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Jun 12, 2013

NSA's Eyes on America: The Alex Jones Channel; June 12, 2013.

MarketWatch Asian Markets Latest News at the Time; June 12, 2013.


Asia markets swoon; Japan, Hong Kong plunge Asian stocks swoon after uncertainty over U.S. monetary policy lead to more losses on Wall Street, with Japanese shares plunging toward their sixth loss in seven sessions as a strengthening yen hurt exporters. Hong Kong and Shanghai equities tumble after holiday.

Australia jobs data surprise to upside LOS ANGELES (MarketWatch) -- Australia's May employment data surprised markets with a gain in jobs, sending the nation's currency jumping. Total employment rose by 1,100 last month, with the jobless rate holding steady at 5.5%, the Australian Bureau of Statistics said Thursday. The result beat economists' median expectation for a loss of 10,000 jobs and a rise in the unemployment rate to 5.6%, according to a Dow Jones Newswires survey. On the other hand, the gains came on the back of a 6,400 rise in part-time jobs, with full-time positions falling 5,300. Still, the currency market cheered the news, with the Australian dollar rising from 94.55 U.S. cents ahead of the data, to briefly top the 95-cent level before easing back to 94.84 U.S. cents.  
Hong Kong, Shanghai stocks slump in early trade HONG KONG (MarketWatch) -- Hong Kong stocks skidded lower early Thursday as global equity markets extended their sell-off and as Chinese markets opened to sharp losses as investors returned after a string of holidays. The Hang Seng Index dropped 2.1% and the Hang Seng China Enterprises Index gave up 2.7%. China's Shanghai Composite fell 1.8% as markets reopened for the first time this week, in reaction to a string of downbeat economic data released over the past few days. Among the notable losers in Hong Kong, China Resources Land Ltd. skidded 4.3%, China Shenhua Energy Co. dropped 4.1% and New World Development Co. lost 6.2%. 

Turkish Leader Orders an End to Protests in 24 Hour: The New York Times Global Update; June 11, 2013.

June 12, 2013
Compiled 20:45 GMT

Global Update


Turkish Leader Orders an End to Protests in 24 Hours

Prime Minister Recep Tayyip Erdogan told his interior minister to bring nearly two weeks of demonstrations to a halt.

Dozens of Shiites Reported Killed in Raid by Syria Rebels

Battalions of Sunni fighters stormed a village in eastern Syria, reportedly killing at least 30 people, in a reprisal raid that underscored the sectarian tone of the war.

N.S.A. Leaker Vows to Fight Extradition From Hong Kong

In an interview with a local newspaper, Edward J. Snowden said he was not hiding from justice, and he accused the United States of hacking computers in Hong Kong and China.

Video: In Nepal, Exiled Each Month

In far western Nepal, many believe that women who are menstruating are impure and bring bad luck. And so they are exiled each month, leaving them vulnerable to rape and other horrors.

Op-Ed Contributor

Realpolitik and Spinning the U.S.-China Summit

Would the United States trade its unfettered support of Japan for support from China on dealing with North Korea?

U.S. Blacklists Fund-Raisers for Hezbollah

On Tuesday, the Treasury Department banned the Lebanese militant organization from any dealings with Americans, citing its "alarming reach" and intervention in the Syrian civil war.

Closing of State Broadcaster Leaves Greece in Turmoil

The decision to disband the Hellenic Broadcasting Corporation prompted protests in Athens and threatened the fragile coalition government.

Chinese Journalist Said to Be Detained in Beijing

The journalist, Du Bin, recently released a documentary about a women's forced labor camp and has worked as a freelance photographer for The New York Times.
State of the Art

A Tablet That Doubles as a Desktop

Lenovo's new Horizon has a 27-inch touch screen and can be used upright or as a tabletop entertainment hub.
The Trade

Overhaul Efforts in Washington Reflect Few Lessons of Housing Crisis

Congress is working gingerly toward a solution to fix Fannie Mae and Freddie Mac, a process dominated by emotional battles and financial interests.

Voice-Activated Technology Is Called Safety Risk for Drivers

Significant cognitive distraction was seen by researchers who analyzed subjects trying to juggle driving with high-tech in-car systems.
Bits Blog

Love and Hate for Apple's New Mobile Software

The software, called iOS 7, adopts a "flat" design principle that simplifies the look, while introducing thin typography and a vibrant color palette.
Bits Blog

Facebook Adds Hashtags to Organize Public Conversations

The largest social network is following in the footsteps of Twitter, introducing the # symbol as a way for users to organize posts on a particular subject.

