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Oct 10, 2013

NYT | ALERT FGC BOLSA -FGC FINANCIAL MARKETS OCTOBER 10, 2013: Letters The G.O.P. Role in the Fiscal Crisis

The New York Times | MY ALERTS

FGC BOLSA- FGC FIN

Compiled: October 10, 2013 10:09:40 PM

Letters

The G.O.P. Role in the Fiscal Crisis
Readers discuss Republican attitudes toward business interests and default.

Dealing With Default by Paul Krugman: NYT | ALERT FGC BOLSA - FGC FINANCIAL MARKETS OCTOBER 10, 2013:

The New York Times | MY ALERTS

FGC BOLSA- FGC FIN

Compiled: October 10, 2013 09:39:42 PM

Op-Ed Columnist

Dealing With Default
There are no good choices if we hit that debt ceiling. Which bad choice would do the least harm?

The White House October 10, 2013: West Wing Week 10/11/13 or "The Shutdown Edition: Week Two".


Novel Prompts Reflections on Our Technological Lives: Bits Daily Report October 10, 2013.




Daily Report
Novel Prompts Reflections on Our Technological Lives | Book critics are divided over the quality of Dave Eggers's highly anticipated novel "The Circle," which went on sale Tuesday. Is it an eviscerating takedown of the tech industry? Or is it a sanctimonious screed that fails to understand its subject? But in Silicon Valley and beyond, the book's theme promises to spark an even bigger debate over the 21st-century hyperconnected world that Mr. Eggers describes, Julie Bosman and Claire Cain Miller report.
Set in an "undefined future time," the novel tells the story of Mae Holland, a young idealist who comes to work at the Circle, an immensely powerful technology company that has conquered all its competitors by creating a single log-in for people to search, shop and socialize online.
Initial orders have lifted the book to No. 21 on Amazon, no small achievement for literary fiction, and booksellers reported selling copies almost immediately after opening their doors on Tuesday.
In the tech world, some readers have bristled at the reflection of their world. "It makes me feel defensive because it hits home," said Esther Dyson, an investor in tech start-ups.
Other early readers of the book said they were reconsidering their attachment to the Internet. In an essay titled "Dave Eggers Made Me Quit Twitter," Michele Filgate, a writer and bookseller in Brooklyn, wrote about her experience swearing off social media for a week, an experiment prompted by the unsettling feeling the book produced.
"I hope that it allows people to step back and have a conversation about how we want to use technology," said Jennifer Jackson, Mr. Eggers's editor at Knopf. "I don't think that this book is really going to make people stop using social media and I don't think that's at all Dave's intent. This book is going to make people be more thoughtful - that's my hope." Mr. Eggers, who lives in the Bay Area, declined to be interviewed. He is not doing any readings or events to publicize the book.


From The Times
John Legere, T-Mobile's chief, expects new customer influx.
T-Mobile to Make It Cheaper to Make Calls While Abroad | The carrier's new plan will charge 20 cents a minute for voice calls overseas, with unlimited data and text.
Computers on sale at a store in Chicago. IDC said that Lenovo was the world's largest PC maker in the third quarter.
PC Shipments: It Could Have Been Worse (and Probably Will Be) | The third quarter was another tough one for personal computers on a global basis, though less than in the recent past.
Stun Guns and Video Generate a Surprising Match
Stun Guns and Video Generate a Surprising Match | Taser International, a maker of electronic stun guns, plans to announce that it has acquired a start-up that is in a business that seems to have almost no connection with its own.
A Conversation With Lavabit's Founder | Ladar Levison, the founder of the secure e-mail service, sat down with The Times's Marcus Mabry to discuss how he has become a symbol in the backlash against government spying.
Comcast Hopes to Promote TV Shows in Twitter Deal | A new feature, See It, is meant to make it easy to move from reading comments about a show to watching that show.
Weill to Invest in Silicon Valley Finance Start-Up
Weill to Invest in Silicon Valley Finance Start-Up | Sanford I. Weill, who built Citigroup into a behemoth through a series of deals, has invested in Level, a start-up in San Francisco that aims to make it easier for young people to manage their finances.
The Evolution of Verizon's Higher Bid for Its Wireless Unit
The Evolution of Verizon's Higher Bid for Its Wireless Unit | Over eight months, Verizon Communications has raised its offer for Vodafone's 45 percent stake in their enormous wireless joint venture by 37 percent, to $130 billion. 


