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Jul 26, 2012

NFA | Enforcement Actions: NFA issues $200,000 fine against New York forex firm Alpari US LLC

NYT Global Update | Top News: China Charges Wife of Ousted Official in Briton's Killing.



TOP NEWS

China Charges Wife of Ousted Official in Briton's Killing

By ANDREW JACOBS
Gu Kailai, the wife of the disgraced political leader Bo Xilai, has been indicted for intentional homicide, in a crime that has triggered a political crisis in China.
Euro Watch

Assurances on Euro by Central Bank Chief Lift Stocks

By JACK EWING
Markets and the euro rose after Mario Draghi told a conference in London that the central bank would "do whatever it takes to preserve" the currency.

Residents of Aleppo Fleeing as Opposing Forces Take Position

By NEIL MacFARQUHAR
Government forces maintained their shelling of key Syrian cities on Thursday, with Aleppo in particular bracing for an anticipated showdown.
Sports

After a Tragic Beginning, an Olympic Ending

By SAMANTHA STOREY
A hammer thrown by Simon P. Gillis killed a boy on New York's Park Avenue in 1904. Gillis overcame the tragedy and reached two Olympic Games.
Opinion

Latitude

Bolívar, Back and Better Than Ever

By FRANCISCO TORO
A century and a half of hero worship has left Simón Bolívar's real legacy shrouded in layer after layer of mythology.
WORLD

Jordan Worries Turmoil Will Follow as Syria's Refugees Flood In

By KAREEM FAHIM
Jordan, one of Syria's neighbors, has taken in thousands of refugees, but the flood of people and rising turmoil has put it under pressure.

Al Qaeda Claims New Attack in Iraq

By ROD NORDLAND
Qaeda insurgents clashed with Iraqi security forces on Thursday, the second attack this week.

Russian Activist Accuses Chief Investigator of Secret European Holdings

By ANDREW E. KRAMER
The allegation touched on the personal dealings of Aleksandr I. Bastrykin, head of the Russian agency that coordinates criminal investigations and Aleksei A. Navalny, a figure loathed by anticorruption activists.
BUSINESS

Bollywood Star Remakes Himself Into TV Conscience

By VIKAS BAJAJ
Mixing Oprah-style interviews on a couch with short reports from the field, Aamir Khan's show shines a spotlight on social issues like dowries, domestic violence and the caste system.
DealBook

Nomura Chief Quits Amid Insider Trading Scandal

By HIROKO TABUCHI
The Japanese bank's chief executive, Kenichi Watanabe, and one of his top lieutenants resigned on Thursday in response to recent revelations that their employees abetted insider trading.

Deals to Keep Generic Drugs Off Market Get a Court Rebuff

By EDWARD WYATT
Going against a decade of rulings, a federal appeals court said payments aimed at holding back generic drugs are anticompetitive, setting up possible review by the Supreme Court.
TECHNOLOGY

Amazon Delivers on Revenue but Not on Profit

By DAVID STREITFELD
The company reported net income of $7 million, or 1 cent a share, on sales of $12.8 billion. It was less profit than analysts had estimated, but the revenue was in line with forecasts.

The News Isn't Good for Zynga, Maker of FarmVille

By DAVID STREITFELD and JENNA WORTHAM
A shortfall in revenue and a weak outlook sent the social game developer's stock plunging by nearly 40 percent on Wednesday. The news was seen as boding ill for Facebook.
Stockholm Journal

In Sweden, Taking File Sharing to Heart. And to Church.

By JOHN TAGLIABUE
A Swedish government agency has registered as a bona fide religion a church whose central dogma is that file sharing is sacred.
SPORTS

Britain's Living Legacy to the Games: Sports

By CHRISTOPHER CLAREY
British-codified, British-influenced sports are legion. At the Olympics, they include track and field, swimming, boxing, rowing, sailing, soccer, badminton, tennis and even table tennis.

With World Watching, London Looks to Shine

By CHRISTOPHER CLAREY
After twice organizing the Summer Olympics on short notice, London finally has the chance to show the world what it can do with a proper timetable.

47-Year-Old Kayaker Aims for 'a Different Message'

By ELISABETTA POVOLEDO
As she enters her eighth Olympics, Josefa Idem says her goal now is to be able to tell women "that we can all be beautiful and achieve high goals at any age.''
U.S. NEWS

Weather Extremes Leave Parts of U.S. Grid Buckling

By MATTHEW L. WALD and JOHN SCHWARTZ
From highways to power plants, the concrete, steel and engineering that undergird the nation's infrastructure are being dangerously taxed by heat, drought and storms.

