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Jun 20, 2012

The Australian Capital Circle: Government funding threatened


Government funding threatened
 
THE federal government may be forced to overhaul the way it funds everything from private schools to local roads following a landmark High Court ruling.

The High Court yesterday deemed federal funding for chaplains in schools as constitutionally invalid throwing into disarray the way the government funds many schemes. The decision could deliver major clout to the states, should the Commonwealth no longer be able to fund certain programs directly and have to enlist the states to distribute its own funding (Oz), (SMH), (Age), (Herald Sun ).

Attorney-General Nicola Roxon told ABC radio this morning that yesterday's ruling by the court was "serious" and did have "widespread implications". She said funding to private schools would be unlikely to be impacted but conceded the government needed to look at a range of programs, including those for local roads, to determine if changes were needed to funding schemes.

Media ownership and the future of media also continues to be a hot topic following the restructure announcement from News Limited CEO Kim Williams yesterday and the continued talk over Gina Rinehart's increased stake in Fairfax (Oz), (SMH ), (Fin Review), (Daily Tele), (West Australian
Read more...
 
Mumble
Peter Brent
Peter Brent
 
Cultural cringe alive and well
When Australian prime ministers go overseas, those left at home can but cringe. Sometimes at the behaviour of our leader, and usually at…

NYT Global Update: Fed Takes Modest Action on Rates as Forecast Dims

Global Update
 
 
TOP NEWS

Fed Takes Modest Action on Rates as Forecast Dims

By BINYAMIN APPELBAUM
The Federal Reserve will add slightly to its efforts to reduce borrowing costs for businesses and consumers. Its economic forecast showed reduced prospects for this year and next.

Greece Ushers In Government After Weeks in Limbo

By LIZ ALDERMAN and NIKI KITSANTONIS
Antonis Samaras was sworn in as prime minister after his party agreed to form a coalition government with two others, ending a leadership vacuum.

Egypt Delays Decision on Winner of Presidential Vote

By KAREEM FAHIM and DAVID D. KIRKPATRICK
The election commission's delay came as Egyptians were still grappling with confusion over the health of the imprisoned former president, Hosni Mubarak.
Multimedia

Video: TimesCast Tech

Facebook accepts payments in global currencies; Sam Grobart tests kitchen tech; and more.
World

Video: Jeffrey's Difficult Move

Jeffrey Isidoro, 10, moved to Mexico after his father was deported from the United States. He is part of a new generation of young immigrants blurring the line between Mexican and American.
Opinion

Op-Ed Contributors

America and the Two Pakistans

By STEPHEN P. COHEN and MOEED YUSUF
The U.S. should strive to engage civilian leaders on all issues while limiting its dealings with the military.
WORLD

Iran Officials Assert Defiance of West in Aftermath of Nuclear Talks

By THOMAS ERDBRINK
Iranian politicians and military commanders said Wednesday that their country would never relinquish what they called its nuclear rights.

Israeli Strike Kills Man Accused in Earlier Attack

By ISABEL KERSHNER
The Israeli military said the man was involved in an assault along its border with Egypt this week that killed an Israeli construction worker.

Suicide Bomber Strikes Coalition Convoy in Eastern Afghanistan

By FAROOQ JAN MANGAL and ROD NORDLAND
A suicide bomber on foot attacked an American and Afghan military convoy in Khost on Wednesday, killing at least seven people, including children, Afghan officials said.
BUSINESS

Italian Plan to Reduce Borrowing Costs Gets Close Look

By STEPHEN CASTLE
Germany's chancellor, Angela Merkel, whose support is crucial, said that while the idea was "theoretical," it remained "one of the options" for bringing down yields on Spanish and Italian bonds.

Spain to Release Audit Reports on Bank Shortfall

By RAPHAEL MINDER
The two independent reports on the state of the country's banks will help Madrid determine how much of the €100 billion European bailout offer it actually needs.

World Leaders Make Little Headway in Solving Debt Crisis

By HELENE COOPER
Participants at the Group of 20 meeting in Mexico appeared to make only modest progress in persuading Chancellor Angela Merkel of Germany to support more government spending.
TECHNOLOGY

A Big Push to Get Going

By MARY BILLARD
The Kickstarter site for fund-raising is an attractive option for emerging fashion designers.
DealBook

Peter Thiel Opens a New Venture Capital Firm

By EVELYN M. RUSLI
The billionaire investor, best known for his contrarian views and his early bet on Facebook, opened Mithril Capital Management with a $402 million fund.