Best of Scuttlebot  News from the Web, annotated by our staff
Animated Halloween Costume Shows Your Guts Being Ripped Out Through Your Back | laughingsquid.com
Best Halloween costumes ever and they use mobile devices for the freaky effects. - Damon Darlin ✒
New Details on Google's Anti-Aging Start-Up | Fortune
A bit more color on Google's efforts to stop us from getting old. - Claire Cain Miller
For more Scuttlebot, follow @nytimesbits »
Around the Web
BlackBerry Is Said to Warm to Idea of a Breakup | BlackBerry Ltd. is more open to a breakup of the company amid concerns that Fairfax Financial Holdings Ltd. may be unable to line up funding or partners for a $4.7 billion buyout, a person with knowledge of the matter said. Bloomberg
Google Now Cards Invade The New Google Maps | Google sure does love its new card-based information display. They're the primary display for Google Now information. They're part of Google's new unified design on mobile devices. They're how all information is displayed on Google Glass. Search Engine Land

NYT | Global Update October 10, 2013: G.O.P. to Offer Short-Term Debt Limit Plan to Obama

The New York Times International Herald Tribune
October 10, 2013
Compiled 20:41 GMT

Global Update


TOP NEWS

G.O.P. to Offer Short-Term Debt Limit Plan to Obama

By JONATHAN WEISMAN, ASHLEY PARKER and ANNIE LOWREY
House Republicans are coalescing around a plan that would increase the debt limit through Nov. 22 in exchange for talks with President Obama on a broader deal, but it would not reopen the government.

Business Groups See Loss of Sway Over House G.O.P.

By ERIC LIPTON, NICHOLAS CONFESSORE and NELSON D. SCHWARTZ
Washington's traditionally cautious and pragmatic business lobby could slip into open warfare with the Tea Party faction of the Republican Party amid frustration over the crisis.

Standoff on Debt Has Yet to Rattle Asia

By KEITH BRADSHER
Although trillions of dollars in investments in United States Treasury securities are at stake, hand-wringing is only just now starting.
Travel

Slide Show: The Faces of Travel

Often the people who help you during a trip are the ones who make the journey memorable.
Opinion

Op-Ed Contributor

In a Polluted Stream, a Pathway to Peace

By JEFF WHEELWRIGHT
An issue that Palestinians and Israelis can work together on.
WORLD

Snowden's Father Arrives in Moscow

By ANDREW ROTH
Lon Snowden, the father of the fugitive National Security Agency contractor Edward J. Snowden, said he did not expect his son to return to the United States.

Libyan Prime Minister Is Kidnapped, Then Freed

By DAVID D. KIRKPATRICK and GERRY MULLANY
Ali Zeidan, the prime minister, was "liberated" hours after he was seized early Thursday in apparent retaliation for the capture of a suspected Qaeda leader by American commandos.

Norway Says Citizen May Have Been Involved in Kenya Mall Siege

By NICHOLAS KULISH
Police are investigating whether a Norwegian citizen of Somali origin helped the Shabab militant group in planning and executing the deadly attack.
BUSINESS

Stocks Jump on Hopes for Fiscal Talks

By REUTERS
Stocks on Wall Street closed higher on potential signs of progress on fiscal negotiations in Washington.
DealBook

Bank Examiner Was Told to Back Off Goldman, Suit Says

By SUSANNE CRAIG and JESSICA SILVER-GREENBERG
Carmen Segarra says that she was fired from the Federal Reserve Bank of New York after refusing to change her findings about Goldman's inadequate controls on conflicts of interests.
DealBook

BlackBerry Founders Explore Bid for Company

By MICHAEL J. DE LA MERCED
Mike Lazaridis and Douglas E. Fregin say that they are weighing a bid for 92 percent of the company that they don't already own.
TECHNOLOGY
Bits Blog

For Silicon Valley Novels, Blurring Fiction and Non-Fiction

By NICK BILTON
While some people debate the possible reality of Dave Eggers's new book, "The Circle," here are a few other novels that have delved into Silicon Valley life, some with surprising accuracy.