Severe Drought Seen as Driving Cost of Food Up

By ANNIE LOWREY and RON NIXON
The Agriculture Department said the cost of beef would increase the most, up to 5 percent, because of the weather and rising prices for animal feed.

Storms Threaten Ozone Layer Over U.S., Study Says

By HENRY FOUNTAIN
The risk of damage may increase as the climate warms and storms grow more intense and more frequent, the study said.
OPINION
Op-Ed Columnist

Safe From Fire, but Not Guns

By NICHOLAS D. KRISTOF
If we have safety regulations even for toy guns, how about some for real ones?
Op-Ed Columnist

Where the Jobs Are

By GAIL COLLINS
Yes, people, the unemployment rate in Williston, N.D., really is 1 percent. I came here to scope out the situation so you won't have to.
Op-Ed Contributor

Israel's Settlers Are Here to Stay

By DANI DAYAN
There will be no two-state solution. The world must accept that we won't budge, and learn to live with the status quo.

The Economist | Business This Week: Highlights of News Coverage from July 21st - 27th 2012

The EconomistBusiness this week


» Markets were perturbed by the growing possibility of a fully fledged bail-out of Spain, which would come on top of the €100 billion ($121 billion) in aid to its banks. As the yields on Spanish-government ten-year bonds soared to 7.75%, worries that Europe's rescue funds would not cope also caused Italy's borrowing costs to rise. Spain and Italy brought in temporary bans on short-selling in some shares for the first time since August 2011. See article»
» Adding to the uncertainty, Moody's said Germany was at risk of losing its triple-A rating because of the burden of backing Europe's bail-outs. And a leaked letter from the IMF to the Greek government suggested that it would receive no more money unless it speeded up the pace of reform.

I wouldn't be so smug
» A first official estimate showed Britain's economy contracting by 0.7% in the second quarter, a much worse figure than had been expected. If confirmed by subsequent estimates, it would be the third consecutive quarter of shrinking British gross domestic product. See article»
» Kenichi Watanabe resigned as chief executive of Nomura and other senior managers stepped down because of an insider-trading scandal at the Japanese bank. Mr Watanabe was the architect behind Nomura opening up to global markets, but his acquisition of Lehman Brothers' non-American assets has hurt the bank.
Click Here! » An eyebrow or two was raised when Sandy Weill called for investment banking to be split from the retail side at banks that are too big to fail. As boss of Citigroup in the late 1990s, Mr Weill successfully persuaded regulators to relax rules that had ring-fenced the two businesses, helping to turn his bank into a behemoth before the 2008 crash. But he didn't foresee taxpayer bail-outs when making his case back then.
» China's CNOOC, a state-controlled oil company, agreed to buy Nexen, a Canadian oil group with assets in the North Sea and Gulf of Mexico, for $15.1 billion. If completed, the deal will be the biggest foreign acquisition to date by a Chinese firm. In 2005 CNOOC abandoned a similar-sized bid to buy Unocal in America in the face of stiff resistance from Congress. See article»
» Rosneft, a Russian state-owned oil company, declared its hand in bidding for the 50% stake in TNK-BP that BP is considering selling. The billionaire shareholders who hold the other 50% of BP's fraught Russian joint venture also plan to bid for the stake.
» A takeover battle loomed for Asia Pacific Breweries, after Heineken, a Dutch beermaker, submitted a $4.1 billion offer to buy out its partner in the company. Based in Singapore, Asia Pacific ferments its own brands, such as Tiger and Anchor, and markets Heineken throughout South-East Asia, a growing region with legions of thirsty beer-drinkers.

Riding the waves
» Billabong, an Australian surfwear company, received a second and substantially lower buy-out bid from TPG, a private-equity firm. In the 1990s Billabong rode the crest of rippling worldwide interest in surfing, but in December it issued a profit warning.
» Rupert Murdoch stepped down from the boards of News Corporation's British newspapers. He bought his first British title, the now-defunct News of the World, in 1969. News Corp is splitting into separate publishing and entertainment companies, and Mr Murdoch is to remain chairman of both. Meanwhile, charges were laid against Rebekah Brooks and Andy Coulson, two former News of the World editors, in relation to the hacking of the phone of a murdered 13-year-old girl.
» Apple's quarterly earnings were not quite as good as had been expected, a rare event that sent its share price down. Apple sold 26m iPhones in the three months to June. This was around 9m fewer than in the previous quarter, which could be because consumers are waiting for the iPhone 5, due in September. Net profit rose by 21%, compared with a year earlier, to $8.8 billion.
» Zynga, an online-gaming company that was one of several much-hyped internet IPOs last year, saw its share price slump in reaction to poor earnings. And Symantec, a giant online-security company best known for its Norton antivirus software, sacked its chief executive with immediate effect after reporting a big drop in quarterly net profit. See article»

Haven't we been here before?
» The Socialist government in France announced new subsidies to boost green technology in the country's car industry. This came after government meddling in PSA Peugeot-Citroën's plan to cut jobs and close a factory near Paris. The beleaguered carmaker promised to do what it could to help workers, before reporting a loss of €819m ($1.06 billion) for the first half.

