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May 9, 2013

MarketWatch I Asia Latest News May 9, 2013


LOS ANGELES (MarketWatch) - Australian equities fell in early trading Friday, with losses in some resource stocks weighing on the benchmark index. The S&P/ASX 200 shed 0.2%. Mining shares were mixed following a pullback in metals prices on U.S. dollar strength . Newcrest Mining Ltd. fell 1.5% and Fortescue Metals Group Ltd. rose 0.3% and Rio Tinto Ltd. swung 0.1% higher. The company held its annual general meeting on Thursday. Financials were mixed, with Australia & New Zealand Banking Group down 0.4%, while Commonwealth Bank of Australia picked up 0.8%. In the currency market, the Australian dollar neared parity against the U.S. dollar overnight as the dollar jumped against major rivals after an upbeat reading on U.S. weekly jobless claims. The Aussie on Friday bought $1.0075 versus $1.0066. The S&P/ASX 200 was on track for a gain of about 1.3% for the week, during which Australia's central bank cut its key interest rate by a quarter-percentage point to 2.75%.
 Australia shares slip, but aim for weekly gain

HONG KONG (MarketWatch) -- Japanese stocks spiraled higher Friday after the U.S. dollar climbed atop the 100-yen level for the first time in four years, stoking sharp gains in exporters. The Nikkei Stock Average rose 2.5% to 14,546.73 and the broader Topix gained 2.2% to 1,207.67. Shares of a number of exporters, including Mazda Motor Corp. , Nissan Motor Co. , Fanuc Corp. , Panasonic Corp. , Komatsu Ltd. and Trend Micro Inc. climbed 3% or more. Sony Corp. jumped 3.9% a day after it posted its first annual profit in five years. Suzuki Motor Corp. gained 4.3% after it reported a record profit for the last financial year. 8:13 p.m. Today
 Japan stocks soar after dollar tops 100 yen
  LOS ANGELES (MarketWatch) -- Japan's current-account surplus expanded almost twofold in March from February as the trade deficit shrank on the back of a falling yen, the Ministry of Finance reported Friday. The March current account was 1.251 trillion yen ($12.5 billion) in surplus, up from ¥637.4 billion the previous month and almost almost reaching its recent high of ¥1.307 trillion a year earlier. The trade deficit shrank to ¥219.9 billion from ¥677.0 billion in February, though compared to the year-earlier month, exports were only 0.3% higher, even as imports had risen 3.9%. The yen showed littled reaction, continuing to plumb fresh weakness after the dollar rose above the key ¥100 level overnight. 8:00 p.m. Today
 Japan's current-account surplus widens in March

Gerald Celente - - May 8, 2013

Cyberthieves Looted A.T.M.'s of $45 Million in Just Hours: The New York Times Global Update May 9, 2013.

The New York Times International Herald Tribune
May 9, 2013
Compiled 20:45 GMT

Global Update


Cyberthieves Looted A.T.M.'s of $45 Million in Just Hours

The authorities said laptops and the Internet were used in more than two dozen countries to steal from A.T.M.'s, including 2,904 machines in New York City, in one day.

Prices Cut for Cervical Cancer Vaccines in Poor Countries

Two drug companies will lower their prices to less than $5 a dose to expand protection against human papillomavirus, or HPV, to millions of girls in the world's neediest nations.

F.B.I. Didn't Tell Boston Police of Warning on Brother

Police Commissioner Edward Davis said that had his department learned about the Russian tip on Tamerlan Tsarnaev, "we would certainly look at the individual."

Interactive Interactive Feature

A Jungle of Humanity - and Disorder

About 120,000 Syrians are calling the tents and trailers of the Zaatari refugee camp in Jordan home for the foreseeable future.


Of Post Doctors and Glorious Geniuses

When Cambodia's powers that be aren't burnishing their credentials, they invent them out of whole cloth.

A Lost Generation: Young Syrian Refugees Struggle to Survive

More than half the 500,000 Syrian refugees in Jordan are under 18. "They can't see beyond, frankly, the next day," an aid worker says.

New Diplomatic Push to End Civil War in Syria

Secretary of State John Kerry was in Rome seeking to advance a Russian-American proposal for a Syrian peace conference to begin within a month.

U.S. Fears Russia May Sell Air-Defense System to Syria

The delivery of the Russian S-300 missile batteries would represent a major qualitative advancement in Syria's air defenses.

British Tabloid's Web Site Makes Foray Into America

Mail Online, The Daily Mail's site, has expanded on the news and business sides with offices in New York, and coverage of celebrities in Los Angeles.

Dollar Breaches 100 Yen

The Bank of Japan's efforts to reinvigorate the nation's economy is showing results, at least in the sinking value of the yen.

Falcone Agrees to 2-Year Ban in Deal With S.E.C.

Under the proposed deal, the hedge fund manager Philip A. Falcone has agreed to at least a two-year ban from raising new capital, and he and his fund will pay a fine of $18 million.

