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Jul 25, 2011

Economy/Business News Alert: Boehner: 'The solution to this crisis is not complicated':

July 25, 2011

House Speaker John A. Boehner (R-Ohio) said in a prime-time address Monday night that he intends to continue pushing a short-term raise in the federal debt ceiling, despite President Obama's objection that such a move does not solve the problem.

"The solution to this crisis is not complicated. ... We are up to the task, and I hope President Obama will join us," Boehner said. The speaker said that, in negotiations with Obama over a long-term debt deal, "I made a sincere effort to work with the president. ... I gave it my all. Unfortunately, the president could not take yes for an answer." He added: "The president wanted a blank check six months ago, and he wants a blank check today,. This is not going to happen."

For more information, visit

Obama urges Congress to reach deal on debt ceiling: The Washington Post News Alert

July 25, 2011

President Obama said in a prime-time speech Monday night that, unless Congress agrees quickly to a long-term increase in the federal debt ceiling, "we would risk sparking a deep economic crisis, this one caused almost entirely by Washington." He asked Americans to urge their lawmakers in Congress to strike a deal on the issue. He said he would not agree to a short-term increase, as proposed by House Speaker John A. Boehner (R-Ohio), saying it amounted to "kicking the can down the road." He added: "We can't allow the American people to become collateral damage to Washington's political warfare."

For more information, visit

Ping Newsletter: Canberra rethinks retention regime

Ping Newsletter

Canberra rethinks retention regime
CONTROVERSIAL plans for an Australian data retention regime are being revisited by the federal government.
Qantas denies Marlin will cost jobs
QANTAS has moved to allay union fears that its most complex engineering IT project would result in retrenchments.
$1.5bn of rail savings at risk
STATES will lose $1.5 billion worth of rail infrastructure savings within five years of losing control of 1800MHz spectrum licences.
Pay for top project managers soars
TOP-end project managers and .net developers lead the in-demand IT professionals, according to recruiters.
Amex in Facebook couponless deal
AMERICAN Express has broken away from the financial services pack, launching a daily deals program on Facebook in the US.
Demand puts freelancers in the money
IT consultant Dino Moscato has not lost any sleep over where his next contract will come from.
Firms count high cost of cutbacks
THE move to bring recruitment in-house to cut costs during the GFC is making it difficult to source highly qualified and specialised talent.
Time to use NBN to deliver e-health
AS the NBN infrastructure rolls out,  work is ramping up on the applications to drive economic growth and improve our quality of life.
Tablet still on agenda at Cisco
CISCO Australia has abandoned plans to expand its local headcount as its US parent chases up to $US1 billion ($925 million) in savings.
Mobile app gives stock information
THE country's largest automotive accessories supplier has fitted frontline sale staff with tablets and mobile business apps.
Blogs and forums taken over by spam
NEW generation internet spam that happens on Web 2.0 platforms such as blogs, wikis and forums is becoming a growing problem.
Rev Nile wields veto on video games
 THE fate of plans for a new R18+ category for adult games now appears to rest in the pious hands of the Rev Fred Nile.
Windows on iPad an exercise in novelty
WINDOWS likes a mouse while the iPad likes a finger.
Sensation offers a feast of features
IT has the quality to contend with a cluttered smartphone market, but there are letdowns.
Schmapple Apple, all same in China
IT seems unofficial resellers are not uncommon in China.
Apps to design your home and furniture
EXPLORING the what-ifs of interior design can be fun on an iPad or iPhone.
HP fixes TouchPad bugs
HP will release its signature TouchPad tablet computer on the Australian market on August 15 after fixing some bugs.
BlackBerry maker cuts 2000 jobs
THE maker of BlackBerry smartphones will cut its global workforce by about 2000 as its struggles with sagging demand..
Microsoft sorry over Winehouse tweet
MICROSOFT has apologised for a "tweet" that has been blasted for seeming like a blatant effort to cash in on the death of Amy Winehouse.
TI hurt by Japan, Nokia
TEXAS Instruments' profit fell 13 per cent because of disruptions from the Japan earthquake and weakness at Nokia.
Baidu soars in Google's absence
BAIDU'S second-quarter profit jumped 95 per cent as China's internet-search leader continued its rapid customer growth.
NBN 'could avoid scrutiny'
FRESH concerns are emerging that the government-owned monopoly rolling out the NBN could avoid regulatory scrutiny on pricing and other matters.
ISPs warn on user history plan
AUSTRALIAN internet providers appear willing to negotiate on a government move to implement a data retention regime.
We're shifting $6bn to overseas sites
AUSTRALIANS will spend up to $6 billion this year on clothes, books, footwear, computers and cosmetics from overseas websites.
Bennett heads ComOps client services
SOFTWARE and services outfit ComOps has appointed Robert Bennett as client services general manager.
Maiden quits Telstra media
TELSTRA media chief Andrew Maiden has resigned from the telco, continuing the shake-up of its external relations team.