The Economist | Politics this week: Highlights of News Coverage from July 21st - 27th 2012

The EconomistPolitics this week



» On the day an agreement was signed to bail out Spanish banks, Valencia became the first of Spain's 17 autonomous regions to admit it needed government help. It was soon followed by neighbouring Murcia, which will also apply for aid from a special government liquidity fund. The news spooked markets, as the spectre loomed of another euro-zone rescue that would dwarf previous bail-outs. See article»
» José Manuel Barroso, the head of the European Commission, warned Antonis Samaras, the Greek prime minister, that Greece has only a couple of weeks left to persuade its creditors that it can put economic reforms back on track. If its latest plan for making €14.5 billion ($17.6 billion) of cuts over the next two years is judged unrealistic, the next loan tranche will again be held back, which could result in Greece leaving the euro. See article»
» Mario Monti, Italy's prime minister, noted serious concerns about the possibility that Sicily, which accounts for about 5.5% of Italian GDP, would default. Rome is now enforcing a plan to clean up the Sicilian regional government's accounts. See article»
» The Olympic flame took a week-long lap of honour through London's streets ahead of the opening ceremony of the summer games on July 27th. Londoners fretted about the strain on the transport network and swore at the restrictions on the roads (restyled as Olympic lanes) that ease the route of games' officials around the city. See article»

One less voice
» Oswaldo Payá, a prominent Cuban dissident and instigator of the Varela Project on free speech, died in a car crash. Mr Payá said he had received death threats, but no hard evidence of foul play has emerged. Police briefly detained a group of dissidents after his funeral.
» Ollanta Humala, Peru's president, reshuffled his cabinet after violent protests over a mining project left five people dead. The new prime minister, Juan Jiménez, is a human-rights lawyer.

I'm so sorry

» Lee Myung-bak, the president of South Korea, made a nationally televised apology after several members of his family, including his brother, and close circle of friends were arrested on charges of corruption over a period of weeks. South Korea will elect a new president in December.
» North Korean media announced that Kim Jong Un, the country's ruler, has married, ending weeks of speculation over the "mystery woman" seen with Mr Kim at official functions. His new wife is Ri Sol Ju, a singer.
» A dozen soldiers and 30 rebels were killed in fighting in Tajikistan's autonomous Gorno-Badakhshan region, after the killing of a senior intelligence official. The region, which borders Afghanistan, is home to the Pamiri ethnic minority. See article»
» Pranab Mukherjee was chosen as India's 13th president by an electoral college of Indian lawmakers. Mr Mukherjee resigned from the post of finance minister to contest the election. India's presidency is a largely ceremonial position, but will have a crucial role in the event of a hung parliament. Elections are due in 2014.
» Violence between Bodo tribes and minority Muslims in India's remote north-eastern state of Assam killed more than 30 people. The government sent in troops with orders to shoot suspected rioters on sight, leading to five deaths. Assam has also been suffering from floods caused by unusually heavy rains, even as the rest of India faces a weak monsoon.
» The heaviest rain in 60 years led to widespread flooding in Beijing, killing 37 people, according to an official toll. See article»
» A court in the Philippines ordered Gloria Macapagal Arroyo to be released on bail from a military hospital, where the former president has been detained for eight months. The court ruled that there was insufficient evidence, in an electoral-fraud case that has been lodged against Mrs Arroyo, to justify her detention.

Obviously a man to trust
» Violence intensified in Syria's second city, Aleppo. President Bashar Assad's government said it would use chemical weapons only against foreign forces, and never against opponents within Syria. See article»
» Egypt's president, Muhammad Morsi, appointed Hisham Qandil, the irrigation minister, as prime minister.

» At least 30 bombings and gun attacks in 18 towns across Iraq killed at least 127 people over two days. Two bombs also killed six members of the Kurdish intelligence service in Salaheddin province, north of the capital, Baghdad.
» Ghana's president, John Atta Mills, died. He had defeated the then ruling party's candidate in 2008 to win the job at his third attempt. His vice-president, John Mahama, a writer and former diplomat, was sworn in to replace him.
» Another of Africa's most prominent leaders, Meles Zenawi, prime minister of Ethiopia, was said to be gravely ill and being treated in Belgium. Officials said he was merely on sick leave.
» European Union governments said they would lift sanctions against people and firms close to Robert Mugabe's party in Zimbabwe, provided that a referendum on a new constitution, seen as a prelude to an election, goes well.