3 Tech Giants Want to Reveal Data Requests

The technology companies asked the government for permission to reveal details about the classified requests they get for the personal information of foreign users.

In Iran, Soccer and Politics Often Blend Together

World Cup qualification takes place at the same time as the country's presidential election, and four years ago, players entered a game wearing green wristbands -- the color of the opposition.

Tiger Woods Aims to End 5-Year Drought at U.S. Open

Woods has won four out of eight tournaments so far this year, but he lacks consistency. He has not won a major title since the 2008 U.S. Open.

Father Watches Tomic Lose

Bernard Tomic said he was not distracted by the presence of his father when he lost a first-round match to Benjamin Becker, 6-4, 6-7 (4), 7-6 (4), at Queen's Club in London.

Immigrants Reach Beyond a Legal Barrier for a Reunion

Three young immigrants who grew up in the United States and call themselves Dreamers reunited at a border fence in Arizona with their parents, who had been deported.

Bulger Is No Angel, but an Informant? Never, Jury Is Told

James (Whitey) Bulger's day in court finally arrived for the coda of his lifetime of crime. His lawyer said he was many things, but never an informant for the F.B.I.

Environmental Rules Delayed as White House Slows Reviews

Proposed rules that would require appliances, lighting and buildings to use less energy have languished for as long as two years waiting for approval, frustrating environmental advocates.
Op-Ed Columnist

Blowing a Whistle

Respecting and caring about civil liberties means supporting the government programs needed to prevent another 9/11.
Op-Ed Columnist

A Little Birdie Told Me

Will she tweet? Will she run? Will she get overshadowed by Benghazi and cavorting security details? TBD . . .

DealBook P.M. Edition; June 12, 2013: The Trade: Reform Efforts in Washington Reflect Few Lessons of Housing Crisis

Wednesday, June 12, 2013
Senators Mark Warner, left, and Bob Corker are divided on the future of Fannie Mae and Freddie Mac.
The Trade: Reform Efforts in Washington Reflect Few Lessons of Housing Crisis Congress is working gingerly toward a solution to fix Fannie Mae and Freddie Mac, a process dominated by emotional battles and financial interests, says Jesse Eisinger of ProPublica.
For the latest updates, go to »

Stephen Hester, chief of the Royal Bank of Scotland.
R.B.S. Chief to Step Down Questions are being raised about the future privatization of the part-nationalized Royal Bank of Scotland after its chief executive, Stephen Hester, says he is leaving the bank.
Centerview Hires 2 Senior Media Bankers From Morgan Stanley Centerview Partners said on Wednesday that it has poached two senior media bankers from Morgan Stanley, in the latest hiring by the boutique investment bank.
Deal Professor: The Management Buyout Path of Less Resistance David H. Murdock's effort to take the Dole Food Company private shows how a recent Delaware case has made these types of management buyouts easier, perhaps too easy, says Steven M. Davidoff.
Wall Street Titans Celebrate UJA-Federation The UJA-Federation of New York, a charitable organization focused on Jewish philanthropy, raised more than $2 million at a gala event at the Plaza Hotel on Tuesday.
British Regulator Looking Into Currency Rates Trades The Financial Conduct Authority of Britain says it is looking into claims that traders at large banks manipulated some foreign exchange benchmark rates.
Indian Tire Maker to Buy Cooper Tire for $2.5 Billion The all-cash acquisition of Cooper Tire and Rubber would give Apollo Tyres of India a major foothold in the United States.
Glencore Xstrata Names Mack to Its Board Glencore Xstrata has named Morgan Stanley's former chief executive, John J. Mack, and the executive chairman of Bloomberg L.P., Peter T. Grauer, as nonexecutive directors to its board.
A branch of the cable operator Kabel Deutschland in Berlin.
Vodafone Approaches German Cable Giant Over Potential Deal Vodafone says it has approached Kabel Deutschland over a potential takeover that could be worth more than $10 billion.
Breakingviews: Malone May Play Role of Spoiler in Cable Deal Vodafone has finally admitted it wants to buy Kabel Deutschland, Germany's biggest cable operator, but John Malone, the pay-television magnate behind Liberty Global, may have something to say about it, Quentin Webb says.
Buzz Tracker
New Chief for GE Capital Keith S. Sherin has been named chairman and chief executive of GE Capital, General Electric's finance unit. Mr. Sherin, 54, has been G.E.'s chief financial officer for 14 years. He succeeds Michael A. Neal, who is retiring
Kanye West's Billion-Dollar Ambitions "I think what Kanye West is going to mean is something similar to what Steve Jobs means," the rapper tells Jon Caramanica of The New York Times. "I will be the leader of a company that ends up being worth billions of dollars, because I got the answers. I understand culture. I am the nucleus."
Economic Reports Data to be released on Thursday include retail sales for May, initial jobless claims, weekly mortgage rates, the import price index, and business inventories.
In the United States On Thursday, Coty shares are scheduled to begin trading.
Overseas On Thursday, the Bank of Japan will release minutes from its policy meeting, and Toyota will hold its annual meeting. 

