News That Matters

By www.thetrader.se

Ft.com
Yahoo reported improvements in its internet search business in the second quarter, Reuters says, but revealed new challenges that hurt its display advertising business. The company reported a slight decline in net revenue in the second quarter, http://ftalphaville.ft.com/thecut/2011/07/20/628056/yahoo-revenue-dips-in-q2/

There are more signs that Chinese growth is continuing apace despite Premier Wen Jiabao’s efforts to curb inflation, Bloomberg says, after the leading economic index published by the Conference Board rose 0.5 per cent in May. http://ftalphaville.ft.com/thecut/2011/07/20/627961/index-shows-chinese-growth-not-slowing/

Yields on 30-year Treasury bonds fell sharply after signs emerged of a credible deal in Washington on the debt ceiling, the FT reports. The “long bond” had been leading a recent rise in Treasury yields,http://ftalphaville.ft.com/thecut/2011/07/20/627981/long-dated-treasurie...

Apple beat Wall Street expectations with third-quarter revenues up 82 per cent and profits up 125 per cent year-on-year fuelled by demand for its iPad, iPhone and Mac products, the FT says. The company said its record sales had been led by the iPad 2 and growing demand for its products in newer markets http://ftalphaville.ft.com/thecut/2011/07/20/627946/apple-profits-soar/

There was new hope on Capitol Hill that a sweeping deal to increase US borrowing authority and slash the nation’s deficits by $3,700bn over ten years was within reach, the FT reports, after Barack Obama backed an agreement among a group of Democratic and Republican senators. http://ftalphaville.ft.com/thecut/2011/07/20/627936/hopes-for-us-debt-deal/

Bank of America on Tuesday sought to address concerns that it might need to raise capital, providing more information about its plans to meet Basel III capital requirements as the bank revealed a net loss of $8.8bn for the second quarter http://ftalphaville.ft.com/thecut/2011/07/19/627801/bank-of-america-swings-to-8-8bn-loss/

Goldman Sachs reported lower than expected second-quarter earnings of $1.1bn and announced 1,000 job cuts, as the bank was hit by a slowdown in trading and reduced its risk exposure to torrid financial markets http://ftalphaville.ft.com/thecut/2011/07/19/627776/goldman-earnings-disappoint/

Wsj.com
Asian markets rose Wednesday, tracking strong gains Tuesday on Wall Street as sentiment got a boost from signs of progress in U.S. debt ceiling talks, while tech plays around the region climbed after U.S. tech titans Apple and IBM posted strong earnings. Japan’s Nikkei Stock Average was up 1.5%, Australia’s S&P/ASX 200 rose 1.5%, South Korea’s Kospi Composite gained 1.1% and New Zealand’s NZX-50 added 0.7%. Dow Jones Industrial Average futures were up 26 points in screen trade. http://online.wsj.com/article/SB10001424052702303661904576456783013254252.html?mod=WSJASIA_hpp_LEFTTopWhatNews

 
More evidence of a slowdown in the Australian economy emerged Wednesday, with a leading index of economic activity crashing to its lowest level since September 2009, growing at an annualized rate of just 1.6% in May compared with growth of 2.2% in April.  The index of where the economy is headed in the next three to http://online.wsj.com/article/SB10001424052702303661904576457022260523578.html?mod=WSJASIA_hpp_LEFTTopWhatNews

The rate of inflation in the U.K. unexpectedly slowed in June amid deeper discounting in items like toys and electronics, while the nation’s trade deficit widened, hit by a slump in auto exports. The Office for National Statistics said inflation fell to 4.2% in the 12 months to June from 4.5% in May. The ONS said overall prices declined 0.1% on a monthly basis—the first May to June decline since 2003.http://online.wsj.com/article/SB1000142405270230381210457644131306483656...

