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Sep 1, 2011

MarketWatch Personal Finance Daily: Fed governor calls for refi program changes


MarketWatch

Personal Finance Daily
SEPTEMBER 01, 2011

How to create a secure retirement

By MarketWatch



Don't miss these top stories:

Don't just worry about retirement, do something, Robert Powell writes in his column today. Easier said than done in this economy, right? Maybe, but the hands on the clock keep moving, so you might as well tackle your worries, create a financial plan and strategy and — most importantly, develop a specific vision of what you want your retirement to be.

And now for something completely different. MarketWatch technology commentator Therese Poletti writes today that the next big thing in tech is grilled cheese. A techno-enhanced grilled cheese restaurant to be exact. Flip video camera entrepreneur Jonathan Kaplan has a new start-up selling fast comfort food, made to order quickly, thanks to the use of technology in smartphones. The Melt, as the restaurant is known, just opened its first "fast casual" location this week in downtown San Francisco, getting a flurry of press attention. "We are making a comfort food at a time when Americans need a little bit of comfort," Kaplan told Poletti in an interview, as he watched a line form in front of the company's first store. "There is something about a bowl of soup and a grilled cheese like mom used to make."

Anne Stanley , Managing Editor, Personal Finance

MarketWatch special events: You're invited

MarketWatch extends a special invitation to our readers who are in Chicago and New York next month to attend one of our live talks on ETFs and retirement.

"Finding the Right Exchange-Traded Funds" is the topic of a MarketWatch panel discussion set for 9 a.m. Wednesday, Sept. 21, in Chicago, hosted by columnist Chuck Jaffe. Join us for this breakfast event featuring the expertise and analysis of Michael Falk of Michael S. Falk Asset Consulting in Chicago; David Trainer, president of New Constructs Inc. in Nashville; and Scott Burns, director of ETF, Closed-End and Alternative Fund Research for Morningstar. They'll discuss how to evaluate your investment strategies and navigate the increasingly complex world of ETF products.

If you'd like to join us for this free event, email your RSVP to wsjdnevent@dowjones.com by Monday, Sept. 19.

"How to Deal with Retirement's Biggest Risks" is the topic of a MarketWatch panel discussion set for 8 a.m. Tuesday, Sept. 13, in New York, hosted by Robert Powell. Join us for this breakfast event featuring Dr. Kathryn McCabe Votava, president, Goodcare.com; Joseph Coughlin, director, AgeLab; and Rick Miller, CFP, founder of Sensible Financial Planning. They'll discuss how to protect and grow your retirement savings, how to cope with long-term health-care costs, how to live the retirement lifestyle you seek and provide a road map that can help you manage those risks.

If you'd like to join us for this free event, email your RSVP to MarketWatchevent@wsj.com by Friday, Sept. 9.

PERSONAL FINANCE

How to create financial security in retirement

When it comes to retirement, there's plenty to worry and dream about. But according to a recent survey, the three biggest worries that clients of financial advisers face seem somewhat easy to solve. Or at least they do to those who spend time studying such things.
Read more: How to create financial security in retirement.


Rates on 5-year ARMs fall to record 2.96%

Rates on 5-year adjustable-rate mortgages hit a record low of 2.96% this week, the eighth week in a row the mortgage rate has dropped, according to Freddie Mac's weekly survey of conforming mortgage rates.
Read more: Rates on 5-year ARMs fall to record 2.96%.


Tech's next new new thing: grilled cheese

The Melt, serial entrepreneur Jonathan Kaplan's next startup, is launching as the economy heads south, but fast grilled cheese could weather the storm.
Read more: Tech's next new think is grilled cheese.


INVESTING

Amazon's tablet advantage may lie in the margins

The online retailer is widely expected to launch a tablet offering to compete with the powerful iPad. Analysts say Amazon's key advantage is the ability to get away with thinner profit margins than electronics firms can.
Read more: Amazon's tablet advantage may lie in the margins.


Broken eggs or tennis balls?

Shares able to bounce back like a tennis ball from a decline are more likely to represent the real leadership, writes Kevin Marder.
Read more: Broken eggs or tennis balls?


