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Jun 1, 2011

Financial & Forex Info | The Australian Capital Circle: Carbon price look like $20 a tonne




Capital Circle Newsletter

Carbon price look like $20 a tonne
 
As Julia Gillard dined with the mining industry, the odds on a $20 carbon price are firming.

The PM's Diary: Julia Gillard is in Canberra for parliament today. She'll make a public appearance this morning in the house and hold a doorstop.
Tony Abbott appeared on the Alan Jones program this morning before travelling to David's Smash Repairs in Queanbeyan. Mr Abbott writes today: The Government's top climate change adviser Ross Garnaut has belled the cat on Julia Gillard's false claims that only 1000 companies will be affected by her carbon tax
Promoted: As Capital Circle reported yesterday, the Minerals Council dinner was held in the Great Hall last night. What a difference a year makes. While Kevin Rudd skipped the dinner last year, this year Julia Gillard was proud to rattle off the following 25 attendees, starting with Ministers Wayne Swan, Martin Ferguson, Greg Combet, Gary Gray, Brendan O'Connor, Warren Snowdon, Nick Sherry and Mark Arbib. Parliamentary secretaries David Bradbury, Mark Dreyfus, Richard Marles also attended; chief government whip Joel Fitzgibbon, Sharon Bird, Sharon Grierson, Chris Hayes, Amanda Rishworth, Andrew Leigh, Shayne Neumann, Deb O'Neill, Sid Sidebottom, Mark Bishop, Trish Crossin, Steve Hutchins and Glenn Sterle. Capital Circle is sure the mining industry felt the love. We're not so sure what Senator Ursula Stephens would make of her promotion though - she was named as a parliamentary secretary, even though the PM demoted her to the backbench after the election.
The PM's message: "Profit-based taxation, rather than royalties, is the better approach to generating public value from natural resources. Royalties don't support growth in the sector ... So, I will continue to push back on states that push up royalties. The recent decisions in the Western Australian budget frankly only demonstrate the weaknesses of a royalties system, because when a state like WA hikes their royalties, it is the many small and start-up ventures who pay the price.&
Read more...

MarketWatch | Personal Finance Daily: Will the economic slump last? Buffeted by natural and man-made forces, the U.S. economy is slumping just as several major tests loom in the fog ahead, writes Rex Nutting. Read more: Will the economic slump last?

MarketWatch
Personal Finance Daily
JUNE 01, 2011

Have you lost track of your 401(k)?

By MarketWatch



Don't miss these top stories:

It's 2011. Do you know where your 401(k) is? Andrea Coombes reports today in her Ways and Means column about what to do with your 401(k) when you leave your job. One option is to just leave your money in a former employer's plan. She notes that according to estimates based on Labor Department data, there are about 15 million accounts owned by ex-employees stashed in employer plans. Plus, there are quite a few large employers out there where ex-employee accounts represent more than 60% of each firm's 401(k) accounts. Coombes points out that leaving your money with an ex-employer isn't the worst idea. The worst idea may be cashing out. Read more about ideas on what to do with the money and what to do if you're near retirement.

We know some people think that some bankers are snakes in the grass. But really, the tables are turned in this story. Al Lewis writes about a foreclosed house in Idaho that's infested with snakes. Lewis writes: "Zillow.com offers a sales description that mentions ‘a large kitchen with center island,' but nothing about snakes on the kitchen floor." Clearly, these snakes don't care about their FICO score.

And, today being the first trading day of June, don't miss this month's edition of Trading Strategies. Markets have been riding high thanks to the Fed's extensive quantitative easing since last fall. But what happens when the punch bowl goes away at the end of this month? Our top commentators have some answers. See the full Trading Strategies report for June.

Anne Stanley , Managing Editor, Personal Finance

What to do with your 401(k) if you leave your job

If you quit your job, get laid off or retire, what should you do with your 401(k) savings? You've got a few choices, including just leaving it where it is.
Read more: What to do with your 401(k) if you leave your job.


