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Saturday, November 27, 2010

Coal India Will Purchase Overseas Mines to Meet Import Demand

Coal India Ltd., the world's largest producer of fuel, is considering the acquisition of five mines in the U.S., Australia and Indonesia to meet the country's demand for fuel, Chairman Partha Bhattacharyya said. The state company is exploring a mine in Australia owned by Peabody Energy Corp., one in the U.S. owned by Massey Energy Co. and another in Indonesia, Bhattacharyya said, declining to name the company of others. While Coal India has not been started due diligence on two mines in Australia, banks can appoint early to assess the bids, he said. "We are reducing the gap in valuations with Peabody," said Bhattacharyya, 59, in an interview in New Delhi yesterday. "We like to invest, because there are companies who want money for their mines and a market for coal," he said. "We have the...

Spain to reduce bond issuance

Spain will issue less debt than expected in its remaining auction this year amid an increase in borrowing costs, although not named any scheduled sale, the finance minister, Elena Salgado, said. "We have a commitment to investors, so it will not halt any planned auction at the end of the year here," he told a press conference following the weekly cabinet meeting today in Madrid. "As we have more than sufficient margin, probably slightly reduce the volume in each of these issues." Spain plans to sell three-year debt on December 2 and 10 - and 15-year securities on December 16, according to the Treasury. Budgetary outcomes have been better than expected, ie the government's borrowing needs are "covered", said Salgado. The extra yield investors demand to Spanish control 10-year Treasury bonds...

Madoff investors by the trustee Sued for Alleged fictitious profit

A group of former investors of Bernard Madoff were sued by a director appointed by the court trying to recover the artificial gains they received in the six years before signing the con declared bankruptcy in December 2008. The trustee, lawyer from New York Irving Picard, sued the people who invested with Madoff and withdrew more money than they contributed. Picard, with the approval of the bankruptcy judge overseeing the liquidation of New York, Bernard L. Madoff Investment Securities LLC, said it would seek fictitious profits paid to investors in suits called clawback. Most of the previous suits filed by Picard have sought money Madoff family members, staff, funds and others who are accused of having known Madoff was running a scam. In many of the lawsuits filed yesterday, Picard does...

falling U.S Stocks this week

U.S. stocks fell this week, led by banks, amid concern that a bailout may not stem the Irish Europe's debt crisis, China will raise interest rates to cool inflation and conflict on the Korean Peninsula will intensify. "Things are looking a quite serious," said Peter Sorrentino, who helps oversee 13.8 billion U.S. dollars in Huntington Asset Advisors in Cincinnati. "They serve to keep the real key investors on the sidelines because they are reasons for not taking a risk." JPMorgan Chase & Co. and Bank of America Corp. led declines in the Dow Jones Industrial Average, both losing more than 4.6 percent after Ireland became the second country in the euro to seek a bailout and the cost to save their banks threatened with a repetition of the Greek debt crisis. Hewlett-Packard Co. limited losses...

South Korean Stocks Slump Most in Two Weeks

The South Korean won fell the most since June, and shares fell after North Korea warned that any "confrontation escalated" will lead to war. The won slid 1.9 percent to 1,159.63 per dollar, while the Kospi sank 1.3 percent, the most in two weeks, to 1,901.80 at the close in Seoul. The decline was deepened after KCNA agency, North Korean state news, said in a statement emailed to news organizations that the North is "greatly angered the provocation" South Korea will retaliate any invasion of their sovereignty. The currency and stocks fell ahead of military exercises between South Korea and the U.S. The Kospi 200 Index futures expiring in December...

Dollar Strengthens Most in Three Months

The dollar rose the most since August against six major counterparts as the concern that Europe's problem of the debt will get worse and military action in Korea spurred increased demand for U.S. currency as a refuge. The dollar rose against the yen for the fourth consecutive week, the longest streak in 20 months after North Korea bombed a South Korean island and said that "the confrontation escalated" will lead to war. The euro fell for a third week against the dollar as investors speculated Portugal and Spain are the countries of Europe together with the need for a bailout. U.S. added jobs in November for the second consecutive month, data...