A Novel Prompts a Conversation About How We Use Technology

By JULIE BOSMAN and CLAIRE CAIN MILLER
Book critics are divided over the quality of Dave Eggers's highly anticipated novel "The Circle," which has started a debate on whether technology is invading our lives.
Bits Blog

Stun Guns and Video Generate a Surprising Match

By NICK WINGFIELD
Taser International, a maker of electronic stun guns, plans to announce that it has acquired a start-up that is in a business that seems to have almost no connection with its own.
SPORTS

Ethiopia, Africa's Sleeping Soccer Giant, Starts to Stir

By BENNO MUCHLER
The national soccer team of Ethiopia, Africa's second-most populous country, is two games from reaching the World Cup final round for the first time.

Loss of '22 World Cup Bid Still Rankles Head of U.S. Soccer

By JACK BELL
Sunil Gulati, the president of U.S. Soccer and a member of FIFA's executive committee, wants changes made to the World Cup bidding process.

Make or Break Time for World Cup Contenders

By ROB HUGHES
Engalnd, Uruguay and Mexico are among the countries that have to win their matches over the next few days to play in Brazil next year.
U.S. NEWS

With New Abortion Restrictions, Ohio Walks a Narrow Legal Line

By ERIK ECKHOLM
Ohio has become a laboratory for a political strategy designed to discourage women from getting abortions and hamper clinic operations, without flagrantly violating Supreme Court precedent.

California Expands Availability of Abortions

By IAN LOVETT
Gov. Jerry Brown signed a bill allowing nurse practitioners, midwives and physician assistants to perform aspiration abortions during the first trimester.

Kwame M. Kilpatrick, Disgraced Detroit Mayor, Gets 28-Year Sentence

By STEVEN YACCINO
Mr. Kilpatrick, 43, became an emblem of the city's fiscal woes. His sentence, which is what prosecutors sought, is among the toughest for such cases.
OPINION
Op-Ed Contributor

In a Polluted Stream, a Pathway to Peace

By JEFF WHEELWRIGHT
An issue that Palestinians and Israelis can work together on.
Editorial

Monitoring Your Every Move

By THE EDITORIAL BOARD
Businesses have figured out how to track users on multiple devices, raising even more privacy concerns.
Op-Ed Columnist

Experience as It Once Was

By ROGER COHEN
Everything today seems filtered and controlled - made into a kind of branded facsimile of genuine experience.

DealBook P.M. Edition October 10, 2013: Bank Examiner Was Told to Back Off Goldman, Suit Says




Thursday, October 10, 2013
TOP STORY
Carmen Segarra worked at the New York Federal Reserve Bank after a career on Wall Street that included jobs at Citigroup and Bank of America.
Bank Examiner Was Told to Back Off Goldman, Suit Says Carmen Segarra says that she was fired from the Federal Reserve Bank of New York after refusing to change her findings about Goldman's inadequate controls on conflicts of interests.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    Mike Lazaridis, the former chief of BlackBerry.
    BlackBerry Founders Explore Bid for Company The two men, Mike Lazaridis and Douglas E. Fregin, say that they are weighing a bid for 92 percent of the company that they don't already own, and that they have hired Goldman Sachs and Centerview Partners as advisers.
    Royal Mail Shares Priced at High End
    Royal Mail Shares Priced at High End In the biggest privatization since the British government sold the railways in the 1990s, shares of Royal Mail were priced at 330 pence, valuing the company at $5.3 billion.
    Delaware Court Lifts Injunction on Activision Blizzard's Deal With Vivendi
    Delaware Court Lifts Injunction on Activision Blizzard's Deal With Vivendi The deal by Activision Blizzard to buy back most of Vivendi's stake in the videogame maker for $8.2 billion is now expected to close next week.
    Weill Invests in Silicon Valley Finance Start-Up
    Weill Invests in Silicon Valley Finance Start-Up Sanford I. Weill, who built Citigroup into a behemoth through a series of deals, has invested in Level, a start-up in San Francisco that aims to make it easier for young people to manage their finances.
    Britain Weighs Creating System to Reward Whistle-Blowers
    Britain Weighs Creating System to Reward Whistle-Blowers The U.K. Home Office said that it would examine the "qui tam" provisions in the United States, which allow whistle-blowers to receive a share of any financial penalties.
    Reuters Breakingviews: Mobile Banking Players Are Shaking Up China's Cozy Oligopoly Alibaba and Tencent, are making incursions into the country's financial services market and savers should be glad, says John Foley.
    LOOKING AHEAD
    Bank Earnings Season JPMorgan Chase kicks off Wall Street's third-quarter earnings season on Friday. Big United States banks have been struggling with a slump in trading and a slowdown in mortgage refinancing applications. As a result, many analysts have reduced their earnings estimates. For JPMorgan, its earnings report comes as the bank is engaged in negotiations with the Justice Department to resolve investigations into the bank's crisis-era mortgage business. JPMorgan agreed last month to pay about $1 billion to settle investigations into a huge trading loss and its credit card practices. Another big bank, Wells Fargo, also reports quarterly results on Friday
     
