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Apr 13, 2011

Financial and Forex Info | The Australian Business Briefing | Asia to rival US in global markets: RBA

Australian Business update for Thu Apr 14 08:23:33 EST 2011

Asia to rival US in global markets: RBA
Glenn Stevens James Glynn ASIA'S economic power will soon rival the US as the main source of direction for global markets, RBA governor Glenn Stevens said today.
Wall St gains capped by weak JP Morgan
Wall St UPDATED Brendan Conway US stocks drifted slightly higher, with a weak JP Morgan capping gains as investors remained wary about the earnings power of major banks.
Goldman 'lied to Congress' over crisis
Carl Levin Alexandra Frean GOLDMAN Sachs will be referred to the US Department of Justice for allegedly making "misleading and inaccurate" comments over the GFC.
BHP-Esso could face $1bn tax bill
oil rig Andrew Main BASS Strait oil and gas partners Esso and BHP Billiton could find themselves with a back-tax bill exceeding $1 billion.
DIY super funds entitled to Trio compo
superannuation Geoffrey Newman, Wealth editor PEOPLE who invested money in Trio Capital through self-managed superannuation funds should get compensation says a financial planners group.
Focus on $6bn China bid, Equinox told
Equinox employees Ben Dummett EQUINOX Minerals should focus on being acquired by China's Minmetals Resources at a higher price, says one of the company's big investors.
Chevron tips skills squeeze for Gorgon
Gorgon Gas Project Andrew Burrell CHEVRON is expecting the looming skills crisis to hit its $43 billion Gorgon liquefied natural gas project in Western Australia.
TV case hinges on equity scheme
james warburton Sussanah Moran and James Chessell TEN Network will find out next month when controversial recruit James Warburton can take up the chief executive role.
Financial Markets
Wall St gains capped by weak JP Morgan
Wall St UPDATED Brendan Conway US stocks drifted slightly higher, with a weak JP Morgan capping gains as investors remained wary about the earnings power of major banks.
Oil climbs but correction still looms
Gold price edges up on haven status
Financial Markets Coverage
Mining & Energy
Private investors drive new gold rush
aus bus pix gold David Robertson PRIVATE investors have overtaken central banks in hoarding gold as they seek a safe haven amid economic instability and inflation.
Oil climbs but correction still looms
Gold price edges up on haven status
More Mining & Energy Coverage

Financial & Forex Info | Reuters Technology Report

New Yahoo board member Akamai President David Kenny is the obvious choice to replace struggling CEO Carol Bartz, writes The Wall Street Journal’s Kara Swisher. Kenny is smooth and well-liked, has deep advertising experience, has a long relationship with Yahoo and its co-founder Jerry Yang and has tech cred as a leader of one of the Internet’s most important infrastructure companies, being in regular contact with media giants, ad networks and video providers that are Akamai’s clients, Swisher argues.

Microsoft explained the delay in updating its new phone software, partly blaming handset manufacturers for the problem. Microsoft’s JoeBelfiore did not name names, but said the company had started the update and ran into problems on some newly manufactured phones that would not function properly afterward. Samsung, HTC and LG Electronics are the main handset makers of Windows phones. A more comprehensive update, code-named Mango, will be available later this year, featuring performance bumps, live updates and applications that can run in the background while users move onto other programs, he said.

Russian hacker attacks on the country's biggest blog site and a spy agency's warning to Gmail and Skype have raised fears that authorities are tightening their grip on dissent in a China-like assault on free speech ahead of next year’s election, writes Thomas Grove. "This is a test drive during a very important year to see if it's possible to close down websites, in particular social networking sites in case of demonstrations," said Andrei Soldatov, head of the think-tank

Libyan students are using mobile phones, an amateur video camera and YouTube to offer a glimpse of the war in the besieged city of Misrata where journalists are prevented from reporting freely. Under their Freedom Group channel, the group has posted some 130 videos, some of which include chilling footage of fierce street battles.

NYT: Afternoon Business News: Former FrontPoint Manager Charged With Insider Trading


Former FrontPoint Manager Charged With Insider Trading

Joseph F. Skowron, who specialized in health care funds, also faces charges for conspiring to hide his role in an illicit trading scheme, prosecutors said.

Sidney Harman, Newsweek Chairman, Is Dead at 92

Mr. Harman made a late-in-life splash by acquiring Newsweek magazine and wedding it with a sassy Web site, The Daily Beast.

