June 2011

FOREX: US Dollar in a Holding Pattern Amid Greece Aid Uncertainty

June 28, 2011

FOREX: US Dollar in a Holding Pattern Amid Greece Aid Uncertainty

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Vietnam to raise coal export tax rate to 20%

June 28, 2011

Vietnam to raise coal export tax rate to 20%

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Padbury Mining Limited (ASX:PDY) Announce Two Significant New Areas of Direct Shipping Iron Ore Mineralisation

June 28, 2011

Padbury Mining Limited (ASX:PDY) Announce Two Significant New Areas of Direct Shipping Iron Ore Mineralisation

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Nike’s Q4 profit up 14%

June 28, 2011

Nike’s Q4 profit up 14%

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Goldcorp (TSE:G) to Sponsor Mining Business Risks Summit, Canada, 25-26 October 2011

June 28, 2011

Goldcorp (TSE:G) to Sponsor Mining Business Risks Summit, Canada, 25-26 October 2011

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Pluton Resources Limited (ASX:PLV) Announce Ratification of Native Title Mining Agreement for Irvine Island Iron Ore Project

June 28, 2011

Pluton Resources Limited (ASX:PLV) Announce Ratification of Native Title Mining Agreement for Irvine Island Iron Ore Project

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S&P 500 Forming Bottom as US Dollar Initiates Bearish Candle Setup

June 28, 2011

S&P 500 Forming Bottom as US Dollar Initiates Bearish Candle Setup

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China, Britain unveil £1.4bn trade deals

June 28, 2011

China, Britain unveil £1.4bn trade deals

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Russia’s 2011 deficit forecast under 1% of GDP: Putin

June 28, 2011

Russia’s 2011 deficit forecast under 1% of GDP: Putin

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Outlook for the World’s Third-Largest Economy Improves Despite the March Quake   

June 28, 2011

Outlook for the World’s Third-Largest Economy Improves Despite the March Quake   

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Euro and Risk Rally Temporary, EURJPY Trade Fits Market Conditions

June 28, 2011

Euro and Risk Rally Temporary, EURJPY Trade Fits Market Conditions

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Better Retail Trade Data Restores Confidence in Economy; Yen Choppy

June 28, 2011

Better Retail Trade Data Restores Confidence in Economy; Yen Choppy

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Fire And Flood Stoke Fears At U.S. Nuclear Facilities, But Officials Say Radioactive Materials Are Safe