Einhorn's best deal: not buying N.Y. Mets

Hedge fund investor made the right call in walking away.
Read more: Einhorn's best deal.


4 blue-chip stocks ripe for valuable spinoffs

Who will be spinning off operations next? Here are four big-name companies that could benefit from divvying up their businesses and find a warm reception to the new companies on Wall Street, according to Jeff Reeves.
Read more: 4 blue-chip stocks ripe for valuable spinoffs.


ECONOMY AND POLITICS

Fed governor calls for refi program changes

Changes should be made to the Obama administration's existing housing refinance program to enable the participation of more underwater borrowers, Federal Reserve Governor Elizabeth Duke said in a speech on Thursday.
Read more: Fed governor calls for refi program changes.


ISM Aug. manufacturing gauge at 25-month low

Activity in the manufacturing sector faintly grew in August, according to a closely followed index released Thursday.
Read more: ISM August manufacturing gauge at 25-month low.


U.S. initial jobless claims off slightly last week

First-time filings for jobless benefits fall last week but remain at a level associated with slow hiring trends.
Read more: U.S. initial jobless claims off slightly last week.

The Australian Capital Circle: Pressure grows on Gillard's leadership

Capital Circle Newsletter
Pressure grows on Gillard's leadership
Julia Gillard's hold on the leadership is being questioned following the High Court's Malaysia ruling.

Julia Gillard will talk to ABC Brisbane's Madonna King at 8.30am this morning. She'll spend the day working in Canberra. The PM will meet with UN secretary-general Ban Ki-moon in Canberra over the weekend.
Tony Abbott is in Barnaby country today - that's St George, Queensland to be precise. He'll visit a local farming property this morning and then join Liberal National Senator Barnaby Joyce to open his new electorate office.
The PM is now under fire on two major fronts following the High Court's decision to scrap the Malaysian solution. Her decision to criticise the High Court for its ruling has drawn fire from all sides. Worse, there are reports her future as leader is now being openly discussed, with a Kevin Rudd-Stephen Smith double act mooted.
The headlines : "Tick Tick Tick",  "Lost control", Gillard on notice", "Gillard versus the High Court" and "Rudd return looms" say it all.
The Herald Sun reports: SENIOR Government figures say Julia Gillard has "lost her authority" and have urged her to weigh up whether it's in Labor's best interests for her to stay on as PM.
Across the shows: Andrew Robb and Mary Crock will face up to Paul Bongiorno, Fran Kelly and Mark Kenny on Meet the Press. Peter Garrett and Bronwyn Bishop will face up to Peter Van Onselen, Paul Kelly and Steve Lewis on Australian Agenda.
Will he or won't he? Former Queensland Premier Peter Beattie will appear at the Queensland Media Club today. The topic?  "Will a strategy of 'just vote one' work at the 2012 State Election?". But the Gold Coast Bulletin reports today: Mr Beattie held confidential talks with top Labor officials to fast-track a run for Fe
Read more...

The Australian Business Briefing: Global Markets Slow




Global factory activity slows
manufacturing Sudeep Reddy FACTORIES around the world are throttling back, signalling a broadening of the slowdown in economic activity.
 
Telstra pushes NBN deal
Telstra Tracy Lee TELSTRA is trying to convince shareholders that they must approve the NBN deal at next month's annual meeting.
 
Telstra fat cats get fatter
Telstra pushes NBN deal Mitchell Bingemann TELSTRA'S top-earning executives all received massive pay rises in the past year despite sharply lower profits
 
CSR to slash 115 jobs
CSR Teresa Ooi BUILDING products company CSR will restructure its loss-making Viridian glass business and slash up to 115 jobs.
 
Networks vie for bigger share
James Chessell James Chessell SEVEN and Nine have both declared they will grow their share of the free-to-air advertising pie next year.
 
Apparel moves upmarket, buys Willow
Apparel moves upmarket with Willow buy Damien Woolnough DESIGNER Kit Willow Podgornik is branching out with the sale of her Willow label to the Apparel Group, the owner of Sportscraft and Saba.
 
Leighton 'back on track'
Leighton Damon Kitney SPANISH construction giant ACS is confident "the storm is over" at Leighton Holdings.
 
