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Apr 21, 2011

WSJ Technology Alert: Google, Apple Receive Phone Users' location

Technology Alert
from The Wall Street Journal

Apple's iPhones and Google's Android smartphones regularly transmit their locations back to Apple and Google, respectively, according to data and documents analyzed by The Wall Street Journal—intensifying concerns over privacy and the widening trade in personal data.

Google and Apple are gathering location information as part of their race to build massive databases capable of pinpointing people's locations via their cellphones. These databases could help them tap the $2.9 billion market for location-based services—expected to rise to $8.3 billion in 2014.

Financial & Forex Info | Kitco New York Market Close Report

New York Market Close Apr 21/11 05:21 PM EDT

NYT: Afternoon Business News: Rajaratnam's Lawyer Casts Doubt on Witnesses' Credibility


Rajaratnam's Lawyer Casts Doubt on Witnesses' Credibility

"If it's public, you must acquit," John Dowd said as he wrapped up the defense in the insider trading case of the Galleon hedge fund chief.

Morgan Stanley Profit Falls 48%

Morgan Stanley, which like its peers is still feeling the aftereffects of the financial crisis, said first-quarter earnings fell to $736 million from $1.4 billion in the period a year earlier.

G.E. Tops Forecasts and Raises Dividend

The chief executive, Jeffrey R. Immelt, said the results were an indication that G.E. had emerged from the recession a stronger company.

A Shopping List for Apple's Growing War Chest

With $65.8 billion in cash - more than any other technology company - Apple has the dry powder to go on a shopping spree. Here's a look at what it could buy.

Fiat to Raise Chrysler Stake to 46 Percent

Fiat says it will spend $1.3 billion to add to its controlling stake in the Chrysler Group, and aims to have a majority shareholding this year.

Financial & Forex Info | Daily Investor Update: Wall Street ends strong week with new earnings attitude

Wall Street ends strong week with new earnings attitude
NEW YORK (Reuters) - U.S. stocks posted their first positive week in three as more healthy earnings news lifted Wall Street on Thursday, though gains were limited with another 180 S&P names due to report next week. | Full Article

NYSE board rejects Nasdaq, ICE bid
April 21, 2011 01:41 PM ET
NEW YORK (Reuters) - NYSE Euronext directors rejected as too risky and lacking value a sweetened takeover offer from Nasdaq OMX Group and IntercontinentalExchange , the second time in 11 days the board backed a lower bid from Germany's Deutsche Boerse AG . | Full Article
Mattel handed stunning reversal in Bratz case
April 21, 2011 03:25 PM ET
SANTA ANA, California (Reuters) - Mattel Inc , after waging a seven-year legal war against a tiny California company, swallowed a surprise defeat on Thursday after a U.S. jury decided that MGA Entertainment Inc is the rightful owner of the once-billion dollar line of pouty-lipped Bratz dolls. | Full Article
JPMorgan to return $861 million to Lehman brokerage
April 21, 2011 03:34 PM ET
NEW YORK (Reuters) - JPMorgan Chase & Co agreed to return more than $800 million of assets that will be distributed to former customers of Lehman Brothers Holdings Inc's brokerage. | Full Article
GE's profit beat fails to stir Wall Street
April 21, 2011 01:07 PM ET
BOSTON (Reuters) - General Electric Co posted an 80 percent rise in profit that topped Wall Street's expectations, helped by a strong recovery in its finance arm. | Full Article
Lawsuits fly in BP's Gulf spill blame game
April 21, 2011 03:27 PM ET
LONDON/NEW YORK (Reuters) - A barrage of court claims pitting BP Plc against its partners in the Gulf of Mexico oil spill could lay the groundwork for billions of dollars in settlements to spread the costs of the disaster, legal experts say. | Full Article
Karachi blast kills 15, criminal gangs suspected
April 21, 2011 02:36 PM ET
KARACHI (Reuters) - At least 15 people were killed and several wounded when a bomb ripped through a club for card players in Pakistan's biggest city of Karachi Thursday, police said. | Full Article
Gold hits record for fifth session, dollar tumbles
April 21, 2011 04:26 PM ET
NEW YORK (Reuters) - Gold prices rallied to record highs on Thursday for a fifth straight session and silver surged as the dollar index tumbled for a third day toward an all-time low, prompting investors to buy bullion as a currency hedge. | Full Article
Economy struggles for momentum, data shows
April 21, 2011 02:53 PM ET
WASHINGTON (Reuters) - Factory activity in Middle Atlantic states braked sharply in April and the number of Americans claiming new jobless benefits fell less than expected, implying the economy was struggling to regain momentum. | Full Article
Rajaratnam defense in last shot to urge acquittal
April 21, 2011 02:19 PM ET
NEW YORK (Reuters) - Raj Rajaratnam's lawyer took his last shot at keeping his client out of prison, blasting the credibility of key witnesses and telling jurors on Thursday the government failed to prove the hedge fund manager broke insider-trading laws. | Full Article

