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Jun 2, 2011

Australian Business update for Fri Jun 03 12:44:53 EST 2011 
King won't return to Leighton's board
Wal King EXCLUSIVE Damon Kitney FORMER Leighton CEO Wal King will not make a return to the company's board after Spain's ACS backed off on a push to install him as chairman.
IPO plan puts $20bn tag on Groupon
Groupon UPDATED Anupreeta Das and Gina Chon GROUPON has filed to go public in a deal that could value the e-commerce company at up to $US20bn and test the tech-investing frenzy.
Lend Lease in bid for Centro assets: FT
Centro signage Cynthia Koons A LEND Lease-led consortium has presented a $4.96 billion indicative offer to Centro for its Australian assets, the Financial Times reports.
Stocks edge lower before US jobs data
ASX UPDATED THE sharemarket was slightly lower by early afternoon as investors licked their wounds a day after the worst one-day fall in a year.
Goldman Sachs faces new GFC probe
Goldman Sachs Liz Moyer A NEW inquiry into Goldman Sachs' activities during the global financial crisis has been launched by the Manhattan district attorney.
Services sector contracted in May
cafe Geoffrey Rogow THE non-manufacturing part of the Australian economy slipped into contraction in May, according to a survey released today.
Car, truck sales fall 10.6pc: VFACTS
Truck Enda Curran SALES of new cars and trucks in Australia fell a seasonally adjusted 10.6 per cent in May from April.
Now you can trade shares on Facebook
110603 stocks Alexandra Frean A US start-up and the Nasdaq stock exchange have combined to allow social networkers to buy and sell shares on their Facebook pages.
Financial Markets
Stocks edge lower before US jobs data
ASX UPDATED THE sharemarket was slightly lower by early afternoon as investors licked their wounds a day after the worst one-day fall in a year.
IPO plan puts $20bn tag on Groupon
Sharemarket rises despite Wall St blues
Financial Markets Coverage
Mining & Energy
Horizon buys Petsec's Beibu Gulf stake
Oil Simon Hall HORIZON Oil says it is acquiring Petsec Energy's 25 per cent interest in an oil block under development in the Beibu Gulf, offshore southern China.
Silver drops 4pc on soft US factories
Copper falls on weak US worries
More Mining & Energy Coverage

Financial& Forex Info | The Australian Capita Circle: Human rights out in Malaysia deal

Capital Circle Newsletter
Human rights out in Malaysia deal
The Gillard Government is under fire for its Malaysian solution.

The PM's Diary: Julia Gillard will attend the funeral for Sergeant Brett Wood at St Andrews Cathedral in Sydney. The Digger was killed when a bomb went off during a clearance operation in southern Afghanistan on May 20. As is protocol, she is not expected to talk to the media today.
Tony Abbott appeared on the Today show at 6.10am before putting in an appearance at the Menzies Research Centre breakfast this morning. He'll join the PM at the funeral for Sergeant Wood later in the day.
Mr Abbott turned up the heat on Ms Gillard over reports the Malaysian solution will see unaccompanied child asylum-seekers sent to Malaysia as a deterrent to stop their parents sending them to Australia by boat. Lateline reported last night in an interview with Immigration Minister Chris Bowen that Malaysia has stripped out the words "human rights'' from its draft asylum seeker deal with Australia. (interview transcript here)
Mr Abbott's response: "The big problem is that yet again the Prime Minister has told fibs. She said that Malaysia would have no say over who went as part of the 800. Plainly Malaysia will have a veto. She also said that the human rights of these people would be respected and yet the two words that Malaysia wants to take out of the agreement, two minor little words 'human rights', now, you know, this is an extraordinary thing that the two words Malaysia wants to take out of the agreement with Australia are the human rights of the people who are going there."
Across the shows: On Peter van Onselen's Australian Agenda, NSW Premier Barry O'Farrell and the Gillard Government's climate adviser Ross Garnaut will face Paul Kelly, Michael Stutchbury and Imre Salusinszky.
On Meet the Press Paul Bongiorno will interview Liberal Greg Hunt and Independent Nick Xenophon,

