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Dec 9, 2011

NYT Global Update: New Treaty to Save the Euro May Also Divide Europe

Global Update


New Treaty to Save the Euro May Also Divide Europe

Euro zone members agreed to a treaty that requires stricter fiscal discipline, but efforts to reach unanimity among the members of the European Union failed as Britain refused to go along.

Britain's Veto Opens Gap With Continent

Its rejection of the euro zone pact left Britain as isolated as it has been in postwar Europe, effectively excluded from future decisions.
The Lede Blog

Updates on the European Debt Crisis Talks

The Lede is following developments in negotiations over the debt crisis in Europe, where leaders of most -- but not all -- of the countries signed a treaty on Friday requiring stricter budgetary discipline.

Video: TimesCast

The European Union members agree to modify a treaty, but Britain refuses; the columnist Nicholas D. Kristof in Cairo; and Russian activists plan a protest.

Op-Ed Contributor

Jordan's Club of Has-Beens

The ranks of former ministers swell as King Abdullah struggles to satisfy his subjects.

Moody's Downgrades Top French Banks

The ratings agency Moody's Investors Service on Friday downgraded the three largest banks in France, and said the French government was likely to step in if conditions worsened.

Croatia Signs EU Accession Treaty

Croatia on Friday signed a treaty to join the European Union in 2013, a bittersweet milestone as the bloc prepares to take on board a sluggish economy.

Europe's Debt Crisis Brings Two Former Foes Closer Than Ever

As Germany fights to save the euro, it has found an unexpected friend in Poland, a historic enemy that now staunchly supports greater European integration.

Stocks Give Their Approval

Wall Street closed more than 1 percent higher after the latest deal to resolve the sovereign debt crisis was announced.

Growth Forecast Slashed as German Exports Dive

Germany's resilience to the European debt crisis looked to be disintegrating after data showed exports posted their biggest fall in half a year in October, and the Bundesbank forecast feeble growth next year.

China's 10-Year Ascent to Trading Powerhouse

As China celebrates its 10th anniversary since joining the World Trade Organization, the country has been reflecting on its success as a top trade partner.

Clinton Urges Countries Not to Stifle Online Voices

In The Hague, Secretary of State Hillary Rodham Clinton said restrictions threatened basic freedoms and human rights and also international commerce and the free flow of information.

Texas Instruments Forecasts Lower Sales for 4th Quarter

Revenue will be $3.19 billion to $3.33 billion, the company said; analysts on average had estimated sales of $3.41 billion, according to a Bloomberg survey.

I.B.M. to Buy DemandTec for $440 Million

The purchase of DemandTec, which provides analytics software for retailers, will help marketing and sales executives produce more revenue and increase profitability, I.B.M. said.

2011: The Year of Wheel-to-Wheel Combat

Despite the dominance of Red Bull and its driver Sebastian Vettel, rule changes that encouraged overtaking in Formula One made for exciting races, instead of processional walkovers.

Is Momentum Leaning Real Madrid's Way?

Madrid has had the better start this season, but Barcelona, its opponent on Saturday in their "clásico," has dominated their recent matches in La Liga.

Rookie Drivers Eager to Show Their Future Is Now

Youth and inexperience have become greater obstacles than ever to securing a spot on a Formula One team.
This Land

Rhythms Flow as Aging Pianist Finds New Audience

After a chance encounter, Boyd Lee Dunlop, living in a nursing home in Buffalo, got a chance to record a CD and headline a concert.

Motive a Mystery in Killing and Suicide at Virginia Tech

The police worked to determine why a man shot a campus police officer on Thursday and then turned the gun on himself.

Arpaio Is Criticized Over Handling of Sex-Crimes Cases

After the mishandling of cases resurfaces, Democratic lawmakers call on the top law enforcement official in Maricopa Count to step down.
Patrick Chappatte

Economic Discipline in Europe

On the strict fiscal austerity that Angela Merkel has championed throughout the debt crisis.
Op-Ed Contributor

Can 'Merkozy' Save the Day?

