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Apr 11, 2013

Startup Smart -April 11, 2013-: Fitness start-up Sessions launches with US funding; The relationship rules of business partnerships; Australia’s global tech ranking slips

StartupSmart

When starting a business with a co-founder, there is little talk of what might happen if things go horribly wrong. There’s far too much excitement about the wonderful idea you’ve concocted for that kind of negativity.

However, as business advisor Greg Hayes explains today, there needs to be some very clear relationship ground rules before you embark on a business partnership with someone.

The situation is particularly acute if you have equal equity in the business – great if you agree, but horrible deadlock if you don’t. Hayes explains the key things you need to thrash out before taking the plunge.

One partnership that seems to be working out is Sessions, a health and fitness venture started by two Aussies who snagged funding from the US and are setting their sights globally.
Oliver Milman,
Editor




News of the day
Sessions limbers up for global growth after funding from US investors>
by Oliver Milman
An entrepreneurial Australian duo are rolling out a new online health and fitness venture called Sessions in their homeland before global expansion, after getting financial backing from a group of US-based investors.
VIEW ALL NEWS
>

Wall Street at Close Report -April 11, 2013-. I MarketWatch: U.S. stocks float to records as retailers rally; by Kate Gibson.


By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch)U.S. stocks on Thursday notched another day of record gains as some retailers reported improved sales, though tech stocks tumbled after a report showed a sharp decline in PC demand. 


PC shipments dive
Shipments of personal computers have plummeted despite Microsoft’s introduction of Windows 8 – which was designed to make PCs appear more like tablets. As improvements in PC technology become more incremental, consumers are increasingly gravitating toward mobile devices. 

S&P 500 index SPX +0.36% , ended up 5.64 points, or 0.4%, at 1,593.37 after hitting an intraday record of 1,597.35. 

After an early fall, the Dow Jones Industrial Average DJIA +0.42%  ended up 62.90 points, or 0.4%, at 14,865.14, also a record close. Pfizer Inc. PFE +2.41%  led gains that included all but five of the Dow’s 30 members. 

Telecom and health-care sectors fared the best among the S&P 500’s 10 sectors. All closed higher except tech. 

The retail investor is starting to dabble in the stock market, albeit in a tentative fashion, according to Patrick O’Hare, chief market analyst at Briefing.com. 

The cautious approach is “one reason for the outperformance of the defensive sectors, as they are a conservative pathway back into the market, with generally low volatility and nice dividends,” he said.

Defensive sectors typically refer to telecom, healthcare, consumer staples and utilities shares. They are often less volatile and carry higher dividends. Their outperformance this year, particularly as stocks reach to new records, has raised some questions as to the durability of the rally; some strategists said they’d expect to see growth sectors, like tech, leading indexes to higher ground. 

On Thursday, retailers were among those rallying, with shares of Limited Brands Inc. LTD +4.32%  up 4% after the owner of the Victoria’s Secret chain reported same-store sales climbed 3% last month. Ross Stores Inc. ROST +5.92%  jumped 5.9% after the discount chain said improved sales in March would probably lift profits above its prior estimate. Read more on same-store sales.
Rite Aid Corp. RAD +18.44%  shares surged 18% after the drugstore chain reported its first yearly profit since 2007. 

Manufacturers of computer hardware and software were hit, however, after a report late Wednesday that showed PC shipments declined 14% world-wide during the quarter of 2013 versus the year-ago period. 

The decline marked the steepest quarterly fall since International Data Corp. began compiling the statistics in 1994. 


Reuters
Microsoft shares get hit after data showing PC sales dropped sharply and a downgrade to sell from Goldman Sachs.
The three computer-related components on the Dow average were among the handful of losers on the index, with Hewlett-Packard Co. HPQ -6.45% , Microsoft Corp. MSFT -4.44%  and Intel Corp. INTC -1.95%  all sliding. 

Goldman Sachs downgraded Microsoft to sell from neutral, pointing to the worsening trends for PCs and the software maker’s poor performance in the tablet market.



S&P 500 index SPX +0.36% , ended up 5.64 points, or 0.4%, at 1,593.37 after hitting an intraday record of 1,597.35. 

The technology-laden Nasdaq Composite rose COMP +0.09%  2.9 points, or 0.1%, to 3,300.15.
For every two stocks on the decline more than three advanced on the New York Stock Exchange, where 643 million shares traded.

Composite volume surpassed 3.3 billion.

Reticent retail

“This is a market that is still behaving in a manner that would suggest awareness that stocks are presenting a better investment alternative than other asset classes, yet there is caution,” said Briefing.com’s O’Hare. 

“People are getting involved in the market, but from a more prudent manner,” added O’Hare.
The stock market’s record-setting rise has the Dow industrials up more than 13% for the year, the S&P 500 gaining almost 12% so far in 2013 and the Nasdaq Composite adding 9.3%. 