The Economist | Politics This Week: Highlights of New Coverage From 28th May - 3rd June 2011

The Economist

Politics This Week

Highlights from The Economist online's Politics this week
» Serbia: Arrest and revival
» Germany energy: Nuclear? Nein, danke
» Italy's beleaguered prime minister: Silvio snubbed
» The battle for Yemen: Tribes at war
» Syria's turmoil: No end in sight
» Bahrain: The loathing persists
» Gmail under attack: Something phishy
» Murder in Pakistan: A dark place
Sri Lanka's army: In bigger barracks

» After his arrest in Serbia, Ratko Mladic, the wartime commander of the Bosnian Serbs, was flown to The Hague to stand trial for war crimes. He had spent 16 years on the run; prosecutors are trying to speed up the court proceedings. Mr Mladic's capture is expected to lead later this year to Serbia becoming a candidate to join the European Union. See article
» Germany reversed course on nuclear energy in the wake of the Fukushima disaster in Japan, announcing that all of its nuclear-power stations will be phased out by 2022. Nuclear power supplies around a quarter of German electricity. The government hopes to fill the gap with renewable energy, but critics say that this will be hard to achieve and that more gas- or coal-fired power generation may mean Germany misses its target for cutting carbon emissions. See article
» A deadly outbreak of E. coli infections in northern Germany killed at least 17 people and affected 1,500 others. The Germans caused outrage by at first blaming cucumbers imported from Spain, but later admitted that they were wrong. The source of the outbreak remains unknown. See article
» Italy's prime minister, Silvio Berlusconi, suffered a setback in local elections when most of his party's candidates were defeated, even losing the stronghold of Milan. Mr Berlusconi's coalition partner, the Northern League, also did badly. But so did the main centre-left party: the big winners were parties even further to the left. See article

Opening shot Click Here!
» As expected, America's House of Representatives voted overwhelmingly against raising the government's debt limit without related concessions on spending cuts; 82 Democrats joined Republicans in voting no. Negotiations continue between the White House and Congress.
» Barack Obama nominated General Martin Dempsey to be the next chairman of the Joint Chiefs of Staff, to replace Admiral Mike Mullen, whose term expires at the end of September. It was only recently that General Dempsey became head of the army. His appointment is the latest in Mr Obama's shake-up of his national-security team.
» Mr Obama also selected his next commerce secretary. John Bryson is a former boss of Edison, an energy company, and was one of the founders in 1970 of the Natural Resources Defence Council, which is now one of America's biggest green groups. See article

Among friends, again
» Manuel Zelaya, who was ousted as president of Honduras by a coup in 2009, returned home following an agreement under which charges against him of corruption and of violating the constitution were dropped. As part of the pre-arranged deal, Honduras was readmitted to the Organisation of American States after Mr Zelaya's homecoming.
» A draft report commissioned for the United States Agency for International Development found that last year's earthquake in Haiti killed between 46,000 and 85,000 people, not 316,000 as Haiti's government claims. It also suggested that only 66,000 Haitians are still living in tent cities, rather than the 600,000 that aid agencies state, and that many of those did not lose their homes in the disaster.
» A Spanish judge charged three former security ministers from El Salvador and 17 other soldiers with the killing of six Jesuit priests, their housekeeper and her daughter in 1989, during the country's civil war. A peace deal included an amnesty for these and other killings, but Spain's courts claim universal jurisdiction for crimes against humanity.

