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Sep 25, 2013

Asian Stock Markets at Present September 25, 2013.


 Hong Kong stocks fall, exchange operator declines LOS ANGELES (MarketWatch) -- Chinese stocks pulled lower Wednesday, with caution ahead of next week's holiday closure. Hong Kong's Hang Seng Index fell 159 points, or 0.7, to 23,055, and the Hang Seng China Enterprises Index dropped 0.9%, as investors also kept watch on a possible government shutdown next week in Washington. Shares of logistics and distribution firm Li&Fung Ltd. fell 3.9% after a report that Wal-Mart Stores Inc. is cutting orders to reduce inventory. Also lower were shares of Hong Kong Exchanges & Clearing Ltd. , down 1.1% after a breakdown in talks with ecommerce company Alibaba Group Holding Ltd. about listing its initial public offering in Hong Kong. Financial and property shares also struggled early in the session. On the mainland, the Shanghai Composite fell 0.8%. 10:16 p.m. Today
Australia stocks fall, with banks leading declines LOS ANGELES (MarketWatch) -- Australian stocks declined Thursday, keying off losses on Wall Street where concerns about a possible government shutdown in Washington next week lingered. The S&P/ASX 200 fell 23 points, or 0.4%, to 5,253.30, giving up roughly half of its gains from the previous session. Financial issues paced decliners as National Australia Bank Ltd. lost 1%, and Australia & New Zealand Banking Group pulled 0.6% lower. Retailers sagged and the energy group slumped after oil futures dropped for a fifth consecutive session overnight. Shares of Woodside Petroleum Ltd. gave up 0.4%. Mining stocks, however, outperformed the broader market, with Rio Tinto Ltd. up by 0.7%. Meanwhile, stock in Telstra Corp. shed 0.1% after the telecommunications company said it will cut 1,100 jobs as part of a restructuring effort. 8:52 p.m. Today
Japan stocks fall, many trade ex-dividend LOS ANGELES (MarketWatch) - Japanese equities fell Thursday, as many major issues traded ex-dividend and after declines on Wall Street left the S&P 500 Index with its longest losing streak this year. The Nikkei Stock Average fell 64 points, or 0.4%, at 14,556.81, on track for a fourth day of declines, and the broader Topix lost 0.6%. Among financial shares trading without dividend rights, Nomura Holdings Inc. lost 0.9%, and Mizuho Trust & Banking Co. shed 0.5%. Elsewhere, shares of Advantest Corp. sank 7.5% after the maker of testing systems for memory chips projected a yearly net loss because demand for chips has been weaker than anticipated. 8:33 p.m. Today

Jim Rogers Rand Radio Interview September 24, 2013.

Government shutdown could come in only five days: RTAmerica September 25, 2013.

NYT | Global Update September 25, 2013: For Obama, an Evolving Doctrine on Foreign Policy

The New York Times International Herald Tribune
September 25, 2013
Compiled 20:45 GMT

Global Update

News Analysis

For Obama, an Evolving Doctrine on Foreign Policy

President Obama told world leaders on Tuesday that he was devoting the rest of his presidency to a negotiated end to the Iran confrontation, and creating a separate state for the Palestinians.

Obama and Rouhani Miss Each Other, Diplomatically, at U.N.

The near miss between President Obama and President Hassan Rouhani of Iran illustrates the political sensitivities that will affect both leaders as they try to embark on a diplomatic path.

49% in Poll Fault Obama on Policies Outside U.S.

About half of Americans disapprove of the way President Obama is handling foreign policy, according to the latest New York Times/CBS News poll.

Video: 105 Seconds With Pogue: Sony QX

The Times's David Pogue checks out the Sony QX camera, which adapts to smartphones.

Op-Ed Contributor

Kenya's Brutal Coming of Age

The mall attack heralds a difficult period for a country waging a war that is both beyond its borders and close to home.