So long as there is no shared narrative among E.U. members, it will be hard to avoid a confrontation of national interests at the summit meeting in Brussels.
Op-Ed Contributor

Two Worlds Clash in Russia

A new generation of Russians is angry and ready to show it. But the Kremlin also has allies.

Financial and Forex Info News | Kitco New York Market Close Report

New York Market Close Dec 09/11 05:22 PM EST
Metals Bid Ask Change Low High

Reuters - Daily Investors Update: Wall St rallies on EU deal but concerns linger


Wall St rallies on EU deal but concerns linger
NEW YORK (Reuters) - Stocks rallied on Friday, finishing the week higher after European Union leaders agreed on a plan to toughen the region's budget rules to help restore market confidence after a two-year sovereign debt crisis. | Full Article

Europe pushes ahead with fiscal union, UK isolated
December 09, 2011 04:18 PM ET
BRUSSELS (Reuters) - Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday, but Britain, the region's third largest economy, refused to join the other 26 countries in a fiscal union and was left isolated. | Full Article

DealBooK | DealB%K Afternoon Edition: White Collar Watch: Corzine's Testimony Came With Plenty of Caveats

Friday, December 9, 2011
White Collar Watch: Corzine's Testimony Came With Plenty of Caveats
White Collar Watch: Corzine's Testimony Came With Plenty of Caveats Peter J. Henning says that MF Global's former chief executive, Jon S. Corzine, was gingerly questioned by the House Agriculture Committee for almost three hours on Thursday, in the end saying little enlightening about the firm's collapse or the customer money have gone missing.
Live Blog: MF Global Bankruptcy Hearing MF Global is in bankruptcy court again on Friday, one day after the failed brokerage's chief executive, Jon S. Corzine, testified before a congressional panel about the girm's demise.
    An Orange and Black Eye for 2 Banks University recruiting sessions by JPMorgan Chase and Goldman Sachs were disrupted this week by stealth protesters from the Occupy Princeton movement.
    Falcone Receives Wells Notice From S.E.C.
    Falcone Receives Wells Notice From S.E.C. Philip Falcone, who runs the hedge fund Harbinger Capital Partners, received a Wells Notice on Thursday, an indication that the regulatory agency is considering enforcement action.
    Former Chairman of Anglo Irish Bank Arrested The former chairman and chief executive of the bankrupt Anglo Irish bank was arrested Friday in connection with an investigation into alleged fraud at the firm.
    Yahoo's Alibaba Quandary Yahoo's 43 percent stake in Alibaba, the Chinese Internet giant, is worth billions of dollars. However, Alibaba's shareholders have the option to repurchase that stake through a right of first refusal.
    Thoma Bravo Acquires Blue Coat Systems for $1.3 Billion The acquisition of Blue Coat -- the third enterprise software transaction in seven days -- is yet another sign that deal-making in the sector is heating up.
    Japan Calls for Action Against Citigroup and UBS Japanese financial regulators called on Friday for penalties against Citigroup and UBS, accusing them of trying to manipulate interest rates at which they borrow from each other.
    Marc Andreessen, Not Yahoo's Next Chief Venture capitalist Marc Andreessen clarified on his blog on Friday that neither he nor his partner Jeff Jordan will take an operational role at Yahoo. However, the founder of venture firm Andreessen Horowitz is considering a board seat, according to people familiar with the matter, if an investor group led by Silver Lake is successful in its bid for a minority stake in the Internet portal.
    Moody's Downgrades French Banks Moody's Investors Service downgraded the three largest banks in France on Friday and said there was a "very high" probability that the French government would step in to support them if conditions worsened. The ratings agency cited the problems that each bank has had recently in raising money on the open market.
    In the United States On Monday, the Treasury releases the federal budget for November.

