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Feb 7, 2011

CFTC Orders Chicago-Based Futures Commission Merchant Newedge USA, LLC to Pay More than $220,000 for Violating Speculative Position Limits in Live Cattle Futures Trading

Mon, 07 Feb 2011 12:04:00 -0600

The CFTC announced that Newedge USA, LLC, a Chicago-based futures commission merchant, will pay a $140,000 civil monetary penalty and disgorge $80,910 to settle CFTC charges of exceeding speculative position limits in the October 2009 live cattle futures contract on the Chicago Mercantile Exchange by more than 4,000 contracts and failing to provide accurate and timely reports to the CFTC regarding their large trader positions.
CFTC Orders Chicago-Based Futures Commission Merchant Newedge USA, LLC to Pay More than $220,000 for Violating Speculative Position Limits in Live Cattle Futures Trading

For other enforcement Actions: Visit:

FINANCIAL & FOREX INFO NEWS: Political pressure may hurt banks: NAB | The Australian Business Briefing


update for Tue Feb 08 12:45:13 EST 2011

Political pressure may hurt banks: NAB
Cameron Clyne Scott Murdoch NATIONAL Australia Bank warned today that political pressure on Australian banks could lead to higher fees and charges and slow growth.
Macquarie slips on weak profit outlook
Nicholas Moore UPDATED Scott Murdoch MACQUARIE Group was under pressure today after it effectively downgraded its full-year profit guidance as a result of subdued global markets.
Strong mum on Luscombe speculation
James Strong John Durie WOOLWORTHS chair James Strong has expressed support for chief Michael Luscombe but failed to deny speculation he will shortly step aside.
Cochlear profit beats expectations
Cochlear Ross Kelly COCHLEAR, the world's largest maker of inner ear implants, has reported a 16 per cent rise in first-half profit to $87 million.
Westscheme deal may open flood gates
people shadows John Durie THE creation of a $40 billion superannuation fund through the merger of Westscheme and Australian Super marks a potential watershed deal.
Incitec warns of $36m hit from weather
Incitec Pivot Ray Brindal INCITEC Pivot said recent floods and Cyclone Yasi are likely to cut $36 million from pre-tax earnings this fiscal year.
Huffington's 'last act' the hardest
AOL Murad Ahmed THE team at The Huffington Post must be laughing all the way to the bank.
Santos sees 25pc jump in gas reserves
Santos Ross Kelly SANTOS today said its $US16 billion ($15.78bn) gas export joint venture had increased its reserves by 25 per cent.
Financial Markets
NAB, big miners lead market higher
ASX Colin Ng THE Australian stockmarket climbed to a 10-month high today, led by the financial sector after a bullish update from National Australia Bank.
Deals propel Wall St shares higher
Gold dips as Citi predicts 2011 gains
Financial Markets Coverage
Mining & Energy
Santos sees 25pc jump in gas reserves
Santos Ross Kelly SANTOS today said its $US16 billion ($15.78bn) gas export joint venture had increased its reserves by 25 per cent.
Bradken tumbles amid 1pc profit hike
Gold dips as Citi predicts 2011 gains
More Mining & Energy Coverage

The Economist: New or Updated Articles


         New or updated articles February 7th 2011

Asia: Remember 1998
Egypt's upheaval is rather like the one that ousted Suharto from Indonesia
Full article

Africa: The view from Seattle
Bill Gates writes a guest post
Full article

Asia: Pakistan's slide
A correspondent returns to Islamabad after five years away
Full article

Daily chart: An expanding world
How mens' waistlines have grown since 1980
Full article

Slideshow: Unmoved and unyielding
With protesters still camped out in Cairo's Tahrir Square, we take a look at recent days' events in Egypt in pictures
Full article

Business: 80:80 vision
Why AOL wants the Huffington Post
Full article

Online debate: Egypt
Is democracy in Egypt possible and/or desirable?
Full article   

Financial & Forex Info News : KITCO New York.Market Close Report

New York Market Close Feb 07/11 05:20 PM EST

Get healthy, get more money : MarketWatch - Personal Finance Dalily

Personal Finance Daily
FEBRUARY 07, 2011

Monday's Personal Finance stories

By MarketWatch

Workers offered pay, perks to stay healthy

Your health insurance likely has gotten pricier in recent years. But now is a good time to see what your employer may have put on the table to help you improve your health — there may be cash, extra days off or other benefits for you.
Read more: Workers offered pay, perks to stay healthy.


