May 2011

S. Korean Ticket Monster purchases Malaysia’s Integrated Methods

May 31, 2011

S. Korean Ticket Monster purchases Malaysia’s Integrated Methods

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Japan unemployment rate up 4.7%

May 31, 2011

Japan unemployment rate up 4.7%

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CEO of UK Trade and Investment seeks expansion of ties with Jordan

May 31, 2011

CEO of UK Trade and Investment seeks expansion of ties with Jordan

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Fortis to buy Vermont company for USD470m

May 31, 2011

Fortis to buy Vermont company for USD470m

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China exports 1st oil shipment from Iraq’s Rumeila Oil Field

May 31, 2011

China exports 1st oil shipment from Iraq’s Rumeila Oil Field

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Sony to restore PlayStation services

May 31, 2011

Sony to restore PlayStation services

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India, Pakistan discuss troops cut at Siachen

May 31, 2011

India, Pakistan discuss troops cut at Siachen

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Switzerland- Tough match ahead for FIFA

May 31, 2011

Switzerland- Tough match ahead for FIFA

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Russia’s CB raises deposit interest rate to 3.5%

May 31, 2011

Russia’s CB raises deposit interest rate to 3.5%

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Iranian diplomat leaves Cairo after probe

May 31, 2011

Iranian diplomat leaves Cairo after probe

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India’s Oil Corp Q4 net falls 30%

May 31, 2011

India’s Oil Corp Q4 net falls 30%

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Japanese Industrial Production Gives Optimism for the Economic Recovery in Japan

May 31, 2011

Japanese Industrial Production Gives Optimism for the Economic Recovery in Japan

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Asian Activities Report for May 31, 2011: Jatenergy Limited (ASX:JAT) Accelerates Indonesian Coal Development Plans

May 31, 2011

Asian Activities Report for May 31, 2011: Jatenergy Limited (ASX:JAT) Accelerates Indonesian Coal Development Plans

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Exco Resources Limited (ASX:EXS) Clarification and Update On Sale of the Cloncurry Copper Project

May 31, 2011

Exco Resources Limited (ASX:EXS) Clarification and Update On Sale of the Cloncurry Copper Project

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VIDEO: RIO, BHP, Perilya, Where the Bloody Hell Were You?

May 31, 2011

VIDEO: RIO, BHP, Perilya, Where the Bloody Hell Were You?

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Kimberley Metals Limited (ASX:KBL) Progress Towards Production At Mineral Hill Mine

May 31, 2011

Kimberley Metals Limited (ASX:KBL) Progress Towards Production At Mineral Hill Mine

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New Zealand Business Confidence Soars, NZD Hits New Record

May 31, 2011

New Zealand Business Confidence Soars, NZD Hits New Record

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USDJPY: Looking to Re-Enter Long Trade

May 31, 2011

USDJPY: Looking to Re-Enter Long Trade

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Japanese Industrial Production Falls Short of Expectations; Government says Economic Outlook Remains Positive

May 31, 2011

Japanese Industrial Production Falls Short of Expectations; Government says Economic Outlook Remains Positive

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Fortress Energy Inc. Announces CCAA Protection Extension and Continues to Dispute Its CRA Claim

May 30, 2011

CALGARY, ALBERTA–(Marketwire – May 30, 2011) – Fortress Energy Inc. (” Fortress ” or the ” Company “) (TSX:FEI) announced that its application to the Court of Queen’s Bench of Alberta for an Order under the Companies’ Creditors Arrangement Ac t (Canada) (” CCAA “) to extend its CCAA protection has been granted, allowing the Company to continue to prepare a plan of arrangement for its creditors if necessary, and staying all claims and actions against the Company and its assets. The extension under the Order granted will be in effect until June 30, 2011, at which time the matter will be reviewed by the Court.

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Obama Admin Changes Course In Crackdown On Illegal Immigration

May 30, 2011

Obama administration officials are sharpening their crackdown on the hiring of illegal immigrants by focusing increasingly tough criminal charges on employers while moving away from criminal arrests of the workers themselves.

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No More Bailouts For Ireland, Though

