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January 30, 2012

Japan’s industrial output rebounds 4 percent

Filed under: Gold, legal — Tags: , , , — DoctorBusiness @ 11:00 pm

Japan’s industrial production rebounded 4 percent in December from November and household spending increased for a second month, suggesting the still-weak economy is gaining some steam after last year’s tsunami disaster and flooding in Thailand that disrupted manufacturers’ supply chains.

Output of automobiles, cell phones and semiconductors drove the gains last month after production fell 2.7 percent in November. Manufacturers project further production increases in January and February, the Ministry of Economy, Trade and Industry said Tuesday.

But Japan’s unemployment rate edged up to 4.6 percent and Junko Nishioka, economist at RBS Japan Securities, cautioned that the economic outlook was “mixed.”

While she was heartened by the 0.5 percent uptick in family spending, Nishioka said prospects for Japan’s vital manufacturing sector remained tentative amid weak export demand short term personal loans.

“The pace of recovery will be slow,” she said. “So far, we’re seeing some recovery in the auto sector and electronic components, but still it’s still not enough to compensate for the gap recorded after the March disaster and the Thai flooding.”

The factory data showed that shipments grew 4.5 percent and inventories fell 2.9 percent, both healthy indicators. Broadly speaking, production was led by strength in the electronics, automobile and general machinery sectors, the report showed.

Looking ahead, manufacturers predicted that industrial output would rise 2.5 percent in January and another 1.2 percent in February, according to a METI survey.

Source

January 22, 2012

Chavez: Venezuela to buy Embraer, Airbus jets

Filed under: Gold, Homes — Tags: , , , — DoctorBusiness @ 11:48 pm

Venezuelan President Hugo Chavez said Sunday that his government plans to buy new Embraer jets from Brazil as well as used Airbus jets to expand his country’s state airline Conviasa.

Chavez said Venezuela will negotiate credit with the Brazilian Development Bank to buy up to 20 Embraer jets from Brazil.

Chavez thanked Brazilian President Dilma Rousseff “for the credit they’re going to give us.” He said the estimated cost of 20 jets would be $814 million.

The Venezuelan government had said earlier this month that Chavez approved plans to buy six Embraer jets. But during Chavez’s Sunday television and radio program, Oil Minister Rafael Ramirez laid out the options of buying either 10 or 20 Embraer jets.

“It’s enough to see Venezuela’s location on the map to conclude on the pressing need for us to have a very powerful airline,” Chavez said.

Chavez’s government has subsidized Conviasa since its launch in 2004. The president on Sunday did not provide information about how much the government has spent on the airline in recent years instant payday loan.

According to Conviasa’s website, it currently has a fleet of 18 planes. In addition to domestic routes, Conviasa has international flights to cities including Buenos Aires, Argentina, and Damascus, Syria, among others.

Chavez also said Venezuela will buy four used Airbus 340-500 jets from an airline in the United Arab Emirates at a cost of about $60 million per plane.

Bolivian President Evo Morales, a Chavez ally, has announced similar plans to expand his country’s state airline, Boliviana de Aviacion, or BoA.

Morales last month proposed to buy six Embraer 190 jets during a meeting with Rousseff in Caracas.

Source

January 16, 2012

S&P’s downgrades get calm market response

Filed under: Gold, Uncategorized — Tags: , , , — DoctorBusiness @ 10:16 am

The decision by Standard & Poor’s to cut the credit ratings of a number of euro countries and to strip France of its cherished top-tier standing met with a fairly calm market response Monday as attention turned towards Greece’s difficulties in thrashing out a deal with private creditors to reduce the value of their holdings of Greek debt

Europe’s debt crisis will likely remain the focus of attention across markets all week as a number of bond auctions are due at the same time as Greece tries to clinch a debt deal with its cast of creditors.

Monday is the first opportunity for traders to respond to S&P’s move, which came late Friday.

