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May 8, 2012

Smartcompany News and Analysis: Breach of faith: Business slam dumping of company tax cuts, Sector-by-sector Budget guide, Billabong dumps CEO, 10 eyebrow-raising Budget expenses


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It’s the morning after the night before in Canberra, and there’s one big story that matters out of last night’s Federal Budget: Labor’s decision to axe its promised company tax cuts.

Today we get all the reaction from the business community, who regard the decision as a breach of faith, and talk to Small Business Minister Brendan O’Connor, who insists the cuts are still on the table.

We’ve also got our traditional post-Budget, sector-by-sector guide, the economists’ reaction and a special look at 10 eyebrow-raising items that got funding last night.

And, in Boss Lady, I take aim at a visionless Budget with an ugly sting in the tail.

Federal Budget 2012
FEDERAL BUDGET 2012: Your sector-by-sector guide
Here’s the sector-by-sector breakdown on how your industry fared in the Federal Budget. BY JAMES THOMSON.
Features

Lunch with an Entrepreneur
Sarah and Scott Butler
When husband and wife team Sarah and Scott Butler noticed a gap in the market for organic food delivery services, they launched their own. BY CARA WATERS.
Features

Aunty B
Should I stake my own money on an expansion venture?
Investing money in your own business can often blur the lines between the personal and professional.
Aunty B

Gen-Y Millionaire
Kirsty Dunphey
It’s sometimes the little symbolic things that can spur us on to greater deeds.
Ask the Experts

Internet secrets
Craig Reardon
Few smaller businesses need a custom web developer these days, as off-the-shelf solutions become both more sophisticated and more affordable.
Smart Blogs

Change Maker
Colin Benjamin
Who will emerge victorious from Wayne Swan’s Get Smart Budget?
Smart Blogs

Boss Lady
Amanda Gome
No tax cuts, no vision – a disappointing Budget.
Entrepreneur Watch

NYT Global Update: Greek Leftists Rule Out Coalition With Incumbents

Global Update

 
TOP NEWS

Greek Leftists Rule Out Coalition With Incumbents

By RACHEL DONADIO and NIKI KITSANTONIS
The political disarray in Greece raised further doubts on Tuesday about the country's future in the euro zone, as well as fears about the stability of the common currency itself.
News Analysis

Few Options if Europe Turns Away From Austerity

By JACK EWING
A consensus is emerging that government austerity programs have gone too far, but more borrowing may simply destroy what little investor trust remains.

Stocks Fall on Greek Turmoil

By CHRISTINE HAUSER and DAVID JOLLY
Stocks and the euro fell after the leading party in the Greek Parliament was unable to form a government.
Dining & Wine

Don't Sing With Your Mouth Full

By DANIEL J. WAKIN
Opera is singularly associated with food, whether because of the appetites of well-girthed singers or the sensual pleasures celebrated in its music.
Opinion

Latitude

A Long Way From Home

By HUMA YUSUF
Here in Holland, the Pakistani diaspora seems increasingly disillusioned with its cultural heritage.
WORLD

After Elections, Europe Focuses on Growth

By NICHOLAS KULISH
After the Greek and French elections, growth is now a priority in Europe, but significant change may depend on how far Germany is willing to budge from austerity.

Change in Paris May Better Fit U.S. Economic Positions

By ANNIE LOWREY
France's president-elect, François Hollande, may be better aligned with the United States on economic matters, yet more likely to differ on diplomatic and military affairs.

French Center-Right Assesses Two Unpalatable Paths

By STEVEN ERLANGER
President Nicolas Sarkozy's party must consider allying itself with the far right or holding to the center and hoping against further losses in June.
BUSINESS

Executive Chairman Resigns at Bankia, the Troubled Spanish Real Estate Lender

By RAPHAEL MINDER
Rodrigo Rato of Bankia, Spain's largest real estate lender, is the most prominent Spanish banker to quit since the start of the European sovereign debt crisis.
DealBook

Aviva Chief Resigns Over Shareholder Pay Revolt

By JULIA WERDIGIER
Andrew Moss, the chief executive of the British insurance company Aviva, resigned unexpectedly on Tuesday as a result of shareholder discontent over pay practices.
DealBook

Man Group Reshuffles Executives at Flagship Fund

By MARK SCOTT
The struggling hedge fund giant Man Group appointed Douglas Greenig as chief risk officer at its AHL fund, as the firm looked to stem an outflow of investor money.
TECHNOLOGY

Amazon Leaps Into High End of the Fashion Pool

By STEPHANIE CLIFFORD
Amazon is taking on the high-end clothing business in its typical way: go big and spare no expense.
DealBook

Yahoo Director in C.E.O. Search to Stand Down

By MICHAEL J. DE LA MERCED and EVELYN M. RUSLI
Patti S. Hart, the Yahoo director who headed the board search committee that picked Scott Thompson as the company's chief executive, will not stand for re-election.

