Mar 15, 2011
Tokyo stocks climbed 5.9% early Wednesday, after suffering their biggest one-day fall Tuesday since 2008.
The Nikkei Stock Average was recently at 9124.36 in heavy trading volume, though some way from recouping the large losses earlier in the week, which came in the aftermath of the country's devastating earthquake and tsunami. The Nikkei slumped 10.6% on Tuesday after a 6.2% slide Monday.
By GRAHAM BOWLEY and JAVIER C. HERNANDEZ
Japan's nuclear disaster, the latest blow to the global growth prospects, led to heavy selling in equities.
By JULIA WERDIGIER
To help Japan replace energy supply from nuclear reactors that were damaged or shut after the earthquake, energy companies like Shell are expected to divert deliveries of liquefied natural gas to Japan.
By NICOLA CLARK
Other European carriers, including Air France and Swiss, have introduced stopovers to their direct flights in order to avoid crew members having to stay in Tokyo overnight.
By JAMES KANTER and JUDY DEMPSEY
Chancellor Angela Merkel of Germany said that seven older plants that began operating before 1980 would be temporarily closed.
By STEPHEN CASTLE
Jean-Claude Trichet, head of the European Central Bank, called on Parliament to stiffen the new regulations, which make penalties for exceeding spending limits more automatic.
|Radioactive clouds on the near horizon|
|Japan is scrambling to head off a full scale nuclear disaster, even as the clean up begins.|
The PM's day per, the press office: Julia Gillard has a morning of meetings on a range of topics, including the unfolding situation in Japan. She will fly to Adelaide this afternoon and deliver a speech this evening - "Governing for Reform: Values in Practice'' to the Don Dunstan foundation. She will then spend the night in the city.
Tony Abbott is in the Illawarra region this morning.
DFAT's Japan morning update: The number of calls received in Canberra - 8481. Australians in Japan confirmed safe - 3230, including 119 in affected areas. The number of Australians registered in Japan - 3715. The number of Australians unaccounted for - 144. There are no reports of Australian casualties. But DFAT warns: "The Australians unaccounted for are people we believe were in the worst affected areas at the time of the tsunami. We have not yet been able to confirm their safety.''
Typo of the day: The Age, page 7: "Mr Gillard"
BBQ #1: Can journos be bought off with a nice piece of Riverine rib-eye? Woolworths is about to find out, inviting journos to a barbeque in Parliament House next Monday. Capital Circle likes his meat like his stories - bloody. We will eat the steak sandwich first and let the retail giant down gently later.
BBQ #2: Tony Abbott will also host a barbeque before embarking on the Pollie Pedal 2011. The Pollie Pedal is again raising funds for the Poche Centre for Indigenous Health and this year will also support the Queensland and Victorian Flood Appeals.
Calling all tipsters: A reminder from the West Australian's Andrew Tillett that the press gallery AFL tipping competition is about to get under way. If you want in, email Andrew (firstname.lastname@example.org) or Shane Wright (email@example.com) for the details. It's $50 for gallery members, $60 for non-members.
Stop the press: Finance Minister Penny Wong on Channel 10's The Circle yesterday "I'm actually a bit of a nerd."
Panellist: You could be a little bit of a nerd but you're a groovy nerd.
Research in Motion is a front runner in the race to convert billions of feature phone users into data-wielding smartphone customers but is seen possessing only a small window of opportunity to reinvigorate itself and match the momentum of rival mobile monarchs Apple and Google in a life-or-death battle for relevance, writes Alastair Sharp.
Prices for key technology components such as computer memory and LCD panels rose, as damage at Japanese plants and infrastructure caused by Friday's earthquake and tsunami threatened to disrupt the global manufacturing chain longer than expected.
Microsoft introduced its newest browser, Internet Explorer 9, including a do-not-track tool that helps you keep your online habits from being monitored, and is worth checking out, writes Business Insider's Matt Rosoff.
