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Apr 12, 2011

Financial & Forex Info | Monthly Round-up of what's new on the FT.com








US BUDGET 2011
Debt disaster behind US budget squabble
After a ramshackle budget and being brought to the brink of shutdown over trifling disagreements, the world had better start paying attention to the US government's inability to govern.


Stopgap agreement avoids shutdown | A bankrupt nation wakes up | Republicans ignore their own philosophy | Until the next budget impasse | RSS: US Politics


US FINANCE
Buffett needs to stop flying solo
John Gapper's scathing critique of governance at Warren Buffett's Berkshire Hathaway following the departure of David Sokol, over dubious stock trades.


Departing lieutenant is direct to the end | In Buffett we trust | Lex: Succession pains | Video: Analysis of Sokol departure | RSS: US Economy


MADOFF SCANDAL
From behind bars, Madoff spins his story
David Gelles and Gillian Tett's interview with Bernard Madoff offers a riveting psychological portrait of the billion dollar fraudster in his North Carolina prison.


Trustee sues private Swiss banks | Kohn regrets meeting Madoff | Video: Interviewing Madoff | Timeline: The fall of Bernard Madoff | RSS: US Companies





FT EMERGING MARKETS SURVEY 2011
Take our survey for your chance to win $500
We would like to understand more about how you view the emerging markets of Brazil, Russia, India and China. Take our short survey and you will be entered into a free prize draw to win $500; T&Cs apply
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OPINION
What will Obama say on Wednesday?
Clive Crooks discusses will Obama declare his own budget completely inadequate, and risk making himself look incompetent or will he choose to stand by it?
Read the piece

Financial & Forex Info | The Australian Business Briefing








Commodities sell-off hits Wall St
Wall St UPDATED Jonathan Cheng US stocks sank, pressured by a sell-off in oil, intensifying concerns over Japan's situation and a lacklustre start to US earnings season.
 
Goodman rejected in bid for ProLogis
people shadows Marietta Cauchi GOODMAN Group and APG said today their joint takeover bid for ProLogis, the Euronext-listed warehouses developer, has been rejected.
 
New claims on Facebook ownership
Zuckerberg Scott Morrison PAUL CEGLIA has amended his lawsuit against Mark Zuckerberg, providing new evidence to support his claim for equity in Facebook.
 
Foxtel's Delany set to take on top job
Patrick Delany James Chessell SENIOR Foxtel executive Patrick Delany is set to become the new chief executive of Premier Media Group.
 
Scoping for small-cap companies
Funds management James Dunn MANAGED funds that invest in small companies have produced some of the best returns recently by researching stocks the big players ignore.
 
Cost blowout hits Fortescue
Cost blowout Andrew Burrell FORTESCUE Metals Group's production costs have soared by 30 per cent in just six months.
 
Leighton forecast doubts
Leighton INVESTORS and analysts are sceptical about Leighton Holdings' profit forecast for the next financial year.
 
Shell shifts focus on fuel refinery
Shell refinery, Clyde Andrew Main SHELL will shut down refining at its almost century-old Clyde site in Sydney as it faces competition.
 
Financial Markets
Commodities sell-off hits Wall St
Wall St UPDATED Jonathan Cheng US stocks sank, pressured by a sell-off in oil, intensifying concerns over Japan's situation and a lacklustre start to US earnings season.
 
Oil tumbles as demand fears spread
Gold falls as investors take profits
 
Financial Markets Coverage
 
Mining & Energy
Oil tumbles as demand fears spread
oil Jerry DiColo OIL fell sharply on signals from a chorus of forecasters that elevated oil prices are hurting fuel demand and weighing on the global economy.
 
Gold falls as investors take profits
Shell plant closure axes 500 jobs
 
More Mining & Energy Coverage

Financial & Forex Info | The Australian Capital Circle: Combet to unveil carbon compo





Capital Circle Newsletter

Combet to unveil carbon compo
 
Labor will release long-awaited details of its carbon tax today, beginning the pitch to households.

