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Jul 17, 2012

NFA | Futures Industry SRO Committee Press Release:: Futures industry SRO committee announces additional initiatives to strengthen safeguards for customer segregated funds.


NYT Breaking News: Fiscal Crisis in States Will Last Beyond Slump, Report Warns

Breaking News

Fiscal Crisis in States Will Last Beyond Slump, Report Warns

Long after the economy rebounds, states will face financial problems that include rising health care costs and underfunded pensions, a task force of budget experts said.

NYT Global Update: Unity Government in Israel Disbanding Over Dispute on Draft / Cautious on Growth, Bernanke Offers No Hint of New Action

Global Update


Unity Government in Israel Disbanding Over Dispute on Draft

Israel's unity government unraveled on Tuesday when the head of the centrist Kadima Party, Shaul Mofaz, said he was withdrawing over a proposed universal draft law.

Cautious on Growth, Bernanke Offers No Hint of New Action

Ben S. Bernanke, the Federal Reserve chairman, said the Fed was seeking greater clarity on the health of the recovery as it weighed the need for a new round of economic stimulus.

British Bank Chief Denies Getting Warning on Rates

Speaking before British lawmakers on Tuesday, Mervyn A. King, governor of the Bank of England, said the New York Fed did not raise concerns about the rigging of interest rates.

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.


Kritarchy in Cairo

Egypt's senior judges are siding with the military old-guard in its standoff with the new president. This smacks of judicial hubris.

Israel Says Syria Pulls Troops from Golan to Suppress Revolt Elsewhere

The action comes as street battles rage between rebels and government forces in the Syrian capital, Damascus.

Syria Hardens Its Response to Rebels in Damascus Clashes

Fighting between the Syrian army and rebels near the capital's center extended into a third day, overshadowing diplomatic efforts to end the conflict.
At War Blog

Arming for the Syrian War: Do Soaring Prices Predict Escalating Conflict?

Inside the arms market for Syrian rebels, where demand is intense and prices are high.

Malls' New Pitch: Come for the Experience

To meet online competition, shopping malls are signing tenants that offer dining, hairstyling, craft-making and other things the Internet can't provide.

Fiscal Crisis in States Will Last Beyond Slump, Report Warns

Long after the economy rebounds, states will face financial problems that include rising health care costs and underfunded pensions, a task force of budget experts said.

HSBC Says Official Will Step Down

David Bagley, the top compliance executive, made the announcement during a Senate hearing that is examining the bank's repeated failure to stop illegal foreign transactions.

Yahoo Taps Marissa Mayer of Google to Be Its New Chief

The selection of Ms. Mayer, one of the top executives at Google, makes her one of the most prominent women in Silicon Valley and corporate America and is considered a surprising coup for Yahoo.

Yahoo Posts Lower Earnings as New Era Dawns

On Marissa Mayer's first day as its chief, the company reported a 4.2 percent decline in quarterly net income from a year earlier, but beat expectations.

Intel's Net Income Rises, but Company Warns of Slower Growth

The company reported a rise of 3 percent to $2.8 billion, but consumers are finding alternatives to PCs in smartphones and tablets, where Intel has little presence.

A Bumpy Past Often Provides Many Tour Riders With That Needed Edge

Although it isn't cycling's most glamorous side, mountain biking has proven a key training ground for many of the leading Tour de France riders.

When Fear Is Gone, Anyone Can Win

Will the British Open at Royal Lytham & St. Annes produce the 16th different man in a row to win a major golf championship?

How Ernie Els Got the Belief Back

After a two-year slump, the three-time major winner is again a prime threat for a major title, especially at the British Open, where he has an exemplary record.

F.D.A. Bans BPA From Baby Bottles and Sippy Cups

The agency's decision to ban the industrial chemical bisphenol A in baby bottles and children's drinking cups came upon the request of the chemical industry.

Boy Scouts Reaffirm Ban on Gay Members

The organization had an 11-member committee review the policy starting in 2010 before deciding to continue barring openly gay members and leaders.