Equities have gained amid unprecedented stimulus from the Federal Reserve and three consecutive years of corporate profit expansion. 

The Labor Department on Thursday reported jobless claims fell by 42,000 to 346,000 last week. Read more about weekly read on labor market
 
The weekly data failed to draw a strong reaction from Wall Street because of the seasonal distortions inherent in the figures, O’Hare said. 

The market is taking “a wait-and -see approach to see how claims settle out over the next few weeks,” he said. 

Wall Street rose for a third straight day on Wednesday, with both the Dow industrials and the S&P 500 index marking their best sessions in six weeks. 

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

Online Currency Draws Big Investors: NYT Afternoon Update -April 11, 2013--.





TOP NEWS

Senators' Vote Clears the Way for Debate on New Gun Laws

By JENNIFER STEINHAUER
The threat of a filibuster fell to a 68-31 vote. The Senate next week will consider its first major gun-control legislation in two decades, which would expand background checks and add penalties for criminal sales.

For Swing-State Democrats, Perils on Gun Control

By JONATHAN WEISMAN
For years, guns have been an issue for swing-state Democrats to avoid. But many Democrats say recent shootings have changed the politics of guns.
DealBook

Online Currency Draws Big Investors

By NATHANIEL POPPER and PETER LATTMAN
The Winklevoss twins, known as nemeses of Mark Zuckerberg, have what seems to be one of the largest portfolios of the bitcoin.

South Korea Eases Tone on Bellicose Neighbor

By CHOE SANG-HUN
South Korea softened its tone on Thursday amid concerns that North Korean missile tests are imminent, and its president moved to calm foreign investors.

Automakers Recall 3.3 Million Vehicles Over Air Bags

By CHRISTOPHER JENSEN
Honda, Toyota, Nissan and Mazda are recalling about 3.3 million vehicles worldwide because the passenger-side air bag could deploy with too much force.
Arts

Video: Christie's China Debut

The Times's David Gillen spoke with Christie's C.E.O. Steven Murphy about the tastes of the Chinese as the company prepares to be the first independent auction house in mainland China.
Opinion

Opinionator | The Stone

Happiness, Beyond the Data

By GARY GUTTING
Our first-person experience and reflection can catch crucial truths about happiness that escape the quantitative net.
BUSINESS

U.S. Charges Ex-KPMG Auditor in Tips-for-Cash Scheme

By REUTERS
Authorities filed criminal and civil charges against a former KPMG senior auditor who is accused of passing non-public information about KPMG's corporate clients to a golfing buddy who traded on the tips.

Cyprus Bailout to Cost More Than Predicted, Creditors Say

By LIZ ALDERMAN
A draft document prepared for Cyprus's international lenders set the total cost at 23 billion euros, or about $30 billion, rather than 17 billion euros, and said Cyprus would pay the difference.

New Concerns From Germany Over European Banking Supervisor

By JAMES KANTER
German diplomats made clear they were had some reservations about giving the central bank such powers because it might alter monetary policy to make supervision easier.
DealBook

Regulators Draw Fire at Hearing on Bank Consultants

By BEN PROTESS
The use of consultants, who are paid by the same banks they are expected to help reform, is being examined at a Senate Banking Committee hearing.

Russia Skips Hybrids in Push for Natural Gas Cars

By ANDREW E. KRAMER
Russia, the world's second-largest producer of natural gas, is making a bet that methane-powered cars are an alluring market for future growth.


Internet Security: The Battle Grows...Along with the Profits, James Oberweis: MoneyShow Investors Daily Alert -April 11, 2013-.

INVESTORS DAILY ALERT

The Daily Guru
No-Nonsense Investing
To TIP or Not to TIP, Howard Gold
Jim Jubak on MoneyShow.com
TOP PROS' TOP PICKS
GURUS' VIEWS & STRATEGIES
CHARTS IN PLAY
Buy, Sell or Hold?, Tom Aspray
MoneyShow.com Exclusive Interviews
IDEAS FROM AROUND THE WORLD
Today's Featured Videos

DealBook P.M. Edition -April 11, 2013-.: Former KPMG Partner Is Charged With Insider Trading


NYTimes.com Home |Business Day| Video The New York Times


Thursday, April 11, 2013
TOP STORY
Former KPMG Partner Is Charged With Insider Trading Federal prosecutors filed criminal charges against Scott London, a former senior partner at the accounting giant KPMG, laying bare a brazen two-year insider trading scheme.
For the latest updates, go to dealbook.nytimes.com »

