News That Matters

By www.thetrader.se

Ft.com
Alcoa, the integrated aluminium producer, reported that its second-quarter earnings more than doubled and expressed confidence in its outlook despite recent weakness in metal prices, the FT reports. Kicking off the North American second-quarter reporting season, http://ftalphaville.ft.com/thecut/2011/07/12/619026/alcoa-sees-earnings-more-than-double/

Banks are offering easier credit terms to hedge funds in an increasingly fierce competition for their business, the FT reports. The Fed’s poll of 20 of the largest securities dealers, launched last year in an attempt to fill in information black holes that stoked the crisis http://ftalphaville.ft.com/thecut/2011/07/12/619016/banks-offer-hedge-funds-easier-credit/

President Barack Obama ratcheted up the pressure on Republicans in tense budget talks, the FT reports, saying that the time had come for them to match their rhetoric on America’s looming fiscal crisis with action on a politically difficult $4,000bn fiscal deal http://ftalphaville.ft.com/thecut/2011/07/12/618896/obama-ramps-up-pressure-for-debt-deal/

The European debt crisis continued to occupy investors’ minds, with a steep decline in the euro driving the FTSE All World equity index down 2 per cent and sending traders fleeing to the safety of core government bonds http://ftalphaville.ft.com/thecut/2011/07/11/618876/eurozone-contagion-worries-batter-stocks/

Moody’s on Monday released a report on 61 Chinest firms to “highlight issues meriting scrutiny to identify possible governance or accounting risks for non-financial corporate issuers in emerging markets”. http://ftalphaville.ft.com/thecut/2011/07/11/618866/moodys-alerts-investors-to-red-flags-at-61-chinese-firms/

Europe’s debt crisis escalated on Monday as Italy and Spain saw their borrowing costs soar by record amounts, hitting bank shares and stock markets globally, reports the FT. Italy, the eurozone’s third-largest economy and home to the continent’s biggest bond market http://ftalphaville.ft.com/thecut/2011/07/11/618816/markets-rocked-as-debt-crisis-deepens/

The best currency forecasters say the dollar’s 13 percent slide over the past year is coming to an end as Europe’s deepening debt crisis discourages bets against the world’s reserve currency, Bloomberg reports. http://ftalphaville.ft.com/thecut/2011/07/11/617861/top-currency-forecasters-say-dollar-slump-over/

China’s rapidly expanding satellite programme could alter power dynamics in Asia and reduce the US military’s scope for operations in the region, according to new research. Chinese reconnaissance satellites can now monitor targets for up to six hours a day, the World Security Institute, a Washington think-tank, has concluded in a new report. The People’s Liberation Army, which could only manage three hours of daily coverage just 18 months ago, is now nearly on a par with the US military in its ability to monitor fixed targets, according to the findings. http://www.ft.com/intl/cms/s/0/cf83817a-abaa-11e0-8a64-00144feabdc0.html#axzz1Rlhw0nI3

Prime warehouse space in São Paulo is among the most expensive in the world, outstripping London and Singapore, as the country’s creaking infrastructure struggles to cope with a consumer boom. Space in “Class A” warehouses in the business capital of Latin America’s biggest economy cost an average of R$23.50 per square metre a month to rent in the first quarter of this year, the fourth most expensive in the world after Tokyo, Zurich and Hong Kong.  http://www.ft.com/intl/cms/s/0/904077be-abde-11e0-945a-00144feabdc0.html#axzz1Rlhw0nI3

Wsj.com
Asian stock markets were sharply down Tuesday amid fresh anxiety over Europe’s debt crisis, while Macarthur Coal jumped 38% in Sydney after a multibillion dollar takeover bid from Peabody Energy Corp. and ArcelorMittal. Japan’s Nikkei Stock Average fell 1.4%, Australia’s S&P/ASX 200 lost 0.9% to 4541.6, South Korea’s Kospi Composite was 1.5% lower and New Zealand’s NZX-50 was off 0.2%. Dow Jones Industrial Average futures were down 29 points in screen trade.  http://online.wsj.com/article/SB10001424052702303678704576440743699965826.html?mod=WSJ_hp_LEFTWhatsNewsCollection