Doctors stick patients with paperwork fees

Need a doctor to fill out a health form for your child's summer camp, school or day care? It may cost you extra.
Read more: Doctors stick patients with paperwork fees.


ECONOMY AND POLITICS

U.S. private sector adds 38,000 jobs in May: ADP

The latest private-sector data serve to confirm fears that the labor market is weakening — and don't augur well for what the Labor Department's May reading on U.S. nonfarm payrolls will show on Friday.
Read more: U.S. private sector adds 38,000 jobs in May.


Permits, uncertainty obstruct wind, solar energy

The government issued only a few dozen permits for wind and solar energy projects on public land last year, compared with more than 1,300 oil and gas permits issued, a low number that needs to be fixed, say lawmakers.
Read more: Permits, uncertainty obstruct wind, solar.


Small businesses in ‘soft patch': Gallup economist

An economist for polling giant Gallup told a congressional committee on Wednesday that small businesses are struggling to get credit despite other signs of life in the still-fragile U.S. economy.
Read more: Small business in ‘soft patch.'


Economists rush to mark down payrolls estimates

Friday's pivotal data on growth in nonfarm payrolls take on even greater significance as ADP's lackluster report on private-sector hiring raises questions about the sustainability of the U.S. economic recovery.
Read more: Economists rush to mark down payrolls estimates.


China may bail out local governments

China's financial regulators are reportedly considering a bailout of sorts for local government in order to protect the wider financial system.
Read more: China may bail out local governments.


INVESTING

Corporate pensions warm to hedge funds

Financial crisis and new legislation created big funding squeeze, but with pressure on corporate pension plans easing slightly, many are considering hedge funds to tackle long-term liabilities.
Read more: Corporate pensions warm to hedge funds.


Investment landscape is changing fast

Consider how intensely mindful political leaders both here and in Europe must now be as over-indebted developed nations face increasingly difficult fiscal choices.
Read more: Investment landscape is changing fast.


Why the bulls are set up for a fall in June

The easy money in the market is going to be on the short side once QE2 ends.
Read more: Why the bulls are set up for a fall in June.


No better bet than the dollar in rough times

Use these investment-pairing strategies to give yourself the best chance holding on through what could be a rough ride in June.
Read more: No better bet than the dollar in rough times.


Foreclosing on a bunch of snakes

With millions of foreclosures flooding the market, Chase is finding it difficult to sell an Idaho home that's infested with snakes, Al Lewis reports.
Read more: Foreclosing on a bunch of snakes.


Will the economic slump last?

Buffeted by natural and man-made forces, the U.S. economy is slumping just as several major tests loom in the fog ahead, writes Rex Nutting.
Read more: Will the economic slump last?


The best ETFs for dollar bulls or bears

Suddenly, after a nearly uninterrupted, decade long decline, the U.S. dollar seems to have changed course. Recent technical action and fundamental changes could well reverse that 10-year slide and offer investors in exchange-traded funds a chance for profits if the "almighty dollar" becomes mighty again.
Read more: The best ETFs for dollar bulls or bears.

Financial & Forex Info | Kitco New York Mareket Close Report






New York Market Close Jun 01/11 05:22 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1539.10
1543.10
4.80
0.31%
1528.40
1551.20
Silver
36.82
37.02
-1.65
-4.29%
36.21
38.61
Platinum
1819.00
1824.00
-12.00
-0.66%
1797.00
1843.00
Palladium
769.00
775.00
-8.00
-1.03%
757.00
793.00

MarketWatch | Market Snapshot : U.S. stocks slammed by downbeat data



By Kate Gibson , MarketWatch 

NEW YORK (MarketWatch) — U.S. stocks dropped on Wednesday, with bank issues taking the brunt of the pressure, as Wall Street scaled back its economic growth outlook following another round of dour data.
“What is most concerning here is the pace of the economic fall-off, and the risk is growing that the downside isn’t over,” said John Brady, MF Global’s senior vice president of global interest rate products. Read about economists slashing expectations for May’s nonfarm-payrolls growth .
Tallying its worst single-day point drop since June 2010, the Dow Jones Industrial Average DJIA -2.22%  fell 279.65 points, or 2.2%, to 12,290.14. Financial powerhouses Bank of America Corp. BAC -0.09% , down 4.3%, and J.P. Morgan Chase & Co. JPM -3.42% , off 3.4%, were among the blue-chip names getting slammed.