DEALBOOK HIGHLIGHTS
Online Currency Draws Big Investors The Winklevoss twins, known as nemeses of Mark Zuckerberg, have what seems to be one of the largest portfolios of the bitcoin.
Hedge Funds Drop Campaign Against T-Mobile's Bid for MetroPCS Both Paulson & Company and P. Schoenfeld Asset Management indicated on Thursday that they would support the revised proposal by T-Mobile's parent, Deutsche Telekom.
The Problem With Investment Banks, as Seen By a Bank JPMorgan Chase's analysts say many of the world's largest investment banks are likely to offer investors paltry returns, and they call large banks like their own "un-investable."
PC Sales Data May Bolster Case for Taking Dell Private A new report by the International Data Corporation that details a steep drop in global PC sales in the first quarter this year appears to bolster Dell's argument for going private.
Regulators Draw Fire at Hearing on Bank Consultants The use of consultants, who are paid by the same banks they are expected to help reform, is being examined at a Senate Banking Committee hearing.
Senior R.B.S. Executive in Japan Expected to Resign in Libor Scandal A senior executive at Royal Bank of Scotland's Japanese investment banking unit is expected to resign in the wake of a rate-rigging scandal, according to a person with direct knowledge of the matter.
Citigroup Sells Turkish Consumer Unit as It Pares Global Operations Citigroup agreed on Thursday to sell its consumer banking business in Turkey to the local lender DenizBank as it continues to reduce its operations outside of the United States.
Breakingviews: How to Value Bausch & Lomb Robert Cyran said that Warburg Pincus bought the eye care company for $3.7 billion at the peak of the buyout boom and has been reportedly seeking a valuation of up to $10 billion. But a figure like $8 billion makes more sense.
Buzz Tracker
Foursquare Raises $41 Million - in New Debt Foursquare, the mobile start-up focused on users letting their friends know where they are, said on Thursday that it had raised $41 million in new debt, rather than equity. The money will come from a new investor, Silver Lake, as well as convertible debt from existing investors. Raising debt instead of equity helps the start-up avoid having to disclose a new valuation; Foursquare reportedly struggled with drawing new equity investment at a higher value.
Sinclair to Buy Fisher Communications The Sinclair Broadcast Group agreed on Thursday to buy Fisher Communications for about $373.3 million, allowing it to expand in Western markets like Seattle and Portland. Sinclair will pay $41 a share in cash, a 5 percent premium to Fisher's closing price on Wednesday. Fisher was advised by Moelis & Company and the law firm White & Case.
For the latest updates, go to dealbook.nytimes.com »

Quotation of the Day
"We have elected to put our money and faith in a mathematical framework that is free of politics and human error."
Tyler Winklevoss on investing in bitcoin.


Premium on old silver coins rises from 8 cents to $1.08 in 3 months, Arensberg reports: GATA I THE GATA DISPATCH -April 11, 2013-.

Premium on old silver coins rises from 8 cents to $1.08 in 3 months, Arensberg reports

2:53p ET Thursday, April 11, 2013

Gene Arensberg of the Got Gold Report reports today that premiums for bags of old U.S. coinage with 90 percent silver content have risen from 8 cents to $1.08 per ounce in the last three months, an indication that the recent pounding of the price of silver futures contracts is not reflecting the market for the real stuff. Arensberg's commentary is headlined "Dip in Silver Prices Means Higher Premiums for U.S. Silver Coins" and it's posted at the Got Gold Report here:

http://www.gotgoldreport.com/2013/04/dip-in-silver-prices-means-higher-p...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NDP announces budget plans; Four energy companies vie to build LNG facility; PC sales plummet: BIV Today's Business News -April 11, 2013-.



Politics and Policy


NDP announces budget plans, will raise corporate taxes

If elected, the NDP will raise corporate taxes to 12% and extend the carbon tax to cover ... READ MORE

Mining and Energy

Four energy companies vie to build LNG in Prince Rupert

The B.C. government has received four new proposals to develop an LNG facility in ... READ MORE

Technology

PC market plummets to historic lows in 2013’s first quarter

Global PC shipments are showing the steepest decline ever, a market intelligence firm reported... READ MORE

More News...

B.C. boomers lead country when it comes to buying organic

YVR earns best North American airport rating – again

B.C. transfers First Nations homes to aboriginal housing organizations

Gold’s Gym to buff up in B.C.

Electronic Arts has new Vue on music

This Week's Issue

TD Canada Trust bets big on coin-counting machines

Last week, Canada’s second-largest bank completed the B.C. rollout of 56 coin-counting machines located in... READ MORE


Video on BIV.com

Plummeting PC sales

BIV has launched its video platform with clips of the team's daily appearances on Global BC Morning News. Here, Paul Harris reports on the dramatic drop in PC sales ... CLICK HERE

Life Lessons

Chris Breikss

Chris Breikss is the co-founder and president of 6S Marketing. He is widely recognized as an innovator and an early champion of ... READ MORE
Gordon Price
An enduring downtrodden neighbourhood identity

When a distinct group of migrants cluster together and open businesses to serve each other, they define a neighbourhood. But unless forced by circumstance or segregation, that ... READ MORE