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Jul 4, 2012

NYT Global Update | Business: Spain's Banking Crisis Moves Into the Courtroom



TOP NEWS
DealBook

Barclays' Ex-Chief Tries to Deflect Blame in Inquiry

By MARK SCOTT
Robert E. Diamond Jr., the former chief executive, said that his bank had illegally reported its borrowing rates because other banks were reporting even lower ones.

A New Particle Could Be Physics' Holy Grail

By DENNIS OVERBYE
The discovery by physicists at CERN's Large Hadron Collider, if confirmed to be the Higgs boson particle, could lead to a new understanding of how the universe began.

Palestinians May Exhume Arafat After Report of Poisoning

By ISABEL KERSHNER
Yasir Arafat's widow, Suha, called for the exhumation after Al-Jazeera reported that Mr. Arafat might have been poisoned with polonium, a rare radioactive isotope associated with KGB-style assassination intrigues.
World

Video Feature: Watching Syria's War

The Times is tracking the human toll in Syria through an examination of the pictures and video, mostly by amateurs, that document the violence.
Opinion

Opinionator | Borderlines

Peacocks at Sunset

By FRANK JACOBS
The weird, violent history of the Indo-Pakistani border.
WORLD

Judge Helped Egypt's Military to Cement Power

By DAVID D. KIRKPATRICK
The generals wanted to make sure that their ability to control politics was written into the Constitution, the judge said, even as they promised to hand authority to elected leaders.

Clinton's 'Sorry' to Pakistan Ends Barrier to NATO

By ERIC SCHMITT
The secretary of state on Tuesday said for the first time "we are sorry" for the deaths of Pakistani soldiers in a November airstrike, and she said Pakistan would waive extra truck fees for supplies to Afghanistan.

Rescue Teams Find Downed Turkish Plane and Pilots

By SEBNEM ARSU and RICK GLADSTONE
The effort to locate the wreckage of the plane and the pilots was aided at Turkey's request by the American oceanographer who discovered the Titanic.
BUSINESS

Spain's Banking Crisis Moves Into the Courtroom

By RAPHAEL MINDER
A raft of lawsuits by politicians, shareholders and prosecutors against several large banks could complicate efforts to by Spain to clean up its banking sector.
Euro Watch

Italian and German Leaders Emphasize Unity in Crisis

By ELISABETTA POVOLEDO and DAVID JOLLY
Leaders of the two countries said that they were willing to work together to overcome the euro crisis, a significant change in tone from a summit meeting last week.

With Pollution Drawing Louder Protests, Plant Is Canceled in China

By KEITH BRADSHER
Local officials said the construction of an immense industrial complex in Sichuan province had ended over concerns about its environmental impact.
TECHNOLOGY

Fans Howl After Weather Site Buys Out Rival

By JOHN SCHWARTZ and BRIAN STELTER
The owners of the Weather Channel said they would not change Weather Underground, or its devotion to data.

Megaupload Founder Goes From Arrest to Cult Hero

By JONATHAN HUTCHISON
Since his arrest in January on piracy charges, the Internet tycoon and Megaupload founder Kim Dotcom has been winning over the public in New Zealand.
Bits Blog

No 'Death Spiral' for RIM, Chief Executive Says

By IAN AUSTEN
Although Research in Motion's stock is down 95 percent, Thorsten Heins, the chief of the BlackBerry maker, said "there's nothing wrong with the company as it exists right now."
SPORTS

No Respite in Getting Tour Riders to Finish Line

By JON BRAND
It is through meticulous behind-the-scenes preparation that sport directors earn their keep in the cycling world.

Federer to Face Djokovic in Wimbledon Semifinal

By CHRISTOPHER CLAREY
Roger Federer earned a record 32nd Grand Slam semifinal berth and will face Novak Djokovic on Friday. Fifth-seeded Jo-Wilfried Tsonga and Andy Murray also advanced.

Room for Only One Twin at Retooled Manchester United

By ROB HUGHES
Fabio and Rafael da Silva have played together since they were youths, but they won't next season after United loaned Fabio to Queens Park Rangers.
U.S. NEWS

For Pacific Islanders, Hopes and Troubles in Arkansas

By BRET SCHULTE
Thousands of Marshall Islanders have settled in northwestern Arkansas, where they find steady incomes but face health and cultural problems.

Midwest's Heat Dashes Hopes for a Bumper Crop of Corn

By MONICA DAVEY
Soaring heat and drought conditions in the Midwest have dashed the summer corn crop's previously high expectations. Some farmers have already mowed over their fields.