Trigger unhappy
Click Here!
» A 24-year-old former doctoral student in neuroscience was arrested after allegedly shooting dead 12 people and injuring scores more at a cinema in suburban Denver, Colorado, during a screening of the new Batman film. Questions were raised about the ease with which the gunman was able to buy a stash of weapons and ammunition in a relatively short time. See article» » America's Justice Department set out an extensive list of procedures to be adopted by the police department in New Orleans. This comes after the findings of last year's investigation into the notorious shooting by police of six people (two of whom died) on Danziger bridge in the aftermath of Hurricane Katrina.
» Mitt Romney took his presidential campaign overseas, to Britain, Israel and Poland. He was expected to expound his views on foreign policy (and tap donations from wealthy expatriates). But he started off on a negative note, by criticising Barack Obama for kowtowing to China, betraying Israel, and so on. See article»

BIV Today's Business News: B.C. freezes wages, eliminates bonuses and perks at Crown corporations



Politics and Policy

Victoria legislature

B.C. freezes wages, eliminates bonuses and perks at Crown corporations

Yesterday, the B.C. government made steps to curb executive compensation in Crown corporations with the establishment of a new policy that includes wage freezes and limitations on perks.

Technology

 

Microsoft lays off staff at game studio, cans games

Microsoft is shelving two of its gaming products and laying off staff at its Vancouver studios, the company has announced.

Mining and Energy

   

Kitimat workers, Rio Tinto Alcan reach tentative agreement

Unionized workers at Rio Tinto Alcan’s aluminum smelter in Kitimat and power plant in Kemano in northwest B.C. have reached a tentative labour agreement.
 

Finavera sells wind project to Quebec company

Vancouver-based Finavera Wind Energy Inc. (TSX-V: FVR) has agreed to sell its 77 megawatt (MW) Wildmare Wind Energy Project for approximately $22 million to Quebec renewable power producer Innergex Renewable Energy Inc. (TSX: INE).

Real Estate and Development

Number of apartment building sales stay flat – but value doubles

Low vacancy rates, high land costs, new mortgage restrictions, a lack of federal incentives for new purpose-built rental housing and steady income have made rental buildings in the Greater Vancouver area a solid investment vehicle, which explains why building owners are sitting tight.

Education and Research

 

Vancouver scientists refining childhood brain cancer treatment

Collaborative research involving the BC Cancer Agency and funded in part by Genome BC is already bearing fruit in the form of potential new treatments for some types of childhood brain cancer, according to a study published in the science journal Nature.

Money Show Investors Daily Alert: Will the Fed Bring Us QE3 Soon?

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This Week's Lesson: Thursday, July 26, 2012

Portfolio Pruning 101

MoneyShow's Tom Aspray takes an in-depth look at his successful Charts in Play Portfolio, as he looks to take profits on some positions and close out others in order to reduce the equity exposure as the stock market enters an uncertain period.
The deterioration in the daily technical outlook for the stock market over the past week suggests we could see more choppy trading in the weeks ahead.
This does not change my longer-term positive view, and I still think we will see a much stronger rally into the end of the year. But the market internals currently reflect a level of risk that warrants a less fully invested position in the stock market. When the NYSE Advance/Decline line signals that a major new intermediate-term uptrend is underway, that will be the time to be more aggressive in the stock market. READ FULL ARTICLE

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CBS NEWS | Political Hotsheet Top Stories: More Republicans think Obama is Muslim now than in '08


The CBS News Political Hotsheet newsletter
CBS POLITICAL HOTSHEET TOP STORIES    



   
Thirty percent of Republicans think Obama is Muslim, according to a new study, while just 16 percent thought so in 2008
Read full story
More Republicans think Obama is Muslim now than in '08

Did Romney break cone of silence? He talked about a meeting with the MI6, Britain's equivalent of the CIA, but normally those meetings are kept under wraps.

GOP senators launch tour to warn of defense cuts John McCain, Kelly Ayotte and Lindsey Graham announce four-state tour to highlight looming defense cuts

Scalia: Cameras in the court will Supreme Court justice says broadcasting out-of-contexting remarks from the Supreme Court would be too damaging

Cameron to Romney: We're ready for the Olympics British prime minister suggests Romney had easier time than organizers in London because Salt Lake City Olympics held "in the middle of nowhere"