Quotation of the Day
"Headhunters will find it much easier to find a candidate than when Stephen Hester was appointed."
Chirantan Barua, a banking analyst with Sanford Bernstein in London, on the R.B.S. chief stepping down.

Stocks sink; Dow’s longest loss streak this year: Wall Street at Close report by marketWatch; June 12, 2013.

By Kate Gibson, MarketWatch 
NEW YORK (MarketWatch) U.S. stocks tumbled on Wednesday, with the Dow industrials falling for three consecutive days for the first time this year, as the Japanese yen furthered its rise and doubts about monetary policy had investors on edge.
“The markets are very much tying off of the Japanese currency and also again, Fed policy, which hasn’t changed, and we don’t think is likely to change this year. But the comments from the various Fed governors are acting as trial balloons,” said Paul Nolte, managing director at Dearborn Partners. “They are getting a sense of the market’s reaction without actually changing policy,” he added. 

The Federal Open Market Committee will hold a two-day meeting next week. 

Watch Cooper Tire, Pfizer
Cooper Tire & Rubber, Pfizer and Yum Brands are among the stocks traders will be watching during market action. Polya Lesova reports. 

After a 119-point opening leap, the Dow Jones Industrial Average DJIA -0.84% fell as much as 140 points and ended at 14,995.23, a loss of 126.79 points, or 0.8%. 

The S&P 500 index SPX -0.84%  lost 13.61 points, or 0.8%, to 1,612.52, with consumer discretionary pacing losses that extended to all 10 of its major industry groups. 

The Nasdaq Composite COMP -1.06%  fell 36.52 points, or 1.1%, to 3,400.43. 

For each stock rising, more than four fell on the New York Stock Exchange, where nearly 686 million shares traded. 

Composite volume neared 3.2 billion. 

Volatility’s return to Wall Street can be traced to May 22, when Federal Reserve Chairman Ben Bernanke said the central bank could cut back on its monetary stimulus if the labor market shows “sustainable improvement.” 

“We literally spent the entire year without having three down days in a row, just grinding higher, and we never had more than a 3% decline up until May 22,” Art Hogan, market strategist at Lazard Capital Markets, said in a telephone interview late Tuesday. 

“The FOMC and Ben Bernanke have introduced volatility into the market for the first time this year, so the introduction of volatility seems extreme to us, but that’s only because we spent the first five months without it,” Hogan said. 

Dearborn Partners’ Nolte agreed, saying: “It seems more volatile only because of where we’ve been. It is a return to more normal volatility.”

“The concern over Armageddon is way overblown. I don’t see it as anything more than a correction; it doesn’t mean you rearrange your entire portfolio,” Nolte added. 

The Fed’s monetary easing and better-than-anticipated corporate results have fed a bull market now in a fifth year, pushing the S&P 500 up 139% from a 12-year low in 2009. 

On Wednesday, the U.S. dollar fell against the Japanese yen USDJPY -0.06% , which on Tuesday rose the most against the greenback in three years. 

One day after reaching a 14-month high, the yield on the 10-year Treasury note 10_YEAR +1.83%  used in determining mortgage rates and other consumer loans rose to 2.238%. 

“Global credit markets are calmer after a tumultuous selloff the past month, sending yields materially higher, but still very low compared with historical averages and where most rates were last year,” wrote Nick Raich, CEO at the Earnings Scout. 

“Despite, or maybe because of, the recent sharp rise in 30-year-mortgage rates to 4.15%, mortgage applications in the U.S. were up 16% last week after four weeks of terrible numbers,” Raich added.
On the New York Mercantile Exchange, the cost of crude rose, with oil futures CLN3 +0.47% up 50 cents at $95.88 a barrel, while gold futures GCQ3 +0.78%  added $15 to finish at $1,392 an ounce.
In deal news Wednesday, India’s Apollo Tyres Ltd. is acquiring Ohio’s Cooper Tire & Rubber Co. CTB +41.12%  in a $2.5 billion transaction. Shares of Cooper Tire rallied 41%. 