Now that you’ve had a few days with your iPad 2, what's your opinion of it? The NextWeb’s Boris wanted to put together a list of 10 gripes about Apple’s new tablet, but could only come up with 6. Among them: The Smart Cover makes him feel dumb when he fumbles to re-attach it, the aluminum backing scratched too easily and the button ergonomics are poor.
What apps really show off what the iPad 2 can do? GigaOM's Darrell Etherington picked a few, including iMovie, video game Infinity Blade, and mapping software Google Earth.
Apple said it will delay the launch of the iPad 2 tablet computer in Japan, in the wake of last week's earthquake and tsunami. It was slated to go on sale March 25. In the U.S., iPad 2 shortages have lead to 4-5 week order delays online, writes VentureBeats Devindra Hardawar.
|"Get out now": Japan nuclear crisis triggers online panic|
|BEIJING (Reuters) - The Internet had one overwhelming message for the world from Japan on Tuesday -- we're terrified of a nuclear meltdown and desperate to get out. | Full Article|
|Chipmaker Nvidia's CFO steps down, shares slip|
|March 15, 2011 04:45 PM ET|
|SAN FRANCISCO (Reuters) - Nvidia, a designer of microchips for smartphones and PCs, said its chief financial officer will step down effective March 17 for personal reasons. | Full Article|
|Wall Street falls on Japan but off session lows|
|March 15, 2011 04:32 PM ET|
|NEW YORK (Reuters) - Stocks fell on Tuesday, but ended far from session lows on the Federal Reserve's more upbeat economic outlook and growing sentiment that Japan's nuclear crisis would only temporarily depress share prices. | Full Article|
|Steady Fed sees firmer economy, watchful on oil|
|March 15, 2011 04:31 PM ET|
|WASHINGTON (Reuters) - The Federal Reserve said on Tuesday the U.S. recovery is gaining traction and inflation pressure from soaring energy costs should be short-lived, allowing it to maintain its heavy support for the economy. | Full Article|
|New York manufacturing and employment rise|
|March 15, 2011 02:48 PM ET|
|NEW YORK (Reuters) - Manufacturing in New York state rose to a nine-month high in March, but a sharp slowing in new orders suggested that economic growth could be less robust in future months. | Full Article|
The Fed supports trade on Wall St
Stocks on Wall Street pared losses before the close of trade, despite concerns over Japan and continued unrest in the Middle East.
US backs Japanese economy
The US Treasury has expressed confidence in the Japanese economy, believing it can handle looming reconstruction costs after the devastating earthquake and tsunami
Council wants changes to RAH plan
The State Government should reconsider its decision to scrap plans for a train station at the new Royal Adelaide Hospital site, the Adelaide City Council says.
More Business Stories >
|Wall St slumps but Fed helps stem loss|
|UPDATED Kristina Peterson and Jonathan Cheng US stocks pared some of the session's steep losses today, after the Federal Reserve noted a modestly brighter US jobs picture.|
|Fed wary of strong commodity prices|
|Luca Di Leo and Jeffrey Sparshott THE Fed kept its easy-money policies intact as markets reeled from a series of global shocks that could upset a firming US recovery.|
|Rio Tinto CEO's pay jumps 31pc in 2010|
|Alex MacDonald RIO Tinto CEO Tom Albanese's remuneration rose 31.4 per cent in 2010 after exceeding his targets on various fronts..|
|NAB UK changes fuel buy speculation|
|Katherine Griffiths THE chief executive of NAB's UK operations is being replaced as the bank weighs up a potential acquisition spree in Britain.|
|Corporate leaders warn of sovereign risk|
|Annabel Hepworth and Damon Kitney THE nation's senior business leaders have warned the proposed introduction of a carbon tax has dramatically heightened sovereign risk concerns.|
|Flood-ravaged state takes another hit|
|Andrew Main QUEENSLAND'S own road to recovery after the devastating floods earlier this year has been a dealt a blow by the events in Japan.|
|Growth assets: hedge funds prosper|
|James Dunn HEDGE funds copped plenty of bad press during the global financial crisis, but have made an impressive recovery as an investment sector.|
