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Oct 16, 2013

RT America October 16, 2013: NSA is collecting Americans' online contact list info.




NYT | Breaking News Alert October 16, 2013: Cory Booker, Democrat of New Jersey, Wins U.S. Senate Race, A.P. Reports.



The New York Times | BREAKING NEWS ALERT

|

BREAKING NEWS Wednesday, October 16, 2013 9:46 PM EDT
Cory Booker, Democrat of New Jersey, Wins U.S. Senate Race, A.P. Reports
Mayor Cory A. Booker of Newark easily won New Jersey’s special Senate election on Wednesday.
With 55 percent of the precincts reporting, Mr. Booker had 55 percent of the vote with 44 percent going to his Republican opponent, Steve Lonegan, a former mayor of Bogota, N.J., according to The Associated Press.

READ MORE »

http://www.nytimes.com/2013/10/17/nyregion/booker-wins-senate-race-in-new-jersey.html?emc=edit_na_20131016

GATA | THE GATA DISPATCH OCTOBER 16, 2013: Central bank and hedge fund bear raids push gold from West to East, Rickards says

Central bank and hedge fund bear raids push gold from West to East, Rickards says

1p AEST Thursday, October 17, 2013

Central bank and hedge fund bear raids have knocked gold futures prices down in the West only to increase demand for real metal in Asia, fund manager and geopolitical strategist James G. Rickards tells Bloomberg News in a video interview this week. It's posted at GoldSilver.com here:

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

The Wall Street Journal | Markets Alert October 16, 2013: Senate Passes Deal to Break Impasse

Markets Alert

 

Senate Passes Deal to Break Impasse

The U.S. Senate put in motion the final steps of a bipartisan solution to the weekslong budget drama, voting 81-18 to raise the nation’s borrowing limit and fully reopen the federal government.
The 11th-hour agreement, approved on a solid bipartisan vote, diminishes the threat of a U.S. debt default by allowing the government to continue borrowing money through Feb. 7, 2014. It also reopens the partially closed government through Jan. 15, ending a shutdown that began 16 days ago because of a bitter political impasse over spending and the 2010 health-care law.
The agreement now goes to the House, where lawmakers were expected to pass it and end a weekslong stalemate that rattled financial markets, splintered the Republican Party and showcased Washington dysfunction.
See More Coverage »

NYT | Asian Morning Today's Headlines October 16, 2013: At 11th Hour, G.O.P. Blinks in Standoff

The New York Times



Wednesday, October 16, 2013


Top News
Speaker John A. Boehner, Republican of Ohio,  emerged from a meeting with Republican House members on Thursday.
At 11th Hour, G.O.P. Blinks in Standoff

By JONATHAN WEISMAN and JENNIFER STEINHAUER

The Senate bill yielded virtually no concessions to the Republicans on President Obama's health care law, the issue that started the fiscal crisis and has shut down the government for 16 days.
. Video Video From Capitol Hill Live
Jonathan Hill, a contractor for the Centers for Disease Control and Prevention who has been placed on furlough, at a nearly empty restaurant across the street from the C.D.C. campus in Atlanta.
High Cost to the Economy From the Fiscal Impasse

By ANNIE LOWREY, NATHANIEL POPPER and NELSON D. SCHWARTZ

Even if the government reopens and the United States avoids a debt default, damage to growth, employment and interest rates has been extensive, economists say.

DealBook

Markets Reflect Optimism for a Deal on the Debt Ceiling

By NATHANIEL POPPER

With lawmakers moving forward on a plan to reopen the government, the Standard & Poor's 500-stock index climbed and yields fell on short-term Treasury bills.
Editors' Picks

HEALTH

Video Video: The Cancer Divide: Jessy
Jessy Acen, 30, who has advanced breast cancer, contends with her own poverty and with Uganda's limited resources in her fight to stay alive.

OPINION | Op-Ed Contributor

Illness and Power

By MARTÍN CAPARRÓS

Most countries abandon leaders with physical or emotional weakness. In Argentina, it's the other way around.
World
An Afghan soldier in the Sangin district, where the national forces have withstood heavy losses.
Afghans Fend Off Taliban Threat in Pivotal Year

By ROD NORDLAND, THOM SHANKER and MATTHEW ROSENBERG

In the face of Taliban vows to break them, Afghanistan's security forces proved their resilience after taking charge, American officials said.
A Greek retiree named Yiannis was among those expressing shock that American politicians had allowed their disagreements to reach this point.
Viewing U.S. in Fear and Dismay

By DAMIEN CAVE

The world has reacted mostly with disbelief that a superpower could fall into such dysfunction.
. Share Your Thoughts on the Washington Standoff

Listening Post

Seeing Its Own Money at Risk, China Rails at U.S.