Savers' impatience hinders retirement goals

Savers' focus on the present is one reason the U.S. is undergoing a retirement crisis. Another reason is financial illiteracy.
Read more: Savers' impatience hinders retirement goals.


Credit-card debt up for first time since Aug. 2008

Consumers are feeling more comfortable using their credit and charge cards, according to the latest government data released Monday and that may be a good news for the economy.
Read more: Credit-card debt up for first time since Aug. 2008.

Paying for grad school

When 24-year-old Kristi Roybal was choosing between graduate programs in social work and international studies, she picked one at the University of Denver, which offered her a $20,000 annual scholarship.
Read more: Paying for grad school.

Car review: 2011 BMW X5 Diesel

BMW's X5 Diesel has excellent build quality, luxury touches all over the interior, comfortable leather seats, wood trim and a sound like that of a bank vault when closing a door.
Read more: The 2011 BMW X5 Diesel.


Preferred stock: Are those juicy yields worth the extra risk?

As the Federal Reserve's low-interest-rate policy has turned the world of income investing into a howling wilderness, one oasis seems to remain: preferred stocks. With yields averaging nearly 7%, preferred shares seem to offer higher income at lower risk than either conventional stocks or the bonds that feel overpriced to many investors.
Read more about preferred stock.

For investors, China's boom is a rough ride

Investing in China is the only way to enjoy heady gains over the next few years, bulls say. Bears counter that investors risk huge losses unless they protect against a bursting of what they view as a bubble in China. Such an event could rock global markets, they warn.
Read more: For investors, China's boom is a rough ride.

Avoid bonds and emerging markets, investor says

Markets are up, and the economy is improving. But one high-flying fund manager is striking a note of caution.
Read more: Avoid bonds and emerging markets, investor says.

Bond market flashes inflation warning

The U.S. bond market has begun sending a message that inflation risks are rising and the Federal Reserve may be too slow to act, potentially marking a significant turning point in the economic recovery.
Read more: Bond market flashes inflation warning.

Egypt crisis shows dangers of single-country ETFs

While single-country funds inspire thoughts of how much money can be made jumping into frothy situations, their existence does not make them worthwhile investments.
Read more: Egypt crisis shows dangers of single-country ETFs.

Surging prices lift cotton-futures ETN

An exchange-traded note indexed to cotton-futures contracts has jumped about 15% so far this year and remains a top-performing product in the commodity complex despite a pullback late last week.
Read more: Surging prices lift cotton-futures ETN.


FDIC proposes incentive-based comp rule

The Federal Deposit Insurance Corp. board of directors Monday proposed a draft rule that would force the nation's biggest financial firms to hold on to at least half of the bonuses paid to top executives for three or more years.
Read more: FDIC proposes incentive-based comp rule.

Obama woos business in U.S. Chamber speech

President Obama uses a speech to the Chamber of Commerce to continue a push for better relations between the White House and Corporate America.
Read more: Obama woos business in U.S. Chamber speech.

Obama asks business to side with America

In a conciliatory but unapologetic speech, President Obama challenges big business to side with America by investing in the future and hiring Americans.
Read more: Obama asks business to side with America.


EU summit divisions reignite euro jitters

Opposition to German-French proposals to boost the lending capacity of the euro-zone's rescue fund in return for tougher budget rules and other controversial concessions help reignite worries about the region's debt crisis.
Read story: EU summit divisions reignite euro jitters.

Labour's pugilist may overstate U.K. woes

The jury is still out over whether Labour's Ed Balls or Tory George Osborne is right about Britain's austerity policies, writes David Marsh.
Read more: Labour's pugilist may overstate U.K. woes.

Don't miss these top stories:

In an effort to reduce health-care costs and increase workers' productivity, companies are ramping up their spending on "wellness" programs aimed at encouraging workers to adopt healthier habits.

As Kristen Gerencher writes in her Vital Signs column today, some companies give rewards, including, for instance an iPod Touch or extra vacation days, to workers who meet specific goals. Read her story to find out more, plus don't miss Robert Powell's story on new research assessing why Americans are not very good at saving up for retirement.