|Woolies mooted as Franklins purchaser|
|Susannah Moran WOOLWORTHS was considered as a potential funder and co-purchaser of Franklins, the Federal Court heard yesterday.|
|Gold tumbles as investors seek cash|
|Tatyana Shumsky GOLD prices settled near a one-month low today as investors moved to cash amid fears of a nuclear disaster in Japan.|
|Wall St hit in global market slump|
|Europe joins global shares sell-off|
|Financial Markets Coverage|
|Mining & Energy|
|Rio Tinto CEO's pay jumps 31pc in 2010|
|Alex MacDonald RIO Tinto CEO Tom Albanese's remuneration rose 31.4 per cent in 2010 after exceeding his targets on various fronts..|
|Gold tumbles as investors seek cash|
|Origin raising is fair and equitable|
|More Mining & Energy Coverage|
Personal Finance Daily
MARCH 15, 2011
Tuesday's Personal Finance Stories
- Retirement savers' confidence plummets
- Fund managers boost cash as economic worries grow
- It rarely pays to sell into a panic
Retirement savers' confidence plummets
Workers' faith in their ability to save enough money for a comfortable retirement drops sharply and more workers say they are being forced to dip into savings to pay basic expenses.
Read more: Retirement savers' confidence plummets
Funds boost cash as economic worries grow
Fund managers grow increasingly worried about the prospects for economic growth and corporate profitability following a spike in oil prices.
Read more: Funds boost cash as economic worries grow.
It rarely pays to sell into a panic
It rarely pays to sell into a panic.
Read more: It rarely pays to sell into a panic.
Anatomy of a market meltdown
Selling accelerates as global markets react to a fourth day of crisis in Japan.
Read more: Anatomy of a market meltdown.
Fed holds steady on rates, bond-buy plan
The Federal Reserve says a run-up in commodity prices is unlikely to result in a sustained inflation increase as it leaves its key short-term interest rate unchanged and continues its plan to buy government bonds.
Read more: Fed holds steady on rates, bond-buy plans.
Fear grows — a contrarian good sign
Now's the time to see if you are truly a contrarian. You say that the time to buy is when the blood is running in the streets — and now would certainly seem to be just such a time. How many of you are stepping up to the plate to buy?
Read more: Are you truly a contrarian?
FINRA warns of Facebook stock scams
The U.S. Financial Industry Regulatory Authority warned Tuesday of con artists aiming to capitalize on demand for shares in Facebook Inc. prior to the closely-held firm's initial public offering.
Read more: FINRA warns of Facebook stock scams.
New wave of startups lifts San Francisco's hopes
As tech firms snatch up large swaths of office space, they're steering clear of the real-estate excesses that marked the Internet bubble years.
Read more: New wave of startups lifts San Francisco's hopes.
By Greg Robb
WASHINGTON (MarketWatch) - The Federal Reserve on Tuesday said a run-up in commodity prices is unlikely to result in a sustained inflation increase as it left its key short-term interest rate unchanged at a record low and continued its plan to buy government bonds.The decision was expected by financial markets. The vote by the committee was unanimous. In a statement, the Fed said it would "pay close attention to the evolution of inflation and inflation expectations." The Fed said the inflation increase from the rise in commodity prices would be transitory. The Fed was more upbeat about the economic outlook, saying the economy was on firmer footing and conditions in the labor market "appear to be improving gradually."
WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2011. The next release, which will report on data for February 2011, is scheduled for April 15, 2011.
Net foreign purchases of long-term securities were $51.5 billion.
- Net foreign purchases of long-term U.S. securities were $74.3 billion. Of this, net purchases by private foreign investors were $46.2 billion, and net purchases by foreign official institutions were $28.1 billion.