Fed Report Notes That Economy Continues to Improve

The beige book cited a "steady improvement" in manufacturing, often including hiring, and at least 10 districts noted "slight gains" in consumer spending.

BP Scrambles to Salvage Rosneft Deal as Deadline Nears

To keep the deal from collapsing, BP must persuade Rosneft to extend the deadline or find a compromise with shareholders in its existing Russia venture.

In Galleon Case, a Clash Over Definitions

The former president of the Galleon Group, Richard Schutte, also said that Raj Rajaratnam's Intel trade could be explained by news about a rival, A.M.D.

Financial & Forex Info | Kitco New York Market Close Report

New York Market Close Apr 13/11 05:20 PM EDT

Financial & Forex Info | Reuters - Daily Investor Update: Wall Street encouraged by tech, less so by JPMorgan

Wall Street encouraged by tech, less so by JPMorgan
NEW YORK (Reuters) - U.S. stocks finished mostly flat in a choppy session on Wednesday, as investors bet on strong technology earnings even as JPMorgan Chase's numbers weighed on other market sectors. | Full Article

JPMorgan making fewer loans but profit still surges
April 13, 2011 04:12 PM ET
NEW YORK (Reuters) - JPMorgan Chase & Co said its total outstanding loans shrank for the fourth consecutive quarter, raising questions about the banking industry's ability to boost profit in coming years. | Full Article
Economy improving but energy costs weigh: Fed
April 13, 2011 04:07 PM ET
WASHINGTON (Reuters) - The U.S. economy continued to improve over the past month on gains in manufacturing but firms are feeling the effects of higher energy and raw material costs, the Federal Reserve said on Wednesday. | Full Article
Schneider serious about bidding for Tyco
April 13, 2011 03:22 PM ET
NEW YORK/PARIS (Reuters) - France's Schneider Electric SA is serious about buying Tyco International Ltd, but lenders needed to finance a transaction above $30 billion are skeptical a deal for the U.S. conglomerate can be pulled off. | Full Article
Bank regulators in pact with mortgage lenders
April 13, 2011 03:00 PM ET
WASHINGTON/CHARLOTTE, North Carolina (Reuters) - U.S. bank regulators announced pacts with the largest home lenders over allegations of shoddy foreclosure practices, jumping ahead of a states-led probe and leaving the amount of fines until later. | Full Article
Obama sets goal of $4 trillion in deficit cuts
April 13, 2011 03:15 PM ET
WASHINGTON (Reuters) - President Barack Obama on Wednesday set a goal of cutting the U.S. budget deficit by $4 trillion, plunging into the debate over the nation's fiscal woes after accusations he has failed to lead on the issue. | Full Article
Doctor-turned-trader paid cash for stock tips: prosecutors
April 13, 2011 03:02 PM ET
NEW YORK/BOSTON (Reuters) - An Ivy League-trained doctor-turned-stock-picker has been charged with insider trading, accused of showering a French physician with cash and a luxury trip to New York in exchange for secret details on a biotechnology company. | Full Article
Retail sales up modestly; growth forecasts pared
April 13, 2011 02:56 PM ET
WASHINGTON (Reuters) - U.S. retail sales posted their smallest gain in nine months in March, as auto sales plunged and consumers felt the sting of higher gas prices. | Full Article
Bank regulators reach settlements with mortgage lenders
April 13, 2011 01:28 PM ET
WASHINGTON (Reuters) - Bank regulators announced settlements on Wednesday with the largest home lenders over allegations of shoddy foreclosure practices, but the pacts did not include financial penalties. | Full Article
Banks face $3.6 trillion "wall" of maturing debt: IMF
April 13, 2011 03:04 PM ET
WASHINGTON (Reuters) - The world's banks face a $3.6 trillion "wall of maturing debt" in the next two years and must compete with debt-laden governments to secure financing, the IMF warned on Wednesday. | Full Article

The Economist: | Selected New Articles

Facebook: Friends and enemies
The Republican nomination race: A flawed favourite
Egypt: The revolution rolls on
Ai Weiwei's blog: A digital rallying cry
France: Banning burqas
Unrest in Syria: No end in sight
Belarus: Terrorism comes to Minsk
Daily chart: America the broke
Online debate: Highlights from our Facebook discussion