June 27, 2011

With the specter of the devastating March 11 earthquake, tsunami and subsequent meltdown at Japan’s Fukushima Daiichi nuclear power plant still fresh in the public mind, a spreading wildfire and rising floodwaters near three U.S. nuclear facilities further heightened concerns on Monday — though officials asserted that all three facilities remained essentially safe. Two nuclear power plants on the swollen Missouri River — the Fort Calhoun Station , 19 miles north of Omaha, Neb., and the Cooper Nuclear Station , located 85 miles downriver near Hamburg, Iowa — were dealing with rising floodwaters. Meanwhile, a wildland fire near the Los Alamos National Laboratory in New Mexico — a massive research facility that is home to several metric tons of plutonium and numerous other hazardous and volatile materials — had inched to within just over a mile of the southern edge of that facility’s boundary. Officals at Los Alamos, which was closed as a precaution on Monday, announced that the lab would remain closed on Tuesday due to “risks presented by the Las Conchas wildfire and the staged, mandatory evacuation of the Los Alamos town site.” A statement posted to the laboratory’s Web site also noted that a one-acre spot fire was reported on the Lab’s southwestern boundary. Yet officials at all three facilities said their respective plants’ nuclear material was safe. Some nuclear watchdog groups remained skeptical. The Nuclear Regulatory Commission on Sunday established an incident response center for tracking the situation at Fort Calhoun , which was surrounded by floodwaters hovering at around 1,006 feet above mean sea level on Monday, according to agency spokesman Victor Dricks. The facility is designed to withstand floodwaters up to 1,014 feet, and water levels were not expected to rise beyond 1,008 feet, according to officials. The rupture of a flood protection berm on Sunday , however, allowed water to threaten the facility’s main power transformers, and the plant was temporarily cut off from power supplied by the electric grid as a precaution. Backup diesel generators provided power for about 12 hours on Sunday, Dricks said, but grid power has since been restored. The plant has also been shut down since early April for scheduled refueling, officials noted. This would afford operators much more time to deal with any potential loss of power situation, since heat levels from the reactor are already vastly reduced. Though the historic earthquake off the coast of Japan set the disaster there in motion, the Fukushima plant ultimately failed when power to the electric grid was lost and a subsequent tsunami flooded and disabled the backup diesel generators. Batteries designed as a third layer of defense in the event of lost power were expended in less than a day, leaving that facility with no ready means to keep nuclear material cool. Stark images of floodwaters surrounding the Fort Calhoun facility have stoked fear and speculation that a similar situation could be unfolding on the banks of the Missouri. But David Lochbaum, a frequent critic of nuclear safety oversight and the head of the Nuclear Safety Project with the Union of Concerned Scientists, noted that Fort Calhoun’s preparedness for rising floodwaters was actually enhanced due to actions taken last year by nuclear regulators. The regulator sanctioned the plant’s operator, Omaha Public Power District , for having what it deemed to be inadequate flood protections, and forced improvements. The NRC had estimated that without such improvements, reactor core damage was a veritable certainty if flood waters rose above 1,010 feet. “However high the waters ultimately get,” Lochbaum said, “we can definitely say that facility is better prepared for a flood now than it was before the NRC got involved.” “The biggest concern now would be an upstream dam,” he added. “If one of those were to fail, that would change the situation, but then you just start doing a lot of ‘what ifs’ — like what if a meteor hits the plant.” The Cooper Station to the south, operated by Nebraska Public Power District , is also facing rising waters. Workers have spent the last month preparing the facility with sandbags, barricades and obtaining additional supplies . The plant sits at 903 feet above mean sea level, though waters are not expected to exceed that level, according to Dricks, who added that there was no threat to the reactor’s vital equipment. But Paul Gunter, director of the Reactor Oversight Project with the group Beyond Nuclear, suggested that similar assurances were made at the Cooper Station during a serious flood in 1993. A subsequent investigation by the Nuclear Regulatory Commission , published in March the following year, suggested that water had penetrated some parts of the facility — including some areas where key electrical equipment could have been compromised. “While NRC was telling me back then that there were no safety implications and everything was under control, in fact, floor drains inside the plant had backup and the water level was rising on safety related electrical circuitry for reactor cooling systems,” Gunter said in an email. Nuclear Regulatory Commission chairman Gregory Jaczko visited the Cooper facility on Sunday and was scheduled to fly over Fort Calhoun on Monday. He insisted that the nation’s nuclear plants were designed to withstand rising waters. “Mother nature takes care of the floods, so we have to do the best we can to make sure we’re prepared,” Jaczko was quoted as saying by ABC News, “and all the plants in the U.S. have been designed to deal with historically the largest possible floods.” Gunter, however, pointed to an NRC event notification from June 17 at Fort Calhoun , which suggested that the facility was still struggling to plug leaks even with water levels below the designed flood limit of 1,014 feet. The notification, Gunter said, showed that the facility’s operator “was still discovering and plugging additional holes at 1,007 feet that, if flooded, could disable accident mitigation systems in the reactor.” The fire near Los Alamos National Laboratory, meanwhile, prompted that facility to be shut down on Monday. Natural gas service to some parts of the facility along its southern border was cut off as a precaution, according to Kevin Roark, a spokesman for the laboratory. Roark added that nuclear material housed at the facility was in no danger, and that combustible material — trees, brush and grass — were not close enough to sensitive buildings to serve as fuel for an approaching fire. Of greatest concern at Los Alamos is a part of that facility called Technical Area 55 (TA-55), which includes Plutonium Facility 4 (PF-4). Peter Stockton, a senior investigator with the Project on Government Oversight , said a fire at PF-44 would be “a fucking disaster” that could result in large and lethal releases of radiation. He noted, too, that the Los Alamos facility has had problems with its internal fire suppression systems in the past . But Roark said that those problems, which have been addressed, involved fire threats inside the building, and that they were unrelated to an approaching wildland fire. He also pointed to the Cerro Grande fire of 2000 — a massive New Mexico wildfire that ultimately breached the facility’s boundary, burning some 7,000 acres of laboratory property and damaging several buildings. Even in that instance, Roark said, critical buildings containing nuclear material remained safe.

