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Jul 4, 2011

Pressure on big banks' profits: The australian prot ver | The Australian Business briefing




Pressure on big banks' profits
big four banks Scott Murdoch THE earnings forecasts of big banks are under increasing pressure, with Nomura the latest to predict slowing profit growth.
 
Trade surplus widens to $2.3bn
coal dalrymple Enda Curran AUSTRALIA posted a better-than-expected trade surplus of $2.33 billion in May, thanks to strong exports of gold and coal.
 
Japan bank buys stake in Lynas
Aus Bus Pix Lynas Corp David Fickling JAPANESE bank Mitsubishi UFJ Financial Group has taken a 9.99 per cent stake in rare earths developer Lynas Corp.
 
Murchison tumbles further 9pc
Murchison Metals Michael Bennet MURCHISON tumbled 9 per cent today as analysts slashed forecasts for Mitsubishi's next payment to support mine expansion.
 
Rebound worst since Depression
Statue of Liberty Jon Hilsenrath THE US recovery from a recession that was over two years ago is the worst rebound since the Great Depression.
 
Greek rescue failing: Samaras
Greece Antonis Samaras Alkman Granitsas THE plan to fix Greece's finances is failing and needs a rethink, Greece's opposition leader says in an interview.
 
Cofco in control of Tully Sugar
Tully Sugar mill Andrew Fraser CHINESE company Cofco has emerged as the new owner of Tully Sugar after sugar giant Bunge agreed to sell its 6.9 per cent stake.
 
High $A drags on services sector
waiter Geoffrey Rogow AUSTRALIA'S services sector contracted for the second straight month in June as a strong Australian dollar curbed spending.
 
Financial Markets
Weak big banks weigh on shares
ASX 200 AUSTRALIAN shares had fallen into negative territory by early afternoon, with the big banks marginally lower.
 
Murchison tumbles further 9pc
S&P puts spanner in Greek plan

Another Digger dead in Afghanistan: The Australian Capital Circle

Capital Circle Newsletter
Another Digger dead in Afghanistan
 
The death of another Australian solider in Afghanistan will overshadow the political brawl over Labor's carbon tax today.

Breaking: Another Digger has been killed in Afghanistan, with at least one more wounded, potentially fatally. The death brings to at least 28 the number of Australian soldiers killed in Afghanistan, and is the seventh this year. Chief of the Defence Force, General David Hurley, and Defence Minister Stephen Smith, will hold a press conference in Canberra at 9am this morning. The next of kin of the soldiers involved in the incident have been notified.
The PM's Day: Julia Gillard is in Canberra. She was due to sit down for an interview on Sky News this morning after 9am, though the interview is likely to be delayed. The PM will attend caucus later this morning.
Tony Abbott is in Canberra. He visited Iannelli Refrigerated Transport/Alpha Fresh Foods just before 8am this morning. He'll attend the Liberal and joint party room meetings later this morning.
Carbon wait to end: The government has announced the guessing games and drip-drip-drip of leaks will end on Sunday with the release of its carbon tax plan. In a release sent out by the PMO last night, the PM said: "After hearing a report on the discussions of the multi-party climate change committee, cabinet agreed tonight that sufficient progress had been made to allow an announcement date to be set for Sunday July 10, 2011. Considerable common ground has been achieved in the MPCCC talks in recent weeks."
On doors this morning, independent MP Tony Windsor confirmed he would back the climate package provided it was similar to the deal struck by the MPCCC.
Climate Change Minister Greg Combet backed up the PM this morning on ABC 24, confirming there were some details of the package left to tie up. He said: "I can assure you this is a large announcement...we've got a fair bit of work to do just to get to Sunday. However: "all of the substantive matters have been agreed''  and "all of the members of the multi-party climate change committee will be supporting the announcement on Sunday''.
Tony Abbott defended his direct action policy on ABC's 7.30 last night, arguing coal fired power
Read more...

China under fire over exports: The Australian Business Briefing




 
China under fire over exports
China rare earths John Miller THE World Trade Organisation is set to condemn China for limiting exports of major raw materials, trade diplomats say.
 
S&P puts spanner in Greek plan
Greece flags Laurence Norman CREDIT ratings agency S&P has warned the current proposals for Greek sovereign bonds would likely amount to a default.
 
