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Aug 24, 2012

Refugee Numbers Swell as Fighting in Syria Intensifies: NYT Global Update - August 24, 2012. -:

The New York Times International Herald Tribune
August 24, 2012

Global Update


Eleven People Shot Outside Empire State Building

Eleven people were shot, two fatally, after a gunman opened fire outside the Empire State Building on Friday. The suspect, who was shot and killed by the police, was identified as Jeffrey Johnson, 58.

Norway Killer Is Ruled Sane and Given 21 Years in Prison

An Oslo court on Friday delivered the most severe sentence allowed under Norwegian law to Anders Behring Breivik, who admitted killing 77 people in his country's worst peacetime atrocity.

China's Missile Advances Could Thwart U.S. Defenses, Analysts Say

China is developing of a new generation of missiles that would give it a greater capability to hit targets in the United States and to overwhelm any defense systems, analysts said this week.

Graphic: Top Finishers of the Tour de France Tainted by Doping

More than a third of the top finishers of the Tour have admitted to using performance-enhancing drugs at some point or have been officially linked to doping.

Room for Debate

Has Support for Israel Hurt U.S. Credibility?

Is support for Israel so entrenched in American politics that the U.S. has lost credibility and influence in the Middle East?

Refugee Numbers Swell as Fighting in Syria Intensifies

The United Nations reported that more than 200,000 refugees had registered in neighboring countries, with 30,000 arriving in the past week.

Syrian War Plays Out Along a Street in Lebanon

The war in Syria is increasingly being woven into Lebanon, as two neighborhoods in Tripoli, divided along sectarian lines, engage in an escalating battle.

Britain and France Join the U.S. in Warning Syria About Military Action

Worries about the use of chemical weapons have reinforced a concern that the time for diplomacy may be gone.

German Leader Says Greece Must Remain in Euro Zone

In a meeting with the Greek prime minister, Chancellor Angela Merkel pledged to back the country's efforts to overhaul its economy.
News Analysis

In Euro Crisis, Plenty of Blame to Go Around

The debt crisis has its roots in decisions made in the 1990s, when European leaders were designing the euro.

European Commission Sets Sept. 11 to Propose New Bank Regulation

A new pan-European regulatory framework is a key step in shoring up the euro zone against future crises.

Facebook Reorients Itself for a Small-Screen World

The company is trying to find ways to show lucrative ads to mobile users without cluttering up their hand-held screens and driving them away in frustration.

Apple and Samsung Are Penalized

A South Korean court ordered the companies, the two largest smartphone makers, to compensate each other for patent infringement.

South Korean Court Rejects Online Name Verification Law

Free speech advocates had condemned the identification system, arguing that the government was using perceived abuses as an excuse to discourage political criticism.

Celebrating Roddick Beyond His Victories

A decade has passed since Andy Roddick burst on the scene. He will turn 30 during the first week of the United States Open, the only Grand Slam tournament he won, in 2003.
Sports of The Times

Armstrong, Best of His Time, Now With an Asterisk

Lance Armstrong now belongs to the pantheon of stars who clog up the record books with their asterisks and their defaults and their suspensions.

Familiar Cloud Over Juventus as Italian League Starts

The defending Serie A champion had its head coach banned from attending matches for 10 months because of match-fixing at a different club. Such is soccer life in Italy.

Capitol Dome Is Imperiled by Cracks and a Partisan Divide

The Capitol dome needs a comprehensive rehabilitation, but the House has declined to appropriate the $61 million required for repairs.

In Dallas, a Run on Bug Spray Amid Fears of West Nile Virus

With at least 10 deaths, Dallas County is the epicenter of the mosquito-borne illness that has spread throughout Texas and other parts of the country.