Predicting output this quarter will return to levels reached before the March 11 disasters, the Bank of Japan raised its economic assessment in July for the second month in a row, though the central bank’s governor warned that future electricity shortages pose a serious long-term threat to the economy. “Japan’s economic activity is picking up with an easing of the supply-side constraints caused by the earthquake disaster,” the central bank said Tuesday after a two-day meeting of its policy board. http://online.wsj.com/article/SB10001424052702303678704576441023339497298.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews

China’s economy will continue to grow rapidly at least until 2013, defying fears of a sharp slowdown, said global economist Nouriel Roubini. “It’s a risk we see two years down the line, not in the short term,” Mr. Roubini, who heads Roubini Global Economics, said in an interview by telephone on Wednesday. “China is going to remain growing at a robust rate.” http://online.wsj.com/article/SB10001424052702303795304576456892149274846.html?mod=WSJAsia_hpp_LEFTTopStories

The Italian parliament is working on approving a €40 billion austerity plan by Sunday, officials said, to keep Europe’s debt crisis from infecting the continent’s third-largest economy.http://europe.wsj.com/article/SB1000142405270230381210457644165079356355...

European Union governments committed at a meeting Tuesday to backstop banks that fail stress tests. Ahead of the publication of financial-sector stress test results on Friday, officials said all vulnerable banks must recapitalize themselves, be recapitalized by their governments or restructure. http://online.wsj.com/article/SB10001424052702303812104576441703270727990.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews

(REPEAT) President Barack Obama, in a last-ditch bid for a bipartisan “grand bargain” on the budget, threw his weight Tuesday behind a $3.7 trillion deficit-reduction plan unveiled by six Republican and Democratic senators. The plan, which would span a decade, has scant chance of passing intact as the solution to the current debate over raising the government’s borrowing limit. Some Republicans were wary of the plan’s changes in tax rules. Democrats said it would be near impossible to draft legislative language and pass it quickly. http://online.wsj.com/article/SB10001424052702303661904576456042405686316.html?mod=WSJ_hp_LEFTTopStories

Reuters.com
Gold edged higher on Wednesday, as light buying in Asia trickled in after prices pulled back from a record high and persistent concerns on euro zone’s debt crisis supported sentiment. Gold retreated from a record high of $1,609.51 after a group of U.S. senators offered an ambitious plan that could revive stalled debt talks and the prospect of a long-term deficit reduction deal to avert a default. Gold aided by Asia buying, $1,570-$1,580 offers support. Spot gold edged up 0.2 percent to $1,590.56 an ounce by 0357 GMT, off the record high set in the previous session. http://www.reuters.com/article/2011/07/20/markets-precious-idUSL3E7IK0HP20110720

Oil rose on Wednesday, supported by hopes of a U.S. debt deal, a weakening dollar against the euro and tightening crude stocks in the world’s largest oil consumer. Brent crude climbed 59 cents to $117.65 a barrel by 0406 GMT, adding to gains of more than a dollar in the previous session. U.S. crude for August delivery, which expires at the end of trading on Wednesday, jumped 67 cents to $98.17 a barrel.http://www.reuters.com/article/2011/07/20/businesspro-us-markets-oil-idU...

Housing starts scaled a six-month high in June and permits for future construction unexpectedly increased, a government report showed on Tuesday, partly reflecting growing demand for rental apartments. The Commerce Department said housing starts increased 14.6 percent to a seasonally adjusted annual rate of 629,000 units, the highest level since January, as ground breaking for multi-family units soared 30.4 percent. But May’s starts were revised down to a 549,000 unit pace, which was previously reported as a 560,000 unit rate. http://www.reuters.com/article/2011/07/19/us-usa-economy-idUSTRE7662I420110719

Bloomberg.com
Greek Prime Minister George Papandreou says Europe’s leaders need to show tomorrow that they can resolve the European Union debt crisis to avoid a contagion enveloping Italy and Spain.  “It could be a make-or-break moment for where Europe is going,” Papandreou said during an interview in his Athens office at Parliament yesterday. “Markets are saying pretty much what I’m saying too: that Greece is doing what it can, but that Greece is not going to be able to carry the weight of all of Europe and the other problems that Europe has.” http://www.bloomberg.com/news/2011-07-19/papandreou-sees-make-or-break-time-in-debt-crisis-on-eve-of-europe-summit.html

