Translate

Search This Blog

Search Tool




Sep 4, 2013

Divided Senate Panel Approves Resolution on Syria Strike. NYT | Global update September 04, 2013:

The New York Times International Herald Tribune
September 4, 2013
Compiled 20:45 GMT

Global Update

TOP NEWS

Divided Senate Panel Approves Resolution on Syria Strike

By JONATHAN WEISMAN
The 10-to-7 vote in the Foreign Relations Committee sets up a showdown next week in the full Senate on whether President Obama should be given the authority to strike Syria.

Obama Says 'World Set a Red Line' on Chemical Arms

By PETER BAKER
Opening a three-day trip overseas, President Obama declared Wednesday that the confrontation with Syria over chemical weapons was not a personal test for him but for Congress, the United States and the world.

A Diminished Obama Heads to Russia for G-20 Meeting

By STEVEN LEE MYERS
The president's standing has undoubtedly suffered from recent turmoil over Syria and American spying, even though he can point to a strengthening economy.
Fashion & Style

Video: Countdown to Fashion Week: Final Touches

In the final installment of Countdown to Fashion Week, the designer Marissa Webb chooses hair and makeup to create strong but accessible looks for her collection.
Opinion

Op-Ed Contributor

The G-20's Rising Clout

By RISTO PENTTILÄ
The G-20 takes on a stronger role in informal international decision-making.
WORLD

Putin Says Proof of Chemical Arms Attack Not Enough to Justify U.S. Action

By DAVID M. HERSZENHORN
In an interview, President Vladimir V. Putin of Russia warned that an attack on Syria without authorization from the United Nations Security Council would violate international law.

Assad Wages War Shielded With a Smile

By NEIL MacFARQUHAR and BEN HUBBARD
President Bashar al-Assad's public activities mask increasing aggression in battle and belie fears among many supporters of an American attack.
BUSINESS

India's New Central Bank Leader May Have a Short Honeymoon

By KEITH BRADSHER
Glowing coverage of Raghuram Rajan, the incoming governor of the Reserve Bank of India, could be quickly eclipsed by escalating economic troubles.

U.S. Auto Sales Gained in Double Digits in August

By JACLYN TROP
General Motors, Ford and Chrysler all had strong months as lower lease payments helped dealers move the inventory of new cars and trucks.

Ryanair Warns Profit Could Fall Short

By NICOLA CLARK
The Dublin-based budget airline said that competition in an environment of austerity could limit its income.
TECHNOLOGY
Bits Blog

How Tech Remakes Space, Food and Urgency

By QUENTIN HARDY
Cloud computing and mobility are not just powerful technologies in themselves. They are affecting the way we think about work, offices, even food.

Someday Worth Billions, but Now, They Need a Desk

By QUENTIN HARDY
As tech start-ups push demand for office space in San Francisco, RocketSpace is responding with long tables, Internet access and rules against getting too big.
State of the Art

A Stringless Piano From Yamaha Even Van Cliburn Could Love

By DAVID POGUE
To its line of hybrid grand and upright pianos, Yamaha adds the AvantGrand NU1 - more compact and less expensive, but with real piano sound, not digital noise.
SPORTS

Rich Club, Poor Club

By JOHN BRANCH
The exclusive St. Francis Yacht Club has a history of winning every major sailing race, except the biggest one, which was won by its less-distinguished neighbor, the Golden Gate Yacht Club.

To Vladivostok and Beyond

By STEVEN LEE MYERS
Despite its turbulent history and uncertain finances, the Kontinental Hockey League, based in Russia, is set to open its sixth season with 28 teams in 8 nations and 9 time zones.

Murray Wobbles, but Regains Command in Win

By BEN ROTHENBERG
No. 3 Andy Murray faltered in a first-set tiebreaker, but came back to beat the unseeded Denis Istomin of Uzbekistan.
U.S. NEWS

65 Years Later, a Memorial Gives Names to Crash Victims

By MALIA WOLLAN
Twenty-eight Mexican victims of a plane crash in 1948 were memorialized in Fresno, Calif., with a new gravestone that lists their names.