Analysts said the downgrades had been widely expected, especially in the bond markets, so there was very little shock at S&P’s announcement to strip France of its treasured triple-A rating and to cut its view on a raft of other euro countries, including Italy. One bright spot was that Germany, Europe’s biggest economy, retained its triple-A rating and had its outlook upgraded to stable from negative.

“After weeks of prevarication and lots of rumors, Standard and Poor’s finally put markets out of their misery on Friday,” said Michael Hewson, markets analyst at CMC Markets. “The surprise is it took so long.”

As a result, the response in the markets was fairly sanguine. In early trading Monday, the Stoxx 50 index of leading European shares was flat at 2,397 while the euro was up 0.2 percent on the day at $1.2670

A bigger headache for markets at the moment is whether Greece can clinch a deal with its creditors payday loan. Last October, Greece’s partners in the eurozone sanctioned a deal whereby Greece’s creditors agree a deal to reduce the value of their Greek debt holdings so that the country’s debt burden is reduced.

The deal with private investors, known as the Private Sector Involvement, or PSI, aims to reduce Greece’s debt by euro100 billion ($126.5 billion) by swapping private creditors’ bonds for new ones with a lower value. It is a key part of a euro130 billion international bailout, the second one for Greece.

It is expected that talks on the PSI will resume this coming week. On Tuesday, representatives of Greece’s creditors _ the European Union, the European Central Bank and the International Monetary Fund _ will visit Greece for yet another round of inspections of its efforts at fiscal and structural reform and negotiations for the next tranche, the seventh, from the first bailout.

Negotiations over the second bailout will start after the PSI deal is clinched. Without a deal, Greece has been told it won’t get the next tranche of money due from its first bailout.

Without that money, Greece would find it more or less impossible to pay a big bond redemption in March and would face the prospect of defaulting on its debts, potentially triggering more mayhem in financial markets.

Source

January 8, 2012

Bullard Says New Quantitative Easing Unlikely - Bloomberg

Filed under: Gold, economics — Tags: , , , — DoctorBusiness @ 7:52 pm

Federal Reserve Bank of St. Louis President James Bullard said the Fed probably won

November 18, 2011

Prosecutors seek leniency for ex-UBS banker

Filed under: Gold, Prices — Tags: , , , — DoctorBusiness @ 6:04 am

Federal prosecutors are seeking a lenient prison sentence for a former Swiss banker convicted of tax fraud because of his assistance in uncovering other tax evasion cases.

A judge in Miami will sentence former UBS AG banker Renzo Gadola on Friday. He pleaded guilty in 2010 to tax fraud conspiracy and has been working extensively with prosecutors since then.

Prosecutors are asking the judge to sentence Gadola below the 10-month minimum recommended in sentencing guidelines. They say he helped build cases against former colleagues and bank customers who had secret Swiss accounts.

The case is the part of a broad IRS campaign to identify wealthy tax dodgers. UBS in 2009 agreed to disclose identities of thousands of U.S. clients and paid a $780 million fine for tax evasion.

Source

November 3, 2011

Stocks rise on hopes Greek vote will be scuttled

Filed under: Gold, technology — Tags: , , , — DoctorBusiness @ 12:04 pm

Stocks are opening higher as hopes grow that a plan to tackle the European debt crisis will survive.

The European Central Bank surprised markets early Thursday by cutting its benchmark interest rate.

Shortly after the open Thursday, the Dow Jones industrial average is up 128 points, or 1.1 percent, to 11,969. The S&P 500 index is up 12 points, or 1 percent, to 1,250. The Nasdaq is up 23, or 0.9 percent, to 2,663.

The Labor Department said the number of people who applied for unemployment benefits dipped slightly last week absolutely free credit score.

Greece’s prime minister surprised markets with a call this week to put a European rescue package to a vote. The prime minister was in an emergency meeting Thursday after members of his government called for him to step down.