Moody’s Investors Service and Standard & Poor’s should rate Philippine bonds at least one level higher given the nation’s improving debt ratios and tax revenue, Finance Secretary Cesar Purisima said.  “I really believe that at least those two are off line,” Purisima, 51, said in an interview in Manila yesterday. “We have a case to suggest to them that we should be at least a notch higher.” http://www.bloomberg.com/news/2011-07-20/philippine-finance-minister-says-moody-s-s-p-out-of-step-on-debt-ratings.html

India will take several months to reduce inflation to “an acceptable level,” and the central bank’s interest-rate increases haven’t hurt the economy, Prime Minister Manmohan Singh’s top economic aide said. “We will bring inflation down in control but it will take several months,” Montek Singh Ahluwalia, the deputy chairman of India’s planning commission, said in an interview in New Delhi late yesterday. “As of now, there has been no collateral damage at all” to growth from rate rises, the economic adviser, 67, said before next week’s central bank policy meeting. http://www.bloomberg.com/news/2011-07-20/ahluwalia-sees-several-months-to-bring-india-inflation-to-acceptable-level.html

Cnbc.com
OPEC’s proven crude oil reserves rose 12.1 percent in 2010 to 1.19 trillion barrels led by Venezuela, which has surpassed Saudi Arabia as the group’s largest reserves holder, OPEC said in its Annual Statistical Bulletin. OPEC’s growth in oil reserves was mainly due to Venezuela, whose holdings climbed to 296.5 billion barrels from 211.2 billion in 2009, the report said. Top OPEC exporter Saudi Arabia’s reserves were steady at 264.5 billion barrels. http://www.cnbc.com/id/43809711

Foxbusiness.com
German Chancellor Angela Merkel, Europe’s reluctant paymaster, doused expectations of any comprehensive solution to Greece’s debt crisis at an emergency euro zone summit on Thursday. “Further steps will be necessary and not just one spectacular event which solves everything,” Merkel told a joint news conference on Tuesday with visiting Russian President Dmitry Medvedev. The widespread longing for a single, final solution to make the Greek crisis disappear once and for all was unrealistic, she said, as officials wrestled with complex options for involving private bondholders in a second financial rescue for the debt-stricken euro zone state. http://www.foxbusiness.com/industries/2011/07/19/merkel-damps-expectations-euro-zone-greek-deal/#ixzz1ScRiYQUw

Washingtonpost.com
Tata Consultancy Services Ltd., India’s largest software exporter, is seeking alliances with companies in Japan as it aims to increase sales in the world’s third-largest economy 20-fold to about $1 billion. The software provider is talking to potential partners and building relationships with customers in a market where joint ventures are preferred, Vish Iyer, head of Asia Pacific at Tata Consultancy, said in an phone interview yesterday. It also plans to hire more Japanese nationals and win clients in industries including financial services and automobiles, he said. http://washpost.bloomberg.com/story?docId=1376-LOKUBK07SXKX01-4I8QAD6VKSFSNAPTF1KTGG0A56

BBC.co.uk
Spain has had to pay higher interest rates to borrow 4.45bn euros ($6.32bn, £3.9bn) on the financial markets. In a bond auction on Tuesday the yield on loans repayable in 12 months was 3.702%, up from 2.695% paid on a fund-raising in June. For 18-month bonds, the yield was 3.912%, up from 3.26%. The rise reflects greater concern about the risks of lending to debt-laden Spain, despite Madrid’s insistence that its economy is recovering. http://www.bbc.co.uk/news/business-14198709