Obama Marks Fourth of July With New Citizens

By JACKIE CALMES
President Obama started his Independence Day with a citizenship naturalization ceremony that made 25 active-duty service members new Americans.
OPINION
Op-Ed Contributor

Europe's Morass, America's Fiscal Cliff

By DAVID GORDON
Both are in bad shape, but the euro zone's financial risks are exponentially higher than America's political ones.
Op-Ed Columnist

What Does Morsi Mean for Israel?

By THOMAS L. FRIEDMAN
The election of the Muslim Brotherhood candidate, Mohamed Morsi, as president of Egypt is bound to affect the peace treaty with Israel.
Op-Ed Columnist

Gaelic Guerrilla

By MAUREEN DOWD
A Florida congresswoman's donnybrook with a colorful Galway pol over Ireland's Che Guevara.

NYT AFternoon Business News: Chinese Officials Cancel Plant Project Amid Protests





BUSINESS

Chinese Officials Cancel Plant Project Amid Protests

By KEITH BRADSHER
Local officials said the construction of an immense industrial complex in Sichuan province had been permanently cancelled following protests over its potential environmental impact.

Finding Success on the Oil Frontier

By STANLEY REED
Since 2006, Tullow Oil has made major discoveries by exploring small oil fields in regions that larger companies have missed.

Megaupload Founder Goes From Arrest to Cult Hero

By JONATHAN HUTCHISON
Since his arrest in January on piracy charges, the Internet tycoon and Megaupload founder Kim Dotcom has been winning over the public in New Zealand.
Media Decoder Blog

Seventeen Magazine Vows to Show Girls 'as They Really Are'

By CHRISTINE HAUGHNEY
After an online petition collected thousands of signatures asking the magazine not to print photos that were retouched, the editors of Seventeen promised to "celebrate every kind of beauty."

Lower Gas Prices and New Models Sent Vehicle Sales Higher in June

By BILL VLASIC
General Motors and Chrysler reported double-digit sales of new vehicles, while Ford's rose 7 percent. Toyota sales were up 60 percent.

BIV Today's Business News: Workplace stress legislation to spur higher employer costs



Human Resources

sick employee doctor

Workplace stress legislation to spur higher employer costs

Changes to WorkSafeBC legislation and policies could push employer premiums up and open the door for fines, according to the BC Human Resources Management Association (BCHRMA).

Real Estate

 

Owning real estate one strategy to compete with Wal-Mart

Retail and real estate legend Joe Segal told Business in Vancouver last week that keeping operating costs low is key for local discount retailers to successfully compete with new Wal-Mart and Target locations.

Politics and Policy

New B.C. federal electoral map proposed

The Federal Electoral Boundaries Commission for British Columbia has proposed a new electoral map for B.C. for the province’s consideration at public hearings this fall.
 

Gordon Campbell operatives return to key posts

Premier Christy Clark’s government has appointed two loyalists of former Premier Gordon Campbell to significant posts in the past week.

Transportation

   

Surrey Board of Trade backs Blaine Amtrak stop

The Surrey Board of Trade has thrown its support behind calls for an Amtrak Cascades train stop in Blaine, Washington.

Small Business

   

Small business confidence continues slide in June

Business confidence among Canada’s small- and medium-sized enterprises continued to fall in June, according to the Canadian Federation of Independent Business (CFIB).

The Economist | Selevted New Articles: Pakistan, Barclays and the Higgs Boson




Banyan: Making up
A new deal lets NATO supplies heading to Afghanistan travel through Pakistan once more
read more »
Newsbook: Oops, the coffers are empty
France's new government knows where to raise taxes, but not where to make cuts
read more »
Schumpeter: Barclays' woes
Barclays comes out swinging and lands a punch on the Bank of England
read more »
Baobab: Stop messing each other up
The latest rebellion in eastern Congo does no one any good
read more »
Eastern approaches: My name is Paste. Copy Paste.
Plagiarism allegations and Romania's prime minister
read more »
Game theory: That boring English game
The growth of cricket in France reflects the country's changing demography
read more »
 
Prospero: The poetry of London
Our correspondents discuss a new collection of verse inspired by London
read more »
Graphic detail: Worth the wait
A timeline of the Standard Model of particle physics
read more »
Online debate: Cybersecurity
Is a hyperconnected world a less secure world?
read more »



Stocks and Markets in the News | European Markets at Close: Energy, banks drive losses for Europe stocks, MarketWatch

Energy, banks drive losses for Europe stocks A U.S. holiday thinned out volumes for European markets on Wednesday, with energy stocks in decline and banks lower as investors got jittery ahead of the European Central Bank meeting. Spanish banks also fell on worries about a delay to its bailout package. 