Source

October 18, 2011

Coca-Cola 3rd-quarter profit up on volume gains

Filed under: Gold, online — Tags: , , , — DoctorBusiness @ 2:04 pm

The Coca-Cola Co. `s third-quarter profit rose 8 percent and beat Wall Street estimates as it sold more drinks worldwide and raised prices in North America, its largest market.

Coca-Cola has shown consistent growth for years, but like many of its peers, it recently has been struggling with rising costs for raw materials and Americans’ cautious spending habits during the down economy. But the company’s third-quarter results are the latest sign that despite the tough economic environment, some of world’s top brands, including its bigger rival PepsiCo, continue to prevail by tweaking their strategy.

Coca-Cola, which has more than 500 brands including Fanta, Sprite, Dasani and Minute Maid, has weathered the downturn by investing heavily in its business - increasing money for advertising, new products and plants. The company, like many of other companies, also has turned overseas for growth, particularly emerging markets like India and China. And in North America, it adjusted it is raising prices and offering smaller package sizes.

The results have paid off. Although Coca-Cola continues to feel the pressure of higher commodity costs, which sent its gross margin down to 60.2 percent from 65.4 percent during the third quarter, the company has been able to offset that with stronger sales growth.

“Over the past few months, we have all seen a downturn in global consumer confidence,” said Coca-Cola’s CEO Muhtar Kent. “At the same time, the last few months have reinforced our belief in the resilience of the global consumer.”

Coca-Cola, based in Atlanta, reported on Tuesday that sales volume grew 5 percent worldwide, driven largely by its Coca-Cola brand. The company’s gains were strongest in emerging markets, including a 19 percent increase in volume in India and a 7 percent increase in Latin America.

The company also had a gain in North America even though it raised prices about 2 percent to offset higher commodity and other costs there payday loans. Sales volume grew 5 percent in North America.

Net income rose to $2.22 billion, or 95 cents per share, in the three months ended Sept. 30. That’s up from $2.06 billion, or 88 cents per share, a year ago. Excluding one-time items, it earned $1.03 per share. Revenue rose 45 percent to $12.25 billion. The quarter beat analysts’ expectations of $1.02 per share on revenue of $12.05 billion, according to FactSet.

“We provide consumers with an affordable luxury as they enjoy moments of pleasure for pennies at a time, billions of times every day,” Kent said.

The company increased its share repurchase program. It now plans to buy back as much as $3 billion of its shares by the end of the year up from its prior goal of $2.5 billion.

On the news, Coca-Cola’s shares rose in morning trading but were nearly flat by midday, shares fell 5 cents to $66.95 _ a less than 1 percent drop.

Coke’s biggest competitor, PepsiCo Inc., also posted solid quarterly results that beat Wall Street estimates as it raised prices on its chips and sodas in the U.S. and grew its overseas business.

The maker of such products as Mt. Dew soda, Gatorade drink and Lay’s potato chips, said last week that it earned $2 billion, or $1.25 per share, for the quarter that ended Sept. 3, up from $1.92 billion, or $1.19 per share, in the period last year. Excluding charges related to its acquisition of Russian juice and dairy company Wimm-Bill-Dann and other one-time items, earnings were $1.31 per share. PepsiCo’s revenue climbed 13 percent to $17.58 billion.

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AP Business Reporter Mae Anderson contributed to this report from New York.

Source

September 1, 2011

Apple blasted for alleged pollution by suppliers

Filed under: Europe, Gold — Tags: , , , — DoctorBusiness @ 5:28 am

Apple is fending off a fresh barrage of criticism from Chinese environmental activists over alleged pollution by the manufacturers who make its iconic products.

In a report issued Wednesday, a group of nongovernmental organizations accused the company of violating its own corporate responsibility standards by using suppliers that allegedly violate the law and endanger public health by discharging heavy metals and other toxins payday loan lenders.

Apple responded to the allegations by saying it took such concerns seriously but had found discrepancies in the report.

