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Jun 5, 2013

U.S. States Push to Bring Back Gold Standard : RT America on June 05, 2013.

Gerald Celente -- Kingston Now Show -- May 31, 2013

Asian Markets Latest News at the time, by MarketWatch, June 05, 2013.

Asia

Australia trade surplus shrinks on forex strength LOS ANGELES (MarketWatch) -- Australia reported Thursday a narrowing of its trade surplus in April, as exports logged a 1% drop from the previous month, with the result missing forecasts. The April trade account was just 28 million Australian dollars ($26.6 million) in surplus, shrinking drastically from a A$555 million suplus in March, the Australian Bureau of Statistics said. The drop in exports came as the Australian dollar hit its recent peak near $1.06, and despite a 12% rise in non-monetary gold exports during the month. Since then, the Australian currency has slipped back to its lowest levels in more than a year. April imports, meanwhile, ticked 1% higher from March. The Australian dollar fell immediately after the data, but quickly moved higher, trading at 95.03 U.S. cents from 94.90 U.S. cents ahead of the numbers.  
 
Hong Kong stocks drop on weak U.S., China cues HONG KONG (MarketWatch) -- Hong Kong stocks dropped Thursday as property developers and banks were dragged lower after a weak U.S. private-sector jobs report and as economic worries about China put the Shanghai stock benchmark on path for a sixth straight day of losses. The Hang Seng Index fell 0.9% to 21,867.63 and the Hang Seng China Enterprises Index gave up 1% to 10,368.15. Shares of China Overseas Land & Investment Ltd. fell 2.2% and Hang Lung Properties Ltd. dropped 2.6%, while Industrial & Commercial Bank of China Ltd. shed 1.1%. The Shanghai Composite Index fell 0.5% to 2,2658.95. 9:46 p.m. Today
 
Japan stocks rebound from plunge; Australia down Japanese stocks rise on relief buying after hefty recent losses that took them closer toward a so-called bear market, while Australian shares suffer further losses after a big drop on Wall Street. 9:30 p.m. Today

In Besieged Syrian Town, Bitterness of Sunnis Points to Rending of Sects: The New York Times Global Update; June 05, 2013.

June 5, 2013
Compiled 20:45 GMT

Global Update


TOP NEWS

In Besieged Syrian Town, Bitterness of Sunnis Points to Rending of Sects

By an EMPLOYEE of THE NEW YORK TIMES in SYRIA and ANNE BARNARD
As Hezbollah guerrillas from Lebanon and Syrian troops fought for Qusayr, many Sunnis declared the social fabric had been destroyed.

Syrian Forces Claim Victory in Battle for Strategic Town

By ANNE BARNARD
The apparent victory in Qusayr, after a siege pitting rebels against Syrian Army and Lebanese Hezbollah militia forces, was seen as an advance for President Bashar al-Assad.

Rice to Replace Donilon in the Top National Security Post

By MARK LANDLER
The choice of Susan E. Rice to replace Tom Donilon as national security adviser represented a defiant gesture to Republicans. Samantha Power was named as the United Nations ambassador.
World

Slide Show: Alarming Trend of Amputees in Vietnam

A spike in cases of Type 2 diabetes is reflected in the increasing number of leg amputations being performed at a hospital in Ho Chi Minh City.
Opinion

Op-Ed Contributors

A Chance to Defuse North Korea

By GI-WOOK SHIN, THOMAS FINGAR and DAVID STRAUB
The United States needs to use this first encounter to focus on underscoring for China where the two nations' interests on the Korean Peninsula overlap.
WORLD

Syrian Rebels Meet Setbacks on a New Front

By C. J. CHIVERS
The rebels have been pulled between the limits of a lightly equipped guerrilla force and their urge to fight with the battlefield weight of an army.
News Analysis

Two Liberal Voices for Intervention, but Not in Syrian War

By MARK LANDLER
Susan E. Rice and Samantha Power say the United States should act aggressively to defend human rights, but what that means for Syria is unclear.

