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Mar 13, 2011

Fimamcial And Forex Info News Shares at 3-mth low as Tokyo falls 5pc

Shares at 3-mth low as Tokyo falls 5pc
stock market UPDATED THE Australian sharemarket hit a three-month low and Tokyo tumbled more than 5 per cent, as investors assessed the massive damage in Japan.
BOJ offers $85bn to stabilise markets
Bank of Japan UPDATED Megumi Fujikawa THE Bank of Japan offered today to inject a record $85 billion of funds to the short-term money market to help secure market confidence.
Quake may cost insurers up to $US35bn
Japan earthquake Erik Holm, Ulrike Dauer and William Launder THE earthquake that devastated parts of northern Japan caused as much as $US35 billion in insured property losses, a risk firm says      
QBE pins quake claims at $US125m
Tsunami Ross Kelly QBE Insurance expects to bear about $US125 million in net insurance claims from the earthquake and tsunami in Japan.
Virgin hikes fuel tax by up to $100
Virgin Blue Steve Creedy, Aviation writer VIRGIN Blue will raise international flight fuel surcharges by up to $100 on a return journey and by up to $10 per sector on domestic trips.
Rio Tinto increases Riversdale interest
Riversdale David Fickling RIO Tinto has lifted its holding in takeover target Riversdale Mining after investor interest in the sweetened bid increased.
Valad European buyout plan withdrawn
property auction VALAD Property Group says it's holding discussions with its managing director, Peter Hurley, about his "future arrangements with" the group.
Yen may falter as calamity costs rise
Japanese Yen Neil Shah THE yen may come under pressure as the cost of the disaster weighs on Japan's finances and doubt's emerge over the currency's safe-haven status.
Financial Markets
Yen weakens on intervention threat
PN 75 IMG Generic Business Yen UPDATED Takashi Mochizuki and Andrew Monahan THE yen weakened sharply today in Tokyo after government officials threatened intervention to curb any sudden rises.
Shares at 3-mth low as Tokyo falls 5pc
Oil price falls back below $US100
Financial Markets Coverage

MarketWatch | Market Pulse: Blast reported at Japan Fukushima Daiichi reactor

By Lisa Twaronite 
TOKYO (MarketWatch) -- The No. 3 reactor at Tokyo Electric Power Co.'s /quotes/comstock/64e!9501 (JP:9501 2,121, 0.00, 0.00%) Fukushima Daiichi nuclear power plant damaged by the recent massive earthquake exploded Monday due to a buildup of hydrogen, Japanese media reported. Smoke could be seen coming from the No. 3 unit on Japanese TV. Chief Cabinet Secretary Yukio Edano said Sunday that such a reaction was possible and would be unlikely to affect the reactor's vital core container. A similar explosion Saturday blew the roof off the building housing the No. 1 reactor at the same plant.

Financial And Forex Info: Sun Life Financial Inc.:l deploys rapid response fund for disaster relief in Japan

TORONTO, March 13 /PRNewswire/ - Sun Life Financial Inc. [SLF][SLF] announced today it has deployed the Sun Life Financial International Response Fund to support rapid humanitarian aid in Japan. An initial contribution from the Response Fund has been made to the Canadian Red Cross, which will contribute to the emergency support flowing rapidly to the area.
"We want to do our part to help people most affected by the disaster," said Donald A. Stewart, Chief Executive Officer. "We're thankful that this donation can be used immediately and that it will focus on the most critical needs of the Japanese people right now."
Sun Life has operations in Tokyo through MFS Investment Management, which reports that its 27 employees were not harmed and its offices did not suffer major damage in the earthquake.
The Sun Life Financial International Response Fund, the first international corporate sponsorship of its kind, was established in partnership with the Canadian Red Cross in 2005 to help it accelerate emergency response to large-scale international humanitarian crises. Administered by the Canadian Red Cross, the Response Fund has helped provide immediate relief and resources to people affected by natural disasters in various countries, including India, Pakistan and the Philippines.
An initial $50,000 has been directed from the Response Fund to help people affected by the disaster.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of December 31, 2010, the Sun Life Financial group of companies had total assets under management of $464 billion. For more information please visit
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
Sun Life Financial Inc.
CONTACT: Media Relations Contact: Frank Switzer, Vice-President, Corporate
Communications, Tel: 416-979-4086,

WSJ: Market Alert: Japan Stocks Drop More Than 5%

Markets Alert
from The Wall Street Journal

Tokyo shares fell sharply in early Asia trade Monday after the massive quake that struck Japan and caused a destructive tsunami, while shares in the rest of the region were also weakening.
Investors were watching closely to see how foreign investors responded; the quake hit late Friday just before Tokyo stock markets closed, so many investors wouldn't have had a chance to react.

The benchmark Nikkei Stock Average was recently 5.2% lower at 9724.01, breaking below the key 10,000 level, with Australia's S&P/ASX 200 down 1.5%, New Zealand's NZX-50 off 0.7% and Korea's Kospi Composite down 0.9%.

WSJ: Asia Alert Kan Says Quake Is Biggest Japan Crisis Since WWII

Asia Alert
from The Wall Street Journal

Prime Minister Naoto Kan said Sunday that the earthquake and tsunami that have devastated the country make up the biggest crisis facing the country since World War II.

"I am confident that we can work together to overcome these difficulties," he said in an address to the nation.

With major problems at two major nuclear power facilities, Mr. Kan also said that with the electrical power supply situation remains severe and that there was a risk of large-scale power outages.

NYT: Morning Business News: A Changed Starbucks. A Changed C.E.O.


A Changed Starbucks. A Changed C.E.O.