Oakajee hit by $1bn blowout
Greg Martin, Director of Muchison Metals Ltd & Ken Scott-Mackenzie, Independent Non-Executive Chairman Sarah-Jane Tasker MURCHISON Metals has overhauled its senior management and revealed a huge cost blowout at the Oakajee port and rail project.
 
Miner's shake-up a good start
Oakajee port Andrew Burrell FINALLY, Murchison Metals has realised it's in deep trouble.
 
Rates set to stay on hold
interest rates Scott Murdoch THE weakness in the economy outside the powerful mining boom is worsening, with a fresh wave of consumer caution.
 
Asahi bids for P&N divisions
Asahi Blair Speedy JAPANESE brewer Asahi has returned with a truncated bid for soft drink manufacturer P&N's juice and water business.
 
Investors bail out of Tiger
A Tiger Airways plane sits on the tarmac at Melbourne Airport Steve Creedy, Aviation writer TIGER Airways shares nosedived by almost 16 per cent in Singapore yesterday as Australian carriers posted solid gains.
 
Westpac to keep costs down
ted evans Scott Murdoch WESTPAC chairman Ted Evans says the bank will maintain tight cost controls as it navigates flat credit growth.
 
Financial Markets
S&P puts spanner in Greek plan
Greece flags Laurence Norman CREDIT ratings agency S&P has warned the current proposals for Greek sovereign bonds would likely amount to a default.
 
Weak banks cap European gains
Shareholders need protection
 
Financial Markets Coverage
 
Mining & Energy
China under fire over exports
China rare earths John Miller THE World Trade Organisation is set to condemn China for limiting exports of major raw materials, trade diplomats say.
 
Vale may pay for Aquila row
Oakajee hit by $1bn blowout
 
More Mining & Energy
 

NYT: Afternoon Business News: Standard & Poor's Warns Bank Plan Would Cause Greek Default


TOP NEWS

S.&P. Warns Bank Plan Would Cause Greek Default

By DAVID JOLLY
Greece risks being judged in default on its debt obligations if banks are forced to bear part of the pain, Standard & Poor's said Monday.

Pakistani Military Still Cultivates Militant Groups, a Former Fighter Says

By CARLOTTA GALL
Officials in Pakistan back militant groups as tools in the dispute with India over Kashmir and in Afghanistan to drive out foreign forces, a former militant leader says.

Fears Rise With Arrests in Restive Syrian City

By ANTHONY SHADID
Syrian security forces made their largest incursion in Hama since withdrawing in early June.

Study Links Smoking Cessation Drug to Cardiovascular Problems

By DUFF WILSON
Chantix was linked to an increased risk of a heart attack or other serious cardiovascular event for smokers without a history of heart disease.
On the Runway Blog

Days of Strangeness at Dior

By CATHY HORYN
At the Musee Rodin, Dior presents haute couture without a creative director, and it shows.
Multimedia

Video: TimesCast

In New York, a judge released Dominique Strauss-Kahn on his own recognizance after the surprising turn in the sexual assault case.
Opinion

Opinionator | Fixes

For Some With Autism, Jobs to Match Their Talents

A Danish company has created a place for highly skilled workers with autism to succeed.
BUSINESS

Tools of Entry, No Need for a Key Chain

By MATT RICHTEL and VERNE G. KOPYTOFF
Technology that allows doors to be unlocked remotely is moving to the smartphone, causing some analysts to say the key will soon become obsolete.

Hedge Funds Seeking Gains in Greek Crisis

By JULIE CRESWELL
The twists and turns of the Greek crisis and the whipsaw market activity have made it difficult for some hedge funds to maneuver.

Apparently Hacked, a Fox News Twitter Account Sent Out Alarming Posts

By LIZ ROBBINS and BRIAN STELTER
The messages, which are still available online, concerned President Obama and purported to be from the network's political news division. The network said it was hacked.

Microsoft to Partner With China's Leading Search Engine

By DAVID BARBOZA
A year and a half after Google pulled its popular search engine out of China, partly over concerns about censorship, Baidu.com will offer English Web searches through Microsoft's Bing.

Carmakers and White House Haggling Over Mileage Rules

By JOHN M. BRODER
The administration wants new American cars and trucks to average as much as 56.2 miles per gallon by 2025, roughly double the current level.