Private sector adds few jobs in May

Private businesses barely added jobs in May as large companies cut workers, according to a report released Wednesday.
The Standard & Poor’s 500 Index SPX -2.28%   declined 30.65 points, or 2.3%, to 1,314.55 — its sharpest decline since Aug. 11, 2010.
The Nasdaq Composite Index COMP -2.33%   shed 66.11 points, or 2.3%, to 2,769.19.
For every stock rising, nearly four fell on the New York Stock Exchange, where volume neared 1.2 million and composite volume approached 4.5 million.
Treasury prices rallied, pushing the benchmark 10-year note yield UST10Y -3.86%   below 3% for the first time since early December, while the dollar softened and oil prices fell. Read more about bonds.
“This lower yield environment is going to hurt the banks, which in order to heal balance sheets have been rolling loans off their books, and making new loans at lower yields. The net interest margin for financials is really going to start feeling under pressure,” said Brady.

Data pitfall

American companies added 38,000 employees to their payrolls in the past month, according to data from ADP Employer Services. Economists had been expecting an increase of 175,000. Read more about ADP payrolls report.
The Institute for Supply Management reported that growth in the U.S. manufacturing sector slowed, with its closely watched gauge dropping to 53.5% in May from 60.4% in April. See details of largest one-month drop since 1984.
On Tuesday, the Dow industrials finished May with a loss of 1.9%, their first monthly drop in six months.
Kate Gibson is a reporter for MarketWatch, based in New York.

The Economist: | Selected New Articles: Indian IT Firms | Economics | British Politics...and More



Indian IT firms: Another giant leap

Economics: How real is China's growth?

British politics: What is the best hope for the underclass: aspiration or grievance?

Language: Metaphors we do everything by

British politics: An idea short of friends

Audio: The cost of fighting cancer

Emotion, reason and policy: What would Kant do?

Buttonwood: A return to the bad old days in Britain

Daily chart: Data guzzlers

Online debate: Is too much competition dangerous for banking?

The Washington Post News Alert | Economy/Business News Alert: Google says Gmail accounts of senior U.S. government officials were hacked from China


Economy/Business News Alert: Google says Gmail accounts of senior U.S. government officials were hacked from China
June 1, 2011 5:03:21 PM
----------------------------------------

Google said Wednesday a hacker in China obtained access to hundreds of Gmail accounts, including those of senior U.S. government officials, Chinese political activists and journalists.

The company said it recently detected the security breach and stopped what it described as "a campaign to take users’ passwords and monitor their emails, with the perpetrators apparently using stolen passwords to change peoples’ forwarding and delegating settings."


http://link.email.washingtonpost.com/r/O914NF/M9PN7Y/2AF1FN/3JHJDL/WI0L8/AZ/h

For more information, visit PostBusiness.com

The Washington Post | Post Politics Afternoon Edition: Poll: Many Republicans not happy with field

The Washington Post


Politics Afternoon Edition

HEADLINES

  1. Poll: Many Republicans not happy with field

    Nearly four in ten Republicans said they were not impressed with the current crop of Republican candidates in a new Washington Post/Pew poll.
    » Read full article
  2. Anthony Weiner 'can't say with certitude' photo wasn't him

    Questions surrounding the ongoing saga of a lewd picture that appeared on New York Rep. Anthony Weiner’s Twitter feed in recent days are threatening to disrupt the Congressman's bid for New York City mayor in 2013.
    » Read full article
  3. No progress at White House debt meeting

    GOP lawmakers demand a detailed plan to cut spending in return for agreement to raise the nation's debt ceiling.
    » Read full article
  4. Fact Checker: Wasserman Schultz's scare tactics

    The DNC chair is jumping to conclusions to describe provisions in the GOP Medicare plan that do not exist.
    » Read full article
  5. Will Democrats have a Medicare plan?