Click here for all headlines

More IT Business

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Webjet to overhaul its hotel offerings 

McMenemy at helm in TD 

Netflix in talks for local tie-ups
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HP fixes TouchPad bugs 

Schmapple Apple, all same in China 

Apps to design your home and furniture 

Rev Nile wields veto on video games

SmartCompany: Retail group shuts 50 stores, Google’s 20 most expensive AdWords, Meet the Facebook investor looking Down Under, Jim’s Plumbing tax woes continue

smart company logo image

Rich Secrets
Thiel's many cash cows
In the next 12 months, Peter Thiel will enjoy one of the biggest tech pay days in history courtesy of his Facebook stake. But the tech behemoth isn't the only cash cow for Thiel. BY JAMES THOMSON.
Rich Secrets

The first home buyers are back!
After falling to their lowest levels in six years, the number of first home buyers is on the rise. BY TIM LAWLESS.
First home buyers

Aunty B
How do you deal with a business partner who is stuck in his own ways and unwilling to change?
Let's look at this another way. The problem is actually... You!
Aunty B

Sue Barrett
As the business world and selling become increasingly complicated, the sales pioneer is emerging to help us all map a pathway to the future.
Sue Barrett

Enterprise Leadership
Dennis Roberts
Visioning is one of the cornerstones of business success. Embrace this new creative, imaginative perspective and watch how easily the strategies of how to make it all possible appear.
Dennis Roberts

Retail trends
Kevin Moore
The role of retailers over the coming months is to create some outstanding events to showcase great products and experiences that remind us why shopping is good for us.
Kevin Moore

Entrepreneur Watch
James Thomson
The teamwork that lies behind Cadel Evans’ individual Tour de France triumph should be examined by entrepreneurs.
James Thomson

Coming Up

How you can be a better salesperson – even if you’re not in sales.

Best wishes,
Amanda Gome
Founder / Publisher

The Economist | Selected New Articles: Eastern Appoaches, Balkan's obsession / free exchange / Banyan and the Deportation of Lai Changxing... and more


Money Show Investors Daily Alert: From Debt Criss to Investor Panic.

Investors Daily Alert
Read the top stories and watch the latest videos on for today, July 25...
As the world buzzes with talk of the looming US default, we've brought in our top experts: Jim Jubak explains why many investors should look at their portfolios well before August 2. Igor Greenwald exposes the deep reservoir of greed and mutual disrespect that brought us to the brink, while John Mauldin and Benjamin Shepherd each share their ETF and fund picks to get a jump on what Terry Savage is already calling D-Day. All this and much more are available now...