Cardinal's Convention Role Shows G.O.P.'s Push for Catholic Vote

The Republicans sense an opportunity to cut into the advantage that Barack Obama had among Catholic voters in 2008.
Op-Ed Contributor

War, War and More War for Sudan

Removing President Omar al-Bashir would not end the conflict in Sudan; it could even trigger a new civil war.
Op-Ed Columnist

Galt, Gold and God

Paul Ryan is a devotee of Ayn Rand's "Atlas Shrugged," and his fiscal program clearly reflects that. This is quite scary.
Op-Ed Contributor

Why China Resents Japan, and Us

Chinese rage is primarily aimed at Japan - but it is also directed at the United States.

Regulatory SWAT Team May Have to Move Slowly on Money Funds: DealBook | DealB%K Afternoon Edition

Friday, August 24, 2012
Regulatory SWAT Team May Have to Move Slowly on Money Funds Does the Financial Stability Oversight Council have the resolve to go down untrodden paths and officially designate money funds as a risk, especially in the few months before the presidential election?
    Permira to Buy Japanese Sushi Chain for About $1 Billion The European private equity firm Permira is buying Akindo Sushiro, an Osaka-based operator of sushi bars in Japan, for roughly $1 billion including debt.
    Australian Magnate Abandons Bid for Whitehaven Coal Nathan Tinkler, an Australian coal magnate, has abandoned a $5.4 billion bid for the coal mining company, amid investor concern about Australia's mining sector.
    Fallout Continues at Vietnamese Bank The arrest of a second former executive of Asia Commercial Bank is the latest twist in a banking scandal that has prompted Vietnam's central bank to help fend off a run on deposits.
    • DEALBOOK »
    • DealBook Video
      Business Day Live: Drought Disrupts Everyday Tasks in Rural Midwest
      Business Day Live: Drought Disrupts Everyday Tasks in Rural Midwest For farmers, drought becomes a way of life. | Americans near retirement suffer big income losses. | James B. Stewart discusses Mitt Romney's foreign tax credit.

After Fed chairman's statement, that there are more tools, if needed, to stimulate the economy, the Dow bounced back: : Stocks and Markets in the News | Wall Street at Close Analysis by MarketWatch - August 24, 2012. -

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) — U.S. stocks tallied strong gains Friday, with the Dow industrials bouncing back following a four-session slide, after Federal Reserve Chairman Ben Bernanke said the U.S. central bank has more tools, if needed, to stimulate the economy. 

The end-of-week push higher “doesn’t represent much that you can sink your teeth into,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. 

“Volume is light, and most people are probably headed to the Hamptons,” said Luschini, adding that Wall Street will “come back [after the Labor Day holiday] and see what Europe has to say” on Sept. 3. 

The final week of summer trading has Bernanke scheduled to speak at an annual gathering in Jackson Hole, Wyo., next Friday, with the Fed chairman followed by European Central Bank President Mario Draghi the following day. Fed preview: Draghi may steal Bernanke’s thunder at Jackson Hole. 
“Best case, Bernanke will say, ‘Here [are] our tools, but we don’t need to use them, and, by the way, Congress better get its act together,’ ” said Art Hogan, strategist at Lazard Capital Markets, of the Fed chairman’s repeated calls on lawmakers to move on fiscal policy. 

The Dow Jones Industrial Average DJIA +0.77% rose 100.51 points, or 0.8%, to 13,157.97, leaving it down 0.7% for the week. 

Off 0.5% from the week-ago close, the S&P 500 SPX +0.65% gained 9.05 points, or 0.7%, to 1,411.13, with telecom the best-performing and the natural-resources sector the sole laggard of its 10 industry groups.
The Nasdaq Composite COMP +0.54% rose 16.39 points, or 0.5%, to 3,069.79, leaving it 0.2% lower on the week. 

For every five stocks declining eight rose on the New York Stock Exchange, where 515 million shares traded. Composite volume approached 2.6 billion. 

Fed letter

Treasury prices mostly fell, with the yield on the 10-year note 10_YEAR -0.12%  at 1.681%. The dollar DXY +0.31%  gained against other global currencies, including the euro EURUSD +0.0014%

Gold futures GCZ2 +0.04%  added 10 cents to finish at a more than four-month high of $1,672.90 an ounce. Oil CLV2 -0.16%  fell 0.1% to $96.15 a barrel.  