NYT Afternoon Business News: Moody's Downgrades Top French Banks


Stocks Give Their Approval

Wall Street traded more than 1 percent higher after the latest deal to resolve the sovereign debt crisis was announced.

Moody's Downgrades Top French Banks

The ratings agency Moody's Investors Service on Friday downgraded the three largest banks in France, and said the French government was likely to step in if conditions worsened.

Labor Board Drops Case Against Boeing

After a union complaint was dropped, a federal agency will not pursue a politically charged case accusing the aircraft maker of violating labor law in opening a new plant in South Carolina.

Inflation Cooling Off in China

Consumer prices in November rose 4.2 percent from a year earlier, the Chinese statistics bureau reported Friday, continuing a steady easing of inflationary pressures.

Toyota Cuts Annual Profit Forecast by 54 Percent

Toyota Motor slashed its profit forecast Friday after destructive floods in Thailand, a major manufacturing hub, hurt production in a year already marred by Japan's natural and nuclear disasters.

CBS News | Political Hotsheet Top Stories: Gingrich Palestinians are invented people

The CBS News Political Hotsheet newsletter


GOP presidential candidate says implies Palestinians shouldn't have a state and that the administration has been "favoring the terrorists"
Read full story
Newt Gingrich: Palestinians are invented people

Romney campaign tries to raise money off of photograph of president playing golf, counts up "1,584 holes since 2009"

Trump blames potential WH bid for faltering debate Donald Trump acknowledged his potential presidential bid is keeping GOP candidates from attending the debate he's moderating but won't rule out candidacy

Ron Paul: Glee among Bush team after 9/11 Libertarian-leaning GOP presidential candidate says attacks prompted glee because they provided pretext for invasion of Iraq

How to attack Newt After an initial bungle, Romney is hitting Gingrich where it hurts

MarketWatch | Weekly Roundup: Top 10 Stories Dec 5-9


Weekly Roundup
DECEMBER 09, 2011

MarketWatch top 10 stories Dec. 5-9

By MarketWatch

NEW YORK (MarketWatch) — Blue chips posted the best performance among U.S. stock indexes this week, rising almost 1.5% as investors showed renewed enthusiasm for equities but demanded quality.

Trailing the Dow (DJIA)  a bit, the Nasdaq Composite (COMP)  ended the week up 0.8% on the week and the S&P 500 (SPX) ended up 0.9%.

The Dow ended Friday up more than 180 points, after earlier this week falling almost 200 points on concerns about the debt woes in Europe.

But, the week was salvaged as European and U.S. stocks rallied on Friday when investors, recently buffeted by the vagaries of European politicians. bought the latest spin from Brussels and bought shares.

Also please be sure to watch our Week Ahead video.

 U.S. Week Ahead: Retail Sale

Greg Morcroft, assistant managing editor

Shale gas opens door for U.S. LNG exports

A decade ago, a global glut of clean, cheap natural gas bred big plans to import liquefied natural gas to the energy-hungry United States. That's all changed. Nowadays, energy companies are tapping into previously untouched North American gas reserves, prompting them to take a hard look at ways to sell their new-found gas to the rest of the world. This sudden shift from gas importer to possible exporter is the result of innovative drilling technology that frees gas trapped in vast shale rock formations that until recently had been dismissed as non-commercial. Read MarketWatch story on shale gas growth

Tablet pricing now set by iPad and Kindle Fire

Grim news last week from Research In Motion confirmed one thing about the booming tablet market that many have already guessed: If your tablet is not more functional than the high-end Apple Inc. (AAPL) iPad, or cheaper than the Kindle Fire, it's road kill. RIM (RIMM) learned the hard way. In contrast, the apparent instant success of Inc.'s (AMZN) Kindle Fire, priced at $199, has thrown a new wrench into the booming tablet market, previously dominated by the iPad. Its success is going to really hurt struggling devices such as the PlayBook. As a result of the pricing disparity between the two most popular tablets, two price tiers are developing. Read Therese Poletti column on tablet wars

