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Friday, November 19, 2010

Gold fell in New York

Gold fell in New York, capping a second straight weekly loss, as China moves to combat inflation and demand growth slow erosion of precious metals and commodities. China ordered banks to set the largest reserves set aside for the second time in two weeks. The country is the largest gold consumer after India. The Thompson Reuters / Jefferies CRB Index of 19 commodities fell to 1.4 percent. Gold has fallen 5.1 percent from a record $ 1424.30 an ounce on November 09. "Any effort to squeeze by China will be interpreted by the market as an event of the reduction of inflation, which would have a little shine of gold," said Adam Klopfenstein, senior...

Karoon Gas Scraps $773 Million Brazil IPO in Sixth Canceled Sale This Year

Karoon Gas Australia Ltd., an oil and gas explorer, has canceled a Brazilian initial public offering of its South American unit, citing "unfavorable" market after another five companies delayed or shelved sales this year . The shares sold by the Brazilian energy companies have not fared as well as investors had hoped, Mt. Marta, based in Victoria Karoon said in a statement. Karoon, which planned to raise up to U.S. $ 773 million in sales, may reconsider an initial public offering later, Scott Hosking chief financial officer, said. "Intellectual property offices earlier in Brazil have not changed, and that could have, so people were wary of taking the risk," Hosking said in a telephone interview. "We have had to lower the price in Brazil, and we were not willing to do that. There are good...

New Zealand rescue teams rushed to save 29 miners missing

New Zealand rescue teams rushed to save 29 miners missing after an underground explosion in the mine disaster in the country for the first time in more than 40 years. Emergency teams were trying to poison gas after the explosion knocked out power to the ventilation system and attempts to contact the missing workers. Two miners who managed to walk to the surface were treated for "moderate" injuries, police said. "We have not lost hope, but it's a serious situation," Tony Kokshoorn, mayor of Greymouth district, 50 kilometers (30 miles) from the mine, told TVNZ at the site. "Rescue teams are working here, doing everything possible. It's a waiting game to ensure that the mine is safe to go down." Failure can be 3 miles or more from the entrance of the mine, said the station Kokshoorn. It is...

reducing the scope for policy makers to raise interest rates

Economic expansion in Thailand and Malaysia last quarter probably fell after global demand declined, reducing the potential for policy makers to raise interest rates when the rise in commodity prices increase inflation risks. The Thai economy grew 7.2 percent in the three months to September last year after expanding 9.1 percent in the second quarter, according to the median forecast of 15 economists surveyed by Bloomberg News. The Malaysia's gross domestic product increased 5.6 percent after expanding 8.9 percent the previous period, the sample median of 12 estimates. The International Monetary Fund said last month's Asian policy makers should be pioneers to leave the policy of encouraging "to address the pressures on prices of goods and assets." Malaysia and Thailand have paused after...

Irish Bailout May Unleash Bond Vigilantes on Portugal Market: Euro Credit

A resolution of the debt crisis in Ireland may shift the burden of speculation in Portugal. While officials such as the European Central Bank Vice President Vitor Constancio predict a ransom of Ireland reduce financial pressures in the euro region, analysts at Citigroup Inc. and Nomura International Plc said that any help would be short lived because investors turn their attention to the following weaker peripheral nation. Markets indicate that the country is Portugal, with yields of 10-year bonds of 6.88 percent, compared with 8.26 percent in Ireland and 11.62 percent in Greece, which received bailout funds from the EU in May European and...

Natural gas rose At the first weekly increase this month

Natural gas rose in New York, recording the first weekly increase this month in the forecast below-normal temperatures that can cause an increased demand for heating oil. Colder weather than normal may blanket much of eastern U.S. from November 24 to 28 November, according to Time Commodity Group in Bethesda, Maryland. Temperatures in some parts of the Midwest can be up to 8 degrees below normal, the company said. "It looks pretty inevitable that the market has a win against her," said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. Natural gas for December delivery rose 15.7 cents, or 3.9 percent, to settle at $ 4.164 per million British thermal units on the New York Mercantile Exchange. The contract, up 25 percent this year, gained 9.6 percent this...