On Friday, the government reported orders for U.S.-made durable goods rose 4.2% in July on increased demand for airplanes and automobiles, but bookings softened in other sectors. Read more on durable goods. 
“The U.S. is taxiing forward slowly. The numbers this morning were good, particularly capital-goods shipments outside the defense sector,” said David Kelly, chief market strategist at J.P. Morgan Funds.
In a letter released Friday, Bernanke said the Fed has the means to take further steps to bolster the economy. 

Is a correction looming? Worries about slowing global growth and that the Fed has run out of bullets to jump-start the economy have been the main culprits for the Dow’s recent decline. 

“There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery,” Bernanke wrote in a letter dated Wednesday to Rep. Darrell Issa , the California Republican who chairs of the House Oversight and Government Reform Committee. 

German Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras held talks, with both reportedly saying that they want Greece to remain in the euro zone and Merkel adding that Germany expects Greece “to stick to its commitments.” Read more on European markets. 
“They’ll give him time, but not more money, which is what he really needs,” said Kelly of Samaras’s request for more to reach fiscal goals. 

The European Central Bank is considering a plan to set band targets for yields in the euro zone under a new bond-buying program, Reuters reported Friday, citing unidentified central bank officials. 

Kate Gibson is a reporter for MarketWatch, based in New York.

First is Best: The Economist | Selected New Articles, - August 24, 2012. -

Banyan: School's out
Sri Lanka's government suspends higher education until further notice
read more »
Schumpeter: First is best
The order in which people experience things affects their opinion of them: they tend to like the first option best
read more »

Babbage: And now, the space-weather forecast
Can neutrinos be used to predict solar storms?
read more »
Video: Old foes
After a wave of nationalist, anti-Japanese protests across China, our correspondents discuss whether there is any hope of improved relations between the two countries
watch »
Prospero: Curiouser and curiouser
At 70, Robert Wilson is still directing a very different kind of theatre
read more »
Game theory: Away swing
Why the South African cricket team fares so much better away from home
read more »
Daily chart: If China catches a cold
A slowdown would have far-reaching effects
read more »
Online debate: Arts funding
Should governments fund the arts?
read more »

Victoria's Secret confirms Robson Street mega-store: BIV - Business in Vancouver Today's News - August 24, 2012. -

Retail and Manufacturing

Victoria's Secret

Victoria's Secret confirms Robson Street mega-store

Limited Brands Inc. (NYSE:LTD) has signed a lease for 35,000 square feet at the corner of Robson and Burrard  and plans to put North America's second-largest Victoria's Secret store in the marquee location that formerly housed HMV.

Economy and Finance


B.C. has highest consumer debt in Canada

While nationwide numbers grew slowly, B.C. had the highest average consumer debt – excluding mortgages – in the nation at $37,433 in 2012’s first quarter, according to TransUnion Canada’s quarterly analysis of Canadian credit trends.

Number of B.C. Employment Insurance recipients falls

The number of British Columbians receiving employment insurance (EI) benefits fell in June.

Environment and Sustainability

First Nation urges Dix to apply B.C.  environmental pipeline assessment to Kinder Morgan

North Vancouver’s Tsleil-Waututh Nation is calling on Adrian Dix and the provincial NDP to clarify that a “made in B.C.” assessment of the Enbridge Northern Gateway pipeline would also apply to Kinder Morgan’s Trans Mountain pipeline project.

Sports and Leisure


2010 Olympic gold medallist sues sponsor over payments

Vancouver-born Olympic gold medallist Ashleigh McIvor is suing VJ Sciences Inc. (VJS) for $45,000 in damages, claiming that the company reneged on a sponsorship deal.


BCSC issues notice of hearing to mining firm over alleged illegal distributions

The British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that mining company Cinnabar Explorations Inc. and three B.C. residents engaged in illegal distributions, and that one of them made prohibited statements.

