Translate

Search This Blog

Search Tool




Mar 17, 2011

MarketWatch | Market Pulse: Japanese stocks jump as G-7 reportedly approves forex intervention; Nikkei Average up 2.4%




By Michael Kitchen 
 
LOS ANGELES (MarketWatch) -- Japanese shares rose sharply out of the open Friday, with the U.S. dollar shooting higher after news the Group of Seven leading industrial nations had agreed to work with Japan to stem the yen's post-quake rise. The Nikkei Stock Average /quotes/comstock/64e!i:ni225 (JP:NI225 9,206, +243.80, +2.72%) climbed 2.5% to 9,186.50, and the Topix rose 2.2% to 828.40, while the U.S. dollar rose to ¥80.73 from ¥79.08 before the news. Exporters were among the biggest early winners, with Honda Motor Co. /quotes/comstock/64e!7267 (JP:7267 3,110, +55.00, +1.80%) /quotes/comstock/13*!hmc/quotes/nls/hmc (HMC 39.25, +0.39, +1.00%) rising 3.4%, Elpida Memory Inc. /quotes/comstock/64e!6665 (JP:6665 967.00, +57.00, +6.26%) /quotes/comstock/11i!elpdf (ELPDF 11.45, -1.05, -8.40%) up 4%, and Toshiba Corp. /quotes/comstock/64e!6502 (JP:6502 356.00, +21.00, +6.27%) /quotes/comstock/11i!tosy.y (TOSYY 26.65, +1.75, +7.03%) leaping 7.2%.

The Economist Business This Week


Business This Week




»Stockmarkets swooned around the world in reaction to the nuclear crisis in Japan. In Tokyo the Nikkei index fell by almost 11% in one day. With one of the worst debt positions among industrialised countries, the cost of insuring against default on Japanese sovereign debt soared. Tokyo Electric Power Company, one of the world's biggest energy providers, which operates the stricken Fukushima Dai-ichi nuclear-power facility, saw its share price slump, raising questions about its viability. See article






The ripple effects
» Prices fell sharply on a wide range of commodities amid worries that the disaster in Japan could hurt trade in East Asia and beyond. But the spot price of liquefied natural gas increased when supplies were diverted to Japan to make up for the shortfall in nuclear power. Prices also rose for microchips, as many Japanese manufacturers of the components remained closed.
» At a summit in Brussels the leaders of euro-zone countries agreed to beef up the bail-out facility for the currency block. Greece won a modest reduction in the interest rate it is paying on its loans, but Ireland received no such concession because it insisted on keeping its low corporate-tax rate. See article
Click Here!
» Deutsche Bank revealed that its exposure to risk from sovereign debt in the euro area more than doubled at the end of last year, to €12 billion ($17 billion), because of its takeover of Postbank. Germany's biggest bank also said it was selling its twin-tower Frankfurt headquarters, dubbed Soll und Haben (debit and credit), to a mutual fund for €600m.
» It emerged that regulators in America, Britain and Japan have launched an inquiry into the procedure for setting the London Interbank Offered Rate (LIBOR) that banks refer to when making loans to one another. The interest rate is supervised by the British Bankers’ Association, which asks a panel of global banks what it would cost them to borrow funds for certain times and in ten currencies. The LIBOR was a gauge of market stress during the financial crisis, but critics argue that the method for setting the rate can be manipulated.