China will raise rates to fight inflation

China increased the reserve ratio for banks and the threat of price controls on essential items may be insufficient to control inflation, and the central bank will have to raise interest rates, economists said. People's Bank of China yesterday ordered a 50 basis point increase in the amount of money lenders must set aside after two days of the cabinet announced measures to fight inflation. A basis point is 0.01 percentage point. Stocks and oil fell in the central bank's announcement, noting the concern that China's efforts to cool faster rise of the nation in consumer prices in two years may cause a build to fail. Analysts surveyed nine banks...

raising the Euro For a third day against the dollar.

The euro rose for a third day against the dollar amid optimism the rescue of Ireland to limit the spread in the largest debt markets in Europe. The dollar weakened against 14 of its 16 most actively traded peers as Federal Reserve chairman, Ben S. Bernanke defended the central bank's policy U.S. monetary stimulus. The 16-nation euro, which is headed for a weekly gain versus the yen was also supported as a report showed German producer prices rose more than forecast by economists. The yen rose against the Australian dollar, snapping a two-day decline, on speculation that China will raise interest rates to curb inflation. "Ireland appears close...

European stocks fell

European stocks fell, erasing the progress weekly Europe Stoxx 600 Index as investors await confirmation of whether Ireland will accept the rescue of the banks of STIs. U.S. stocks Asia and index futures rose fluctuate. Rio Tinto Group led mining companies lower amid speculation China May Further measures to cool the overheating economy of STIs. Aerospace Zodiac SA fell 6.2 percent after Safran SA said it would not bid for the company. Corio NV lost 2 percent as Morgan Stanley downgraded the promoter. The Stoxx 600 fell 0.4 percent to 270.03 at 9:44 am in London, having opened little changed. The benchmark for the rally two days earlier amid growing speculation that Ireland agrees to receive EU financial assistance directed by ITS indebted to banks. "Risk appetite is largely muted in September...

" I have never been in his position " It's the Common in the letter that written to Fed Reserve

The 23 people who wrote the letter to Federal Reserve chairman, Ben S. Bernanke this week said to halt expansion of monetary stimulus have something in common: I have never been in his position. The letter, which said in November the Federal Reserve decision to purchase three 600 billion U.S. dollars of treasury bonds will cause a rise in inflation, was signed by former Republican government officials, economists, columnists and even Dan Senor, former spokesman for the U.S. military effort in Iraq. By contrast, many voices in defense of Bernanke have central banks in their resumes, with former Fed Vice Chairman Alan Blinder, a former Bank of England policy makers David Blanchflower and the Bank of Israel Governor Stanley Fischer expressed all support. The rhetoric of the critics, without...

Hong Kong Increases Tax on Property Resold Within Two Years to Cool Market

Hong Kong raised the stamp duty on properties sold within two years, intensifying a battle against rising home prices after the International Monetary Fund warned that the asset inflation could derail the city's economy . The stamp tax, intended to curb speculation, will be effective from tomorrow and will start at 15 percent of homes sold within six months, the Finance Secretary, John Tsang, said at a conference today. Hong Kong developers fell in anticipation of the announcement, with the Hang Seng Property Index, which tracks seven largest homebuilders in the city, such as Sun Hung Kai Properties Ltd., leaving the eighth of nine days. The governments of South Korea to Brazil are acting to curb the inflow of funds in higher yielding markets after the U.S. extended monetary stimulus Federal...

Ireland may now have to fight for independence as the first world war.

Irish rebels fought for independence during the First World War, boasting that serves "neither King nor Kaiser." Ireland may now have to do exactly that to qualify for a bailout funded in part by Britain and Germany. The Prime Minister, Brian Cowen, leans toward accepting a rescue package that could endanger the country's policies with low taxes and put the voters on the hook to repay loans the central bank said it may be worth "tens of thousands of millions "of euros. For critics of Cowen Fianna Fail party, which governed Spain through his decade-long boom, national pride is at stake. Cowen has "squandered" the independence of a "German rescue...