New Orleans Celebrates the Life of a Bandleader

Lionel Batiste, who died on July 8, was stylish, unhurried and full of music, just like the city where fans paraded in his honor, as is the local tradition.
Op-Ed Columnist

The Capitalism Debate

The argument between President Obama and Mitt Romney has turned into a broader attack on the logic of global capitalism. Romney must now define his capitalist vision.
Op-Ed Columnist

Individualism in Overdrive

Putting a starter pistol in your luggage is a gimmick that values personal advantage over the public good.
Op-Ed Contributor

Europe's Last Dictatorship

How Aleksandr G. Lukashenko maintains his 17-year-old dictatorial regime.

DealBook | DealB%k Afternoon Edition: Amid Scandal, Top HSBC Official Steps Down.

Tuesday, July 17, 2012
Amid Scandal, Top HSBC Official Steps Down The top compliance executive for global banking giant HSBC said that he would step down as he testified during a Senate hearing on Tuesday that is examining the global bank's repeated failure to stop illegal foreign transactions. David Bagley, the head of compliance for the British bank since 2002, broke from his prepared testimony to tell the Senate Permanent Subcommittee on Investigations that "now is the appropriate time for me and for the bank for someone new to serve as the head of group compliance."
    After Barclays Scandal, Regulators Say Rates Remain Flawed In Congressional testimony, the chairman of the Federal Reserve and the head of the Commodity Futures Trading Commission expressed concern that big banks manipulated certain interest rates for their own gain.
    British Bank Chief Denies Getting Warning on Rates Speaking before British lawmakers on Tuesday, Mervyn A. King, governor of the Bank of England, said the New York Fed did not raise concerns about the rigging of interest rates.
    Shell Abandons Offer for Cove Energy The energy giant Royal Dutch Shell said on Monday it would abandon a bid for Cove Energy, leaving PTT Exploration and Production of Thailand as the sole remaining suitor for the oil and gas exploration company.
    As Silicon Valley Cheers Yahoo Chief, Wall Street's Reaction Is Muted Across Silicon Valley, venture capitalists, entrepreneurs and former colleagues broadcast their enthusiasm for Marissa Mayer, the new chief executive of Yahoo, even as investor reaction was tepid.
    JPMorgan's Fiasco Presents New Avenues to Investigate Information released by the bank will probably push regulators in the United States and Britain to take a close look at the JPMorgan traders involved with a mounting loss on a disastrous bet.
    State Street to Buy Goldman's Hedge Fund Administration Unit State Street has agreed to pay $550 million for Goldman Sachs's hedge fund administration unit, a deal that will make State Street the biggest servicer of hedge funds in the world.
    Goldman's Earnings Fell 12% in 2nd Quarter Goldman Sachs reported on Tuesday that its profit fell 12 percent in the second quarter, as the investment bank continued to grapple with a moribund economy.
    Autodesk's Socialcam Play Aiming to move from a profitable niche to a vastly bigger, but riskier, mass market in cloud-based content creation, Autodesk has agreed to buy Socialcam for $60 million. Known for architectural and design software, Autodesk has started offering products aimed at ordinary consumers. It paid $32 million for Instructables, a how-to site, and purchased a company called Pixlr for an undisclosed sum.
    TiVo to Buy Consumer Research Company TiVo is expected to announce on Tuesday that it has acquired TRA, a research company that has developed a system to match television viewing with consumer buying habits, The New York Times reports. The deal, though worth a relatively modest $20 million, has broader implications for the television industry, according to Tom Rogers, TiVo's president.
    Economic Reports Data released on Wednesday will include housing starts for June and the Federal Reserve report on current economic conditions, known as the beige book.
    Corporate Earnings Companies scheduled to report results on Wednesday include Abbott Laboratories, Bank of America, Honeywell International and I.B.M.
    In the United States Ben S. Bernanke, the Federal Reserve chairman, will testify before the House Financial Services Committee; and the House Small Business Committee will hold a hearing on expanding broadband access to small businesses.