CBS NEWS | Daily News Summary: Inside battle vs. vicious Colorado Springs blaze

CBS News.com - Daily News Summary
July 04, 2012 | DAILY NEWS SUMMARY


CBS NEWS TOP STORIES
Most destructive wildfire in Colorado history now mostly contained, but 45 large wildfires still raging in U.S.
Read full story
Inside battle vs. vicious Colorado Springs blaze
5 days after storms, outages, heat wave persist Almost million customers still without power in East; Heat warnings, advisories up from East Coast to Midwest

Eye Opener: Still no power for many as heat wave lingers on Utility crews scramble to restore power for almost a million homes and businesses as record-setting heat bakes the nation. Also, actor Andy Griffith is dead at 86. All that, and all that matters, in today's "Eye Opener."

Fireworks explosion sets N.H. house ablaze Police say display ignited home's back deck; Injured ranged in age from infant to adult

12 people shot in Chicago in 4 hours Apparent gang warfare rages on in city where 240 people have already been killed this year

Fireworks explosion sets N.H. house ablaze Police say display ignited home's back deck; Injured ranged in age from infant to adult

Inside battle vs. vicious Colorado Springs blaze Most destructive wildfire in Colorado history now mostly contained, but 45 large wildfires still raging in U.S.

5 days after storms, outages, heat wave persist Almost million customers still without power in East; Heat warnings, advisories up from East Coast to Midwest

Not reducing war to a sickness or a smiley face Nan Levinson: Concept of moral injury focuses on soldiers affected by their wartime actions, shares similarities with PTSD

Morning Market Briefing

Economic News July 4, 2012
Retail sales in Australia added a seasonally adjusted 0.5 percent on month in May, the Australian Bureau of Statistics said on Wednesday, standing at A$21.307 billion. (Jul 4, 2012) Full Article

Falling food costs and easing commodity price pressures pulled down shop price inflation in the United Kingdom to its lowest level for two and a half years in June, the British Retail Consortium (BRC) said in report published Wednesday. (Jul 4, 2012) Full Article

China's service sector grew at the weakest pace in ten months in June, the latest survey by Markit Economics showed Wednesday. (Jul 4, 2012) Full Article 

Eurozone retail sales recovered unexpectedly in May on robust non-food sales, official data showed Wednesday. Retail sales rose 0.6 percent month-on-month, partially offsetting the 1.4 percent decline in the previous month, the latest figures from Eurostat showed Wednesday. Despite an increase, underlying performance remains weak. Even flat sales volume in June would result in a contraction of 0.9 percent in the second quarter, IHS Global Insight's economist Howard Archer said. (Jul 4, 2012) Full Article

Bank of England is likely to come up with additional stimulus as the current domestic economic situation warrants an immediate action to prevent the economy from sinking deeper into recession. (Jul 4, 2012) Full Article 

Mario Draghi is set to steer the European Central Bank to a historical interest rate cut on Thursday, but the move may not be enough to satiate the financial markets looking for concrete solutions to the sovereign debt crisis in the euro area. A rate reduction at this juncture could serve as a back-up to the deal reached by European Union leaders last week that relaxed bailout rules, took steps

Money Show Daily Alert Special Edition: Risk Never Takes a Holliday

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Asian Markets: Mostly higher on commodity stock prices.

Asian Markets

Asia markets mostly up on commodity stocks Most Asia markets end higher as sharp overnight gains for gold and crude-oil prices spur resource stocks, although Hong Kong and Chinese shares fall on profit-taking after recent advances and ahead of key global economic events. 4:39 a.m. Today

Mineweb Top Stories: Mining companies must comply with Glacier Law-Argentine Supreme Court

Mineweb logo

TOP STORIES | Wednesday , 04 Jul 2012                                                     

Mining companies must comply with Glacier Law-Argentine Supreme Court

Mining companies in Argentina must conduct inventories of glaciers and periglacial areas, Argentina's high court has ruled, while mining activities must now be regulated by the federal government.    Wednesday , 04 Jul 2012

Bolivian silver project rocked by kidnappings, property destruction

A long-simmering dispute involving indigenous communities, illegal mining, and the Mallku Khota mining project in the Andean Potosí region has erupted into kidnapping and property destruction.    Wednesday , 04 Jul 2012

Battle lines drawn in fight for gold junior's board, helm

A dissident group wants to clean house at Maudore, which controls the interesting Comtois gold project in Quebec, while management maintain all the furniture's in the right place.    Wednesday , 04 Jul 2012

Is supply mining's next big issue?