Protest Group Gives Turkish Official a List of Demands

By SEBNEM ARSU
The group is seeking the dismissal of the governors of Istanbul, Ankara and Hatay as well as the heads of the security forces in those three cities.
BUSINESS
State of the Art

Too Many Passwords and No Way to Remember Them. Until Now.

By DAVID POGUE
Dashlane is a dedicated password memorization program stuffed with features, and it's free.
DealBook

S.E.C. Votes to Take Next Step on Money Market Funds

By NATHANIEL POPPER
The Securities and Exchange Commission voted unanimously to move ahead with changes governing the money market fund industry, but the proposal still must go through a comment period and final vote.
DealBook

Dell Files Mathematical Argument Against Icahn Plan

By MICHAEL J. DE LA MERCED
Dell calculated that the special dividend called for by Southeastern Asset Management and Carl C. Icahn would leave the company with a nearly $4 billion cash shortfall.
TECHNOLOGY

In China, an Empire Built by Aping Apple

By DAVID BARBOZA
Led by Lei Jun, Xiaomi sold $2 billion in handsets in China last year, and he has carefully cultivated an image in the Steve Jobs mold.

Bloomberg Begins Fund to Invest in Start-Ups

By NICOLE PERLROTH
Bloomberg Beta is the first time that Bloomberg L.P. will reap profits from investments in some of the technology companies that its news operation covers.
Bits Blog

A Feature Film, Starring Google

By CLAIRE CAIN MILLER
In "The Internship," a comedy movie starring Vince Vaughn and Owen Wilson as Google interns, Google's products and perks make cameo appearances and some lines sound as if they were written by the marketing department.
SPORTS

Nadal to Meet Djokovic in a Final-Like Semifinal

By CHRISTOPHER CLAREY
Rafael Nadal and Novak Djokovic won their quarterfinal matches at the French Open on Wednesday, setting up a much anticipated rematch of last year's final.

Dominated Early, Sharapova Rallies to Reach Semifinals

By JUDY BATTISTA
Maria Sharapova prevailed, 0-6, 6-4, 6-3, over Jelena Jankovic and will face Victoria Azarenka in the French Open semifinals.

European Soccer's Summer Exodus Begins

By ROB HUGHES
The departures of Radamel Falcao and Jesús Navas will doubtless be the start of a net summer migration out of La Liga. Why? Simple economics.
U.S. NEWS

Soldier Pleads Guilty in Killings of Afghan Civilians

By KIRK JOHNSON
Staff Sgt. Robert Bales's plea is for the murder of 16 people, and if it is accepted by a military court, it would remove the threat of the death penalty from his case.

People Trapped as Building Collapses in Philadelphia

By JON HURDLE
A four-story building that was being demolished partly collapsed in Center City, trapping people under the rubble, the authorities said.

Panel Urges Better Gathering of Gun-Violence Data

By SABRINA TAVERNISE
Public health researchers have long said that their work on gun violence has been complicated by a lack of data.
OPINION
Op-Ed Contributor

Why I Am Not Returning to Russia

By SERGEI GURIEV
A leading Russian economist describes how growing pressures from Putin's government led him to leave his country for good.
Op-Ed Columnist

Israel Lives the Joseph Story

By THOMAS L. FRIEDMAN
What does it mean when even Turkey is in turmoil and Stephen Hawking is weighing in on the Israeli-Palestinian conflict?
Op-Ed Columnist

Cut the Strings to George III

By MAUREEN DOWD
Why do we cling to a British military legal system that the Brits have rejected?

The US Is Great, but Needs Fixing: Conrad Black: CNBC Latest Stories; June 05, 2013


Economy Shows Slim Advances, by Associated Press: The New York Times: Alert FGC BOLSA - FGC FINANCIAL MARKETS; June 05, 2013.

