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Jul 11, 2011

The Australian Capital Circle: Reality check for Labor as carbon warfare unfolds.

Capital Circle Newsletter
Reality check for Labor as carbon warfare unfolds
 
The latest Newspoll numbers the show task ahead as Gillard takes her carbon tax to the people

Diary: Julia Gillard is in Melbourne. She's done a string of radio interviews, including one with 3AW's Neil Mitchell. She has a mid-morning event planned in Melbourne, and possibly another later today.
Tony Abbott is in Victoria "talking to workers about Labor's toxic carbon tax".
Newspoll: The latest Newspoll numbers are a reality check for Labor MPs. While the poll was conducted before the carbon tax was announced, it underlines the massive task facing Julia Gillard and her party in selling the carbon tax. Support for Labor has slumped to a record low 27 per cent and primary support for the Coalition to 49 per cent its highest level since 2001. A special carbon tax question found that, without all the detail, just 30 per cent of Australians support the plan and 59 per cent are opposed.
Report card: After day one of the carbon tax sales pitch, Labor is cautiously optimistic. Julia Gillard entered the "lions den" of Western Sydney - although she avoided the carnivorous Alan Jones - and managed not to get eaten alive. Insiders reckon that's no mean feat, considering the public mood out there. They also point to more than 100 interviews by Labor frontbenchers yesterday in which they managed not to contradict each other. But, as the Daily Telegraph helpfully points out , the cards were stacked in Gillard's favour when she stopped in on the only carbon tax supporter in an entire Emu Plains Street. The Tele also has been kind enough to publish a photo of the PM's shoes, which she's promised to wear out selling her tax. The PM was on Q&A last night. She was on top of the detail but faced a sceptical audience.
The Coalition is more confident. "Our biggest problem is there are too many ways to attack
Read more...
 
Mumble
Peter Brent
Peter Brent
 
Gillard’s mistake: from ETS to carbon tax
The Coalition and Labor both took emissions trading schemes to the 2007 federal election. It was action on climate change, and that made it popular.…

The Australian Business Briefing: Companies say home owners will pay more






Wall St dives on Italy worries
Wall St Brendan Conway US stocks slumped this morning, as another round of anxiety over Europe's debt crisis spurred investors to flee risky assets like stocks.
Alcoa profit more than doubles
Alcoa Joan E. Solsman ALCOA'S second-quarter earnings surged more than twofold on continued growth in prices and volume.
Macarthur in play again
Macarthur Coal Sarah-Jane Tasker and Matt Chambers US mining giant Peabody Energy has launched a $4.7 billion bid for Queensland's Macarthur Coal a day after the carbon tax was announced.
Qantas, Virgin to pass on fuel hikes
Qantas, Virgin Blue Steve Creedy QANTAS and Virgin Australia say they will have to pass on the millions of dollars in extra costs to their customers.
Companies say home owners will pay more
For Sale Tracy Lee CONSTRUCTION materials companies warn the carbon tax could make houses less affordable as higher costs are passed on to home buyers.
Forrest warns on iron ore prices
110712 twiggy Matt Chambers MINING billionaire Andrew Forrest expects iron ore supply to overtake demand, possibly lowering prices in the short and medium term.
Road and rail groups big losers
QR National Tracy Lee RAIL and road transport groups will lose more than half a billion dollars in fuel rebates from 2014 under the carbon tax.
Local miners to look offshore
Australia Carbon Tax Sarah-Jane Tasker and Matt Chambers NEW global mining frontiers will benefit from Australia's carbon tax, with local miners to increase their focus offshore.
Financial Markets
Oil falls on poor demand signs
Oil Dan Strumpf CRUDE-oil futures sank this morning on Europe's mounting debt crisis and signs of weakening crude-oil demand from China.
Gold hits record in euro terms
Wall St dives on Italy worries
Financial Markets Coverage
Mining & Energy
Macarthur in play again
Macarthur Coal Sarah-Jane Tasker and Matt Chambers US mining giant Peabody Energy has launched a $4.7 billion bid for Queensland's Macarthur Coal a day after the carbon tax was announced.
Forrest warns on iron ore prices
Mineral to target small mills
More Mining & Energy

Reuters - Technology Report: Target to sell new electronic reader


News
Apple has kicked its intellectual property dispute with Taiwanese smartphone maker HTC up a notch. The company filed a new complaint against HTC with a U.S. trade panel over some of its portable electronic devices and software, according to the panel’s website. Apple filed a similar action against the company last year and could be trying to strengthen the case against its rival by adding new patents to its claim this time around, notes AllThingD’s John Paczkowski. “It’s another broad warning to the industry,” he writes.“If you’re bringing a new smartphone to market, you had better make damn sure it doesn’t infringe on Apple’s IP.”