By MARK LANDLER

A commentary from an official news agency called for a "de-Americanized world" as Chinese officials worry about more than a trillion dollars in American public debt their country holds.
Business
JPMorgan to Admit Wrongdoing and Pay Fine in Trading Loss

DealBook

JPMorgan to Admit Wrongdoing and Pay Fine in Trading Loss

By BEN PROTESS and JESSICA SILVER-GREENBERG

A rare admission of fault by JPMorgan Chase underscores the great lengths the nation's largest bank will take to put a multibillion-dollar trading blunder behind it.
. CommentComments
A Renault Dacia Duster on show at the Frankfurt Motor Show last month. Dacia sales have fueled  growth at Renault.
Some Hope for European Auto Sales

By JACK EWING and RAPHAEL MINDER

September numbers were up, but the gain was less impressive than it sounded, because it compared with September 2012, a horrible month for European car sales.
Technology
Facebook Changes Privacy Policy for Teenagers

By VINDU GOEL

Teenagers will now be able to post items that can be seen by the public, making it easier for the social network to turn a post into an ad that can be shown widely.
I.B.M. Earnings Up, but Revenue Falls Short

By REUTERS

The world's largest technology services company, reported third-quarter earnings that beat Wall Street estimates but it missed revenue expectations.
A screen shot of Assassin's Creed IV: Black Flag.
Maker of Assassin's Creed Delays Release of 2 Games

By MARK SCOTT

Shares in Ubisoft fell by as much as 30 percent after the French company announced a one-year delay in the release of Watch Dogs and The Crew.
ADVERTISEMENT
Sports
At each turn in the city's north side, walls, streetlights and sidewalks are painted the blue and yellow colors of the Rosario Central club.
In Argentine Soccer, a Rivalry Cleaves a City

By JONATHAN GILBERT

One of the most-heated soccer rivalries in Argentina will be renewed Sunday in a port city on the Paraná River when Rosario Central faces Newell's Old Boys.
Roy Hodgson said he suffered
In World Cup Soccer, Coaches Suffer Most

By ROB HUGHES

The England manager Roy Hodgson said he suffered "a thousand deaths" before his team finally won passage to the World Cup finals. It's a familiar feeling for many coaches.
Michael Orozco tied the score, 1-1, for the United States in the 63rd minute against Panama.
U.S. Ends Panama's World Cup Run and Saves Mexico

By SAM BORDEN

With two late goals, the United States eliminated Panama from advancing to the World Cup. The victory kept Mexico's hopes alive.
U.S. News
Joe Bell, in La Grande, Ore., in March, was walking across the country to tell the story of his gay son, Jadin, 15, who killed himself after being bullied.
Oregon Father's Memorial Trek Across Country Ends in a Family's Second Tragedy

By JACK HEALY

Joe Bell, who was walking across the country to memorialize his gay son, who committed suicide after being bullied, was killed by a tractor-trailer in Colorado.
Debt Ceiling Deadline Clear, but Implications Are Not

By MICHAEL D. SHEAR

The White House, quick to pinpoint the turning point as Thursday, clams up when asked about when dire consequences might hit.
Speaker John A. Boehner spoke to the news media on Tuesday about the latest in the negotiations on the government shutdown and the debt ceiling deadline.
With G.O.P. Badly Divided, Boehner Is Left 'Herding Cats'

By ASHLEY PARKER and JEREMY W. PETERS

Speaker John A. Boehner finds himself at a crossroads: an imminent financial default on the one hand, and on the other an unyielding conservative rank and file.
Opinion

Editorial

Europe's Populist Backlash

By THE EDITORIAL BOARD

Italy's prime minister has warned of the danger that rising populism poses to political and economic stability. What can he do about it?
Thomas L. Friedman

Op-Ed Columnist

Sorry, Kids. We Ate It All.

By THOMAS L. FRIEDMAN

The ones who will really get hit by all the cans we're kicking down the road are young people. Are they paying attention?
. Columnist Page

GATA | THE GATA DISPATCH OCTOBER 16, 2013: China could control financial system with gold-backed currency, Leeb says.

China could control financial system with gold-backed currency, Leeb says

8a AEST Thursday, October 17, 2013

Interviewed by King World News, fund manager Stephen Leeb muses on a point raised a few years ago by fund manager and geopolitical strategist James G. Rickards -- that a nation that recognized gold formally as money could control the world financial system. Rickards raised the point in respect to Russia and the oil trade. Leeb raises it in respect to China. 