U.S. Jury Hands Google Mixed Verdict on Oracle

By QUENTIN HARDY and NICOLE PERLROTH
A limited and split decision over copyright violations by Google all but guaranteed continuing litigation.
SPORTS

For Juventus, Still Work to Be Done

By ROB HUGHES
The Serie A champion has rebounded from its darkest moments in the 2006 match-fixing scandal, but it still needs to make some changes if it wants to be a power in European play next season.

Decathlon History Is His in the Making

By CHRISTOPHER CLAREY
A big-leaping decathlon prodigy is hoping to reach his discipline's heights at the the London Games.

London's Games, an Island Between Beijing and Rio

By CHRISTOPHER CLAREY
The 2012 Olympics, although lacking in geopolitical oomph, do have a big-ticket project: The Olympic Park in Stratford, east London.
U.S. NEWS

An Old Texas Tale Retold: the Farmer vs. the Oil Company

By SAUL ELBEIN
Julia Trigg Crawford and her family have had multiple visits from TransCanada representatives regarding land rights to their farm in Sumner, Tex.

Senate Republicans Block Bill on Student Loan Rates

By JONATHAN WEISMAN
Senate Republicans blocked consideration of the bill because they opposed the Democrats' approach to paying for the program, which reduces some student loan interest rates.

Senator in a Primary Fight for His Political Life

By MONICA DAVEY
Richard G. Lugar of Indiana faced trailing poll numbers and doubts among supporters that he could survive a Republican primary challenge in his quest for a seventh term.
OPINION
Opinionator | Draft

Just the Facts

By DANNY HEITMAN
Factual accuracy is as important to nonfiction as meter or rhyme might be to a classical poet.
Op-Ed Columnist

The Structural Revolution

By DAVID BROOKS
We can either continue to patch up our economic problems or address the underlying sources with hard but necessary structural reforms.
Op-Ed Columnist

Unable to Say 'I Do'

By FRANK BRUNI
It's impossible to assert that marriage equality is a prudent wager for a presidential candidate in 2012.

NYT Breaking News: Bomber in Plot on U.S. Airliner Said to Be a Double Agent .



Breaking News Alert
The New York Times
Tuesday, May 8, 2012



WASHINGTON – The would-be suicide bomber dispatched by the Al Qaeda branch in Yemen last month to blow up a United States-bound airliner was actually a double agent who infiltrated the terrorist group and volunteered for the suicide mission, American and foreign officials said on Tuesday.

In an extraordinary intelligence coup, the agent left Yemen, traveling by way of the United Arab Emirates, and delivered both the innovative bomb designed for his aviation attack and critical information on the group’s leaders to the C.I.A., Saudi and other foreign intelligence agencies.

After spending weeks at the center of the terrorist network’s most dangerous affiliate, Al Qaeda in the Arabian Peninsula, the agent provided critical information that permitted the C.I.A. to direct the drone strike on Sunday that killed Fahd Mohammed Ahmed al-Quso, the group’s external operations director and a suspect in the bombing of the destroyer Cole in Yemen in 2000.

Read More:

http://www.nytimes.com/2012/05/09/world/middleeast/suicide-mission-volunteer-was-double-agent-officials-say.html?emc=na

DealBook | DealB%K Afternoon Edition: Yahoo Director in C.E.O. Search to Stand Down



Tuesday, May 8, 2012
TOP STORY
 
Yahoo Director in C.E.O. Search to Stand Down
Yahoo Director in C.E.O. Search to Stand Down Patti S. Hart, the Yahoo director who headed the board search committee that picked Scott Thompson as the company's chief executive, will not stand for re-election.
  • DEALBOOK » | DealBook: Third Point Demands Records From Yahoo's C.E.O. Search
  •  
  • DEALBOOK HIGHLIGHTS
    The Continuing Reign of Wilbur Ross Mr. Ross, 74, said on Tuesday that he recently signed a contract to stay on as head of his private equity firm, W.L. Ross & Company.
    Insider Trading Crackdown Ensnares Hollywood Producer The agency says Mohammed Mark Amin, a producer of such films as "Frida" and "Eve's Bayou," and several of his family members traded on insider tips he learned about DuPont Fabros Technology, a publicly held company that operates and manages data centers.
    Man Group Reshuffles Executives at Flagship Fund The struggling hedge fund giant Man Group appointed Douglas Greenig as chief risk officer at its AHL fund, as the firm looked to stem an outflow of investor money.
    More Top Lawyers Leave Dewey & LeBoeuf Richard Climan, a leading mergers and acquisitions lawyer in Silicon Valley, and Berge Setrakian, a corporate lawyer in New York with a large international practice, are leaving for rival firms.
    Apollo's Profit Jumps 23% in First Quarter Apollo Global Management reported a 23 percent jump in first-quarter profit, benefiting from a rise in fees that was driven in part by acquisitions of other investment firms.
    Britain Fines Japanese Insurer $5.3 Million The Financial Services Authority has fined the Mitsui Sumitomo Insurance Company of Japan £3.3 million for poor corporate governance practices at the insurer's subsidiary based in London.
    America Movil Looks to Raise Stake in KPN The Mexican telecommunications giant owned by the billionaire Carlos Slim Helú is offering $3.4 billion to increase its stake in KPN, the Dutch wireless phone and Internet service provider, as it expands outside its core markets.
    Asahi to Buy Japanese Milk Beverage Company for $1.5 Billion The Calpis deal is the latest in a string of acquisitions by Asahi, which is seeking to expand into new segments and regions as it deals with a shrinking Japanese beer market.
    HSBC Profit Rises 26% in First Quarter The British bank's pretax profit rose 26 percent, to $6.8 billion, as growth in its Asian and Latin American banking businesses more than made up for a slump in its European operations.
    The London headquarters of Aviva, Britain's second-biggest insurer.
    Aviva Chief Resigns Over Shareholder Pay Revolt Andrew Moss, the chief executive of the British insurance company Aviva, resigned unexpectedly on Tuesday as a result of shareholder discontent over pay practices.
    LOOKING AHEAD
    Europe to Weigh New Capital Requirements for Banks Data released on Wednesday will include wholesale trade inventories for March.
    Corporate Earnings Companies reporting on Wednesday will include Accretive Health, AOL, Macy's, Cisco Systems and News Corporation.
    DealBook Video
    Business Day Live: Steering Murdoch in Scandal A look at Rupert Murdoch's legal confidant, Joel I. Klein; in France, an economic ally for the White House; and with more litigation on the horizon, Google's Android marches on.