Some commentators think supply side issues will be the burning question for miners in the next 12 to 18 months, others are not quite as sure.    Tuesday , 03 Jul 2012

Empire says Albanian court returns chromite project rights; shares jump

Empire Mining, a junior explorer, hailed court decisions as "momentous" and contra naysayers who might see return of rights as "impossible."    Tuesday , 03 Jul 2012

Scottish gold mine gets pre-development finance

The development of Scotgold's small-scale Cononish gold/silver mining operation in the Scottish Highlands moves closer with interim convertible financing from RMB.    Tuesday , 03 Jul 2012

Las Lagunas gold and silver project oxidation process nears design levels

Australia's PanTerra Gold reports its Albion process oxidation plant for treatment of refractory tailings from the original Pueblo Viejo gold/silver mine in the Dominican Republic is close to achieving design parameters.    Tuesday , 03 Jul 2012

Newmont mine protest clash turns deadly in Peru

Three people have died and many injured when Peruvian police clashed with protestors in the town of Celendin, who are opposed to Newmont's plans to build a $5bn gold mine.    Wednesday , 04 Jul 2012

Heavy rare earths and niobium supplies at critical stage

Jeb Handwerger* says that despite market malaise, the outlook for heavy rare earth element (HREE) and niobium demand is compelling. There is a desperate need for new supply sources. Critical Metals Report interview.    Wednesday , 04 Jul 2012

Severstal sees rise in world steel demand slowing

Owner and CEO Alexey Mordashov expects consumption growth to slow in line with Chinese economic growth, Russian daily newspaper Kommersant reports.    Wednesday , 04 Jul 2012

African Minerals names Keith Alder CEO

Executive Chairman Frank Timis who had been running the iron ore miner since May will become non-executive chairman when Keith Calder take over the reins as the new CEO.    Wednesday , 04 Jul 2012

India may lift iron ore mining ban in Karnataka this month

Resuming mining in the region will boost supplies to steel mills including JSW Steel, the nation's third-biggest producer, that cut output on the ore shortage.    Wednesday , 04 Jul 2012

China releases 21 detained over pollution protests

Thousands of people in Chinese city of Shifang took to the streets over the past three days against the government's plans to allow the building of a copper alloy plant, the latest unrest spurred by environmental concerns.    Wednesday , 04 Jul 2012

Gold nears 2-week highs on hopes of monetary easing

The ECB is expected to cut interest rates Thursday in the wake of a string of weak economic data, a move that would likely support gold as it typically benefits from a low interest rate environment.    Wednesday , 04 Jul 2012

Xstrata shareholder backs Qatar proposal for better deal

Activist fund Knight Vinke, a top-20 shareholder in Xstrata, says Glencore's bid does not represent fair value for Xstrata on current terms and also objected to the fact no premium is being paid for a change of control.    Tuesday , 03 Jul 2012

Vale to issue 10-year Euro-denominated bonds

Vale, the world's largest iron ore miner, said in a filing with Brazil's securities commission on Tuesday that it hired BNP Paribas, Credit Agricole, HSBC and Natixis as bookrunners.    Tuesday , 03 Jul 2012

Chalco delays plans to acquire SouthGobi stake

In April, Chalco announced a $926 million bid for a controlling interest in miner SouthGobi Resources, which owns large coal projects close to the Chinese border.    Tuesday , 03 Jul 2012

Spain's Solarpack to build energy park at Collahuasi copper mine

Soaring energy costs in Chile and uncertainty over supply have pushed miners to look toward building their own energy complexes.    Tuesday , 03 Jul 2012

Deadly fire at Gold Fields' South Africa mine still burning

Company spokesman Sven Lunsche says the fire is not out of control and both the KDC East and West mines will remain closed until further notice.    Tuesday , 03 Jul 2012

Yesterday's top story: Social media derails Lynas Corp's rare-eaths plans

CEO Nicholas Curtis says he underestimated the power of social media as local residents in Malaysia have used Facebook and Twitter to rally local and foreign opposition to the company's proposed rare-earths plant.    Monday , 02 Jul 2012

PODCASTS / RADIO                                                     

Why supply is going to be the next big mining issue - Jeremy Gray

Standard Chartered's Jeremy Gray looks at how the commodities sector is currently placed and why future supply is going to become a big issue.

Long term gold investors and the current strength in gold ETCs

Nicholas Brooks, head of research and investment strategy at ETF Securities explains the recent strong moves seen in gold exchange traded commodities.

Mine closures, platinum's price floor and slowing demand - Jollie

Mitsui and Co Precious Metal's David Jollie looks at the current state of the platinum sector and where it is likely heading.

M&A activity, the fear trade and the vital importance of management - US Global

Frank Holmes and Brian Hicks talk about the performance of gold stocks relative to bullion and why management ownership improves stock performance.