As Debate Reopens, Food Stamp Recipients Continue to Squeeze

By SHERYL GAY STOLBERG
As lawmakers cast the fight in terms of spending, budget analysts and hunger relief advocates warn of a spike in "food insecurity" among Americans.

V.A. to Provide Spousal Benefits to Gays, Administration Says

By CHARLIE SAVAGE
In a letter, Attorney General Eric H. Holder Jr. said President Obama had directed the executive branch to stop obeying a statute that limits such benefits to spouses "of the opposite sex."
OPINION
Op-Ed Contributor

The G-20's Rising Clout

By RISTO PENTTILÄ
The G-20 takes on a stronger role in informal international decision-making.
Op-Ed Columnist

Shadow of a Doubt

By MAUREEN DOWD
A bewildering time in bizarro world: all the sides are scrambled as the shadow of Iraq looms over Syria.
Op-Ed Columnist

Arm and Shame

By THOMAS L. FRIEDMAN
The United States should definitely respond to Syria's murder of innocent civilians with poison gas. But a limited "shock and awe" missile attack isn't the best strategy.

DealBook P.M Edition September 04, 2013: Verizon's Big Deal Financing Moves Quickly, as Debt Markets Remain Open



Wednesday, September 4, 2013
TOP STORY
Verizon's Big Deal Financing Moves Quickly, as Debt Markets Remain Open Verizon's deal, which included $61 billion in financing, highlights what bankers describe as the continued healthiness of the debt markets.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    Related's Ross Gives $200 Million to University of Michigan The $200 million gift from the real estate developer Stephen M. Ross is the single largest gift in the university's history.
    Start-Up Brings an Internet Sensibility to Time Shares The investors in the current round of seed financing include top executives or former executives of Zillow, eHarmony, Expedia, Loopnet and Starwood Capital.
    Lending Start-Up CommonBond Raises $100 Million, With Pandit as Investor Vikram S. Pandit, a former chief executive of Citigroup, is betting that a start-up that lends to M.B.A. students and refinances existing debt will be able to compete with the giants of Wall Street.
    Bank of America Suit Against Two Ex-Bear Stearns Executives Is Dismissed A federal judge dismissed a lawsuit brought by Bank of America against two former Bear Stearns executives that accused them of lying about the health of their hedge funds.
    Breakingviews: Stock Sale Looks Right for LinkedIn Even though LinkedIn does not need the money, its plans to raise $1 billion through a stock sale looks a lot better for shareholders than an overpriced buyback, says Robert Cyran.
    LOOKING AHEAD
    Economic Data Information to be released this week includes weekly jobless claims, ADP employment for August, and factory orders for July (Thursday); and the United States unemployment report for August (Friday).
    Corporate Earnings Companies scheduled to report results include Smith & Wesson (Thursday); and Smithfield Foods (Friday).
    Overseas On Thursday, the Group of 20 nations will begin its annual two-day conference in St. Petersburg, Russia; and the Bank of England and the European Central Bank will issue decisions on interest rates and monetary policy.


     

Wall Street at Close Report by MarketWatch September 04, 2013: U.S. Stock Rise Fueled by Ford; Syria Shares in Focus.


U.S. stock rise fueled by Ford; Syria shares focus

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch)U.S. stocks gained Wednesday for a second straight day as Ford Motor Co. posted its best retail-sales month in seven years, while investors kept one eye trained on the debate over prospective U.S. intervention in the Syrian civil war. 


“Everybody was so focused on political dysfunction with the coming debt-ceiling debate, and this latest international crisis has shown a very unusual bipartisanship coming out of Washington,” said Ron Florence, Wells Fargo’s deputy chief investment officer for investment strategy.
After an early 35-point retreat, the Dow Jones Industrial Average DJIA +0.65% rose as much as 123 points and finished up 96.91 points, or 0.7%, at 14,930.87. 

“The short-term volatility is all around how the world is going to respond to a humanitarian crisis,” Florence added. 