ALERTS

FGC BOLSA- FGC FIN

Compiled: June 5, 2013 06:36:16 PM

Economy Shows Slim Advances
The Labor Department found modest quarterly gains in productivity after it dropped in the previous quarter, and a private survey reported a weak increase in new jobs.

U.S. stocks tumble with jobs report in mind: Wall Street at Close Report by MarketWatch, June 05, 2013.


By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch) U.S. stocks tumbled on Wednesday for a second session as data on U.S. private-sector job growth darkened views of the monthly nonfarm-payrolls report to be released in two days. 

“More attention is being brought to the economic data, so everyone can play Nostradamus and guess what the Fed’s next move will be,” Mark Luschini, chief investment strategist at Janney Montgomery Scott, said of ongoing guessing as to when the Federal Reserve would begin tapering its $85 billion in monthly bond purchases. 

Stock indexes remained deeply under water after the release of the Fed’s so-called Beige Book, which found the U.S. economy to be still growing at a “modest to moderate” pace. 

“In the past few weeks, good news is bad, and bad news is bad, as we started to see talk of the tapering come through,” said Sean Lynch, global investment strategist for Wells Fargo Private Bank.
In its worst session in more than a month, the Dow Jones Industrial Average DJIA -1.43% lost 216.95 points to 14,960.59, with Intel Corp. INTC -2.60%  pacing declines that included all of its 30 components. 

The S&P 500 index SPX -1.38%  declined 22.48 points to 1,608.90, with materials and financials leading losses that included all of its 10 major industry groups. Read a blog: S&P 500 sinks 4% from May highs
 
A Dell Inc. DELL +0.07%  board panel found Carl Icahn’s takeover bid to be short due to an estimated $3.9 billion funding deficit necessary to pay a proposed dividend and operate the PC maker. 

Apple Inc. AAPL -0.93%  shares shed 0.9% after the International Trade Commission found the iPhone maker infringed on a Samsung Electronics Co. patent, with Apple facing a possible import ban on some products. 

General Motors Co. GM -2.69% fell 2.7% after the U.S. Treasury said it would sell 30 million more shares of the car manufacturer’s common stock. 

The Nasdaq Composite COMP -1.27%  fell 43.78 points to 3,401.48. 

For every share rising, four fell on the New York Stock Exchange, where 738 million shares traded. Composite volume approached 3.6 billion. 


U.S. companies created 135,000 jobs in May, according to ADP Employer Services.
“The market is in the midst of a bit of a correction, so the bias is lower anyway. But with the ADP report being as underwhelming as it was, there is an increasing loss of enthusiasm for equities at the moment,” said Janney Montgomery Scott’s Luschini. 


FactSet Enlarge Image
Revised government figures showed productivity rising 0.5% in the January-to-March period, and hourly compensation falling 3.8%. Wednesday’s data came ahead of Friday’s nonfarm-payrolls report, and added credence to the view that a soft labor market would extend the time frame before the Federal Reserve begins tapering its bond purchases. 

“The market is playing wait-and-see with Friday’s numbers, but certainly the ADP number that came out showed there is probably moderate downside risk to that May employment number,” said Lynch at Wells Fargo Private Bank. 

Another report, this one from the Institute for Supply Management, found a slight acceleration in service-sector activity in May. 
 
Also Wednesday, the Commerce Department reported orders for goods made by U.S. factories rose 1% in April. 


Getty Images Enlarge Image
A 20-Tuesday-long win streak for the Dow industrials was derailed, with the index falling 76.49 points, or 0.5%, to end at 15,177.54. Fears over when the Federal Reserve will begin to pull back on its bond-buying program weighed on sentiment. 

On Tuesday, Fed Bank of Kansas City President Esther George advocated for the Fed to pare back its bond-buying program, and Dallas Fed President Richard Fisher stepped up his criticism of the Fed’s easy-money program. 