CBS Evening News with Kate Couric: Obama's goal: Cut deficit by $4 trillion over 12 years

The CBS Evening News with Katie Couric newsletter


Hi everyone,
President Obama says he can reduce the federal debt by $4 trillion over 12 years by cutting spending, while raising taxes for the wealthiest Americans. His proposal is just the latest salvo in what promises to be a long war over government spending. Chip Reid examines the plan, while Anthony Mason explains the debate over raising the nation's debt ceiling. Elaine Quijano reports on a chilling story in Newburgh, New York. A young mother drove her minivan into the Hudson River, killing herself and three of her children. A fourth child, who's 10, survived by climbing out of the window, and swimming to shore. It's happened again. Another air traffic controller, apparently asleep in the tower-this time in Reno, NV. That word comes as the Transportation Department announced plans to add more controllers to overnight shifts. Wyatt Andrews reports. States spend $50 billion each year on prisons. Yet 4 out of 10 convicts returns to crime. National correspondent Jim Axelrod reports on a new program that aims to reduce recidivism in this country. Katie Couric

Student loan debt rising among Americans Although many economists call student loans good debt, the burden affects choices of many Americans

Oil & gas industry spills happen Six-month investigation finds at least 6,500 spills, leaks, fires or explosions at wells and pipelines nationwide in 2010

Both sides line up to hit Obama's deficit plan Before the plan is even released, liberals and conservatives say they are disappointed in Obama's deficit reduction ideas

CBSNEWS | Political Hotsheet Top stories: Could Warren end up leading consumer bureau?

The CBS News Political Hotsheet newsletter


None of the White House's other possible nominees want to overshadow Elizabeth Warren, according to a report
Read full story
Could Warren end up leading consumer bureau?

GOP blasts Obama's deficit reduction plan After meeting with Obama, GOP leadership slams president's proposed tax hike, call for "meaningful steps" toward lowering debt

House GOP says they're leading Obama to the right Ahead of president's speech on deficit, Republican leaders say they're getting the president to move farther to the right than he ever said he would

Fake press release claimed company would give $3.2 billion to Treasury in effort to become better corporate citizen

Romney: I'm not a birther GOP presidential contender says Obama has passed the citizenship test -- but hits him on his handling of the economy

MarketWatchm | Personal Finance Daily : Bloom fades on spring home-buying market


Personal Finance Daily
APRIL 13, 2011

Wednesday's Personal Finance Stories

By MarketWatch

Don't miss these top stories:

Spring is traditionally the start of an important home buying and selling season, but the decline in the U.S. housing market is keeping things from blooming this year, Amy Hoak reports today in our spring real-estate package. There may not be many buyers out there, but more people have been searching for homes in recent months, according to So if you are among those who'd like to sell a house or buy one, what can you do? Well, today's special report can offer some help. Hoak advises on how to win if you're competing against a cash bidder. And Jennifer Waters writes about how staging your home can make all the difference in a buyer's market.

Anne Stanley , Managing Editor, Personal Finance


Home for sale this spring? Your outlook is bleak

It's spring, that time of year when many prospective home buyers begin the hunt for their next residence. But with home-price declines, more foreclosures to come and slow improvements in the employment market, some say it's likely this year's buying and selling season will be another bust.
Read more: Home for sale this spring? Your outlook is bleak.

Buying a home? There's an app for that

If you're in the market to buy a home, a slew of new smartphone apps aim to make the job easier and save you time, Amy Hoak reports.
 Watch the video: Buying a home? There's an app for that.

Why a mortgage puts a home buyer at a disadvantage

For home buyers who need to finance their purchase using a mortgage, a cash buyer can be their worst enemy.
Read more: Why a mortgage puts a home buyer at a disadvantage.

Staging your home to sell

Home stagers help you clear out the clutter and create style that sells.
Read more: Staging your home to sell.


Five financial records you can trash now

One of the best ways to celebrate the end of the frustrations of tax season is to trash documents that clutter the filing cabinet but aren't needed anymore.
Read more: Five financial records you can trash now.

Tax Freedom Day? Probably not for you

We're 102 days into the year and "Tax Freedom Day" is finally here. On Wednesday, U.S. taxpayers earned enough money to pay their taxes for the year, according to the Tax Foundation. But some experts say that for most Americans, "tax freedom" comes much earlier.
Read more: Tax Freedom Day? Probably not for you.