Financial Markets
Wall St falls on jobs caution
Wall Street traders Steven Russolillo US stocks fell in choppy trading today, ending a four-day winning streak, as investors turned cautious before key jobs data.
 
Gold dips on factory survey
Copper falls 1pc as $US rises
 
Financial Markets Coverage
 
Mining & Energy
Copper falls 1pc as $US rises
Copper up on improved demand Tatyana Shumsky COPPER snapped a two-day rally today to finish lower on a stronger US dollar and caution ahead of tonight’s US jobs data.
 
Oil climbs to one-month high
Carabella on the rise
 
More Mining & Energy

bBNET - InterActive Business Network: When 'Get Good at One Thing' Is Bad Advice

logo

Forget About Finding a Role Model

Having a role model is great, but you need more -- a lot more -- if you want to get better at what you do. Read More

Which Gender Wants More Flexibility at Work?

New research finds 42 percent of U.S. workers would take a pay cut in exchange for more flexibility at work -- and one gender is twice as likely to do just that. Read More

When 'Get Good at One Thing' Is Bad Advice

Most people think specializing in one skill or business is the way to stand out. Here's why that may be the wrong approach. Read More

VIDEO: Your Top Work Dilemmas -- Solved

This week you voted on what's holding you back at work. Watch the Live1 to find out the results along with the best of BNET's advice. Read More

Kitco | New York Market at Cose


New York Market Close Sep 01/11 05:23 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1825.40
1826.40
1.20
0.07%
1812.70
1831.90
Silver
41.50
41.60
-0.01
-0.02%
41.13
41.93
Platinum
1845.00
1855.00
2.00
0.11%
1820.00
1862.00
Palladium
780.00
787.00
0.00
0.00%
770.00
794.00

Reuters - Technology Report: Court battle looms between U.S. and AT&T, T-Mobile



NewsApple promoted veteran exec Eddy Cue to oversee Apple's advertising service called iAd and iCloud, according to a leaked memo published by 9to5Mac. Cue played a major role in creating the Apple online store in 1998, the iTunes Music Store in 2003 and the App Store in 2008, new CEO Tim Cook said in the email to employees.

An Apple employee once again appeared to have lost an unreleased iPhone in a bar, CNET reported. Last year, a misplaced iPhone 4 pre-production model was bought by Gizmodo. Today, two men pleaded not guilty to misdemeanor theft charges relating to that 2010 incident. The latest missing iPhone prototype, which disappeared in San Francisco in late July of this year, sparked a scramble by Apple security to recover the device over the next few days, CNET wrote, citing a source familiar with the investigation.

A U.S. judge rejected a jury award of $1.3 billion to Oracle in a copyright infringement lawsuit against SAP, paving the way for a possible new trial in a years-long legal dispute. In a ruling released on Thursday, U.S. District Judge Phyllis Hamilton found that Oracle had proven actual damages of only $272 million. She called for a new trial unless Oracle agreed to accept that amount.

An Ohio judge dismissed antitrust claims in a case against Google, handing the company a victory as it faces a separate federal investigation into its search results. MyTriggers.com, an Ohio-based shopping comparison search website, accused Google of giving preferential treatment in its search results to Google's own services. It also accused Google of making unfair agreements with other sites to exert control over search advertising.

IBM is buying Toronto-based risk analytics software firm Algorithmics for $387 million in cash to enhance its financial services capabilities. IBM said the deal, expected to close before the end of October, expands its business analytics capabilities by helping clients manage financial risk.

GPS maker TomTom will expand its offerings to include a satnav application for Apple's iPad, hoping to balance the fast shrinking of its key personal navigation device (PND) market. TomTom's launch, at the IFA consumer electronics fair in Berlin, follows smaller rival Navigon, bought by Garmin last month, which already sells a navigation service for iPad. TomTom has forecast that the global PND market will contract nearly 20 percent this year as economic worries hurt demand and consumers turn to free or cheap navigation on cellphones.

