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Feb 21, 2011

NYT: Afternoon Business News: For Pepsi, a Business Decision With Social Benefit.



BUSINESS

For Pepsi, a Business Decision With Social Benefit

By STEPHANIE STROM
PepsiCo's work with corn farmers in Jalisco, Mexico, reflects a new approach by corporations trying to maintain a business edge while helping out small communities.

BP to Pay $7.2 Billion for India Energy Fields Stake

By VIKAS BAJAJ and JULIA WERDIGIER
The deal with Reliance is the second major agreement signed by BP in recent months. The group also made a deal with Russia's Rosneft to drill in the Arctic.
DealBook

News Corp. Reaches Deal for Shine

By MICHAEL J. DE LA MERCED
The deal is widely seen as an effort by the News Corporation's Rupert Murdoch to bring his daughter Elisabeth back into his media empire.

2 Executives Quit Alibaba.com After Fraud Inquiry

By DAVID BARBOZA
Alibaba said that the chief executive, David Wei, and the chief operating officer, Elvis Lee, were not involved in the fraud but that they had resigned for failing to stop it.

European Stocks Fall and Oil Spikes on Libyan Unrest

By THE ASSOCIATED PRESS
The unrest in Libya dominated European markets with investors wondering which oil-producing country might be next to face turmoil.

Financial And Forex Info News: Reuters Daily Investor Update: BP partners Reliance in $7.2 billion Indian oil hunt.






News

LATEST NEWS
BP partners Reliance in $7.2 billion Indian oil hunt
LONDON/NEW DELHI (Reuters) - BP lined up one of the biggest foreign direct investments in India to date with a $7.2 billion tie-up with the country's Reliance Industries to explore for deepwater oil and gas. | Full Article

Blockbuster initiates sale process
February 21, 2011 04:31 PM ET
BANGALORE (Reuters) - Blockbuster Inc , , which filed for bankruptcy last year, said it has started the process to sell itself and has entered into a "stalking horse" asset purchase deal with investor group Cobalt Video Holdco for $290 million. | Full Article
Libya turmoil prompts oil surge, hits equities
February 21, 2011 12:30 PM ET
LONDON (Reuters) - Oil prices charged to fresh 2-1/2 year highs on Monday as traders reacted to increasing violence in major producer Libya, which fed investor fears about rising inflation and unsettled other markets. | Full Article
Diageo raises its spirits with Turkish deal
February 21, 2011 12:34 PM ET
LONDON (Reuters) - Diageo Plc , the world's biggest spirits maker, agreed on Monday to buy raki spirits maker Mey Icki for 1.3 billion pounds ($2.1 billion) in cash to give it access to the fast-growing Turkish market. | Full Article
"Almost no chance" Obama budget adopted: Moody's
February 21, 2011 12:45 PM ET
NEW YORK (Reuters) - President Barack Obama's budget proposal would be "marginally positive" for U.S. credit ratings in the short term, but there is "almost no chance" Congress will pass the plan as it was presented, Moody's Investors Service said on Monday. | Full Article

A Selection of New Stories From The Economist February 21st 2011



Asia view: China catches a whiff of jasmine

Newsbook: Protests in Libya

Bagehot: Travels in the Middle East with David Cameron

Newsbook: An uneasy truce in Bahrain

Asia view: Understanding the many disputes over the South China Sea

Blighty: Britain's royals abroad

Daily chart: Where Europeans work

Videographic: The shoe-thrower's index

Upcoming debate: This house believes that the internet is not inherently a force for democracy

Financial And Forex Info: The Australian Business Briefing: Voelte in talks on Shell sell-out.









Voelte in talks on Shell sell-out
oil rig Andrew Burrell WOODSIDE Petroleum is in talks with Royal Dutch Shell on the possible sale of its remaining $8 billion stake in the oil and gas explorer.
 
European shares fall on Libya unrest
London Stock Exchange Toby Anderson and Aude Lagorce EUROPEAN shares fell sharply as investors nervously watched the political unrest spreading across the Middle East and North Africa.
 