Adam Hewison markets technical analysis for Friday 24, 2012

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ADVFN III World Daily Markets Bulletin - August 24, 2012. -

ADVFN III World Daily Markets Bulletin
Daily world financial news

Friday, 24 August 2012

US Market Reports
Stocks Moving Modestly Lower In Early Trading

Stocks have moved modestly lower in early trading on Friday, extending the notable downward move seen over the course of the previous session. The major averages have slipped into negative territory, with the Dow moving lower for the fifth consecutive session.

The major averages have not seen much follow-through on their initial downward move but remain stuck in the red. The Dow is down 19.86 points or 0.2 percent at 13,037.60, the Nasdaq is down 7.52 points or 0.3 percent at 3,045.88 and the S&P 500 is down 2.91 points or 0.2 percent at 1,399.17.

The early weakness on Wall Street is partly due to a negative reaction to the Commerce Department's report on durable goods orders in the month of July.

While the report showed a much bigger than expected increase in durable goods orders, the increase was largely due to strength in the volatile transportation sector.

The Commerce Department said durable goods orders surged up by 4.2 percent in July following a 1.6 percent increase in June. Economists had been expecting orders to increase by about 1.9 percent.

Excluding a 14.1 percent jump in orders for transportation equipment, however, orders fell by 0.4 percent in July compared to a 2.2 percent drop in the previous month. The decrease surprised economists, who had expected ex-transportation orders to increase by 0.4 percent.

Traders also continue to express concerns about the situation in Europe, where Greek Prime Minister Antonis Samaras held a meeting with Chancellor Angela Merkel.

In remarks at a joint press conference, Samaras pledged that Greece will "stick to its commitments and fulfill its obligations" but noted that the debt-plagued nation needs "time to breathe" as it undertakes crucial reforms.

Merkel did not immediately respond to the request for more time to implement reforms but stressed that Germany wants to help Greece remain in the eurozone.

Steel stocks have moved sharply lower in early trading, dragging the NYSE Arca Steel Index down by 1.8 percent. The weakness in the steel sector is partly due to concerns about the outlook for global steel demand.

Networking, oil service, and brokerage stocks have also moved to the downside, although selling pressure has remained relatively subdued.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Friday following the negative lead from Wall Street. Japan's Nikkei 225 Index fell by 1.1 percent, while Hong Kong's Hang Seng Index dropped by 1.3 percent.

The major European markets have also moved to the downside on the day. While the French CAC 40 Index is down by 0.7 percent, the U.K.'s FTSE 100 Index and the German DAX Index are down by 0.4 percent and 0.3 percent, respectively.

In the bond market, treasuries have moved modestly higher, extending the upward move seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.1 basis points at 1.645 percent.

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TSX Slips At Open Friday

Toronto stocks moved down at open Friday amid marginal selling across a variety of sectors, with the S&P/TSX Composite Index slipping 15.31 points or 0.13 percent to 12,047.20.

In the oil patch, Pacific Rubiales Energy and Cenovus Energy were down around 1 percent each. Meanwhile, MEG Corp. and Crescent Point Energy added around 1 percent each.

Gold stocks retreated as bullion struggled to extend gains. Agnico-Eagle Mines, Barrick Gold and Goldcorp. were down about 1 percent each.

Among base-metals stocks, Teck Resources and Inmet Mining were down over 1 percent each, while First Quantum Minerals was adding about 1 percent.

In the IT space, MacDonald Dettwiler gathered close to 3 percent.

The price of crude oil was ticking lower Friday morning as traders await further moves by the central banks in policy easing, with Light Sweet Crude Oil (WTI) futures for October delivery, easing $0.26 to $96.01 a barrel.

Gold was paring gains Friday morning after advancing to a fresh four-month high in the previous session as stimulus is expected to raise the inflation outlook, benefiting the yellow metal, which is seen as a hedge against rising prices. Gold for December slipped $4.60 to $1,668.20 an ounce.

In corporate news from Canada, gold miner Acadian Mining Corp.  said it would divest its Dufferin area claims to Ressources Appalaches, an exploration company that is currently developing the Dufferin Mine project in Nova Scotia.