     

Wall Street at Close Report by MarketWatch October 10, 2013: Stocks Surge On Budget Hopes; Dow Up 323 Points.

By Kate Gibson, MarketWatch

Bloomberg
Stocks soar as House Republican leaders plan to back a six-week debt-ceiling increase on Day 10 of the shutdown. 
 
NEW YORK (MarketWatch)U.S. stocks soared on Thursday, with the Dow Jones Industrial Average notching its best one-day point gain since December 2011, after House Republican leaders proposed a temporary extension of the nation’s debt ceiling

“Cooler heads are prevailing it seems; the [proposed] agreement gives lawmakers time to negotiate policy on the debt,” said Alain Skrainka, chief investment officer at Cornerstone Wealth Management LLC. 

The White House on Thursday called encouraging the Republican plan to hike the debt ceiling for six weeks with no policy strings attached, reducing the danger of a U.S. default. The Treasury has said the debt ceiling needs to be raised by Oct. 17 or the U.S. won’t be able to pay its bills. 

“Nobody gets everything they want,” House Speaker John Boehner said Thursday. The Ohio Republican said his party would be offering the temporary hike in the debt limit in exchange for budget talks. 

“It’s my understanding that discussions are going on in that theatrical place we call Congress now,” said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. 

Closing above 15,000 for the first time in four days, and making its biggest point leap since Dec. 20, 2011, the Dow Jones Industrial Average DJIA +2.18% climbed 323.09 points, or 2.2%, to 15,126.07, with aerospace manufacturer Boeing Co. BA -0.03%   pacing gains that included all of its 30 components. 

The S&P 500 index SPX +2.18% advanced 36.16 points, or 2.2%, to 1,692.56, with financials pacing gains that extended to all 10 of its major industry groups, with the index tallying its biggest daily gain since Jan. 2. 

The CBOE Volatility Index, or VIX VIX -15.92% , fell 3.2 points, or 16%, to 16.40. The gauge of investor sentiment on Wednesday climbed above 21, reflecting “an increase in uncertainty but not panic by any stretch,” said Frederick. “If investors were pricing in a real possibility of a default, the VIX could be at 30 or 40,” he added, referring back to the spring of 2011, “when we had the last big debt-ceiling debate” and the VIX ran up to 31. 




Optimism on Wall Street
Polya Lesova takes a look at today's market action, including three stocks to watch. Photo: Getty Images. 

Notable gainers included shares of electronics-retailer Best Buy Co. Inc. BBY +0.10% , up 7.6%.
Citrix Systems Inc. CTXS +0.05% led S&P 500 decliners, off almost 12% after the cloud-computing company late Wednesday warned its third-quarter revenue and profit would come in below expectations. 

Marking its best single-day gain since Jan. 2, the Nasdaq Composite COMP +2.26%  gained 82.97 points, or 2.3%, to 3,760.75. 

For every share falling, six gained on the New York Stock Exchange, where 738 million shares traded. Composite volume neared 3.4 billion. 

The yield on the 10-year Treasury note 10_YEAR +0.86%  used to determine mortgage rates and other consumer loans climbed 3 basis points to 2.694%. 