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World Bank Will Provide $1 Billion For Insurance In Mideast Investment

June 27, 2011

WASHINGTON – The World Bank’s political risk guarantee agency said on Monday it would mobilize about $1 billion for insurance coverage for countries in the Middle East and North Africa to encourage foreign direct investment. The Multilateral Investment Guarantee Agency, or MIGA, said its underwriters were in Egypt, Jordan, Morocco and Tunisia for discussions with the private sector, regional agencies and state-owned enterprises. “Restoring investors’ confidence is critical to the medium- to long-term economic and social development of the Middle East and North Africa,” said Izumi Kobayashi, MIGA’s executive vice president. Countries across the region are trying to attract more foreign investment to help create jobs following mass protests earlier this year that toppled rulers in Egypt and Tunisia and sparked unrest across the region. Foreign investors use political risk insurance to cover themselves against loss of assets through political unrest, violence, expropriation, nationalization and other government actions. (Reporting by Lesley Wroughton; Editing by Leslie Adler) Copyright 2011 Thomson Reuters. Click for Restrictions .

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Gemma Godfrey: How to Handle Hedge Fund Investing

June 27, 2011

Whilst at GAIM , the largest hedge fund conference in Europe, it was hard to ignore both the issues the hedge fund industry face and the opportunities from which they can profit. So how can you, as an investor, handle hedge fund investing? Be strategic, be sensible and speak up…. Fees — How can you challenge them? Bigger isn’t always better. Instead it was the larger funds that had trouble liquidating large positions to meet redemptions in 2008 and this was amplified in Fund of Funds structures. The resulting side pockets and gates , which locked up investor capital, burned bridges . Therefore, funds merely offering access to large ‘star’ fund managers with limited attention to downside and liquidity risks no longer appear to be as wise an investment as once perceived. A due diligence downfall. Some funds of hedge funds had exposure to Madoff and other hedge fund failures. Therefore, ‘outsourcing’ hedge fund investment to a dedicated fund manager did not always reduce risk. Strategy choice — Does it matter? A ‘typical’ hedge fund does not exist . A hedge fund index is an artificial averaging of a wide range of performance data. In fact, over the past couple of years, the best performing hedge fund strategy has generated 160% more return than the worst. Yes, 160%! Even year to year the rankings change. By investing in completely different assets, implementing vastly different investment processes, hedge funds can perform in entirely different directions in a variety of market conditions. Value – How can hedge fund investments benefit your portfolio? Well-equipped. With doubts over the sustainability of the ‘recovery’ in the developed world shaking equity markets ; turmoil in the middle east creating volatility in commodities and the sovereign debt crisis rocking the bond markets , having a wider range of tools to exploit the uncertainty is valuable A diversifier. Widespread fear and the increase of speculators in certain markets has resulted in heightened correlation between asset classes, for example, equities and commodities have been moving inline…. An active manager who can provide uncorrelated returns to diversify a portfolio and steady the return profile again is attractive Differentiating. In contrast, correlations between investments within each asset class are falling. The FT recently reported that the correlation between stocks in the S&P 500 index has fallen to levels not seen since June 2007 . This means there is a widening divergence between returns. Therefore, the ability to differentiate between opportunities within a subset is a strength of active over passive investing. So what can you co? Be strategic: Strategy choice matters so utilize your views on the macroeconomic environment to help determine which strategies in which to invest Be sensible: Ensure funds deserve the fees they are charging, e.g. are focused on portfolio construction, generating returns from niche strategies, and structured appropriately with the redemption frequency matching the liquidity of the underlying investments. Speak up: It is as important for BOTH sides to manage expectations to avoid redemptions from investors, and side pockets from funds.