On the brink
» Civil war loomed in Yemen as at least 39 people were killed in clashes between security forces and tribal fighters in the capital, Sana'a, and at least 50 people, mainly protesters, were killed by the army in the country's second city, Taiz. Jihadists captured Zinjibar, a coastal town east of Aden. See article
» Syria's turmoil persisted, with at least 42 people being killed since May 27th. The torture and death of a 13-year-old boy, Hamza al-Khatib, at the hands of the security service became a cause célèbre. See article
» Bahrain's government lifted a state of emergency, two-and-half months after it was imposed, with the help of Saudi and Emirati forces, to suppress Shia dissidents. See article
» Five generals were among 120 soldiers who defected from Muammar Qaddafi's regime in Libya. Jacob Zuma, South Africa's president, flew to Tripoli, the Libyan capital, in a vain bid to make peace under the African Union's aegis.
» North and South Sudan agreed to create a demilitarised zone along their hotly disputed border and to patrol the area jointly, presumably until they reach agreement on how to share proceeds from nearby oilfields.

» To fend off colleagues joining an opposition no-confidence vote, Japan's embattled prime minister, Naoto Kan, promised vaguely that he would step down after the crisis brought about by March's earthquake and tsunami had past. Mr Kan survived the motion.
» Google revealed that there had been another big cyberattack on its Gmail service, apparently originating from the city of Jinan in China. Google said that hackers tried to obtain the account details of hundreds of users, including senior American government figures, Chinese political activists, officials in several Asian countries (mostly South Korea), military personnel and journalists. See article
» NATO air strikes in Afghanistan inadvertently killed dozens of civilians, including Afghan police who had been engaged in a battle with the Taliban. In protest, Hamid Karzai, the president, threatened to consider NATO as "an occupying power" if such incidents continue, though it was unclear what that would entail.
» Around 200 Taliban fighters crossed the border into Pakistan and besieged an army post. A week earlier terrorists attacked a naval base in Karachi. A Pakistani journalist who reported on al-Qaeda's infiltration of the navy, and of the intelligence agency's threats against him, was found dead. He had been tortured. See article
» A human-rights official working for the UN called on the government of Sri Lanka to investigate video footage that seems to depict the summary executions of men captured during the final stages of the civil war with Tamil separatists. See article

Financial & Forex Info | Kitco Market New York Market Close Report

New York Market Close Jun 02/11 05:22 PM EDT

The Washington Post : Economy /Business News Alert: Former editors and executives to sue Tribune shareholders

Economy/Business News Alert: Former editors and executives to sue Tribune shareholders
June 2, 2011 5:13:20 PM

A group of former publishers, executives and editors of the Tribune Company and Times Mirror Company are expected to file suit today against major shareholders who benefited from an $8.2 billion dollar takeover of the media conglomerate. They are seeking to recover the retirement benefits that were lost after the company, burdened by debt, had to file for bankruptcy in 2008.

For more information, visit

The Economist | BusinessThis Week: Highlights Of New Coverage From 28th May - 3rd June 2011

The EconomistBusiness This Week
Nokia's share price fell to its lowest level in 13 years after the company issued a profit warning and forecast that sales in the second quarter would be "substantially below" expectations. The Finnish mobile-phone-maker is struggling with the transition to smartphones and other clever devices. In February it announced that it would switch the operating system that runs its handsets to Microsoft Windows, though its first such products are not due until at least the end of this year. Hold the phone 
» The World Health Organisation's agency for cancer research classified radio waves from mobile phones as "possibly carcinogenic". The agency looked at current research and based its assessment partly on the association between phone use and glioma, a type of brain cancer, but did not specify the level of risk. The GSMA, which represents the mobile-phone industry, said the classification "suggests that a hazard is possible but not likely". Other items the agency classifies as "possibly carcinogenic"
include coffee and some pickled vegetables.
» Sprint Nextel formally asked regulators to block AT&T's proposed $39 billion takeover of T-Mobile USA, arguing it would lead to less competition. The regulators are expected to complete their reviews within a year.
» South Africa's Competition Tribunal gave the go-ahead for Walmart's takeover of Massmart, a South African retailer with operations in 14 African countries. Approval for the deal was in some doubt because of union opposition, but the retailers have agreed to keep current staffing levels for two years and to retain working arrangements for three years. The unions have warned, however, that they also want to renegotiate the terms for local suppliers. See article
» Weaker-than-expected data in America on the economy and housing caused stockmarkets to shudder, with the Dow Jones Industrial Average recording its biggest single-day drop in almost a year.
» India's economic growth rate slowed again in the first three months of the year, to 7.8% year on year. The news is not expected to deter the central bank from its policy of raising interest rates to tackle inflation.
» The World Trade Organisation's members agreed to try to salvage some of the Doha round's least contentious proposals that affect the poorest countries, for approval at a ministerial conference in December. Still, some members warned that even this could be difficult, with troublesome issues such as cotton subsidies retained in the watered-down negotiations.