Venice Beach Bodybuilders Fear Google Is Kicking Sand at Them

By ADAM NAGOURNEY and IAN LOVETT
A leasing spree by Google that includes a fabled gym has raised fears of a culture clash in the Los Angeles beach community of Venice, where the likes of Arnold Schwarzenegger have trained.
SPORTS

Taking the Pulse of the European Championship

By ROB HUGHES
As the quarterfinals start, don't overlook France, which will play Spain, the defending champion, on Saturday.
England 1, Ukraine 0

Rooney Is Back Up Top as England Wins Group

By JERÉ LONGMAN
Wayne Rooney tapped a header into an open goal in the 48th minute as England defeated co-host Ukraine to advance to the quarterfinals.

Italy and Spain Advance to Quarterfinals

By ROB HUGHES
Italy showed a hunger in beating Ireland, 2-0, that suggests the team could go far in the European Championship.
U.S. NEWS

Obama Invokes Privilege in Bid to Halt Contempt Vote

By CHARLIE SAVAGE and JOHN H. CUSHMAN Jr.
The Obama administration acted in response to a planned Congressional vote over the attorney general's refusal to turn over documents about a failed gun-running investigation.

Jury in Church Abuse Case Says It Is Deadlocked

By JON HURDLE and ERIK ECKHOLM
After 12 days of weighing charges against a priest accused of sexual abuse and a supervisor accused of covering it up, a Philadelphia jury said it could not agree on a verdict.

New Inquiry of Deaths on Reservation in the 1970s

By TIMOTHY WILLIAMS
The United States attorney for South Dakota will reopen the cases of 50 deaths on or near the Pine Ridge Indian Reservation, where political violence reigned in the 1970s.
OPINION
Editorial

The Trouble With Ms. Merkel

It remains to be seen whether the Group of 20 leaders were able to persuade Angela Merkel to alter her stance of self-defeating austerity and piecemeal rescue plans to avert a euro-zone disaster.
Op-Ed Contributor

Tensions in the House of Saud

By RAY TAKEYH
Saudi Arabia may seem to be an island of stability in a tumultuous region, but its problems must not be ignored.
Latitude

Trouble in Sinai

By SHMUEL ROSNER
Recent attacks against Israel from Sinai - a byproduct of political change in Egypt - are a reminder to be wary of peace deals and democracy in the Middle East.






Stocks and Markets in the News | After Hours: Bed Bath & Beyond stocks slide after hours

By Carla Mozee, MarketWatch 

LOS ANGELES (MarketWatch) — Bed Bath & Beyond Inc. shares dropped sharply Wednesday evening after the houseware retailer’s outlook came in below Wall Street’s expectations, and shares of Red Hat Inc. fell, with the business-software company posting higher quarterly revenue as well as higher operating costs.
Shares of Bed Bath & Beyond Inc. BBBY -1.41%  fell 11% to $65.50 as the company said it expects second-quarter earnings of 97cents to $1.03 a share. Analysts polled by FactSet Research currently expect earnings of $1.08 a share. Ahead of the report, the stock had gained 40% over the past 12 months.
For its first quarter, profit at Bed Bath & Beyond rose to $206.8 million, or 89 a share, from $180.6 million, or 72 cents a share, in the year-ago period. Revenue rose to $2.22 billion from $2.11 billion. Wall Street had been looking for earnings of 84 cents a share on $2.24 billion in revenue.
Investors pushed shares of Red Hat RHT -0.74%  down 11% to $50.21. Before the release of the company’s first-quarter results, its shares gained 35% over the past year.

Red Hat late Wednesday reported adjusted earnings of 30 cents a share and revenue of $314.7 million, each above the consensus estimates of 27 cents a share in earnings and $310.8 million in sales. The company also said operating costs rose 23% as sales and marketing expenses and research-and-development costs each increased 24%. Read about Red Hat's Q1 report.
 
At Citigroup, analyst Walter Pritchard told clients that a 16% rise in Red Hat’s billings was below its expectation for growth of 22%, as well as the consensus estimate for an increase in the 18%-19% range. “The weakness was spread across long and short-term deferred,” he wrote.

Tide turns for Procter & Gamble Procter & Gamble CEO Bob McDonald is under pressure as the company cuts sales forecasts. Photo: Bloomberg. 


“Thinking of possible drivers of weakness, the company may have over-earned in Q4 (although they denied this three months ago),” wrote Pritchard about Red Hat.
Also, “Europe certainly isn’t helping, but hasn’t been worst case so far,” he said.
Elsewhere, shares of Pozen Inc. POZN -0.40%  fell 19% to $6 in low volume after the pharmaceutical company said the U.S. Food and Drug Administration disagreed with the company’s preliminary review of bioequivelance of its delayed-release aspirin tablet, PA32540. Read more about Pozen's review of PA32540.
In dayside trading, U.S. stocks finished mostly lower after the Federal Reserve cut its growth forecasts and Chairman Ben Bernanke said the labor market had lost some steam. More in Market Snapshot.
The Dow Jones Industrial Average DJIA -0.10%  fell 13 points to 12,824.39. The S&P 500 SPX -0.17% lost 2 points, or 0.2%, to 1,355.69, but the Nasdaq Composite Index COMP +0.02%  picked up less than 1 point at 2,930.45.
Carla Mozee is a reporter for MarketWatch, based in Los Angeles.