NEW! THE DAILY GURUCandid Daily Interviews with Top Market Experts
3 Funds to Diversify Your Portfolio, John Mauldin

Jim Jubak on
3 Reasons to Like Freeport McMoRan
From Debt Crisis to Investor Panic
Fertilizer Power Play Is Bullish

The Week Ahead
The Week Ahead: For Stocks, The Debt Ceiling's the Limit, Tom Aspray

Today's Top Pros' Top Picks
A Trio of Solid Defensive Stocks, Charles Carlson
5 ETFs to Hedge the Debt-Ceiling Debacle, Benjamin Shepherd

Today's Gurus' Views & Strategies
Don’t Catch Tech IPO-itis, Rick Summer
Dear World, You’ve Got Mail, Igor Greenwald

Today's Charts in Play
Is Tech’s Rally for Real?, Tom Aspray

SavageMoney Blog
5 Savage Truths About the Debt War, Terry Savage

Global Investing Ideas
3 of the Best Latin American ETFs, Rudy Martin

Today's Featured Videos
Open Discussion with ETF Expert, Jim Lowell
Surviving the Bond Bear Market, Marilyn Cohen

MarketWatch | Personal Finance Daily: Marriage can raise taxing questions

Personal Finance Daily
JULY 25, 2011

Marriage can raise taxing questions

By MarketWatch

Don't miss these top stories:

Getting married is easy enough. It's what comes after marriage that can get complicated, especially on the personal-finance front — and it's exponentially more complex for same-sex couples.

Choosing to get married can provide gay couples a fair number of important protections. For instance, if one dies without a will, his or her spouse can keep the house instead of being forced out by angry relatives, as one financial adviser tells me happened recently to one of her clients. But then, April 15 brings its own special set of headaches for same-sex couples who are legally married in the eyes of their state, but not the federal government.

Read my story for more on the complex finance rules that gay couples face; plus, see Jennifer Waters's column on how employers are hiring outside companies to run social-media background checks on job applicants. The good news, she writes, is that at least they're not after your party pictures.

For most couples, marriage isn't about money. But couples still should give some thought as to how their financial lives will change once they tie the knot.

Andrea Coombes , Personal Finance editor

Gay marriage brings thorny tax, finance questions

On Sunday, New York became the sixth state to allow same-sex marriage, but before tying the knot, gay couples may want to explore the current legal and tax complexities to make sure the decision is right for them.
Read more: Gay marriage brings thorny tax, finance questions.


Could you pass a Facebook background check?

The next time you apply for a job, don't be surprised if you have to agree to a social-media background check. Many U.S. companies and recruiters are now looking at your Facebook, Twitter, Flickr and other accounts and blogs — even YouTube — to paint a clearer picture of who you are.
Read more: Could you pass a Facebook background check?


You need a plan to boost retirement income

Generating the most income in the safest fashion from a nest egg is the holy grail of retirement-income planning. You obviously want your dollars to stretch as far as possible without taking on much risk.
Read more: You need a plan to boost retirement income.


5 reasons to buy new funds, ETFs, and 5 not to

So far this year, 2.4 new mutual funds and ETFs have been created each day, a rate that's 56% higher than the same period a year ago. Should you seek them out? Here are five reasons to buy in, and five reasons to stay away.
Read more: 5 reasons to buy new funds, ETFs, and 5 not to.

Why it's OK for investors to ignore bad news

The stock-market tug-of-war of recent weeks reflects a battle between companies making bundles of cash and countries that seem badly short of the same.
Read more: Why it's OK for investors to ignore bad news.


2011 Chevrolet Camaro SS

The addition of a convertible means Chevy's all the way back in the pony-car race, but that ugly interior still needs work.
Read more: 2011 Chevrolet Camaro SS.


No U.S. debt deal as Republicans, Democrats clash

Efforts to conclude a plan to increase the debt ceiling showed little progress Sunday night.
Read more: No U.S. debt deal as Republicans, Democrats clash.

Debt-ceiling deal reachable, analysts say

A deal to raise the U.S. debt ceiling is possible as early as this week, analysts say, despite failure by the White House and congressional Democrats and Republicans to break a stalemate over the weekend.
Read more: Debt-ceiling deal reachable, analysts say.

10 craziest things about the debt-ceiling crisis

Here are the 10 silliest, stupidest and most logically ridiculous things about the debt ceiling.
Read more: 10 craziest things about the debt-ceiling crisis.

