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Apr 3, 2011

MarketWatch | Futures Movers: Oil futures rising through $108 a barrel

By Virginia Harrison, MarketWatch 
 SYDNEY (MarketWatch)— Benchmark Nymex crude-oil futures broke through $108 a barrel in electronic trading on Monday as unrest in North Africa and the Middle East continued to rattle supply fears.
Light, sweet crude for May delivery /quotes/comstock/21n!f:cl\k11 (CLK11 108.65, +0.71, +0.66%)  gained 69 cents, or 0.6%, to $108.63 a barrel on the New York Mercantile Exchange.
Oil closed out the week with its highest settlement in more than five months, and prices have risen 19.0% this year.
The conflict in Libya is now in its sixth week, with reports divided as to whether government or rebel forces are gaining ground in the violent and prolonged conflict.
On the weekend fighting took place around the town of Brega, after Friday’s Nato airstrike that reportedly killed 13 people.

Yemenis protest despite appeal



Despite a call by President Ali Abdullah Saleh for demonstrations and sit-ins to end, protesters show no sign of going home. Video courtesy of Reuters.
Political tensions also simmered in the Middle East over the weekend. Protestors clashed with riot police in Yemen, while in Bahrain, the Associated Press reported that officials have effectively shut down the opposition’s leading newspaper, Al-Wasat, as part of a larger government crackdown on the media. Read more about the unrest in the Middle East region
”Investors seem to be in no mood to sell the markets here, this despite the less-than-compelling fundamental backdrop. The Libyan shortfall has been more or less offset by Saudi Arabia, while the Japanese (nuclear) crisis should also reduce oil import demand quite measurably, meaning that there likely is a statistical surplus in the system right now,” analysts at MF Global said in a research note.
Better-than-expected U.S. nonfarm payroll data also helped support oil prices, but MF Global analysts said global geopolitical tensions are having a bigger impact on crude.
“Participants are not bothering with data for the moment, as the focus remains on headlines out of the Middle East. The fact that global growth has yet to show any significant sign of decelerating is also keeping the ‘buy commodities’ theme very much intact,” the analysts said.
Virginia Harrison is a MarketWatch reporter based in Sydney.

NYT | Breaking News: U.S. Shifts to Seek Removal of Yemen's Leader, an Ally

Breaking News
The New York Times
Sun, April 03, 2011 -----

U.S. Shifts to Seek Removal of Yemen's Leader, an Ally

The United States, which long supported Yemen's president,
even in the face of recent widespread protests, has now
quietly shifted positions and has concluded that he is
unlikely to bring about the required reforms and must be
eased out of office, according to American and Yemeni

The American position began to shift in the past week,
administration officials said. While American officials have
not publicly pressed President Ali Abdullah Saleh to go, they
have told allies and some reporters that they now view his
hold on office as untenable, and they believe he should

Read More:

MarketWatch | Market Pulse: Minmetals offers $6.5 billion in cash for Equinox

By Michael Kitchen 
LOS ANGELES (MarketWatch) -- Chinese miner Minmetals Resources Ltd. /quotes/comstock/22h!e:1208 (HK:1208 6.56, 0.00, 0.00%) said late Sunday it plans to offer approximately 6.3 billion Canadian dollars ($6.5 billion) in cash for Australia-Canadian firm Equinox Minerals Ltd. /quotes/comstock/22x!e:eqx (AU:EQX 3.03, 0.00, 0.00%) /quotes/comstock/11i!eqxmf (EQXMF 5.93, +0.03, +0.51%) /quotes/comstock/11t!e:eqn (CA:EQN 5.71, -0.03, -0.52%) . The C$7-a-share offer requires Equinox end its own bid for Lundin Mining Corp. /quotes/comstock/11t!e:lun (CA:LUN 8.33, +0.28, +3.48%) , which shareholders are due to vote on at a meeting set for April 11. Minmetals said it hopes to close a deal by the middle of this year.