The PM's diary: Julia Gillard is visiting a solar project in Chinchilla, Queensland today. She will deliver a major speech tonight focussed on the budget at the Sydney Institute.
Tony Abbott's office is keeping quiet on his movements today.
Climate Change Minister Greg Combet's speech at the National Press Club will be the major political set piece of the day in Canberra. He will announce millions of households will be overcompensated for the financial hit from the carbon tax, with household compensation put at about $6 billion a year. (report)
Mr Combet said on radio this morning that "it is very important that more than 50 per cent of compensation goes to households'', before adding "Tony Abbott is nothing more than a mobile scare campaign''.
Just the fax: The press gallery bell - used since the days of hot lead to summon scribes to press conferences - got a work out yesterday after the PMO's email system had a mini-meltdown. Several journos had never heard the alert, missing a prime ministerial press conference. But one staffer welcomed the problems, telling Capital Circle the problems might prompt a redevelopment of the system.
Booked: Wayne Swan has booked room MG63 from May 7th to May 11th. The budget, of course, is handed down on May 10th.
***Sign up to Capital Circle. Email Capital Circle***
The Australian reports that Julia Gillard faces a revolt over her push to liberalise trade policy, with angry union leaders vowing they will challenge the move at December's Labor Party national conference.
The Age leads with an exclusive< p>
Read more..

ABC News Australia | Morning Busines News: Market lower as investors dump risky shares




Backpackers offered free ride to Queensland
Tourism Queensland says it will extend a free travel offer until 500 backpackers sign up to come to Queensland.

Market lower as investors dump risky shares
Local investors moved out of risky assets like shares after news the operator of Japan's crippled nuclear plant upgraded the severity of the disaster to seven, the same level as Chernobyl.


Bypass bridge work begins
Preliminary work starts tomorrow on a bridge over a significant Aboriginal heritage site which is in the path of the Brighton Bypass project near Hobart.

More Business Stories >

Financial & Forex Info | Kitco New York Market Close Report






New York Market Close Apr 12/11 05:20 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1453.70
1454.70
-9.50
-0.65%
1443.20
1468.40
Silver
40.11
40.13
-0.11
-0.27%
39.72
40.91
Platinum
1771.00
1776.00
-8.00
-0.45%
1765.00
1799.00
Palladium
760.00
765.00
-16.00
-2.06%
758.00
792.00


NYT Afternoon Business News: Labor Chieftain Seizes the Anti-Union Moment



BUSINESS

Labor Chieftain Seizes the Anti-Union Moment

By STEVEN GREENHOUSE
Gerald McEntee, 76, who has led the largest public employee union for 30 years, is mobilizing as his members' rights and benefits are under assault.

Cisco Shuts Down Flip, Its Video Camera Unit

By SAM GROBART and EVELYN M. RUSLI
The Flip video camera had been one of the great hardware start-up successes of the previous decade, but it lost traction as the smartphone came on the scene.
DealBook

Fresh Details on Berkshire's Lubrizol Deal and Sokol

By BEN PROTESS
A new regulatory filing indicates that David Sokol was aware in December that Lubrizol's chief executive planned to discuss a possible acquisition with the board - a couple weeks before the top deputy bought shares in the lubricant manufacturer.
Media Decoder Blog

Huffington Post Is Target of Suit

By JEREMY W. PETERS
The Huffington Post is the target of a multi-million dollar lawsuit filed Tuesday on behalf of thousands of uncompensated bloggers.

Political Disputes Cloud Portuguese Bailout Talk

By RAPHAEL MINDER
International creditors started discussing the terms of a bailout for Portugal amid concerns that their initial challenge will be to sort out the country's political disputes rather than its financial situation.

Financial & Forex Info | Reuters | Daily Investor Update: Wall Street falls with oil prices and Alcoa.









News 
Wall Street falls with oil prices and Alcoa
NEW YORK (Reuters) - U.S. stocks dropped on Tuesday on worries falling oil prices could set off a reversal in the high-flying energy sector, while Alcoa's leaner-than-expected revenue disappointed. | Full Article