Reuters - Daily Investor Update: Wall Street closes lower ahead of payrolls


News
LATEST NEWS
Wall Street closes lower ahead of payrolls
NEW YORK (Reuters) - Wall Street's four-day rally ground to a halt on Thursday as investors turned cautious ahead of a key labor market report expected to underscore fears the economy is headed for another recession. | Full Article

August auto sales defy consumer caution
September 01, 2011 02:14 PM ET
DETROIT (Reuters) - Major automakers posted double-digit U.S. sales gains for August, a steady result for a month that began with a plunge on Wall Street and ended with a hurricane shutting down the East Coast. | Full Article
Fed orders Goldman to review foreclosures
September 01, 2011 04:29 PM ET
NEW YORK (Reuters) - The U.S. Federal Reserve ordered Goldman Sachs Group Inc to hire a consultant to review practices of a former mortgage subsidiary on Thursday and said it plans to assess a monetary penalty for wrongful foreclosures. | Full Article
Analysis: As debt maturities loom, U.S. needs to extend
September 01, 2011 12:09 PM ET
NEW YORK (Reuters) - Insatiable demand for safe haven U.S. government bonds is helping mask a potentially huge financial problem -- the need to extend the maturity of debt issued by the United States. | Full Article
Europe rejects IMF call for more bank capital
September 01, 2011 02:08 PM ET
FRANKFURT (Reuters) - European politicians on Thursday rejected an International Monetary Fund call for banks to raise up to 200 billion euros ($290 billion) in new capital, adding to fears that policymakers may be underestimating the severity of the debt crisis. | Full Article


Gaddafi vows fight as world backs new leaders
September 01, 2011 03:09 PM ET
TRIPOLI (Reuters) - Muammar Gaddafi, driven into hiding by his foes, on Thursday urged his supporters to fight on, even as Libya's new interim rulers met world leaders to discuss reshaping a nation torn by 42 years of one-man rule and six months of war. | Full Article
Exclusive: Perry sought to sideline nuclear waste site critic
September 01, 2011 03:49 PM ET
AUSTIN, Texas (Reuters) - Texas governor Rick Perry tried to sideline a state commissioner who opposed expanding the scope of a nuclear-waste landfill owned by one of the governor's biggest political donors, Reuters has learned. | Full Article
Court battle looms between U.S. and AT&T, T-Mobile
September 01, 2011 11:20 AM ET
NEW YORK/WASHINGTON (Reuters) - The Justice Department made a bold move when it sued to block AT&T Inc's $39 billion acquisition of T-Mobile. Now comes the hard part: going to court. | Full Article
White House sharply cuts growth forecast
September 01, 2011 04:03 PM ET
WASHINGTON (Reuters) - President Barack Obama sharply cut estimates on Thursday for U.S. economic growth, underscoring the difficult challenge he faces in spurring a stronger recovery and creating more jobs. | Full Article
U.S. judge pans rush in BofA $8.5 billion mortgage pact
September 01, 2011 02:12 PM ET
NEW YORK (Reuters) - A judge questioned why Bank of America Corp's $8.5 billion settlement with mortgage securities investors was being rushed for approval and whether the trustee that negotiated it treated investors fairly. | Full Article

HEALTH NEWS
Special Report: A pinch of doubt over salt
National survey shows more young children getting vaccines
Gel fuel linked to flash fires, severe burns recalled
Breastfeeding tied to kids' brainpower
Obesity not behind kidney stones in kids: study

NYT: Afternoon Business News: Japan Seeks Answers to Debt Load Without Angering Voters


BUSINESS

News Analysis

Japan Seeks Answers to Debt Load Without Angering Voters


By HIROKO TABUCHI

Yoshihiko Noda, new Japan's prime minister, is a fiscal conservative with a tough message: raise taxes while reining in spending.

Back-to-School Shopping Lifts Many Retailers


By STEPHANIE CLIFFORD

Some analysts saw pent-up demand as the factor driving consumers to a variety of retail stores in August.

Car Sales Improved in August; G.M. Up 18%


By NICK BUNKLEY

General Motors said its sales in the United States rose 18 percent from August 2010; Ford sales increased 11 percent and Chrysler's gained 31 percent.