May 30, 2011

DUBLIN (Carmel Crimmins) – Ireland’s government moved on Monday to quash speculation it would be forced to seek a second EU-IMF bailout and said it would make a tentative return to international debt markets in the final quarter of next year. Dublin is trying to distance itself from the woes of euro zone struggler Greece, which is trying to avoid a potentially devastating default and seems certain to require a second bailout to plug a looming funding gap. Finance Minister Michael Noonan categorically ruled out Dublin requiring a top-up to its 85 billion-euro rescue package, seeking to limit the fallout from a cabinet colleague’s warning over the weekend that another bailout may be needed. “There is no question of a bailout package having to be brought in next year,” Noonan told state broadcaster RTE. “We have sufficient money from the IMF and European institutions to carry the country forward in all eventualities and the program runs until the end of 2013.” “A second bailout doesn’t arise because of that.” Noonan said Dublin would test market sentiment for Irish debt in the final quarter of 2012 after a two-year hiatus. “We won’t be fully back in the markets but we hope that the NTMA (debt management agency) will be able to raise some private funds in the market in the last quarter of next year.” Many economists have come round to the view that some sort of further aid and restructuring of its debt is likely to be inevitable to allow Greece to deal with a debt burden of more than 150 percent of its annual national output. Ireland’s debt is expected to peak lower than that but still top 120 percent of GDP in 2013 and Irish bond yields have sky-rocketed as Greece’s debt crisis deepened, reflecting market concerns it may face a similar fate. The Irish central bank said investors needed further reassurance that its EU-IMF program was on track. “Market spreads on Irish government paper have moved in the wrong direction since the program started… markets probably need more time to see persistent adherence of the program,” Governor Patrick Honohan told national broadcaster RTE. “Continued adherence to the path is the way to get back to the markets,” he said. ‘A BIG ASK’ Analysts said even with a clean EU-IMF report card, Dublin faced an uphill challenge. “We currently have 5 year paper trading at 12 percent, 10 year paper trading at 11. Clearly if this is where we are next year Ireland is not going to capital markets. I think yields have to get into single digits and heading south,” said Padhraic Garvey, rate strategist at ING. “It’s a big ask. It’s not impossible, but it’s a big ask.” The average interest rate Ireland is paying on its EU and IMF loans is estimated at 5.8 percent. Of the 85 billion euros bailout, some 17.5 billion euros is from existing state borrowing and cash balances and 35 billion euros is earmarked to shore up the banks. Ireland and its creditors are hoping that only 19 billion euros of that 35 billion will have to be channeled into the banks and the IMF has said that whatever is left over could be used by the state if there is a delay in returning to markets. Dublin is currently forecasting a deficit in 2013 of 12 billion euros. Brian Devine, economist with NCB Stockbrokers, said he still believed Ireland would have to tap the ESM, the EU’s permanent rescue fund, in 2013. “I don’t see how things are going to clear sufficiently for it to be otherwise,” he said. “The government will dip their toes first by issuing treasury bills but that will be to provide some short-term liquidity and gradually work our way back into the market.” Tapping the ESM might require some restructuring of privately held sovereign debt. Reflecting that medium-term risk, Ireland’s two-year and five-year paper are yielding around 12 percent, more than its 10-year bonds on the secondary market. Irish officials have insisted that their economy is on a growth trajectory, unlike Greece, but Honohan said there was no guarantee that Ireland would recover this year. “Nobody can be absolutely sure that there will be growth this year — our forecast is that there will be some growth in GDP this year but the margin of error is sufficiently small that nobody can be sure that it will actually be positive,” he told RTE. “It’s only in 2012 that we can forecast the return to what we would like to see as solid growth.” (Additional reporting by Padraic Halpin and Conor Humphries; editing by Patrick Graham) Copyright 2011 Thomson Reuters. Click for Restrictions .

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Lagarde Heads To Brazil After Securing G8 Support

May 30, 2011

BRASILIA, Brazil — French Finance Minister Christine Lagarde was in Brazil on Monday to kick off a global tour promoting her candidacy to head the International Monetary Fund. Lagarde has emerged as the odds-on favorite for the job. Her appointment would make her the first woman in charge of the scandal-rocked fund but may also increase tensions with developing nations that argue countries outside of Europe should be allowed to lead the organization. Brazilian officials have not spoken out in favor or against Lagarde’s candidacy. But they previously have emphasized that the IMF’s next leader should be chosen on merits, not based on geography. The IMF is hunting for a new leader to replace former managing director Dominique Strauss-Kahn, of France, who quit May 18 after he was accused of attempting to rape a New York hotel maid. He has denied the allegations. Lagarde will meet with the head of Brazil’s Central Bank and also the nation’s finance minister, Guido Mantega. In recent years, Mantega has loudly fought for reforms in the IMF, World Bank and other multilateral institutions that would take into account the growth of emerging nations such as Brazil, China and India. “We must establish meritocracy, so that the person leading the IMF is selected for their merits and not for being European,” Mantega said earlier this month. “You can have a competent European … but you can have a representative from an emerging nation who is competent as well.” Mantega also has said that whoever is chosen to replace Strauss-Kahn should only hold the job until Strauss-Kahn’s term expires at the end of 2012. That, Mantega has argued, would give IMF member nations more time to carefully choose a full-term chief. China has suggested it is time to shake things up at the IMF, with Foreign Ministry spokeswoman Jiang Yu saying the leadership “should be based on fairness, transparency and merit.” South African Finance Minister Pravin Gordhan spoke in stronger terms earlier this month. He said the new director should come from an emerging economy, to “bring a new perspective that will ensure that the interests of all countries, both developed and developing, are fully reflected in the operations and policies of the IMF.” French Embassy spokesman Stephane Schorderet said Lagarde will return to Paris on Monday night and plans to stump for the IMF job in China next week. She also plans to visit other influential developing nations to convince them that if given the job, she will not exclusively focus on Europe, where the fund is closely involved in a half-dozen bailout deals. According to France’s foreign minister, Lagarde has already won the backing of the Group of Eight rich nations. Interviewed Sunday on French television channel Canal+, Alain Juppe said there was unanimous support for Lagarde among the eight leaders at their annual summit in Deauville, France, last week. The U.S., whose vote will be crucial for Lagarde’s nomination, has not officially endorsed a candidate.