The Federal Reserve released its Beige Book survey of economic conditions, which found the U.S. economy grew at a modest to moderate pace in July and August and offered few new clues as to the timing and scale of the anticipated cutback in the Fed’s $85 billion in monthly bond purchases.
The central bank’s report confirmed it is “moving down the road of being able to pull their foot off the accelerator in the fourth quarter,” said Florence. 

“I wish they would start it sooner, rather than later. People will realize that going from $85 billion to $65 billion, or whatever number they pick, is not going to be a catastrophic event,” said Florence.
Intel Corp. INTC -0.11% set the pace as 26 of the Dow’s 30 components rose. Leading blue-chip losses, Microsoft Corp. MSFT -0.08% fell 2.2% after Morgan Stanley cut its rating on the software maker following its deal to acquire Nokia Corp.’s NOK +4.10% devices business. 

Benchmark indexes traveled to session highs as U.S. Secretary of State John Kerry and Secretary of Defense Chuck Hagel spoke at a House hearing on the White House request for congressional approval of a limited strike against the Syrian regime. 

The Senate Foreign Relations Committee in the afternoon approved a resolution supporting the use of U.S. military force in Syria.
 

Watch LinkedIn, HandR Block
Polya Lesova takes a look at stocks under the microscope Wednesday, including LinkedIn, Dollar General and HandR Block. 

The S&P 500 index SPX +0.81% advanced 13.31 points, or 0.8%, to 1,653.08, with telecommunications and health care the best performers and utilities the sole decliner among its 10 major industries. 

Shares of E-Trade Financial Corp. ETFC +8.05% rallied 8.1% after the company said regulators had approved its request to use capital from its bank subsidiary for wider corporate purposes. 

Bolstering technology shares, Apple Inc. AAPL +0.25% rose $10.11, or 2.1%, to $498.69 after Cantor Fitzgerald LP started coverage of its shares with a buy rating and a 12-month target of $777. Apple has scheduled a Sept. 10 event to display its new iPhone models and further stoked investor optimism by announcing a second event in Beijing a day later. 

Shares of LinkedIn Corp. LNKD -2.06% fell 2.9% after the professional-networking site said in a securities filing it would sell 4.17 million shares of its Class A stock, estimating it would reap $1 billion. 

The Nasdaq Composite COMP +1.01% rose 36.43 points, or 1%, to 3,649.04. 

The Nasdaq NDAQ +0.56% experienced another glitch with its main data feed, which halted trading for roughly three hours almost two weeks ago. The exchange said the outage affected its ability to transmit quotes in stock symbols “PC” through “SPZ.” The trouble has been resolved, and trading was not impacted, Nasdaq said. 

Advancers pulled ahead of decliners by a more than 2-to-1 ratio on the New York Stock Exchange, where 728 million shares traded. Composite volume surpassed 3.2 billion. 


 
“Equity investors appear to be reacting to a positive outlook reflected by Ford’s decision to boost output — itself a sign that a Fed tapering would arrive as the economy is strengthening, not weakening,” wrote Andrew Wilkinson, chief economic strategist at Miller Tabak & Co., referring to the consensus expectation that the Federal Reserve would begin scaling back its monetary stimulus later this month. 

“People are catching up to the news that has been coming out around manufacturing here, and better consumption in the global marketplace that is supporting our economy, and Europe has turned,” said Florence. 

In a televised news conference with Sweden’s prime minister, President Barack Obama continued to make his case for a military response to the alleged use of chemical weapons against civilians in Syria last month. 

“We believe very strongly, with high confidence, that chemical weapons were used; we want to join with the international community for an effective response,” Obama said. “Even Syria doesn’t deny they were used; the only remaining dispute is who used them.” Obama was in Stockholm, en route to a Group of 20 meeting in St. Petersburg, Russia, while his top national-security aides briefed lawmakers in public and private hearings on Capitol Hill. 

The president also said the world should not find excuses not to act and that he believes a strong message can be sent to the Syrian regime. 