Iran's New President Preaches Tolerance in First U.N. Appearance

In a widely awaited speech, Hassan Rouhani denounced as a form of violence the Western sanctions imposed on Iran and said nuclear weapons would never be part of its future.

Iran's New President Condemns Holocaust as a Crime

An interview with CNN was part of an energetic effort by President Hassan Rouhani of Iran to distinguish himself from his bombastic predecessor.

Crowded Singapore Looks Below for Room to Grow

The city-state is looking at the possibility of an Underground Science City containing 40 interconnected caverns for data centers and research labs.

Atomic Goal: 800 Years of Power From Waste

TerraPower, a start-up led by Bill Gates, is at work on a new kind of reactor that would be fueled by today's nuclear waste.

ICAP to Pay $87 Million Fine in Libor-Fixing Case

The Justice Department also brought criminal charges against three former ICAP employees on Wednesday over their roles in manipulating the benchmark London interbank offered rate.

Researchers Build a Working Carbon Nanotube Computer

The achievement was reported in the journal Nature on Wednesday. Carbon nanotubes are viewed as having the potential to extend the limits of silicon.
Bits Blog

On YouTube, 'Lyrics Videos' Mark a New Genre

Once a kind of fan tribute, "lyrics videos" have become so successful on YouTube that major musicians like Katy Perry and the Rolling Stones are now producing their own.

Alibaba Is Said to Move Toward an I.P.O. in the U.S.

The Chinese Internet company has ended talks with the Hong Kong stock exchange over an initial public offering.

After Comeback for the Ages, a Last Dash for America's Cup

After winning seven races in succession, including two Tuesday, Oracle Team USA, the Cup defender, has tied the series with Emirates Team New Zealand at 8-8.

Building a World Cup Stadium in the Amazon

Organizers face extraordinary hurdles, from humidity to bureaucracy, in the construction of a 42,000-seat stadium in Manaus, a city in the midst of the rain forest.

There Is Much More to Soccer Than Statistics

Numbers have their uses, but they cannot indicate what is going on between mind, body and soul. They cannot (yet) give a reading on creative imagination.

Shooter Believed Mind Was Under Attack, Official Says

Aaron Alexis believed he was being controlled by "extremely low frequency" electromagnetic waves, said the official overseeing the investigation into the navy yard shootings.

In Corner of Arkansas, Frustration but No Panic Over Possible Shutdown

Residents of northwestern Arkansas see the turmoil over a possible debt default as the new normal of Washington rather than a seminal political moment likely to affect their lives.

Treasury Puts a Date on When Cash May Run Out: Oct. 17

Treasury Secretary Jacob J. Lew warned in a letter to Speaker John A. Boehner on Wednesday that the government may not be able to pay its bills in mid-October unless a budget deal is made.
Op-Ed Contributor

Kenya's Brutal Coming of Age

The mall attack heralds a difficult period for a country waging a war that is both beyond its borders and close to home.

President Obama at the United Nations

Iran topped the agenda in the president's address to the General Assembly, but he acknowledged other challenges as well.
Op-Ed Columnist

No Brief Encounter

President Obama can't catch a break, or even a hand.


The New York Times | MY ALERTS


Compiled: September 25, 2013 04:36:12 PM


Majority of Americans Doubt Benefits of Fed Stimulus
Only one in three Americans has confidence in the Federal Reserve’s ability to promote economic growth.

CFTC can't stop market rigging when U.S. government does it -- it's the law: GATA | THE GATA DISPATCH SEPTEMBER 25, 2013.

CFTC can't stop market rigging when U.S. government does it -- it's the law

2:17p ET Wednesday, September 25, 2013

Today's dismissal by the U.S. Commodity Futures Trading Commission of complaints about manipulation of the silver market leaves plenty of room for a conclusion opposite from the one that news reports will publicize -- that there's no evidence of manipulation.
Indeed, while GATA is grateful to the CFTC for the hearing the agency held on the issue on March 25, 2010 --

-- and particularly grateful to CFTC Commissioner Bart Chilton for arranging GATA's participation at the hearing, GATA always has warned that the CFTC's supervision of the monetary metals markets is likely trumped by the authorization given by federal law to the U.S. Treasury Department to rig all markets, and even to do it surreptitiously.