CBS NEWS | Political Hotsheet Top Stories: Obama campaigns in GOP-heavy Texas

The CBS News Political Hotsheet newsletter


Desperate Housewives Eva Longoria hosted one of the president's four Lone Star State fundraisers
Read full story
Obama campaigns in GOP-heavy Texas

Pawlenty: Veepstakes like The 2008 veep runner-up, whose home state hasn't voted for a GOP president since 1972, says geography isn't everything

Sununu calls Obama un-American, then backtracks Republican attack dog John Sununu, the former NH governor, tells reporters Obama should "learn how to be an American," but later claims he misspoke

Ron Paul: Romney should release more tax returns The Texas congressman joins the chorus of people - including some Republicans - who say Romney should just put his personal finances out there

In 2002, Olympic uniforms outsourced to Burma Amid controversy surrounding China-made 2012 uniforms, reminders that 2002 uniforms were outsourced to Burma under Romney's leadership

Stocks and Markets in the News | Wall Street at Close: U.S. stock indexes finish near session highs

By Kate Gibson

NEW YORK (MarketWatch) -- U.S. stocks reclaimed Tuesday gains after Federal Reserve Chairman Ben Bernanke finished speaking and Wall Street's gaze returned to solid results from Goldman Sachs Group Inc. GS +0.32% and Coca-Cola Co. KO +1.61% . "There was nothing disastrous from Bernanke, and there may be a bit of relief here that there is nothing to talk about in terms of QE3," Andrew Fitzpatrick, director of investments at Hinsdale Associates, said of the market's fixation on prospects of a third round of quantitative easing. The Dow Jones Industrial Average DJIA +0.62% rose 78.33 points, or 0.6%, to 12,805.54. The S&P 500 index SPX +0.74% climbed 10.03 points, or 0.7%, to 1,363.67. The Nasdaq Composite COMP +0.45% gained 13.1 points, or 0.5%, to 2,910.04.

Stocks and Markets in the News | ADVFN Evening Euro Markets Bulletin

ADVFN III Evening Euro Markets Bulletin  
Daily world financial news

London Market Report
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London close: Stocks slip as Bernanke disappoints
Market Movers
  • techMARK 2,043.69 -0.31%
  • FTSE 100 5,629.09 -0.59%
  • FTSE 250 11,019.23 -0.51%
- No hints from Bernanke for QE3
- German ZEW index falls for third straight month
- G4S tumbles on Olympics contract; CSR rockets after disposal, cash return

With Ben Bernanke quashing hopes of further near-term stimulus in the US, global stock markets took a hit on Monday afternoon, sending the Footsie lower for the third straight business day.

Speaking as part of the Federal Reserve's semi-annual monetary policy report, Chairman Bernanke said that the central bank is "prepared to take further action as appropriate" - more or less in line with his comments in the past. Alpari analyst Craig Erlam said: "These words are becoming as empty as promises from the Eurozone leaders."

"Ben Bernanke showed today that he can still surprise the markets by doing nothing. The markets appeared to have priced in further QE leading up to the testimony," Erlam said.

Also dampening the mood today was the German Zew economic sentiment index which fell by 2.7 points to -19.6 in July, the third monthly decline in a row. "Besides the weak demand from the Eurozone for German exports, the German economy is also burdened by weakening growth dynamics in other important partner countries," said ZEW President Wolfgang Franz.

In domestic news, UK inflation fell in June to its lowest level since November 2008. The annual rise in the Consumer Prices Index (CPI) eased to 2.4% in June from 2.8% in May, surprising the economist community, where the consensus forecast was for no change. The Bank of England's target level is 2.0%.

FTSE 100: G4S continues to take a beating

The share price of security solutions group G4S continues to battered by the Olympics contract debacle, with the company admitting yesterday that it expects to take a £35-50m hit after failing to deliver as many workers as it had promised to. Today, the stock, down nearly 6%, was being weighed down by ratings cuts from both Bank of America Merrill Lynch and Deutsche Bank.

The miners were also heavy fallers today as Bernanke's comments fuelled a rise in the dollar, meaning that greenback-denominated commodities (such as gold, silver and copper) became more expensive. ENRC, Kazakhmys, Randgold and Antofagasta were among the worst performers. Sector peer Rio Tinto was firmly in the red after saying that iron ore production exceeded sales in the second quarter, fuelling concerns about demand.

Utilities firm National Grid was among the worst performers after both Societe Generale and Morgan Stanley cut their targets for the stock, while chip designer ARM Holdings was lower after Citi reduced its target.