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Jim Randel: How Debt Collectors Play Unfair

June 27, 2011

Like it or not, your credit score is hugely important. One expert told me that even small differentials in credit scores can — over time — create large differences in net worth. Since a credit score will affect the cost at which you can borrow money (the interest rate), over a period of years the difference in interest rate will have a major impact on your disposable income and thus your assets. It is well known that the #1 way to maintain a good credit score is to pay your bills on time. Credit experts also know that your score is heavily weighted toward RECENT payment history — a debt or late payment that is a few years old, for example, affects your credit score much less than any such event within the preceding six months. But, here is where you can get tripped up (unfairly so): Let’s say that on January 1, 2010 John Doe owed ABC Bank $1,000 and made a decision that he could not pay the debt. For about a year, that non-payment will have a big impact on John Doe’s credit score. Now it is January 1, 2011 and that debt is a year old. ABC Bank sells the debt to DEF Collections for $.10 on the dollar. Now here is the RUB: DEF Collections reports the debt to the big three credit reporting agencies — such that it appears as a NEW debt/non-payment. DEF Collections should not be doing that but the laws are not clear enough and enforcement is very spotty. The upshot to John Doe is a new CURRENT hit on his credit report and thus a big SMACK on his credit score. If John Doe is aware of what is happening, he can make a claim to the credit reporting agencies and they should remove the DEF claim. But, there is most often a big gap between what happens, and what consumers know or do. So, if you are being chased by a collection agency, check your credit report to ascertain whether any old debts are showing as NEW debts and thereby unfairly impacting your credit score. Jim Randel is the founder of Rand Media Co. and the primary author of The Skinny On Book series. His latest publication titled Street Smarts teaches 125 critical life skills that are not traditionally taught at universities.

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Nexus Healthcare Set to Launch REIT in UK, Build £1bn Portfolio

June 27, 2011

A new Real Estate Investment Trust (REIT) is being launched by Nexus Healthcare in the United Kingdom to acquire property occupied by elderly and specialist care providers reports the Financial Times. Run by entrepreneur Harry Hyman, the company already manages Primary Health Properties, but plans to launch the new company with a five year plan to build a £1bn portfolio after securing institutional seed capital. Hyman told the FT that the company plans to focus on the affluent south of England and intends to invest a quarter of the portfolio in private hospitals and the rest in elderly and specialist care property.  Mr Hyman forecast that care providers would continue to perform well operationally, driven by long-term demand from an ageing population. “There is no healthcare Reit in the UK for secondary or elderly care, even though it is a big sector in countries such as the US. Even after the recent travails of Southern Cross, we think – and so do our investors – that the sale and leaseback model is very attractive in that sector,” Hyman told the Financial Times. It shouldn’t be a huge surprised investors in the UK see an opportunity to use the REIT structure after companies like Health Care REIT Inc (NYSE:HCN) and HCP Inc (NYSE:HCP) have been so active in the U.S. Care home braves hostility over flotation (Financial Times)

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Curtis Arnold: Rewards Cards That Do It Your Way