The first e-reader to fully integrate Google’s eBooks platform into its design goes on sale exclusively at Target stores across the U.S. next weekend, Google said in a blog post. The iRiver Story HD lets users buy and read e-books from the service over Wi-Fi and store their personal collections in the cloud. Google offers more than 3 million free titles for download through its eBooks service, with hundreds of thousands more for sale.

LinkedIn, the online networking website aimed at professionals, surpassed Myspace in June to become the second-most popular social network in the United States, according to a new survey from comScore. Just how much more popular is LinkedIn now? According to the figures, LinkedIn had 33.9 million unique visitors in June, a jump of about a half a million from May. Myspace, on the other hand, saw its traffic decline to 33.5 million American visitors, a drop of about 1.4 million users from the previous month.

Apple, Microsoft, Research in Motion and three other leading tech companies received court approval to buy wireless patents from bankrupt Nortel Networks Corp for $4.5 billion. A total of 6,000 patents and applications were included in the sale and fetched three times what some analysts expected from the auction in June.

The Economist | Selected New Articles: Italy's Finances / America Labour Market / Democracy v China ... and more



Italy's finances: Pub skittles, the Italian version

America's labour market: Jobless agonistes

Democracy v China: What China challenges

Britain: Cameron, Coulson and the press

Political demonstration in Malaysia: Crackdown in KL

Language: Hippies in the NSA
 
Daily chart: Film franchises

Upcoming debate: How is journalism changing in the digital age?

Kitco New York Market Close Report



New York Market Close Jul 11/11 05:24 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1554.40
1555.40
10.20
0.66%
1541.10
1558.20
Silver
35.75
35.85
-0.96
-2.62%
35.45
37.04
Platinum
1723.00
1746.00
-12.00
-0.69%
1719.00
1753.00
Palladium
765.00
772.00
-11.00
-1.42%
762.00
787.00

Reuters - Daily Investor Update: Wall Street posts worst day in a month, VIX jumps


News
LATEST NEWS
Wall Street posts worst day in a month, VIX jumps
NEW YORK (Reuters) - Stocks suffered their worst day in nearly a month on Monday as concern about the stalemate in U.S. budget talks and growing debt problems in the euro zone prompted investors to hedge against further losses. | Full Article

Instant view: Alcoa Q2 profit jumps on aluminum prices
July 11, 2011 04:30 PM ET
NEW YORK (Reuters) - Alcoa Inc, the largest U.S. aluminum producer, posted a big jump in second-quarter profit partly due to soaring prices for aluminum and its raw material alumina. | Full Article
Obama increases pressure on Republicans on debt
July 11, 2011 04:32 PM ET
WASHINGTON (Reuters) - President Barack Obama on Monday increased pressure on Republican lawmakers to make concessions for a deal to avoid an August 2 debt default and said both sides must "pull off the Band-aid" and make sacrifices. | Full Article
UK scandal won't hurt News Corp revenue: investor
July 11, 2011 03:44 PM ET
NEW YORK (Reuters) - The British hacking scandal may be unfortunate, but the closing of the News of the World and the outcome of dealings with broadcaster BSkyB will have a minimal impact on News Corp's revenue stream, a major shareholder said on Monday. | Full Article
Euro crisis talks struggle, markets hit Italy
July 11, 2011 03:37 PM ET
BRUSSELS (Reuters) - European finance officials struggled to find ways to resolve Greece's debt crisis on Monday as sharply rising bond yields in Italy, the euro zone's third largest economy, added to the sense of urgency. | Full Article

Money Show Investor Daily Alert: 4 Funds for Emerging Market Growth






Investors Daily Alert

NEW! THE DAILY GURUCandid Daily Interviews with Top Market Experts
4 Funds for Emerging Market Growth, Craig Hillegas

Jim Jubak on MoneyShow.com
China: Party Now, Pay Later

Today's Top Pros' Top Picks
New ETFs for Your Arsenal, Benjamin Shepherd
The 3 Best Utility Mergers, Roger Conrad

Today's Gurus' Views & Strategies
4 Points to Ponder on Ugly Jobs Data, Igor Greenwald
A Silver Lining to the Economic Cloud, Peter Way

Today's Charts in Play
3 Big Banks That Aren't Cheap Enough, Tom Aspray

SavageMoney Blog
How to Defuse the Debt Bomb, Terry Savage

Global Investing Ideas
Forget About Electric Cars, Brendan Coffey

Today's Featured Videos
Profiting from Sentiment Extremes, Mark Hulbert
Some Sectors Are Surprising, Vinny Catalano
 