- U.S. residents purchased a net $22.8 billion of long-term foreign securities.
Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $32.1 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities decreased $21.4 billion. Foreign holdings of Treasury bills decreased $31.3 billion.
Banks’ own net dollar-denominated liabilities to foreign residents increased $21.9 billion.
Monthly net TIC flows were $32.5 billion. Of this, net foreign private flows were $47.2 billion, and net foreign official flows were negative $14.7 billion.
Complete data are available on the Treasury website at:
Press Notice For Download
Morning Market Briefing
Tuesday, March 15, 2011, 09:01
Members of the Reserve Bank of Australia's monetary policy committee felt that the central bank's mildly restrictive stance on interest rates was proper and correct, and they felt to need to make adjustments, minutes from the bank's March 1 meeting revealed on Tuesday. (Mar 15, 2011) Full Article
Germany's economic sentiment weakened unexpectedly in March, as the hint from the European Central Bank on a possible rate hike and severe earthquake in Japan weighed on the assessment of financial market experts. (Mar 15, 2011) Full Article
Specialty home products retailer Williams-Sonoma Inc. (WSM) Tuesday said fourth-quarter profit increased from the prior year on the success of profitability initiatives which saw revenues rising 9.7%. Both adjusted earnings and revenues exceeded expectations. The company also issued its financial guidance for fiscal 2011, with the earnings estimate above consensus. (Mar 15, 2011) Full Article
Chinese commercial forest plantation operator Sino-Forest Corp. (TRE.TO) reported Tuesday a 52% surge in fourth-quarter profit as higher demand for wood fibre drove revenues up 63%. (Mar 15, 2011) Full Article
Royal Dutch Shell plc (RDS-A, RDS-B, RDSA.L, RDSB.L) Tuesday released its annual strategy update, noting the progress made in the first year of its three-year strategic plan. The company raised its production growth estimates, and now expects a hike of 12% in production by 2014. Shell also reiterated its capital investment outlook. (Mar 15, 2011) Full Article
Broker Ratings Changes
FBR Capital Markets Cuts Lubrizol Corp (LZ) To Hold From Buy
(Mar 15, 2011)
FBR Capital Markets Ups Lowe's Cos. (LOW) To Outperform From Market Perform With $31 up from $29 Price Target
(Mar 15, 2011)
KeyBanc Capital Markets Lowers NewMarket Corp (NEU) To Hold From Buy
(Mar 15, 2011)
Todays WS Events
Boston Scientific To Present At Barclays Capital Conference; Webcast At 8:30 AM
Boston Scientific Corp. (BSX) will present at the Barclays Capital 2011 Global Healthcare Conference in Miami. The event is scheduled to begin at 8:30 AM ET, March 15 2011. To access the live webcast, log on to www.bostonscientific.com (Mar 15, 2011)
Equity Residential To Present At Citi Global Conference; Webcast At 10:10 AM ET
Equity Residential (EQR) CEO, David J. Neithercut will present at the Citi 2011 Global Property CEO Conference. The event is scheduled to begin at 10:10 AM ET, March 15, 2011. To access the live call, dial 877-211-0500 and using pass code 8634031. (Mar 15, 2011)
Electronic Arts To Present At Lazard Capital Conference; Webcast At 11:30 AM ET
Electronic Arts Inc. (ERTS) CFO, Eric Brown will present at the Lazard Capital Markets Technology & Media Conference in Boston, MA. The event is scheduled to begin at 11:30 AM ET, March 15, 2011. To access the live audio webcast, log on to http://investor.ea.com (Mar 15, 2011)
International Game To Present At Roth Capital Conference; Webcast At 1:00 PM ET
International Game Technology (IGT) will present at the Roth Capital Partners 23rd Annual OC Growth Stock Conference in Laguna Niguel, CA. The event is scheduled to begin at 1:00 PM ET, March 15, 2011. To access the webcast, log on to www.IGT.com/InvestorRelations (Mar 15, 2011)