Cloud software gets boost from Barclays' analyst

Despite a wobbly global economy, Barclays Capital believes software companies are poised for growth as the move toward cloud computing gains momentum and businesses seek ways to cash in on the growing volume of network data. Barclays analyst Raimo Lenschow initiated coverage of the sector as positive this week, saying in a note that some software players "present investment opportunities that could outperform the overall market." In fact, Lenschow argued, the "underlying growth of the sector is better than GDP."Read MarketWatch story on analyst cloud call

Citigroup to eliminate 4,500 jobs, says CEO Pandit

Citigroup (C) CEO Vikram Pandit said the bank plans to eliminate 4,500 jobs, starting in the fourth quarter. The job cuts will be completed "over the next few quarters" and Citi will take a charge of about $400 million in the fourth quarter tied to those cuts, Pandit also said that the bank would take a $200 million charge tied to the valuation of Citi's own debt if credit spreads remain as they were at market close Monday. "I should note, however, that this number can vary significantly and will be based on our spreads in the last day of the quarter," Pandit said. In addition, tightening credit spreads will likely result in a hedging loss "of roughly $300 million," Pandit said. Read about the latest job cuts at Citigroup

Corzine: ‘I do not know where the money is'

Jon Corzine, the former chief of failed MF Global, apologized to customers of the firm and told lawmakers Thursday that he did not know where missing money was located. As much as $1.2 billion in client funds may be unaccounted for after the eighth-largest bankruptcy in U.S. history, reiterated an attorney representing the trustee overseeing distribution of customer money for the firm. The trustee first warned in November that funds were missing. "I simply do not know where the money is, or why the accounts have not been reconciled," Corzine told a House Agriculture Committee hearing this week.Read about Corzine testimony in congress, on MarketWatch

First-time jobless claims fall sharply to 381,000

The number of people filing for state unemployment benefits for the first time fell 23,000 to the lowest level since late February, the government said Thursday. The Labor Department said claims fell to a seasonally adjusted 381,000 last week. The level of initial claims in the week ended Nov. 26 was revised up by 2,000 to 404,000. A Labor Department official said that seasonal adjustment factors were at play in the large decline. The models had expected a larger increase than actually took place. Economists surveyed by MarketWatch had been looking for first-time claims to decline slightly in the week ended Dec. 3. Read MarketWatch economic report on jobless claims

EU agrees closer fiscal ties; Britain opts out

Euro-zone leaders said on Friday they will forge closer fiscal ties via an inter-governmental accord that will likely be adopted by 26 European Union nations, leaving Britain isolated as the only member to definitively refuse to participate. After Prime Minister David Cameron failed to secure the concessions he wanted, Britain refused to back proposals to amend the EU treaty. As a result, the 17 euro-zone nations committed to an inter-governmental treaty that will make tougher budget rules binding and will include automatic sanctions against those that break deficit rules. This accord will be open to non euro-zone nations and all except one are considering participation, said European Council President Herman Van Rompuy.Read MarketWatch story on latest EU agreement

Why is Apple stock so range bound?

Lately Apple Inc. (AAPL) stock has been range bound and there has been a flurry of articles with all sorts of explanations. One financial site alone published 19 articles on Apple in one day, perhaps in response to increasing frustration by the readers seeking the real reason behind Apple stock movement. The extreme frustration of readers unable to find the reason is embodied in 100s of comments all over the Web. A comment by an investor, who goes by the name InvestBaboo in response to a detailed article on Apple eloquently, summarizes what investors are feeling. Read MarketWatch story on why Apple stock is so range bound