Strategists at Credit Suisse said Wednesday that they see 15% more upside for stocks. They lifted their S&P 500 year-end target to 1,730 from 1,640 and introduced a new target of 1,900 for the end of 2014. The strategists gave five reasons for staying overweight in equities, including an overly pessimistic view on when the Fed will curb its bond-buying program. Read more on Credit Suisse's equity call.
 
Kate Gibson is a reporter for MarketWatch, based in New York.


DealBook P.M. Edition; June 05, 2013: Trial Date Set for Former SAC Trader in Insider Case



Wednesday, June 5, 2013


TOP STORY
Trial Date Set for Former SAC Trader in Insider Case Federal prosecutors have accused Mathew Martoma of making more than $276 million in a combination of illegal profits and avoided losses trading in the shares of the pharmaceutical companies Elan and Wyeth.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    S.E.C. Votes to Take Next Step on Money Market Funds The Securities and Exchange Commission voted unanimously to move ahead with changes governing the money market fund industry, but the proposal still must go through a comment period and final vote.
    Another Senator Urges Caution on Smithfield's Sale to Chinese Company Senator Debbie Stabenow, the Democratic chairwoman of the Senate Agriculture Committee, said on Wednesday that she still had concerns about any potential effect that the deal may have on food safety in the United States.
    Treasury Plans to Sell 30 Million G.M. Shares The offering will be in conjunction with General Motors' inclusion in the Standard & Poor's 500-stock index this week.
    Dell on Wednesday filed additional material with the Securities and Exchange Commission.
    Dell Files Mathematical Argument Against Icahn Plan Dell calculated that the special dividend called for by Southeastern Asset Management and Carl C. Icahn would leave the company with a nearly $4 billion cash shortfall.
    Breakingviews: Dell's Board Paints Investors Into a Corner Robert Cyran says that emphasizing how poorly the company is doing runs the risk of everyone believing it.
    LOOKING AHEAD
    Economic Reports Data to be released on Thursday includes weekly initial jobless claims.
    In the United States On Thursday, the Senate Commerce, Science and Transportation Committee will discuss "Gulf Restoration: A Progress Report Three Years After the Deepwater Horizon Disaster," and Lloyd C. Blankfein of Goldman Sachs will give the commencement address at LaGuardia Community College.
    Overseas On Thursday, the Bank of England and the European Central Bank will announce rate decisions; and Jamie Dimon, chief executive of JPMorgan Chase, will speak in China.

     

Broad Selloff: Stocks Tumble 1%, Dow Falls 200 to Close Below 15,000: Wall Street at Close Report by CNBC; June 05, 2013



Stocks posted sharp declines across the board Wednesday, with the Dow ending below 15,000, following weakness in overseas markets and amid concerns over when the Fed will start tapering its bond-buying program on the heels of several mixed economic reports.
"There has to be some sort of convergence between stock prices and economic data," said Sal Arnuk, co-manager of trading at Themis, noting that the move lower has been "quiet and orderly" with "adequate volume." "The selloff's based on lukewarm economic data, fear over Fed tapering and it's also somewhat natural given the highs we've recently made."

NamePriceChange%Change
DJIA Dow Jones Industrial Average 14960.59 -216.95 -1.43%
S&P 500 S&P 500 Index 1608.90 -22.48 -1.38%
NASDAQ Nasdaq Composite Index 3401.48 -43.78 -1.27%

The Dow Jones Industrial Average tumbled more than 200 points, suffering its worst one-day drop in nearly two months, led by Alcoa and Walt Disney.

The S&P 500 and the Nasdaq also ended sharply lower. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, spiked above 17.

All key S&P sectors were in the red, dragged by materials and financials.

(Read More: June Market Swoon Ahead? Maybe Not, Traders Say)

 
90 Seconds with Art Cashin: Markets Are Nervous CNBC's Bob Pisani and Art Cashin, of UBS, discuss the dollar and the yen, and why they're being watched so carefully. 
 