Reuters - Daily Investor Update: World stocks at 4.5 week high, risk back in favor


News
LATEST NEWS
World stocks at 4.5 week high, risk back in favor
LONDON (Reuters) - World stocks hit a 4-1/2 week high on Monday as investors grew confident over global economic prospects after Greece avoided an early debt default and data pointed to a moderate slowdown in China's growth. | Full Article

Moody's says not involved in Greek rollover talks
July 04, 2011 03:51 PM ET
ATHENS (Reuters) - Moody's is not involved in talks on a Greek debt rollover plan and will only make its views known once there is a final decision on it, the ratings firm said on Monday after Standard and Poor's warned about the plan. | Full Article
Markets anticipate Nasdaq/LSE tie-up after TMX flop
July 04, 2011 09:16 AM ET
LONDON, Jul (Reuters) - The London Stock Exchange should consider a tie-up with Nasdaq OMX to secure its place as a global competitor, after its failed bid for Canadian group TMX made it vulnerable as a takeover target, investors and market participants said. | Full Article
Ireland signals bigger cut in 2012 budget deficit
July 04, 2011 03:34 PM ET
DUBLIN (Reuters) - Ireland's finance minister signaled on Monday that the government would make a larger budgetary adjustment of 4 billion euros ($5.8 billion) in 2012 despite being confident of meeting this year's fiscal goals under an EU-IMF bailout. | Full Article
EU sees delays in derivatives, short-selling rules
July 04, 2011 01:48 PM ET
STRASBOURG, France (Reuters) - European Union rules to tighten derivatives rules won't be agreed until at least the early autumn, as a global crackdown on the opaque sector faces delays on both sides of the Atlantic. | Full Article

US TOP NEWS
Casey Anthony murder case goes to jury in Florida
July 04, 2011 01:35 PM ET
ORLANDO, Florida (Reuters) - The jury in the first-degree murder trial of Casey Anthony began deliberations on Monday afternoon as the trial entered its seventh week with no break for the Independence Day holiday. | Full Article
Stunning Thai election win brings hope of stability
July 04, 2011 08:56 AM ET
BANGKOK (Reuters) - Thailand's powerful military accepted Monday a stunning election victory by the party of fugitive former Prime Minister Thaksin Shinawatra, adding to a new sense of stability in a country plagued by unrest since his ouster in a 2006 coup. | Full Article
Hackers falsely claim Obama dead on Fox Twitter feed
July 04, 2011 03:00 PM ET
WASHINGTON (Reuters) - Hackers took control of a FoxNews.com Twitter account on Monday and sent six false tweets saying that U.S. President Barack Obama had been shot dead, prompting an investigation by the Secret Service. | Full Article
Singing Chavez makes surprise return to Venezuela
July 04, 2011 03:53 PM ET
CARACAS (Reuters) - Venezuela's ever-theatrical President Hugo Chavez made a surprise homecoming on Monday after cancer surgery in Cuba and declared himself "fine" despite speculation he may still require lengthy treatment. | Full Article
S&P warning adds default threat to Greece's bailout
July 04, 2011 03:26 PM ET
ATHENS (Reuters) - Greece would likely be in default if it follows a debt rollover plan pushed by French banks, S&P warned on Monday, deepening the pain of a bailout that one European official said will cost Athens sovereignty and jobs. | Full Article

CBS News: Political Hotsheet Top Stories: Pawlenty raises $4.2 million in 2nd quarter

The CBS News Political Hotsheet newsletter
CBS POLITICAL HOTSHEET TOP STORIES    



   
Former Minnesota governor falls short of $4.5 million goal; aide says lackluster performance in debate led to slowed fundraising
Read full story
Pawlenty raises $4.2 million in 2nd quarter

Obama recruits more than 400,000 donors At end of first significant fundraising quarter of 2012 election cycle, President Obama has doubled his pace of 2008 campaign

Romney flip-flops on charges against Obama Former Massachusetts governor drops charge Obama made economy worse, says jobs would be his top priority as president

Do July 4th festivities make you Republican? Study suggests July 4 celebrations significantly impact political preferences, increase likelihood of becoming a Republican

Pawlenty: Minnesota shutdown could be a good thing Former Minnesota governor and Republican presidential candidate Tim Pawlenty says his state's shutdown could lead to the state government living within its means