Italy, long a bystander to the euro-zone’s debt woes, was thrust into the maelstrom Monday, as investors fled the country’s bonds and Europe’s leaders struggled to keep the crisis from infecting the Continent’s third-largest economy.  Fears over Italy’s solvency and political stability were compounded by market frustration that Europe’s leaders haven’t yet come up with a solution to Greece’s deepening debt problems: The gap between the yields on Italy’s 10-year sovereign bonds and safer German Bunds jumped by more than 100 basis points, or a whole percentage point, to a record high of 285.6, compared to a week ago. http://online.wsj.com/article/SB10001424052702303678704576439661401854654.html?mod=WSJ_hp_LEFTTopStories

The White House and congressional leaders made no progress Monday toward reaching a deficit-reduction deal that would clear the way for raising the federal borrowing limit in less than three weeks. President Barack Obama pressed congressional leaders Monday to forge a $4 trillion, 10-year deal. But after another contentious meeting at the White House, the odds that Democrats and Republicans can bridge their differences over taxes and social programs to reach such a sweeping plan ahead of an Aug. 2 debt-limit deadline appeared to diminish. http://online.wsj.com/article/SB10001424052702303812104576439793321939806.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsSecond

The Obama administration is ramping up talks on how to revive the housing market, which is weighing on the economic recovery—and possibly the president’s re-election in 2012. Last year, advisers considered several housing-policy prescriptions but rejected them in favor of letting the market sort things out. Since then, weak demand and a stream of foreclosed properties have put renewed pressure on home prices, prompting concern within the White House. http://online.wsj.com/article/SB10001424052702304584404576440033488980192.html?mod=WSJ_hp_LEFTWhatsNewsCollection

A rise in the value of the Australian dollar and surging demand spurred by a mining boom has made Australian cities among the least affordable in the world for skilled expatriates, a survey by consulting firm Mercer showed Tuesday. Sydney, Australia’s largest city, is now the 14th most expensive city in the world, up from 24th a year ago, according to Mercer, while the mining capital of Western Australia, Perth, rallied 30 places to 30th place. Melbourne rose 12 places to rank 21st and Brisbane rose 24 places to 31st.  http://online.wsj.com/article/SB10001424052702303812104576440813586253234.html?mod=WSJAsia_hpp_LEFTTopStories

Infosys Ltd. Tuesday posted a nearly 16% rise in its first quarter consolidated net profit and maintained its dollar revenue forecast for this fiscal year as demand for outsourcing technology services continued to rise. India’s second-largest software exporter by revenue said net profit for the three months through June was 17.22 billion rupees ($388.7 million), compared with 14.88 billion rupees a year earlier.  http://online.wsj.com/article/SB10001424052702303678704576440882297606342.html#ixzz1RraF5Ey9

Futures for lean hog carcasses soared after China singled out rising domestic pork prices as a concern, a move analysts say increases the likelihood that the country will continue to boost imports. Prices surged immediately after trading began on the Chicago Mercantile Exchange and hit the daily limit on price increases within an hour and a half after the open. Lean hogs for August delivery ended limit up, rising 3.1%, or 3 cents, to 99.17 cents a pound. http://online.wsj.com/article/SB10001424052702303678704576440213768395124.html?mod=WSJASIA_hpp_LEFTTopWhatNews

China reported a jump in its foreign-exchange reserves and a surge in bank lending, reflecting continued inflationary pressures on the world’s No. 2 economy. The People’s Bank of China said the country’s stockpile of U.S. dollars and other foreign currency rose $152.8 billion in the April-to-June period—or roughly $1.7 billion a day—to $3.2 trillion. Much of that money comes from earnings by exporters and foreign investors, which adds to an existing flood of cash in the Chinese economy that has helped push up prices. The increase in the latest period was down from the first quarter’s $197.3 billion jump. http://online.wsj.com/article/SB10001424052702303812104576440812575233634.html?mod=WSJASIA_hpp_LEFTTopWhatNews

News Corp. took steps that will delay its proposed takeover of the BSkyB satellite-TV operation, as the company hopes to wait out the phone-hacking furor that continued to batter it Monday. The moves, which could postpone approval of a deal for six months or more, exposes the takeover of British Sky Broadcasting Group PLC to new and unpredictable risks at a time when U.K. political support has largely deserted it. Both News Corp. BSkyB shares were sharply lower Monday. http://online.wsj.com/article/SB10001424052702303678704576439271713774828.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews

There are many reasons U.S. companies give for their lack of robust hiring—from weak consumer spending to uncertainty over the direction of government policies on debt and spending. But a closer look at hiring provides a more nuanced picture. Some industries have significantly boosted employment over the past year while others continue to shed workers. To be sure, even those adding jobs are hiring far fewer than would be needed to put America’s 14.1 million unemployed back to work. http://online.wsj.com/article/SB10001424052702304584404576440203602314190.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews

Marketwatch.com
A significant indicator of business conditions for Japanese manufacturers returned to positive territory in July, for the first time since the massive earthquake earlier this year, according to a report published Tuesday. The Nikkei business daily reported that according to survey results released by Quick Corp., the “diffusion index for business conditions among manufacturers improved 8 points” from June, reaching a score of five http://www.marketwatch.com/story/japan-business-sentiment-turns-positive-report-2011-07-11

The Bank of Japan on Tuesday maintained its policy interest-rate range as widely expected. It also cut its growth estimate for the fiscal year which began in April in a technical tweak to reflect the impact of the March disasters, but the central bank was more upbeat in its overall economic assessment. “Japan’s economic activity is picking up with an easing of the supply side constraints caused by the earthquake disaster,” the central bank said in a statement released after its two-day meeting. http://www.marketwatch.com/story/bank-of-japan-holds-steady-raises-economic-view-2011-07-12

A slide in global market prices for cotton since April has led the shares of India’s textile companies to rally strongly over the past several months. But these firms’ pricing power, the cotton inventories they carry and the progress of monsoon rains will determine how the market reacts to their earnings, analysts say. http://www.marketwatch.com/story/indias-textile-firm-stock-rally-might-end-2011-07-11

Reuters.com
Spot gold held ground above $1,550 on Tuesday, as investors fled from risky assets on fears of a spreading euro zone debt crisis, but a stronger dollar and weak equities weighed on sentiment. Euro zone finance ministers promised cheaper loans, longer maturities and a more flexible rescue fund on Monday to help Greece and other EU debtors in a bid to stop financial contagion engulfing Italy and Spain. http://www.reuters.com/article/2011/07/12/us-markets-precious-idUSTRE7592IU20110712

Oil slipped for a third day on Tuesday as pledges to contain the spread of the euro zone’s debt crisis failed to dispel unease among investors about slowing energy demand growth. Ministers from the 17 countries that share the European currency on Monday vowed to safeguard stability in the euro area and promised new measures “shortly,” but set no deadline after another day of turmoil across financial markets. Brent crude shed 89 cents to $116.35 a barrel at 0223 GMT, while U.S. crude for August dipped 76 cents to $94.39. Both contracts fell more than $1 on Monday. http://www.reuters.com/article/2011/07/12/businesspro-us-markets-oil-idUSTRE7592LE20110712

(UK) House prices fell more than expected last month, as worries about the economic outlook deterred homeowners from putting their properties up for sale and buyers remained hesitant, a survey showed Tuesday. The Royal Institution of Chartered Surveyors’ seasonally adjusted house price balance inched up to -27 in June from -28 in May, below forecasts for an improvement to -25 and holding close to its lowest level so far this year. The supply of new properties coming to the market in June fell sharply to a net balance of +1 from +14 in May — the lowest since January. http://uk.reuters.com/article/2011/07/11/uk-britain-housing-rics-idUKTRE76A7GQ20110711

Retail sales showed sluggish year-on-year growth last month, and demand for big-ticket items remained weak, the British Retail Consortium said on Tuesday, in data which is unlikely to ease worries about second-quarter GDP growth. Total retail sales excluding automotive fuel rose by an annual 1.5 percent in June in value terms, up from the 0.3 percent year-on-year decline in May. For Q2 as a whole, retail sales values were 2.7 percent higher than a year earlier. The BRC does not provide estimates of growth in retail sales volumes — which feed into GDP estimates — but the high current rate of inflation means that these are likely to be much lower, or even negative. http://uk.reuters.com/article/2011/07/12/uk-retail-sales-idUKTRE76A7JG20110712