"For most of the year, the best thing that could happen for the market was to get data that were not too hot and not too cold—that would drive the Fed to keep QE and continue to provide liquidity for the markets," said Michael Sheldon, chief market strategist at RDM Financial Group. "However, at some point, if the economic data start to deteriorate, then instead of bad news becoming good news, the bad news may just be bad news. In other words, if the economic data really start to turn lower, investors may start to wonder whether the Fed really has any power left to turn the economy around."  The private sector created just 135,000 jobs in May, according to the ADP National Employment Report, less than estimates for 165,000. The government's labor market report, which includes both public and private sector employment, will be reported on Friday. Economists surveyed by Reuters expect to see a gain of 170,000 jobs, slightly higher than the 165,000 jobs added in April. Lee Hardman, a currency economist at Bank of Tokyo-Mitsubishi, said in a note that the ADP report has been an inaccurate predictor of nonfarm private payrolls so far in 2013, over or underestimating numbers by just under 50,000 on average each month. Traders, however, have used the weak economic conditions to keep hopes up that the Federal Reserve will not back off its easing measures anytime soon. Meanwhile,the pace of activity in the services sector ticked higher in May to 53.7 from 53.1 in April, according to the Institute for Supply Management's services index. A reading above 50 indicates expansion in the sector. However, a key employment measure slipped to the lowest level since last July at 50.1 from 52.0. "The ADP employment data and the employment component within the ISM services report, while not perfect, provide a hit that this month's employment data may be on the softer side," said Sheldon. (Read More: Why Bad News Soon May Just Become...Bad News) Economic expansion increased throughout the U.S. from April through mid-May, fueled by home construction, consumer spending and steady hiring, with eleven of the Fed's banking districts reporting "modest to moderate" growth, according to the Federal Reserve's latest region-by-region Beige Book survey. In other economic news, factory orders rose 1 percent in April, recovering from a 4.7 percent drop in March, according to the Commerce Department. And unit labor costs tumbled 4.3 percent, while productivity rose 0.5 percent.
Stocks In for a Rocky Summer: Pro
More unpredictability in the market means it's anyone's guess how stocks will trade on Friday's employment report, Stephen Weiss of Short Hills Capital says.
Earlier, the Japanese Nikkei tumbled nearly 4 percent when Prime Minister Shinzo Abe's third "Abenomics" arrow to boost the economy failed to impress investors. Other Asian indexes and European bourses also traded lower on the news. "The comments made by Abe today were not really a game changer and disappointed a market which seems to have been positioned for a USD/JPY and Nikkei rally," wrote IG Index market strategist Stan Shamu. (Read More: Japan Fires 'Third Arrow,' Execution Now Key) The so-called third arrow of Abe's growth-reviving strategy follows monetary and fiscal stimulus measures that were put into place earlier this year. So far, however, Japanese stocks remain jittery on fears of a tapering of stimulus measures by the Federal Reserve, and stuttering growth in China. In company news, Apple declined after the U.S. International Trade Commission ruled that the company infringed on a patent owned by Samsung and issued a limited order stopping all imports and sales for AT&T models of the iPhone 4, iPhone 3GS, iPad 3G and iPad 2 3G. (Read More: With Latest Ban, Has Samsung Cornered Apple?) Juniper Networks zipped higher after the networking equipment company's CEO Kevin Johnson said demand from its crucial telecom customer base looked better than previous years. Shares of rival Cisco also gained. The Treasury Department said it will sell an additional 30 million shares of General Motors common stock from the government's bailout of the U.S. auto sector. The Treasury, has said it will finish its exit by early next year. JPMorgan Chase will take an $842 million hit due to the bankruptcy of Jefferson County, Ala., the company said, sending its shares down 0.4 percent. Hovnanian zipped higher after the homebuilder posted quarterly results that topped expectations. The Mortgage Bankers Association said home loan applications fell 11.5 percent last week as interest rates climbed past 4 percent for the first time in a year.
—By CNBC's JeeYeon Park. Follow JeeYeon on Twitter: @JeeYeonParkCNBC

Paul Craig Roberts on gold suppression, the dollar's decline, and gangster capitalism: GATA I THE DISPATCH; June 05, 2013.