South Korea girds for U.S. show of force with After the attacks of the North Ships

The aircraft carrier USS George Washington and four smaller warships start with morning exercises, ships of South Korea in a show of force warned that North Korea will have the peninsula to the "brink of war." The exercises, to be held in the waters west of the Korean peninsula, follow North Korea November 23 attack on a fishing community in South Korea and the military base that killed four people including two civilians. Shells shattered the windows of a school and houses torched in Yeonpyeong island in a disputed area about 20 kilometers (12.4 miles) from the North Korean peninsula. While the U.S. has called the exercises "defensive in nature," said the regime of Kim Jong Il that any violation of the sovereignty of North Korea could trigger another attack. Japanese Prime Minister Naoto...

Asian Currencies Have Weekly Drop on North Korea Attack

Asian currencies had their biggest weekly loss in six months as an exchange of artillery fire in the Korean peninsula deterred investment in the region and European demand for debt crisis driven by dollars. , Asia Dollar Index fell for a third week, its worst run since February, after North Korea bombed a South Korean island on November 23, prompting retaliatory fire. The euro fell Wednesday to a minimum of two months in Ireland negotiated a bailout of the European Union and led by the Financial Times Deutschland reported that policy makers in the region are taking Portugal to seek financial aid. "Asian currencies have suffered the contagion in Europe," said Dariusz Kowalczyk, chief economist at Credit Agricole CIB in Hong Kong. "We also had an escalation of tensions in North and South Korea." The...

Asian stocks fell for third consecutive week

Asian stocks fell for third consecutive week after North Korea fired artillery shells in South Korea, swelling of the concern that tensions will increase. Korean Air Lines Co., the largest line of the nation by market value, fell 5.4 percent in Seoul. Hyundai Motor Co., the largest automaker in South Korea's market capitalization, fell 6.9 percent. Sun Hung Kai Properties Ltd., the world's largest developer by market value, fell 6.1 percent in Hong Kong after the government announced new measures to prevent a bubble in real estate prices. Honda Motor Co., automaker of Japan's second largest by sales, slumped 1.9 percent. The MSCI Asia Pacific Index fell 2.1 percent to 128.92 this week. The gauge slid on 23 November after reports of government and media that North Korea fired dozens of artillery...

European shares had their biggest weekly decline in eight weeks

European shares had their biggest weekly decline in eight weeks as concern mounted peripheral euro area countries can not pay their debts and North Korea fired missiles in South Korea for the first time since the 1950-53 war. Banks and insurers led the decline as investors waited to see how many loans Ireland European bailout fund, as the cost of insuring the Portuguese government debt rose to a record. Bank of Ireland Plc fell 45 percent, the biggest weekly fall in the benchmark Stoxx Europe 600 Index. Banco Santander SA fell 12 percent and BNP Paribas lost 8.5 percent. The benchmark Stoxx 600 fell 1.1 percent last week, the biggest weekly decline since September. The meter has yet met the 15 percent from its low this year in May, investors speculated that the world economy will grow after...

Emerging Stocks Decline for Third Week on Korea

stocks in emerging markets fell, sending the benchmark index to its third weekly decline on supply concerns China to control inflation, tensions between North and South Korea and Europe to the crisis debt global recovery will stall. The MSCI Emerging Markets Index fell 1.6 percent to 1,081.06 until 5 pm in New York. The indicator fell 2.8 percent in the last five days, its third weekly decline and the longest losing streak since May. South Korea's Kospi index fell 1.3 percent, while the Shanghai Composite Index fell 0.9 percent, the first decline in three days. Hungary Bux index fell 2.8 percent after the government moved to effectively nationalize private pension funds, so the indicator worst actor in the world today. Brazilian Bovespa index fell 1.6 percent, ending the biggest weekly...

Southampton, New York Schools overpaid $ 1.91 million

New York City from Southampton, an access point for summer investment bankers on Wall Street and Hollywood stars, paid more than 1.91 million U.S. dollars in lieu of taxes to two Long Island school districts, Comptroller Thomas DiNapoli said. Southampton 8.29 million U.S. dollars given to schools in the eastern end of Long Island, where the amount should have been $ 7,620,000, DiNapoli said in a statement today, citing an audit of payments made in the property free taxes of the coastal city. He said a third system underpaid and three fire districts. "When governments and municipalities make mistakes, taxpayers suffer," said DiNapoli. The error stems from a misinterpretation of a 2007 change in the law under which cities make payments in lieu of taxes, DiNapoli said. The city of about 55,200,...

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