If the U.S. government is using intermediaries like investment and bullion banks to rig the monetary metals markets, those intermediaries presumably would be exempt from ordinary market regulations. And of course the main suspect in the rigging of the silver market, JPMorganChase & Co., long has said that it doesn't trade the monetary metals for itself but only for "clients," and the U.S. government long has been the bank's client in various markets every day, the bank being a primary dealer in U.S. government securities.

GATA's lawyers noted the government's market-rigging authority soon after our organization was formally incorporated in January 1999. The authority was given in the Gold Reserve Act of 1934, which established the Exchange Stabilization Fund in the Treasury Department. As the department notes on its Internet site --
-- the act, as amended since 1934, says: "Consistent with the obligations of the government in the International Monetary Fund on orderly exchange arrangements and an orderly system of exchange rates, the secretary ... with the approval of the president, may deal in gold, foreign exchange, and other instruments of credit and securities."

That authority plainly covers everything financial on the planet and is essentially a declaration of economic war on every other country.

Two years later GATA bumped into the Exchange Stabilization Fund again. It happened on November 5, 2001, during a hearing held in U.S. District Court in Boston in the anti-trust lawsuit brought by GATA consultant Reginald Howe against the Bank for International Settlements, the Treasury Department, the Federal Reserve, and their investment bank agents, a lawsuit complaining of manipulation the gold market: 
Your secretary/treasurer attended the hearing and reported about it that night:

From that report: "One of the lawyers for the government asserted the government's right, under the laws establishing the Federal Reserve Board and the U.S. Treasury Department's Exchange Stabilization Fund, to trade in gold in a way affecting gold's price. That is, he seemed to be claiming, on behalf of the government, the right to do exactly what the lawsuit complains of, without actually admitting that this was happening."
The judge in the Howe lawsuit never had to interpret the Gold Reserve Act and the authority of the Exchange Stabilization Fund; he dismissed the lawsuit on jurisdictional grounds. Still, the lawsuit was valuable for publicizing market manipulation and the government's claim of legal authority to manipulate markets.
As always the problem is getting the mainstream financial news media and mining company executives to examine the evidence and mechanisms of market rigging, which is the prerequisite for doing something about them. By e-mail your secretary/treasurer today will appeal again to various financial journalists to do a little research here. I'll also be calling attention to the evidence and mechanisms next month during presentations in Asia, Australia, and New Zealand.
In light of the provisions of the Gold Reserve Act, today's abdication by the CFTC is completely consistent with monetary metals market manipulation as legal U.S. government policy.

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

* * *

BIV Today's Business News September 25, 2013: Saskatchewan train derailment causes outage for Rogers wireless


Saskatchewan train derailment causes outage for Rogers wireless

If you are a Rogers Communications Inc. (TSX:RCI) or Fido customer, you may have ... READ MORE

Hospitality and Tourism


Paragon reveals partnership for $535m resort next to BC Place

Paragon Development Ltd. announced September 24 that it is partnering with 360 Vox Corp. (TSX-V: VOX) and that the company's ... READ MORE

Economy and Finance


Business leaders call for expanding income base for prosperity fund

Tying minimum-wage increases to inflation and expanding revenue sources for ... READ MORE


B.C. investors re-enter stock market in 2013

Do-it-yourself investors have jumped back into the market in 2013. According to J.D. Power and Associates’ fifth annual ... READ MORE

More News...