Silicon Valley Group's Political Effort Causes Uproar

The advocacy group Fwd.Us, created by Facebook's Mark Zuckerberg and others, has shocked some liberals with its tactics in a campaign to support immigration reform.
You're the Boss Blog

One Social Media Start-Up Rises From the Ashes of Another

When Storably failed, the founders hunkered down and developed 70 other ideas on how to spend money from their investors.

Sony Reports First Annual Profit Since 2008

The company says it made ¥43 billion in the 2012 financial year that ended in March, helped by a weakening yen and efforts to exit underperforming businesses.

Japanese Player Beats Federer in Ragged Madrid Match

Roger Federer, the second seed and defending Madrid Open champion, made an early exit on Thursday, beaten by Kei Nishikori of Japan, 6-4,1-6, 6-2.

Man United Picks Moyes to Replace Ferguson

Manchester United on Thursday handed David Moyes one of the most coveted and toughest jobs in world football - replacing Alex Ferguson as manager.

Moyes to Succeed Ferguson for Man United

The soccer club Manchester United announced Thursday that Everton's David Moyes would take over for Alex Ferguson as manager on July 1.

Bombing Suspect's Body Interred in Undisclosed Location

An official at a Worcester funeral home said Tamerlan Tsarnaev's body was moved late Wednesday night and entombed outside Massachusetts.

$8 Million Bail for Cleveland Kidnapping Suspect

Ariel Castro, who is accused of holding three women captive for a decade, kept his head down during his first court appearance on Thursday.

In Senate, Efforts to Reshape, or Derail, Immigration Bill

Lawmakers are considering more than 300 amendments to legislation to overhaul the nation's immigration laws, keeping an eye out for "poison pills" intended to thwart the bill.
Op-Ed Contributor

Stop the Plunder of Africa

Africa has the wealth to combat poverty, but it needs help holding on to it.
Op-Ed Guest Columnist

In China, Power Is Arrogant

Wacky and arbitrary rules and laws demonstrate the arrogance of power in China.

Diplomatic Stirrings on Syria

A solution to Syria's civil war depends heavily on Russia's willingness to stop enabling President Bashar al-Assad.

California Sues JPMorgan Chase Over Credit Card Cases: DealBook News Alert May 9, 2013.

The New York Times | NEWS ALERT
DEALBOOK ALERT Thursday, May 9, 2013 4:36 PM EDT
California’s top law-enforcement official accused JPMorgan Chase on Thursday of flooding the state’s courts with questionable lawsuits to collect a glut of overdue credit-card debt.
On Thursday, the California attorney general, Kamala D. Harris, sued the nation’s largest bank in California Superior Court over claims that the lender “committed debt collection abuses against tens of thousands of California consumers,” according to court records.
JPMorgan Chase, Ms. Harris says, deluged the courts with dubious lawsuits to collect soured credit-card debt. For roughly three years, between January 2008 and April 2011, Chase filed thousands of lawsuits each month, the lawsuit says. On a single day, for example, JPMorgan filed 469 lawsuits, court records show.
As the bank plowed through the lawsuits, Ms. Harris says, JPMorgan took shortcuts like relying on court documents that were not reviewed for accuracy. “To maintain this breakneck pace” JPMorgan used “unlawful practices,” according to the lawsuit filed on Thursday.
JPMorgan could not be immediately reached for comment.


MarketWatch I Wall Street at Close Report May 9, 2013: U.S. stocks fall, halting record-setting run

By Kate Gibson, MarketWatch 
NEW YORK (MarketWatch) U.S. stocks declined moderately on Thursday, halting Wall Street’s record-setting streak, even as data showed that weekly jobless claims fell to a five-year low.
“We’ve come a long way in the first four-and-a-half months of the year, so we’re ripe for a small correction,” said Joe Heider, regional managing principal for Rehmann Financial Group.
Any pullback would likely fall into the 5%-to-7% range, he added. 

Watch Green Mountain Coffee stock
Steven Russolillo has details on key stocks to watch on Thursday, among them Green Mountain Coffee, Tesla and Groupon. 

After rising as much as 39 points and falling as much as 58, the Dow Jones Industrial Average DJIA -0.15% lost 22.50 points to end at 15,082.62. 

After five straight record-high finishes, the S&P 500 index SPX -0.37%  lost 6.02 points to 1,626.67, with utilities hardest hit and health care faring best among its major sectors. 

“The vast majority of our business clients and owners are doing very well, and are in full recovery mode, yet they are not feeling very positive,” said Heider, who attributes the negative sentiment to lingering fallout from the near-meltdown of the U.S. financial system and ongoing dysfunction in Washington. 

“The shock was so severe in ‘08 and first quarter of ’09, so there is a hangover effect. And, I’ve never seen Washington as hell-bent on destroying one another,” he said. 

Randy Frederick, managing director of active trading and derivatives at Charles Schwab, said: “Technically, the S&P 500 is in uncharted waters. People say there should be resistance at such and such, but there are no moving averages up there, so the only thing I can chart is the upward trend, and going to 1,650 within the next week or two is very realistic.” 