Spain Debt Sale Precedes Vote on Balanced Budget Amendment


By RAPHAEL MINDER

Spain auctioned another round of bonds, albeit to lukewarm demand, as the government rushes to enshrine stricter budget discipline in the constitution.

U.S. Solar Company Bankruptcies a Boon for China


By KEITH BRADSHER

Government assistance and the failure of foreign competitors have transformed China into the world's main producer of solar power.


U.S. stocks mark first loss in five sessions: U.S. Stock Market at Close - MarketWatch - Market - Pulse,


By Myra P. Saefong

 SAN FRANCISCO (MarketWatch) -- U.S. stocks fell Thursday for the first time in five sessions, with benchmark indexes finishing near their lowest levels of the day. "Uncertainty plus shortsighted trading has promoted the market volatility," said David Pankiw, partner at Cubic Financial Advisors. "We expect Friday's numbers to come in close to 100,000 on the jobs report." The Dow Jones Industrial Average DJIA -1.03% fell 119.96 points, or 1%, to end at 11,493.57 after a four-session winning streak. The S&P 500 SPX -1.19% shed 14.47 points, or 1.2%, to end at 1,204.42 and the Nasdaq Composite COMP -1.30% lost 33.42 points, or 1.3%, to 2,546.04.

The Economist | Business This Week: Higlights of News Coverage From 27th August - 2nd September 2011,

The Economist Business This Week 

» America's mobile merger: Tripped at the altar
» Oil in Russia: Exxonerated
» The world economy: Mountains to climb
» Greek banks: Dance of the dead


» America's Justice Department filed an antitrust lawsuit to try to block AT&T's $39 billion proposed takeover of T-Mobile USA, which would create America's largest mobile-phone carrier by far. Shortly before the lawsuit was made public AT&T offered to return 5,000 call-centre jobs to America, if the government approved its acquisition. See article
» Exxon Mobil sealed a strategic partnership with Rosneft, a Russian state-controlled oil company, through which they will explore energy reserves in Russia's Arctic region. The deal, signed in the presence of Vladimir Putin, the Russian prime minister, is a blow to BP, which thought it had secured a similar agreement with Rosneft, only to see it unravel in the face of opposition from its existing Russian partners. See article

You just can't win Click Here!
» Meanwhile, one of BP's Moscow offices was raided by officials. They were acting on the orders of a court that is hearing a lawsuit brought by minority shareholders in BP's Russian venture, who supported BP's Rosneft deal.
» After a long pursuit Macarthur Coal, an Australian producer of a specialist coal used in steelmaking, succumbed to a sweetened takeover offer of A$4.8 billion ($5.2 billion) made jointly by America's Peabody Energy and ArcelorMittal, the world's biggest steelmaker.
» Sino-Forest, one of China's biggest wood producers, said that its chief executive had stepped down, after the Ontario Securities Commission accused the company of potential fraud and suspended trading in its shares on the Toronto stock exchange. This comes after an allegation that Sino-Forest was overstating the amount of timber it owned. The claim was made by Muddy Waters Research, a firm that "sees through appearances to a Chinese company's true worth", and which shorted Sino-Forest's stock. The company says it is reviewing the allegation.
» Cosco, China's biggest shipping firm, came under more fire for withholding payments for vessels it had chartered, as it haggles for cheaper rates. Moody's warned that the dispute threatened the creditworthiness of the entire dry-bulk industry, and the boss of the Baltic Exchange called on Cosco to honour its contracts. Some shipowners said payments had resumed.

Still thinking about it
» At an annual symposium of central bankers in Jackson Hole, Wyoming, Ben Bernanke again committed the Federal Reserve to taking further action if the American economy deteriorated. But the Fed's chairman disappointed markets by not outlining concrete proposals, especially for a third round of quantitative easing, or bond purchases. See article
» Christine Lagarde raised eyebrows at Jackson Hole by calling for the "urgent" recapitalisation of European banks, if necessary through the European Financial Stability Facility, which has been set up to aid euro-zone economies. The new head of the IMF claimed that this was needed to cut "the chains of contagion", but some officials criticised her for portraying the banks' problem as one of insufficient capital when, they said, it had more to do with securing liquidity.
» Bank of America took another step to bolster its equity by selling half of its 10% stake in China Construction Bank, which will reap it $3.5 billion in additional Tier-1 capital. This came not long after the bank's announcement of a $5 billion investment from Warren Buffett. BofA's share price has been battered this year amid worries that it had inadequate capital.
» A row began in Britain about the timing of reforms to the banking industry, less than two weeks before the Vickers commission is due to report its final recommendations. Groups representing big businesses are arguing for a delay in implementing any restructuring that could dampen bank lending and crush economic recovery.
» Eurobank EFG and Alphabank agreed to merge and form what will be the biggest bank in Greece. Investors responded positively to the news in the hope of further mergers that will help cut costs at Greek banks. See article