"The Chinese," Lee says, "could propose a basket of currencies that are convertible into gold, and the renminbi would be there as a major currency, much more important than the dollar. What you would then see in this country" -- that is, the United States -- "is major commodities, as well as other items, priced in units of gold.

"The Chinese are probably not ready yet. They probably don't have enough gold on hand. But we are certainly making it easier for them in the gold market. The United States is intervening in the gold market to try to keep the U.S. dollar index above 80."
An excerpt from Leeb's interview is posted at the King World News blog here:

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

DealBook P.M. Edition October 16, 2013: Black Marks Routinely Expunged From Brokers' Records, Report Finds


Wednesday, October 16, 2013
TOP STORY
Black Marks Routinely Expunged From Brokers' Records, Report Finds
Black Marks Routinely Expunged From Brokers' Records, Report Finds A report released on Wednesday suggests that Wall Street brokers were almost always successful when they asked to have black marks erased from their records.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    Markets Reflect Optimism for a Deal on the Debt Ceiling With lawmakers moving forward on a plan to reopen the government, the Standard & Poor's 500-stock index climbed and yields fell on short-term Treasury bills.
    A Default Play Appears Too Risky for Hedge Funds The hedge fund industry's many larger-than-life billionaires have made names for themselves by making bold bets, but they do not seem to be playing the angles in the political impasse over the federal debt ceiling.
    JPMorgan to Admit Wrongdoing and Pay Fine in Trading Loss
    JPMorgan to Admit Wrongdoing and Pay Fine in Trading Loss A rare admission of fault by JPMorgan Chase underscores the great lengths the nation's largest bank will take to put a multibillion-dollar trading blunder behind it.
    Bank of America Quarterly Earnings Rise to $2.5 Billion
    Bank of America Quarterly Earnings Rise to $2.5 Billion Bank of America reported a sharp rise in third-quarter earnings on Wednesday, but its mortgage operations faltered, underscoring that home loans remain a challenging business for the nation's banks.
    BlackRock's Profit Rose 14% in Third Quarter
    BlackRock's Profit Rose 14% in Third Quarter Laurence D. Fink's money management firm is now managing a record $4 trillion after customers put more money into its stock mutual funds and exchange traded funds.
    Knight Capital to Pay $12 Million Fine on Trading Violations The firm's settlement with the Securities and Exchange Commission stems from a wave of accidental stock orders on Aug. 1, 2012, that reverberated through the market and eventually resulted in a $460 million loss for the firm.
    América Móvil Drops Bid for KPN
    América Móvil Drops Bid for KPN The Latin American telecommunications giant owned by Carlos Slim Helú was effectively blocked by a foundation that exercised an option giving it a nearly 50 percent stake in KPN.
    Dutch Cable Company Rejects Liberty Global's Buyout Offer
    Dutch Cable Company Rejects Liberty Global's Buyout Offer Ziggo, the largest provider of cable television services in the Netherlands, said on Wednesday that the proposal was "inadequate."
    Britain Starts Formal Inquiry of Currency Trading The Financial Conduct Authority, which has been looking into accusations of market manipulation since June, said it was working with other agencies in Britain and abroad to gather information.
    2 Top Executives Are Ousted at Troubled Brazilian Oil Firm
    2 Top Executives Are Ousted at Troubled Brazilian Oil Firm Eike Batista's petroleum company OGX announced the management shake-up in a filing with Brazil's securities and exchange commission.
    Advance Auto Parts to Buy Rival for $2 Billion
    Advance Auto Parts to Buy Rival for $2 Billion The deal will make Advance Auto Parts a new giant of the car-parts segment, with annual revenue of more than $9.2 billion.
    Reuters Breakingviews: Sum Worth More Than the Parts in Advance Auto Deal Advance Auto thinks it can wring $160 million of annual savings from combining with its rival. The current value of these savings, when taxed and capitalized, should be worth around $1 billion.
    Berkshire Buys 2 Units From Industrial Manufacturing Firm
    Berkshire Buys 2 Units From Industrial Manufacturing Firm Though a small deal for Berkshire Hathaway, the acquisition of the units of IMI for $1.1 billion in cash signals Warren E. Buffett's continuing appetite for deal-making this year.
    LOOKING AHEAD
    Bank Earnings Season Goldman Sachs will report earnings on Thursday, and analysts are bracing for a tepid quarter because of a slowdown in trading and questions about the strength of the economic recovery. Analysts polled by Thomson Reuters forecast a profit of $2.43 a share, down from $2.85 a share in the quarter a year earlier.

