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Apr 23, 2012

Financial and Forex Info News | The Australian Capital Circle: GST reform a Slipper distraction

GST reform a Slipper distraction
LABOR is using a review into the carve-up of GST payments as justification for its controversial mining tax, as it deals with the fallout from the Peter Slipper saga.

First off: The row over GST distribution between the states is set to intensify with an independent review into the carve-up dismissing demands from NSW, Victoria and Western Australia for a per capita split of the $51 billion tax revenue (The Australian) (Financial Review) (SMH).

The first interim report from the government-commissioned review – put together by former Victorian premier John Brumby, former NSW premier Nick Greiner and South Australian businessman Bruce Carter – instead backed the claims of smaller states. The government sees the findings as a vindication of its controversial minerals resource rent tax as a way to spread the wealth of the boom.

But the fallout from the Peter Slipper saga continues with key independent Andrew Wilkie seeking to capitalise on the changed numbers in parliament, meeting with Tony Abbott’s chief of staff Peta Credlin and Leader of the House Anthony Albanese yesterday (The Australian) (SMH).

Another key independent, Rob Oakeshott, has also weighed into the debate over Mr Slipper, saying the Liberal turncoat should not return to the role of Speaker until both the sexual harassment and criminal allegations against him are cleared (Financial Review). Mr Oakeshott says he is open to supporting a no-confidence motion against the Speaker.

Julia Gillard
will be leaving Singapore to head for Gallipoli, where she will commemorate Anzac Day. She’s expected
Peter Brent
Peter Brent
Silver lining?
It has been suggested that the Peter Slipper Affair threatens to overshadow Treasurer Wayne Swan’s May budget. That with the media distracted by…
More Peter Brent

NYT Global Update: A Europe Tired of Cutbacks Has Few Alternatives

News Analysis

A Europe Tired of Cutbacks Has Few Alternatives

Budget-cutting pain is fueling support for far-left and nationalist parties, but many European leaders simply cannot afford to spend more.

Dutch Governing Coalition Resigns After Failing to Pass Austerity Budget

The Dutch prime minister, Mark Rutte, on Monday announced the resignation of his coalition government after its partners failed to agree on austerity measures.

U.S. Sets New Sanctions for Aiding Syria and Iran

The sanctions target those who provide technology that is used to track down dissidents for abuse, torture or death.

Video: TimesCast

A leftist wins the first round of the French presidential election, newly elected officials protest their oath of office in Myanmar, and more.


First Among Estates

Two decades after the fall of Communism, the Russian Orthodox Church is more powerful than ever, yet it feels more threatened.

South Sudan Accuses Khartoum of Air Attacks

An aerial bombardment and ground assault on South Sudan in recent days indicated that fighting with Sudan may not be over.

NATO Offers Upbeat Assessment of Afghan Security

A week after an insurgent attack paralyzed Kabul, commanders set out a startlingly buoyant assessment of the Afghan police and army's readiness, and of security gains across the country.

E.U. Suspends Sanctions on Myanmar

The E.U suspended its sanctions even as a Constitutional dispute kept Daw Aung San Suu Kyi, the leader of the opposition, from attending her first day in Parliament.

In an Unlikely Corner of Asia, Strong Promise of Growth

With a thriving beachside resort and luxury hotels, Bangladesh is representative of developing Asian countries that have seen strong economic growth and an emerging middle class.

U.S. Car Parts Makers Gain Ground in Russia

Exports of U.S. automotive components like leaf springs and lead-acid batteries rose 98 percent last year, according to the U.S. Department of Commerce.

In Indonesia, Suharto Son in Dispute Over Shipping Company

The case against Tommy Suharto's conglomerate PT Humpuss highlights the challenges of doing business with companies in the fast-growing country.
News Analysis

Don't Be Evil, but Don't Miss the Train

Recent privacy controversies for Google and other Internet companies show the pains of an industry intent on changing the world.

Facebook Arms for Patent Fight With $550 Million Deal

Less than two weeks after Microsoft paid AOL more than $1 billion for a trove of its patents, Microsoft is selling or licensing those same patents to its online ally, Facebook, for $550 million.

Start-Up Aims to Stream Pay TV Onto Web Devices

NimbleTV is the latest example of technology companies trying to break into the closed system of television distribution in the United States.

For Barcelona, 8 Months' Work Comes Down to One Week

After three years of playing some of the most beguiling soccer in the sport's history, time and fatigue are eating into Barcelona.

As Protests Continue, Vettel Wins Bahrain Grand Prix

With emphasis back on racing, Sebastian Vettel drove his Red Bull car to a strong victory, 3.3 seconds ahead of Kimi Raikkonen in a Lotus.

Nadal Beats Djokovic to Win Monte Carlo Final

Rafael Nadal finally beat Novak Djokovic after seven consecutive losses in finals, thrashing him on clay, 6-3, 6-1, to win the Monte Carlo Masters for the eighth consecutive year.

Justices to Rule on Role of the States in Immigration

Many states are watching to see if the Supreme Court upholds Arizona's tough law directed at those who cross the border illegally.

Mexican Immigration to U.S. Slowed Significantly, Report Says

The Pew Hispanic Center said that not only did immigration come to a near halt after years of growth but also the number of Mexicans leaving rose sharply.

Edwards Trial on Campaign Finance Begins

The political corruption trial is likely to come down to whom the jurors believe: John Edwards or his former campaign aide, Andrew Young.
Op-Ed Contributor

Europe After the Crisis

The long-term challenge of this crisis remains: how to make European economies converge.
Op-Ed Columnist

The Amnesia Candidate

Does the Romney campaign really expect Americans to blame President Obama for his predecessor's policy failure?
Op-Ed Contributor

The Wrong Way to Stop Fake Drugs

The law against ordering drugs online from other countries hurts the uninsured and the underinsured, and should be changed.

DealBooK | DealB%K Arfternoon Edition: Microsoft Deal May Give Facebook Heft in Yahoo Patent Fight

Monday, April 23, 2012
Microsoft Deal May Give Facebook Heft in Yahoo Patent Fight
Microsoft Deal May Give Facebook Heft in Yahoo Patent Fight Facebook said it would buy patents that Microsoft bought from AOL earlier this month, as the social networking giant seeks to bolster its defenses in a legal fight with Yahoo.
Facebook's 1st-Quarter Profit Falls 12% Facebook's profit fell 12 percent in the first three months of the year, owing to a broad rise in expenses, the company disclosed in its latest amended prospectus.
    A brokerage house in Huaibei, China. Prime Minister Wen Jiabao accused banks of reaping easy profits.
    China's Biggest Banks Are Squeezed for Capital Mainland Chinese banks are turning to markets to raise funds, even as they report strong profits and say their balance sheets are solid.
    Iceland's Ex-Prime Minister Convicted on Charge Related to Financial Crisis Iceland's former prime minister, Geir H. Haarde, was found guilty of failing to keep his cabinet informed of major developments during the 2008 financial crisis, but was cleared of three more serious charges of negligence.
    White Collar Watch: Weighing the Legal Ramifications of the Wal-Mart Bribery Case Peter J. Henning says indications that Wal-Mart Stores may have taken steps to keep an investigation from digging into questionable payments may affect how the government proceeds against the giant retailer.
    Michaels Stores C.E.O. Connected to Wal-Mart Bribery Case As Michaels Stores prepares to go public, the company's chief executive, John B. Menzer, has been connected to the Mexican bribery inquiry facing Wal-Mart Stores.
    Investment Fund to Buy Edinburgh Airport for $1.3 Billion Global Infrastructure Partners agreed Monday to buy Edinburgh Airport for $1.3 billion in its latest acquisition in the British airport sector.
    Revolving Door: UBS Lures Away Bank of America Executive James Forbes will be vice chairman of UBS Group Americas. It is the second time in recent weeks that UBS has poached an executive from Bank of America.
    E.F. Hutton Alumni Betting on 1980s Brand Appeal Break out your slap bracelets, leg warmers and pet rocks. E.F. Hutton, a brokerage firm that was last seen in the 1980s, is making a comeback, thanks to a group of alumni bent on resurrecting the firm.
    Thomson Reuters Sells Health Care Business for $1.25 Billion Adding to a flurry of health care deals announced on Monday, Thomson Reuters has sold its health care unit to an affiliate of Veritas Capital for $1.25 billion in cash.
    Vodafone to Acquire Cable and Wireless Worldwide for $1.7 Billion The British phone company Vodafone agreed to buy Cable and Wireless Worldwide, adding a fixed telephone line network and services for businesses to its wireless operations.
    AstraZeneca Reaches $1.26 Billion Deal for Ardea Biosciences AstraZeneca's efforts to buy Ardea come after the British drug company GlaxoSmithKline offered $2.6 billion last week to acquire Human Genome Sciences, another biotech company.
    Nestle to Buy Pfizer's Infant Nutrition Unit for $11.9 Billion The Swiss food giant Nestlé agreed on Monday to buy Pfizer's infant nutrition business for $11.9 billion to expand its presence in the global baby food market.
    Nestle Pays a High Price for Pfizer Unit By agreeing to acquire Pfizer's infant nutrition business for $11.9 billion, the Swiss food giant Nestlé is paying a high premium to gain access to the baby food markets in emerging countries.
    A Hot Time for Health Care Deals Amid a weak merger market, drug makers are striking a flurry of deals, with Pfizer agreeing to sell its infant nutrition unit to Nestlé for $11.9 billion on Monday.
    The Price Tag on Scrooge McDuck's Money Pit Taking on a subject close to DealBook's heart, Matt Powers of the Billfold has tried - with some very rough back-of-envelope math - to estimate the amount of money it would take to recreate the gold coin swimming pool from the animated TV series "DuckTales." Mr. Powers pegs the rough value of Scrooge McDuck's money pit at $31.2 billion, to which we say: worth it.
    Economic Reports Data released on Tuesday will include the Standard & Poor's/Case-Shiller home price index for February, new home sales for March and consumer confidence for April.
    Corporate Earnings Companies reporting on Tuesday will include 3M, AT&T, AK Steel, CIT, Hershey, McGraw-Hill, RadioShack, United States Steel, United Technologies, Amgen and Apple.
    In the United States The Federal Open Market Committee will begin a two-day meeting on Tuesday, with a statement on Wednesday followed by the release of economic forecasts and a news conference by Ben S. Bernanke.