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Public Pools Closing Across Country As Budget Crises Loom

May 30, 2011

ANDERSON, S.C. — On those summer days when the temperature soars into the 90s and the haze blurs the horizon, city pools across the U.S. have beckoned people from all over to take a cool dip. But as the Great Recession has drained city budgets across the country, it also has drained public pools for good. From New York City to Sacramento, Calif., pools now considered costly extravagances are being shuttered, taking away a rite of summer for millions. It’s especially hard for families that can’t afford a membership to private pool or fitness club and don’t live in a neighborhood where they can befriend with someone with a backyard pool. Hard times haven’t always meant cutbacks. An author who studied the role swimming pools played in 20th century America found more than 1,000 municipal pools were built as public works projects during the Great Depression. But this time, most governments only see decades-old pools burning holes in already tight budgets. In the past two years, Anderson has closed two pools to the public, one shuttered for good and one hanging on by a thread, run by a swim club only for swim team practices and lessons. In all, four public pools within 20 miles of the city have closed since the economy went sour. “You think about American culture – swimming and summer just go together. A lot of these kids not having the opportunity to swim – it’s just hard to swallow. Not only is it important for safety, but what you should do as a kid is swim and have fun and be active,” said Tommy Starkweather, the swim team coach at the Sheppard Swim Center, which was closed to the public in January. But running a pool is an expensive proposition. The Anderson Swim Club spends $10,000 a month on insurance, operations and maintenance even for the pool’s current limited use. In Grand Traverse County, Mich., the only public pool for the county’s 87,000 residents lost $244,000 last year. “That’s three sheriff’s deputies on the road,” County Commissioner Christine Maxbauer said. Grand Traverse County is also facing a looming deficit of more than $1 million, and commissioners are debating whether it is fair to keep to pool open when other services get cut. “We have to focus on vital services … . Clearly a swimming pool is not a vital service,” said Maxbauer, whose husband is a competitive swimmer. In Sacramento, Calif., the city’s more than 465,000 residents had 13 pools to choose from a decade ago. By the start of the summer of 2012, only three public pools will be open. The city has tried for years to keep from closing any pools completely by shortening hours and closing them only on certain days. But the lingering economic downturn has cut $1 million from Sacramento’s aquatics budget, leaving officials with just $700,000 for pools, said Dave Mitchell, operations manager for the city’s Department of Parks and Recreation. The pool closings and shuttering of other recreation opportunities leaves children with far fewer good choices to occupy their free time during the long summer months, Mitchell said. Pools “are just a safe place to be and be kids, to enjoy summer, to enjoy some times. These opportunities just aren’t going to be there for the youth and it is crushing,” Mitchell said. In Oak Park, one of Sacramento’s poorest neighborhoods, the local pool is scheduled to close next year along with a neighborhood community center. The Rev. Tony Sadler of the neighborhood’s Shiloh Baptist Church said both facilities are a resource for families “just to survive in these economic times.” “In an area such as Oak Park, closing these places would be the equivalent of putting them back in a drug-infested war zone that has trapped our children generation after generation,” Sadler recently told the city council. In an odd twist, the Great Recession may be killing off a city amenity born during the Great Depression, when more than a thousand municipal pools were built across the country as public works projects, said Jeff Wiltse, author of a book called “Contested Waters: A Social History of Swimming Pools in America.” “It democratized pleasurable recreation and leisure. A municipal swimming pool offered to poor and working-class and middle-class American, sort of the trappings of the good life – cooling off in a pool on a hot day. Laying out in the sun,” Wiltse said. The first hiccup for municipal swimming pools came during the civil rights era, when they had to integrate. Pools were an especially sensitive place, considering how little most swimmers wore in the water. Many whites, particularly in the South, refused to share public pools, contributing to a sharp rise in private swim clubs and home pools, Wiltse said. In 1950, there were 2,500 private in-ground pools in the U.S. In 2009, there were 5.2 million backyard pools, according to the National Swimming Pool Foundation. The first major round of pool closings happened during the bad economic times in the 1970s and 1980s. Those that survived now face an uncertain future brought on by the latest economic upheaval, which could end up shuttering one of the few places outside public schools where people from a wide range of economic classes meet, Wiltse said. “We’re a much wealthier country than we were back during the 1930s, yet our reaction now to economic downturns is we need to cut public recreation,” Wiltse said. “I think we in contemporary times we don’t value public recreation as past generations of Americans have.” In South Carolina, an informal poll of swimming pools inspectors found 17 municipal pools have closed in the past five years, said Jim Ridge, recreational water compliance coordinator for the state Department of Health and Environmental Control. “The traditional municipal pool … those are in decline,” Ridge said. “I think the primary reason is economics. They don’t age well.” In their place, more affluent communities are building water parks, where splash pads, water slides and other attractions can bring in entire families and allow parks and recreation departments to charge $7 or $8 a person instead of the $2 or $3 admission more common to a regular pool. And the splash pads are often built in suburbs that boomed over the past decade instead of the city centers where decades-old municipal pools are found, Ridge said. In Anderson, Sheppard Swim Center and another pool, Hudgens Swim Center, opened in the mid-1970s, replacing a series of smaller pools, some carved out of ponds, dotted around the county. The school district owned the pools and split costs with the city, and it sent thousands of fourth-graders to the centers for swimming lessons. But the school system withdrew its money several years ago, leaving the city to pay all the bills. Hudgens Swim Center closed before summer 2009, when city council members decided it would be too costly to fix holes in the roof and clean up a mold problem. Sheppard Swim Center, named for a city police officer who died on duty as the pool was being built, managed to stay open to the public for two more years. But at the end of last year, the city decided it didn’t have the money to keep a 35-year-old pool open. The Anderson Swim Club rallied, persuading the school district to let them keep the pool open for practice and meets as well as swim lessons, holding yard sales and pancake breakfasts to raise the $10,000 a month needed to keep a lease on the center. But the bare-bones insurance policy won’t allow the pool to open to the public. Stagnant water fills a splash zone for kids just outside the indoor pool’s doors. And the school district could take its land back anytime to expand the neighboring middle school. During the public outcry after the closing, the city considered building a new pool, but couldn’t get the county or a private company to help with the costs. “It was a very hard decision. Our community needs public pools. But we just can’t afford them right now. I’m not sure who can,” said Anderson Mayor Terence Roberts, who learned to swim at the Sheppard Swim Center in eighth grade. Kerstin Mensch brings her 7-year-old son to the pool for swimming lessons. As he held on to a boogie board and glided in one lane of the 25-meter pool, she recalled how just about every hot day growing up would be spent at the pool with her friends. “My son really loves to swim and this is the only place to go,” she said. As one of Anderson County’s 187,000 residents, she can’t believe the only public pool in the whole county is a small one in Honea Path, a rural town of 3,700 at least 15 miles away. She would be willing to shift priorities or even pay just a little extra in taxes to have a pool she could take her son to so he could spend a carefree summer day in the water, just like she did growing up. “What are kids going to do over the summer?” Mensch said. “Play video games or just get in trouble, I guess.” ___ Jeffrey Collins can be reached at _ http://twitter.com/JSCollinsAP

