|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.&
Jun 1, 2011
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?
Personal Finance Daily
JUNE 01, 2011
Have you lost track of your 401(k)?
- What to do with your 401(k) if you leave your job
- Foreclosing on a bunch of snakes
- Doctors stick patients with paperwork fees
- Why the bulls are set up for a fall in June
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.
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.
|New York Market Close Jun 01/11 05:22 PM EDT|
| Metals || Bid || Ask || Change || Low || High |
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 MayPrivate 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.
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.
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."
For more information, visit PostBusiness.com
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By CHRISTINE HAUSER
Major indexes fell almost 2 percent after reports on disappointing job creation and slower manufacturing.
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.
By STEPHANIE CLIFFORD
The high price of oil, combined with a sickly economy, has retailers dispensing with frustrating plastic packaging.
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.
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.
Construction spending in April 2011 was $765.0 billion, up 0.4 percent from March, but down 9.3 percent from April 2010.
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.
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June 01, 2011 | DAILY NEWS SUMMARY
| Commander Mark Kelly guides shuttle Endeavour to end of final mission, with more than 122M miles on the clock |
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