“It was this reach-out in such terms that resulted in the drop in oil and gold,” said Peter Boockvar, chief market strategist at the Lindsey Group LLC, in emailed comments.
On the New York Mercantile Exchange, both crude and gold futures fell, with oil CLV3 +0.09% down $1.31, or 1.2%, at $107.23 a barrel and gold GCZ3 +0.19% losing $22, or 1.6%, to $1,390 an ounce. 

The U.S. dollar DXY +0.04% edged lower against currency rivals including the euro EURUSD -0.05% . Longer-dated U.S. Treasury prices fell, with the yield on the 10-year note 10_YEAR +0.21% rising 5 basis points to 2.898%. 

Ahead of Wednesday’s Beige Book release, San Francisco Fed President John Williams had said the central bank should start curtailing stimulus later this year and stop it altogether by the middle of next year, so long as the labor market continues to improve and inflation rises toward 2%. 

On Friday, the government releases U.S. payrolls data for August, with the monthly report coming a day after Automatic Data Processing Inc. releases hiring data for last month. The labor market is a concern of the Fed and would likely factor into any decisions made at the Federal Open Market Committee gathering later this month. 

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

Wall Street at Close Report by CNBC September 04, 2013: Stocks end Higher for Second Session, Dow Jumps 100; Syria Remains in Focus.

Stocks end higher for second session, Dow jumps 100; Syria remains in focus

Stocks closed higher for a second session Wednesday, with the Dow logging its biggest gain in over a month, following the Fed's upbeat Beige Book report and as the White House pressed its case for military action in Syria.
Name Price Change %Change
DJIA Dow Jones Industrial Average 14930.87
96.91 0.65%
S&P 500 SandP 500 Index 1653.08
13.31 0.81%
NASDAQ Nasdaq Composite Index 3649.04
36.43 1.01%

The Dow Jones Industrial Average rallied 96.91 points to finish at 14,930.87, propelled by Intel and  
Coca-Cola, while Microsoft led the laggards.
The SandP 500 climbed 13.31 points to end at 1,653.08. And the Nasdaq jumped 36.43 points, or 1.01 percent, to close at 3,649.04.
Earlier, the Nasdaq briefly suffered another problem with its main data feed that was at the center of the outage that brought trading in Nasdaq securities to a halt for about three hours nearly two weeks ago. A Securities and Exchange Commission spokesman said the agency is in contact with the Nasdaq and is monitoring developments related to the data feed problem.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, declined near 16.
Most key SandP sectors were in positive territory, led by techs and financials. Utilities held modest losses.
(Read more: Cramer: This sector in an 'amazing renaissance')