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China Hikes Power Prices In Attempt To Counter Threatening Shortage

May 30, 2011

BEIJING (Jim Bai and Tom Miles) – China has raised power prices for industrial, commercial and agricultural users in some regions by about 3 percent in an attempt to ease what threatens to be the worse power shortage in seven years in the world’s second-largest economy. The power price rise, which excludes residential users, will add to inflationary pressures but revive profit margins at power producers. That should prompt an increase in electricity supplies from loss-making power plants that had failed to keep up with rising demand. Higher prices should also discourage excess power consumption. “This is obviously good for the power shortages and it was very much expected – the only way the problems can be solved is by adjusting prices,” said Lin Boqiang, director of the Center for Chinese Energy Economics Research. “The other problems – like the power grid or the transportation of coal – are long-term and can only be solved after several years. There was just no other way. This is clearly going to have some sort of impact on industry but the impact of actually having no power is much bigger. Most businesses will be more willing to accept higher prices than power cuts.” China looks set for the worst summer power shortages since at least 2004 as demand growth remains strong while coal-fired power plants, which generate 80 percent of national electricity output, have restricted production due to operating losses resulting from high coal costs. At the same time, hydropower has been hit by a drought in central China, including Hubei province, home of the Three Gorges Dam, the world’s biggest hydropower project. The government raised the prices that grid firms charge industrial consumers by 0.0167 yuan per kilowatt hour , Chinese state media said after a briefing by the National Development and Reform Commission, the country’s top economic planning body. Lin said the price rises would add about 0.5 percentage points to inflation, but the impact would be much more if the shortages were allowed to continue unchecked. The increase, ranging from 0.004 yuan/kWh to 0.024 yuan/kwh in 15 Chinese provinces including Shanxi, Qinghai, Gansu, Jiangxi, Hainan, Shaanxi, Shandong, Hunan, Chongqing, Anhui, Hubei, Sichuan, Hebei and Guizhou. The price rise came earlier than some analysts had expected. Several had said China would first raise on-grid power tariffs, the prices at which power generating firms sell to grid operators, and then hike prices for end-users once inflationary pressure had subsided. “The move aims to ease power shortages, this will add to inflationary pressures but the impact will be limited and it will take some time for upstream price rises to trickle down to downstream,” said Wang Jun, an economist at CCIEE, a government think-tank. The increase was the first since November 2009 and follows on-grid tariff hikes in 12 provinces on April 10, with three more provinces following suit on June 1, the NDRC was quoted as saying. The average price rise offered to power producers was 0.02 yuan per kWh, slightly more than the hike for end-users. Jianguang Shen, chief economist at Mizuho in Hong Kong, said he expected the price of coal would jump in response to the price hike, wiping out the margin gain for power producers and adding to Chinese coal imports. To prevent that, the government would order state-owned coal producers to hold down their own prices, he said. The previous on-grid price hike had no significant impact on the power shortages because of a concomitant coal prices rise, said Want Wei, a senior analyst Guotai Junan Securities. “Coal imports could rise after the power rise hike as coal producers and trading companies are likely to raise coal prices, triggering more coal imports,” he said. “Every 0.01 yuan rise in power price could offset an increase of 50 yuan in coal prices.” China has already cut power supplies to some industrial users in eastern, southern and central regions as pent-up demand rebounded after local governments ordered power cuts in late 2010 for the purpose of achieving energy saving goals. In addition, power generating firms curbed their output levels because rising coal prices undermined their operating margin. The National Development and Reform Commission, China Electricity Council and some industry analysts have all warned of the possibility of worse shortfalls in summer when demand peaks. The State Grid of China, the country’s dominant power distributor, said it would cut supplies to more industrial users in summer to shortfalls expand. China’s five state-owned power generating groups lost more than 10 billion yuan ($1.5 billion) on their thermal power operations in the first four months of the year, an official with the council said on Tuesday. The five groups, parents of China Power International Development Ltd (2380.HK), Datang International Power Generation Co Ltd (0991.HK) (601991.SS), Huadian Power International Corp Ltd (1071.HK) (600027.SS) and Huaneng Power International Inc (0902.HK) (600011.SS), had racked up more than 60 billion yuan in losses in past three years, according to the State Electricity Regulatory Commission. (Additional reporting by Judy Hua, Kevin Yao and David Stanway; Editing by Ken Wills and Simon Webb) Copyright 2011 Thomson Reuters. Click for Restrictions .