Moving issues included Barnes & Noble Inc. BKS +24.25% , its shares surging 24% after a report by TechCrunch that Microsoft Corp. MSFT -1.00%  was considering an offer to pay $1 billion for the digital assets of Nook Media, a joint venture between the bookseller and other investors. 

Getty Images Enlarge Image
Barnes & Noble shares jump on Microsoft report.
Tesla Motors Inc. TSLA -0.36%   leapt 24% a day after the electric-car maker reported its first profitable quarter.
The Nasdaq Composite COMP -0.12% declined 4.10 points to 3,409.17. 

For every stock on the rise, nearly two fell on the New York Stock Exchange, where 662 million shares traded.
Composite volume approached 3.4 billion. 

“Profit-taking is the only thing that makes sense,” Frederick said of the losses that initially followed government data that cast an unexpectedly positive light on the labor market. 

“The trend is still intact,” added Frederick, referring to the third consecutive weekly decline in applications for unemployment benefits. 

The Labor Department reported an unexpected drop in jobless claims, which last week fell by 4,000 to 323,000. The less-volatile four-week moving average fell to 336,750, its lowest level since November 2007. 

Equities had wavered between gains and losses as the U.S. dollar rose above 100 yen USDJPY +1.55%  for the first time in four years, with the U.S. currency extending gains versus Japan’s currency amid deflation-curbing moves by the Bank of Japan. 

Crude prices declined, with oil futures CLM3 -0.66%  down 23 cents to $96.39 a barrel. The price of gold also fell, with futures for June delivery GCM3 -1.15% off $5.10 at $1,468.60 an ounce.
Treasury yields were mixed, with the benchmark 10-year note yield 10_YEAR +2.60%  at 1.814%.
U.S. equities advanced on Wednesday as corporate-profit outlooks bolstered sentiment, with the Dow industrials notching their second all-time close above 15,000 and the S&P 500 Index closing at an all-time high for a fifth straight session. 

The S&P 500 has risen 14% this year on expectations of further monetary easing by the U.S. Federal Reserve and other central banks around the globe, with South Korea the latest to join the nations that have cut benchmark rates. 

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

DealBook I P.M. Edition May 9, 2013: Falcone Agrees to 2-Year Ban in Deal With S.E.C. Home |Business Day| Video The New York Times

Thursday, May 9, 2013
Philip Falcon, chief of the hedge fund  Harbinger Capital Partners.
Falcone Agrees to 2-Year Ban in Deal With S.E.C. Philip A. Falcone, the once high-flying hedge fund manager whose recent brush with federal regulators capped a rapid fall from grace, is now poised to exit the government's cross hairs. If the S.E.C.'s commissioners approve the deal, it would present a mixed outcome for Mr. Falcone, who has stubbornly resisted a settlement for more than a year.
For the latest updates, go to »
Barnes & Noble Shares Jump on Sign of Microsoft Interest in Nook Microsoft is said to have offered to take over the Nook unit's e-books and devices operations, but it is unclear whether there are any current talks on a possible deal.
With Wall Street Support, a Charity Grows Up The financier Leon D. Black and his wife, Debra, formed an organization to help raise money to fight skin cancer after she was successfully treated for the disease.
R.B.S. Names Chief of Citizens Financial Bruce Van Saun, Royal Bank of Scotland's finance director, has been appointed chief executive of the Citizens Financial Group, the company's United States unit, two years ahead of its planned initial public offering.
Carlyle's First-Quarter Profit Barely Budged The Carlyle Group's earnings rose less than 1 percent in the first quarter, the firm reported on Thursday. The small gain came largely thanks to a rise in the value of its investments.
Breakingviews: Dish's Results Hint at Trouble for Sprint Bid Robert Cyran says that Dish Network's pay-TV pain signals trouble for its $25.5 billion bid for Sprint Nextel.
In the United States On Friday, Ben S. Bernanke, chairman of the Federal Reserve, will address the annual conference of the Chicago Federal Reserve.
Overseas On Friday, finance ministers and central bankers from the Group of 7 nations will begin a two-day meeting in Britain.

BIV Today's Business News May 9, 2013.: BG Group unveils Prince Rupert LNG plant plans

Mining and Energy

BG Group unveils Prince Rupert LNG plant plans 

The BG Group has unveiled its plans for a liquefied natural gas plant in Prince Rupert that would bring between 200 and 300 LNG tankers into port each year, consume more than ... READ MORE

Environment and Sustainability


Climate experts issue warning to energy minister over fossil fuels

A team of climate scientists is warning energy minister Joe Oliver that his continued support of Canada’s oil and gas industry will ... READ MORE

Human Resources



Vancouver has second-highest number of foreign-born Canadians: StatsCan

Canada has the second-highest number of foreign-born citizens of the G8 nations, and Vancouver has ... READ MORE

Economy and Finance



Consumer confidence boosts Canadian economy: conference board

Strong consumer spending helped Canadian companies continue modest growth in April, reports ... READ MORE

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Talisman Energy CFO hired to head Finning

Canadian investment abroad rises: StatsCan

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NDP government would scrap energy jobs

Even under a business-friendly Liberal government, the $6 billion Northern Gateway pipeline appeared to be ... READ MORE