Howard Schultz was humbled as Starbucks closed stores in the recession. Now he is thinking more like a manager and less like an entrepreneur.

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

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.

Google's Quest to Build a Better Boss

A company study found that a manager's technical skills were far less valued by employees than people skills.

Financial And Forex Info( F&FI ): CBS : Money Watch Weekly Wrap

Money Watch Weekly Wrap

Stocks were lower on the week on fears of a global slowdown due to rising energy prices. Still, the damage was contained, especially considering the worst earthquake on record in Japan. (For more on the earthquake, see “Japan Earthquake: Economic and Market Impact“).
  • DJIA:  12,044, down 1% on week, up 4% YTD
  • S&P 500: 1304, down 1.3% on week, up 3.7% YTD
  • NASDAQ: 2715, down 2.5% on week, up 2.4% YTD (Biggest weekly drop since week ended 8/13/10)
  • April Crude Oil:  $101.16, down 3.1% on week
  • April Gold: $1421, down 0.5% (snaps a five week winning streak)
Total bank failures for 2011 = 24 (1 new bank failure over weekend)
  • Commodities finally had a down week - in addition to crude oil’s 3.1% slide, wheat was down 13%, corn was off 8.8% and oats lost 8%
  • 11.1 million residential properties with a mortgage were in negative equity at the end of Q4 (23.1% of properties with a mortgage)
  • Nonfinancial corporations’ cash and other liquid assets = $1.9T at the end of 2010, a whopping 7 percent of all their assets, the highest level since 1963
  • NFIB Small business owner optimism index hit best level since Dec, 2007
IN THE WEEK AHEAD: The Fed convenes a policy meeting, where it is expected that there will be no change to short-term interest rates or it’s asset purchase program, known as “Quantitative Easing”. However, investors will focus on the language of the FOMC statement regarding the exit strategy from QE2. Reports on inflation are expected to show an uptick, due to rising energy costs.
Mon 3/14:

Tues 3/15:
8:30 Empire State Manufacturing
8:30 Import and Export Prices
10:00 Housing Market Index
2:15 FOMC Meeting Announcement
Weds 3/16:
8:30 Housing Starts
8:30 PPI
The House Financial Services Committee holds a hearing on job creation
Thurs 3/17:
8:30 CPI
8:30 Weekly Claims
9:15 Industrial Production
10:00 Leading Indicators
Philadelphia Fed Survey
Fri 3/18:
Quadruple Witching, when contracts for stock index futures, stock index options, stock options and single stock futures all expire

Autralia ABC News: IR commissioner orders hospital staff back to work

  ABC News

IR commissioner orders hospital staff back to work
Health support staff have been ordered to immediately lift work bans being carried out at WA hospitals.

Greens call for intervention on forestry talks
The Tasmanian Greens say the state government needs to intervene in the state's forest peace talks.

Industrial umpire tours hospitals to quell dispute
A Commissioner from the WA Industrial Relations Commission is visiting hospitals in Perth before handing down a decision on a dispute between the State Government and hospital workers.

MarketWatch: The week's top 10 videos

Weekly Roundup
MARCH 12, 2011

The week's top 10 videos on MarketWatch

By MarketWatch

In case you missed them, here are the 10 most popular videos that appeared on MarketWatch for the week of March 7-11:

Who is Raj Rajaratnam?

Raj Rajaratnam, the Sri Lankan-born founder of the hedge fund Galleon, has become the focus of the most high-profile insider-trading case in a generation. The Wall Street Journal explains the history of the man at the top of an alleged tech-stock secrets food chain.
 Watch Video Report.

The 1,000 mph car

If all goes well in 2013, Bloodhound SSC will shatter the land speed record by over 200 miles per hour. What goes into making the world's first 1,000 mph car? Ben Rooney finds out at the headquarters of engineering firm Cosworth in Northampton, England.
 Watch Video Report.

Eruptions from Kilauea

Lava spews from the active Mt. Kilauea volcano on the island of Hawaii.
 Watch Video Report.

Obama lifts freeze on new Gitmo trials

The White House approved the resumption of military trials for some Guantanamo Bay prisoners and laid out its legal strategy to indefinitely detain others. Jerry Seib has details.
 Watch Video Report.

Bargains for stock investors

Value-stock investors can find buying opportunities in any market climate. Michael Scanlon, co-manager of John Hancock Large Cap Equity Fund, talks about three stocks he sees as bargains: Microsoft, Sirius XM and Lazard. Jonathan Burton reports.
 Watch Video Report.

New footage of WTC 9/11 attack surfaces

New video footage has emerged that shows the immediate aftermath of the terror attacks on the World Trade Center on Sept. 11, 2001. The footage was taken from a New York City police helicopter circling close to the floors struck by airplanes.
 Watch Video Report.

Walt Mossberg reviews the iPad 2

You already know the highlights of the new Apple iPad: thinner, lighter, faster. But how is it to use? Walt Mossberg shares the results of his testing of the iPad 2.
 Watch Video Report.

Charlie Sheen fired from ‘Two and a Half Men'

Warner Bros. fired Charlie Sheen from the hit sitcom "Two and a Half Men" on Monday after his increasingly erratic behavior became a media sensation.
 Watch Video Report.

Tsunami warning issued in Hawaii

Hawaii was one of many areas Friday that launched tsunami warning after an 8.9-magnitude earthquake hit Japan.
 Watch Video Report.

Bears crash bulls' anniversary

Stocks edged narrowly lower Wednesday as tensions in Libya trapped trading in a tight range on the two-year anniversary of the bull market's start. Paul Vigna has details.
 Watch Video Report.