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May 18, 2011

Financial & Forex Info | The Australian Business Briefing : Banks shrug off credit ratings cut









Wall St ends losing streak on easy Fed
Wall St Steven Russolillo US stocks snapped a three-day losing streak today as the Fed's minutes showed the central bank is in no hurry to tighten monetary policy.
 
Greece to double austerity cuts
GREECE-FINANCE-ECONOMY-PRIVATISATION Alkman Granitsas and Terence Roth GREECE says it will double the size of additional spending cuts and revenue measures planned for this year, amid fears of a debt default.
 
Banks shrug off credit ratings cut
banks Richard Gluyas THE nation's major banks have been hit with their first credit-rating downgrade for 15 years.
 
Press the flesh or fail in China, firms told
Geoff Raby Michael Sainsbury AUSTRALIA'S ambassador to China, Geoff Raby, has accused senior Australian executives of not having enough knowledge of, or interest in, our largest trading partner.
 
Telstra, NBN close to $9bn agreement
fibre optic Tracy Lee TELSTRA is expected to finalise its $9 billion agreement with NBN Co as early as next week.
 
Call for ASIC to probe Redflex bid
Redflex Holdings EXCLUSIVE Damon Kitney A MAJOR shareholder in Redflex has called on ASIC to review the circumstances surrounding the collapse of a $305 million takeover bid.
 
Rate rise to hurt like hell: BoQ boss
David Liddy Richard Gluyas BANK of Queensland boss David Liddy has warned that another rate rise would "hurt like hell".
 
Sugar growers pave way for sweeter bid
Sugar growers Andrew Fraser and Sarah Elks US agricultural company Bunge is the first of three rival bidders to increase their offer for Tully Sugar.
 
Financial Markets
Wall St ends losing streak on easy Fed
Wall St Steven Russolillo US stocks snapped a three-day losing streak today as the Fed's minutes showed the central bank is in no hurry to tighten monetary policy.
 
Gold follows oil's move higher
Copper jumps 2.7pc on cautious demand
 
Financial Markets Coverage
 
Mining & Energy
Gold follows oil's move higher
Gold Tatyana Shumsky GOLD and silver locked in gains today, as metals traders eyed the return of $US100 a barrel oil.
 
Copper jumps 2.7pc on cautious demand
Oil rises 3.3pc back above $US100
 
More Mining & Energy Coverage


NYT News Alert: U.S. Unveils $2 Billion Aid Package for Egypt


Breaking News Alert
The New York Times
Wed, May 18, 2011

U.S. Unveils $2 Billion Aid Package for Egypt

Few game-changing proposals are emerging to defuse soaring
tensions in the Middle East as a busy week of diplomacy
unfolds with President Obama's address to the region and his
meeting with Israel's prime minister.

Against the backdrop of Middle East uprisings that have
intensified animus toward Israel and growing momentum for
global recognition of a Palestinian state, American and
Israeli officials are struggling to balance national security
interests against the need to adapt to a transformative
movement in the Arab world.

The White House unveiled a $2 billion multiyear economic aid
package for Egypt, which officials say would largely shift
existing funds. Prime Minister Benjamin Netanyahu of Israel
prepared to arrive in Washington with a familiar package that
he hoped would shift the burden of restarting the peace
process from Israel to the Palestinians.

Read More:
http://www.nytimes.com/2011/05/19/world/middleeast/19diplo.html?emc=na


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NYT: Afternoon Business News: At a Time of Needed Financial Overhaul, a Leadership Vacuum



BUSINESS

The Minutiae of an Airline Merger

By JAD MOUAWAD
When Delta acquired Northwest three years ago, executives did not fully anticipate the thousands of tiny details that can make the difference between a successful merger and a failed one.

Trade Panel Rejects Key U.S. Claim in Airbus-Boeing Dispute

By NICOLA CLARK
The ruling finds that European aid to Airbus cost its American rival market share and may require a remedy, but says it was not prohibited.
DealBook

Rating Agencies Face Crackdown

By BEN PROTESS
The Securities and Exchange Commission proposed sweeping new rules on Wednesday to overhaul the rating business.
App Smart

Searching for a Job? Try Looking at Your Hand-Held First

By BOB TEDESCHI
Unlike many other job-search apps, the new software from Monster.com is well designed and useful.
DealBook

At a Time of Needed Financial Overhaul, a Leadership Vacuum

By JESSE EISINGER
The financial regulatory system was remade under Dodd-Frank and requires strong leaders, but five major bank regulatory positions are either unfilled or staffed with acting directors.

MarketWatch | Market Pulse: Japan economy shrinks more than expected in Q1



By Michael Kitchen 
 
LOS ANGELES (MarketWatch) -- Japan's gross domestic product contracted by 0.9% during the January-March quarter, marking a 3.7% year-on-year drop, the government reported Thursday. The result showed a far greater drop than a median forecast for a 0.5% quarter-on-quarter contraction in separate surveys of economists from Reuters and Dow Jones Newswires. The GDP reading was the first to include the catastrophic March 11 earthquake. The Japanese yen fell following the announcement, with the U.S. dollar trading at ¥86.95, compared to ¥81.60 just ahead of the data release.

Financial & Forex Info | Reuters - Daily Investor Update: Wall Street Snaps Losing Streak, But Headwinds Remain









News
LATEST NEWS
Wall Street snaps losing streak, but headwinds remain
NEW YORK (Reuters) - Wall Street snapped its three-day losing streak on Wednesday thanks to a rebound in commodity prices and Dell's strong earnings, but investors say stocks still face headwinds. | Full Article

Most at Fed want rate hikes before asset sales
May 18, 2011 04:11 PM ET
WASHINGTON (Reuters) - Most Federal Reserve officials prefer to raise rock-bottom interest rates before selling assets when the time comes to tighten policy, restoring their main tool for managing the economy, according to minutes of their April meeting. | Full Article
China piracy cost U.S. firms $48 billion in 2009: report
May 18, 2011 04:04 PM ET
BIG SKY, Montana (Reuters) - Chinese piracy and counterfeiting of U.S. software and a wide range of other intellectual property cost American businesses an estimated $48 billion in 2009, the U.S. International Trade Commission said in a report released on Wednesday. | Full Article
Insider trading trial defendants attack government case
May 18, 2011 02:13 PM ET
NEW YORK (Reuters) - A former Galleon hedge fund trader on trial for insider trading waded into "the river of gossip" of Wall Street for tips and speculation, not secrets leaked by corporate lawyers as the government charges, his lawyer told a jury on Wednesday. | Full Article
LinkedIn IPO likely a success, but risks real
May 18, 2011 01:54 PM ET
NEW YORK (Reuters) - LinkedIn is due to sell some $341 million of shares to the public later on Wednesday, and the intense demand for the stock so far could be a good indicator of how investors will receive IPOs from other social media companies like Facebook. | Full Article
US TOP NEWS
Hotel maid to testify as Strauss-Kahn pressured to quit
May 18, 2011 03:46 PM ET
NEW YORK/PARIS (Reuters) - A hotel maid who says IMF chief Dominique Strauss-Kahn tried to rape her was due to testify to a New York grand jury on Wednesday, as the French presidential hopeful faced growing pressure to resign. | Full Article
Gaddafi's wife, daughter in Tunisia: source
May 18, 2011 03:57 PM ET
TUNIS (Reuters) - The wife and daughter of Libyan leader Muammar Gaddafi crossed over the border into Tunisia several days ago, a Tunisian security source told Reuters on Wednesday. | Full Article
Yemen transition deal falls through at last minute
May 18, 2011 02:49 PM ET
SANAA (Reuters) - A deal on a transition of power in Yemen fell through at the last minute on Wednesday, even as Washington stepped up pressure on President Ali Abdullah Saleh to sign a Gulf-brokered agreement to ease him out of office. | Full Article
U.S. imposes sanctions on Syria's Assad
May 18, 2011 03:18 PM ET
WASHINGTON/AMMAN (Reuters) - Washington imposed sanctions on Syrian President Bashar al-Assad and other senior officials on Wednesday in a dramatic escalation of pressure on Syria to halt a violent crackdown on pro-democracy protests. | Full Article
U.S. claims "definitive victory" in Airbus subsidy case
May 18, 2011 02:16 PM ET
BIG SKY, Montana (Reuters) - The World Trade Organization appellate body has given the United States a "definitive victory" in its long-running case against European subsidies for Airbus, U.S. officials said on Wednesday. | Full Article
HEALTH NEWS
Multi-state accord would reduce tobacco sales to minors
Generics seen slashing global drug sales growth
Healthcare ills infect 2012-bound Republicans
Cancer drug spending to jump through 2013: report
Cell therapy aims to prevent transplant rejection

The Economist | Selected New Articles: The Qeen in Ireland | Greece an the Euro | Caption Competition | DSK'S Arrest | British Politics ...



The Queen in Ireland: One's small step
Greece and the euro: Sell, sell, sell
Electric vehicles: Horsepower v cash cows
Caption competition: A new chance for you to see your wit in print
DSK's arrest: Those terribly clever French intellectuals
British politics: The Social Animal and the Big Society
Language: Did I hear you raht?
Manchester v Liverpool: The meaning of number 19
Online debate: University of Illinois's Ed Diener makes the case for a Subjective Well-Being (SWB) indicator

THE WASHINGTON POST | Post Politics Afternoon Edition: Why The Gang Of Six Doesn't Really Matter.

The Washington Post
Politics Afternoon Edition

HEADLINES

  1. 44: Why the 'Gang of Six' doesn't really matter

    Obama and either John Boehner or Mitch McConnell will likely need to sign off on any agreement.
    » Read full article

  2. The Take: Newt Gingrich keeps digging deeper

    It was Hillary Clinton, back in 2007, who said there are no do-overs in life, Dan Balz says. That is especially true for politicians. If there were, Newt Gingrich would be grasping for the opportunity.
    » Read full article

  3. U.S. to sanction Syrian President Assad

    The Obama administration imposed sanctions Wednesday on Syrian President Bashar al-Assad and six of his government's top officials as the White House sought to increase pressure on Assad to halt violence against anti-government protesters.
    » Read full article

  4. The Fix: The wide open 2012 field

    The 2012 Republican presidential primary field has grown increasingly clear in the past week. And yet, the latest data from Gallup, which seeks to account for where the votes of Huckabee and Trump will wind up, suggests the field remains decidedly muddled with no clear frontrunner.
    » Read full article

  5. Fact Checker: Darrell Issa's inflammatory 'act of war' comment

    Rep. Darrell Issa (R-Calif.) has claimed the Mexican government called a bungled operation an "act of war." We find no evidence for his claim.
    » Read full article

CBS POLITICAL HOTSHEET TOP STORIES: THE PREDICTABLE ROAD TO RAISING THE DEBT LIMIT

The CBS News Political Hotsheet newsletter


      CBS POLITICAL HOTSHEET TOP STORIES    



 
John Dickerson: The fight over the debt limit is following a familiar Washington script
Read full story
 The predictable road to raising the debt limit

California lawmakers are at odds over whether the Navy should name a ship after the Mexican-American labor leader

Obama 2012 team sells birther-mocking tees "Obama for America" ready to capitalize off birther issue with "Made in America" paraphernalia

Jon Huntsman campaign would be based in Orlando Former Utah Governor poised to base campaign in Florida instead of Utah or current home of Washington

Lawmakers to Obama: Appoint watchdogs now Bipartisan group points out nine Inspector General posts remain vacant, calls on president to fill them

CBS RVENING NEWS with KATE COURIC: United States slaps sanctions on Syrian President

The CBS Evening News with Katie Couric newsletter

Hi everyone,
A controversial report on sex abuse by Catholic priests says homosexuality and celibacy did not cause the scandal. Instead, it points to poor seminary training for priests who were suddenly confronted with social upheaval during the 1960s. Elaine Quijano will have more. President Obama upped the ante on Syria today, slapping President Bashar Assad and six of his aides with economic sanctions, to punish them for attacking, arresting, and in hundreds of cases, killing protesters. How much Tylenol should you give babies when they're ill? For the first time, federal health officials are recommending that dosing instructions should be included on packages of acetaminophen and other pain relievers for children 2 and under. Finally - a tale of two cities separated by a raging river, but bonded by a crisis. Dean Reynolds reports on how Natchez, Mississippi and Vidalia, Louisiana are helping each other cope with the rising waters of the mighty Mississippi.

Katie Couric
CouricandCo@cbs.com


LATEST HEADLINES
Hidden dangers in baby products? Study of foam padding in dozens of items like car seats and changing pads finds possible cancer-causing chemicals

San Francisco in toothpicks stretches imagination More than 100,000 toothpicks and 36 years go into Scott Weaver's recreation of virtually every landmark in the city

Japan may be world's biggest ship graveyard Japanese officials estimate a decade of recovery as workers slowly sift through debris mountains for the 10,000 still missing






MarketWatch | Personal Finance Daily: Pick dividend-paying stocks carefully

MarketWatch
Personal Finance Daily
MAY 18, 2011

Look for growth, strength in dividend stocks

By MarketWatch



Don't miss these top stories:

Who doesn't love a dividend? As Robert Powell points out in his Your Portfolio column today, it's really not enough to just pick any old dividend-paying stock and forget about it. Investors who do that may be missing out on some great advantages and may be paying too much for growth opportunities. Other factors to consider are a track record of strong dividend growth and companies that make good use free cash flow. Powell reviews strategies and lists ETFs, funds and companies you'll want to look at.

MarketWatch Radio's Adrienne Mitchell says the last thing you'll probably be worrying about if you have to leave your home because of a natural disaster is financial fraud. She talks with Adam Levin, chairman and co-founder of Identity Theft 911 about ways to protect your identity and financial documents before a disaster strikes, as well as find help after.

Anne Stanley , Managing Editor, Personal Finance

Pick dividend-paying stocks carefully

Everybody loves a healthy dividend-paying stock, but investors need to assess companies carefully to make sure the payout is likely to continue. That includes looking at the company's free-cash-flow yield.
Read more: Pick dividend-paying stocks carefully.


The higher costs of strategic default

Homeowners considering strategic default need to know this before taking the leap: The fact that you could have continued paying your mortgage, but chose not to, could mean you'll face harsher consequences than those who defaulted out of hardship.
Read more: The higher costs of strategic default.


Protect your identity as part of disaster plan

Weather disasters can turn into credit disasters without a little advance planning. MarketWatch Radio's Adrienne Mitchell got some advice from Adam Levin, chairman and co-founder of Identity Theft 911.
Listen: Read for disaster? Protect your identity.


10 ways to save on a wedding

Anja Winikka, senior editor at The Knot, lists ways to contain the high costs of a wedding, including ways to save on the biggest expense: the reception.
Watch the video: 10 ways to save on a wedding.


INVESTING

The Dow is not dead

The Dow Jones Industrial Average turns 115 years old on May 26, and the U.S. stock market icon is still robust and relevant.
Read more: The Dow is not dead.


Leading indicators of stock market top

The stock market sectors that typically shine during the last months of a bull market are doing quite well these days, thank you. And at least some of the sectors that typically do poorly in such months are struggling.
Read more: Leading indicators of stock market top.


Money lessons from U.S. debt ceiling drama

Consumers can learn from Uncle Sam's latest discussions about expanding the debt ceiling. By applying common sense to your own finances — and looking at the folly of government spending — it becomes easy to see why long-running unpaid debts drain resources and assets.
Read more: Money lessons from U.S. debt ceiling drama.


ECONOMY & POLITICS

Will Strauss-Kahn help China surpass Japan?

As the International Monetary Fund and financial community continue to assess the impact of Japan's disaster, Tokyo weighs the impact of Dominique Strauss-Kahn's own surprising headlines this week — and whether both developments could end up helping China, Japan's chief Asian rival.
Read more: Will Strauss-Kahn help China surpass Japan?


Wind industry's top lobbyist sheds oil roots

As some 20,000 wind industry professionals gather in California this weekend for the world's biggest wind energy trade show, the top promoter for the U.S. industry sees huge opportunities ahead for wind-generated power.
Read more: Wind industry's top lobbyist sheds oil roots.


The Congress that couldn't cut straight

Republicans worked hard to cut government spending, but the bill they passed will actually increase it, proving just how tough it is to get the deficit under control.
Read more: The Congress that couldn't cut straight.


Pressure mounts on IMF chief, Europe scrambles

Pressure mounts on the International Monetary Fund to ditch jailed chief Dominique Strauss-Kahn, while Europe scrambles to maintain its hold on the top post amid challenges from rising emerging-market powers.
Read more: Pressure mounts on IMF chief, Europe scrambles.

MarketWatch | Market Pulse: Fed April minutes show division about when to exit



By Greg Robb 
 
WASHINGTON (MarketWatch) -- Federal Reserve officials are divided about the timing of when to start to tighten monetary policy, with some officials saying that an exit might come sooner than expected while others were concerned early rate hikes would unnecessarily damp the recovery, according to the minutes of the Fed's April 26-27 meeting released on Wednesday. Some Fed officials told their colleagues that they would only support a third round of asset purchases, known as QE3, if there was a significant change in the economic outlook. The minutes reveal that Fed officials spent a lot of time discussing how to exit from an ultra-low stance with rates stuck between 0% and 0.25% and the Fed's having more than $2.7 trillion in assets on the books. Fed officials said the discussion was not a sign that an exit would necessarily begin soon. While there were no decisions taken, most of the FOMC members wanted to shrink the balance sheet though predictable sales of assets.

CBS NEWS TOP STORIES: Giffords set for skull replacement surgery

CBS News.com - Daily News Summary

CBS NEWS TOP STORIES
With astronaut husband in space, Rep. Gabrielle Giffords takes next step in recovery from gunshot wound to the brain
Read full story
Giffords set for skull replacement surgery
Officials: Strauss-Kahn on suicide watch in jail IMF head accused of sexual assault is being closely monitored, prison officials claim, but has not tried to harm himself

Mississippi River reopened to commercial traffic Vital flow of goods restored on swollen river, but at slowest speeds possible to limit stress on levees  Photos

Shuttle Endeavour docks with Space Station Making final journey - and next-to-last flight of NASA's shuttle era - Endeavour arrives at International Space Station

Gingrich showered with glitter by protester Gay rights supporter dumps colorful confetti on GOP presidential hopeful at Minneapolis book-signing

Sugar Ray Leonard: Coach sexually abused me In upcoming book, former boxing champ reveals he was sexually abused as a young fighter by unnamed Olympic boxing coach

Officials: IMF head on suicide watch in jail IMF head accused of sexual assault is being closely monitored, prison officials claim, but has not tried to harm himself

Lawyer of IMF accuser: "She will tell her story" New York maid who accused International Monetary Fund chief of trying to rape her would take stand, her attorney says

Obama seeks Mideast path in a changing landscape With bin Laden gone and many Arab states vying for democracy, Israel-Palestinian feud "more vital than ever"