Financial & Forex Info | The Australian Business Briefing | Global shocks hit IPO flow

Global shocks hit IPO flow
ASX Michael Bennet NATURAL disasters and foreign economic shocks continue to delay a huge pipeline of initial public offerings and secondary issues.
Australian dollar jumps above $US1.04
Australian dollar UPDATED THE Australian dollar rose above $US1.04 today for the first time since it was floated in December 1983.
Nomad heads ANZ's push into Asia
Alex Thursby EXCLUSIVE Richard Gluyas ANZ Bank's Alex Thursby, the man with the longest title in local banking, spends the shortest amount of time in his own bed.
Get real on finance hub plan, says UBS
UBS EXCLUSIVE Damon Kitney ONE of the world's most powerful asset managers has a message for the federal government: you can't create New York or London in Australia.
CEOs best recruited from inside ranks
people shadows Alexandra Frean COMPANIES can spend a fortune recruiting hot shot chief executives from outside, but new research suggests they could be wasting their money.
CSC buys struggling iSoft for $188m
iSoft Katherine Jimenez THE acquisition has unanimous support from the software company's board.
Chairman talks up JB Hi-Fi's prospects
AN Image JB Hi-Fi Susannah Moran JB Hi-Fi chairman Patrick Elliott believes the electronics retailer is in good shape to battle against online competitors.
Energy auction firm gears for float
Ron Watts Turi Condon BILL Moss and Ron Watts are planning Energy Action's IPO.
Financial Markets
Australian dollar jumps above $US1.04
Australian dollar UPDATED THE Australian dollar rose above $US1.04 today for the first time since it was floated in December 1983.
Australian dollar climbs to $US1.04
Get real on finance hub plan, says UBS
Financial Markets Coverage
Mining & Energy
RBA riddled with conflicts of interest
RBA David Uren, Economics correspondent TWO almost matching $15 billion LNG plants are to be built on Gladstone's Curtis Island, but the project of British Gas now has an advantage.
Carbon tax 'risks jobs and investments'
Caltex chief focuses on marketing
More Mining & Energy Coverage

Financial & Forex Info | The Australian Capital Circle | Skills gap for eight million Australians

Capital Circle Newsletter

Skills gap for eight million Australians
A skills shortfall threatens Australia's international competitiveness - as does a fraud epidemic.

The PM's Diary: Julia Gillard is in Canberra. She has a morning of private meetings which will be followed by cabinet this afternoon. She has no media appearances scheduled at this stage.
Pollie Pedal: On the third day of the annual cycling epic, Tony Abbott is riding from Grafton to Dorrigo, via Coffs Harbour and Bellingen - about 150km. He spoke to Melbourne radio station Triple M this morning, scoffing at Labor suggestions of a horror budget this year.
Agree to disagree: Greens Leader Bob Brown has distanced himself from his soon-to-be Senate colleague Lee Rhiannon and Greens on the Marrickville City Council, over their boycott of Israel. But Capital Circle couldn't help but notice that Max Phillips, who works in the Greens Canberra office for Senator Brown, is also a Marrickville City Council member. Contacted by Capital Circle, Mr Phillips happily confirmed he had voted for the boycott of Israel. But when asked if he still supported the boycott - in light of his boss's repudiation of it - Mr Phillips was strangely reluctant to comment.
Delayed: Labor's national executive was supposed to tick off on Queensland party boss Anthony Chisholm as the next national secretary this Friday. But the process has been delayed by events in Queensland, with nominations only opening this Friday. (via Dennis Atkins)
The Australian Tea Party, soon after claiming a major role in Leslie Williams defeating independent Peter Besseling in the NSW seat of Port Macquarie, has expanded its web presence. Turn the volume down before you click here.
On Q&A tonight: Kevin Rudd, Julie Bishop, Jeff Bleich, Louise Adler and Robert Manne.
***Sign up to Capital Circle.

NYT: ALERT FGC BOLSA - FGCFINANCIAL MARKETS: Cardiac Consultants Seem to Help Biotronik Device’s Sales

April 3, 2011


A little-known company that makes heart devices has cornered the market in a major hospital in Las Vegas. Cardiologists, paid as consultants, may have smoothed the way.