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Mar 12, 2011

NYT: Morning Business News: U.S. Inquiry on Military Family Foreclosures




BUSINESS

U.S. Inquiry on Military Family Foreclosures

By DIANA B. HENRIQUES
The Justice Department is looking into claims that a unit of Morgan Stanley illegally foreclosed on almost two dozen military families.

Give Up Familiar Light Bulb? Not Without Fight, Some Say

By EDWARD WYATT
A law on light bulb efficiency due to take effect next year has brought a frenzy of activity to get the law repealed or, at least, to stockpile the bulbs before they disappear from store shelves.

Facebook Users Who Are Under Age Raise Concerns

By MATT RICHTEL and MIGUEL HELFT
Many young people lie about their ages to create accounts on social networks, and there is no way to stop them.

The Washington Post Today's Headlines & Columnists. | Today's Highlights | Politics | Nation | World | Metro | Business





TODAY'S HIGHLIGHTS

Explosion rocks quake-damaged nuclear power plant in Japan; 5 reactors in peril
An explosion rocked one of Japan's nuclear power plants, causing a portion of a building to crumble, sending white smoke billowing into the air and prompting Japanese officials to warn those in the vicinity to cover their mouths and stay indoors.
(By Steven Mufson, The Washington Post)

Japan devastated by 8.9-magnitude quake, tsunami
(By Chico Harlan, The Washington Post)

Japan earthquake, tsunami spare major economic zones but threaten recession recovery
(By Howard Schneider, The Washington Post)

Obama offers tempered support for Libya rebels
(By Scott Wilson and Edward Cody, The Washington Post)

NFL lockout is now in effect; pro football enters first work stoppage since 1987
(By Mark Maske and Amy Shipley, The Washington Post)

More Today's Highlights

POLITICS

Health-care law fuels abortion wars
A year after its passage, the federal health-care overhaul is opening fresh battlefields in an old and bitter debate. Almost immediately after the law took effect, five states passed bills that will prohibit private insurance plans sold on new state-based marketplaces from covering abortion, except...
(By N.C. Aizenman, The Washington Post)

American Muslim groups react to views presented in controversial hearing
Some believe organizations aren't understood
(By Michelle Boorstein, The Washington Post)

Gas prices, Japan and leadership likely to dominate at Obama's news conference
(By Perry Bacon Jr., The Washington Post)

Obama repeats call for Gaddafi to step down, pledges help for Japan
(By Perry Bacon Jr. and Zachary A. Goldfarb, The Washington Post)

Wisconsin Governor Scott Walker officially cuts collective bargaining
(By SCOTT BAUER, AP)

More Politics


NATION
Giffords's doctors say Arizona congresswoman is 'making leaps and bounds'
Six weeks into rehabilitation after suffering a gunshot wound in the head, Rep. Gabrielle Giffords (D-Ariz.) is able to follow conversations, occasionally speak in full sentences, express emotion and walk with assistance, according to physicians.
(By David Brown, The Washington Post)

Obama offers tempered support for Libya rebels
(By Scott Wilson and Edward Cody, The Washington Post)

After Japan earthquake, D.C. area residents scramble for information
(By David Nakamura, The Washington Post)

Obama repeats call for Gaddafi to step down, pledges help for Japan
(By Perry Bacon Jr. and Zachary A. Goldfarb, The Washington Post)

More Nation

WORLD
Explosion rocks quake-damaged nuclear power plant in Japan; 5 reactors in peril
An explosion rocked one of Japan's nuclear power plants, causing a portion of a building to crumble, sending white smoke billowing into the air and prompting Japanese officials to warn those in the vicinity to cover their mouths and stay indoors.
(By Steven Mufson, The Washington Post)

Five Jewish settlers killed in their home by Palestinian, Israeli army says
(By Janine Zacharia, The Washington Post)

Businessman escapes Libya posing as Gaddafi loyalist
(By Tara Bahrampour and Samuel Sockol, The Washington Post)

After Japan earthquake, D.C. area residents scramble for information
(By David Nakamura, The Washington Post)

Japan was ready for an earthquake, but not this one
(By Chico Harlan, The Washington Post)

More World

METRO
Maryland House turns back bill that would legalize same-sex marriage
The move halts momentum in a year in which backers thought they would win.
(By John Wagner, The Washington Post)

After Japan earthquake, D.C. area residents scramble for information
(By David Nakamura, The Washington Post)

DC, MD, VA lottery
(The Washington Post)