Oil capacity okay as price hits $US105
oil Nour Malas THE head of the International Energy Forum says there is significant spare oil capacity, despite the price of oil climbing above $US100 a barrel.
 
Size matters, Stokes tells WAN
Kerry Stokes James Chessell KERRY Stokes is hoping the lure of being part of a bigger media company will overcome the doubts of West Australian Newspapers' shareholders.  
 
BP to invest $9bn in Indian oil, gas
Mukesh Ambani Amol Sharma and Marietta Cauchi OIL giant BP has agreed to pay as much as $US9 billion for a 30 per cent stake in energy assets controlled by Reliance Industries of India.
 
News Corp agrees to buy Shine Group
Rupert Murdoch Carolyn King NEWS Corporation has agreed in principle to buy UK TV production company Shine Group for an enterprise value of 415 million pounds ($667m).
 
Forrest faces a year in limbo
Andrew Forrest Andrew Burrell and Andrew Main FORTESCUE Metals Group chief Andrew Forrest is facing up to a year of uncertainty before discovering whether he can clear his name.
 
BlueScope posts loss but pays dividend
BlueScope Steel Matt Chambers BLUESCOPE Steel has warned it expects to report its second full-year loss in three years after a worse-than-expected slump.
 
Financial Markets
Oil capacity okay as price hits $US105
oil Nour Malas THE head of the International Energy Forum says there is significant spare oil capacity, despite the price of oil climbing above $US100 a barrel.
 
European shares fall on Libya unrest
WA News boosted by rise in classifieds
 
Financial Markets Coverage
 
Mining & Energy
BP to invest $9bn in Indian oil, gas
Mukesh Ambani Amol Sharma and Marietta Cauchi OIL giant BP has agreed to pay as much as $US9 billion for a 30 per cent stake in energy assets controlled by Reliance Industries of India.
 
Oil capacity okay as price hits $US105
WesTrac scoops up 44pc profit lift
 
More Mining & Energy Coverage

Financial And Forex Info: The Australian Capital Circle





Capital Circle Newsletter


Plunging poll brings an ill wind for Liberals
The Coalition's drop in Newspoll is the inevitable result of infighting - and Labor types will be quietly rubbing their hands together with glee.

The PM's day, per the press office: Julia Gillard and Health Minister Nicola Roxon will visit the Annie Lim Family Practice in suburban Canberra at 8am to talk about health and hospital reform. At 930am caucus will meet. The House will resume at midday.
Tony Abbott is in Canberra. The Coalition joint party room will also meet at 930am.
The flood levy is the first - and at this stage only - piece of legislation the House will debate today.
Foreign Affairs Minister Kevin Rudd will address the National Press Club today about the future direction of Australian foreign policy.
The final report into the sex scandal on HMAS Success will be handed down in Canberra on Tuesday (hat tip: Peter Veness).
***Sign up to Capital Circle -- news from the beltway to your inbox***
The Australian leads with a report from Annabel Hepworth that giant triple-trailer trucks will be allowed on more roads, dedicated freight routes will be created and cargo and passenger train lines separated under the Gillard government's strategy to avoid the bottlenecks that choked export earnings during the last resources boom.
Newspoll: Julia Gillard's personal support has shot to the best level since she became Prime Minister, while Liberal divisions have destroyed the Coalition's political gains over the summer of disaster and damaged Tony Abbott's leadership ... Primary vote support for the ALP rose from a near-record low of 32 per cent two weeks ago to 36 per cent while Coalition support fell from 44 per cent to 41 per cent. (more from Dennis Shanahan) (table)
Count
Read more...

The Washinton Post Afternoon Edition: Today's Most Read Opinion Columns: The Tea Party is winning

Washington Post


1) The Tea Party is winning

They can claim victory in fundamentally altering the country's dialogue.

2) Who rules America? AARP.

AARP's control of our budgetary policy is not a recipe for winning the future.

3) Could Obama decide a deficit deal is in his interest?

The president's own formula for deficit reduction is painfully coy.