Oil and gas firm Africa Oil Corp. announced the appointment of Nick Walker as its Chief Operating Officer effective September 10.

Redline Communications Group Inc. gained nearly 8 percent.

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European Stocks Lower At Mid-day

European stocks are trading mostly lower on Friday, with concerns about the euro zone debt crisis keeping investors on edge ahead of German-Greek talks and the Spanish government's cabinet meeting later in the global day.

Investors also locked in some recent gains after a Fed official dashed stimulus hopes, saying current economic conditions weren't weak to justify another round of stimulus.

The Euro Stoxx 50 index of Eurozone bluechip stocks is down 0.24 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is little changed with a negative bias.

Around Europe, the U.K.'s FTSE 100, the German DAX and France's CAC 40 are down between 0.1 percent and 0.3 percent, but Switzerland's SMI is rising marginally.

In stock-specific action, Shares of Anglo American Plc are moving down 3 percent in London after the British miner and Chilean state-owned Corporación Nacional del Cobre de Chile finally reached a settlement on the legal tussle between the two since October 2011 related to stakes in Anglo American Sur SA - the Chilean unit of Anglo American.

HSBC Holdings Plc is losing a percent after ratings agency Standard & Poor's downgraded its outlook for the lender to "negative" from 'stable" citing U.S money-laundering investigations and other regulatory issues.

SeaEnergy shares are down almost 7 percent after the company acquired Aberdeen-based Return To Scene LTD or R2S for an initial cash payment of 5 million pounds.

In economic news, the U.K. economy contracted 0.5 percent in the second quarter, revised upwards by 0.2 percentage points from the fall of 0.7 percent published on July 25, data from the Office for National Statistics showed. Nonetheless, the sequential fall was bigger than the 0.3 percent drop registered in the first quarter.

Elsewhere, Asian markets fell across the board, taking their cues from the U.S. markets overnight, as manufacturing data from China and Europe depicted a gloomy economy outlook.

The euro weakened against the dollar and commodities eased after St. Louis Fed President James Bullard said he would oppose any new program by the Fed to buy bonds to reduce borrowing costs.

As stimulus hopes fade, investors look forward to Fed Chairman Ben Bernanke's speech on August 31 at the Kansas City Federal Reserve Bank's annual symposium in Jackson Hole, Wyo for further directional cues.

Asia Market Reports
Asian Stocks Fall On Growth, Stimulus Worries

Asian stocks fell across the board on Friday, as manufacturing data from China and Europe depicted a gloomy economy outlook. Also, U.S. stimulus hopes faded after a Fed official said further action to boost the U.S. economy may not be necessary in the wake of some mildly encouraging data recently.

Commodities were modestly lower and the euro eased a little bit from its recent seven-week high against the dollar as caution set in ahead of a summit between Germany and Greece later in the global day. Both German Chancellor Angela Merkel and French President Francois Hollande urged the debt-laden nation to stick to crucial reforms in order to stay in the eurozone.

Tokyo stocks drifted lower in thin trading, as the yen's continued strength prompted selling in shares of export-related companies such as automakers and electronics manufacturers. The benchmark Nikkei average fell 1.2 percent, while the broader Topix index slid a percent.

TDK, which makes components for hard-disk drives, tumbled 3.3 percent after personal computer maker Hewlett-Packard reported shrinking sales and disappointing earnings, hit by a massive writedown of the value of its services business.

Steel maker JFE Holdings tumbled 3.5 percent and Nippon Steel finished 1.1 percent lower as weak Chinese manufacturing data added to global growth worries. Utilities rose, with Kansai Electric Power and Tohoku Electric Power climbing about 6 percent each, after Goldman Sachs raised its view on the sector to 'attractive' from 'neutral'.

China's Shanghai Composite index fell about a percent to a more than three-year low, with shares of coal companies falling sharply on concerns over slowing growth domestically and abroad. Heavyweight oil companies also retreated on concerns over corporate earnings growth after PetroChina posted a 6 percent fall in first-half profit. Hong Kong's Hang Seng index fell 1.3 percent.