June 27, 2011

User-generated content is all the rage on Internet sites, and many credit card issuers are following that trend to let younger cardholders generate their own rewards programs. Trendwatching.com predicted in 2004 that a new generation of consumers would co-create new products and services around their lifestyles. Dubbing the trend “Generation C” (for Content), Trendwatching also noted that “customer-made” goods require much more than off-the-shelf customization. To really exceed expectations in a new economy, marketers would have to allow their own customers into the process of creating new versions of familiar products. Reinventing the credit card A year ago, American Express launched Zync, a new version of its iconic charge card aimed at American consumers in their 20s and 30s. While most banks offer versions of their most basic credit cards geared to students and young professionals, Zync represents the travel service company’s strongest attempt to connect a new audience to the concept of paying for the perks they actually want. To create Zync, American Express used a nontraditional research and development process. Instead of rebranding an existing set of features and benefits into a youth-oriented card, American Express product managers aligned themselves with young professionals who closely resembled Zync’s target audience. By combining industry knowledge from within their organization with insight from research panels, the Zync team set the tone for an all new American Express card. Embracing a global trend of customer involvement, American Express invited its target customers to help reinvent the charge card. Likewise, Capital One and Discover use customization tools to allow cardholders to create the best rewards credit cards for individual needs. How Zync works Zync’s launch campaign tapped into the customer co-creation concept to create a no-limit card that emphasized lifestyle rewards instead of long-term debt. American Express sliced its usual array of Membership Rewards into a series of “Packs.” Each Zync cardmember can opt in to any of four free Packs that help shape their experience: Give Back: Bonuses for charitable donations and volunteer service Family Travel: Access to a family vacation concierge Personal Finance: Free credit score and reports Eco: Double points at “green merchants” With suggestions from its companion online community, nicknamed the “Zync Tank,” American Express added six more reward Packs, with extra annual fees ranging from $5 to $20 each. Music: Pre-sale access to concerts, double points on tickets Go: Airfare and travel bonuses Food and Wine: Food & Wine magazine subscription and other perks for foodies Connect: Double points on phone and Internet bill payments Style: Special rewards at department stores and on Gilt.com Restaurant: Double points on dining and access to special events With a base annual fee of $25, Zync cardmembers can enjoy many of the same rewards and benefits as a traditional Green Card customer. By opting in to more of the bonus Packs, Zync cardmembers customize their reward point earning and redemption to better fit their lifestyle. In some cases, Zync cardmembers can earn more Membership Rewards points and bonuses than a Platinum Card member. Best rewards cards from Capital One and Discover The Capital One VentureOne Rewards Card and the Discover More Card show that these issuers aren’t content to let American Express Zync stand alone as one of the best rewards credit cards of the past few years. Both card issuers leveraged their existing systems to offer unprecedented degrees of customization. Both lenders also offer something American Express Zync can’t match: the ability to carry a balance beyond a statement cycle. In 2007, Capital One launched the “Card Lab,” an ambitious online experiment that let prospective customers design their own rewards credit cards. Card Lab customers mix and match account features, even customizing the images on their own cards. As with Zync, annual fees go up as customers add extra rewards. However, customers who match earning opportunities to their lifestyles can collect enough merchandise, miles, or cash rebates to cover the cost of their cards and then some. Discover took a different approach to reinventing its classic rewards credit card for Generation C. In late 2009, the company issued a challenge on its Facebook page to help redesign its Student Card. Over 200,000 site visitors selected the image of a cassette mix tape for a retro look. Like other Discover Card accounts, the Discover Student Card earns a 1 percent CashBack Bonus on all purchases. However, students can select additional rewards of up to 5 percent on purchases in rotating categories, such as travel, fashion and restaurants. Best credit cards for customer-selected rewards Discover and Capital One may not offer a selection of customizations as diverse as Zync from American Express, but all three cards offer consumers the chance to personalize their cards and optimize their rewards. Each card comes with its own pros and cons. Capital One’s Visa and MasterCard offerings enjoy the widest acceptance and carry some of the most lucrative rewards, but could also tempt customers to carry balances at higher than average APRs. More retailers accept Discover than ever before, but many of the card’s rewards offers include earning caps. Zync, like other American Express charge cards, doesn’t allow cardmembers to carry a balance month to month. For customers who are comfortable paying off their balances each month, this feature makes Zync an attractive alternative to debit and prepaid cards . The original article can be found at CardRatings.com: ” Rewards cards that do it your way “

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After Failed Special Session, Arizona Democrats To Donate Paychecks To Jobless

June 27, 2011

Democratic members of the Arizona House of Representatives are going to donate their paychecks to the unemployed people they failed to help in a special session earlier this month. Arizona lost its eligibility for the final 20 weeks of benefits for the long-term jobless because lawmakers didn’t tweak state law to conform to a new federal standard created by Congress in December to keep the benefits flowing. As many as 45,000 Arizonans will miss out on the extended benefits by the end of the year. In April, knowing the benefits would expire, Arizona lawmakers spent the waning hours of the legislature’s regular session choosing a state gun. When Republican Gov. Jan Brewer called a special session to save the benefits in June, lawmakers argued over the benefits but didn’t restore them. Republicans, who control the legislature, argued that additional federal money shouldn’t be larded on their constituents. “Eventually we have to quit paying unemployment benefits,” said Republican Sen. Ron Gould, according to Bloomberg Businessweek . “And when does it stop being unemployment benefits and begin just being cash assistance?” On Tuesday, Democrats from the legislature’s lower chamber will make the dramatic gesture of donating the cash assistance they received for coming to Phoenix during a special session that started Friday, June 10, and ended Monday, June 13. Lawmakers earned $35 per day if they live within Maricopa County, the county where the capitol is located, and $60 per day if they live outside Maricopa. “The amount collected per diem in this session by out-of-county representatives — $240 — is more than one week of unemployment insurance payment,” according to statehouse Democrats . The Democrats will donate the money they earned during the special session to Community Voice Mail, an organization that describes itself as providing “free, 24-hour statewide voice mail to people in crisis — connecting them to jobs, housing and hope.” Preserving the federal Extended Benefits program, which gives 20 weeks of checks to long-term jobless who use up 79 weeks of combined state and federal benefits, would have pumped $3.5 million per week into the state for the rest of the year.