CBS EVENING NEWS with KATE COURIC: A report from Misrata - a Libyan city under siege

The CBS Evening News with Katie Couric newsletter


Hi everyone,
Dealing with the national debt promises to be a hot button political issue for years. So, which plan has more support? The President's or the Republicans? The latest CBS News/New York Times poll may surprise you. Allen Pizzey has more from Misrata, the Libyan city under siege from Qaddafi's army. Allen describes a bizarre mix- in some parts of the city, life is almost normal. But just blocks away, shells are falling and buildings are being destroyed. One year after the oil disaster, BP still hasn't paid out much of its $20 billion fund to reimburse Gulf coast residents and businesses. Only 2 out of 5 claimants have been paid. Don Teague reports from the Gulf coast. Katie Couric

Gulf oil rig's survivors struggle one year later Nightmares, post-traumatic stress disorder haunt some Deepwater Horizon survivors, victims' loved ones after Gulf blast

Greg Mortenson could face $20M in back taxes Memo warned bestselling author could conceivably be liable for as much as $23 million; Charity says he received no excess benefits

Pulitzer winner achieves the American dream An illegal immigrant until his late teens, a kind gesture from 2 L.A. Times reporters gave Ruben Vives a job - and purpose

CBSNEWS | Political Hotsheet: Lawmakers ask Steve Jobs to explain iPhone tracking

The CBS News Political Hotsheet newsletter


In the wake of a discovery regarding data collection on iPhones, some Democrats say Apple may have broken the law
Read full story
Lawmakers ask Steve Jobs to explain iPhone tracking

Gary Johnson announces presidential run The libertarian-leaning former New Mexico governor says he will become "President Veto"

Obama fundraiser interrupted by protesters Woman stands up in the middle of fundraising event and interrupts president with song about freeing accused Wikileaks leaker Bradley Manning

Paul Ryan gets booed at town hall meeting Architect of GOP budget plan garners groans and boos when defending tax cuts for highest earners

Poll: 25% think Obama was not born in U.S. New CBS News/NYT survey shows quarter of Americans, including 45 percent of Republicans, incorrectly think Obama was born outside U.S.

The Washington Post : Breaking News Alert: Pentagon chief: Obama approves use of armed drones in Libya

Breaking News Alert: Pentagon chief: Obama approves use of armed drones in Libya
April 21, 2011
Secretary of Defense Robert M. Gates says armed Predator drones will contribute to coalition military campaign in Libya.

For more information, visit

MarketWatch | Investing: Money talks Oil, gold as global growth stories

  The multiyear trend is favorable to commodities such as oil and gold, particularly because of loose monetary policies and potential supply disruptions, says Permanent Portfolio's Michael Cuggino. • Don’t buy stocks and don’t buy bonds • Your black swan survival kit • Mr. Market’s wild ride • Start with $10,000 and retire a millionaire • Why gold is a bad investment • Check out Kurt Brouwer's Fundmastery Blog
Money talks Oil, gold as global growth stories

Financial & Forex Info | Reuters - Deals Today

Fiat will pump another $1.3 billion into Chrysler this quarter as it moves closer to its target of owning a controlling stake in the U.S. automaker. The deal will take Fiat’s holding in the company to 46 percent, just 5 percent shy of the 51 percent it needs to assume full control.

