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May 26, 2011

SEC | Litigation Releases Update




Alfred S. Teo, Sr. and M.A.A.A. Trust
05/26/2011 05:30 PM EDT
JURY FINDS ALFRED S. TEO, SR., LIABLE FOR SECURITIES FRAUD

Donald L. Johnson, Defendant, and Dalila Lopez, Relief Defendant
05/26/2011 04:11 PM EDT
SEC CHARGES FORMER NASDAQ MANAGING DIRECTOR WITH INSIDER TRADING


SEC Charges Former NASDAQ Managing Director with Insider Trading
05/26/2011 03:15 PM EDT
The Securities and Exchange Commission today adopted rules to create a whistleblower program that rewards individuals who provide the agency with high-quality tips that lead to successful enforcement actions.

Giuseppe Tullio Abatemarco
05/26/2011 01:05 PM EDT
SWISS TRADER SETTLES INSIDER TRADING CHARGES

Gregory A. Seib
05/26/2011 10:36 AM EDT
JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANT GREGORY SEIB

Financial & Forex Info | The Australian Business Briefing: IMF may withhold Greece aid








Australian Business update for Fri May 27 08:24:05 EST 2011 
IMF may withhold Greece aid
Greece protests Frances Robinson A TOP euro-zone policymaker has suggested the IMF may withhold its Greek bailout aid next month, forcing Europe to scramble to plug the gap.
 
Tech stocks help Wall St out of losses
Wall St Brendan Conway and Steven Russolillo US stocks closed slightly higher today as strength in the consumer-discretionary and technology sectors overshadowed weak economic data.
 
Sunny outlook amid the winds of change
Nicholas Armstrong Peter Switzer NICK Armstrong, serial entrepreneur and founder of COzero, has built a $150 million business on thin air. And all by the age of 27.
 
Click goes the retail revolution
PacBrands chief Sue Morphet at the AICD lunch yesteday Andrew Fraser ONE of nation's leading retailers claims the future of retailing is online, as the country follows trends already evident in the US and Europe.
 
Bundy unveils white rum
Bundaberg Five, the company's new-look white rum Blair Speedy AUSTRALIAN rum brand Bundaberg has finally bowed to global drinking fashion, launching a white rum to compete with the market-leading Bacardi.
 
Good Ship QE11 poses currency risks
US dollar Bradley Davis and Dawn Kissi FORGET Greece. Forget China. The biggest issue facing global markets is what happens when the Federal Reserve mothballs the Good Ship QEII.
 
Big four banks to reap credit windfall
National Australia Bank Scott Murdoch THE major banks could receive an earnings windfall this year, with a strong credit growth rebound expected as the domestic economy gathers pace.
 
Foxtel upbeat on $1.9bn merger
Foxtel CEO Kim Williams says the ACCC should wave the deal through. James Chessell FOXTEL CEO Kim Williams argues the ACCC should not block a $1.9bn bid for Austar, as regulatory issues loom as the only potential risk to the deal.
 
Financial Markets
Good Ship QE11 poses currency risks
US dollar Bradley Davis and Dawn Kissi FORGET Greece. Forget China. The biggest issue facing global markets is what happens when the Federal Reserve mothballs the Good Ship QEII.
 
Tech stocks help Wall St out of losses
Gold ends 4-day rally on profit-taking
 
Financial Markets Coverage
 
Mining & Energy
Gold ends 4-day rally on profit-taking
gold Matt Day GOLD ended lower for the first time in five sessions today as traders viewed stability in equities markets as an excuse for profit-taking..
 
Oil falls 1pc on soft US economic data
Weak $US helps copper edge higher
 
More Mining & Energy Coverage

Financial & Forex Info | The Australian Capital Circle: Liberal divisions plain for all to see




Capital Circle Newsletter
Liberal divisions plain for all to see
 
Tensions in the Liberal Party room are spilling out at the wrong time for Tony Abbott.