Telegraph.co.uk
The International Monetary Fund (IMF) has urged eurozone leaders to take immediate action over the region’s debt crisis, warning it could prove “very costly” for the world. Europe’s policymakers must press on with deeper economic integration to “stay the course”, the global lender said ahead of Thursday’s crunch summit of eurozone leaders. “To put the crisis behind, we need more Europe, not less. And we need it now,” said Antonio Borges, director of the IMF’s European department, as it released its assessment of the turmoil. http://www.telegraph.co.uk/finance/financialcrisis/8648677/Eurozone-debt-crisis-could-prove-very-costly-for-the-world-warns-IMF.html

The threat of a stock market crash is escalating, warned the chief executive of the respected Centre for Economics and Business Research. Veteran forecaster Douglas McWilliams said: “The signals seem to be building up for some kind of market crash – shares and many bonds are already down significantly from their recent peaks. At the beginning of this year we gave one-in-five odds on a UK double-dip. The chances now are about one-in-three.” http://www.telegraph.co.uk/finance/financialcrisis/8648310/Risk-of-stock-market-crash-is-building-warns-Centre-for-Economics-and-Business-Research.html

City institutions showed restraint over bonuses last year, with the total pool holding steady at £14bn, but basic pay escalated. Data from the Office for National Statistics show workers in finance and insurance enjoyed average bonuses of £12,500 in the year to April. That covers almost 1m workers, with bankers such as Barclays Capital’s Jerry Del Missier walking away with multi-million pound pay-outs. http://www.telegraph.co.uk/finance/jobs/8648002/City-bonuses-remain-steady-but-basic-pay-jumps-7pc.html

Smh.com.au
Growth in internet advertisements for skilled workers was flat in June from a month earlier, national data shows. The Department of Education, Employment and Workplace Relations’ internet vacancy index in June was unchanged at 92.7 points, 10.6 per cent higher than in June 2010. Its more up-to-date, but less reliable, newspaper-based skilled vacancies index (SVI) fell by 1.5 per cent in July to 38.4 points, to be 16.8 per cent lower than in July 2010. http://www.smh.com.au/business/internet-job-ads-flat-in-june-20110720-1ho13.html#ixzz1ScU9UXA7

Theglobemail.com
Mark Carney has put borrowers on notice that he is not afraid to raise interest rates even in the face of global turmoil, if that is what it takes to keep hotter-than-expected inflation under control. The Bank of Canada governor left his benchmark rate at 1 per cent, pointing to threats on both sides of the Atlantic and a still-sluggish performance for Canadian exports because of the strong dollar and soft U.S. demand. But, after staying on hold for a seventh consecutive time, he all but eliminated any doubt that borrowing costs will rise this year, sooner than many market observers had come to expect.http://www.theglobeandmail.com/report-on-business/economy/interest-rates...

Xinhuanet.com
The influx of foreign funds to Indonesia has begun to move to long-term investment including foreign direct investment (FDI), easing the risk of a sudden reversal, the Jakarta Post quoted an official from Bank Indonesia (BI), the central bank. “Although portfolio (investment) remains dominant, FDI continues to improve. Long-term capital inflows increase, so pressures of reversal lessen,” BI spokesman Difi A. Johansyah told a press briefing on Tuesday. http://news.xinhuanet.com/english2010/business/2011-07/20/c_13997283.htm

Latin American countries should use the profits from raw materials to boost their economic growth, a UN official told Xinhua Tuesday. The rising prices of raw materials in the international market have brought extra revenues to the Latin American countries, whose economies depend considerably on exporting such products, said Alicia Barcena, executive secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC). http://news.xinhuanet.com/english2010/business/2011-07/20/c_13997000.htm

The Japanese economy is expected to shrink 0.7 percent this year mainly due to the natural disaster in March, the International Monetary Fund (IMF) said in a report released on Tuesday. “The Great East Japan Earthquake and Tsunami on March 11, 2011 brought Japan’s nascent recovery to a halt,” said the IMF in its annual economic situation assessment of Japan. However, the world third largest economy is set to expand later this year. http://news.xinhuanet.com/english2010/business/2011-07/20/c_13995951.htm