Oh, Renault!
» Renault faced a storm of criticism over its botched internal investigation into an alleged case of company espionage. The carmaker sacked three senior executives earlier this year, claiming they had sold information about the company's electric-car business. It apologised to the men this week after French prosecutors found that a crucial piece of evidence had been falsified. Carlos Ghosn, Renault's chief executive, said that he and his chief operating officer, who offered to resign, would forgo their performance bonuses because of the imbroglio.
» Warren Buffett's Berkshire Hathaway agreed to buy Lubrizol, a specialty-chemical company that produces additives for engine oil, among other things, in a $9.7 billion deal. With $38 billion in cash on hand, analysts expect Mr Buffett's company to make more sizeable acquisitions.
» A joint venture formed by Carlyle Group and Tiger Group Investments, which is based in Hong Kong, launched one of the biggest private-equity financing deals to date in shipping. The venture will spend more than $5 billion on new container ships and work with Seaspan, an independent lessor, to lease the vessels to Chinese companies. The deal underscores the revival in shipping. Last month, Denmark’s Maersk Line ordered at least ten new jumbo-sized container ships.
» As expected, Hewlett-Packard unveiled plans to expand into cloud-computing services, in which data are stored and run directly from the web. HP has hitherto concentrated on selling the servers on which the data in the cloud are held.
» The lingering weakness of America’s housing market was ever more apparent with the release of data showing that construction starts of new homes had plummeted by 22.5% in February compared with January, the steepest fall since 1984. The number of building permits issued fell to the lowest level in 40 years.

Keep it to yourself
» Microsoft released a new version of Internet Explorer, which includes a tracking-protection feature to give users more control over personal information that is shared with websites. Meanwhile, the White House threw its weight behind a push to establish tougher rules on the gathering of data on the web in a mooted "privacy bill of rights". See article
» PepsiCo announced that it had developed the world's first bottle to be made entirely of a plastic consisting of plant-based materials, which can be fully recycled. Its "green bottle" is composed of switch grass, pine bark and corn husk. Pepsi hopes to produce bottles in the future using orange and potato peels and other by-products from food.

The Economist Politics This Week

Politics This Week
» Japan’s government struggled to contain an unfolding nuclear disaster at its Fukushima Dai-ichi power complex, about 240 kilometres (150 miles) north-east of Tokyo. After an earthquake of magnitude 9.0, the biggest in Japan’s modern history, and the devastating tsunami it triggered, at least four of the complex’s six reactors suffered damage, and there was some leakage of radiation. Radiation levels around the plant at times rose sharply, leading at one point to the evacuation of workers trying to control the disaster. See article
» The number of dead and missing after the earthquake and tsunami stood at more than 14,000 by mid-week and was expected to climb. Around 500,000 people were rendered homeless and endured desperate conditions in temporary shelters, with no electricity and freezing weather.
» A number of foreign embassies and firms withdrew their personnel from Tokyo. But the government insisted that the 35m people in the Tokyo area faced no immediate health threat. Emperor Akihito took the extraordinary step of appearing on television to express his concern.
» The disaster in Japan revived German concerns over nuclear power. Angela Merkel announced a three-month moratorium on a plan to extend the lifespan of the country’s 17 nuclear-power plants, and said that seven facilities built before 1980 would be temporarily shut. The European Union announced plans to test the safety of all nuclear plants in the 27 member states and China suspended approvals for new nuclear facilities.
» Raymond Davis, a CIA contractor arrested in January in Lahore for murdering two local men he said he killed in self-defence, was released by a Pakistani court. Details of the deal that led to his freedom were not made public, but it involved the payment of blood money to the families of the men he killed. The case had led to a serious rift with America, which insisted Mr Davis enjoyed diplomatic immunity and should never have been detained. See article
Click Here!
» A Christian serving a life sentence under Pakistan’s Islamic blasphemy law died in jail in Karachi. Officials said the man had a heart attack, but his family claimed he had been fit and healthy.
» The Dalai Lama asked Tibet’s parliament-in-exile, based in Dharamsala, in northern India, to accept his decision to step down as its leader and devolve his formal authority to an elected politician. He also proposed amendments to the constitution of the exiled government. Many Tibetans were aghast.
» At his annual press conference to mark the end of the session of the National People’s Congress, China’s parliament, Wen Jiabao, China’s prime minister, renewed his arguments for the importance of “political reform”. But he did not say what he meant, and rejected comparisons between China and the “jasmine revolutions” in the Middle East. See article

Pleasing to Putin
» In elections to regional legislatures in Russia, United Russia, the pro-Kremlin party, swept the board. But in several regions it took fewer votes than some observers had expected. The Communists finished a distant second. See article
» In a television interview, Saif al-Islam Qaddafi, son of the Libyan ruler, said that his father’s regime had helped fund Nicolas Sarkozy’s 2007 presidential election campaign. However, he provided no evidence for the claim and a spokesman for the president issued a denial.