British inflation will fall back towards its 2 percent target during the next two years, Bank of England Governor Mervyn King said in a foreword to the central bank’s annual report, published on Monday. King, as before, blamed past sterling depreciation rising commodity prices and increases in sales tax for the fact that inflation is well above target at 4.5 percent, and predicted that these factors would ease. http://uk.reuters.com/article/2011/07/11/uk-britain-boe-king-idUKTRE76A4YR20110711

The Minnesota state government shutdown, now the longest in recent memory in the United States, reached its eleventh day on Monday with no new talks planned between the political leaders. The state’s new fiscal year began on July 1 without a budget in place to close a projected $5 billion two-year deficit or a temporary spending plan, leading to the second Minnesota state government shutdown in six years. http://www.reuters.com/article/2011/07/12/us-minnesota-shutdown-idUSTRE76A7LR20110712

Networking equipment company Cisco Systems Inc could eliminate as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, Bloomberg said, citing two people familiar with the matter. As many as 7,000 jobs would be eliminated by the end of August, the people told the agency. Cisco is also providing early-retirement packages to about 3,000 workers who took buyouts, according to Bloomberg. http://www.reuters.com/article/2011/07/12/us-cisco-jobs-idUSTRE76B0AV20110712

Bloomberg.com
Australian Prime Minister Julia Gillard’s support declined further, underlining the challenge she faces in selling her carbon emissions plan to the public. Gillard had 38 percent support, while 43 percent of respondents said they preferred opposition leader Tony Abbott as prime minister, according to a Newspoll survey published today in the Australian newspaper. Backing for Gillard’s Labor government fell to 42 percent while support for the opposition Liberal-National coalition rose to 58 percent, the poll of 1,142 people taken July 8-10 showed. http://www.bloomberg.com/news/2011-07-12/gillard-support-drops-as-carbon-campaign-starts.html

China’s new loans rose more than estimated in June and money supply growth rebounded even after the central bank raised interest rates and reserve requirements to cool credit growth that’s fueling inflation. New loans were 633.9 billion yuan ($98 billion), compared with the 622.5 billion yuan median estimate in a Bloomberg News survey and 551.6 billion yuan in May. M2, the broadest measure of money supply, rose 15.9 percent, the People’s Bank of China said on its website. Foreign-exchange reserves, the world’s largest, rose to $3.2 trillion at the end of June from $3.04 trillion at the end of March. http://www.bloomberg.com/news/2011-07-12/china-new-loans-money-supply-growth-rebound-even-after-cooling-measures.html

HTC Corp. (2498), Asia’s second-largest maker of smartphones, was accused of infringing Apple Inc. (AAPL) patents in a case that may halt U.S. imports of the Taiwanese company’s phones and its new Flyer tablet computers. Apple claims HTC is infringing five patents related to software architecture and user interfaces in portable electronic devices, hardware for touch screens and movement sensors, according to the complaint with the U.S. International Trade Commission in Washington. The complaint filed July 8 is the second Apple has filed against Taoyuan, Taiwan-based HTC. http://www.bloomberg.com/news/2011-07-11/apple-files-new-trade-complaint-against-htc-over-devices.html

China’s army chief said the timing of U.S. naval exercises in the South China Sea was “inappropriate” given the ongoing bilateral disagreements in the region between China and other Asian nations. Disputes over the sea’s islands and surrounding waters should be resolved through “dialogue and diplomatic measures,” Chen Bingde, chief of staff of the People’s Liberation Army, was cited as saying by the official Xinhua News agency. http://www.bloomberg.com/news/2011-07-11/u-s-joint-navy-drills-inappropriate-china.html

Cnbc.com
Following Friday’s disappointing jobs data and a big jump in Chinese inflation over the weekend, Jim Rogers, the CEO and Chairman of Rogers Holdings, told CNBC that no matter what happens to the global economy, he will make money with his commodity positions. “If the world economy gets better, I earn money on commodities. If the global economy gets worse then they will print more money and I will make money in commodities,” Rogers said in an interview with CNBC on Monday. http://www.cnbc.com/id/43708130

Nytimes.com
An extraordinary amount of personal income is coming directly from the government. Close to $2 of every $10 that went into Americans’ wallets last year were payments like jobless benefits, food stamps, Social Security and disability, according to an analysis by Moody’s Analytics. In states hit hard by the downturn, like Arizona, Florida, Michigan and Ohio, residents derived even more of their income from the government. By the end of this year, however, many of those dollars are going to disappear, with the expiration of extended benefits intended to help people cope with the lingering effects of the recession. Moody’s Analytics estimates $37 billion will be drained from the nation’s pocketbooks this year. http://www.nytimes.com/2011/07/11/business/economy/as-government-aid-fades-so-may-the-recovery.html?_r=1&src=me&ref=business