    Quotation of the Day
    "We made very good progress in an environment that did have its challenges."
    Bruce Thompson, Bank of America's chief financial officer, on the bank's third-quarter earnings.
    DealBook Video
    Warren Buffett on Driving Violations, Baseball and Jamie Dimon
    Warren Buffett on Driving Violations, Baseball and Jamie Dimon Warren E. Buffett offers an unusual defense of Jamie Dimon, comparing the billions of dollars that JPMorgan Chase has paid in fines to state troopers handing out a speeding ticket.

     

Wall Street at Close Report by MarketWatch October 16, 2013: U.S. stocks rally as fiscal drama nears end

 



By Kate Gibson, MarketWatch

  Bloomberg Image
Senate reaches a deal to reopen the government and raise the nation’s borrowing limit. 

Watch Bank of America, Intel
Polya Lesova takes a look at which stocks traders will be watching during market action, including Intel, Yahoo, and Bank of America. Photo: Getty Images.
 
NEW YORK (MarketWatch)U.S. stocks surged on Wednesday, lifting the S&P 500 near its record, as the Senate reached an agreement to reopen the government and raise the debt ceiling, with votes later in the day expected to end the fiscal standoff. 

A major factor in helping equities withstand the latest Washington drama is the Federal Reserve’s September decision not to begin reducing its $85 billion in monthly asset purchases. “They look almost clairvoyant in their call not to taper; they saw the debate getting nasty in Washington,” Jim Russell, regional investment director for US Bank Wealth Management in Cincinnati, said of the political battle that started with a GOP effort to defund health-care legislation passed in 2010. 

The bipartisan agreement would fund the federal government through Jan. 15 and raise the debt ceiling through Feb. 7, according to a Senate Democratic aide. Both the House and the Senate still need to vote on the measure, with would bring an end to the partial government shutdown now in a 16th day. 

“It appears that risk assets are anticipating a conclusion to the uncertainty, which is always a positive for the capital markets. The markets are cheering not only the removal of uncertainty, but the possibility of two positives down the road: number one is deficit reduction and number two is the possible removal of sequestration cuts. Perhaps some more thoughtful deficit-reduction techniques would be in play,” said Russell. 

Just 4 points, or 0.2%, from its Sept. 18 record close, the S&P 500 index SPX +1.38%  climbed 23.46 points, or 1.4%, to 1,721.52, with financials and health care pacing gains among its 10 major industry groups. 

The Dow Jones Industrial Average DJIA +1.36% climbed 205.82 points, or 1.4%, to 15,373.83, with J.P. Morgan Chase & Co. JPM -0.32% leading gains that included all but three of its 30 components.

The Nasdaq Composite COMP +1.20% gained 45.42 points, or 1.2%, to 3,839.43, its highest close since Sept. 8, 2000. 

Shares of Bank of America Corp. BAC -0.07% climbed 2.3% after the company reported a third-quarter profit of $2.22 billion versus a loss in the year-earlier period. 

Stanley Black & Decker Inc. SWK -14.26%  declined 14% after the tool maker reduced its outlook for the year. 

For every stock falling, four gained on the New York Stock Exchange, where more than 750 million shares traded. Composite volume cleared 3.5 billion. 

Late Tuesday, Fitch Ratings warned it might downgrade the sovereign credit rating of the U.S. from AAA as a result of the standoff over the nation’s debt limit. 

“The scariest thing about this episode was the lack of understanding by some in Congress of the consequences of going into default. Just as disturbing are those in the public who backed them and did not understand the ramifications,” Elliot Spar, market strategist at Stifel Nicolaus & Co., noted in afternoon commentary. 

The events of the last two weeks, along with the debt-limit showdown that took place in August 2011, raises the question of whether other currencies should be considered for reserve-currency status. 

“The Chinese are watching, Europe is watching, other countries are watching. It chips away at the dollar’s credibility as the only reserve currency on the global stage,” said Russell. 

On Wednesday, the dollar DXY +0.03%  edged higher against the currencies of major U.S. trading partners including the yen USDJPY -0.01% . Treasury prices were mixed, with the yield on the 10-year note 10_YEAR -2.34% used in figuring mortgage rates and other consumer loans falling 6 basis points to 2.670%. 

The price of crude futures CLX3 +0.95%  rose $1.08, or 1.1%, to $102.29 a barrel and gold futures GCZ3 +0.67% gained $9.10, or 0.7%, to $1,282.30 an ounce. 

Economic data showed Wednesday that the National Association of Home Builders/Wells Fargo housing-market index slipped to 55 in October from 57 in September, with confidence falling to a four-month low on the Washington discord and amid mortgage-rate volatility.
 
And, the Fed survey known as the Beige Book found roughly one third of the country experienced slower growth in September and early October.
 
Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson.