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Showing posts with label August 6 2012. Show all posts
Showing posts with label August 6 2012. Show all posts

Aug 6, 2012

NYT Global Update Monday, August 6 2012: Greece Faces Further Reviews Before Release of Aid

Global Update



TOP NEWS

Wisconsin Gunman Identified as U.S. Army Veteran

By STEVEN YACCINO, JENNIFER PRESTON and SERGE F. KOVALESKI
Officials said the gunman, shot and killed by the police, was Wade Michael Page, an Army veteran who a rights watchdog said had white supremacist ties.

Prime Minister Has Defected, Syrian Opposition Says

By DAMIEN CAVE and HWAIDA SAAD
Prime Minister Riyad Farid Hijab fled the country in what appeared to be the highest level defection from President Bashar al-Assad's government thus far.

British Bank Accused of Hiding Transactions With Iranians

By JESSICA SILVER-GREENBERG
New York State's banking regulator said Standard Chartered Bank hid about 60,000 transactions worth at least $250 billion within the bank.
Sports

Interactive Graphic: One Race, Every Medalist Ever

Usain Bolt's 9.63 set an Olympic record in the 100. So how far ahead of every Olympic medalist is he?
Opinion

Latitude

The Shame of Putin's Courts

By MASHA GESSEN
The Pussy Riot show trial is a cynical travesty of justice, bringing an increasingly familiar sense of shame to Russians.
WORLD

Israel Bars Foreign Envoys From West Bank Meeting

By JODI RUDOREN
Delegations from five countries were denied permission to use Israeli border crossings because their governments do not recognize the state of Israel, a decision that angered the Palestinians.

48 Captives Are Iran 'Thugs,' Say Rebels in Syria

By DAMIEN CAVE and HWAIDA SAAD
As fighting continued throughout Syria, the rebels insisted that their hostages were members of Iran's elite Revolutionary Guards, not religious pilgrims.

As Syria War Roils, Unrest Among Sects Hits Turkey

By JEFFREY GETTLEMAN
With Syria's war devolving into a bloody sectarian showdown, tensions have increased across the border between Turkey's Alawite minority and its Sunni Muslim majority.
BUSINESS

Greece Faces Further Reviews Before Release of Aid

By NIKI KITSANTONIS
The troika of international lenders plans to return to Athens in early September for a final review of the government's finances before agreeing to disburse loan installments.
The iEconomy

In Pursuit of Nissan, a Jobs Lesson for the Tech Industry?

By BILL VLASIC, HIROKO TABUCHI and CHARLES DUHIGG
Executives have long said America can't compete in building electronic devices. But the migration of carmaking from Japan is a case study in the most unlikely of transformations.

Marcus Samuelsson, a Chef, a Brand and Then Some

By ADRIENNE CARTER
The question for Marcus Samuelsson, the chef, restaurateur, author, food impresario and media personality, is how far and how fast he can expand his personal brand.
TECHNOLOGY

Security Start-Ups Catch Fancy of Investors

By NICOLE PERLROTH and EVELYN M. RUSLI
In the last year, the initial public offerings of once obscure security start-ups have outperformed the offerings from household names like Facebook and Zynga.

With Live Streaming and New Technology, BBC Tries to Be Everywhere at the Olympics

By ERIC PFANNER
Unlike its counterpart in the United States, the BBC is providing marathon live coverage during the Games, with 24 live feeds from different events.
Bits Blog

Counting the Mobile Costs for Bing

By QUENTIN HARDY
Microsoft says its Bing search engine has caught up with, even surpassed, Google in search quality. It credits huge spending on computation-heavy artificial intelligence techniques. That requires getting a lot of data from diverse sources, though, and cutting a lot of deals. The costs may rise as search goes mobile.
SPORTS

At Site of Heartbreak, Murray Overwhelms Federer for Gold

By CHRISTOPHER CLAREY
Andy Murray was unstoppable against Roger Federer in the gold medal match in men's singles, winning, 6-2, 6-1, 6-4, in only 1 hour 56 minutes.

Pistorius Misses Chance at Final, but Remains Upbeat

By SAM BORDEN
Oscar Pistorius, the double-amputee runner from South Africa, was eliminated in the semifinals of the men's 400-meter at the London Olympics.

American Slips at the Finish, Losing Her Grip on the Gold

By JULIET MACUR
The American McKayla Maroney, the overwhelming favorite to win a gold medal, fell in her second of two turns.
U.S. NEWS

Gunman Kills 6 at a Sikh Temple Near Milwaukee

By STEVEN YACCINO, MICHAEL SCHWIRTZ and MARC SANTORA
In addition to the dead, three people, including a police officer, were injured in the attack at the Sikh Temple of Wisconsin, officials said.

Fairs, Like Crops, Are Drooping With the Heat

By MONICA DAVEY
At county and state fairs across corn country this year, the most widespread drought since the 1950s is evident, as the hot summer has seeped into even the cheeriest, oldest tradition.