Foxbusiness.com
House Speaker John Boehner on Monday repeated his position that Republicans won’t accept in increase in the federal debt limit unless the White House agrees to shelve the idea of tax cuts and agrees to major cost-saving changes in entitlement programs. The House speaker held a brief press conference a few hours after Obama publicly urged both parties to strike a politically painful compromise that put the nation on sounder financial footing. http://www.foxbusiness.com/2011/07/11/top-republican-tax-hike-never-part-debt-plan/#ixzz1RreM0WnD

BBC.co.uk
Philippines exports fell for the first time in 20 months as shipments of electronic goods, the country’s biggest export, plunged in May. Exports of electronic goods slumped by 26% in May, compared with the same month last year according to the latest data of the census department. The country’s overall exports dipped by 3.2% compared with the same month last year. Exports are a key driver of the economy of the Philippines. http://www.bbc.co.uk/news/business-14117056

Luanda, the capital of Angola, is the world’s most expensive city for expatriates, according to a survey.Luanda topped Mercer’s Cost of Living Survey for the second year in a row, followed by Tokyo in Japan and N’Djamena in Chad. New to the top 10 were Singapore, ranked eighth, and Sao Paulo in Brazil, which jumped from 21st to 10th. The survey covers 214 cities and compares costs of items such as food, housing, transport and clothing. http://www.bbc.co.uk/news/business-14111662

Independent.co.uk
Small businesses are not bothering to apply for new finance because they assume they’ll be turned down. Only one in six small firms has applied for a new facility or renewed an existing one in the past 12 months, according to the British Bankers’ Association’s (BBA) Business Finance Taskforce, yet three-fifths of loan applicants received their request. http://www.independent.co.uk/news/business/news/banks-say-they-are-lending-to-small-firms-2312250.html

Guardian.co.uk
African governments have only a few years to build up an industrial sector or risk failing growing numbers of young people unable to find a job, a UN agency warned today. Governments must shift the emphasis from agriculture and mining to manufacturing and commercial enterprises that can absorb large numbers of young workers. Unctad, the United Nations trade and development agency, warned that without a series of reforms to promote local businesses, the share of jobs in manufacturing will continue a decade-long decline. http://www.guardian.co.uk/business/2011/jul/11/africa-industrial-sector-un

Smh.com.au
Just one month after RBA governor Glenn Stevens hinted interest rates were set to rise, there is a growing feeling in the market that the next rate move will be down. As the European debt crisis continues to spook investors, there is a 40 per cent chance the Reserve Bank will cut rates when it meets in August, according to Credit Suisse data.  http://www.smh.com.au/business/rates-turnaround-chance-of-rate-cut-grows-20110712-1hbh3.html#ixzz1RrhtydMK

Straitstimes.com
GREECE’S efforts to close its budget gap have gone a long way but are ‘not sufficient’, International Monetary Fund managing director Christine Lagarde said on Monday. Ms Lagarde also said that the turmoil that has raised fears of an Italian financial meltdown is ‘essentially market driven.’ ‘Some of the Italian numbers are excellent,’ she told reporters, adding that ‘It is clearly a fact that Italian growth has to improve.’  http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_689745.html

Theglobeandmail.com
On Friday, the world learned that only 18,000 jobs were added to the U.S. economy in June. The disappointing jobs report meant that U.S. employment growth ground to a near-halt last month, pulling the unemployment rate up to 9.2 per cent. Economist have called it the worst jobs recovery since the 1930s, and markets tumbled after the numbers were released. Words like “grim,” “abysmal,” and “ugly” were liberally used to describe the news. But what if the real jobless numbers are even higher? http://www.theglobeandmail.com/report-on-business/economy/economy-lab/daily-mix/what-the-us-jobs-numbers-didnt-tell-you/article2093890/