Slow justice
» A court in Milan sentenced Antonio Fazio, a former governor of Italy's central bank, to four years in prison for trying to block a Dutch bank's takeover of an Italian lender in order to smooth the path for a rival bid from another Italian bank. Mr Fazio resigned in 2005 when the scandal surfaced. He remains a free man while he appeals against the conviction.
Click Here!
» Kohlberg Kravis Roberts and Hillcorp Energy agreed to sell their oil and natural-gas assets in a south Texan shale formation to Marathon Oil for $3.5 billion. KKR made its initial investment in the project only a year ago and stands to make a handsome profit from the deal.
» The EU's European Investment Bank suspended all lending to Glencore, citing "serious concerns" with governance at the world's biggest commodities-trading company, which recently made its stockmarket debut. The EIB is investigating a $50m loan it made to Glencore's Mopani copper mine in Zambia, but says its concerns "go far beyond" that investment. Glencore said it welcomed the inquiry and expects to be "completely exonerated".
» Renault named a new chief operating officer to replace Patrick Pélata, who resigned in April along with a handful of other executives for a botched internal investigation into corporate espionage. Renault's new number two is Carlos Tavares, the head of the Americas division of Nissan, Renault's partner.

Moniker business
» Twitter unmasked an anonymous British user who posted disparaging comments about local councillors in north-east England, after the council asked a court in California for his identity. "Mr Monkey" is rumoured to be a disgruntled councillor. The case could have an impact on other anonymous tweeters in Britain and comes amid a political debate over privacy, after the name of a footballer who had allegedly had an affair but whose identity was legally protected was circulated on Twitter.
» A New York congressman had his own Twitter problems when a picture of a man waist-down in his underwear appeared on his Twitter page. Anthony Weiner insisted that the incident was a hoax.

Financial & Forex Info | Reuters Daily Investor Update

Wall Street ends flat after volatile day; jobs ahead
NEW YORK (Reuters) - U.S. stocks ended a volatile trading day mostly flat on Thursday as investors were reluctant to make bets a day before a critical labor market report that could magnify fears the economy is slowing. | Full Article

Goldman Sachs subpoenaed for financial crisis role
June 02, 2011 04:13 PM ET
NEW YORK (Reuters) - New York prosecutors have asked Goldman Sachs to explain its behavior in the run-up to the financial crisis, the latest investigation that has cast a pall over the reputation of the largest U.S. investment bank. | Full Article
Groupon files for IPO of up to $750 million
June 02, 2011 04:24 PM ET
NEW YORK (Reuters) - Groupon Inc, the online daily coupon site, has filed for an initial public offering, capitalizing on investor infatuation with social media companies that have yet to prove they are the real deal. | Full Article
Moody's may cut BofA, Citi, Wells ratings
June 02, 2011 04:25 PM ET
NEW YORK (Reuters) - Moody's Investors Service said it may downgrade the debt ratings of Bank of America Corp, Citigroup Inc and Wells Fargo & Co, citing concerns about waning U.S. political willingness to offer support for the largest banks. | Full Article
EU agrees in principle on new Greek bailout: source
June 02, 2011 02:53 PM ET
ATHENS/AACHEN, Germany (Reuters) - Senior euro zone officials have agreed in principle on a new international bailout of Greece that will give it more time to try to resolve its debt crisis, a source close to the talks said on Thursday. | Full Article