     
 

NYT Afternoon Business News: If Europe Turns Away From Austerity, Who Will Foot the Bill?



BUSINESS
News Analysis

If Europe Turns Away From Austerity, Who Will Foot the Bill?

By JACK EWING
A consensus is emerging that government austerity programs have gone too far, but more borrowing may simply destroy what little investor trust remains.

Stocks Fall on Greek Turmoil

By CHRISTINE HAUSER and DAVID JOLLY
Stocks and the euro fell after the leading party in the Greek Parliament was unable to form a government.

Greek Leftists Rule Out Coalition With Incumbents

By RACHEL DONADIO and NIKI KITSANTONIS
The political disarray in Greece raised further doubts on Tuesday about the country's future in the euro zone, as well as fears about the stability of the common currency itself.
DealBook

Aviva Chief Resigns Over Shareholder Pay Revolt

By JULIA WERDIGIER
Andrew Moss, the chief executive of the British insurance company Aviva, resigned unexpectedly on Tuesday as a result of shareholder discontent over pay practices.
DealBook

Yahoo Director in C.E.O. Search to Stand Down

By MICHAEL J. DE LA MERCED and EVELYN M. RUSLI
Patti S. Hart, the Yahoo director who headed the board search committee that picked Scott Thompson as the company's chief executive, will not stand for re-election.

Stocks andMarkets in the News | Wall Street at Close: U.S. stocks drop as investors fret over Europe

By Laura Mandaro

SAN FRANCISCO (MarketWatch) -- U.S. stocks closed lower Tuesday but recovered more than half of the session's losses, as the future of Europe's monetary union following weekend elections again dominated investors' attention. The Dow Jones Industrial Average DJIA -0.59% fell 76.44 points, or 0.6%, to 12,932.09. Of 30 components, 25 were lower, led by a 2.3% drop in Hewlett-Packard Co. HPQ -2.30% shares. At its low points, the Dow index had lost 198 points. The S&P 500 SPX -0.43% fell 5.86 points, or 0.4%, to 1,363.72, led by retail and financial stocks. The Nasdaq Composite COMP -0.39% lost 11.49 points, or 0.4%, to 2,946.27. "This has been a pattern, sell until Europe closes. Once we stop getting pelted by the continual syncopation of bad news, there is more opportunity to focus on the U.S. market and the U.S. economy," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

CMI | New York Spot Prices at Close.,

CMI Gold & Silver


  Today Change Week Ago Month Ago Year Ago
Gold $1,604.90 -$34.30 $1,662.50 $1,628.40 $1,491.90
Silver $29.44 -$0.69 $30.94 $31.77 $35.29
Platinum $1,512.10 -$20.90 $1,574.80 $1,609.90 $1,788.40
Palladium $625.00 -$25.90 $683.90 $647.50 $719.25

CBS NEWS | Political Hotsheet Top Stories: Soros to give $2 million to Democratic groups


The CBS News Political Hotsheet newsletter


CBS POLITICAL HOTSHEET TOP STORIES    



   
Billionaire pledges major contributions to outside groups backing Democrats, but says money won't go to advertising
Read full story
Soros to give $2 million to Democratic groups

Biden on Israel: I'm friends with Netanyahu, too Vice President Joe Biden says Obama "deserves the credit" for strengthening Israel's security

RNC official: Romney Republicans go into damage control mode after a press briefing goes way off message

Student loan battle looms as bill fails in Senate Both parties want to extend low interest rates for student loans - but they can't agree on how to do it

Romney takes GOP presidential candidate spins position on auto industry bailout, saying Obama followed his advice