The U.S. can do no wrong and the Europeans can do no right, at least in the eyes of bond investors.Fearful investors are fleeing European bonds and other euro assets and pouring money into U.S. Treasuries, even though both face explosive debt problems. The demand for Treasuries illustrates that investors expect U.S. policy makers to overcome their debt impasse long before the Europeans manage to come up with an enduring solution to their insolvency problems. http://www.theglobeandmail.com/report-on-business/international-news/in-debt-race-bond-buyers-wager-on-us/article2094011/

CS.com.cn
The State Administration of Foreign Exchange (SAFE) on Monday reiterated its tough stance on curbing hot money inflows, which threatens the nation’s financial stability and triggers inflation. In a statement on its website, the manager of China’s $3 trillion foreign exchange reserve said it will continue its “high-pressure” clampdown on inflows of hot money, or speculative capital, to ensure financial and economic stability. SAFE also announced penalties for 10 companies that conducted illegal foreign exchange transactions, which are at the root of hot money inflows. It’s the third group of companies the administration has fined in less than a year. http://www.cs.com.cn/english/ei/201107/t20110712_2961779.html

Russian Prime Minister Vladimir Putin criticized the U.S. monetary policy on Monday, calling it “hooliganism,” local media reported. “We, thankfully or not, cannot print a reserve currency. But what are they (the Americans) doing? They simply spit nails, turn on the printing press and throw money to the world, in order to resolve their urgent problems,” Putin told members of the Russian Academy of Science in Moscow. While exploiting its monopoly on issuing a global reserve currency at full scale, the United States asked Russia to obey a strict financial discipline, he added. http://www.cs.com.cn/english/ei/201107/t20110712_2961776.html

Thehindu.com
Union Commerce and Industry Minister Anand Sharma on Monday said negotiations on the India-EU broad-based Trade and Investment Agreement (BTIA) had been intensified and were in the final stages with the aim to conclude them in 2011. “The India-EU BTIA negotiations are in their final leg. Thirteen rounds of negotiations have been held so far. A meeting of Commerce Secretary Rahul Khullar and EU’s Director General (Trade) was held last month in London. Both sides have intensified the negotiations with a view to closing negotiations in 2011,” Mr. Sharma said in a statement issued here after his bilateral meeting with the visiting Polish Foreign Minister, Radoslaw Sikorski. http://www.thehindu.com/business/Economy/article2219120.ece

Prime Minister’s chief economic adviser C Rangarajan on Monday said the government should stick to the budgetary target of fiscal deficit at 4.6 per cent of the GDP, even as he admitted it was a difficult target to achieve. “The Government of India must ensure that the budgeted level of fiscal deficit (4.6 per cent) is maintained. I know it is difficult target to achieve. The revenue target still can be achieved,” Mr. Rangarajan said. Last month, the government while increasing prices of diesel, kerosene and cooking gas withdrew 5 per cent customs duty on crude oil. It also reduced the import duty on petrol and diesel from 7.5 per cent to 2.5 per cent and cut down excise duty on diesel by Rs 2.60 to Rs 2 per litre. http://www.thehindu.com/business/Economy/article2218922.ece

Yohnapmews.co.kr
Sales of home appliances in China’s rural areas spiked in the first half of 2011 from a year earlier on government moves to encourage domestic consumption, officials said Tuesday. The Chinese Ministry of Commerce said in a statement that sales of electrical appliances for home use in rural areas soared 83.7 percent on-year to 124.6 billion yuan (US$19.3 billion) in the January-June period. In terms of the number of units sold, 50.9 million were sold to rural areas in the same period, up 56.7 percent from a year earlier. http://english.yonhapnews.co.kr/business/2011/07/12/37/0503000000AEN20110712004900320F.HTML

Khaalejtimes.com
Dubai has completed an $800 million (over Dh2.9 billion) financing facility based on future revenues from Salik tolls that will be used to fund the emirate’s infrastructure projects. This huge spending in infrastructure projects would create a lot of jobs and also contribute to the growth of Dubai significantly, according to financial experts. “The deal was completed on July 5 and the response was strong enough to allow the government to reduce the margin to 325 basis points above the London interbank offered rate from 350 basis points,” Bloomberg said, quoting the MEED website. http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2011/July/uaebusiness_July26.xml&section=uaebusiness

Comments

[whirlybird rules]

why does the dollar continue to tank against the yen?  

[ebworthen]

I think you meant "tax hikes" under "FoxBusiness.com"

Thanks, enjoyable summary, I subscribed to your feed.