90 Seconds with Art Cashin: 'Bulls have to regroup'
CNBC's Mary Thompson and Art Cashin, of UBS, discuss whether traders are concerned about Syria. "I think traders are past Syria, and wondering whether they can live with the tapering," says Cashin.
The U.S. economy expanded at a "modest to moderate" pace in most of the country between early July and late August, according to a Federal Reserve's Beige Book, its region-by-region assessment of the economy, suggesting that the economy is reaching the point where the central bank could pull back on its asset-purchase program. San Francisco Fed President John Williams said the central bank should start to trim its bond-buying program later this year and end it mid-2014, as long as the job market continues to heal and inflation heads back up toward 2 percent. Meanwhile, President Obama urged lawmakers to approve his plan for a military strike on Syria during a news conference in Stockholm, adding the "international community's credibility is on the line." Obama's remarks came a day before the G-20 summit in St. Petersburg, hosted by Vladimir Putin. Obama said he held out hope that the Russian president would back away from his support for Assad. U.S. Senate foreign relations panel passed authorization for use of military force in Syria. The vote by the panel clears the way for a vote on the resolution in the full Senate, likely next week. On Tuesday, Obama clinched the backing of key Congress members including House Speaker John Boehner.  (Read more: Why oil prices may remain strong, war or no war)   On the economic front, the U.S. trade deficit increased 13.3 percent to $39.1 billion in July, according to the Commerce Department. Economists polled by Reuters had expected the trade deficit to rise to $38.7 billion. Weekly mortgage applications climbed for the first time in four weeks as rates declined from their highest level this year, although demand for purchase loans dipped, according to the Mortgage Bankers Association.
The Labor Department is expected to release its widely-watched employment report on Friday, ahead of the Fed's September policy-setting meeting. Economists polled by Reuters expect non-farm payrolls to have increased by 180,000 jobs last month, up from a gain of 162,000 the month prior. "The non-farm payrolls report for August released on Friday will likely prove far more crucial (than Wednesday's data), given the importance of labor market conditions and as such will likely generate a much greater reaction in financial markets," wrote Bank of Tokyo-Mitsubishi's Lee Hardman. Ford Motor advanced after the automaker posted sales that climbed 12 percent from a year ago, logging its best month since August 2006. General Motors also rose after the company posted sales that jumped almost 15 percent. And rival Toyota posted August sales that surged nearly 23 percent. Apple climbed near the $500 a day after the tech giant sent official invitations to a Sept. 10 event at which it is expected to unveil the latest version of the iPhone. Cantor Fitzgerald initiated coverage of the company with a "buy" rating and a price target of $777. And Wells Fargo raised its valuation range on the iPhone maker to $525-$575 from $485-$525. Qualcomm edged higher after the tech company introduced its "Toq" smartwatch, a wrist-worn device that can play music and handle phone calls and messages. Earlier, Samsung Electronics unveiled its much-anticipated "Galaxy Gear" smartwatch in Berlin. The company also introduced its new Galaxy Note 3 smartphone and the 2014 edition of its tablet the Galaxy Note 10.1. Chipmakers Micron and SanDisk both rallied following reports of a fire at flash memory-maker SK Hynix's factory in Wuxi, China. Among earnings, Dollar General climbed after the value retailer posted quarterly results that topped Wall Street expectations, thanks to strong demand for its perishables, snacks and recently-added tobacco products. H&R Block slumped after the tax preparer posted a wider-than-expected quarterly loss. At least two brokerages slashed their price targets on the company. E-Trade soared to lead the S&P 500 gainers after the brokerage said its banking unit received regulatory approval to make a $100 million dividend payment to the parent company in September. In other news, the Bank of Japan kicked off a two-day monetary policy meeting on Wednesday. While no new policy action is expected, the Asahi newspaper reported that the central bank may consider further easing if Prime Minister Shinzo Abe decides to hike sales taxes.
By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:

BIV Today's Business News September 04, 2013: Housing benchmark price dips slightly, market remains active: REBGV

Real Estate and Development

Housing benchmark price dips slightly, market remains active: REBGV

The benchmark price for all residential properties in Greater Vancouver was ... READ MORE

Economy and Finance

 

Bank of Canada to maintain 1% overnight rate

The overnight rate target will once again remain at 1%, the Bank of Canada ... READ MORE

Mining and Energy

 

Victoria streamlines mineral exploration permit process

Mining exploration companies operating in British Columbia got some good news from Victoria September 3 as the provincial government announced ... READ MORE

Hospitality and Tourism

 

Executive Group begins construction on New York hotel

Vancouver’s Executive Group has begun construction on a 163-suite boutique luxury hotel in ... READ MORE

More News...

   

Vancouver skin care company expanding to Seattle

New airline coming to YVR

CIBT sells subsidiary to exit increasingly competitive ESL sector

This Week's Issue

 

Student debt an economic threat in B.C.

High cost of B.C. living and
difficulties in finding suitable jobs
after school exacerbating local
financial challenges ... READ MORE


CMI | Spot Prices as of Trading in New York September 04, 2013.



Spot Prices as of close of trading in New York
Wednesday, September 04, 2013

Updated 9/04/2013 Today Change Week Ago Month Ago Year Ago
GOLD $1,391.95 -$21.90 $1,420.55 $1,311.65 $1,695.10
SILVER $23.50 -$1.01 $24.45 $19.98 $32.43
PLATINUM $1,498.80 -$44.70 $1,543.30 $1,454.50 $1,570.00
PALLADIUM $703.70 -$14.60 $749.30 $734.40 $645.00
GOLD/SILVER RATIO 59.23