Barclays was one of the few stocks to finish in positive territory after Investec labelled the group as its "top pick in the UK banking sector". The broker believes that Barclays should benefit in the coming months (and years) as evidence of other banks' involvement in attempted LIBOR manipulation is disclosed.

FTSE 250: CSR rockets on cash-return news

Wireless technology and computer chip company CSR gained over a third of its market value after the $310m sale of its handset connectivity technology business to Korean technology giant Samsung, paving the way for the return of $285m to shareholders.

BTG, the specialist healthcare company, rose after increasing its revenue estimate for the current year after receiving a final royalty payment from Pfizer in relation to the BeneFIX product.

Computacenter was in demand after saying it continues to trade in line with company expectations and the outlook for 2012 remains intact.

FTSE 100 - Risers
British Sky Broadcasting Group (BSY) 695.00p +0.94%
Amec (AMEC) 1,075.00p +0.94%
WPP (WPP) 793.00p +0.89%
British Land Co (BLND) 538.00p +0.84%
Barclays (BARC) 159.00p +0.82%
Resolution Ltd. (RSL) 219.90p +0.73%
Diageo (DGE) 1,684.00p +0.72%
BP (BP.) 444.00p +0.57%
Hammerson (HMSO) 467.00p +0.56%
InterContinental Hotels Group (IHG) 1,515.00p +0.53%

FTSE 100 - Fallers
G4S (GFS) 240.00p -5.73%
Eurasian Natural Resources Corp. (ENRC) 387.40p -3.85%
ARM Holdings (ARM) 469.00p -3.83%
International Consolidated Airlines Group SA (CDI) (IAG) 154.80p -3.25%
Admiral Group (ADM) 1,139.00p -3.15%
National Grid (NG.) 662.00p -3.00%
Kazakhmys (KAZ) 707.00p -2.82%
Randgold Resources Ltd. (RRS) 5,650.00p -2.67%
Antofagasta (ANTO) 1,044.00p -2.34%
Rio Tinto (RIO) 2,916.50p -2.33%

FTSE 250 - Risers
CSR (CSR) 292.00p +33.76%
Premier Oil (PMO) 375.80p +3.87%
Salamander Energy (SMDR) 195.40p +3.61%
Bumi (BUMI) 316.30p +3.43%
Genus (GNS) 1,354.00p +3.36%
Computacenter (CCC) 321.00p +3.12%
Afren (AFR) 118.40p +2.96%
Menzies(John) (MNZS) 625.50p +2.21%
Marston's (MARS) 108.20p +1.98%
Cranswick (CWK) 831.50p +1.77%

FTSE 250 - Fallers
Perform Group (PER) 362.00p -10.62%
Home Retail Group (HOME) 75.45p -6.16%
Drax Group (DRX) 540.50p -5.67%
Spirent Communications (SPT) 155.40p -5.24%
Stobart Group Ltd. (STOB) 115.10p -4.08%
Morgan Crucible Co (MGCR) 269.20p -3.75%
Talvivaara Mining Company (TALV) 131.10p -3.74%
Avocet Mining (AVM) 67.65p -3.70%
Petra Diamonds Ltd.(DI) (PDL) 123.60p -3.59%
NMC Health (NMC) 193.00p -3.50% 

Europe Market Report
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Europe close: Alcatel Lucent plunges, markets down
- European markets down
- Bernanke hints at no more stimulus
- Alcatel-Lucent plunges on poor second quarter

FTSE 100:-0.59%
Dax 30:+0.18%
Stoxx 600: -0.25%
Cac 40: -0.09%
Ibex 35: +0.40%
FTSE MIB: -0.94%

European stocks traded mostly down on Tuesday as investors reacted to comments from the Chairman of the Federal Reserve, Ben Bernanke, suggesting more monetary stimulus was unlikely in the short - term.

The benchmark Stoxx Europe 600 index has climbed 9.77% since its low of June 4th but the market has still been hoping the US central bank might inject more money into the world's biggest economy through quantitative easing.

Speaking before Congress Bernanke said that the Fed was prepared "to promote a stronger economic recovery" but didn't elaborate on how that might be achieved. Investors have taken his words to mean "no stimulus in the near term".