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EU Rushing To Complete Greece’s Second Bailout Package

May 30, 2011

BRUSSELS/ATHENS (Jan Strupczewzki and Harry Papachristou) – The European Union is working on a second bailout package for Greece in a race to release vital loans next month and avert the risk of the euro zone country defaulting, EU officials said on Monday. Greece’s conservative opposition meanwhile demanded lower taxes as a condition for reaching a political consensus with the Socialist government on further austerity measures, which Brussels says is needed to secure any further assistance. Moves to plug a looming funding gap for 2012 and 2013 were accelerated after the International Monetary Fund said last week it would withhold the next tranche of aid due on June 29 unless the EU guarantees to meet Athens’ funding needs for next year. Senior EU officials held unannounced emergency talks with the Greek government over the weekend, an EU source said. Greece took a 110 billion euros ($158 billion) rescue package from the EU and IMF last May but has since fallen short of its deficit reduction commitments, raising the risk of a default on its 327 billion euro debt — equivalent to 150 percent of its economic output. The tax cuts sought by conservative New Democracy leader Antonis Samaras could aggravate the revenue shortfall, but he argues they are essential to revive economic growth. EU officials said a new 65 billion euro package could involve a mixture of collateralized loans from the EU and IMF, and additional revenue measures, with unprecedented intrusive external supervision of Greece’s privatisation program. “It would require collateral for new loans and EU technical assistance — EU involvement in the privatisation process,” one senior EU official said, speaking on condition of anonymity. Extra funding for Greece faces fierce political resistance from fiscal conservatives and nationalists in key north European creditor countries — Germany, the Netherlands and Finland — complicating EU governments’ task. Greek daily Kathimerini said finance ministers of the 17-nation single currency area may hold a special meeting next Monday on a new package. European Commission spokesman Amadeu Altafaj dismissed the report as “unfounded rumours, once again.” The next scheduled meeting of euro zone finance ministers is on June 20 in Luxembourg, having been pushed back a week from its original date. It will be followed three days later by a summit of EU leaders to assess the 18-month-long debt crisis. MARKETS RATTLED Mass unemployment and wage and benefit cuts due to the EU/IMF austerity plan have triggered spontaneous youth protests in Greece as well as a series of one-day strikes by powerful trade unions. Weekend comments by an Irish minister that Dublin too may need a second rescue package may also fuel opposition to further bailouts among lawmakers in Berlin, the Hague and Helsinki. Transport Minister Leo Varadkar told The Sunday Times newspaper that Ireland was unlikely to be able to return to capital markets next year as foreseen in its EU/IMF program. “It would mean a second program (of emergency loans),” he was quoted as saying. Irish central bank governor Patrick Honohan acknowledged at a news conference on Monday that debt market conditions were worse now than when Ireland took an 85 billion euro bailout last November but said they would improve. Uncertainty over whether Greece will receive the next 12 billion euro aid tranche required to meet 13.4 billion euros in funding needs in July continued to rattle financial markets. The Greek 10-year bond spread over safe haven German Bunds rose by 20 basis points to 1,387. Two-year yields were up 58 bps to 26.23 percent. The European Central Bank maintained a drumbeat of pressure against any attempt by EU politicians to restructure Greece’s debt mountain, even by asking investors to accept a voluntary extension of bond maturities. ECB board member Lorenzo Bini Smaghi said in an interview published on Monday the idea that debt restructuring could be carried out in an orderly way was a “fairytale,” saying it was the equivalent of the death penalty. “If you look at financial markets, every time there is mention of a word like ‘restructuring’ or ‘soft restructuring’ they go crazy — which proves that this could not happen in an orderly way, in this environment at least,” Bini Smaghi told the Financial Times. He also warned against a debt ‘reprofiling’, or voluntary extension of Greek bond maturities, saying it would be hard to get investors to agree to such a deal without the use of force. Euro zone governments are actively studying options for changing the maturities on Greek debt, officials say, although German Finance Minister Wolfgang Schaeuble acknowledged in an interview last week that it was very high risk. “The Eurogroup is doing research for reprofiling — what can you do on reprofiling? Is it possible without a credit event?” Dutch Finance Minister Jan Kees De Jager told reporters on Saturday in Cyprus. “It’s an investigation, and we have to wait for the outcome of it. EU officials contend that Greece could do much more to help itself by selling off a treasure trove of state assets. ECB executive board member Juergen Stark told Welt am Sonntag newspaper that Athens could raise as much as 300 billion euros from privatising state property. Greece currently aims to raise 50 billion euros from privatisations by 2015 to help stave off a fiscal meltdown, but the country lacks a proper land registry and ownership of many potentially lucrative assets is legally uncertain. Athens is setting up a sovereign wealth fund to pool real estate assets and state stakes in companies such as telecom company OTE, Post Savings Bank and ports. Top EU officials have asked Greece to step up privatisations urgently and suggested creating a trustee institution to help the process similar to the body that privatised East German firms after the fall of communism. (Additional reporting by Angeliki Koutantou and Ingrid Melander in Athens, Marius Zaharia in London, Luke Baker in Brussels; writing by Paul Taylor, editing by Mike Peacock) Copyright 2011 Thomson Reuters. Click for Restrictions .