Source

July 30, 2011

Libyan rebels say military commander killed

Filed under: Gold, legal — Tags: , , , — DoctorBusiness @ 1:08 pm

The head of the Libyan rebel armed forces was shot and killed Thursday just before arriving for questioning by rebel authorities, their political leader said in a carefully worded statement to reporters that gave few details on who was behind the killing.

Adding to the confusion, the rebels had said hours earlier they had already detained the commander, Abdel-Fattah Younis, on suspicion his family might still have ties to the regime of Moammar Gadhafi, raising questions about whether he might have been assassinated by his own side.

Such a scenario would signal a troubling split within the rebel movement at a time when their forces have failed to make battlefield gains despite nearly four months of NATO airstrikes against Gahdafi’s forces. It could also shake the confidence of the United States, Britain and several dozen other nations that have recognized the rebel council as Libya’s legitimate leaders.

Announcing the killing at a press conference where he did not take questions, Mustafa Abdul-Jalil, head of the rebels’ National Transitional Council, called Younis “one of the heroes of the 17th of February revolution,” a name marking the date of early protests against Gadhafi’s regime.

He said two of the commander’s aides, both colonels, were also killed in the attack by gunmen and that rebels had arrested the head of the group behind the attack. He did not say what he thought motivated the killers.

Younis was Gadhafi’s interior minister before defecting to the rebels early in the uprising, which began in February. His abandoning of the Libyan leader raised Western hopes that the growing opposition could succeed in forcing out the country’s ruler of more than four decades.

Rebel forces, however, held mixed views of the man, with some praising him for defecting and others criticizing his long association with Gadhafi.

Hours before the commander’s death was announced, rebel military spokesman Mohammed al-Rijali had said Younis was taken for interrogation from his operations room near the front line to the de facto rebel capital of Benghazi in eastern Libya payday loans.

Later, Abdul-Jalil presented a different scenario, saying Younis had been “summoned” for questioning on “a military matter,” but that he had not yet been questioned when he was killed.

He also called on all rebel forces to intensify their efforts to find the men’s bodies, but did not explain how the deaths were discovered.

Further complicating matters, another security officer, Fadlallah Haroun, told The Associated Press before Abdul-Jalil’s announcement that security had found three badly burned bodies. Two of them were dead and one was unconscious, Fadlallah said, adding that one was known to be Younis, though they didn’t know which one.

“We formed a fact-finding committee to go the scene because we found three bodies that were burned so badly we couldn’t tell from the faces who was who,” he said.

U.S. and British officials said they were unable to confirm details of the reports but were looking into them.

Abdul-Jalil never clearly said who he thought was behind the attack, but he called on rebel forces to ignore “these efforts by the Gadhafi regime to break our unity.”

He also issued a stiff warning about “armed criminal gangs” in rebel-held cities, saying they needed to join the fight against Gadhafi or risk being arrested by security forces.

Since the uprising’s start, rebels have gained control of Libya’s east and pockets in the west.

In the western Nafusa mountain range southwest of the capital, Tripoli, hundreds of rebels launched a broad offensive against government forces Thursday, seizing three small towns and advancing on others to secure a major supply route near the Tunisian border, rebel spokesmen said.

Four rebel fighters were killed and several wounded while taking the small towns of Jawsh, Ghezaya and Takut, Abdel-Salam Othman said. He said rebels captured 18 government soldiers, as well as weapons and ammunition.

Source

July 29, 2011

Unemployment takes psychological toll

Filed under: Gold, Prices — Tags: , , , — DoctorBusiness @ 3:48 am

QUOTE OF THE WEEK

“Encouraging people to remain on unemployment for 99 weeks can literally disable them psychologically for a lifetime. Two years of inactivity can be so debilitating as to render men and women psychologically crippled, and in need of extraordinary interventions to rekindle mood, confidence and motivation.”

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