Plan to Speed Travel With Toll Road in Maine Hits a Nerve

By KATHARINE Q. SEELYE
The idea of an east-west highway has been kicking around for decades. But a proposed private road has a good chance of becoming reality, and opponents say it would ruin the state.
OPINION
Op-Ed Columnist

Dream, Baby, Dream!

By ROGER COHEN
Mitt Romney piles on the foreign policy foolishness, and manages to miss the Mideast's great cultural shift.
Op-Ed Columnist

The Leak Police

By BILL KELLER
Washington is hysterically trying to close off leaks of classified information. It should not be that way.
Editorial

Republicans Fail a Security Test

The Senate blocked a new measure aimed at protecting America's vulnerable computer networks from cyberattacks, leaving the nation at grave risk.

Stocks and Markets in the News | wall Steet at Close - Monday, August 6 2012: U.S. stocks close at highest in three months

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) — U.S. stocks rose Monday, ending at their highest in three months, as better-than-anticipated corporate earnings and diminished concern about Europe’s debt troubles heartened sentiment. 

The Dow Jones Industrial Average DJIA +0.16%  rose 21.34 points, or 0.2%, to 13,117.51, its highest close since May 3. At its highs of the day, the Dow was up 91 points. 

“Year-over-year earnings look okay,” said Paul Nolte, managing director at Dearborn Partners. “You have companies managing costs and the expense side of business very closely,” he said. 

And, “we’re still expecting Europe to take some action, so we’re getting a temporary boost,” said Nolte.
Some of the enthusiasm for stock buying, which extended last week’s gains, waned in the last hour of trading, however, with the major indexes closing off their intraday highs.




Knight Capital gets $400 million lifeline Knight Capital agreed to a $400 million rescue plan that would help fill a $440 million hole left by a trading glitch last week. Scott Patterson has details on The News Hub. Photo: Bloomberg. 

The S&P 500 index SPX +0.23%  climbed ended up 3.24 points, or 0.2%, at 1,394.23, its highest since May 2 but off an intraday peak of 1,399.63. Materials and technology were the leading performers and utilities the worst among its 10 industry groups. 

“We keep bumping up against 1,400 on the S&P 500, it seems to be a magnet,” said Nolte of the level last breached in May.
Among the index’s best performers, Best Buy Co. BBY +13.32%  shares rallied 13% after founder and former chairman Richard Schulze offered to acquire the electronics retailer for as much as $8.8 billion. Read more about Best Buy. 
 
Cognizant Technology Solutions Corp. CTSH +10.97%  rose 11% after the provider of consulting and outsourcing services reported earnings and sales that topped estimates. Read more in tech stocks.
Regions Financial Corp. RF +1.01%  gained 1% after Bank of America Corp. hiked its recommendation to buy from neutral. 

Off the S&P 500, Knight Capital Group Inc. KCG -24.20%  fell 24% to $3.07 after it agreed to sell convertible stock in exchange for a $400 million rescue, a deal that would dilute existing shareholders’ holdings. Read more in Financial Stocks.
The Nasdaq Composite COMP +0.74%  rose 22.01 points, or 0.7%, to 2,989,91, its highest since May 3.

Traction from Europe

For every stock rising fewer than two declined on the New York Stock Exchange, where composite volume was just over 3 billion, or about 85% of the past month’s average. Nasdaq composite volume crossed 1.5 billion.
U.S. equities tracked European markets higher after German Chancellor Angela Merkel’s government said it supported the ECB’s bond-purchasing program. Italian and Spanish bond yields fell. Read more on Europe Markets. 
 
But, it’s a “temporary and rather fleeting change in yields,” Nolte added of the decline in Italian and Spanish bond yields, which came on thinking the European Central Bank would buy the government debt of both nations in an effort to tame euro-area uncertainty.
The dollar DXY -0.05%  lost ground against other global currencies, in particularly the euro EURUSD -0.02% . U.S. Treasury prices mainly rose, with the yield on the 10-year note 10_YEAR +0.13%  falling to 1.56%. Read more on bonds. 
 
Oil prices CLU2 +0.78%  added 80 cents to end at a more than two-week high of $92.20 a barrel on the New York Mercantile Exchange. Read more on oil futures. 
 
“We have a modest recovery, we’re moving in the right direction, and the negative profit growth this quarter will reverse itself in subsequent quarters, once lower commodity prices start to filter into other sectors,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. 

Friday’s nonfarm payrolls report for July “wasn’t a great number, but it was certainly a positive surprise. If investors can simply focus on the U.S., stocks can go higher,” Ablin added. Read more on jobs report.
Payrolls rose by 163,000 in July, which was well above economists’ expectations, though the jobless rate edged up to 8.3% from 8.2%. 

While the July employment report likely lowered the chances of a third round of quantitative easing for now, and the promises made from European leaders “have yet to materialize into anything of substance, the market remains remarkably resilient and optimism seems to be increasing,” noted Randy Frederick, managing director of active trading and derivatives at Charles Schwab. 

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

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