious software may be loaded onto the recipient's computer.
This e-mail is fraudulent. It was not sent by the FDIC. It is an attempt to obtain personal information from consumers. Financial institutions and consumers should NOT access the link provided within the body of the e-mail and should NOT under any circumstances provide any personal information through this media.
The FDIC is attempting to identify the source of the e-mails and disrupt the transmission. Until this is achieved, consumers are asked to report any similar attempts to obtain this information to the FDIC by sending information to alert@fdic.gov.
For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2011/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html.
Sandra L. Thompson
Director Division of Supervision and Consumer Protection

Distribution: FDIC-Supervised Banks (Commercial and Savings)
Note: Paper copies of FDIC Special Alerts may be obtained through the FDIC's Public Information Center, 877-275-3342 or 703-562-2200.

Stocks Post Solid Gains After Relief From Portugal, U.S. Fed - U.S. Commentary | RTTNews - Evening Market Wrap


Evening Market Wrap Wed Jan 12  2011

Commentary

Jan 12, 2011 Stocks Post Solid Gains After Relief From Portugal, U.S. Fed - U.S. Commentary Stocks saw solid gains on Wednesday after Portugal's successful bond sale and confirmation from the U.S. Federal Reserve that recovery is economic continuing with a labor market on the mend. The major averages all ended the day firmly in positive territory, reaching multi-year closing highs. Full Article

Economic News

Jan 12, 2011 Jump In Fuel Prices Contributes To Higher U.S. Import Prices With the price of fuel imports to the U.S. showing another substantial increase in the month of December, the Labor Department released a report on Wednesday showing another notable increase in total import prices. The report also showed a moderate increase in total export prices. The Labor Department said that import prices rose by 1.1 percent in December following a 1.5 percent increase in November. Compared to the same month a year ago, imports prices were up by 4.8 percent. Full Article
Jan 12, 2011 MBA: Mortgage Demand Picks Up As Rates Steady U.S. mortgage demand rose as interest rates dropped slightly last week, according to industry data released Wednesday. The Mortgage Bankers Association's (MBA) Market Composite Index increased 2.2 percent on a seasonally adjusted basis from one week earlier. Full Article
Jan 12, 2011 Fed Says Moderate Economic Expansion Has Continued U.S. economic activity continued to expand moderately in recent months, according to the Federal Reserve's Beige Book report, a compilation of anecdotal evidence on economic conditions from each of the 12 Fed districts. The report released Wednesday afternoon said the twelve Fed districts generally reported that conditions were better in the manufacturing, retail, and non-financial services sectors than in the financial services or real estate sectors. Full Article

Corporate News

Jan 12, 2011 In The Spotlight: Tenet Healthcare Corp.Hospital operator Tenet Healthcare Corp. (THC), which is fighting off a hostile bid from its larger rival Community Health Systems Inc. (CYH), says that not only will it be posting solid 2010 results, but it is also poised for further growth and value creation in 2011. As we all know, Community Health's takeover bid of $6 per share for Tenet, was made public on December 9, 2010. The offer equates to an enterprise value of about $7.3 billion, including $3.3 billion of equity and about $4 billion of net debt. Full Article
Jan 12, 2011 AIG To Sell Taiwan Unit To Ruen Chen For $2.16 BlnInsurer American International Group, Inc. (AIG) Wednesday said it has reached a deal to sell its 97.57% interest in Taiwan life insurance unit Nan Shan Life Insurance Company, Ltd. to Taiwan's Ruen Chen Investment Holding Co., Ltd. for $2.16 billion in cash. Nan Shan, established in 1963, serves four million policyholders through its network of 24 branches, 500 agency offices, approximately 4,100 employees and more than 33,000 agents. It is the largest life insurer in Taiwan by total book value and the third largest by total premiums. Full Article
Jan 12, 2011 ITT Plans To Split Into Three Independent Publicly Traded CompaniesEngineering and manufacturing company ITT Corp. (ITT) announced Wednesday that its board has approved a plan to split the company's businesses into three distinct, publicly-traded companies. The company intends to execute the plan before the end of 2011, and each company is expected to be listed on the NYSE. Full Article
Jan 12, 2011 Canadian Pacific To Invest Up To C$1.05 Bln In Capital ProjectsCanadian Pacific Railway Ltd. (CP, CP.TO) Wednesday said it plans to invest between C$950 million and C$1.05 billion for capital projects in 2011, aiming to focus on service, productivity, technology and growth. According to the company, its 2011 capital plan will focus on making strategic and targeted capacity investments. This will make sure that the efficiencies gained through its long train strategy, repair facility and yard consolidations would sustain as business levels return. Full Article
Jan 12, 2011 ITT Plans To Split Into Three Independent Publicly Traded Companies By Year-end Engineering and manufacturing company ITT Corp. (ITT) announced Wednesday that its board has approved a plan to split the company's businesses into three distinct, publicly-traded companies. The company intends to execute the plan before the end of 2011, and each company is expected to be listed on the NYSE. Full Article
Jan 12, 2011 St. Jude Medical Sees Q4 Sales Above ViewMedical device maker St. Jude Medical, Inc. (STJ) on Wednesday forecast adjusted earnings per share for the fourth quarter near the top end of its guidance range. The company projects a 12% increase in net sales for the quarter, above analysts' consensus estimate. Shares of the company are currently up more than 3% in the regular trading session. Full Article

Forex Commentary

Jan 12, 2011 Dollar Weakens Versus Euro, Fed Says Economy On The Mend The dollar drifted lower against a basket of major counterparts on Wednesday, as a successful bond auction for Portugal boosted appetite for riskier assets. The Fed's Beige Book said this afternoon that the US economy strengthened in the final months of 2010, as the jobs picture brightened across the country. Full Article

Political News

Jan 12, 2011 Palin Defends Rhetoric, Accuses Critics Of "Blood Libel"Former Alaska Governor Sarah Palin released a video statement Wednesday bashing critics that have sought to link vitriolic political rhetoric with the mass shooting in Arizona that killed six and left Rep. Gabrielle Giffords in critical condition. Palin opened her remarks by expressing sympathy for the victims’ families, but she quickly turned to the criticism that has been leveled at herself and others for creating a caustic political environment that may have contributed to the shootings. Full Article
Jan 12, 2011 Poll Suggests "Very Conservative" Americans Resistant To CompromiseWhile Americans largely believe it is important for political leaders in Washington to compromise in order to get things done, the results of a Gallup poll released on Wednesday showed that a majority of "very conservative" Americans want their leaders to stick to their beliefs even if little is accomplished. Full Article

Commentary

Jan 12, 2011 Stocks Post Solid Gains After Relief From Portugal, U.S. Fed - U.S. Commentary Stocks saw solid gains on Wednesday after Portugal's successful bond sale and confirmation from the U.S. Federal Reserve that recovery is economic continuing with a labor market on the mend. The major averages all ended the day firmly in positive territory, reaching multi-year closing highs. Full Article

Economic News

Jan 12, 2011 Jump In Fuel Prices Contributes To Higher U.S. Import Prices With the price of fuel imports to the U.S. showing another substantial increase in the month of December, the Labor Department released a report on Wednesday showing another notable increase in total import prices. The report also showed a moderate increase in total export prices. The Labor Department said that import prices rose by 1.1 percent in December following a 1.5 percent increase in November. Compared to the same month a year ago, imports prices were up by 4.8 percent. Full Article
Jan 12, 2011 MBA: Mortgage Demand Picks Up As Rates Steady U.S. mortgage demand rose as interest rates dropped slightly last week, according to industry data released Wednesday. The Mortgage Bankers Association's (MBA) Market Composite Index increased 2.2 percent on a seasonally adjusted basis from one week earlier. Full Article
Jan 12, 2011 Fed Says Moderate Economic Expansion Has Continued U.S. economic activity continued to expand moderately in recent months, according to the Federal Reserve's Beige Book report, a compilation of anecdotal evidence on economic conditions from each of the 12 Fed districts. The report released Wednesday afternoon said the twelve Fed districts generally reported that conditions were better in the manufacturing, retail, and non-financial services sectors than in the financial services or real estate sectors. Full Article

Corporate News

Jan 12, 2011 In The Spotlight: Tenet Healthcare Corp.Hospital operator Tenet Healthcare Corp. (THC), which is fighting off a hostile bid from its larger rival Community Health Systems Inc. (CYH), says that not only will it be posting solid 2010 results, but it is also poised for further growth and value creation in 2011. As we all know, Community Health's takeover bid of $6 per share for Tenet, was made public on December 9, 2010. The offer equates to an enterprise value of about $7.3 billion, including $3.3 billion of equity and about $4 billion of net debt. Full Article
Jan 12, 2011 AIG To Sell Taiwan Unit To Ruen Chen For $2.16 BlnInsurer American International Group, Inc. (AIG) Wednesday said it has reached a deal to sell its 97.57% interest in Taiwan life insurance unit Nan Shan Life Insurance Company, Ltd. to Taiwan's Ruen Chen Investment Holding Co., Ltd. for $2.16 billion in cash. Nan Shan, established in 1963, serves four million policyholders through its network of 24 branches, 500 agency offices, approximately 4,100 employees and more than 33,000 agents. It is the largest life insurer in Taiwan by total book value and the third largest by total premiums. Full Article
Jan 12, 2011 ITT Plans To Split Into Three Independent Publicly Traded CompaniesEngineering and manufacturing company ITT Corp. (ITT) announced Wednesday that its board has approved a plan to split the company's businesses into three distinct, publicly-traded companies. The company intends to execute the plan before the end of 2011, and each company is expected to be listed on the NYSE. Full Article
Jan 12, 2011 Canadian Pacific To Invest Up To C$1.05 Bln In Capital ProjectsCanadian Pacific Railway Ltd. (CP, CP.TO) Wednesday said it plans to invest between C$950 million and C$1.05 billion for capital projects in 2011, aiming to focus on service, productivity, technology and growth. According to the company, its 2011 capital plan will focus on making strategic and targeted capacity investments. This will make sure that the efficiencies gained through its long train strategy, repair facility and yard consolidations would sustain as business levels return. Full Article
Jan 12, 2011 ITT Plans To Split Into Three Independent Publicly Traded Companies By Year-end Engineering and manufacturing company ITT Corp. (ITT) announced Wednesday that its board has approved a plan to split the company's businesses into three distinct, publicly-traded companies. The company intends to execute the plan before the end of 2011, and each company is expected to be listed on the NYSE. Full Article
Jan 12, 2011 St. Jude Medical Sees Q4 Sales Above ViewMedical device maker St. Jude Medical, Inc. (STJ) on Wednesday forecast adjusted earnings per share for the fourth quarter near the top end of its guidance range. The company projects a 12% increase in net sales for the quarter, above analysts' consensus estimate. Shares of the company are currently up more than 3% in the regular trading session. Full Article

Forex Commentary

Jan 12, 2011 Dollar Weakens Versus Euro, Fed Says Economy On The Mend The dollar drifted lower against a basket of major counterparts on Wednesday, as a successful bond auction for Portugal boosted appetite for riskier assets. The Fed's Beige Book said this afternoon that the US economy strengthened in the final months of 2010, as the jobs picture brightened across the country. Full Article

Political News

Jan 12, 2011 Palin Defends Rhetoric, Accuses Critics Of "Blood Libel"Former Alaska Governor Sarah Palin released a video statement Wednesday bashing critics that have sought to link vitriolic political rhetoric with the mass shooting in Arizona that killed six and left Rep. Gabrielle Giffords in critical condition. Palin opened her remarks by expressing sympathy for the victims’ families, but she quickly turned to the criticism that has been leveled at herself and others for creating a caustic political environment that may have contributed to the shootings. Full Article
Jan 12, 2011 Poll Suggests "Very Conservative" Americans Resistant To CompromiseWhile Americans largely believe it is important for political leaders in Washington to compromise in order to get things done, the results of a Gallup poll released on Wednesday showed that a majority of "very conservative" Americans want their leaders to stick to their beliefs even if little is accomplished. Full Article

NYT Afternoon Business News: Official Urges Europe to Expand Bailout Fund



BUSINESS

Official Urges Europe to Expand Bailout Fund

By STEPHEN CASTLE and RAPHAEL MINDER
José Manuel Barroso, the head of the European Commission, called for a decision on increasing the size of the fund, but initial reaction was negative.

In Sell-Offs, Emerging Markets Provide a Warning

By VIKAS BAJAJ
Inflation and corruption remain problems in India and some other Asian countries where stock markets have attracted Western investors.

Wall Street Higher After Portugal's Bond Auction

By REUTERS
Markets have been keen to see if debt-strapped countries can fund themselves at a sustainable cost or be forced to seek a bailout.

Geithner Lists Concerns Ahead of Chinese Leader's Visit

By SEWELL CHAN
In a speech, Mr. Geithner said that changes by Beijing in its exchange rate and in its handling of intellectual property were "fundamentally in China's interest."
App Smart

In the App Marts, How to Sift Through the Avalanche

By BOB TEDESCHI
A handful of sites help users navigate the sheer barrage of apps.

Banks lead Wall Street up, appetite for equities rises | Financial & Forex Info News | Reuters - Daily Investor Update

Financial & Forex Info News

From:


 REUTERS




News
LATEST NEWS
Banks lead Wall Street up, appetite for equities rises
NEW YORK (Reuters) - Stocks ended solidly higher on Wednesday after European debt fears eased and sparked a broad advance, led by banks and commodity-related shares. | Full Article

Fed says economy, jobs outlook improving
January 12, 2011 03:02 PM ET
WASHINGTON (Reuters) - The U.S. economy strengthened as the year drew to a close, according to a report from the Federal Reserve on Wednesday that cited rising employment levels across the country. | Full Article
Treasury's Geithner says China needs faster yuan rise
January 12, 2011 04:11 PM ET
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday that China needs to raise the value of the yuan more quickly and faster progress could pave the way for greater access to U.S. high-tech goods. | Full Article
Banks to meet in NYC Thursday on AIG sale: source
January 12, 2011 04:34 PM ET
NEW YORK (Reuters) - Banks will meet in New York City on Thursday to pitch for the mandate to sell the U.S. Treasury's stake in bailed-out insurer American International Group, a person familiar with the matter said on Wednesday. | Full Article
ITT Corp to break itself up, shares rise 18 percent
January 12, 2011 02:23 PM ET
ATLANTA (Reuters) - U.S. manufacturer ITT Corp plans to split itself into three companies to take advantage of growing water and industrial markets as its defense unit braces for U.S. military spending cuts. | Full Article


US rebound mired in unemployment: Fed | Financial & Forex Info News | The Australian Capital Markets

Financial & Forex Info News








for Thu Jan 13 08:37:56 EST 2011
US rebound mired in unemployment: Fed
US unemployment Luca Di Leo THE US economic recovery is accelerating, but both employment growth and inflation will be soft for the long term, the Federal Reserve said.
Microsoft fights Apple 'app store' claim
Apple MICROSOFT is fighting Apple's claim on the name "App Store", arguing the generic term covers all sellers of programs for smartphones.
Floods to slash $13bn from economy
Floods Scott Murdoch and Tracy Lee THE Queensland floods may end up costing the economy $13 billion through lost productivity and damage to key infrastructure.
Fletcher and Crane play chicken on bid
gary sedgwick Tracy Lee CRANE Group and Fletcher Building are both playing chicken over the takeover bid, hoping the other will be the first to blink.
Deluge takes toll on industry, contractors
floods coal Tracy Lee THE $4.8 billion Brisbane Airport Link project could miss its deadline after Leighton Holdings announced work had ceased because of floods.
Stress tests put banks in the clear
banks Scott Murdoch AUSTRALIA'S banks could survive an economic shock worse than the 1990s recession, according to stress tests by the prudential regulator.
Stronger euro nudges gold higher
aus bus pix gold futures Tatyana Shumsky A PRONOUNCED bounce in the euro helped Comex gold futures in New York settle in positive territory.
Suncorp shares ride out the storm
ASX David Rogers, Dow Jones Newswires THE Australian sharemarket closed at a four-day high as resources outperformed and Suncorp held up despite Queensland's devastating floods.
Financial Markets
US rebound mired in unemployment: Fed
US unemployment Luca Di Leo THE US economic recovery is accelerating, but both employment growth and inflation will be soft for the long term, the Federal Reserve said.
Suncorp shares ride out the storm
Fletcher and Crane play chicken on bid
Financial Markets Coverage

Financial & Forex Info News | The Australian Capital Circle : Brisbane Wins A reprieve

Financial & Forex Info News


Capital Circle Newsletter

Brisbane wins a reprieve
 
Rising waters in Brisbane have peaked below the level of the 1974 flood that hit the city.

But the floods are still dominating the news today.
Brisbane's close call is described by The Australian's website as "Queensland Flood Disaster'', The Courier-Mail announces a "close call" while The Age says "A city's anxiety peaks".
As Milanda Rout reports from Brisbane: At 4am when the waters peaked about 4.45m, the city was a ghost town, with only the sound of building alarm systems blaring in the darkness...the Bureau of Meteorology said the river level at 3.30am (AEST) this morning "was 4.45m and rising with the high tide"....A peak slightly above this level is expected in the next few hours.The bureau said earlier this morning that the downgraded peak, to below 5m, was due to releases at Wivenhoe Dam being reduced quickly on Tuesday night. Authorities had earlier expected the river to peak at 5.2m at the 4am (AEST) high tide today, down from an even earlier forecast of 5.5m.
The floods may end up costing the economy $13 billion through lost productivity and damage to key infrastructure, Scott Murdoch and Tracy Lee write, but federal and state leaders have promised whatever help is needed to rebuild, as Stefanie Balogh writes. Defence Minister Stephen Smith has promised more assistance from the army this morning, too.
Sometimes the word hero is too readily bandied about. In the case of 13 year old Jordan Rice, is is wholely appropriate: IT IS almost unimaginable the fear 13-year-old Jordan Rice would have felt as the car he and his family were in was pummelled by a wall of water.But as it began engulfing the vehicle,
Read more...