U.S. retail sales rise 0.4% in March

Sales at U.S. retailers increase 0.4% in March, slowing from 1.1% growth for February. However, sales excluding gasoline show just a 0.1% month-to-month rise, according to government data. Economists are divided over what conclusions, if any, to draw from the March figures.
Read more: U.S. retail sales rise 0.4% in March.

Consumers haven't hit breaking point on gas

Maybe it's getting close, but the breaking point when gasoline prices choke off retail sales wasn't reached in March.
Read more: Consumers haven't hit breaking point on gas.

Federal Reserve's path of destruction

The destructive result of the Federal Reserve's earlier housing and consumer credit bubble became the excuse for embracing a destructive zero interest rate policy which is self-evidently fueling even more destruction.
Read more: Federal Reserve's path of destruction.


No room for error in earnings season

It should come as no surprise if the market punishes companies that report worse-than-expected financial results this earnings season.
Read more: No room for error in earnings season.

Earnings death or taxes

Investors could be in for a nasty surprise if first-quarter corporate federal income-tax collections are any indication.
Read more: Earnings death or taxes.

Four laggard stocks poised for better days

Don't be afraid to look for opportunities among long-term laggards with superior fundamentals and attractive valuations.
Read more: Four laggard stocks poised for better days.


Europe banks, emerging markets pose risks: IMF

The risks to global financial system stability remain elevated due to the debt problems for European nations and banks as well as inflows into emerging markets, a key International Monetary Fund report concludes.
Read more: Europe banks, emerging markets pose risks.

Aussie bulls test fear of heights

The air is getting thin for Australian dollar bulls as the currency trades near post-float highs.
Read more: Aussie bulls test fear of heights.

Market Watch | Market Pulse: Japan turmoil disrupting U.S. activity: Beige Book

By Greg Robb 
WASHINGTON (MarketWatch) -- The Japanese earthquake may be having more of an impact on the U.S. economy than previously believed, according to the Federal Reserve's latest Beige Book survey of current economic conditions released on Wednesday. A majority of the Fed's 12 regional districts reported "actual or expected disruptions to sales and production" as a result of the Japan earthquake. Overall, the Beige Book found that activity generally continued to improve since early March although some districts reported only moderate gains while others were more upbeat. The report found that more businesses were trying to pass along higher costs to consumers but were having mixed success.

NYT: Breaking News: Obama's Debt Plan Pairs Cuts With Higher Taxes on Rich

Breaking News Alert
The New York Times
Wed, April 13, 2011 -- 1:55 PM ET

Obama's Debt Plan Pairs Cuts With Higher Taxes on Rich

In a speech on Wednesday, President Obama called for cutting
the nation's budget deficits by $4 trillion over the next 12
years, countering Republican budget plans with what he said
was a more balanced approach that relies in part on tax
increases for the wealthy as well as on spending cuts.

In a speech that serves as the administration's opening bid
for negotiations over the nation's fiscal future, Mr. Obama
conceded a need to cut spending, rein in the growth of
entitlement programs and close tax loopholes, officials said
shortly before he spoke.

But he also insisted that the government must maintain what
he called investment in programs that are necessary to
compete globally. And he made clear that, despite his
compromise with Congressional leaders in December, Mr. Obama
would fight Republicans to end lowered tax rates for wealthy
Americans that have been in place since President George W.
Bush championed them in the last decade.

Read More:

MarketWatch | Market Pulse: Fed penalizes 10 banks on mortgage practices

By Steve Goldstein

WASHINGTON (MarketWatch) -- The Federal Reserve said it's taken enforcement action against 10 banks over "a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing. These deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices at these institutions." The banks are Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 13.30, -0.17, -1.26%) , Citigroup /quotes/comstock/13*!c/quotes/nls/c (C 4.51, -0.04, -0.90%) , Ally Financial, the HSBC North America unit of HSBC Holdings /quotes/comstock/13*!hbc/quotes/nls/hbc (HBC 53.72, +0.23, +0.43%) , J.P. Morgan Chase /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 46.06, -0.59, -1.25%) , MetLife /quotes/comstock/13*!met/quotes/nls/met (MET 44.22, -0.55, -1.23%) , PNC Financial Services /quotes/comstock/13*!pnc/quotes/nls/pnc (PNC 62.51, -0.62, -0.98%) , SunTrust Banks /quotes/comstock/13*!sti/quotes/nls/sti (STI 28.96, -0.64, -2.16%) , U.S. Bancorp /quotes/comstock/13*!usb/quotes/nls/usb (USB 26.00, -0.36, -1.37%) and Wells Fargo /quotes/comstock/13*!wfc/quotes/nls/wfc (WFC 30.72, -0.68, -2.16%) . In addition to the actions against the banking organizations, the Federal Reserve on Wednesday announced formal enforcement actions against Lender Processing Services, Inc. (LPS), a domestic provider of default-management services and other services related to foreclosures, and against MERSCORP, Inc., which provides services related to tracking and registering residential mortgage ownership and servicing, acts as mortgagee of record on behalf of lenders and servicers, and initiates foreclosure actions /quotes/comstock/13*!bac/quotes/nls/bac Bank of America Corp (BAC) /marketstate/country/US The market is open2:36:39 pm The market is closed2:36:39 pm $ 13.30 Change -0.17 -1.26% Volume 83.48m Real time quotes 13.70 13.60 13.50 13.40 13.30 13.20 8a 10a 12p 2p Add to portfolio BAC Find a Broker Create alert /quotes/comstock/13*!c/quotes/nls/c Citigroup Inc (C) /marketstate/country/US The market is open2:36:41 pm The market is closed2:36:41 pm $ 4.51 Change -0.04 -0.90% Volume 247.53m Real time quotes 4.65 4.60 4.55 4.50 4.45 8a 10a 12p 2p Add to portfolio C Find a Broker Create alert /quotes/comstock/13*!hbc/quotes/nls/hbc HSBC Holdings PLC (HBC) /marketstate/country/US The market is open2:36:25 pm The market is closed2:36:25 pm $ 53.72 Change +0.23 +0.43% Volume 939,614 Real time quotes 54.50 54.25 54.00 53.75 53.50 53.25 8a 10a 12p 2p Add to portfolio HBC Find a Broker Create alert /quotes/comstock/13*!jpm/quotes/nls/jpm JPMorgan Chase & Co (JPM) /marketstate/country/US The market is open2:36:39 pm The market is closed2:36:39 pm $ 46.06 Change -0.59 -1.25% Volume 40.77m Real time quotes 48.00 47.50 47.00 46.50 46.00 8a 10a 12p 2p Add to portfolio JPM Find a Broker Create alert /quotes/comstock/13*!met/quotes/nls/met MetLife Inc (MET) /marketstate/country/US The market is open2:36:34 pm The market is closed2:36:34 pm $ 44.22 Change -0.55 -1.23% Volume 2.56m Real time quotes 45.25 45.00 44.75 44.50 44.25 44.00 8a 10a 12p 2p Add to portfolio MET Find a Broker Create alert /quotes/comstock/13*!pnc/quotes/nls/pnc PNC Financial Services... (PNC) /marketstate/country/US The market is open2:36:35 pm The market is closed2:36:35 pm $ 62.51 Change -0.62 -0.98% Volume 2.01m Real time quotes 64.00 63.50 63.00 62.50 62.00 8a 10a 12p 2p Add to portfolio PNC Find a Broker Create alert /quotes/comstock/13*!sti/quotes/nls/sti SunTrust Banks Inc (STI) /marketstate/country/US The market is open2:36:41 pm The market is closed2:36:41 pm $ 28.96 Change -0.64 -2.16% Volume 5.91m Real time quotes 30.00 29.75 29.50 29.25 29.00 28.75 8a 10a 12p 2p Add to portfolio STI Find a Broker Create alert /quotes/comstock/13*!usb/quotes/nls/usb US Bancorp (USB) /marketstate/country/US The market is open2:36:23 pm The market is closed2:36:23 pm $ 26.00 Change -0.36 -1.37% Volume 7.27m Real time quotes 27.00 26.75 26.50 26.25 26.00 25.75 8a 10a 12p 2p Add to portfolio USB Find a Broker Create alert /quotes/comstock/13*!wfc/quotes/nls/wfc Wells Fargo & Co (WFC) /marketstate/country/US The market is open2:36:38 pm The market is closed2:36:38 pm $ 30.72 Change -0.68 -2.16% Volume 23.71m Real time quotes 32.00 31.50 31.00 30.50 8a 10a 12p 2p Add to portfolio WFC Find a Broker Create alert