Andrea Coombes , Personal Finance editor

Evening Market Wrap

Evening Market Wrap
Monday, February 7, 2011, 17:01

Stocks were able to open the week with moderate gains on Monday, with news on the merger-and-acquisition front driving buying interest along with some confidence in the U.S. economic recovery following last week's data. Full Article
Economic News
Consumer credit in the U.S. increased by much more than expected in the month of December, according to a report released by the Federal Reserve on Monday, with the jump reflecting increases in both revolving and non-revolving credit. Full Article
Corporate News
Offshore drillers Pride International, Inc. (PDE) and Ensco Plc (ESV) announced Monday that they have entered into a definitive merger agreement to combine in a cash and stock transaction valued at $41.60 per share to create the second largest offshore driller in the world. The deal reportedly has a total value of $7.3 billion. The $41.60 per share implied offer price, based on Ensco's closing share price on February 4, represents a premium of 21 percent to Pride's closing price. Full Article
Food-distribution company Sysco Corp. (SYY) reported Monday a decline in profit for the second quarter, that came in below market projections, mainly due to gross margin pressure on significant food cost inflation. The Houston, Texas-based company's sales, however, grew from last year. Net earnings for the second quarter were $258.17 million, 3.8 percent lower than last year's $268.35 million. On a per share basis, earnings dropped 2.2 percent to $0.44 from $0.45 a year ago. Full Article
Medical and industrial products maker Danaher Corp. (DHR) has agreed to buy medical diagnostics company Beckman Coulter Inc. (BEC) for $83.50 per share in cash, the two companies said Monday. The transaction is valued at around $6.8 billion, including debt assumed and net of cash acquired. Following the news, shares of Beckman Coulter rose 10 percent in pre-market trading. Full Article
Games and toys maker Hasbro Inc. (HAS) Monday reported a decline in fourth-quarter earnings, as weak U.S. consumer demand for games in later part of 2010 pushed down revenues below consensus. Earnings per share, however, came in above market view. The Pawtucket, Rhode Island-based company expects its recent investments to bear fruit in 2011. Fourth-quarter net earnings declined to $140.01 million or $0.99 per share from $165.56 million or $1.09 per share last year. Full Article
Health insurer Humana Inc. (HUM) reported Monday a 57 percent decline in profit for the fourth quarter, mainly hurt by significant incremental expenses. Quarterly revenues, however, grew from last year on strong growth in medicare advantage membership, partially offset lower membership in stand-alone Prescription Drug Plan. Looking ahead, the company projects sequentially higher first-quarter earnings. The company also lifted fiscal 2011 earnings view, which is below market projections. Full Article
British biopharmaceutical major AstraZeneca Plc (AZN, AZN.L) said Monday it will stop a late-stage trial of zibotentan monotherapy in patients with non-metastatic CRPC (castrate resistant prostate cancer), stating that early results show the drug has no benefit to patients. The decision follows the results of an early efficacy review of the late-stage study, dubbed phase III ENTHUSE Study 15, by the Independent Data Monitoring Committee. The review indicated that zibotentan was unlikely to meet its primary efficacy endpoints of progression free survival and overall survival, and therefore unlikely to benefit patients with non-metastatic CRPC. Full Article
Forex Commentary
The dollar leveled off in quiet trading versus the euro on Monday, holding on to most of its gains from the previous session in the absence of any market-moving economic data from the U.S. Across the Atlantic, German factory orders dropped for the first time in three months in December due to a sharp fall in external demand. Full Article
Political News
President Barack Obama sought Monday to thaw relations with the U.S. Chamber of Commerce, one of the nation's largest business groups that has sparred frequently with the White House and Congressional Democrats. Full Article
While the results of a USA Today/Gallup poll released on Monday showed that few Americans want the No Child Left Behind Act to be eliminated, a plurality believe that the education law needs major revisions. The poll showed that 41 percent of Americans think Congress should keep the No Child Left Behind law but with major revisions. Full Article
The Governor of Indiana says the health care reform law was a "massive mistake," and his state, along with a number of others, are ready to fight it. Governor Mitch Daniels took to the op-ed page of the Wall Street Journal to attack the law on Monday, claiming that it will add trillions of dollars to the national debt and lead to a government takeover of health care. Full Article
Senate Minority Leader Mitch McConnell, R-Ky., and Senate Finance Committee Ranking Member Orrin Hatch, R-Utah, sent a letter to President Barack Obama on Monday calling on the president to take action on three pending trade agreements. Full Article

NYT: Afternoon Business News : Support Grows for Tiered Risk System at Airports


Support Grows for Tiered Risk System at Airports

Proposals to change security checkpoints include using known information about travelers to apply different screening techniques.

Betting on News, AOL Is Buying The Huffington Post

The deal would give AOL a major presence in journalism, demonstrating the company's intention to rely more heavily on online advertising.
The Caucus

Obama Urges Business Leaders to Hire and Invest

Speaking to the U.S. Chamber of Commerce on Monday, President Obama urged American businesses to let loose trillions of dollars held in reserves.