Thehindu.com
The country is heading for a record foodgrains production in the 2010-11 crop year at 241.56 million tonnes, with wheat and pulses output touching an all time high of 85.93 million tonnes and 18.09 million tonnes respectively. Union Agriculture Secretary P. K. Basu attributed the successes to good monsoon, higher minimum support price to farmers and focussed policy approach, particularly to enhance production of pulses and oilseeds. As a result of higher pulses output, import of the commodity is said to have gone down this year. http://www.thehindu.com/business/article2260078.ece

The government on Tuesday announced its approval to 31 foreign direct investment (FDI) proposals worth Rs.3,844.70 crore out of which a major chunk of the inflow is accounted for by three applications, that of Multiples Pvt. Equity Fund, Ashwell Holding Company and global tour operator Cox & Kings. According to an official statement here, among the proposals cleared based on the recommendations of the Foreign Investment Promotion Board (FIPB), Multiples Pvt. Equity Fund-Scheme-1 (Mumbai) has been permitted to issue units, make investments in securities of Indian companies and distribute income realised on its investment. The transaction is expected to result in an investment inflow of Rs.1,000 crore. http://www.thehindu.com/business/article2260241.ece

Economictimes.com
US government-owned financial entity Overseas Private Investment Corp (OPIC) plans to invest up to USD 820 million (about Rs 3,600 crore) in the fast- growing Indian renewable energy sector by the end of 2011. As part of efforts to boost clean energy initiatives, OPIC will make investments to the tune of USD 520 million in India’s renewable energy sector, including the solar segment, OPIC President and CEO Elizabeth Littlefield said today. http://economictimes.indiatimes.com/news/news-by-industry/energy/power/opic-to-invest-up-to-820-mn-in-indias-renewable-energy-sector/articleshow/9282132.cms

Themoscowtimes.com
Unemployment fell to the lowest level in almost three years in June and retail sales grew for an 18th month, helping bolster an economic expansion in the world’s biggest energy exporter. The jobless rate dropped to 6.1 percent in June, the lowest since August 2008, from 6.4 percent a month earlier, the State Statistics Service said Tuesday by e-mail.  Accelerating job growth is helping sustain household spending, benefiting retailers such as X5 Retail Group and Magnit. Slower inflation, led by an easing in food prices, is boosting incomes and supporting consumer confidence.http://www.themoscowtimes.com/business/article/unemployment-down-in-june...

The household furnishings giant IKEA saw its stores in Russia make less net profits in 2010 for the first time in several years. According to the SPARK-Interfax database, net profits by Russian accounting standards at IKEA Dom, which operates the Swedish company’s stores in Russia, came to 978.9 million rubles ($35 million) last year, down from 1.2 billion rubles in 2009.http://www.themoscowtimes.com/business/article/ikea-dom-profits-slow/440...

Fin24.com
Protectionism is on the rise as more countries try to give their economies a leg-up by blocking foreign competition – especially Chinese imports, according to a report by independent economists to be published on Wednesday. The report, by Global Trade Alert (GTA), found almost 200 protectionist steps taken since the G20 summit in Seoul last November. Four out of five of those steps were taken by G20 countries, and almost half – 91 out of 194 – would harm Chinese interests. http://www.fin24.com/Economy/More-states-block-cheap-Chinese-imports-20110719

Comments

[jmcadg]

Three links aren't live, just a missing space lol.

[jmcadg]

Don't pander ;)

[jmcadg]

Lazy c**ts. Go compile it yourself if it's that much of a problem.

I haven't got time.

Cheers thetrader

[thetrader]

links fixed, rgds

[Azannoth]

Are you capable of anything more than copy & paste, I am surprised that Tyler does not delete this 'article' and  ban you

[thetrader]

Updated with links as I had problems this morning while you were asleep. Copy and Paste yes, from all the newspapers you should read. Hopefully there is some good information for those lazy not reading all news in the morning. rgds, thetrader

[Urban Roman]

News That Matters ... but not enough to apply formatting or active links.

[lilimarlene1]

Information without presentation is lost.