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Controversial Coal Mining Operations Linked To ‘Significantly Higher’ Birth Defects

June 27, 2011

Researchers found “significantly higher” rates of birth defects in babies born near mountaintop removal mining sites than those in non-mining areas, according to a new study released last week. Mountaintop removal mining is a particularly environmentally destructive type of resource extraction that involves using explosives to blow the tops off of mountains to expose coal underneath the soil and rock. The unusable dirt and gravel are then disposed of in adjacent valleys and streams. MTR is used prominently in the Appalachian region of the eastern United States. The mining study, published in the journal Environmental Research , examined over 1.8 million live birth records from 1996 to 2003 using National Center for Health Statistics data from the central Appalachian states of West Virginia, Virginia, Kentucky and Tennessee. It found that rates for six out of seven types of birth defects — circulatory/respiratory, central nervous system, musculoskeletal, gastrointestinal, urogenital and “other” — were increased near MTR sites. The research suggests that contaminants are released into nearby environments from MTR, and that many of the contaminants are known to impair fetal development. “Rates for any anomaly were approximately 235 per 100,000 live births in the mountaintop mining area versus 144 per 100,000 live births in the non-mining area,” the study says. Although not as high as near MTR sites, it also found increased incidences of birth defects in communities near underground mines. “This is monumental,” said Bob Kincaid, the president of Coal River Mountain Watch (CRMW). He told The Huffington Post that this latest research is just one more among a dozen or so earlier studies “that shows that the coal industry, especially mountaintop removal, is engaged in the wholesale poisoning of Appalachia.” “For those who actually pay attention to science, it’s irrefutable,” Kincaid said. “Would it be more obvious if the coal industry were using machine guns or gas chambers?” Another study published in May by researchers from West Virginia University found that residents of communities near MTR mining sites suffered poorer health and a lower quality of life. While the recent Environmental Research study reveals a spike in birth defects near MTR operations, the data can’t be used to conclusively pin any specific environmental factor as the cause, the study’s co-author said. “What we think is happening is that there isn’t just one type of exposure. There is air quality problems in some areas, water quality problems in other areas,” Dr. Michael Hendryx told The Huffington Post. Furthermore, the study noted various socioeconomic factors could account for a variance in birth defects, but said that they “remain elevated after controlling for those risks.” Critics of the research argue that these factors weren’t fully been accounted for. A spokesperson for the World Coal Association told The Huffington Post that it hasn’t yet “processed the results of this study.” Still, WCA claimed, “It is clear that focusing on only one aspect of an issue will inevitably lead to skewed results.” The response from the National Mining Association was similar. “While the authors say they controlled for [socioeconomic factors], it does not appear, based on their summary, they have done so,” said Carol Raulston, the senior vice president of communications for the NMA, in an emailed statement. While she conceded that her organization hasn’t had the opportunity to thoroughly review the study, Raulston said that other papers by the same researchers “have had methodological deficiencies” and that this particular study “merits further investigation.” “Our studies have limitations, they do not have ‘deficiencies’ and the choice of this word illustrates the bias of the mining industry,” said Hendryx. He asserts that any study published in any journal has “limitations,” but insists they used available data to control for risks — from education to smoking during pregnancy, among others. This study is unprecedented, Hendryx added, in the amount of individual records that were looked at: It extends previous research beyond mere county aggregates. He also said it’s the first academic paper to truly look at the potential effects MTR could be having on children. Moving forward, Hendryx hopes to begin doing direct field assessments, such as collecting air and water samples in the communities experiencing high birth defects near MTR sites. Preliminary results could come within a year, but a definitive study would likely take at least several more. But for some activists, these initial findings are all the evidence they need to escalate their fight against MTR operations. “If a foreign power was doing this to us, we’d be at war with them,” Bob Kincaid said of the mining companies behind the controversial process. The new health findings will be the “the centerpiece” of CRMW’s fight against what he calls “the single greatest human rights crisis facing the Unites States today.” Nothing about the research is surprising to Kincaid. In fact, he just considers it validation for what anti-MTR mining activists have been alleging for years. “We are going forward with a very plain message: They are killing us,” he said. “It is scientifically proven now.” But not all activists agree the study is a silver bullet needed to end MTR mining. “I don’t know that having one more piece of scientific evidence that coal is hurting our health is going to tip the balance,” said Mary Anne Hitt, director of Sierra Club’s Beyond Coal campaign. “It’s kind of like tobacco: We had piles and piles of evidence that it was bad for our health, but took years and years of work to turn around.” Regardless, Hitt said Sierra Club , which recently launched an interactive website about coal pollution’s effect on health , plans to draw attention to the latest research. The practice of MTR mining has recently become a subject of the national dialogue, with opponents’ efforts being backed by a variety of notable figures and celebrities. A new film featuring Robert Kennedy Jr., ” The Last Mountain ,” has drawn a lot of attention to the issues surrounding the mining controversy in Appalachia, and more than a thousand people recently descended on Blair Mountain in West Virginia to protest planned MTR operations at the historic site. Earlier in the year, the Environmental Protection Agency revoked a permit for West Virginia’s largest MTR mine due to environmental and health concerns. Despite a renewed sense of purpose among activists, some in the industry remain undaunted. “It’s an injustice to everyone involved and to the science itself to present this data as though its worthy of some conclusion,” Vice President of the West Virginia Coal Association Jason Bostic told The Huffington Post. He contends that there is “no connection” between coal mining and birth defects, and brushes off the study as “a fairy tale.” “If anything, the involvement of the coal industry helps offset what would otherwise be worse health defects from poverty, isolation and lack of access to preventative medicine,” Bostic said. “We’re the ones providing health benefits and wellness plans to our employees and their dependents. Take us away and see how well it goes.” Paige Lavender contributed to this report.