4) Five myths about Abraham Lincoln

No American hero, with the possible exception of George "I Cannot Tell a Lie" Washington, has been more encrusted with myth than Abraham Lincoln. Lincoln did boast virtues that required little embellishment. He rose from obscurity through hard work, self-education and honesty. He endured venomous...

5) No more Western hugs for Russia's rulers

Western leaders should stop flirting with Vladimir Putin.

6) Obama's Louis XV budget

Obama's first post-commission budget marks a return to obliviousness.

7) The correct term is indeed 'babies'

Letter writer Tony Gorman [Free for All, Feb. 12] chastised The Post for characterizing prenatal surgery patients as "babies" instead of "fetuses."

8) A pro-choice choice: Shift course or lose ground

on why the pro-choice movement must adapt to survive.

9) Health reform's central flaw: Too much power in one office

It puts more power than is prudent in the hands of one person.

10) The justices' junkets

SUPREME COURT Justices Antonin Scalia and Clarence Thomas have been in the news lately for attending events sponsored by conservative interest groups . But they are not the only members of the high court who routinely enjoy all-expenses-paid excursions funded by third parties, including some that...

Financial And Forex Info: Standard & Poors - Latin America Highlights Feb, 21, 2011






Selected Reports

Artículo Seleccionado: Limitada transparencia fiscal y planeación financiera, tareas pendientes para los gobiernos de estados y municipios en México

A pesar de los avances observados en algunos estados y municipios en México después de la crisis económica, su calidad crediticia ha seguido limitada en los últimos años por administraciones financiera poco sólidas, posiciones de liquidez restringidas y deterioros en su desempeño presupuestario.

Artículo Seleccionado: Mientras el mercado espera que permeen los beneficios macroeconómicos, prevemos un desempeño sin cambios en 2011

A finales de 2010, la economía de México se había recuperado de la contracción de 6.1% que experimentó en 2009, y el PIB del país creció un 5.3% estimado. Sin embargo, Standard & Poor’s Ratings Services considera que probablemente se necesitarán entre 12 y 18 meses para que los beneficios del entorno macroeconómico positivo se extiendan al mercado de instrumentos respaldados por créditos hipotecarios.

Credit FAQ: Credit Paths Diverge For Central American Sovereigns, But Many Common Challenges Remain

The global economic and financial crisis hit Central America hard. Strong ties to the developed economies at the center of the crisis (especially the U.S.) and intraregional dependence are among the factors that made the nations there vulnerable.
América Latina: Podcast sobre Calificaciones Soberanas

Rating News

Argentina

Standard & Poor´s Asignó una Calificación ´B-´ a Capex S.A. y Su Emisión de Bonos por Hasta US$ 200 Millones

BUENOS AIRES (Standard & Poor's), 14 de febrero de 2011 -- Standard & Poor's Ratings Services anunció hoy que asignó su calificación ‘B-' en escala global, a la compañía Argentina termo generadora de electricidad y productora de hidrocarburos Capex S.A. (“Capex”).

English version

Brazil

Standard & Poor's atribui ratings 'brAAA/brA-1' na Escala Nacional Brasil ao Banco Safra S.A.; Perspectiva "Estável"

Em 16 de fevereiro de 2011, a Standard & Poor’s Ratings Services atribuiu os ratings de crédito de contraparte ‘brAAA/brA-1’ na sua Escala Nacional Brasil ao Banco Safra S.A. (“Safra”).

Comparação mostra que em geral o capital ajustado pelo risco dos bancos da América Latina é adequado com um efeito entre neutro a positivo sobre os ratings

A crise financeira global destacou a importância de buscar uma avaliação precisa sobre o quão as instituições financeiras estão bem capitalizadas.

Costa Rica

Standard & Poor's confirma calificaciones soberanas de Costa Rica; la perspectiva es estable

Nueva York, 7 de febrero de 2011.- Standard & Poor's Ratings Services confirmó hoy sus calificaciones soberanas en moneda extranjera , de largo y corto plazo, de ‘BB' y ‘B', respectivamente, de la República de Costa Rica.