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Illinois Treasurer: State Verging On ‘Financial Disaster’

May 30, 2011

Illinois is “on the verge of a financial disaster” as payments on the state’s debt have skyrocketed, Treasurer Dan Rutherford said on Monday. Illinois faces an estimated $45 billion in principal and interest payments on its outstanding debt over the next 25 years, up nearly four-fold from the $12 billion owed in 2002, according to a position paper from the Republican treasurer, who took office in January. Adding to the state’s debt burden is $140 billion in unfunded pension and retiree health-care liabilities and $8 billion of currently unpaid bills, the paper said. “Every household in Illinois is responsible for the repayment of $10,000 to reimburse our bondholders in the coming years,” Rutherford said in a statement, adding that unpaid bills and pension and health-care liabilities would boost that total to $42,000 per household. Illinois’ widening structural deficit, huge unfunded pension liability, inability to pay the state’s bills on time, cascading bond ratings and its propensity to borrow its way out of financial problems have made the state a major worry in the $2.9 trillion U.S. municipal bond market. “We need to cut our spending and break our unsustainable borrowing cycle before we realize a further financial disaster,” Rutherford said. Even with a big income tax rate hike passed in January, Illinois is still spending about $5 billion more a year than it receives in revenue, according to the position paper, which also said the state’s low bond ratings have resulted in higher borrowing costs compared with other states. Governor Pat Quinn has been pushing the legislature for anywhere from $2 billion to $8.75 billion of bond authority to pay off bills and other obligations incurred this fiscal year. His office said in a statement on Monday that this plan is not new borrowing, but a restructuring of debt the state owes to vendors and service providers who have been waiting months for payments. “Governor Quinn is 100 percent committed to making good on all bills due and feels restructuring debt the state already owes at attractive rates is the least costly option for taxpayers in order to address this bill backlog,” the statement said. Copyright 2011 Thomson Reuters. Click for Restrictions .

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Petaluma apartment project owner sues banks to prevent foreclosure …

May 30, 2011

A Marin County company, developer of a Petaluma apartment project, defaulted on its $11.5 million loan and now is fighting Sonoma Valley Bank in court to.