The PM's Diary: Julia Gillard is in Queensland today. First up, she'll visit Gladstone to launch the Santos Curtin Island LNG project. Then she's off to Moranbah to speak at a women in mining and resources event. A press conference is likely around 11.30am.
Tony Abbott is in Sydney today. In his weekly 6.10am appearance on the Today show this morning, Mr Abbott was grilled about divisions in the Liberal Party and that leaked email, which is dominating front pages.
Mr Abbott said: "The only blues I have had this week are with Julia Gillard and the government." When asked if he had prior knowledge of the email sent by opposition whip Warren Entsch, Mr Abbott said: "I'm very happy with all of my MPs'' but added the whip was "rightly unhappy" with all five MPs who had missed divisions. "This wasn't about one MP, it was about all MPs doing what's expected of them.''
On the email, The Sydney Morning Herald reports Mr Abbott has also clashed with his senior colleague Nick Minchin over the Coalition's decision to oppose an excise increase on alternative fuels, saying he will always put pragmatic politics ahead of ''policy purity''.
The Australian reports: Tony Abbott has been accused of deliberately undermining Malcolm Turnbull after confirmation the Opposition Leader had prior knowledge of a leaked email savaging the former Liberal leader for missing important parliamentary ballots.
***Sign up to Capital Circle. Email me: massolaj@theaustralian.com.au***
The day ahead: Community Services Minister Jenny Macklin is meeting the states and territories today over gambling reform, and the states are no
Read more...


Financial & Forex Info | Reuters - Technology Report : Lockheed network suffers major disruption: sources



News
Microsoft's board stood behind CEO Steve Ballmer, defending its longtime leader after influential hedge fund manager David Einhorn touched off a debate by calling for his dismissal. The fund manager, who made his name warning about the financial health of Lehman Brothers before the investment bank's collapse, accused Ballmer on Wednesday evening of being stuck in the past, launching the sharpest attack yet by a high-profile investor against the company's leadership.

Google and four bank and telecom partners unveiled "Google Wallet" and "Google Offers", taking U.S. shoppers a step closer to paying by waving their mobile phones at the checkout counter. Designed to work as an app on Android phones, it hitches a ride on MasterCard's "PayPass" technology, which lets shoppers tap cards for payment. Google has signed up retailers including Macy's, American Eagle Outfitters and Subway to blend the service with loyalty programs and discount offers.

Google, MasterCard, Citigroup, First Data and Sprint will make the service available this summer to people in New York and San Francisco.

LinkedIn will seek out opportunities in China to capitalize on its massive user base even though it sees the market as complicated, a company executive said. LinkedIn has a small presence in the country and is one of the few foreign social networking sites to still have access to Chinese Internet users.

Two Democratic political consultants may proceed with their suit alleging that The Huffington Post's founders stole their idea for the news website, a New York judge has ruled. The attorneys for co-founders Arianna Huffington and Kenneth Lerer and TheHuffingtonPost.com had asked the court to dismiss the complaint filed by the consultants, Peter Daou and James Boyce, who alleged that the defendants broke their promise to work with them to create the site.


LATEST NEWS
Lockheed network suffers major disruption: sources
May 26, 2011 04:24 PM ET
WASHINGTON/BOSTON (Reuters) - Lockheed Martin Corp, the Pentagon's No. 1 supplier, is experiencing a major disruption to its computer systems that could be related to a problem with network security, two sources familiar with the issue said on Thursday. | Full Article
Facebook, Zuckerberg say ownership suit a "fraud"
May 26, 2011 04:34 PM ET
CHICAGO (Reuters) - Facebook Inc and its founder Mark Zuckerberg urged a court to throw out a lawsuit by a New York man claiming a 50 percent ownership stake in the social networking website, calling the lawsuit "a brazen and outrageous fraud." | Full Article
Republicans, Democrats skeptical of AT&T deal
May 26, 2011 03:27 PM ET
WASHINGTON (Reuters) - Lawmakers from both sides of the aisle expressed skepticism on Thursday that AT&T's proposed buy of T-Mobile USA would lead to the consumer benefits that the wireless company has promised. | Full Article
Intel might make chips based on non-Intel cores
May 26, 2011 02:51 PM ET
LONDON (Reuters) - Intel Corp would consider making chips for rivals, but any proposal to use its advanced manufacturing technology to make processors based on a competing architecture would trigger an "in-depth discussion." | Full Article
Sloppy recycling seen posing threat to green tech
May 26, 2011 03:12 PM ET
BRUSSELS (Reuters) - The green technology industry was warned on Thursday that its growth is threatened by a failure to recycle metals and especially rare earth elements. | Full Article