Food-price gains in 2012 hinge on weather

Food inflation will persist in 2012, the U.S. Agriculture Department indicates in an updated forecast.
Read more: Food price gains in 2012 hinge on weather

U.S. woes hit world by markets, not trade: IMF

The adage that when the United States sneezes, the world catches a cold may be in for an update, as the International Monetary Fund says that it's financial markets and not so much trade that generates impact overseas, both positive or negative.
Read more: U.S. woes hit world by markets, not trade: IMF.

Boehner will address nation following Obama speech: The washington Post Economy/Business News Alert:

July 25, 2011

House Speaker John Boehner (R-Ohio) will address the nation after Obama speaks on the debt debate Monday at 9 p.m. ET. Watch it live at

For more information, visit

RTTNews: Evening Market Wrap


While selling pressure waned from early in the session, stocks still ended Monday’s trading mostly lower amid uncertainty about the outcome of the ongoing debate over raising the U.S. debt limit. The major averages ended the session well off their worst levels of the day but still closed firmly in the red. (Jul 25, 2011) Full Article
We have not received a written permission to reproduce the video previously posted. Therefore, we are correcting our involuntary mistake and apologize for any inconvenience we might have caused our readers.. Fernando Guzmán Cavero FGC BOLSA - FGC FINANCIAL MARKETS

Corporate News

Cal-Maine Foods, Inc. (CALM) reported fourth-quarter net income of $7.27 million or $0.30 per share, lower than last year's $21.03 million or $0.88 per share. Quarterly sales rose to $242.38 million from $222.09 million in the prior year. (Jul 25, 2011) Full Article

Qualcomm Inc. (QCOM) said it has acquired certain assets from GestureTek, a developer of gesture recognition technology. As part of the purchase, Gesture recognition technology will be integrated into Qualcomm's current and next-generation Snapdragon processors, giving OEMs the capability to produce smartphones, tablets and home entertainment devices with user interfaces based on natural human gestures. The acquisition gives Qualcomm ownership of certain intellectual property assets related to gesture recognition, as well as key engineering resources. GestureTek is retaining other assets in continuation of its gesture-controlled public display and digital signage business. (Jul 25, 2011) Full Article

Forex Commentary

The dollar dropped to a new record low against the safe haven Swiss franc on Monday, saddled with concerns that U.S. lawmakers are flirting with default by not raising the nation's debt ceiling. Congress until August 2 to lift the debt ceiling and allow the U.S. to meet its debt obligations. While most analysts say that a compromise will be reached, if both sides decide to dig in their heels the consequences could be disastrous for the struggling economy. (Jul 25, 2011) Full Article

Political News

Arkansas Congressman Mike Ross, D-Ark., co-chair of the moderate Democratic Blue Dog Coalition, announced Monday that he will not seek re-election in 2012 and suggested that he will instead consider a run for Governor of Arkansas. (Jul 25, 2011) Full Article

As dueling prescriptions for avoiding a default on federal debt continue to circulate in Washington with little sign of an actual compromise, the White House sought Monday to highlight inconsistencies in the GOP position. With reports saying that the latest round of Republican proposals to raise the debt ceiling include just a short term fix, White House Communications Director Dan Pfeiffer sought to make the case for a longer-term solution using arguments the GOP put forward. (Jul 25, 2011) Full Article

Reuters - Daily Investor Update: Debt standoff drags down stocks, drives wary mood


Debt standoff drags down stocks, drives wary mood
NEW YORK (Reuters) - Stocks dipped on Monday as lawmakers remained in a standoff over raising the debt ceiling to avoid default, but investors were convinced a compromise will be reached before next week's critical deadline. | Full Article