Cisco kills Flip camera in first revamp step
April 12, 2011 02:31 PM ET
BOSTON/NEW YORK (Reuters) - Cisco Systems Inc will dump its Flip video camera division, retiring the popular brand rather than selling it in a first step toward reviving a company CEO John Chambers admits has lost its way. | Full Article
Swap market crackdown seeks to spare businesses
April 12, 2011 04:13 PM ET
WASHINGTON (Reuters) - Corporate America would be largely spared from increased costs when seeking to hedge business risks, such as spikes in commodity prices, under U.S. regulatory proposals issued on Tuesday. | Full Article
Rajaratnam can call a "Superman" to trial: judge
April 12, 2011 12:11 PM ET
NEW YORK (Reuters) - Hedge fund manager Raj Rajaratnam hopes a "Superman" will be able to help him win over the jury at his insider trading trial. | Full Article
All eyes on new CEO as Google reports first-quarter results
April 12, 2011 03:46 PM ET
SAN FRANCISCO (Reuters) - The investor spotlight will land squarely on new Google Inc Chief Executive Larry Page, overshadowing decent, but uninspiring first-quarter financial results when the company reports its earnings on Thursday. | Full Article
US TOP NEWS
Japan says nuclear crisis stabilizing, time to rebuild
April 12, 2011 01:25 PM ET
TOKYO (Reuters) - Japan's nuclear crisis is slowly stabilizing and the country must now focus on repairing the damage wrought by the devastating earthquake and tsunami that struck the northeast coast a month ago, Prime Minister Naoto Kan said. | Full Article
Trade data shows growth headwinds
April 12, 2011 03:37 PM ET
WASHINGTON (Reuters) - U.S. imports and exports fell in February, prompting analysts to cut again their forecasts for U.S. economic growth in early 2011 and showing signs of a slowing in the global recovery. | Full Article
Budget plan cuts food aid, stewardship programs
April 12, 2011 02:58 PM ET
WASHINGTON (Reuters) - Programs that help poor mothers buy food and that share the cost of land stewardship would be cut under government-wide reductions unveiled on Tuesday. | Full Article
G20 to seek deal on imbalances amid crowded agenda
April 12, 2011 04:16 PM ET
PARIS (Reuters) - The world's biggest economies will struggle this week to make headway on a plan to identify countries that put the global economy at risk with China opposed to any attempt to curb its growth. | Full Article
Citi ordered by panel to pay investors $54 million
April 12, 2011 01:59 PM ET
NEW YORK (Reuters) - An arbitration panel ordered Citigroup Inc to pay a group of investors $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008, the biggest award yet involving the funds in a long series of legal claims against the bank. | Full Article

CBS News | Political Hosheet Top Stories: Crist apologizes to David Byrne for song use

The CBS News Political Hotsheet newsletter


CBS POLITICAL HOTSHEET TOP STORIES    



   
In YouTube video, former Senate candidate says it was wrong that former Talking Heads singer's song appeared in campaign ad
Read full story
Crist apologizes to David Byrne for song use

Donald Trump tied for first in poll of GOP race Reality star tied with Mike Huckabee in national poll with 19 percent support; more than 40 percent don't want him to run

Gun control group challenges Obama on clips Brady Campaign to Prevent Gun Violence calls on president to take stronger stand against assault weapon clips like one used on Tucson

White House bars gay groups from military event Servicemembers United complains of exclusion from event to support service members and their families; White House cites "don't ask, don't tell"

Americans describe budget fight as New survey shows that most Americans have a negative perception of the budget negotiations Congress recently finished

CBS Evening News with Kate Couric: An apple a day keeps the cardiologist away?

The CBS Evening News with Katie Couric newsletter

EVENING NEWS TOP STORIES    



   
Hi everyone,
More chilling news from Japan, where the government now says the nuclear accident at Fukushima could be as severe as the Chernobyl disaster. At the same time, the Japanese insisted radiation levels are declining. Lucy Craft will have the latest from Tokyo. No one doubts the value of a college education, but more students face a mountain of debt when they leave school. Rising tuitions have forced more students to borrow. National correspondent Dean Reynolds reports that many won't pay off their college debts for decades. The BP spill justifiably made national headlines one year ago. But did you know that last year there were more than 6,000 toxic spills, leaks, fires and explosions nationwide? Chief investigative correspondent Armen Keteyian has discovered accidents in the oil and gas industry are a lot more common than most people know. You've heard the expression, "an apple a day keeps the doctor away." They weren't kidding. Turns out there is a medical basis for that old "wive's tale." Dr. Jon LaPook will explain. Finally, when a 14-year-old Georgia boy was diagnosed with stage 4 brain cancer last year, an army of volunteers sprang into action. As Mark Strassmann reports, "Chip's Nation" is a true example of "The American Spirit." Katie Couric
CouricandCo@cbs.com


LATEST HEADLINES
Philly teens discover ponies, become polo champs Work to Ride provides urban youth with activities centered around horsemanship

Rising gas prices may slow economic recovery As filling up at the pump gets more expensive, almost every aspect of the economy feels the pinch

Budget cuts target Democratic priorities Billions in projects from Education, Labor, Health and Human Services are cut as N.Y. lawmakers vow to vote against deal