English version

ANALYSIS: Republic of Costa Rica

The ratings on Republic of Costa Rica reflect its stable political system and its high level of social development, along with the moderate decline in its public-sector debt in recent years.

Banco Internacional de Costa Rica S.A.

The concentration of Banco Internacional de Costa Rica S.A.'s (BICSA) loan portfolio in Central America, especially in nations that Standard & Poor's Ratings Services rated 'BB', constrains the rating. However, the rating receives support from the improving financial performance, mainly attributable to a more conservative and experienced management team.

Chile

Standard & Poor's Revisó a Negativa la Perspectiva de la Clasificación de Compañía General de Electricidad S.A. Debido a su Debilitado Desempeño Financiero

BUENOS AIRES, (Standard & Poor's), 9 de febrero de 2011--Standard & Poor's Ratings Services revisó la perspectiva de la clasificación de CGE a negativa desde estable.

English version

Standard & Poor's Revisó la Perspectiva de AES Gener a Estable Desde Negativa y Afirmó en ‘BBB-' las Clasificaciones de la Compañía

BUENOS AIRES (Standard & Poor's), 18 de febrero de 2011 – Standard & Poor's Ratings Services revisó la perspectiva de Gener a estable desde positiva.

English version

México

Standard & Poor´s asigna calificación de 'mxAAA' a emisión de certificados bursátiles de PEMEX por MXN10,000 millones

México, D.F., 11 de febrero de 2011.- Standard & Poor's asignó hoy su calificación en escala nacional –CaVal– de largo plazo de ‘mxAAA' a la emisión propuesta de certificados bursátiles de Petróleos Mexicanos (PEMEX) por un total de hasta $10,000 millones de pesos (MXN), a un plazo de hasta cinco años a tasa variable con clave de pizarra PEMEX 11.

Panamá

BBVA Panama S.A. y Subsidiarias

Standard & Poor's Ratings Services' ratings on BBVA Panama S.A. y Subsidiarias take into account our group methodology, by which we consider BBVA Panama a strategically important subsidiary of Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA/Negative/A-1+).

Venezuela

Bolivarian Republic of Venezuela 'BB-/B' Ratings Affirmed; Outlook Remains Stable

NEW YORK (Standard & Poor's) Feb. 9, 2011--Standard & Poor's Ratings Services said today that it affirmed its 'BB-' long-term and 'B' short-term foreign- and local-currency sovereign credit ratings on the Bolivarian Republic of Venezuela.

Financial And Forex Info: Kitco London Fix Market Report





London Fix Mon Feb 21 00:00:00 EST 2011
Metals
Gold
Silver
Platinum
Palladium
  AM PM AM PM AM PM AM PM
USD 1399.50 1403.00   33.43 1847.00
1847.00
859.00 858.00
UK 862.82 864.72   20.62 1139.05
1138.70
529.75 529.00
EURO 1023.62 1026.56   24.45 1350.65
1351.65
628.15 627.90

Breaking News Alert The New York Times Mon, February 21, 2011

Breaking News Alert
The New York Times
Mon, February 21, 2011 -- 12:33 PM ET
-----

American Held in Pakistan Shootings Worked With the C.I.A.

The American arrested in Pakistan after shooting two men at a
crowded traffic stop was part of a covert, C.I.A.-led team of
operatives conducting surveillance on militant groups deep
inside the country, according to American government
officials.

Working from a safe house in the eastern city of Lahore, the
detained American contractor, Raymond A. Davis, a retired
Special Forces soldier, carried out scouting and other
reconnaissance missions for a Central Intelligence Agency
task force of case officers and technical surveillance
experts, the officials said.