Cracking down
» Forces loyal to Muammar Qaddafi won control of rebel towns in Libya’s east and west. Western powers discussed the imposition of a no-fly zone to protect civilians. The Arab League endorsed such a move, so did Britain and France. America gradually moved towards that camp, but Russia and others voiced doubts. See article

» The embattled government in Bahrain invited 2,000 troops from Saudi Arabia and the United Arab Emirates on to its soil to help its security forces curb a growing protest movement. After police opened fire on a crowd of mainly Shia demonstrators, the government declared martial law. See article
» In Yemen protests spread against President Ali Abdullah Saleh but were met with a fierce crackdown. See article
» Five members of an Israeli family were murdered in a West Bank settlement. The attack was blamed on Palestinian extremists
» In Niger Mahamadou Issoufou, a long-time opposition leader, won an election run-off and was declared president.

Harmful to thawing relations
» A court in Cuba sentenced Alan Gross, an American aid worker, to 15 years in prison. Mr Gross was arrested in December 2009. Cuba’s government said he was illegally distributing satellite equipment and accused him of subversion. Meanwhile, Cuba’s government devalued the convertible peso by 8% against the dollar. The communist island is suffering a foreign-exchange shortage.
» The United States State Department said that Jean-Bertrand Aristide, a former president, should refrain from returning to Haiti before a presidential election on March 20th, and that it had asked South Africa, where Mr Aristide has lived in exile since being ousted in 2004, to delay his departure. See article
» Mexico’s government confirmed a report that it has allowed unmanned American drones to fly over its territory to gather intelligence on drug- traffickers.

Day by day
» America’s Congress looked set to pass another temporary budget measure (the sixth) to fund government services and avoid a shutdown of operations, this time until April 8th. But some congressmen grumbled that it would be the last time they support such a compromise. See article
» Philip Crowley resigned as the State Department’s spokesman, after telling a university audience that the Pentagon’s treatment of Bradley Manning was “ridiculous and counterproductive and stupid”. A soldier, Mr Manning is allegedly behind a mass leak of classified documents to WikiLeaks. He has been held in custody in a military prison and could face a court-martial. His lawyer has complained about the circumstances of his detention, including being placed on suicide-watch and deprived of clothing at night.

Financial And Forex Info | New York Market Close Report





New York Market Close Mar 17/11 05:20 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1404.00
1405.00
2.50
0.18%
1389.80
1406.40
Silver
34.23
34.25
-0.03
-0.09%
33.85
34.68
Platinum
1696.00
1706.00
7.00
0.41%
1665.00
1715.00
Palladium
707.00
713.00
11.00
1.58%
688.00
725.00

The Washington Post Breaking News Alert: U.N. approves 'all necessary measures' to protect Libya's civilians




Breaking News Alert: U.N. approves 'all necessary measures' to protect Libya's civilians
March 17, 2011
On a 10 to 0 vote with five abstentions, the U.N. Security Council passed a resolution authorizing the international community to take “all necessary measures” to protect civilians in Libya.
The resolution demands an “immediate cease-fire in Libya, the complete end of violence and all attacks against and abuse of civilians,” and unspecified action to protect “civilians and civilian population areas under threat of attack." It also establishes a ban on all flights in the airspace of Libya except for humanitarian and evacuation flights.

http://link.email.washingtonpost.com/r/U38ITL/40ZR2M/0VJPJR/YYVJZX/39JRE/YT/h

For more information, visit washingtonpost.com

WSJ Asia Alert : U.N. Security Council Authorizes Airstrikes on Libya.



Asia Alert
from The Wall Street Journal


The United Nations Security Council voted on a resolution, pursued by the U.S., Britain and France that would authorize military strikes on Libya.

U.S. and European officials said air attacks against Col. Moammar Gadhafi's forces would be possible "within hours" after the resolution was approved. The Pentagon was already fine-tuning military options for “serious” strikes against ground and air targets should the White House order them, said U.S. defense officials.

http://online.wsj.com/article/SB10001424052748703818204576206373350344478.html?mod=djemalertAsianews

NYT: Breaking News Alert : U.N. Security Council Approves No-Flight Zone in Libya


Breaking News Alert
The New York Times
Thu, March 17, 2011
U.N. Security Council Approves No-Flight Zone in Libya

The United Nations Security Council approved a measure on
Thursday authorizing "all necessary measures" to protect
Libyan civilians from harm at the hands of forces loyal to
Colonel Muammar el-Qaddafi.

The measure allows not only a no-flight zone but effectively
any measures short of a ground invasion to halt attacks that
might result in civilian fatalities. It comes as Colonel
Qaddafi warned residents of Benghazi, Libya, the rebel
capital, that an attack was imminent and promised lenient
treatment for those who offered no resistance.

Read More:
http://www.nytimes.com/2011/03/18/world/africa/18nations.html?emc=na

Financial And Forex Info | The Australian Business Briefing: Oil soars as UN vote on Libya looms







Wall St bounces as Japan fears ease
Wall St UPDATED Kristina Peterson US stocks posted their first gain in four sessions today as anxieties eased about Japan's nuclear power crisis.
 
Oil soars as UN vote on Libya looms
oil Dan Strumpf OIL surged past $US101 today as Japan claimed progress in controlling the nuclear crisis and the UN appeared closer to intervening in Libya.
 
Anthony Pratt to return to take helm
Anthony Pratt EXCLUSIVE: Damon Kitney ANTHONY Pratt, is planning to return to Australia to run the family's flagship Visy paper, packaging and recycling company.
 
Asians circle for Premier Coal sale
Coal Andrew Burrell INDIAN and Chinese companies are circling Wesfarmers' Premier Coal mine after the conglomerate put the business up for sale.
 
Speculation rife as key posts in limbo
Graeme Samuel Richard Gluyas LATE last month, competition tsar Graeme Samuel offered a surprising insight into his future career plans.
 
Coking coal price pressures remain
Dalrymple Bay Alex MacDonald COKING coal prices may dip from current high levels following Japan's earthquake, but not for long as global supplies remains tight.
 
Three banks named in Libor probe
aus bus pix Bank of America David Enrich REGULATORS in the United States are homing in on at least three big banks in a probe of manipulation of a key benchmark rate, the Libor.
 
Inflation creeps up in US economy
petrol ANALYSIS Kathleen Madigan INFLATION, once believed dead, is showing a pulse in the world's biggest economy.
 
Financial Markets
Wall St bounces as Japan fears ease
Wall St UPDATED Kristina Peterson US stocks posted their first gain in four sessions today as anxieties eased about Japan's nuclear power crisis.
 
Oil soars as UN vote on Libya looms
Wall St bounces as oil rises to $US101
 
Financial Markets Coverage
 
Mining & Energy
Oil soars as UN vote on Libya looms
oil Dan Strumpf OIL surged past $US101 today as Japan claimed progress in controlling the nuclear crisis and the UN appeared closer to intervening in Libya.
 
Gold price settles back above $US1400
Coking coal price pressures remain
 
More Mining & Energy Coverage

ABCNews Australia: Business News: Wall St rallies on economic optimism



Wall St rallies on economic optimism
US stocks rose sharply as a round of economic data and bargain hunters helped the market rebound over one per cent from three straight days of declines
.

Stranded whales back at sea
The surviving whales from a pod of 30 which stranded on Bruny Island in southern Tasmanian have been returned to the water.


Detainees burn down parts of Christmas Is centre
There are reports that tear gas has again been used at the Christmas Island detention centre after protesters set a number of buildings on fire during a four-hour riot.

 More Australian Stories >

Financial And Forex Info: The Australian Capital Circle: Reactor meltdown worse than first thought: US.





Capital Circle Newsletter
Reactor meltdown worse than first thought: US
 
The world watches and waits as Japan struggles to contain the nuclear disaster.

The PM's day, per the press office: Julia Gillard flew to New Zealand this morning for the national Christchurch memorial service. After the noon service, Ms Gillard will meet Australian police officers and paramedics and tour the "red zone" of the disaster hit area. The PM will miss today's meeting of the Multi-Party Climate Change Committee in Canberra.
DFAT's Japan morning update: At 5am, the number of Australians unaccounted for in Japan is 14 (down from 144 two days ago). The number of calls received in Canberra - 9974. Australians in Japan confirmed safe - 4062, including 250 in affected areas. The number of Australians registered in Japan - 4302. There are no reports of Australian casualties. 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."
Third way: South Australian ALP secretary Michael Brown is understood to be considering putting up his hand to replace Karl Bitar as national secretary. Sources close to Mr Brown confirm he may run and will make up his mind in the next week.
Right-aligned Queensland state secretary Anthony Chisholm is the favourite for the job, with left-aligned deputy national secretary Nick Martin in the number two spot. But the right-aligned Brown, a clean skin candidate who has not worked for the present government or with the NSW Right, would be able to count on the considerable support of the Shoppies union if he put his hand up.
Wage claim: The ACTU will today lodge its submission to Fair Work Australia's annual wage review to increase the award wage for the lowest paid workers from $569.90.
At the crease: the annual politicians versus press cricket game will be held this Sunday at Duntroon and Capital Circle has the team sheets. For the pollies team, Richard Colbeck, Jason Clare, Michael McCormack, Chris Hayes, Steve Hutchins will turn out, supplemented by staffers Kane Silom (Steve Fielding), Richard Briedis (Stuart Robert), Tom Cameron (Bill Shorten) and Wayne Swan's
Read more...

Financial And Forex Info | Reuters Daily Investor Update: Wall Street rebounds but advance may be limited.







News

LATEST NEWS
Wall Street rebounds but advance may be limited
NEW YORK (Reuters) - Wall Street ended higher on Thursday after three days of declines, but the rebound may be temporary as concerns persisted about Japan's nuclear crisis. | Full Article

Consumer prices turn higher, economy gains steam
March 17, 2011 03:45 PM ET
WASHINGTON (Reuters) - Consumer prices increased at their fastest pace in more than 1-1/2 years in February as fresh data showed growth was accelerating, but underlying inflation pressures remained generally contained. | Full Article
FedEx offers strong outlook for this quarter and beyond
March 17, 2011 01:24 PM ET
NEW YORK (Reuters) - FedEx Corp, the No. 2 package delivery company, sees improving revenue and profit this quarter and beyond, even as fuel prices mount, and shares of the economic bellwether rose more than 4 percent. | Full Article
Yen retreats from record high; G7 talks awaited
March 17, 2011 04:35 PM ET
NEW YORK (Reuters) - The yen edged off a record high against the dollar on Thursday ahead of a conference call by Group of Seven finance ministers on fears that officials may soon intervene to rein in the currency's rapid rise. | Full Article
Special report: Why Japan will avert a fiscal meltdown
March 17, 2011 01:31 PM ET
TOKYO (Reuters) - In these dark hours, Japan would do well to heed former White House Chief of Staff Rahm Emanuel's memorable maxim that you never want a serious crisis to go to waste. | Full Article

Financial And Forex. Info : Reuters Technology Report:




News

The New York Times will start charging for full access to its articles on phones, tablet computers and the Web from March 28. You’ll still be able to access as many articles as you want through Facebook and Twitter, writes Business Insider’s Matt Rosoff. Felix Salmon thinks readers will go elsewhere.

Toshiba said an assembly line in Japan making liquid crystal displays would be closed for a month, and PC maker Lenovo voiced worries over parts in the latest threats to electronics supply chains from Japan's devastating earthquake.

Sales of e-books in January increased by more than 115 percent compared to the same time the year before, a report released by the Association of American Publishers said.

Activity from Rustock, one of the world’s most prolific spam email networks, ground to a halt, apparently thanks to a coordinated effort by Internet service providers and software vendors, writes The Wall Street Journal's Michael Hickins.

Best-selling author Jane McGonigal is spreading a message that playing games, whether electronic or physical, is not a waste of time but can improve lives and solve real world problems.

NYT: Afternoon Business News: Lack of Parts From Japan Forces G.M. to Halt Work at a Plant



BUSINESS

A Faded Industrial Town Is Feeling Britain's Cutbacks

By LANDON THOMAS Jr.
Middlesbrough, England, where half the jobs are publicly supported and 14 percent of residents receive some form of jobless benefit, is vulnerable to the decline of the welfare state.

Lack of Parts From Japan Forces G.M. to Halt Work at a Plant

By THE ASSOCIATED PRESS
G.M. joins Toyota and Subaru in slowing production because of disruptions in parts shipments after the earthquake and tsunami.

Wall Street Gains; Yen Strengthens

By BETTINA WASSENER
Investors seem to have focused on a conference call in which finance ministers and central bankers from the Group of 7 countries will discuss Japan.

F.D.I.C. Sues Chief Executive in Washington Mutual Collapse

By ERIC DASH
The chief, Kerry Killinger, and two other executives were accused of reckless lending practices that led to the collapse of the nation's largest savings and loan.

The Times Announces Digital Subscription Plan

By JEREMY W. PETERS
Under the plan, which begins on March 28, visitors to NYTimes.com will be able to read 20 articles a month free. The most frequent users will pay $15 a month; print subscribers will have unlimited access.

Evening Market Wrap

Evening Market Wrap
Thursday, March 17, 2011

Commentary

After seeing considerable weakness in recent sessions, stocks showed a strong move back to the upside during trading on Thursday. The markets remained well off their recent highs, however, as traders continued to express concerns about the nuclear crisis in Japan. (Mar 17, 2011) Full Article

Economic News

Industrial production in the U.S. unexpectedly showed a modest decrease in the month of February, the Federal Reserve revealed in a report on Thursday, with the decrease reflecting a sharp drop in utilities output amid unseasonably warm weather. The report showed that industrial production edged down by 0.1 percent in February following an upwardly revised 0.3 percent increase in January. Economists had expected production to increase by 0.6 percent. (Mar 17, 2011) Full Article

Manufacturing activity in the Philadelphia-area continued to show improvement in March, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the index of regional manufacturing activity jumping to its highest level in twenty-seven years. The Philly Fed said its diffusion index of current activity surged up to 43.4 in March from 35.9 in February, with a positive reading indicating growth in regional manufacturing activity. (Mar 17, 2011) Full Article

While the Conference Board released a report Thursday morning showing that its index of leading U.S. economic indicators increased for the eighth straight month in February, the index increased by slightly less than economists had been anticipating. The report showed that the leading economic index rose by 0.8 percent in February following a 0.1 percent increase in January and a 1.0 percent increase in December. Economists had been expecting the index to increase by about 1.0 percent. (Mar 17, 2011) Full Article

Energy prices continued to drive an increase in consumer prices in February, according to figures released by the Department of Labor Thursday. The overall consumer price index increased by 0.5 percent, slightly more than the 0.4 percent predicted by most economists. (Mar 17, 2011) Full Article

The number of people filing first-time unemployment claims fell last week, with the closely-watched gauge of layoffs moving back below the 400,000 mark. The decline matched what economists had expected. (Mar 17, 2011) Full Article

Corporate News

Hybrid enterprise software applications and services provider CDC Software Corp. (CDCS) Thursday said net loss attributable to controlling interest was $1.62 million for the fourth quarter compared to a profit of $6.08 million last year. Fourth quarter non-GAAP net income was $5.7 million, or $0.20 per share, compared to $10.8 million, or $0.37 per share in the previous year. (Mar 17, 2011) Full Article

Canadian yoga-inspired athletic apparel company Lululemon Athletica, Inc. (LULU, LLL.TO) reported Thursday a profit for the fourth quarter that nearly doubled from last year, reflecting significant margin expansion and a 53 percent revenue growth. Both earnings per share and quarterly revenues surged and topped analysts' expectations. The company also provided earnings and revenue forecast for the first quarter, and for the full-year 2011. (Mar 17, 2011) Full Article