SEC | Enforcement Actions: Presto Telecommunications, Inc. and Alfred Louis Vassallo, Jr.

https://service.govdelivery.com/banners/USSEC/sec_seal.jpg

TELECOMMUNICATIONS STOCK PROMOTER ALFRED LOUIS “BOBBY” VASSALLO, JR. INDICTED FOR WIRE FRAUD.
To Read full information click

NYT: Afternoon Business News: Euro-Zone Finance Ministers Speed Search for Greek Solution


BUSINESS

Euro-Zone Finance Ministers Speed Search for Greek Solution

By STEPHEN CASTLE and JACK EWING
With uncertainty about new aid for Greece sparking fears that the debt crisis may spread, the ministers are focusing on how the private sector can help.
DealBook

Nestle to Buy Control of a Top Chinese Confectioner

By BETTINA WASSENER
The deal, one of the biggest ever by a foreign company in China, will expand Nestle's presence there while giving Hsu Fu Chi a bigger international footprint.

A Top British Leader Urges Murdoch to Drop TV Deal

By JOHN F. BURNS and ALAN COWELL
The deputy prime minister urged Rupert Murdoch to drop a bid for British Sky Broadcasting as reports said Murdoch newspapers had used underhanded methods to get information on Gordon Brown.
DealBook

Peabody and Arcelor Seek Control of Macarthur Coal

By CHRIS V. NICHOLSON
Peabody Energy and ArcelorMittal are offering 15.50 Australian dollars a share to take a controlling stake in Macarthur, a deal that values the coal miner at $5.1 billion.
DealBook

Li Ka-shing Group Offers $3.8 Billion for British Utility

By JULIA WERDIGIER
Northumbrian Water, a British utility, said on Monday that it had received a takeover proposal worth $3.8 billion from a company controlled by Li Ka-shing, Hong Kong's richest man.

Obama: Congress's dad-in-chief: The Washington Post | Politics Afternoon Edition

The Washington Post
Politics Afternoon Edition

HEADLINES

  1. Obama: Congress's dad-in-chief

    President Obama took a paternalistic approach toward congressional Republicans in Monday's press conference, using a more-in-sorrow-than-in-anger tone to urge GOP leaders to get something big done on the country's debt problems.
    » Read full article
  2. Obama: No short-term deal on debt limit

    President Obama, facing a bitter partisan stalemate over how to raise the federal borrowing limit, summoned congressional leaders to a new round of White House talks Monday and warned that he would not accept a temporary, stopgap measure.
    » Read full article
  3. Pawlenty seizes on Minnesota shutdown

    Minnesota's government shutdown is into its second week, paralyzing all but essential state government services, leaving 20,000 employees out of work and sullying the state’s reputation for bipartisan cooperation. So why is Tim Pawlenty happy?
    » Read full article
  4. Obama and the ghost of 'leading from behind'

    A single line in a New Yorker article has turned into an outsized political liability for the Obama administration.
    » Read full article
  5. Michelle Obama orders 1,556-calorie meal at Shake Shack

    First lady Michelle Obama ordered a whopper of a meal at the newly-opened Washington diner Shake Shack during lunch on Monday.
    » Read full article

Stocks sink as Europe worries hit bank shares: MarketWatch U.S.- Market At Close | Market Pulse

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By Laura Mandaro 

SAN FRANCISCO (MarketWatch) -- U.S. stocks closed sharply lower Monday, dragged down by financial stocks on worries Greece would soon default on its sovereign debt. The Dow Jones Industrial Average DJIA -1.20% lost 151.44 points, or 1.2%, to close at 12,505.76, led by a 3.3% decline in Bank of America Corp. BAC +0.19% shares. The S&P 500 SPX -1.81% fell 24.31 points, or 1.8%, to 1,319.49. The Nasdaq Composite COMP -2.00% fell 57.19 points, or 2%, to 2,802.62. Banks are being hardest hit because of uncertainty surrounding their exposure to the worsening European debt crisis, said Tom Wald, portfolio manager of Tactical Allocation Group. "Any time you have unknowns on the balance sheets of financial institutions, that's bad," he said.

Retirees need less in stocks, more annuities: MarketWatch | Personal Finance Daily

MarketWatch
Personal Finance Daily
JULY 11, 2011

Retirees need less in stocks, more annuities

By MarketWatch



Don't miss these top stories:

If you're retired or are planning to retire soon, you probably need less of your portfolio in stocks and you might want to consider a life annuity. Retirees who have too much money in equities face the risk that the stock market will keep falling at the very same time they are withdrawing money for their accounts, according to Robert Powell, who goes over two recent reports on how Americans can avoid the risk of outliving their assets.