Read More:
http://www.nytimes.com/2011/02/22/world/asia/22pakistan.html?emc=na

Forex Market Update

Forex Market Update
Monday, February 21, 2011, 09:08
______________________________


Economic News

Growth of Taiwanese export orders eased to a three-month low in January, data from the Ministry of Economic Affairs showed Monday. (Feb 21, 2011) Full Article

Increasing inflation is a concern in Eurozone as the rise in food prices may continue, European Central Bank Executive Board member Lorenzo Bini Smaghi said Monday. (Feb 21, 2011) Full Article

The Japanese government upgraded its view of the economy for the second consecutive month, saying that exports and production had lifted growth following a temporary lull. (Feb 21, 2011) Full Article

China raised fuel prices on Sunday for the first time this year, in response to rising global crude oil prices. (Feb 21, 2011) Full Article

Hong Kong's unemployment rate for the period between November 2010-January 2011 dropped to 3.8% on a seasonally adjusted basis, the lowest since August-October 2008, the Census and Statistics Department said Monday. (Feb 21, 2011) Full Article

Hungary's central bank on Monday decided to keep its benchmark base rate unchanged at 6% as expected, pausing after three consecutive months of quarter-point increases. (Feb 21, 2011) Full Article

Analyst Economic Comments

The German economic growth would continue to be led by exports this year, ING Bank said on Monday. Senior economist Carsten Brzeski said the German economy should return to above-trend speed very soon after the winter dip. "Due to the well-balanced export mix, foreign trade will remain an important growth driver," he said. (Feb 21, 2011) Full Article

The meeting between the finance ministers and the central bank governors of the G20 nations over the weekend has failed to reach a consensus on how to deal with global imbalances in future, Capital Economics said Monday. (Feb 21, 2011) Full Article

Australia's gross domestic product (GDP) and employment mix is inflationary in the long run and is characteristic of mining booms, J.P. Morgan Australia said Monday. Sydney-based economist Ben Jarman wrote in a note that Australia's slower growth performance in the second half of 2010 looks lackluster compared with the continued strength of the labor market. (Feb 21, 2011) Full Article

Forex Top Story

German business confidence soared to a fresh record high in February, suggesting strong business conditions in the biggest Eurozone economy. (Feb 21, 2011) Full Article

Eurozone private sector activity improved in February at the strongest pace since mid-2006, underpinned by both manufacturing and service sectors, survey data from Markit Economics showed Monday. (Feb 21, 2011) Full Article

Thailand's economy rebounded to growth 1.2% between October and December after a revised 0.3% contraction in the prior three months, official data showed on Monday. (Feb 21, 2011) Full Article

UK property asking prices jumped 3.1% from a month earlier in February as sellers followed traditional seasonal trends of pricing high, new research showed on Monday. (Feb 21, 2011) Full Article

Chinese manufacturing growth weakened in February, suggesting a notable slowdown in the industrial sector, a survey from Markit Economics revealed Monday. (Feb 21, 2011) Full Article

Political News

United States Secretary of State Hillary Clinton has discussed the recent political unrest in the Gulf countries with her Saudi counterpart.Full Article (Feb 21, 2011)

The United States has raised strong objections to the use of lethal force against peaceful demonstrators in Libya. (Feb 21, 2011) Full Article

India's President Pratibha Patil told the Parliament on Monday that top priority of the government was to combat inflation, especially of food items, and sustaining growth momentum while striving to push economic reforms to encourage foreign and private sector investments in the country. (Feb 21, 2011) Full Article

Sudanese President Omar Hassan al-Bashir will not run for the presidency again as part of a package of reforms aimed at democratizing the country. (Feb 21, 2011) Full Article

Iceland's President Olafur Ragnar Grimsson has vetoed a controversial bill that would have compensated about 3.8 billion euros to UK and Netherlands for the funds they provided to their citizens who lost money due to the collapse of Icelandic online bank Icesave in 2008, and proposed a second referendum to resolve the issue. (Feb 21, 2011) Full Article

General News

The United States has called on the President and Prime Minister of Kenya to work together in a collaborative way to implement the new Constitution, particularly to ensure that appointments are made in a transparent and credible manner. (Feb 21, 2011) Full Article

Tunisia has formally requested Saudi Arabia for the extradition of ousted president Zine al-Abidine Ben Ali for standing trial over his alleged involvement in the deaths of hundreds of protesters during the recent uprising against his rule, the state news agency TAP reported Sunday. (Feb 21, 2011) Full Article