Ross Stores Inc.'s (ROST) fourth-quarter net earnings grew to $161.80 million or $1.37 per share from $142.88 million or $1.16 per share last year. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $1.37 for the quarter. Analysts' estimates typically exclude one-time items. Sales for the fourth quarter ended January 29, 2011 improved 8% to $2.145 billion from $1.98 billion in the comparable period. Thirteen analysts estimated revenues of $2.12 billion for the quarter. (Mar 17, 2011) Full Article

Package delivery giant FedEx Corp. (FDX) reported Thursday a 3 percent decline in third-quarter profit, mainly reflecting higher expenses, especially from business combinations, as well as unusually severe winter storms. Adjusted earnings grew from last year on strong revenue growth, but missed market projections. Further, the company issued higher earnings forecast for fourth quarter, while severely slashed fiscal 2011 earnings view, citing current global unrest.Full Article (Mar 17, 2011)

Gaming supply company Shuffle Master, Inc. (SHFL) Thursday said it named Gavin Isaacs its Chief Executive Officer, effective April 1. Isaacs, who is currently Executive Vice President and Chief Operating Officer of Bally Technologies, Inc. (BYI), will also be appointed to Shuffle Master's Board of Directors. Meanwhile, gaming company Bally promoted Ramesh Srinivasan to succeed Isaacs as President and Chief Operating Officer. Isaacs replaces David Lopez, who was acting as Interim Chief Executive Officer since November 1 last year. Lopez is also the Chief Operating Officer and Executive Vice President. Isaacs joined Bally in 2006 and earlier he held senior roles at Aristocrat Leisure Limited. Meanwhile, Bally noted that its new President and Chief Operating Officer Srinivasan, who joined the company as Executive Vice President, will be responsible for all of its worldwide games, systems, and server-based solutions, as well as customer service, reporting to Chief Executive Officer Richard Haddrill. Bally also promoted Derik Mooberry to Senior Vice President of Products and Operations, reporting to Srinivasan. The company also announced that John Connelly, who previously served as the company's Vice President of International, will rejoin as Vice President of Business Development. Senior Vice President Bruce Rowe will continue his responsibilities as the executive responsible for Bally's strategic direction. Further, Robert Parente, who joined Bally in 2009, has been promoted as Vice President and Managing Director of Canada to lead all of Bally's activities in this growing gaming market. SHFL is currently trading at $9.77, up $0.27 or 2.84 percent on a volume of 80.9 K shares. BYI is currently trading at $34.57, down $0.01 on a volume of 63 K shares.Full Article (Mar 17, 2011)

CURRENCY

The dollar was relatively stable versus other major currencies on Thursday, a day after slipping to a record low against the yen. Early losses took the buck to its lowest since November versus the euro, but the currency markets were quiet later in the day even as traders assessed a flurry of economic news from the U.S. (Mar 17, 2011) Full Article

MarketWatch | Market Pulse: Stocks rebound as focus shifts from Japan to U.S.



By Laura Mandaro

FDX DJIA SPX COMP
SAN FRANCISCO (MarketWatch) -- U.S. stocks made a broad rebound Thursday, quitting a three-day losing streak, as investors turned their attention from Japan's efforts to quell a nuclear crisis to an optimistic outlook issued by FedEx Corp. /quotes/comstock/13*!fdx/quotes/nls/fdx (FDX 87.85, -0.04, -0.05%) and U.S. regional manufacturing data. The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 11,775, +161.21, +1.39%) ended up 161.29 points, or 1.4%, at 11,774.59, with all but four of 30 components posting gains. The S&P 500 /quotes/comstock/21z!i1:in\x (SPX 1,274, +16.84, +1.34%) added 16.84 points, or 1.3%, to 1,273.72, led by a 3.1% gain in energy stocks. The Nasdaq Composite /quotes/comstock/10y!i:comp (COMP 2,636, +19.23, +0.74%) gained 19.23 points, or 0.7%, to 2,636.05. For the year, the Nasdaq is still lower.