Paul Craig Roberts on gold suppression, the dollar's decline, and 'gangster capitalism'

3p ET Wednesday, June 5, 2013

GoldMoney's Andy Duncan today interviews former U.S. Assistant Treasury Secretary Paul Craig Roberts about the Federal Reserve's suppression of gold prices, the decline of the U.S. dollar as the world reserve currency, and the "gangster capitalism" that has resulted from deregulation of the financial markets and failure to enforce anti-trust law. The interview is 40 minutes long and is posted at GoldMoney's Internet site here:

http://www.goldmoney.com/podcast/dr-paul-craig-roberts-on-gold-and-gangs...

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

The Conscience of a Liberal Heritage Shock; by Paul krugman: The New York Times Opinion Today; June 05, 2013.

June 5, 2013

Opinion Today



The Conversation

Is This a Government Which I See Before Me?

Brooks and Collins on the prospects for immigration reform, Obama nominees and environmental action.
Op-Ed Contributors

Make Patent Trolls Pay in Court

Judges already have the authority to make frivolous litigants pay for their abusive lawsuits. They just have to use it.
Welfare for the Wealthy
Opinionator

Welfare for the Wealthy

The Farm Bill is impenetrable, important and worthy of our outrage.
Left, Ecobici in Mexico City; right, Citi Bike in New York City.
Opinionator | Fixes

It's Not Just Nice to Share, It's the Future

You don't have to buy a bike, car, prom dress or chainsaw. You you can rent it or swap for it.
Op-Ed Contributors

Playing Politics With Student Debt

Tying federal student loan rates to Treasury rates would make them more stable and less arbitrary.
Sergei Guriev, rector of the New Economic School speaking during The Russia Forum 2012.
Op-Ed Contributor

Why I Am Not Returning to Russia

A leading Russian economist describes how growing pressures from Putin's government led him to leave his country for good.
Op-Ed Contributor

Jewish Identity, Spelled in Yiddish

Modern Yiddish transliteration was created by early-20th-century scholars who saw Judaism as a nationality based on language and were fighting rising anti-Semitism.
Another Year Older, Another Year Wiser?
Room for Debate

Another Year Older, Another Year Wiser?

Should there be an age limit for the House and Senate?
The Great Civil War Lie
Opinionator | Disunion

The Great Civil War Lie

How the South convinced Britain that the Civil War was about trade, not slavery.
Toeing the Line
Latitude

Toeing the Line

Mexico succeeds where the United States fails: at revamping the infrastructure of the world's busiest border crossing.
ADVERTISEMENT
Editorial

Advise and Consent

President Obama did his job with three fine nominations to a top appeals court. Now the Senate has a job to do.
Editorial

Getting to Know You

Much is riding on the unscripted big power talks beginning Friday between President Obama and President Xi Jinping of China.
Editorial

Gov. Christie's Quick, Costly Decision

The governor of New Jersey called for a special election to fill Frank Lautenberg's Senate seat because it might give him a political advantage. But it will cost state taxpayers.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
The First Lady's Heckler
Taking Note

The First Lady's Heckler

Why hasn't President Obama banned discrimination among federal contractors on the basis of sexual orientation?
Heritage Shock
The Conscience of a Liberal

Heritage Shock

Nonsense as usual, but called out in public.
The Gun Report: June 5, 2013
Joe Nocera's Blog

The Gun Report: June 5, 2013

A day in the life of armed America.
Rare Look at a Baby Kipunji – One of the World's Most Endangered Monkeys
Dot Earth Blog

Rare Look at a Baby Kipunji – One of the World's Most Endangered Monkeys

A rare look at a baby kipunji, one of the most endangered monkeys on the planet.