NYT: Afternoon Business News: Obama, at Summit, Seeks Financial Support for Egypt and Tunisia



BUSINESS

Obama, at Summit, Seeks Financial Support for Egypt and Tunisia

By MARK LANDLER
The president, speaking in France, faced down crosscutting pressures to marshal economic support for the Arab Spring success stories, while boosting America's role in Libya.

White House Offers Plan to Revamp Regulation

By BINYAMIN APPELBAUM
The administration said it would eliminate or rewrite hundreds of rules to save businesses and consumers hundreds of millions of dollars a year.

Hedge Fund Manager Negotiating Minority Stake in Mets

By RICHARD SANDOMIR and ANDREW ROSS SORKIN
David Einhorn, a Manhattan hedge fund manager, emerged as a potential buyer of less than 49 percent of the Mets, with a sale price of $200 million.

Judge Strikes Down Wisconsin Law Curbing Unions

By STEVEN GREENHOUSE
The ruling Thursday that Republicans in the State Senate had violated the open meetings law dealt a blow to Gov. Scott Walker.
DealBook

UBS Is Said to Be Weighing Move of Investment Bank

By JULIA WERDIGIER
The Swiss banking giant is said to be considering a switch to a holding structure and then incorporating the investment banking business as a separate legal entity in London.

MarketWatch | Personal finance Daily : Fixed-rate mortgages break 2011 lows

MarketWatch
Personal Finance Daily
MAY 26, 2011

Drive like a champion racer this summer

By MarketWatch



Don't miss these top stories:

Planning a road trip this summer? Well, if you're getting ready to hit the highway and seek out the glories of a national park or the thrills of the world's biggest ball of twine, we have some surprising driving tips for you. Today in her Consumer Confidential column, Jennifer Waters interviews champion race-car driver Patrick Long about long-distance driving. Long knows his stuff: He's a winning Le Mans endurance driver. And he says there are similarities between endurance racing and long-distance road trips. Aside from the speed, of course. But you still need to be rested, well-hydrated, sit up straight and focus on the road. You probably don't, however, need to drive more than 100 miles per hour.

Anne Stanley , Managing Editor, Personal Finance

Drive like a race-car driver this summer

Long-distance road trips aren't so different than endurance car races, champion race-car driver Patrick Long says.
Read more: Drive like a race-car driver this summer.


Fixed-rate mortgages break 2011 lows: Freddie Mac

Slower economic activity drove rates on fixed-rate mortgages down for the sixth week in a row this week, Freddie Mac's chief economist said on Thursday.
Read more: Fixed-rate mortgages break 2011 lows


Debit card changes swipe at consumers

Reduced "swipe fees" for debit cards are scheduled to take effect in July, and a battle is raging between banks and retailers over which side ultimately benefits — with consumers caught in the crossfire.
Read more: Debit card changes swipe at consumers.


How to save a year of college costs

Parents of college students are looking for new ways to reduce costs as an increasing number of students now spend an average of six years in college, tacking on thousands to the cost of an education.
Read more: How to save a year of college costs.


ECONOMY AND POLITICS

House Republicans roll out jobs plan

Leaders take the wraps off a multi-pronged plan to lower tax rates and lessen regulatory burdens, among other things, as a means of promoting hiring in the private sector and by small businesses.
Read more: House Republicans roll out jobs plan.


Requests for unemployment benefits rise

The latest jobless-claims data are at a level typically associated with modest to below-average hiring trends.
Read more: Requests for unemployment benefits rise.