Stocks are likely to move sharply lower at the start of trading on Tuesday, as traders express concerns about the possibility of a nuclear catastrophe in Japan. The major index futures are posting steep losses, with the Dow futures down by 269 points. (Mar 15, 2011) Full Article
With prices for fuel imports in the U.S. showing another significant increase in the month of February, the Labor Department released a report on Tuesday showing continued growth in total import prices. Export prices also showed a notable increase. (Mar 15, 2011) Full Article
Conditions for New York manufacturers continued to improve in March, according to a report released by the Federal Reserve Bank of New York on Tuesday, with the index of regional manufacturing activity rising by more than anticipated. (Mar 15, 2011) Full Article
|Stock futures tumble as Japan crisis worsens|
|NEW YORK (Reuters) - Stock index futures tumbled about 2 percent on Tuesday as Japan faced a looming nuclear crisis, sending global equities sharply lower in what could be a prolonged bout of turmoil for financial markets. | Full Article|
|Hedge funds hammer stocks to worst plunge since '87|
|March 15, 2011 07:07 AM ET|
|TOKYO (Reuters) - Japan's Nikkei share average plunged 10.6 percent on Tuesday, posting the worst two-day rout since 1987, as hedge funds bailed out after reports of rising radiation near Tokyo. Many mutual funds were left on the sidelines, leaving them poised to dump shares into any rebound. | Full Article|
|Japanese leaders try to calm panicky markets over nuclear crisis|
|March 15, 2011 07:52 AM ET|
|TOKYO (Reuters) - Japanese leaders tried to calm panicky financial markets on Tuesday as a deepening nuclear power crisis looked certain to increase the toll on an economy already convulsing from a massive earthquake and tsunami. | Full Article|
|Fed to hold steady despite oil price and ravaged Japan|
|March 15, 2011 03:48 AM ET|
|WASHINGTON (Reuters) - The Federal Reserve looks set to hold monetary policy on a steady course Tuesday, even as lofty oil prices and increased uncertainty following a devastating earthquake in Japan raise doubts about the economy's path. | Full Article|
|HP shoots for sharp profit jump, looks to cloud|
|March 14, 2011 08:15 PM ET|
|SAN FRANCISCO (Reuters) - Hewlett-Packard Co Chief Executive Leo Apotheker, outlining his vision for the company, promised to boost earnings and dividends sharply in coming years as it pushes aggressively into cloud computing. | Full Article|
|US TOP NEWS|
|Japan braces for potential radiation catastrophe|
|March 15, 2011 07:22 AM ET|
|TOKYO (Reuters) - Japan faced a potential catastrophe on Tuesday after a quake-crippled nuclear power plant exploded and sent low levels of radiation floating toward Tokyo, prompting some people to flee the capital and others to stock up on essential supplies. | Full Article|
|Gaddafi forces press rebels, no-fly diplomacy crawls|
|March 15, 2011 07:13 AM ET|
|AJDABIYAH, Libya (Reuters) - Muammar Gaddafi's warplanes and helicopters bombed and strafed a Libyan rebel-held town on Tuesday while France admitted it has still not convinced world powers to impose a no-fly zone over the country. | Full Article|
|U.S. urges restraint by Gulf nations in Bahrain|
|March 15, 2011 07:23 AM ET|
|WASHINGTON (Reuters) - The United States urged Saudi Arabia on Monday to show restraint after it sent troops to neighboring Bahrain in a move some analysts said showed the limits of Washington's influence in the region. | Full Article|
|House vote will paper over splits on funding|
|March 15, 2011 03:37 AM ET|
|WASHINGTON (Reuters) - The House of Representatives is likely to pass yet another in a series of stopgap spending bills on Tuesday to keep the government running, as both Republicans and Democrats try to move on to address longer-term fiscal problems. | Full Article|
|Special report: Big California quake likely to devastate state|
|March 15, 2011 03:27 AM ET|