Protect your home during that holiday bash

As a host, you're thinking of decorations, food and music when you plan a holiday party. But you might also want to give a moment's thought to your home insurance. While claims don't necessarily skyrocket over the holidays, "We do see holiday accidents and liability claims you wouldn't see ordinarily during the course of the year," said Ron Laconi, president of the private client group at Chartis, an insurance firm. Sometimes claims file in after the holidays, as homeowners realize valuables have been damaged or are missing. If you're planning a fairly large party — especially if it involves guests that aren't family or close acquaintances — you may want to check with your insurance agent to make sure your coverage is adequate. Read Amy Hoak's Home Economics column, on MarketWatch

Don't get mad at Wall Street, get even

Sick and tired of a Wall Street that lies to us and then assumes we're too stupid to figure it out? Don't get mad — get even. Consider one of the more outrageous examples of Wall Street mendacity, which occurs like clockwork every December: window dressing. Mutual-fund managers will sell a losing stock near the end of the year in order to avoid having their disastrous bets memorialized in year-end reports. Here's how to get even: Be prepared to step up to the plate in coming sessions to buy those stocks that are both heavily owned by mutual funds and which have suffered large year-to-date losses. Read Mark Hulbert commentary, on MarketWatch

Stocks and Markets in the News | Wall Street ar Close: U.S. stocks end higher; Dow up 1.4% on week - MarketWatch

 By Myra P. Saefong 

SAN FRANCISCO (MarketWatch) -- U.S. stocks finished higher Friday, with all three benchmark indexes scoring gains for the week as European leaders agreed to closer fiscal ties. "Investors were gleeful to hear of a plan that would provide a bit more dough for the rescue fund along with tighter budget rules, and they pushed stocks sharply higher in response," said Keith Springer, president of Springer Financial Advisors. The Dow Jones Industrial Average DJIA +1.55% rose 186.56 points, or 1.6%, to end at 12,184.26, up 1.4% for the week. The S&P 500 SPX +1.69% added 20.84 points, or 1.7%, to end at 1,255.19, gaining 0.9% for the week. And the Nasdaq Composite COMP +1.94% tacked on 50.47 points, or 1.9%, to close at 2,646.85, up 0.8% from a week ago.

CMI | New York Spot Prices at Close

CMI - Gold & Silver

Spot Prices as of the close of trading in New York
As of: Friday December 09, 2011
  Today Change Week Ago Month Ago Year Ago
Gold $1,715.10 +$3.20 $1,745.70 $1,791.75 $1,392.00
Silver $32.31 +$0.70 $32.65 $34.41 $28.81
Platinum $1,519.10 +$21.00 $1,550.30 $1,646.70 $1,681.50
Palladium $686.80 +$10.80 $648.80 $657.10 $744.50

BIV Business Today: SendtoNews receives $1 million financing from ParetoLogic

Business in Vancouver Today

SendtoNews receives $1 million financing from ParetoLogic

Friday, 09 December 2011 10:28
angel investorCloud-based news platform announced that it has closed $1 million in financing from angel investors led by Elton, Adrian and Myron Pereira and Don Wharton, co-founders at ParetoLogic Inc.

Gas producers peddle heavy truck options

Friday, 09 December 2011 10:14
natural gas nozzleForget electric vehicles – a roadmap has been unveiled to expand the use of natural gas-powered vehicles across Canada.

Premier appoints new immigration task force

Friday, 09 December 2011 10:19
sing: welcome to canadaPremier Christy Clark has created the B.C. Immigration Task Force to review key government programs in order to increase the number of skilled immigrants and investors in B.C.

Canadian consumer confidence down

Friday, 09 December 2011 10:25
woman drawing downwards arrowAccording to the Harris/Decima - Investors Group Consumer Confidence Index, Canadian consumer confidence fell in the fourth quarter, due in large part to concerns about the economy’s long-term health.

Primus brings VoIP to Metro region businesses

Friday, 09 December 2011 10:33
image of phone and computersBusinesses that want to switch their phone systems over to voice over Internet protocol (VoIP) now have more choices, thanks to Primus Telecommunications' expansion into the Metro Vancouver region.