    The Senate Banking Committee will conduct a hearing on the collapse of MF Global.
    DealBook Video
    Business Day Live: American Airlines in Bankruptcy Court
    Business Day Live: American Airlines in Bankruptcy Court What American Airlines hopes to achieve in bankruptcy court and LPL Financial's Jeffrey Kleintop on market outlook.


NYT AFternoon Business News: Today's Scuttlebot: RIM Revamping and a $35 PC

Latest Business News

Today's Scuttlebot: RIM Revamping and a $35 PC

Number of Active Users at Facebook Over the Years

Earnings Preview: Sprint Nextel to Report for 1Q

CBS NEWS | Political Hotsheet Top Stories: Romney: "I fully support" student loan relief


Obama, Romney on the same page when it comes to extending low interest rates on student loans
Read full story

Romney reminisces about vacations in France The remarks came days after the presumptive Republican nominee criticized President Obama for taking "elaborate vacations"

New ad assails Scott Walker's jobs record Ahead of recall election, pro-Democratic groups finance attack on Wisconsin governor

U.S. disputes Iran claims about crashed drone Senior administration official tells CBS News that Iran doesn't have the technology to reverse-engineer drone that crashed in December

Huntsman explains communist China-GOP comparison In interview with MSNBC, Huntsman says he was "waxing philosophical" in comparing GOP to communist China

Stocks and Markets in the News | Wall Street at Close: U.S. stocks drop on Europe, Kellogg, Wal-Mart

By Laura Mandaro

SAN FRANCISCO (MarketWatch) -- U.S. stocks closed broadly lower Monday, weighed by uncertainty over Europe's ability to make progress on debt issues after weekend political events in France and the Netherlands; Chinese manufacturing data; and a lowered forecast from cereal-maker Kellogg Inc. K -6.09% . The Dow Jones Industrial Average DJIA -0.78% dropped 102.09 points, or 0.8%, to 12,927.17. Wal-Mart Stores Inc. WMT -4.66% fell 4.66%, its worst day since August, on a report of alleged corruption at a Mexico unit. The S&P 500 SPX -0.84% lost 11.59 points, or 0.8%, at 1,366.94. Consumer staples led losses for all 10 industry sectors. The Nasdaq Composite COMP -1.00% lost 30 points, or 1%, to 2,970.45. Heavyweight Apple Inc. AAPL -0.02% fell 0.2% to $571.70.

THE FIX: The final public flogging of John Edwards: The Washington Post | Politics Afternoon Edition

The Washington Post

Politics Afternoon Edition


  1. THE FIX: The final public flogging of John Edwards

    The former Democratic presidential contender faces one last public humiliation at his trial on campaign finance violations this week.
    » Read full article
  2. Obama announces sanctions for tech used in human rights abuses abroad

    Authoritarian governments have shown that their security services can harness technology to help crack down on dissent.
    » Read full article
  3. Romney hits Obama ahead of Pa. primary

    Romney delivered a withering critique of Obama's leadership on energy and the economy.
    » Read full article
  4. USPS prompts tricky Senate vote

    Postal reform pits lawmakers from urban areas against those from smaller rural states.
    » Read full article
  5. FACT CHECKER: Romney's overhyped business statistic

    He claims business starts-ups have declined by 100,000 under Obama. But he's starting from the wrong date.
    » Read full article


President Obama announcing a new executive order allowing sanctions for new technology used in human rights abuses abroad:
"These technologies should be in place to empower citizens, not oppress them."


59 seconds video.
Video: 59 seconds: Monday, April 23
Ylan Q. Mui offers the latest news from the Washington Post newsroom in less than a minute.

CMI | New York Spot Prices at Close

CMI Gold & Silver

  Today Change Week Ago Month Ago Year Ago
Gold $1,632.40 -$10.60 $1,648.50 $1,663.75 $1,504.30
Silver $30.61 -$1.11 $31.42 $32.31 $46.28
Platinum $1,558.80 -$29.40 $1,577.20 $1,631.10 $1,818.20
Palladium $674.60 -$7.00 $653.50 $662.20 $768.25