Offshore Drillers Set $7 Billion Deal

The merger of Ensco and Pride International will create the second-biggest offshore drilling company in the world.

Danaher to Buy Beckman Coulter for $5.8 Billion

Danaher has agreed to buy Beckman Coulter, a maker of diagnostic research equipment for biomedical companies, for about $5.8 billion in cash - beating out two private equity consortiums.

Stocks advance on M&A with further gains seen : Financial And Forex Info News | Reuters Daily Investor Update


Stocks advance on M&A with further gains seen
NEW YORK (Reuters) - Merger activity drove the Dow and S&P to two-and-a-half-year highs on Monday in the latest in a series of mileposts that point to more gains ahead. | Full Article

Big U.S. banks face delayed bonuses
February 07, 2011 03:03 PM ET
WASHINGTON (Reuters) - U.S. regulators on Monday made their most forceful attempt yet to clamp down on bank bonuses since the 2007-2009 financial crisis, but the proposals pale in comparison to harsher restrictions already set in Europe. | Full Article
Oil driller Ensco to buy rival Pride for $7.3 billion
February 07, 2011 04:35 PM ET
NEW YORK/SAN FRANCISCO (Reuters) - Ensco Plc plans to buy rival Pride International Inc for about $7.3 billion in a deal to create the world's second-largest offshore oil and gas driller and extend its reach into lucrative deepwater markets off Brazil and West Africa. | Full Article
Obama tries to woo business, assails "burdensome" tax
February 07, 2011 04:28 PM ET
WASHINGTON (Reuters) - President Barack Obama stepped up efforts to woo the U.S. business community on Monday, seeking their help to tackle "burdensome" corporate taxes in a speech to a business group that has long been a fierce critic. | Full Article
Hyundai holds line on new dealers as sales rise
February 07, 2011 03:41 PM ET
SAN FRANCISCO (Reuters) - Hyundai Motor Co plans to keep the number of its U.S. dealers almost unchanged in 2011 even as it eyes a roughly 10 percent jump in sales, executives said on Monday. | Full Article

Financial And Forex Info News.| Deals propel Wall St shares higher | The Australian Business Briefing


Deals propel Wall St shares higher
Wall Street UPDATED Kristina Peterson US stocks rose today on a stream of deals, corporate earnings and some relief that a degree of economic activity resumed in Egypt.
Oil retreats as tensions in Egypt ease
oil Dan Strumpf OIL prices retreated on indications that tensions in Egypt are easing, as the government met the main opposition group for the first time.
No early end to global borrowing tax
HSBC Annabel Hepworth TREASURY has revealed that dumping a controversial tax on offshore borrowings would blow a $750 million hole in the budget.
BHP, Rio set for $10bn buybacks
bhp Matt Chambers RIO Tinto and BHP Billiton are expected to announce a combined $US10 billion of share buybacks when they report profit this month.
Skullcandy heads for $US125m IPO
Skullcandy Alexandra Frean SKULLCANDY - motto "every revolution needs a soundtrack" - wants to raise $US125 million through an IPO to expand its headphone business.
Hywood to press digital takeovers
Newly appointed chief executive of Fairfax Media Greg Hywood, left, with chaiman Roger Corbett. James Chessell NEWLY appointed Fairfax Media chief executive Greg Hywood will press on with small digital acquisitions and key management appointments.
M&A deals to drive Westpac earnings
Westpac Scott Murdoch WESTPAC is banking on a rebound in merger and acquisition activity this year to grow its institutional bank division.
Asciano chief in shock exit
Asciano chief Tracy Lee THE surprise ousting of Asciano chief executive Mark Rowsthorn yesterday was met with cautious approval by investors.
Financial Markets
Deals propel Wall St shares higher
Wall Street UPDATED Kristina Peterson US stocks rose today on a stream of deals, corporate earnings and some relief that a degree of economic activity resumed in Egypt.
Gold dips as Citi predicts 2011 gains
Oil retreats as tensions in Egypt ease
Financial Markets Coverage
Mining & Energy
Gold dips as Citi predicts 2011 gains
gold Matt Whittaker GOLD slipped slightly today as the economic recovery lessens its use as a refuge but increases its allure as an inflation hedge.
Oil retreats as tensions in Egypt ease
Harmony Gold eyes expansion in Asia
More Mining & Energy Coverage