More Metro

BUSINESS
Apple's iPad 2 augments but doesn't reinvent the tablet
People lined up for blocks to buy an incremental update to an established product. In the gadget market, that's not ordinarily rational behavior.But Apple's iPad and the iPad 2 that arrived in stores Friday are not ordinary gadgets.
(By Rob Pegoraro, The Washington Post)

Japan earthquake, tsunami spare major economic zones but threaten recession recovery
(By Howard Schneider, The Washington Post)

Explosion rocks quake-damaged nuclear power plant in Japan; 5 reactors in peril
(By Steven Mufson, The Washington Post)

More Business

 

NYT: Breaking News Alert: Japanese Official Confirms Explosion at Nuclear Plant

Breaking News Alert
The New York Times
Sat, March 12, 2011
Japanese Official Confirms Explosion at Nuclear Plant

Japanese officials said on Saturday there had been an
explosion at a nuclear power plant following Friday's huge
earthquake, blowing off the roof of the structure and causing
a radiation leak of unspecified proportions.

The chief cabinet secretary Yukio Edano confirmed earlier
reports of an explosion at the Fukushima Daiichi nuclear
plant, 150 miles north of Tokyo.

Read More:
http://www.nytimes.com?emc=na

A selection of new stories from The Economist March 11th 2011




Asia view: Earthquake in Japan

Audio: Brazil's strange labour market

Schumpeter: Oh, Mr Porter

Obituary: Jane Russell

Democracy in America: Sentencing reform

Americas view: Bungled censorship on Mexico's silver screen

Online debate: Revolution or evolution? Which is better for innovation?

Newsbook: The Economist's coverage of unrest in the Middle East

MarketWatch: Weekly Roundup: Top 10 Stories March 7 - 11

MarketWatch

Weekly Roundup
MARCH 11, 2011


By MarketWatch



NEW YORK (MarketWatch) — U.S. stocks climbed Friday despite the strongest earthquake to hit Japan in at least 300 years, but the market posted a weekly drop, with the Dow falling 1.03%, the S&P 500 off 1.28% and the Nasdaq down 2.48% for the week.

For all three measures (DJIA) (COMP)  (SPX) , it marked the second weekly decline in the past three weeks.

The Japanese yen rose by the most in at least two weeks against the U.S. dollar and euro on Friday as traders anticipated Japanese investors and businesses will shift more assets back into the yen after the quake.

"The earthquake is likely to spur a large-scale repatriation of yen to fund the rebuild effort," said Kathleen Brooks, research director at Forex.com. "Japan's large current account surplus gives it room to sell assets and thus bring yen back onshore."

"We saw the same action in 1995 when Japan experienced a large earthquake," she said.

Gold notched a mild weekly loss, falling 0.5% as worries about mideast tension eased a bit.

On the week, oil lost 3.1%, and it settled lower Friday, for the fourth consecutive session, as Japan's earthquake diverted attention from political strife in the Middle East and North Africa and stoked fears of a drop in demand for oil.

Also please remember to Watch our Week Ahead videos for Europe and the U.S.

Greg Morcroft, assistant managing editor

U.S. Week Ahead: HP's New CEO to Meet Wall Street

 Europe Week Ahead: Deutsche Lufthansa Reports

Huge quake devastates Japan

Japan's most powerful earthquake in more than 100 years killed at least 1,000 people and triggered rising radiation levels at one of the nation's several nuclear-power plants, according to reports Friday.The 8.9-magnitude earthquake struck at 2:46 p.m. local time near the east coast of Honshu, about 231 miles northeast of Tokyo.The quake also spawned a devastating 10-meter-high tsunami that wrecked the country's northeastern coast and set off a series of tsunami alerts across four continents. Read MarketWatch coverage of Japan quake

Rattled Japanese face long, tough night

With subway and rail services halted, thousands of workers in Tokyo prepared for a long night, unsure whether families in the suburbs — or in the harder-hit northern prefectures — were safe. Earlier Friday, an 8.9-magnitude earthquake struck Japan, shaking buildings in Tokyo and sending workers running into the streets as offices were evacuated. Read more about the 8.9-magnitude Japan earthquake. Cell-phone networks were overwhelmed as thousands tried at the same time to call families and friends. Read MarketWatch's Lisa Twaronite's first person account of quake