    If Democrats want to get serious about reforming the entitlement program, they are potentially putting their own necks on the chopping block.
    » Read full article


NYT: Afternon Business News | Stocks Slump and Bonds Rise on Economic Reports



BUSINESS

Stocks Slump and Bonds Rise on Economic Reports

By CHRISTINE HAUSER
Major indexes fell almost 2 percent after reports on disappointing job creation and slower manufacturing.

Detroit Auto Makers Topped Importers in Sales in May

By NICK BUNKLEY
Ford, G.M. and Chrysler reclaimed industry leadership for the first time in five years as Toyota and Honda were hurt by production disruptions.

Easier-to-Open Packaging? Thank High Oil Prices

By STEPHANIE CLIFFORD
The high price of oil, combined with a sickly economy, has retailers dispensing with frustrating plastic packaging.

EADS Making Progress at Opening Up Shareholding, Chief Asserts

By NICOLA CLARK
Louis Gallois said the European defense contractor was stepping up pressure on German and French shareholders to reach an agreement that would let them sell their shares.

U.K. Company Suspends Controversial Drilling Procedure

By DAVID JOLLY
Cuadrilla acted after two small earthquakes occurred near a test well in Lancashire, England, where the company was using fracking to explore for natural gas.

CBS POLITICAL HOTSHEET TOP STORIES: Weiner "can't say with certitude" lewd photo not him


The CBS News Political Hotsheet newsletter


CBS POLITICAL HOTSHEET TOP STORIES    



   
New York congressman says he was the victim of a prank, though he could not say whether or not the picture of question was of himself
Read full story
Weiner

Obama, House GOP hold But no agreement on the debt limit was reached in 90 minute White House meeting

Ex-Secret Service agent to run for Senate Daniel Bongino left the agency in May after protecting Presidents Bush and Obama

Donald Trump again claims he may run in 2012 After dinner with Sarah Palin, claims Palin "wants me to run"; says he could still meet reality show obligations by running as an independent

DeMint backtracks on potential presidential run The conservative South Carolina senator said he'd consider a presidential bid, but his office is playing down the remarks

CBS NEWS EVENING NEWS: Rep. Anthony Weiner won't deny lewd photo is him


The CBS Evening News

      EVENING NEWS TOP STORIES    



   

Hi everyone,
This is Harry Smith in New York. American taxpayers will lose about $14 billion on the auto industry bailout. And that's a bargain, according to the Obama administration, which says the projected loss was much higher. National Correspondent Dean Reynolds has the latest on the automakers' rebound. It could be one of the strangest episodes involving a Congressman in some time. Over the weekend, Rep. Anthony Weiner (D-NY) claimed his Twitter account was hacked into - and somebody sent a lewd photo in his name. But as Nancy Cordes reports, Weiner's conduct since then that has Washington buzzing. How long will the battle for Libya last? Consider this: NATO has now budgeted for a military operation that lasts up to a year. And as Allen Pizzey reports from Tripoli, Muammar Qaddafi simply refuses to entertain any suggestion that he leave.

LATEST HEADLINES
Air France crash raises troubling cockpit issues CBS News' new aviation analyst Capt. Sullenberger says Air France crash highlights difficulties faced by modern pilots

Making the grade in a troubled school district Turnaround schools are part of President Obama's $3 billion initiative to remake more than 700 of the nation's worst performing schools

U.S. soldiers brace for big fight in Afghanistan Ceremonies across Afghanistan mark Memorial Day, but for most soldiers there, they were there to fight, and casualties are still coming in hard and fast

Construction spending in April 2011 was $765.0 billion, up 0.4 percent from March, but down 9.3 percent from April 2010.