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Coldwell Banker Commercial NRT: Jason Toll | Florida Real Estate …

May 30, 2011

… built small bay warehouses and invested in existing industrial projects through equity partnership . Toll, who has over 13 years of experience in the real estate industry and is a graduate of the University of Central …

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Jeff Pollack: Why The Major Labels Might Be Right This Time

May 30, 2011

If you’re one of those that feels that major labels are the root of all evil, you may want to skip this post altogether because this time I’m sticking up for the majors. Well, if not stick up for them, at least show that this time around they might actually have the artists’ interest (as well as their own) at heart. Much of the big news in the music business over the last few weeks has revolved around several new on-demand or cloud-based music services. Amazon, Google, Apple and Spotify have all been negotiating with the labels on these new services. Photo Credit: Abul Hussain Most of these companies have remained quiet about specifics, but Amazon, and to a lesser extent Google, threw up their hands and decided to launch truncated versions of their cloud-based services, citing label intransigence as the obstacle to creating more robust and user-friendly versions. The labels don’t make for sympathetic protagonists, but are they really dragging their feet, or are they just holding out for a better deal, one that will ultimately benefit the artists as much as the labels themselves? As we saw recently from the settlement details of the Limewire suit, the big labels have seen their business plummet billions in the past 10 years: “The evidence will demonstrate that there has been a $55 billion decline in record industry revenue over the last decade,” the RIAA argued in a pre-trial brief. Photo Credit: Seth Anderson We’ve all heard the reasons for the industry’s rapid decline: paralysis, stupidity, greed, overpaid executives, lack of quality new music and loss of control of distribution. There is some truth to all of these. But ironically, this time in saying no to proposals for legitimate on-demand streaming and cloud-based subscription services, maybe the labels (and the publishers) have compelling reasons. Could it be that the revenue from streaming, subscription and Internet radio that’s been lauded as the new economic model just doesn’t add up? Given the projected number of subscribers, at even the top end of the scale of $10 per month, subscription revenues are small change given the huge drop-off in sales. According to the RIAA, by the end of 2010 there were only 1.5 million total subscribers in the U.S. So to have real impact, these new subscription services will have to grow to tens of millions of paying subscribers. That looks to be a very tough hill to climb. Perhaps subscription may not be the panacea that so many people think. As we consider the disruption that continues in the business, we have to acknowledge that not all of the labels woes are self-inflicted. According to the international trade group, IFPI,19 of every 20 tracks are downloaded illegally. The labels cannot sustain their business on that. Even if you have no sympathy for the major labels, it’s ultimately the artists that are getting hurt the most. Because for the vast majority of bands just trying to make a living, doesn’t the primary financial fallout come primarily because fans simply do not want to pay for music? Cake’s lead singer John McCrea is echoing a lot of the chatter heard from many artists today in what feels like a real shift in attitude about free music. He said on NPR, “Can you put food on the table with music? Probably not. I see music as a really great hobby for most people in five or ten years. I see everybody I know, some of them really important artists, studying how to do other jobs.” Jon Sheldrick in his very thoughtful blog from June of last year “Why You Should Pay For Music” summed it up as, “Hands down, the best way to support your favorite artist is financially. Of course, telling your friends about songs and re-tweeting alerts helps, but it does not necessarily enable artists to produce more music. At the end of the day, what good is a fan who tells 1,000 friends about your album if none of them actually buy it? Sure, those people might go see the band live, but concerts and recordings have totally different budgets and costs. When you go see a live show, it doesn’t make up for the record you ripped off LimeWire. Your ticket price pays the roadies, the sound guys, the tour manager, the gas bills, the van insurance, and maybe, if they’re lucky, the band. That form of logic reduces recorded music to a PR Tool, aimed at promoting the sale of tickets and t-shirts. And what does that say for recorded music as a medium? Will recorded music be reduced to the importance of a T-shirt, used to promote a live show? Recorded music provides a listening experience that is unique and rewarding in its own right, and listeners should strive to preserve that. Fans should respect the wishes of the artist. If a musician asks that you pay for an album, you should respect the time and effort that went into its creation, and pay for it.” Photo Credit: Julia Moonves The world five years from now is envisaged by many experts as a landscape populated by a few major labels (albeit much smaller than today) and literally thousands of small labels. I hear the constant refrain that no one needs a label anymore. But it should be noted that except for a few of the larger artist management firms that have enough staff to provide similar services, a label, large or independent, can provide some very valuable services. Few bands can make it to the next level without the creative input, marketing, distribution to a much larger network, promotion, and tour support a label can provide. One can argue that not everyone needs a label and certainly emerging artists can take the DIY approach. Tunecore, Topspin, and Bandcamp, for example, have all done fine work providing platforms for artists who want to do it on their own. Photo Credit: Jai Agnish Regardless of the distribution model, at the end of the day, artists need to be able to make a living. In the rush to judgment about who is slowing down the free market to complete access everywhere, don’t the artists, and yes the labels, still deserve to get fairly compensated? So whether it is artist-to-consumer or label-to-cloud service, the deal needs to work for everyone. Think about it.