Australian shares ended firmly in the red, weighed down by weak global manufacturing data, more uncertainty in Europe and fading hopes for a U.S. stimulus. Snapping a five-week losing streak, both the benchmark S&P/ASX 200 and the broader All Ordinaries index ended down about 0.8 percent each. Miners led the losses, hit by plunging iron ore prices and the uncertainty over the timing of additional central bank stimulus.

Rio Tinto shares tumbled 4.4 percent, BHP Billiton lost a percent and smaller rival Fortescue slumped over 6 percent. Reserve Bank of Australia Governor Glenn Stevens said today in an opening statement to House of Representatives Standing Committee on Economics that the ongoing mining boom will likely see its peak within the next year or two and the central bank is prepared to respond to significant deviations from this central forecast.

Newspaper publisher Fairfax plummeted 10.8 percent to a record low after mining magnate Gina Rinehart unsuccessfully tried to divest at least one third of her stake in the company at 50 cents last night. Whitehaven Coal shares closed down 11.2 percent after Australian mining magnate Nathan Tinkler scrapped his takeover proposal to privatize the company.

Seoul shares lost ground on renewed global growth worries and dashed hopes of further economic stimulus from major central banks. The benchmark Kospi average fell 1.2 percent to hit a two-week closing low, with financials and economy-sensitive shipbuilders bearing the brunt of the selling.

Hyundai Heavy Industries and Daewoo Shipbuilding fell 2-3 percent, while Woori Finance and Hana Financial fell about 4 percent each. Samsung Electronics fell 0.9 percent after a Korean court ruled that both Apple Inc. and Samsung infringed on each other's patents for mobile devices.

New Zealand shares fell sharply, mirroring weak regional cues. The benchmark NZX-50 index lost 1.1 percent, with heavyweight Telecom leading the decliners with an 8.5 percent loss after the country's top telecommunications company firm reported disappointing earnings and forecast flat earnings growth during its next fiscal year.

Shares of Sky Network Television tumbled 4.8 percent after the Auckland-based pay television company posted a 3 percent drop in full-year profit amid a slight growth in revenue. Warehouse Group, the biggest listed retailer, soared 4.7 percent on fresh buying and Kathmandu Holdings, the outdoor equipment retailer, added 2.3 percent, while construction firm Fletcher Building rose 1.6 percent. Utility Contact Energy slid 2.2 percent on going ex-dividend.

Elsewhere, India's benchmark Sensex was last trading 0.4 percent, Indonesia's Jakarta Composite index fell 0.4 percent, Malaysia's KLSE Composite edged down 0.2 percent, Singapore's Straits Times fell 0.2 percent and the Taiwan Weighted average slid 0.4 percent.

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Crude Slips Near $95

The price of crude oil was ticking lower Friday morning as traders await further cues over the likelihood of more economic stimulus for the U.S. economy.

Meanwhile, the leaders of Germany and France also suggested that they would be reluctant to extend deadlines for Greece to make reforms.

Light Sweet Crude Oil (WTI) futures for October delivery, slipped $0.44 to $95.83 a barrel. Yesterday, oil retreated from near its four-month high on profit taking and as well on some weak manufacturing data out of China.

This morning, the U.S. dollar was recovering from a two-month low versus the euro and the Swiss franc, while leveling off from a three-month low against sterling. The buck was lingering near a two-week low versus the yen.

In economic news from the euro zone, the U.K. economy contracted 0.5 percent in the second quarter, revised upwards by 0.2 percentage points from the fall of 0.7 percent published on July 25, data from the Office for National Statistics showed. Nonetheless, the sequential fall was bigger than the 0.3 percent drop registered in the first quarter. The revision largely reflects upward revisions to construction and production output. Output of production industries slipped 0.9 percent, revised from the 1.3 percent drop estimated initially.

Traders will look to the data on durable goods orders from the U.S. Commerce Department, due out at 8.30 a.m ET. Economists expect a 1.9 percent increase in durable goods orders for July. Excluding transportation, orders may have risen 0.4 percent.