Economics and Statistics Administration Logo


APRIL 2011 CONSTRUCTION AT $765.0 BILLION ANNUAL RATE
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during April 2011 was estimated at a seasonally adjusted annual rate of $765.0 billion, 0.4 percent (±1.6%)* above the revised March estimate of $762.1 billion. The April figure is 9.3 percent (±1.6%) below the April 2010 estimate of $843.1 billion.

For full detailed information click:

Construction_Put_in_Place_April_2011_.pdf

Gold Mineweb Top Stories: This year, it may pay gold investors to hang around in May

Mineweb logo


$1,532.25

$37.95

 


TOP STORIES | Wednesday , 01 Jun 2011                                                     

This year, it may pay gold investors to hang around in May

The next few months are likely to see gold continue higher on the back of continued concerns about debt, not just in Europe but also the US after which a modest correction is on the cards    Wednesday , 01 Jun 2011

Gold dips as Greek concerns abate

The euro price of gold fell as the currency strengthened and investors generally lost some of their appetite for safe havens as worries about Greece's debt crisis receded    Wednesday , 01 Jun 2011

Kimber stock climbs on gold-silver intercepts

A couple of high grade gold and silver drilling results from Mexico have given Kimber Resources' share price - and its management - a quick shot of adrenaline.    Tuesday , 31 May 2011

As Zoe gold-silver vein grows Extorre mobilizing more drills to go deeper

Ongoing drilling at the Cerro Moro project is expanding bonanza grades of silver and gold at Extorre Gold Mines' Zoe target - its most important discovery since nearby Escondida.    Tuesday , 31 May 2011

Chinese banks instructed to warn silver investors of risks - media report

According to local Chinese media, banks in the Asian giant have been told to "adequately" warn silver forward investors of the risks involved in trading in the metal    Wednesday , 01 Jun 2011

Are you prepared for a gold crash?

While most believe the yellow metal bull run still has some legs to it, it is unlikely to go up indefinitely and there are some that think putting all your eggs in one basket, even a golden one, might not be the best idea    Wednesday , 01 Jun 2011

Gold, silver, oil could be headed for a fall?

Faltering economic growth could be putting investment in major hard commodities at risk according to some analysts.    Wednesday , 01 Jun 2011

As the focus shifts from the US dollar to the euro, gold continues to advance

While debt problems remain a concern in the U.S., for now the focus has shifted to the Euro zone all of which remains a good thing for gold    Tuesday , 31 May 2011

African Barrick boosts security at Tanzania gold op

The gold miner will beef up security at its North Mara mine in Tanzania following claims of corruption that follow on the death of five people in a raid in May.    Tuesday , 31 May 2011
 

COMPANY RELEASES                                                     

Patagonia Gold announces drilling update for Cap-oeste gold-silver project

Ovoca Gold announces the commencement of its buy back program

Kirkland Lake Gold announces New exploration drill holes in South Mine Complex

Doray Minerals announces Andy Well drilling update

African Consolidated Resources announce an increase in JORC Resource at Gadzema Gold Project

Extorre Announces A Silver-Gold Discovery At Its Puntudo Project In Western Santa Cruz Province, Argentina

Citigold Corporation [ASX: CTO] - Alliance with Euram Bank Asia

Premium Exploration Discovers More Gold 20 km from 1st Discovery

Canarc Stakes Two More Gold Properties in Central British Columbia

Drill Results Continue to Expand Montezuma Porphyry Systems - Polar Star Mining Corporation

Kimber intercepts 4.9 metres of 78.4 g/t gold and 127.9g/t silver below Carmen gold-silver deposit, Monterde project

Equinox acknowledges that Barrick has received Zambian Clearance for the acquisition of Equinox by Barrick - All Regulatory Approvals Now Received

Northern Lion Drills 41 metres of 0.89 g/t Gold including 6.6 metres of 4.77 g/t Gold at St. Nik Project, Republic of Cyprus