The giant French telecoms equipment maker, Alcatel Lucent, had plunged a worrying 20% by the close in Paris after revealing a loss for the second quarter of the year. Over the last 12 months the stock has declined 75%.

In Spain, stricken lender Bankia plunged 13.5% by the close after the Spanish government said it could take until the end of the year to inject new capital into what is now a nationalised bank.

On the Stoxx Europe 600 the strongest sector was chemicals, which gained 0.57%. Technology stocks were the weakest, with the sector falling 1.35%.


The euro was down 0.28% against the dollar at 17:06 London time at $1.2237.

Front month futures contracts on a barrel of Brent crude had risen 0.09% by 16:52 to stand at $103.46.

US Market Report
US open: Stocks back-off as Bernanke begins speech
-Bernanke sees moderate US growth continuing
-Bernanke warns of Europe crisis, fiscal cliff

Dow Jones Industrial: -0.13%
Nasdaq Comp.: -0.23%
S&P 500: -0.13%

Wall Street has backed off a little bit ahead of the start of Federal Reserve President, Ben Bernanke´s, congressional testimony, which has just begun.

According to the transcript of the speech which is now being delivered by Bernanke, the Fed Chairman will tell Congress that the Fed, "is prepared to take further action as appropriate to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability." He will also cite weakness in Europe and the looming fiscal cliff as the main risks to watch out for, although policy makers are described as also being worried by the slow progress in reducing joblessness.

The chief risk to markets today is that traders could be underwhelmed by the above words, although the Question&Answer session which follows will also be closely monitored.

As for the rise on oil prices, it can be explained, in part, by speculation regarding US monetary policy but also after remarks from US Vice-President Hillary Clinton on Iran, according to market commentary.

That following what at first glance seem to be better than expected results out from several US heavyweights, such as Goldman Sachs, Coca-Cola or Johnson&Johnson.

Mattel is also expected to outperform after announcing that it will double its dividend.

Intel will publish results after the close.

US industrial production grew by 0.4% month-on-month in June.

Capacity in use however came in at 78.9% (Consensus: 79.2%).

Consumer prices on the other hand have come in slightly ahead of expectations, with a 1.7% year-on-year gain (Consensus: 1.6%).

The NAHB index of housebuilder confidence improved to 35 in June from 29 points in the month before (Consensus: 30).

Front month West Texas crude futures are now 0,117 dollars per barrel lower at $89.04/barrel on the NYMEX.

10 year US Treasuries are down 2/32 dollars, with yields at 1.48%.

Lastly, Barclays believes yields may drop to 1.25% in quarter three.

S&P 500 - Risers
Mattel Inc. (MAT) $34.12 +9.92%
Interpublic Group of Companies Inc. (IPG) $11.40 +3.73%
Mosaic Company (MOS) $57.07 +3.07%
International Paper Co. (IP) $31.38 +2.21%
Walt Disney Co. (DIS) $48.90 +2.17%
Avon Products Inc. (AVP) $16.12 +1.77%
Kohls Corp. (KSS) $48.49 +1.76%
Hasbro Inc (HAS) $32.91 +1.75%
Coca-Cola Co. (KO) $77.81 +1.74%
CF Industries Holdings Inc. (CF) $201.96 +1.67%

S&P 500 - Fallers
Broadcom Corp. (BRCM) $28.83 -6.44%
Cintas Corp. (CTAS) $37.14 -5.76%
State Street Corp. (STT) $42.01 -4.83%
Supervalu Inc. (SVU) $2.39 -3.63%
Alpha Natural Res (ANR) $6.61 -3.51%
Micron Technology Inc. (MU) $5.79 -3.50%
Weyerhaeuser Co. (WY) $22.99 -2.79%
CH Robinson Worldwide Inc (CHRW) $57.30 -2.75%
Deere & Co. (DE) $74.69 -2.72%
LSI Logic Corp. (LSI) $5.67 -2.58%