U.S. weighs security after "serious" Google allegation
June 02, 2011 02:56 PM ET
WASHINGTON (Reuters) - Washington scrambled on Thursday to assess whether security had been compromised after Google Inc revealed a major hacker attack targeting U.S. officials that the Internet giant pegged to China. | Full Article
Chevron UK fire affects process tank, truck: Fire department
June 02, 2011 04:34 PM ET
LONDON (Reuters) - A fire at a Chevron oil refinery in south Wales on Thursday affected a process tank and a truck, the local fire service said. | Full Article
Wall Street pressures Washington to hike debt limit
June 02, 2011 04:06 PM ET
NEW YORK/WASHINGTON (Reuters) - Ratings agency Moody's Thursday threatened to review the United States' coveted top-notch credit rating if the White House and Congress do not make progress by mid-July in talks to raise the debt limit. | Full Article
Romney kicks off presidential bid, blasts Obama
June 02, 2011 02:28 PM ET
STRATHAM., New Hampshire (Reuters) - Mitt Romney, the multimillionaire former governor of Massachusetts, kicked off his second bid for the White House on Thursday with a hard-hitting economic message charging that "Barack Obama has failed America." | Full Article
High jobless claims add to slowdown concerns
June 02, 2011 02:24 PM ET
WASHINGTON (Reuters) - The number of Americans signing up for jobless benefits fell only slightly last week, doing little to calm growing fears of a pullback in the U.S. economy's recovery. | Full Article

Europe E.coli is toxic new strain, trade row grows
Pyramid tossed, dinner plate is new U.S. meals plan
Global war on drugs a failure, high-level panel says
Americans still avoiding doctors, insurers say
"Double-jointedness" common among teens: study

NYT: Afternoo Business News: Retail Sales Rose in May but Fell Short of Forecasts


Retail Sales Rose in May but Fell Short of Forecasts


Discount stores led the increase as consumers faced an uncertain economy and higher gas prices.

Abramson to Replace Keller as The Times's Executive Editor


The New York Times announced that Jill Abramson, a managing editor, will succeed Bill Keller, who is stepping down to become a full-time writer.

Nutrition Plate Unveiled to Replace the Food Pyramid


Michelle Obama and administration officials introduced a simpler guideline to promote healthy nutrition.

Trichet Calls for E.U. Finance Ministry to Curb Future Crises


As financial officials meet to consider new aid for Greece, the president of the European Central Bank urged "bold" action to change in the way the euro area is governed.

Stress Tests Results for European Banks to Be Delayed


Some banks are said to have submitted figures that were too optimistic or lacked detail.

CBS NEWS | POLITICAL HOTSHEET: Sarah Palin: I'm not trying to overshadow Romney

The CBS News Political Hotsheet newsletter


Romney and Palin show up in New Hampshire on same day as Piper Palin complains press is "ruining our vacation"
Read full story
Sarah Palin: I'm not trying to overshadow Romney

Ohio House speaker gets Twitter hacked Fake Tweets suggested Republican William G. Batchelder supported liberal causes; lawmaker didn't even know he had account

Romney launches bid, slams Obama Romney officially kicks off White House run with scathing attack on Obama; briefly addresses health care reform

Weiner says no to more questions on twitter pic N.Y. congressman tells reporters outside his office that he is going back to his paid job

Santorum: GOP must push back on Possible GOP candidate not happy with the way Republicans handling Medicare debate; takes shot at rival Newt Gingrich

SEC | Enforcement Actions Update: Litigation Releases Update

The Following Litigations Releases have been updated ad are available:

Michael L. Rothenberg, et al.
06/02/2011 12:51 PM EDT
SEC Charges Micheal L. Rothenberg and his company, Four Five, with Securities Fraud

Bruce E. Snyder, Jr.
06/02/2011 12:51 PM EDT