Shaken, not stirred
» Various surveys showed a much sharper slide than had been expected in consumer confidence in America, Britain and the euro area. America's GDP growth rate was revised down to 1% at an annualised rate in the second quarter.
» Barnes & Noble posted another quarterly loss, dragged down by a continuing decline in sales of paper books at its stores. But the book retailer's share price soared, as it also reported that its Nook e-reader business was growing rapidly, taking a share of up to 27% of the American market in e-books and cutting into the Kindle's dominant position.
 

The Economist | Politics This Week : Highlights of new Coverage From 27th August - 2nd September2011.


The Economist  Politics This Week  

» Post-liberation Libya: Let them get on with it
» Terrorism in Nigeria: A dangerous new level
» Barack Obama's new economist: Micro scope
» Brazil's economy: Changing direction
» Italy: Trashing the lifeboat
» Germany: Angst over the euro
» A new prime minister for Japan: Here we go again
» Australia's boat people: The wrong solution


» The rebel opposition to Libya's Colonel Muammar Qaddafi tightened its grip on Tripoli, the capital, as his wife, his daughter and two of his sons fled by road to neighbouring Algeria. Loyalists in Sirte, the last big city in his hands, were given an ultimatum to surrender by September 3rd or face an all-out assault. At a meeting in Paris, governments and international agencies pledged to help rebuild the country. See article
» A string of bombs probably planted by al-Qaeda went off all over Iraq. A suicide-bomber pretending to be a beggar killed at least 30 people, including a prominent member of parliament, in one of Baghdad's main Sunni mosques.
» At least 23 people were killed in a suicide-bomb attack on the UN building in Nigeria's capital, Abuja. Suspicion fell on Boko Haram, a Muslim extremist group that had previously operated in the country's north-east but which—it is surmised—may have forged links with al-Qaeda. See article
» Al-Qaeda in the Islamic Maghreb claimed responsibility for a suicide-bomb attack on a military academy in Algeria that killed 18 people.
» Israel said its army was training Jewish settlers in the West Bank to repel violent protests that the government fears may break out this month, when the Palestinians are expected to ask the UN to recognise an independent Palestinian state.
» Demonstrations erupted in Johannesburg, South Africa's biggest city, when Julius Malema, head of the Youth League of the ruling African National Congress, faced a disciplinary hearing after being charged with bringing the party into disrepute.

The right man for the jobs
» Barack Obama nominated Alan Krueger to be his next chairman of the Council of Economic Advisers. Mr Krueger is a specialist in labour markets at Princeton University; his appointment comes shortly before Mr Obama is set to unveil a broad new policy initiative on job creation. See article
» Hurricane Irene was downgraded to a tropical storm as it moved up America's east coast. New York shut down its transport system, there were widespread power cuts and people were evacuated from low-lying areas, but in the end big cities were spared and the worst damage was caused by flooding from swollen rivers inland, especially in Vermont.

Deaths that shocked a nation
» Mexico's government declared three days of national mourning after 52 people died, 42 of them women, when gangsters set fire to a casino in the northern city of Monterrey in what President Felipe Calderón called an act of "terrorism". The casino had apparently not paid protection money. Police later arrested five members of the Zetas drug gang who they claimed had confessed to the atrocity.
» Brazil's government said that because of high tax revenues it was raising the target for its primary fiscal surplus (ie, before debt payments) from 3.1% to 3.4%, and that this should allow the country's sky-high interest rates to fall. The Central Bank responded with a half-point cut in its benchmark interest rate. See article
» Bolivia's highest court convicted five former army officers over the deaths of at least 64 civilians during protests that toppled the government in 2003. The officers were sentenced to up to 15 years in jail. Two former cabinet ministers were sentenced to three years for complicity in the killings.
» Rodrigo Rivera resigned as Colombia's defence minister following an increase in attacks on civilians by FARC guerrillas. He will be replaced by Juan Carlos Pinzón, the chief of staff to President Juan Manuel Santos.