First-quarter GDP growth remains at 1.8%

U.S. economic growth holds steady at a 1.8% annual rate in the first quarter, surprising economists who expected a much higher revision.
Read more: First-quarter GDP remains at 1.8%.


INVESTING

5 money moves one dollar bear is making now

The U.S. dollar doesn't buy what it used to, so Axel Merk, manager of the Merk Funds, is steering his currency-focused mutual funds away from the U.S. in favor of countries that are addressing debt problems with tough austerity measures.
Read more: Five money moves one dollar bear is making.


The Mets have a winner in Einhorn

David Einhorn has a reputation of being able to see through the B.S., something the Mets and the Wilpon-led ownership group haven't been able to do.
Read more: The Mets have a winner in Einhorn.


Beware of experts bearing predictions

For the investment adviser seeking publicity, the value of a bold and unequivocal prediction is tough to overstate. Promising a surefire winner set to double will get attention, as will predicting a drop in the Dow Jones Industrial Average to below 1,000.
Read more: Beware of experts bearing predictions.


Veteran Allmon sees no crash ... just yet

Charles Allmon, the editor of Growth Stock Outlook, is relatively optimistic — at least by his standards.
Read more: Veteran Allmon sees no crash ... just yet.


5 ways you can buy the next hot (Facebook) IPO

If you were salivating over LinkedIn and are even more excited over the prospect of an inevitable Facebook IPO, here are five options you may do well to consider.
Read more: Five ways you can buy the next hot IPO.


Factories' breather will resonate through economy

Recent data point to a slowdown in the once-robust factory sector, which would virtually guarantee a soft patch for overall U.S. economic growth, writes Kathleen Madigan.
Read more: Factories' breather will resonate through economy.

Financial & ForexInfo | Reuters Daily Investor Update: Wall Street Edges Higher For Second Day





News

LATEST NEWS
Wall Street edges higher for second day
NEW YORK (Reuters) - U.S. stocks rose for a second day in a choppy session on Thursday with technology and consumer discretionary stocks leading the way after upbeat earnings. | Full Article

Consumers hold back growth, rebound seen muted
May 26, 2011 03:33 PM ET
WASHINGTON (Reuters) - Unexpectedly weak consumer spending hobbled the economy in the first quarter and fresh signs of a slowdown in the labor market pointed to an uphill struggle for the recovery. | Full Article
IMF threat to withhold Greek aid spooks markets
May 26, 2011 01:21 PM ET
LUXEMBOURG/ATHENS (Reuters) - The International Monetary Fund may withhold the next slice of aid to Greece due next month, the head of euro zone finance ministers said on Thursday, spooking markets with the possibility of default. | Full Article
Top lobbying banks got biggest bailouts: study
May 26, 2011 03:25 PM ET
NEW YORK (Reuters) - The more aggressively a bank lobbied before the financial crisis, the worse its loans performed during the economic downturn -- and the more bailout dollars it received, according to a study published by the National Bureau of Economic Research this week. | Full Article
Investor sues oil traders over alleged manipulation
May 26, 2011 04:31 PM ET
NEW YORK (Reuters) - Two oil traders and their trading firms, already facing regulatory charges of alleged manipulation in the market for crude oil futures, were sued Thursday by a derivatives trader who claims he was harmed by their activities. | Full Article
US TOP NEWS
Ratko Mladic to face war-crimes trial
May 26, 2011 03:33 PM ET
BELGRADE (Reuters) - Bosnian Serb wartime general Ratko Mladic was arrested in Serbia on Thursday after 15 years on the run from international genocide charges, opening the way for the once-pariah state to approach the European mainstream. | Full Article
Forty killed in Yemen fighting as civil war looms
May 26, 2011 02:08 PM ET
SANAA (Reuters) - More than 40 Yemenis were killed in pitched street battles in the capital on Thursday as fighting aimed at ending President Ali Abdullah Saleh's three-decade-long rule threatened to ignite civil war. | Full Article
Judge voids controversial Wisconsin union law
May 26, 2011 03:01 PM ET
MADISON, Wisconsin (Reuters) - A Wisconsin judge on Thursday voided a controversial Republican-backed law restricting the collective bargaining rights of public sector unions in the state. | Full Article
Sarkozy backs Lagarde for IMF, China urges open race
May 26, 2011 01:55 PM ET
DEAUVILLE/BEIJING (Reuters) - Beijing dug its heels in against Western domination of the International Monetary Fund on Thursday as French frontrunner Christine Lagarde prepared to build on her headstart in the race for the top IMF job. | Full Article
Strauss-Kahn's lawyers complain about police leaks
May 26, 2011 04:25 PM ET
NEW YORK (Reuters) - Former IMF chief Dominique Strauss-Kahn's lawyers are concerned leaks could hurt his right to a fair trial and say they have information that could "gravely undermine the credibility" of the hotel maid who has accused him of trying to rape her. | Full Article
HEALTH NEWS
Hot-button health plans at center of debt talks
No heart benefit seen in adding niacin to statin
Roche upbeat on Avastin in ovarian cancer
Why do pro skiers get knee injuries?
Spanish cucumbers cited in German E.coli outbreak