|SAN FRANCISCO (Reuters) - California will experience unthinkable damage when the next powerful quake strikes, probably within 30 years, even though the state prides itself on being on the leading edge of earthquake science. | Full Article|
TOP STORIES | Tuesday , 15 Mar 2011
|As Japan teeters on the brink of a disaster at its Fukusima Daiichi nuclear power plant, Cameco chief Jerry Grandey suggests the uncertainty may delay, but not end the global nuclear renaissance. Tuesday , 15 Mar 2011|
|According to RBCCM, the recent sell off in platinum and palladium stocks offers a "second bite," at the PGM cherry as prices are likely to continue to rise and many current valuations look compelling Monday , 14 Mar 2011|
|U.S. coal miner Consol Energy has agreed to a hefty $5.5 million fine and $200 million in pollution control to reduce mining wastewater pollution in Appalachian streams and rivers. Tuesday , 15 Mar 2011|
|While the jury remains out as to the extent of the damage to Japanese nuclear facilities following a massive earthquake, investors took decisive action on Monday and sold down uranium stocks Monday , 14 Mar 2011|
|Beware what you read! Julian Phillips talks us through what, in his opinion, actually affects gold and silver prices and what, in reality, is of little consequence. Tuesday , 15 Mar 2011|
|South Africa is slipping further down the global gold production league which it dominated for most of the last Century as lower grades and deeper mines take their toll. Monday , 14 Mar 2011|
|The stronger rupee helped gold demand in India last week and traders expect the yellow metal to soar as the Indian government considers settling payments to Iran with gold, for its crude oil supplies. Monday , 14 Mar 2011|
|Ethiopia is an up-and-coming mining location. Mining Engineer and senior consultant Wondimu W.Yohannes gives a personal perspective. Monday , 14 Mar 2011|
|Illicit mining in Ghana has risen as miners seek to take advantage not only of the ever higher gold prices but also the high rate of small scale extraction in the region which makes it harder to police Tuesday , 15 Mar 2011|
|Green lobbies may have got a shot in the arm from the Japanese nuclear crisis as Switzerland puts some approvals for nuclear plants on hold and Germany casts doubts on its industry following the crisis at Fukushima Monday , 14 Mar 2011|
|Despite their strong track records, precious metals are often overlooked by professional money managers as an asset class; given the current turbulence it may be something you want to check Tuesday , 15 Mar 2011|
|The two small Canadian miners, controlled or partially controlled by Russian investor Maxim Finskiy have said the new group will retain the White Tiger name but Century shareholders will get 61% stake in the enlarged entity Tuesday , 15 Mar 2011|
|KazakhGold said Tuesday its $509m deal to allow Polyus Gold to sell some of its assets to the Assaubayev family has been held up because the Assaubayev's have failed to raise enough capital for the deal's first stage Tuesday , 15 Mar 2011|
|Sierra Leone President, Ernest Bai Koroma, said the country needs to improve on recently signed large-scale mining leases to ensure a better deal for its people Tuesday , 15 Mar 2011|
|The gold producer was informed by the Xinyi People's Court that it will hear a case started by villagers who lost homes in a tailings dam collapse. Tuesday , 15 Mar 2011|
|Iron ore exports have slumped in India and prices have slipped by 50%, as main buyer China stays away; a proposed increase in export tax by the Indian government is unlikely to help matters Monday , 14 Mar 2011|
|Miners are worried that the new mining law, which is expected to be passed by Finland's parliament on Tuesday could increase bureaucracy and compensation to landowners which may make future ops more difficult Monday , 14 Mar 2011|
|Glencore's collection of mining assets, many of which have lower margins than those of listed rivals could hamper the group's efforts to attain a premium valuation at IPO Monday , 14 Mar 2011|