DealBooK | DealB%K Afternoon edition: Burger King Rejoins the Public Markets


Wednesday, June 20, 2012
TOP STORY
Burger King Rejoins the Public Markets:
Burger King Rejoins the Public Markets: Burger King completed its latest flip on Wednesday, rejoining the public markets after closing a deal to merge with an investment vehicle whose backers include the hedge fund manager William A. Ackman. The fast-food chain - now officially known as Burger King Worldwide - has claimed the ticker symbol "BKW" on the New York Stock Exchange. As of midday on Wednesday, its shares traded at $14.95, up more than 3 percent. Burger King is returning to the market through a combination with Justice Holdings, a so-called blank-check company run by Nicolas Berggruen and Martin Franklin. Formally known as a special purpose acquisition vehicle, it is essentially a shell company with a stock listing that aims to find and merge with a privately held corporation. Such entities essentially give private companies a quick and easy way to enter the public markets.
  • DEALBOOK »
  •  
    DEALBOOK HIGHLIGHTS
    In Britain, a Plan to Give Shareholders More Say on Pay: Under new rules presented to Parliament, companies listed in Britain would have to get majority support from shareholders for their executive compensation packages.
    Peter Thiel
    Peter Thiel Opens a New Venture Capital Firm: Peter Thiel is putting his Facebook proceeds back to work. The billionaire investor, best known for his contrarian views and his early bet on the social network, has opened a new venture capital firm, Mithril Capital Management, with a $402 million fund. While it's unclear how much Mr. Thiel, who sold some $640 million worth of shares in Facebook's I.P.O., contributed to the pot, he is the fund's largest investor, according to a statement issued on Wednesday.
    Deutsche Bank Ends Deal Talks With Guggenheim Partners: Deutsche Bank said on Wednesday that it had failed to reach an agreement to sell its real estate investment business Guggenheim Partners, following an earlier announcement that talks had ended for other parts of the bank's asset management unit.
    NYSE Euronext Stakes Claim in London: The firm has signed up the first company to switch its London trading activity to NYSE Euronext London, the company's new exchange in the British capital.
    Top Courts in U.S. and Britain Enter the Madoff Fray: As Bernard L. Madoff serves a 150-year sentence for his Ponzi scheme, top courts in the United States and Britain are tackling issues that could have a multibillion-dollar impact on his victims.
    News Corp. Offers $2 Billion in Australian TV Takeover: The company's proposed $2 billion takeover of Consolidated Media Holdings, the television business of the Australian billionaire James Packer, would help News Corp.'s Australian unit offset its reliance on newspapers.
    Amid Debt Crisis, Overseas Buyers Seek European Companies: So far this year, the total value of mergers and acquisitions on the Continent by foreign companies has reached $101 billion, well ahead of the combined $73 billion spent in the United States by international suitors.
    BUZZ TRACKER
    Paul Tudor Jones Weighs In on Upheaval at UVA: The billionaire hedge fund manager applauded the resignation of the University of Virginia's president, Terry Sullivan, in a recent opinion piece for The Charlottesville Daily Progress. Mr. Jones is a graduate of the university and a major supporter.
    LOOKING AHEAD
    Mary Schapiro of the Securities and Exchange Commission testifies on changes to money market mutual funds before the Senate Banking Committee. A Senate Judiciary subcommittee will hold a hearing on the merger between EMI and Universal Music Group. 
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Stocks and markets in the News | Wall street at Close: Stocks mostly off after Fed cuts growth outlook



Traders work on the floor of the New York Stock Exchange in New York, June 7, 2012. U.S. stocks jumped at the open on Thursday after China's central bank cut bank lending and deposit rates, fueling hopes of simultaneous action to aid a flagging global economy. REUTERS/Keith Bedford (UNITED STATES - Tags: BUSINESS) - Reuters
Wednesday’s biggest gaining and declining stocks Adobe, AspenBio, Identix, Jefferies, and Gevo are among Wednesday’s biggest gaining and declining stocks.
4:53 p.m. Today
 
The Federal Reserve building is seen in Washington June 19, 2012. The Federal Reserve's policy-making committee again finds itself at a difficult time as it gathered on Tuesday for a two-day meeting. As Europe's banking crisis intensifies and the U.S. labor market sputters, the Fed appears increasingly likely to offer more monetary stimulus - despite political opposition, internal reticence and concerns about whether it will be effective. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS) - Reuters Stocks mostly off after Fed cuts growth outlook U.S. stocks ended mostly lower Wednesday after the Federal Reserve cut its growth forecasts and Chairman Ben Bernanke said the labor market had lost some steam.
4:38 p.m. Today

NYT Afternoon Business News: Wall Street Weighs Fed Decision


BUSINESS

Wall Street Weighs Fed Decision

By CHRISTINE HAUSER
Traders responded tepidly to the Federal Reserve's announcement to extend a program designed to drive down long-term interest rates.