Asia-Pacific to be world hub for high net worth individuals as early as 2014: RBC

Thompson Creek Metals announces production of copper-gold concentrate at Mount Milligan mine

CFIB launches online small business directory

First Nations leaders sign fisheries MOU with federal government

This Week's Issue


Infrastructure conference advocates road tolling

Convention focusing on bridge tolls and other road-pricing options rolls into Vancouver ... READ MORE

CMI | Gold & Silver Spot Prices at Close in NY Report September 25, 2013.

CMI Gold and Silver

Spot Prices as of close of trading in New York
Wednesday, September 25, 2013
Updated 9/25/2013 Today Change Week Ago Month Ago Year Ago
GOLD $1,336.85 +$13.37 $1,308.15 $1,333.15 $1,765.60
SILVER $21.91 +$0.20 $21.59 $21.92 $33.98
PLATINUM $1,432.50 +$0.50 $1,436.70 $1,435.20 $1,635.10
PALLADIUM $728.00 +$2.00 $701.50 $724.00 $644.00

DealBook P.M. Edition September 25, 2013: The Trade: In JPMorgan Case, a Missed Opportunity to Charge Its Executives

Wednesday, September 25, 2013

In JPMorgan Case, a Missed Opportunity to Charge Its Executives
The Trade: In JPMorgan Case, a Missed Opportunity to Charge Its Executives The Securities and Exchange Commission wrung an admission of wrongdoing out of the bank, but it did not charge any top executives with misleading disclosure, says Jesse Eisinger of ProPublica.
DEALBOOK » | DealBook: JPMorgan May Settle With Group of Agencies

A group of city retirees protested against any cuts in their pensions in downtown Detroit in August.
Undisclosed Payments Cost Detroit Pension Plan Billions For decades, Detroit's municipal pension fund made undisclosed payments to retirees, active workers and others, costing the city billions of dollars.
Britain Sues Over Caps on Bankers' Bonuses
Britain Sues Over Caps on Bankers' Bonuses Britain said on Wednesday that it had filed a lawsuit at the European Court of Justice contesting a proposed cap on bankers' bonuses.
ICAP to Pay $87 Million Fine in Libor-Fixing Case
ICAP to Pay $87 Million Fine in Libor-Fixing Case The Justice Department also brought criminal charges against three former ICAP employees on Wednesday over their roles in manipulating the benchmark London interbank offered rate.
Things Traders Say, ICAP Edition
Things Traders Say, ICAP Edition Curry meals, Champagne and steaks were among the rewards promised to ICAP brokers, according to documents released on Wednesday by authorities in a Libor manipulation case.
Stryker to Buy MAKO Surgical for $1.65 Billion
Stryker to Buy MAKO Surgical for $1.65 Billion The price of $30 a share represents a huge 86 percent premium for MAKO, which makes tools for robotic assisted surgery in orthopedics.
Jack Ma, the founder of Alibaba.
Alibaba Is Said to Move Toward an I.P.O. in the U.S. The Chinese Internet company has ended talks with the Hong Kong stock exchange over an initial public offering.
Reuters Breakingviews: It's Time for Bill Gates to Part Ways With Microsoft Bill Gates's many talents don't include effectiveness as chairman. Under his leadership, Microsoft's board left Mr. Ballmer in place too long, says Robert Cyran.
Economic Reports Data to be released will include the final revision of the nation's gross domestic product for the second quarter, initial applications for unemployment benefits, and pending home sales for August (Thursday); and personal spending and income for August and the University of Michigan's consumer confidence index for September (Friday).
Corporate Earnings Companies scheduled to report results this week include Nike (Thursday); and BlackBerry (Friday).
Overseas On Thursday, a consumer confidence index for France and the final estimate of Britain's second-quarter gross domestic product are to be released. 
Quotation of the Day
"If you can get them up there and keep them there tomorrow reckon the trader from UBS Tokyo will come over and buy you a curry himself!"
An e-mail exchange between an ICAP employee and an unnamed trader that accompanied the latest Libor settlement.