MoneyShow:com | Traders Daily Alers: A good Energy Play For Long Term Trader.


Traders Daily Alert

 
Tips for Traders
An Energy Stock for Long-Term Traders
, Eric Rosenbaum
Options Idea
The Ins and Outs of Binary Options
, Cory Mitchell
Charts in Play
3 Good Buys in MLPs
, Tom Aspray
Currency Corner
2 New ETNs Offer Dollar Leverage
, Michael Johnston
Trading Idea of the Day
Be Patient, These Set-Ups Are Coming
, JW Jones
Daily Market Studies
Trading Outlook for Today: May 26
, Daniel Gramza
MoneyShow.com Exclusive Interviews
A Grains Trade You Can Bank on
, Hubert Senters
Today's Featured Videos
Big-Picture Trading
, Clem Chambers
Peak Hours for FX Traders
, Raghee Horner


CBS POLITICAL HOTSHEET TOP STORIES Saturn To Launch Political Campaign In June

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES    



   
Former sen. Rick Santorum expected to kick off his presidential campaign on June 6 near Pennsylvania coal mines
Read full story
Santorum to launch presidential campaign in June

Sarah Palin to launch bus tour In another sign she may enter the GOP presidential race, Palin is launching a nationwide bus tour

Vermont governor signs single-payer health law Vermont set to become first state to take step; governor calls fixing health care an "economic and fiscal imperative"

Poll: Herman Cain not far behind Romney, Palin A new Gallup poll shows Mitt Romney and Sarah Palin remain the presumed frontrunners in the GOP presidential race, but little-known Herman Cain ties for third

Why a Palin run would help other GOP 2012 nominees Conservative Sarah Palin's entrance into the GOP presidential contest would make the rest of the Republican field look more electable

The Washington Post | Post Politics Afternoon Edition: 2chambers: Medicare played ‘small part’ in NY-26, Boehner says

The Washington Post
Politics Afternoon Edition

HEADLINES

  1. 2chambers: Medicare played ‘small part’ in NY-26, Boehner says

    House Speaker John Boehner (R-Ohio) said Thursday that the GOP proposal to overhaul Medicare played a role in his party’s NY-26 loss.
    » Read full article
  2. Palin to launch East Coast bus tour

    Sarah Palin will kick off a tour of historical sites on the East Coast this weekend, adding to speculation about a possible presidential bid.
    » Read full article
  3. Obama,world leaders open G-8

    The G-8 summit is expected to focus on security issues, including how to end the military operations in Libya.
    » Read full article
  4. High Court upholds Arizona hiring law

    The Supreme Court upheld an Arizona law Thursday that penalizes businesses for hiring workers who are in the United States illegally, rejecting arguments that states have no role in immigration matters.
    » Read full article
  5. Plum Line: Judge strikes down Wisconsin union law

    Judge gives Wisconsin Democrats a big boost, but the fight isn’t over.
    » Read full article

The Economist | BusinessThis Week: Highlights Of New Coverage From 21st -27th, May 2011