Read the politically charged, behind-the-scenes story of how the Singapore Exchange failed in its bid for a full takeover of Australian stock exchange operator ASX.

Prosecutors amped up the tone of its attacks on Raj Rajaratnam in closing arguments at the insider trading trial of the hedge fund manager on Wednesday, saying the Galleon Group founder wanted to “conquer the stock market at the expense of the law.” The jury is expected to begin deliberations once the defense wraps up its closing arguments either Thursday or next Monday.

In an interview with CNBC, NYSE Euronext chief Duncan Niederauer explains why a merger with Deutsche Boerse would better suit his company’s expansion strategy than one with competing bidders Nasdaq OMX and IntercontinentalExchange.


CBSNEWS: Daily News Summary: Poll: GOP's 2012 contenders unknown, unloved

CBS - Daily News Summary
April 21, 2011 | DAILY NEWS SUMMARY

CBS News/New York Times Poll shows little enthusiasm for potential candidates thus far - even from Republicans
Read full story
Poll: GOP's 2012 contenders unknown, unloved
2 journalists are first American deaths in Libya Oscar-nominated director and a Getty photographer killed, 2 other journalists wounded in Misrata attack  Complete Coverage

Greg Mortenson could face $20M in back taxes Memo warned bestselling author could conceivably be liable for as much as $23 million; Charity says he received no excess benefits

UK: NATO not creeping toward Libya ground war PM Cameron says coalition won't deploy ground troops, despite several countries sending military advisers to aid rebels

Gulf oil rig's survivors struggle one year later Nightmares, post-traumatic stress disorder haunt some survivors, victims' loved ones  Complete Coverage

Kate Middleton's coat of arms unveiled Princess-to-be and her family given a traditional coat of arms as her wedding to Prince William approaches   More coverage

BP sues rig maker for $40B; also sues cap maker Oil giant files two lawsuits on first anniversary of Gulf disaster, saying rig maker and blowout preventer maker are to blame

Wis. court challenger seeks statewide recount JoAnne Kloppenburg refuses to concede defeat in Supreme Court election with margin of votes within one-half of 1 percent

2 journalists are first American deaths in Libya Director of "Restrepo" and a Getty photographer killed, 2 other journalists wounded in attack on Misrata by Qaddafi forces

MarketWatch | Market Pulse: Jobless claims fall 13,000 to 403,000

By Greg Robb 
WASHINGTON (MarketWatch) - First-time claims for state unemployment benefits fell in the latest week but remained above 400,000 for the second straight week, the Labor Department reported Thursday. The number of initial claims in the week ending April 16 fell 13,000 to 403,000. This is the first time that claims have remained above 400,000 for two weeks since late January. The consensus forecast of Wall Street economists surveyed by MarketWatch was for claims to fall to 390,000. The average of new claims over the past four weeks, meanwhile, rose by 2,250 to 399,000. This is the highest level since the week ended Feb. 19. Claims in the previous week were revised to an increase of 31,000 to 416,000 compared with the initial estimate of an increase of 27,000 to 412,000. The Labor Department also reported that the number of Americans who continue to receive state unemployment checks decreased by 7,000 to 3.70 million in the week ended April 9. This is the lowest level since September 2008. The four-week average remained at its lowest level since October 2008.

Financial & Forex Info | Reuters Before The Bell: Stock index futures gain on earnings hopes.

Stock index futures gain on earnings hopes
NEW YORK (Reuters) Stock index futures pointed a higher open for Wall Street on Thursday, adding to hefty gains from the previous session, boosted by growing optimism about strong corporate earnings. | Full Article

Morgan Stanley profit drops nearly 50 percent
April 21, 2011 07:47 AM ET
NEW YORK (Reuters) - Morgan Stanley's first-quarter profit dropped nearly 50 percent, hurt by a decline in fixed income trading revenue. | Full Article
GE profit, revenue top Street view
April 21, 2011 07:29 AM ET
BOSTON (Reuters) - General Electric Co posted quarterly results that blew past Wall Street expectations, joining a wave of better-than-expected earnings in the U.S. manufacturing sector. | Full Article
BP sues Halliburton, Transocean over oil spill and blast
April 21, 2011 07:33 AM ET
LONDON (Reuters) - BP Plc has filed for damages totaling more than $80 billion from Halliburton and Transocean a year after the Gulf of Mexico rig explosion that killed 11 workers and spewed millions of barrels of oil into the sea. | Full Article
Verizon posts subscriber, earnings growth
April 21, 2011 07:35 AM ET
NEW YORK (Reuters) - Verizon Communications Inc posted strong first quarter growth in wireless subscribers helped by sales of the Apple Inc iPhone. | Full Article
Bernanke briefing could be political boon for Fed
April 21, 2011 07:03 AM ET
WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke's historic decision to hold news briefings may help inoculate the U.S. central bank from political meddling, while offering financial markets more clarity on monetary policy. | Full Article
Gold hits fresh record as dollar slides, oil rises
April 21, 2011 07:26 AM ET
LONDON (Reuters) - Gold prices hit record highs for a fifth session on Thursday, and silver rallied to its strongest since 1980 as the dollar slid to a three-year low against a basket of major currencies and oil prices rose. | Full Article
Mortars pound Misrata as West talks of tougher action
April 21, 2011 07:50 AM ET
MISRATA, Libya (Reuters) - Libyan government troops pounded the besieged rebel-held city of Misrata overnight, undeterred by Western threats to step up military action against Muammar Gaddafi's forces. | Full Article
Political rift was tipping point for S&P
April 21, 2011 07:39 AM ET
NEW YORK (Reuters) - For the past 928 days, Standard & Poor's has tracked the relentless deterioration of government finances. On Monday, it made a move that could turn out to be one of its boldest calls yet. | Full Article
Politics, ideology overshadow debt limit talks
April 20, 2011 01:25 PM ET
WASHINGTON (Reuters) - In the looming fight over raising the debt limit, Washington will have its eye on two deadlines: July 2011 and November 2012. | Full Article
Prenatal pesticide exposure linked with lower IQ
Aspirin cuts heart attacks, not deaths or strokes
Winter may be linked to postpartum depression
Scientists manipulate mosquitoes in malaria fight
Scientists take steps to making "bionic" leg

The Economist | Business This Week

Business This Week

Highlights from The Economist online's Business this week
» The euro area's debt crisis: Latin lessons
» American banks: Where's the growth?
» Deepwater Horizon, one year later: The shores of recovery
» Online gambling: Poker face off
» Johnson & Johnson: Looking for a bandaid
» House prices: Unfinished bust

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» Comments by Wolfgang Schäuble, Germany's finance minister, and others about the possibility that Greece would have to restructure its debt unsettled financial markets. Greece received a bail-out from the European Union and the IMF last May. The terms of the rescue package expire in 2013, and some expect Greece to restructure before then. The yields on government bonds issued by Greece and other troubled economies in the euro zone soared after Mr Schäuble's remarks. See article
The commodity effect
» A range of data from various countries showed inflation accelerating during March. The euro area's annual inflation rate rose to 2.7%, as prices jumped for items other than food and energy. The news came shortly after the European Central Bank had decided to increase interest rates for the first time in three years. America reported that different factors lay behind a rise to 2.7% in its consumer-price index. The chief cause was higher petrol prices; the cost of most consumer goods barely increased.
» In India headline inflation (measured by wholesale rather than retail prices) leapt to nearly 9%, compared with 8.3% in February. And in China consumer prices recorded their biggest increase since July 2008, rising by 5.4% year-on-year. In another effort to try to dampen consumer lending, China boosted the required level of reserves that banks must deposit with the central bank, for the fourth time this year.
» A meeting of finance ministers from the G20 agreed to the "indicative guidelines" that would be used in future stress tests of their economies. Particular attention will be given to the seven members of the G20 that account for most of the body's output, which include China and India. Under the proposals, the IMF will look at national policies on levels of debt, budget deficits and trade balances to decide whether a country poses a threat to the world economy.
» Bank of America's troubles continued as it shook up its executive team and appointed a new chief financial officer. The bank has not been doing as well as its competitors. Its net profit in the first quarter was 36% lower than a year earlier, its share price has fallen by 30% over the past 12 months, and it performed badly in the stress tests of American banks, prompting the Federal Reserve to reject its plans for a modest increase in its shareholder dividend. See article
» Citigroup's quarterly profit dropped sharply, to $3 billion, as its consumer-banking business continues to struggle in America. Quarterly income at Goldman Sachs was also lower, though it fared better than expected. The investment bank reported net revenue of $11.9 billion and net earnings of $2.7 billion.
» A court in Milan cleared Bank of America, Citigroup, Deutsche Bank and Morgan Stanley on charges related to the collapse of Parmalat. Dubbed "Europe's Enron", Parmalat filed for bankruptcy in 2003; the dairy company's founder was eventually sentenced to 18 years in prison for fraud. The four banks were accused in the trial of trying to mislead investors about Parmalat's situation.

A date to remember Click Here!
» The American government reopened the last maritime area off the Gulf coast that had been closed to fishing because of the BP oil spill. The final lifting of the ban came the day before the first anniversary of the blowout on the Deepwater Horizon well, which killed 11 workers. See article
» Federal prosecutors shut down the three biggest online poker sites in the United States, charging their owners with fraud and money-laundering. Congress banned banks from handling internet-gambling money in 2006. Poker sites have remained open for business, as their operations are run from outside America, in places such as the Isle of Man. See article
» Synthes, which makes medical devices and sells many of the plates and screws used for treating broken bones, confirmed that Johnson & Johnson had approached it about a takeover. Any potential deal is thought to be worth around $20 billion, which would be J&J's biggest acquisition to date. The health-care company's profit was much reduced in the first quarter because of a rash of product recalls, including artificial hips. See article
» Pietro Ferrero, the 48-year-old boss of Ferrero, an Italian confectionery group whose brands include Nutella and Kinder, died in a cycling accident in South Africa.

Hope he's told the council
» A record £136m ($223m) was paid for a residence in London. A Ukrainian tycoon is believed to be the buyer of two flats in a plush new development bordering Hyde Park, which he will convert into a penthouse, if he can get planning permission. See article

The Economist Politics this week

Politics This Week

Highlights from The Economist online's Politics this week
» Removing the Qaddafis: Crunch time in Libya
» Syria's president: Ever more embattled
» Nigeria's presidential election: The real thing
» Japan: Silenced by gaman
» India's vanishing Communists: Red and buried
» Cuba's Communist congress: The start of a long, slow goodbye
» Finland's election: Race to the Finnish
» Croatia and Serbia: Protest days

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» A coalition of mainly Western countries continued to bomb pro-government military targets in Libya, as Muammar Qaddafi's forces intensified their siege of Misrata, Libya's third city and the closest one to Tripoli that is in rebel hands. Barack Obama was urged by the rebels and by many in the West to provide more aircraft that can attack targets in built-up areas with precision. Aid groups voiced concerns about the deteriorating living conditions of migrant workers trapped in Libya. See article
» Protests continued in Syria, where the authorities blamed the rising violence on an"armed insurrection" by extreme Islamists. Security forces fired on anti-government protests in Homs, killing more than 15 people. Bashar Assad, Syria's president, lifted the decades-old emergency law and promised to free political prisoners. But the unrest showed no sign of abating. See article
» Goodluck Jonathan, the incumbent, who hails from the mainly Christian south, won Nigeria's presidential election with about 60% of votes cast in a poll deemed more or less free and fair by international observers. But riots erupted in the mainly Muslim north, where Mr Jonathan's challenger, Muhammadu Buhari, had strong support. See article
» A mutiny in Burkina Faso's army that began in the capital, Ouagadougou, spread to three other cities, as soldiers and police protested over unpaid housing allowances. In an effort to quell the uprising, Blaise Compaoré, the president and a former coup leader, appointed a new government and a new head of the armed forces.

An eventual end in sight? Click Here!
» In Japan the Tokyo Electric Power Company proposed a"cold" shutdown of its damaged reactors at Fukushima, which would take up to nine months. Hillary Clinton, America's secretary of state, paid a visit to Japan to show support. Naoto Kan, the prime minister, who is under pressure from the opposition, formally apologised for the nuclear accidents caused by the earthquake and tsunami that struck in March. See article
» Elections took place in the Indian state of West Bengal. Communist-led coalitions have held power for 34 years, but the Left Front looks set to lose this time. Results won't be tallied until May 13th, in part to protect polling stations from attacks by Maoist rebels. A recent election in Kerala might end another Communist coalition's grip on that state. See article
» Binayak Sen, an Indian activist who was sentenced to life imprisonment on charges of aiding Maoist fighters, was freed on bail by India's Supreme Court. The court also cast doubt on the evidence against him. Mr Sen said he would continue to work towards a peaceful solution to the insurgency.

Castro's way
» At the Congress of Cuba's ruling Communist Party, Raúl Castro, the country's president since 2008, replaced his brother Fidel as party first secretary. He called for all of Cuba's political leaders to be limited to two five-year terms in office and for a handover of power to a younger generation, though only three new members were elected to the 15-person Politburo. The Congress approved reforms that will see up to 1m Cubans move into a fledgling private sector of small businesses and allow property to be sold. See article
» Bolivia's trade unions ended an 11-day general strike after the socialist government of Evo Morales agreed to raise public-sector wages by 11%, in line with the inflation rate.
» Colombia's government declared that it would extradite Walid Makled, a suspected drug kingpin, to his home country of Venezuela rather than to the United States. The decision was in line with Colombia's law, but also comes amid a thawing of its relations with Venezuela.
» Mexico's Competition Commission levied a fine of $1 billion on the Mexican division of América Móvil, a cellphone company controlled by Carlos Slim, the world's richest man, for monopolistic practices. The company said it would appeal.

Debt watch
» America's House of Representatives passed the alternative 2012 budget plan put forward by Paul Ryan, the Republican chairman of the budget committee. Not one Democrat voted for the plan; Harry Reid, the Democratic leader of the Senate, vowed that the legislation would not pass the upper chamber.
» Meanwhile, Barack Obama set about trying to convince voters of the merits of his new deficit-reduction proposals, which he unveiled in response to Mr Ryan's plan. As Mr Obama embarked on his tour, S&P fired a warning shot to Washington by putting America's credit outlook on negative watch for the first time.
» The Pentagon said it would move Bradley Manning to Fort Leavenworth in preparation for his trial. Mr Manning is the American soldier accused of passing diplomatic documents to WikiLeaks. Civil-liberties groups claim he was mistreated while held in detention at a marine corps prison in Virginia.

A flip of the Finns
» The politics of the euro zone's debt crisis became complicated when the True Finns, a hitherto obscure Eurosceptic party, took third place in an election in Finland. If the party joins government, as seems likely, Finland will take a tougher line on future bail-outs of troubled economies. An early victim could be Portugal, which began talks with European and IMF officials this week. See article
» Hungary's parliament passed a rewritten constitution, which includes controversial sections on religion, marriage and ethnic Hungarians living abroad. Two opposition parties boycotted the vote.
» Two Croatian generals were convicted of war crimes in The Hague and given lengthy prison sentences. The convictions relate to a military operation in August 1995, when ethnic Serbs were forced out of Croatia's Krajina region. Tens of thousands of Croatian war veterans took to the streets to protest against the verdict. See article
» A row escalated between France and Italy over migrants from north Africa. France stopped Italian trains carrying migrants from crossing the border, claiming they posed a threat to public order. Italy retorted that France was violating the rules of Europe's passport-free Schengen area. The European Commission said France's act was legal.