Netflix shares down after subscriber outlook
July 25, 2011 04:37 PM ET
LOS ANGELES (Reuters) - Netflix Inc, the top video rental company, reported second-quarter revenue that fell short of expectations and cautioned that subscriber growth would slow in the third quarter, sending shares down about 9 percent. | Full Article
RIM adjusts to new reality by slashing 2,000 jobs
July 25, 2011 12:06 PM ET
TORONTO (Reuters) - BlackBerry maker Research In Motion plans to cut about 11 percent of its workforce as it struggles to keep pace with Apple and Google in the mobile market it once dominated. | Full Article
Rival debt plans pushed as deadline looms
July 25, 2011 04:37 PM ET
WASHINGTON (Reuters) - Lawmakers were locked in a standoff on Monday over dueling debt plans that offered little prospect for compromise, increasing the threat of a ratings downgrade and national default that could sow chaos in global markets. | Full Article
Analysis: CEOs count on cash to cushion default risk
July 25, 2011 04:19 PM ET
BOSTON (Reuters) - Memo to Washington from corporate America: unemployment is high, confidence is low and your bickering over the country's debt is the last thing we need. | Full Article

Obama to address nation on debt at 9 p.m. ET: The Washington Post Economy / Businews News Alert

July 25, 2011

President Obama will address the nation on the "stalemate over avoiding default and the best approach to cutting deficits" Monday at 9 p.m. ET, White House Press Secretary Jay Carney announced via Twitter. Watch it live at

NYT: Afternoon Business News: Propping Up Banks, as Well as Greece.

News Analysis

Propping Up Banks, as Well as Greece

By agreeing to contribute a relatively modest amount to the rescue, the banking industry is getting something more valuable in return, analysts say.

Deutsche Bank Taps Co-CEOs to Replace Ackermann

Deutsche Bank resolved a leadership crisis on Monday, saying that Anshu Jain, head of its investment bank, and Jurgen Fitschen, head of the bank's German unit, will share chief executive duties at the country's largest lender starting next year.

With Washington at Impasse, Worry Over Investor Reaction

With the debt limit talks at a stalemate, Wall Street and Washington have turned their attention to a critical question: How long will investors give them?

U.A.W. Opens Contract Talks With Chrysler

The bailed-out automaker is the first of the Big Three to start negotiations on worker contracts that expire in September.

Moody's Sees Benefits for Banks From Consumer Bureau

The bureau, Moody's said, could be the "medicine" that tames the financial industry's risk-taking ways, adding that safer lending practices "could limit future credit and litigation costs."

Maria Bartiromo's Investor Brief: Watching Washington

Investor Brief
July 25, 2011
Watching Washington
In This Week’s Brief
Last week, it seemed as if the stock market followed the thermometer’s lead across the country — mostly rising and rising as earnings heated up and there were developments relating to sovereign debt here in the U.S. and in Europe. As we kick off the last week of July, the focus is definitely on the U.S. debt ceiling.
Despite some optimism last week, there is still no agreement to raise the amount the government can borrow or on a long-term plan to reduce the budget deficit. The urgency is mounting, as it’s possible the U.S. could start defaulting on at least some of its debt next Tuesday, August 2.
I interviewed Caterpillar (CAT) CEO Doug Oberhelman last week, and he mentioned that part of the reason the company’s earnings came in lower than expected was because of the uncertainty in Washington. He also believes the uncertainty has companies and individuals holding off on committing to long-term projects. (You can watch the interview here.)
Moody’s has already said that it may still downgrade the U.S. bond rating because of all the turmoil and the amount of debt the country maintains, although many feel this is more of a cautionary wag of the finger than a real threat.
Earnings reports continue this week, though they may be overshadowed by the news out of Washington. We’re a little over two weeks into reporting season, with about 30% of S&P 500 companies releasing results. So far at least, it looks as if the soft patch the economy hit earlier in the year hasn't affected bottom lines as much as some feared. Even more important, guidance for the coming quarters has been generally regarded as solid — not incredible, but still encouraging to most.
Regardless, getting the debt ceiling debate out of the way and having a plan to address long-term debt would be big steps to eliminating some of the uncertainty and possibly getting investors to feel more comfortable making longer-term commitments to stocks.
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