Italian Plan to Reduce Borrowing Costs Gets Close Look

By STEPHEN CASTLE
Germany's chancellor, whose support is crucial, said that while the idea was "theoretical," it remained "one of the options" for bringing down yields on Spanish and Italian bonds.
DealBook

Top Courts in U.S. and Britain Enter the Madoff Fray

By DIANA B. HENRIQUES
As Bernard L. Madoff serves a 150-year sentence for his Ponzi scheme, top courts in the United States and Britain are tackling issues that could have a multibillion-dollar impact on his victims.
DealBook

In Britain, a Plan to Give Shareholders More Say on Pay

By JULIA WERDIGIER
Under new rules presented to Parliament, companies listed in Britain would have to get majority support from shareholders for their executive compensation packages.

Bedeviled by Telematics Woes, Ford Falls Further in J.D. Power Quality Study

By CHERYL JENSEN
Broader implementation of the poorly received MyFord Touch system hurt the automaker in the annual ranking. An update to the system, however, was not reflected in the results.

CBS NEWS | Political Hotsheet Top Stories: AZ official: Obama pretended to be born in Kenya.

The CBS News Political Hotsheet newsletter
                CBS POLITICAL HOTSHEET TOP STORIES    



   
Secretary of State Ken Bennett, fresh off a flirtation with birtherism, says president "was fibbing about being born in Kenya when he was trying to get into college"
Read full story
AZ official: Obama pretended to be born in Kenya

Pro-Romney super PAC raises $5 million in May The super PAC supporting presumptive Republican presidential nominee Mitt Romney raised slightly more than the $4.6 million it raised in April

Conservative gay rights group endorses Romney GOProud backs Republican presidential candidate Mitt Romney but notes its disagreement with him on marriage amendment

Who's still in the running to be Romney's VP? A look at who's in the mix after Mitt Romney felt compelled to comment on the vice presidential vetting process

Romney keeps distance from Fla. governor Romney often relies on popular Republicans in key battleground states

BIV: Today Business News: Economy and Finance | Vancouver lands Canadian office of one of China's “big four” banks



Today's Top Story

$100m North Van port project approved

The City of North Vancouver council has approved a $100 million port project for improvements to Low Level Road.

Economy and Finance

 

Vancouver lands Canadian office of one of China's “big four” banks

Vancouver has become the Canadian home for China's fourth largest bank.

 

Vancouver ranks as world’s 63rd most expensive city

Human resources giant Mercer has ranked Vancouver as the 63rd most expensive city in the world for relocating expatriates.

Mining and Energy

Baja Mining obtains standstill agreement from lenders

Vancouver-based Baja Mining Corp. (TSX:BAJ) announced this morning that it has obtained a 45-day standstill agreement from its lenders with regards to project financing of its Minera y Metalúrgica del Boleo S.A. de C.V. (MMB) subsidiary.

Technology

Victoria invests $39 million in life science

The B.C. government announced June 19 that it would provide $39 million to fund two life science initiatives.

Retail and Manufacturing

 

MEC expands with new North Vancouver store

Mountain Equipment Co-op (MEC) opened a new North Vancouver store last week and is poised to build new headquarters next year before furthering its expansion into Ontario.

NYT Breaking News: Fed Extends Effort to Lower Long-Term Interest Rates

Breaking News
The New York Times
Wednesday, June 20, 2012
-----

Fed Extends Effort to Lower Long-Term Interest Rates

The Federal Reserve announced Wednesday a modest increase in its efforts to reduce borrowing costs for businesses and consumers by extending its existing “Operation Twist” asset-purchase program through the end of the year.

Read More:
http://www.nytimes.com/2012/06/21/business/economy/fed-extends-program-to-lower-costs-of-borrowing.html?emc=na

SEC Listing of Company Delinquent filings Update



34-67221 Jun. 20, 2012 Florida First Equities Corp. (n/k/a Data Imaging Services, Inc.), Foodquest, Inc., Foodvision.com, Inc., Forefront, Inc. (f/k/a Anyox Resources, Inc.), Futronix Group, Inc., Genicom Corp. (n/k/a Oldgen, Inc.), and Global Online India, Inc

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