Let demographic trends be your friends

As lives get longer, modern medicine becomes increasingly valuable to the elderly. China's middle class and cities are growing at breakneck paces. There are a lot of hungry people in the world creating massive strain on food supplies and significant inflation. To show you what we mean, here are seven demographic shifts under way in the global economy right now — and the investments that could help you prosper as a result. Read MarketWatch commentary on demographic trends and investing

GM CFO departure disappoints investors

The Microsoft guy who brought his much-needed financial chops to General Motors Co. (GM) when the Detroit auto maker needed them the most is on his way out after just a year on the job. GM, in yet another surprise shake-up, announced this week that CFO Chris Liddell will step down on April 1. Taking his place is a 38-year-old Morgan Stanley alum. And investors don't seem to like it one bit. Read MarketWatch story on GM CFO departure

Apple starts iPad 2 rollout amid heavy demand

Apple Inc. (AAPL) will kicked off sales of its latest gadget — the iPad 2 — at 5 PM local time Friday. Analysts are expecting demand to be much stronger than it was for the original iPad last year, when the market size for such tablet devices was relatively unknown. The iPad 2 will go on sale at Apple's own retail stores as well as at retail giants Best Buy Inc. (BBY)  , Target Corp. (TGT)  and Wal-Mart Stores Inc. (WMT) Wireless carriers AT&T Inc. (T) and Verizon (VZ) will also sell the device at their own retail locations. The new device has a much larger retail footprint than the first iPad, which was sold only at Apple and Best Buy stores. Read full MarketWatch coverage of iPad 2 rollout

OPEC loses clout as production hikes limited

A hike in output from the Organization of the Petroleum Exporting Countries may rattle energy markets, but it is unlikely to put much downward pressure on prices. Member countries are debating whether to increase their production, Kuwait's oil minister told reporters in Kuwait City on Tuesday. A rise would come as the cartel tries to make up for lost output from Libya and quell fears of other supply disruptions elsewhere in the Middle East and North Africa. Read MarketWatch's story on OPEC capacity

Ford's Mulally drives home with muscle car payday

Charlie Sheen made almost $2 million for each episode of "Two and a Half Men." San Francisco Giants pitcher Barry Zito will earn $18.5 million this year for his 78-mph fastball and abysmal earned-run average. Perhaps $56.5 million in stock for the man who saved Ford Motor Co. (F) , enriched shareholders and did his part in turning around a flagging U.S. industry doesn't sound all that unreasonable. Ford's Alan Mulally was awarded more than 3.8 million shares valued at $14.76 each. He also received 884,433 in underwater stock options as well as another 543,000 units that will be converted to stock in 2013. Read MarketWatch coverage of Ford CEO's big payday

Banking on consolidation

The typical way most analysts recommend to investors to profit from mergers-and-acquisition activity is to look for possible targets before a deal is announced. But RBC Capital Markets analyst Gerard Cassidy proposed a new way to play the expected boom in bank mergers and acquisitions in coming years — not looking for prospective targets but snapping up acquirers, after they announce a purchase. Investors should "buy the buyers" roughly two days after deals are announced, according to Cassidy. Read MarketWatch story about investing strategy for expected bank consolidation

Middle east turmoil threatens to dampen luxury retailers' outlook

The unrest in North Africa and the Middle East is enough to make investors in most industries nervous, but for the luxury sector in particular, it has the potential to become a significant problem. Not only is the industry particularly sensitive to economic expectations — and therefore to the growth worries created by spiking oil prices — it also generates healthy sales from the richer countries in the region, which could come under pressure if the political turmoil spreads. European luxury stocks have clearly underperformed in recent weeks compared to the Stoxx Europe 600 index. Read MarketWatch look at unrest's knock-on effect on luxury retailers

Commentary: Capitalism tightens its grip on the U.S.

This country is a mess: Twenty million people can't find a decent job. Twenty million live in a home that's worth less than what they owe on it. Forty-three million can't afford to eat without handouts from the government. Health care is increasingly expensive and humiliating. Retirement is out of reach. Our bridges and roads are crumbling. Our children aren't learning. But there's one group that's doing just fine: the capitalists, you know, the people who own just about everything, the people we work for, shop for, die for. Read Rex Nutting commentary on capitalism's tightening grip

WSJ: The Intelligent Investor, By Jason Zweng

The Intelligent Investor, by Jason Zweig
from The Wall Street Journal


Two 25-year-old law students say that if nobody else can figure out who should regulate independent financial advisers, they'll do it themselves. It shows how profound this regulatory vacuum has become.

http://online.wsj.com/article/SB10001424052748703327404576194690259075696.html?mod=djintinvestor_t