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Video: HSBC’s Bloxham Sees Two More RBA Rate Hikes by Year End

May 30, 2011

May 30 (Bloomberg) — Paul Bloxham, Sydney-based chief economist for Australia and New Zealand at HSBC Holdings Plc, talks about the outlook for the countries’ economies and central banks’ monetary policies. Natural disasters in Australia probably cut more than 1 percentage point from economic growth in the first quarter, Treasurer Wayne Swan said ahead of a government report this week on gross domestic product. Bloxham speaks with Rishaad Salamat on Bloomberg Television’s “On the Move Asia.” (Source: Bloomberg)

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Video: SocGen’s Martin Sees `Bumpy’ Six Months for China Stocks

May 30, 2011

May 30 (Bloomberg) — Todd Martin, Asia equity strategist at Societe Generale SA, talks about the outlook for China stocks. Martin speaks in Hong Kong with Rishaad Salamat on Bloomberg Television’s “On the Move Asia.” (Source: Bloomberg)

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Apartment And Multifamily Unit Financing | financebis

May 30, 2011

Over the past numerous years real estate has proved to be a common avenue for folks looking to produce income. You'll find authorities who see real.

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Apartment And Multifamily Unit Financing | financebis

May 30, 2011

Over the past numerous years real estate has proved to be a common avenue for folks looking to produce income. You'll find authorities who see real.

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Video: UBS’s Pu Says Asian Stocks May Rebound in Second Half

May 30, 2011

May 30 (Bloomberg) — Pu Yonghao, Hong Kong-based chief investment strategist at UBS Wealth Management, talks about Asian stocks. Pu also discusses the outlook for Federal Reserve monetary policy, U.S. and China economies. He speaks in Hong Kong with Susan Li on Bloomberg Television’s “First Up.” (Source: Bloomberg)

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Video: Momani Says U.S. Is `Swing Voter’ in IMF Chief Selection

May 30, 2011

May 30 (Bloomberg) — Bessma Momani, associate professor of political science at the University of Waterloo in Canada, talks about the selection process for the next head of the International Monetary Fund. Momani speaks from Ontario with Susan Li on Bloomberg Television’s “First Up.” (Source: Bloomberg)

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Celamin Holdings NL (ASX:CNL) Announce Trench And Drill Results For Salsala Prospect

May 30, 2011

Celamin Holdings NL (ASX:CNL) Announce Trench And Drill Results For Salsala Prospect

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New Zealand trade balance surplus increases more than expected in April

May 30, 2011

New Zealand trade balance surplus increases more than expected in April

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Venus Metals Corporation Limited (ASX:VMC) Identified 201.7 Million Tonnes Additional JORC Inferred Resource At Yalgoo Iron Ore Project

May 30, 2011

Venus Metals Corporation Limited (ASX:VMC) Identified 201.7 Million Tonnes Additional JORC Inferred Resource At Yalgoo Iron Ore Project

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Venus Metals Corporation Limited (ASX:VMC) Identified 201.7 Million Tonnes Additional JORC Inferred Resource At Yalgoo Iron Ore Project

May 30, 2011

Venus Metals Corporation Limited (ASX:VMC) Identified 201.7 Million Tonnes Additional JORC Inferred Resource At Yalgoo Iron Ore Project

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WestSide Corporation Limited (ASX:WCL) Completed First Phase Of The Meridian SeamGas Reserves Expansion Exploration Program

May 30, 2011

WestSide Corporation Limited (ASX:WCL) Completed First Phase Of The Meridian SeamGas Reserves Expansion Exploration Program

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WestSide Corporation Limited (ASX:WCL) Completed First Phase Of The Meridian SeamGas Reserves Expansion Exploration Program

May 30, 2011

WestSide Corporation Limited (ASX:WCL) Completed First Phase Of The Meridian SeamGas Reserves Expansion Exploration Program

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Archer Exploration Limited (ASX:AXE) Identified Fine Crystalline Flake Graphite At Sugarloaf Deposit

May 30, 2011

Archer Exploration Limited (ASX:AXE) Identified Fine Crystalline Flake Graphite At Sugarloaf Deposit

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Archer Exploration Limited (ASX:AXE) Identified Fine Crystalline Flake Graphite At Sugarloaf Deposit

May 30, 2011

Archer Exploration Limited (ASX:AXE) Identified Fine Crystalline Flake Graphite At Sugarloaf Deposit

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Iron Road Limited (ASX:IRD) Announce Stage IV Drilling Programme Results From Central Eyre Iron Project

May 30, 2011

Iron Road Limited (ASX:IRD) Announce Stage IV Drilling Programme Results From Central Eyre Iron Project

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Iron Road Limited (ASX:IRD) Announce Stage IV Drilling Programme Results From Central Eyre Iron Project

May 30, 2011

Iron Road Limited (ASX:IRD) Announce Stage IV Drilling Programme Results From Central Eyre Iron Project

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With US and UK Markets Closed, Euro Gives Back Some Gains in Quiet Trading Day

May 30, 2011

With US and UK Markets Closed, Euro Gives Back Some Gains in Quiet Trading Day

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Dollar Gets Reprieve- Volatility to Pick up this Week

May 30, 2011

Dollar Gets Reprieve- Volatility to Pick up this Week

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US Dollar Poised for Major Volatility, Breakout Strategies Attractive

May 30, 2011

US Dollar Poised for Major Volatility, Breakout Strategies Attractive

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