“I’ve been quite surprised that the interest rate hasn’t risen much while this has been going on. I’m a bit puzzled by how the 10-year has taken this in stride pretty nicely,” said Frederick of the bond market’s reaction to the long-running standoff on Capitol Hill. 

The dollar DXY +0.15%  advanced against the currencies of major U.S. trading partners including the Japanese yen USDJPY +0.03%   but excluding the euro EURUSD +0.02% . Energy costs rose, with futures CLX3 +1.19%  pricing a barrel of crude at $103.01, up $1.40, or 1.4%. 

Gold futures GCZ3 -1.68% lost $8.80, or 0.7%, to $1,298.40 an ounce. 


Also Thursday, Treasury Secretary Jack Lew testified before the Senate Finance Committee, warning lawmakers that failing to hike the nation’s debt limit by Oct. 17 might endanger Social Security and Medicare checks. 

And, the Labor Department reported the number of Americans filing for initial jobless benefits jumped to 374,000 last week, with the larger-than-expected rise largely reflecting computer glitches in California. 

“Given the chaos within prior and now current readings, we’ll take this with a pinch of salt,” Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. LLC, wrote in emailed commentary. 

“The rise in claims is the largest since Hurricane Sandy about a year ago and lifts the headline to the most since March. It will now take several weeks to shake out the impact of the shutdown leaving investors guessing precisely how much the private sector is feeling its impact,” he said. 

Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson.

Wall Street at Close Report by CNBC October 10, 2013: Stocks spike 2%, log 2nd best gains of 2013 amid debt deal hopes; Dow skyrockets 300 points


Stocks closed out the session with a sharp bang Thursday, with major averages rallying more than 2 percent across the board, as lawmakers seemed to move closer to a deal to resolve the political stalemate in Washington.
Major averages logged their second-best gains this year.
(Read more: After-hours buzz: Micron, Gap, Safeway & more)

"No one's going to get in the way of this move—we've been up more than 200 points all day so you're going to be hard pressed to find someone on the other side of the trade," said Art Hogan, managing director of Lazard Capital Markets. "This is clearly the light at the end of the tunnel that everyone wants."
Name Price Change %Change
DJIA Dow Jones Industrial Average 15126.07
323.09 2.18%
S&P 500 S&P 500 Index 1692.56
36.16 2.18%
NASDAQ Nasdaq Composite Index 3760.75
82.97 2.26%

The Dow Jones Industrial Average catapulted 323.09 points, or 2.18 percent, to close at 15,126.07. All 30 components in positive territory, propelled by Boeing and UnitedHealth.
The S&P 500 vaulted 36.16 points, or 2.18 percent, to end at 1,692.56. And the Nasdaq shot up 82.97 points, or 2.26 percent, to finish at 3,760.75. 

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, tumbled near 16.

All key S&P sectors closed in positive territory, boosted by financials and industrials. Both sectors had been hit hardest in recent days. Meanwhile, defensive sectors including utilities and telecoms lagged the broader market rally.

"Assuming the market holds on to most of today's gains, I expect some follow-through tomorrow (Friday) that could challenge 1,700 on the S&P 500," according to Elliot Spar, market strategist at Stifel Nicolaus. "Before getting too excited about that move, there will be plenty of overhead supply to get through especially on those big-cap Nasdaq names that have come under pressure this week."

House Speaker John Boehner said the GOP would offering a temporary increase in the debt ceiling in return for discussions with President Obama on other budget and deficit issues.

And President Barack Obama is willing to look at the proposal to extend the debt ceiling but insists that lawmakers end the government shutdown as well, according to a White House official.

"It is important to remember that the debt ceiling is an arbitrary limit set by Congress—it can be changed at any time and can even be suspended as it was for three months earlier this year," wrote Gary Thayer, chief macro strategist at Wells Fargo Advisors. "Looking back, Congress has always raised the debt ceiling when it was necessary to do so—in fact, Congress has raised the debt ceiling 27 times in the past 40 years. "

President Obama and congressional leaders were set to meet on Thursday for further discussions.

To read full report click: http://www.cnbc.com/id/101102407