Fed reserve in his defense of the central bank.

Federal Reserve chairman, Ben S. Bernanke, took his defense of the central bank's monetary stimulus U.S. abroad, saying it would help the world economy, and implicitly criticized China for keeping its currency weak. The best way to support the dollar and the global recovery support is through policies that lead to the resumption of robust growth in an environment of price stability in the United States, "Bernanke said in remarks prepared for a conference this afternoon in Frankfurt. The countries that undervalue their currency can inhibit the growth of worldwide financial instability and risk in the home, he said. The Fed chief is facing...

Goldman Names 321 Managing Directors in Annual Promotion By Bloomberg

Goldman Sachs Group Inc., the most profitable securities firm in Wall Street history, promoted a record number of employees to managing director, boosting their pay and status as investment banks recover from the financial crisis. The 321 appointments, up from 272 last year and 259 in 2008, were detailed in an internal memo obtained by Bloomberg News. The announcement came a day after the New York-based company selected 110 people to become partners, a designation that means they share in a special pool of compensation. Goldman Sachs Chairman and Chief Executive Officer Lloyd Blankfein, 56, has presided over an expansion of the firm, with the total number of employees rising to 35,400 from about 24,000 when he took over in mid-2006. In promoting more employees this year, the company is rewarding...

China plans to attack inflation with subsidies

China plans to attack inflation with subsidies, sales of food stocks and the threat of price controls may be insufficient, and the central bank will have to raise interest rates, economists said. Analysts surveyed nine banks this week predict the People's Bank of China will join rate hike last month, the first since 2007 at the end of December. Concern that rising consumer prices, which rose more than two years in October, will jeopardize the economy prompted Premier Wen Jiabao, to hold a cabinet meeting on the issue this week. The measures introduced by the State Council, from a crackdown on speculation in agricultural commodities to the imposition of price caps for "daily use" if needed, do nothing to address the credit growth in China. benchmark stock index in China has been the greatest...

Detail Spending Plans to Leapfrog Toyota By Volks Wagen.

Volkswagen AG, the largest European automaker, said today its spending plans for the car business to help achieve the goal of the German company to overtake Toyota Motor Corp. sales and profitability. 20-member of the VW supervisory board will meet to discuss investment including the cost of plants, vehicles and developments affecting the automaker nine brands, said three people briefed on the matter who declined to be identified because the meeting is private. Wolfsburg, Germany-based VW plans traditionally described rolling medium-term spending in November, with the most recent projection for 25.8 million euros (35 billion) in investments...

Old GM's creditors will make a $ 5 billion initial public offering, are entitled to more

Creditors General Motors Co. 's predecessor in bankruptcy, which will probably receive about $ 5 billion of 20 billion U.S. dollars the automaker's new IPO, might be able to buy more million new shares at least third of the price yesterday. mass of GM bankruptcy was issued 150 million shares, or 10 percent of the shares in the new company, to help pay creditors. At yesterday's closing price of $ 34.19, the stock is worth $ 5,100,000,000. GM has called old entitlement orders to buy about 273 million shares at between $ 10 and about $ 18 each, according to the company in November 1917 filing with the Securities and Exchange Commission. If...

Rim's winning corporate customers.

Research In Motion Ltd. 's BlackBerry playbook, the tablet designed to compete with Apple Inc. IPAD Steve Jobs, is gaining corporate customers months before its debut. Insurer Sun Life Financial Inc. agreed to buy up to 1,000 playbooks, and Canadian banking unit of ING Groep NV said it has also committed to purchase the device. Companies like Manulife Financial Corp. is testing the product, which goes on sale next quarter. RIM first found success selling its BlackBerry smartphone for businesses and offers guarantees as trying to challenge the dominance of Apple in the booming market for tablets. RIM, based in Waterloo, Ontario, is betting...

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