Business This Week
 
» The IMF: Time for a change
» Sony and its boss: Stringer theory
» Mobile payments in America: Money? There's an app for that


» Christine Lagarde, France's finance minister, launched her official bid to succeed Dominique Strauss-Kahn as managing director of the IMF. Ms Lagarde is the front-runner for the position. But there was growing disquiet in the developing world over the convention that only Europeans should be considered for the fund's top job, with the IMF representatives of Brazil, Russia, India, China and South Africa issuing a joint statement on the matter. Ms Lagarde acknowledged their concerns, but said that being European should be neither a "handicap, nor an asset" when assessing her qualifications. See article
» The American government reaped a small profit from the first sale of its shares in American International Group since bailing out the insurer in 2008. The Treasury sold 200m shares and AIG a further 100m in the offering, which was priced at $29 a share, just above the Treasury's break-even point of $28.73. It hopes to sell the remainder of its stake, now reduced to around 77%, over the next two years.

With petrol prices high…
» America's Commodity Futures Trading Commission charged an oil-trading firm, two of its affiliates and two traders with attempting to manipulate oil prices in 2008. The regulator alleges that the defendants purchased substantial positions in the physical market for West Texas Intermediate oil to give the impression of a shortage, and at the same time bought oil futures to profit from the subsequent rise in prices. It is only the second case brought by the CFTC in its three-year-long investigation into oil-price speculation.
» BP had some good news of sorts when Mitsui agreed to contribute $1.1 billion towards the cost of last year's oil spill in the Gulf of Mexico. The Japanese conglomerate held a 10% stake in the stricken Macondo well. It is the first time that one of BP's partners in the project has recognised that the oil firm was not the only culprit, though Mitsui agreed to settle for less than half of what BP was asking.
» David Einhorn, an influential hedge-fund manager, called for Steve Ballmer's resignation as chief executive of Microsoft. Mr Ballmer has come under increasing pressure from investors lately for the feeble performance of Microsoft's share price.
» Yandex, described as "Russia's Google", made its stockmarket debut on NASDAQ, the latest in a string of big initial public offerings in America by domestic and foreign internet companies. On May 19th LinkedIn, a networking site for professionals, saw its share price soar by 109% on its market entry. But with the shares of some recently floated tech companies, such as Renren, a Chinese firm, now trading for less than their issue prices, analysts have warned that the evidence is mounting of another tech bubble.

All that glisters is not gold
» Glencore entered the FTSE 100 on its stockmarket debut in London. It also listed in Hong Kong. Though the Swiss-based commodities-trading company's IPO was eagerly awaited, its stock ended the first day's trading below its offer price of £5.30 ($8.60).
Click Here!
» Sony revealed an unexpected annual net loss of ¥259 billion ($3.2 billion) for the year to March 31st, mostly because it wrote off deferred tax credits. Operating profit at the consumer-electronics company rose. Sony also forecast that the earthquake that hit Japan on March 11th would cost it around ¥150 billion this year because of disruption to its supply chain. The recent hacking of its PlayStation Network is expected to cost a fortune. See article
» Square, a mobile-commerce company run by Jack Dorsey, one of Twitter's founders, unveiled a payment system for retailers that replaces cash registers with iPads, which can sync with an app on customers' smartphones. Square's app is a rival to the systems being developed that use similar Near-Field Communication pay terminals. See article
» Some followers of the Falun Gong spiritual movement filed a lawsuit in San Jose that accuses Cisco of helping China to construct a network surveillance system that tracked its members and Chinese dissidents. The allegations have surfaced before, in a Senate hearing. Cisco insists that there is "no basis" for the legal action and that it does not customise its products to "facilitate censorship or repression".
» Standard & Poor's lowered its credit outlook for Italy from stable to negative. The main Italian stockmarket swooned.

El Gordo
» The Spanish government signalled that it planned to go ahead with a plan to privatise the national lottery, which would create the world's biggest listed gambling company. The sale of 30% of the company that runs the lottery could fetch up to €7.5 billion ($10.6 billion) and go towards reducing Spain's debt pile.