Also in today's Personal Finance news, Amy Hoak writes about how you can get your house on one of those home-makeover TV shows, like "Extreme Makeover: Home Edition," or even that renovators' favorite, "This Old House." She explains what the producers look for and how to apply.

Hint: It's more about the homeowners' personality than it is about the house itself.

Anne Stanley , managing editor, Personal Finance

Retirees need fewer stocks, more annuities

Fewer stocks, more annuities. That, in essence, is the advice gleaned from two just-published reports for the benefit of those living in or approaching retirement.
Read more: Retirees need fewer stocks, more annuities.


How to get your home a TV makeover

Here's a cheat sheet on what producers are looking for in a home — and, more importantly, a homeowner — when they make their casting decisions.
Read more: How to get your home a TV makeover.


Auto Review: 2012 Audi A7

The Audi A7's exhilarating mix of luxury and sporty performance is well worth its price.
Read more: 2012 Audi A7.


Mortgage rates are great, if you qualify

With interest rates near rock bottom and home prices down, this ought to be a great time to buy a home. But for most people, it's a lousy time to get a mortgage.
Read more: Mortgage rates are great, if you qualify.


INVESTING

Investors shouldn't panic over bond scares

Many safe-haven investments feel dangerous these days. But bond-fund investors need to remain calm and ride out the storm.
Read more: Investors shouldn't panic over bond scares.


Key letters sticking with stocks

Mainly key letters are still holding stocks but are also showing signs of unusual stress about the broader economy.
Read more: Key letters sticking with stocks.


ECONOMY & POLITICS

Rep. Barney Frank fires back at critics on bank rules

One of the key authors of U.S. financial reforms lashes out at Republicans and at some of his fellow Democrats for seeking to dismantle pieces of the landmark law enacted nearly a year ago.
Read more: Rep Frank fires back at critics on bank rules.


Obama, Congress haggle over debt deal

President Barack Obama urged Congress to "pull off the Band-Aid" and "eat our peas" by agreeing to a large deficit-reduction package that includes immediate spending cuts and future tax increases.
Read more: Obama, Congress haggle over debt deal.


D.C. math: $800 billion is more than $3.2 trillion

There may be a few reasons for the breakdown between top Republicans and Democrats over a deal to increase the debt ceiling and cut the deficit, but mostly it came down to a single calculation: that $800 billion is worth more than $3.2 trillion.
Read more: D.C. math: $800 billion is more than $3.2 trillion.


China GDP growth may slow on global weakness

China's economic growth rate is decelerating, data due out later this week are expected to show, though analysts say the moderation is likely a part of a healthy cooling rather than a hard landing with destructive consequences.
Read more: China GDP growth may slow on global weakness.

Earnings is the Watchword: Investor's Brief with María Bartiromo

Investor Brief
July 11, 2011
Earnings is the Watchword
In This Week’s Brief
There is no shortage of big issues investors need to consider right now. In the end, however, a stock’s performance is most influenced by how the company is doing — how much money it’s making and what the expectations are for the future. That’s why the next big catalyst for the market will almost certainly be earnings reports, with the next reporting season starting today with Alcoa (AA) batting in its traditional lead-off spot after the close.
Earnings are critical all of the time, but investors are watching especially closely this time around. We’ve finished the first half of the year, the Fed’s QE2 program is over, and the biggest question of all is how companies fared through the soft patch that hit the economy in the second quarter.
As earnings start to come to light this week, we’ll get a clearer picture of the extent of any impact from the last quarter and expectations for the second half of the year.
Corporate earnings have been the crown jewels of the economic recovery, leading the S&P 500 to double from the March 2009 lows of 666 to April’s highs just over 1360. Any inkling that those jewels are losing their luster could spell some tough times ahead for the stock market.
That’s why many market veterans are saying that the next couple of weeks will likely dictate where the market goes through the end of summer, at least.
We’ll watch closely, and I’ll let you know what I’m hearing on the Street.
Maria's signature

CMI | NY Trading - Spot Price at Close

CMI - Gold & Silver

Spot Prices as of the close of trading in New York
As of: Monday July 11, 2011

  Today Change Week Ago Month Ago Year Ago
Gold $1,549.25 +$7.00 $1,483.45 $1,528.90 $1,210.20
Silver $35.76 -$0.81 $33.71 $36.41 $18.12
Platinum $1,730.40 -$6.00 $1,718.70 $1,834.60 $1,534.00
Palladium $770.00 -$8.50 $759.55 $819.30 $458.00