Dow Jones I.A - Risers
Walt Disney Co. (DIS) $48.90 +2.17%
Coca-Cola Co. (KO) $77.81 +1.74%
Procter & Gamble Co. (PG) $65.09 +0.43%
AT&T Inc. (T) $35.53 +0.30%
E.I. du Pont de Nemours and Co. (DD) $47.69 +0.25%
Pfizer Inc. (PFE) $23.18 +0.22%
International Business Machines Corp. (IBM) $185.14 +0.19%
Microsoft Corp. (MSFT) $29.49 +0.17%
United Technologies Corp. (UTX) $73.30 +0.12%
Verizon Communications Inc. (VZ) $45.32 +0.11%

Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $34.29 -2.28%
Home Depot Inc. (HD) $50.76 -1.34%
American Express Co. (AXP) $58.03 -1.04%
Johnson & Johnson (JNJ) $67.74 -1.04%
Caterpillar Inc. (CAT) $80.41 -0.91%
Bank of America Corp. (BAC) $7.76 -0.58%
Alcoa Inc. (AA) $8.28 -0.54%
Exxon Mobil Corp. (XOM) $84.62 -0.51%
Wal-Mart Stores Inc. (WMT) $72.68 -0.41%
Cisco Systems Inc. (CSCO) $16.14 -0.34%

Nasdaq 100 - Risers
Mattel Inc. (MAT) $34.12 +9.92%
Dish Network Corp. (DISH) $28.32 +2.52%
O'Reilly Automotive Inc. (ORLY) $92.01 +1.57%
Cerner Corp. (CERN) $78.57 +1.26%
Amgen Inc. (AMGN) $78.19 +1.20%
Seagate Technology Plc (STX) $26.32 +1.08%
Urban Outfitters Inc. (URBN) $29.79 +1.02%
Gilead Sciences Inc. (GILD) $52.42 +0.92%
Qiagen N.V. (QGEN) $17.11 +0.88%
Intuitive Surgical Inc. (ISRG) $540.26 +0.70%

Nasdaq 100 - Fallers
Broadcom Corp. (BRCM) $28.83 -6.44%
J.B. Hunt Transport Services Inc. (JBHT) $54.58 -6.43%
Baidu Inc. (BIDU) $100.54 -6.34%
Cintas Corp. (CTAS) $37.14 -5.76%
CH Robinson Worldwide Inc (CHRW) $57.30 -2.75%
Nvidia Corp. (NVDA) $12.32 -2.18%
Altera Corp. (ALTR) $30.12 -2.11%
First Solar Inc. (FSLR) $14.67 -2.07%
Sears Holdings Corp. (SHLD) $53.55 -2.05%
QUALCOMM Inc. (QCOM) $53.37 -1.82%

Broker Tips
Broker tips: SABMiller, CSR, Borders and Southern
Investec has downgraded its rating for drinks giant SABMiller from 'buy' to 'hold' after the recent outperformance in the shares.

"SAB has been a strong performer in a UK consumer staples universe that has run hard over the last few months. Though we remain supporters of the medium-term growth narrative, we view this as an appropriate point to move to the side-lines," Investec said on Tuesday morning.

Despite the downgrade, the broker has raised its target from 2,680p to 2,720p.

Peel Hunt has retained its 'hold' recommendation and 230p target for wireless technology and computer chip group CSR after the company's disposal of its handset business to Samsung.

"The company's cost base will reduce by around $10m in 2013 compared to our forecasts, taking guidance at the mid-point. From 2014 onwards, handset revenues will clearly need to be replaced by sales from other divisions," said analyst Alex Jarvis.

The broker said that the move is "sensible" due to CSR's inability to compete long term in this market. The disposal also completes the process of refocusing on platforms in non-handset markets.

Jefferies has downgraded its recommendation for Borders and Southern from 'buy' to 'hold' and slashed its target for the stock following yesterday's news that the Stebbing exploration prospect was unsuccessful.

Jefferies says that the key focus for the company now is its Darwin prospect: "the Darwin result opens up the South Falkland Basin by proving a working petroleum system. However, commerciality will depend on the liquids content of the gas/condensate (currently unknown) and whether a more liquids-prone area can be found.

The new target is set at just 20p, a 40% discount to the broker's risked sum of the parts valuation due to the significant uncertainty surrounding Darwin and likely financing requirements.