U.S. stocks fell sharply on Tuesday after the Bank of Japan kept its monetary policy steady, increasing fears that global central banks won't maintain their monetary easing. Unease as to when and by how much the Fed would taper its $85 billion in monthly bond purchases means the market’s recent return to volatility will persist until the Fed’s tapering plan becomes clear. Read: Pimco sees volatility here to stay and a global recession down the road
The Nikkei Stock Average JP:NIK -0.21% shook off a sharper initial drop to close down 0.2% on Wednesday to 13,289.32. In Europe, stocks ended lower Wednesday. 

On Thursday, the economic calendar includes government reports on initial jobless claims for last week, along with retail sales for May. 

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

Dow Closes Below 15000, Posts First 3-Day Losing Streak This Year: Wall Street at Close report by CNBC; June 12, 2013

Stocks finished near session lows in choppy trading Wednesday, with the Dow posting its first three-day losing streak this year, amid lingering worries of Fed tapering.
(Read More: Why Cyclicals Are Hot for Investors This Summer)

The dollar regained its footing against yen, after dropping as low as 95.16 earlier in the session. The dollar index, which measures the greenback's strength against a basket of currencies, touched its lowest level since February.

"Everyone's watching the yen," said Joe Saluzzi, co-manager of trading at Themis Trading. "Since 'Abenomics' took place in November, you can overlay the S&P 500 against the yen chart and see a nice correlation—so it makes sense to me that when the reverse happens, it should also happen in the stock market. The currency is the leader, not the laggard and it's all by central bankers."

Name Price Change %Change
DJIA Dow Jones Industrial Average 14995.23 -126.79 -0.84%
S&P 500 S&P 500 Index 1612.52 -13.61 -0.84%
NASDAQNasdaq Composite Index3400.43-36.52-1.06%

The Dow Jones Industrial Average finished down more than 100 points, dragged by American Express and IBM, logging its first three-day losing streak this year. The blue-chip index opened up more than 100 points but quickly erased its gains.

The S&P 500 and the Nasdaq also closed in the red, extending their losses from the previous session. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, spiked above 18.

All S&P sectors reversed their gains to trade lower, dragged by consumer discretionaries, financials and utilities.
Market Is Scared Of Inevitable Event: Pro Ken Kamen, president of Mercadien Asset Management, explains that investors shouldn't be afraid of rising interest rates and how tapering is "ultimately very bullish" for investors long term. 
Asian shares trimmed losses, after falling sharply in the previous session when the Bank of Japan refrained from introducing measures to ease market volatility. Financial markets in Hong Kong and China were shut on Wednesday for the Dragon Boat holidays, and will reopen on Thursday. In Europe, shares traded higher after the German government encouraged the country's highest court to dismiss a legal challenge to the European Central Bank's government bond-buying program. German Finance Minister Wolfgang Schaeuble said he did not think the ECB had violated its mandate, and that ECB policy was not subject to German law. The demonstration in Turkey grew more chaotic after police cleared Taksim Square early Wednesday. Prime Minister Tayyip Erdogan is expected to meet with the "organizers" of the anti-government protests which have spread throughout Turkey over the past two weeks. "Riots in Istanbul, central banks raising stop signs, bond yields on the rise and equity markets skidding; brace yourselves, we are in for a very rough ride over the coming weeks," wrote Evan Lucas, market strategist at IG. "All this news has led to one thing and one thing only — high volatility. The current 'correction' in the market is heading towards a confidence killer, and this will only see volatility moving even higher." (Read More: Hold On, Japan Bond Market Swings Aren't That Wild
Data traffic management software maker Gigamon surged more than 30 percent in its trading debut on the New York Stock Exchange. The company sold 6.75 million shares at $19 each, raising nearly $128 million. Hewlett-Packard jumped after CEO Meg Whitman told CNBC that revenue growth is "still possible" for the computer maker in its fiscal year 2014, but added the performance of the overall PC market is a wild card. Yum ticked higher even after the fast-food chains operator reported a 19 percent drop in China same-store sales in May. China is responsible for about half the sales for Yum, the parent of the KFC, Taco Bell, and Pizza Hut restaurant chains. Rambus soared after the company settled a patent case with South Korea's SK Hynix, which will pay the rival chipmaker $240 million. Lennar gained after Keefe Bruyeett & Woods upgraded the homebuilder to "outperform" from "market perform." Other homebuilders including Ryland and DRHorton gained. GlaxoSmithKline rose after the pharmaceutical giant dismissed its head of research and development in China, following an investigation that determined data used in a 2010 research paper was misrepresented. Pfizer advanced after the drugmaker said rival Teva Pharmaceuticals and Sun Pharmaceutical Industries would pay $2.15 billion to settle a patent infringement lawsuit related to its acid-reflux drug Protonix. Meanwhile, the Financial Times reported that Apple bonds had fallen by up to 9 percent in value in under six weeks. H&R Block and Men's Wearhouse are scheduled to post earnings after the closing bell. Treasury prices declined after the government sold $21 billion in 10-year notes at a high yield of 2.209 percent. The bid-to-cover ratio, an indicator of demand, was 2.53. Weekly mortgage applications rose for the first time in a month as a surge in interest rates pushed prospective home buyers to act, according to the Mortgage Bankers Association. —By CNBC's JeeYeon Park. Follow JeeYeon on Twitter:

Internet sales double; Vancouver's new universal access parks pass; Debut of Volvo with Westport fuel system: BIV Today's Business News; June 12, 2013.


Internet sales double over last five years: StatsCan

The dollar value of goods and services sold over the Internet by Canadian enterprises more than doubled between ... READ MORE


Vancouver company introduces “pay what they want” ticket fees for event organizers

Vancouver’s Picatic, a crowd-funding platform for event ticketing and management, has introduced a way for event organizers to ... READ MORE

Politics and Policy


City to offer universal access to recreation facilities

In a controversial move, the Vancouver Board of Parks and Recreation has ... READ MORE



Volvo debuts new bi-fuel car with Westport Innovations natural gas fuel system

The Volvo Car Group unveiled its new bi-fuel car featuring Westport Innovations’ (TSX:WPT)’s natural gas fuel system at ... READ MORE

More News...


Burnaby Board of Trade nets green award

CUPE support workers reach tentative deal with SFU

This Week's Issue


Is answer to B.C.'s energy needs blowing
in the wind?

Billions of dollars in proposed B.C. wind energy projects await new government power call ... READ MORE

The Conscience of a Liberal Same Old Economics, by Paul krugman: The New York Times Opinion Today June 12, 2013.

June 12, 2013

Opinion Today

Opinionator | The Conversation

Data, Data, What Do You See?

Brooks and Collins on domestic spying and foreign policy.
Giving up Tuna? Breathing Is Next

Giving up Tuna? Breathing Is Next

Regulating mercury emissions would also decrease the presence of other harmful toxins.
Out of India's Trash Heaps, More Than a Shred of Dignity
Opinionator | Fixes

Out of India's Trash Heaps, More Than a Shred of Dignity

A waste collection initiative is improving the environment, as well as the livelihoods and social standing of some of the poorest inhabitants in Pune, India.
Op-Ed Contributor

Healing the Overwhelmed Physician

Doctors also need help making sense of the latest medical studies.
Op-Ed Contributor

Hong Kong, a Strange Place to Seek Freedom

Edward J. Snowden's positive view of Hong Kong's protection of individual liberties does not match our reality.
A Whistle-Blower, a Criminal or Both
Room for Debate

A Whistle-Blower, a Criminal or Both

How should the government handle the case of Edward J. Snowden, who admitted disclosing secrets about N.S.A. surveillance?
Op-Ed Contributor

The Price of the Panopticon

Pervasive N.S.A. surveillance may pose unforeseen dangers.
The Sacking of Darien
Opinionator | Disunion

The Sacking of Darien

Robert Gould Shaw, the 54th Massachusetts and the destructive raid on a small Georgia town.
The Children of Taksim

The Children of Taksim

The protesters are proving to be just the kind of people the new Turkey needs.

Surveillance: A Threat to Democracy

Security can be achieved by less-intrusive or sweeping means, without trampling on democratic freedoms and basic rights.

Surveillance: Snowden Doesn't Rise to Traitor

Edward Snowden's leaks do not amount to treason, but he is likely going to be headed to jail regardless.

An Important Victory on Morning-After Pills

Allowing Plan B One-Step to be sold over the counter to girls and women of all ages is a significant step forward, but several concerns remain.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Are We Still at War?
Taking Note

Are We Still at War?

A Democratic lawmaker wants to repeal the force authorization passed after the 9/11 attacks.
Power and Privacy on the Internet

Power and Privacy on the Internet

The costs and consequences of lives shared online.
The Conscience of a Liberal

Same Old Economics

The bad ideas go round and round.
The Gun Report: June 12, 2013
Joe Nocera's Blog

The Gun Report: June 12, 2013

A day in the life of armed America.
Wild Moment: A Fawn Saved By Someone Else's Mom
Dot Earth Blog

Wild Moment: A Fawn Saved By Someone Else's Mom

An imperiled baby deer flees to a human mom before finding its own.