Bumbling Berlusconi Click Here!
» Doubts were raised about Italy's commitment to confront its debt crisis when Silvio Berlusconi, the prime minister, withdrew a plan to impose a surtax on higher private-sector incomes that had been included in an emergency budget presented to parliament only weeks ago. Mr Berlusconi proposed tinkering with the pensions of many Italians to fill the budget gap, but this seemed unlikely amid the ensuing political outcry. See article
» Portugal's centre-right coalition government unveiled the biggest cuts to spending in 50 years, an increase in capital-gains tax and a levy on company profits. It is seeking to meet the budget-deficit reduction targets that it agreed to when it accepted a bail-out.
» The German cabinet backed July's controversial agreement in the euro zone to expand the scope of the European Financial Stability Facility. Angela Merkel, the German chancellor, still faces a potential rebellion from members of her centre-right coalition when the Bundestag votes on the issue on September 29th. See article
» December 4th was set as the date for parliamentary elections in Russia. A presidential election is due in March.

Another new face
» In Japan Yoshihiko Noda, the finance minister, won an internal ballot within the ruling Democratic Party of Japan to become the country's next prime minister, the sixth new one in five years. See article
» Anna Hazare, a 74-year-old Indian activist who went on hunger strike to force India's parliament to adopt his specific anti-corruption measures, broke his fast after 13 days. Mr Hazare was able to claim victory after politicians concluded a nine-hour debate with a non-binding resolution to support some of his demands, cheering the tens of thousands who had gathered to support him.
» Australia's highest court ruled that it would be unlawful to send asylum-seekers to Malaysia, even as part of a swap that would see a greater number of official refugees move to Australia. The court's decision is a blow to Julia Gillard's government, which has a tiny parliamentary majority. See article
» Baburam Bhattarai was sworn in as Nepal's prime minister. A dedicated Maoist, Mr Bhattarai was instrumental in his party's decision to join parliamentary politics and thus end the monarchy's rule. He takes charge of a fractious political system, which only a day later had to extend its own deadline for writing a new constitution for a third time.
» Tony Tan, the ruling party's favoured candidate, won Singapore's election for president, as everyone assumed he would, but by only 7,000 votes. Voting is compulsory in the city-state.

CMI | NY Trading - Spot Prices at Close,

CMI - Gold & Silver
Spot Prices as of the close of trading in New York
As of: Thursday September 01, 2011

  Today Change Week Ago Month Ago Year Ago
Gold $1,829.35 -$0.80 $1,761.55 $1,617.50 $1,247.15
Silver $41.54 -$0.22 $40.84 $39.37 $19.38
Platinum $1,855.80 -$2.20 $1,818.70 $1,798.60 $1,538.20
Palladium $791.20 +$5.50 $758.80 $832.70 $520.50

UK manufacturing output shrinks: BBC | EConomy


1 September 2011 Last updated at 12:41 GMT

UK manufacturing output shrinksMG factory production line at Longbridge, Birmingham

UK manufacturing output shrinks in August, as factories see a sharp decline in export orders, a survey suggests.

Vauxhall production line at the firm's factory in Ellesmere Port, CheshireBCC cuts economic growth forecast

The British Chambers of Commerce downgrades its forecast for UK economic growth this year for the third time.

Latest Market News - Market Watch



Latest News News at time of present posting:

Markets

RBS, Lloyds lead gains as U.S. data buoy Europe European stock markets end mostly higher, with U.K. banks leading among gainers amid hopes that major reforms for the sector will be delayed.
1 min ago
 
Hargreaves, banks lead FTSE higher British stocks rise, led by gains for Hargreaves Lansdown and the banking sector.
6 min ago