Two German journalists who were detained in Iran in October for interviewing the son of a woman sentenced to death by stoning have returned home after being released from an Iranian prison, a spokesman for the German Foreign Ministry said Sunday. (Feb 21, 2011) Full Article

Cuba's communist government has released seven more political dissidents from prison in line with a an agreement reached with the country's Catholic Church last year, church officials said Sunday. (Feb 21, 2011) Full Article

The Bombay High Court has upheld the death sentence of the lone surviving Pakistani gunman captured during the terror attacks in the western Indian city that killed about 180 people more than two years ago. (Feb 21, 2011) Full Article

Morning Market Briefing

Morning Market Briefing
Monday, February 21, 2011, 09:05
_________________________________

Economic News
Thailand's economy rebounded to growth 1.2% between October and December after a revised 0.3% contraction in the prior three months, official data showed on Monday. (Feb 21, 2011) Full Article
UK property asking prices jumped 3.1% from a month earlier in February as sellers followed traditional seasonal trends of pricing high, new research showed on Monday. (Feb 21, 2011) Full Article
Chinese manufacturing growth weakened in February, suggesting a notable slowdown in the industrial sector, a survey from Markit Economics revealed Monday. (Feb 21, 2011) Full Article
German business confidence soared to a fresh record high in February, suggesting strong business conditions in the biggest Eurozone economy. (Feb 21, 2011) Full Article
Eurozone private sector activity improved in February at the strongest pace since mid-2006, underpinned by both manufacturing and service sectors, survey data from Markit Economics showed Monday. (Feb 21, 2011) Full Article

Financial And Forex Inf: Reuters Before The Bell: Libya turmoil boosts oil, restrains equities






News


LATEST NEWS
Libya turmoil boosts oil, restrains equities
LONDON (Reuters) - Oil prices charged to a fresh 2-1/2 year high Monday as traders eyed increasing violence in major producer Libya, feeding fears about rising inflation and unsettling other markets. | Full Article

BP partners India's Reliance in $7.2 billion oil tie-up
February 21, 2011 07:18 AM ET
LONDON (Reuters) - BP is to make one of the biggest foreign direct investments in India through an oil and gas tie-up with Reliance Industries, which involves the oil major paying $7.2 billion to the Indian company. | Full Article
Diageo raises its spirits with Turkish deal
February 21, 2011 07:43 AM ET
LONDON (Reuters) - Diageo Plc, the world's biggest spirits maker, agreed on Monday to buy raki spirits maker Mey Icki for 1.3 billion pounds ($2.1 billion) in cash to give it access to the fast-growing Turkish market. | Full Article
Japan government upgrades econ view on signs lull is over
February 21, 2011 06:11 AM ET
TOKYO (Reuters) - Japan's government upgraded its assessment of the economy in February for a second consecutive month on mounting evidence that export demand and industrial production are pulling the economy out of a lull. | Full Article
Oil majors stall Libya drilling, withdraw staff
February 21, 2011 07:40 AM ET
LONDON (Reuters) - European oil and gas companies have evacuated staff and suspended drilling preparations in Libya as violence spreads across the north African country. | Full Article

Financial And Forex Info: Kitco Market Hourly Report






Market snapshot as of Mon Feb 21 07:02:27 EST 2011 New York time (GMT - 5)
Gold
 Bid 1401.8
 Ask 1402.8
 Change
12.7
0.91%
 High 1404.9
 Low 1393.4
Silver
 Bid 33.45
 Ask 33.49
 Change
0.79
2.42%
 High 33.56
 Low 33.02
Platinum
 Bid 1842.0
 Ask 1852.0
 Change
10.0
0.55%
 High 1858.0
 Low 1836.0
Palladium
 Bid 855.0
 Ask 862.0
 Change
6.0
0.71%
 High 866.0
 Low 851.0

London Fix
  Gold Silver Platinum Palladium
  AM PM - AM PM AM PM
 $USD   1399.5  0.0  0.0  1847.0  0.0  859.0  0.0