Alacer Announces Extension to Sulfide Mineralization at Çöpler

Osisko Officially Inaugurates the Canadian Malartic Mine

Edgewater Increases Inferred Resources by 30% at the Corcoesto Gold Project, Spain

Kootenay Drills 146 gpt Silver eqv over 234m as 10,000 Meter Drill Program Concluded; Major 25,000 Meter Multi-Phase In-Fill Drilling and Resource Definition Program to Commence at Promontorio Silver Project

Excellon Resources to acquire Lateegra Gold

SEMAFO's Net Income Increases 70% to $20.4 Million for the First Quarter 2011

Caza Gold Begins Phase 1 Drill Program at the Balleza Gold Project, Moris Property Chihuahua, Mexico

Source Intersects 55.4 Metres Grading 0.54 g/t Gold, 5.52 g/t Silver and 0.71% Copper at Las Minas Project

Yukon-Nevada Gold Corp. Closes Private Placement and Warrant Exercise for Total Gross Proceeds of $59,328,000

Resignation of non-executive director May 2011 - Harmony Gold

Pan African announces significant reserve upgrade at Barberton Mines






 






PODCASTS

Gold well supported by fundamentals but a small correction is on the cards - Melek

This year, selling in May and going away might not be the best strategy for the gold market as there are some rather important macroeconomic events occuring over the next few months that will have a bearing on the metal

Hate paper money, love gold. Gold and silver turning up - Puru Saxena

Hong Kong based Puru Saxena sees Eastern precious metals demand continuing and rising as wealth grows - and sees the recent downturn in prices reversing.

Gold stocks back to year-ago levels, sector rotation and movement into the big diversifieds

A look at the gold sector now that all the big gold diggers have reported, the movement back into big diversified miners and the case for aluminium

Interest rates, the end of QE2 and gold in euro terms - Julian Philips

A look at what has been going on in the gold market since the dip and why it is worth looking at the price of the metal in currencies other than the dollar



ENGINE ROOM
Editorial
Europe
Lawrie Williams, London
Geoff Candy, Groningen
Rhona O'Connell, London
Americas
Dorothy Kosich, Reno
Kip Keen, Halifax, NS
Africa

Barry Sergeant, JHB
Asia and Australasia

Shivom Seth, Mumbai
Ross Louthean, Perth
Kerry Stevenson, Sydney

Sales and Marketing
Jan Chadwick, International
Wendy Hora, Australasia
Editor in Chief

CBS NEWS | Daily News Summary: Endeavour glides to safe landing, retirement

CBS News.com - Daily News Summary
June 01, 2011 | DAILY NEWS SUMMARY


Endeavour glides to safe landing, retirementCBS NEWS TOP STORIES
Commander Mark Kelly guides shuttle Endeavour to end of final mission, with more than 122M miles on the clock
Read full story

Mladic due in court on war crimes charges Friday Doctor examined Mladic before night in isolation; Ex-Bosnian Serb commander faces 11 charges, including genocide

Feds shut down bus service after deadly crash SkyExpress bus service accused of violating multiple federal safety regulations after Va. crash kills 4 women

Palin visits Trump in NYC while on motor tour Trump calls Palin a "terrific woman and a terrific friend," has pizza with former Alaska governor and her family

Germany: 365 more infected in E. coli outbreak Total of 1,064 sickened in Germany alone, 16 people die from symptoms as source of infection remains elusive

Making the grade in a troubled school district Turnaround schools are part of President Obama's $3 billion initiative to remake more than 700 of the nation's worst performing schools

Iraqi in Kentucky boasted of IED attacks Two refugees charged with attempting to aid terror plots overseas; Waad Ramadan Alwan well schooled in sniper rifles, explosives

Feds shut down bus service after deadly crash SkyExpress bus service accused of violating multiple federal safety regulations after Va. crash kills 4 women

Endeavour glides to safe landing, retirement Commander Mark Kelly guides shuttle Endeavour to end of final mission, with more than 122M miles on the clock