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Is 56.2 The Magic Number For Fuel Efficiency?

June 27, 2011

WASHINGTON — The Obama administration is telling American automakers that it would like cars and light trucks to average 56.2 miles per gallon by 2025 – a boost to fuel economy that would save consumers money at the pump and help with global warming but drive up the cost of automobiles. Administration officials floated the number at separate meetings last week with the Detroit Three – General Motors, Ford and Chrysler – according to people in government and industry familiar with the discussions. They spoke on condition of anonymity because they weren’t authorized to talk publicly about them. While it is just a starting point, the figure is the first hint of where the government may be headed as it works to set a 2017-2025 fuel economy standard. Last fall, the Transportation Department and the Environmental Protection Agency said they would consider a federal standard somewhere between 47 and 62 mpg. The upper end of the range would mean a massive shift in what Americans drive. A government analysis found about half the lineup of new vehicles would need to be gas-electric hybrids under the most aggressive standards. The technology needed to achieve a 56 mpg standard, according to administration estimates, would add $2,100 to $2,600 to the price of a car. But because the vehicles would need less fuel, owners would make up the difference with fewer trips to the gas station. Environmentalists are pushing for the most stringent standard, but automakers have thus far said they would be willing to work over the next eight years on vehicles that get between 42.6 and 46.7 miles per gallon. The Obama administration is hoping to find some common ground and reach a deal before it makes a formal proposal in September. Early in 2009, the White House announced a landmark agreement with automakers and states requiring cars and light trucks on average to achieve 35.5 miles per gallon by 2016 and set the first-ever standards for greenhouse gas emissions from tailpipes. The stakes are higher this time around, since legislation to curb climate change is no longer being pursued by the White House, which is looking for other ways to address global warming. High gasoline prices have also put pressure on the administration not only to find ways to boost oil supply, but also reduce demand. “We continue to work closely with a broad range of stakeholders to develop an important standard that will save families money and keep the jobs of the future here,” White House spokesman Clark Stevens said in a statement. “A final decision has not been made, and as we have made clear we plan to propose a standard in September.” The goal of 56.2 mpg is tough, but General Motors will figure out a way to reach it, said Mark Reuss, the company’s North American president. He would not say what technologies GM would use to reach the target, but he conceded that many easier, less-costly solutions already are under way or have been done such as switching to smaller engines and developing more fuel-efficient transmissions. “When you put those things in for the first time, they may be more expensive,” he said. “But this is a volume and scale industry. What was very expensive in the past is no longer very expensive.” Ford Motor Co., in a written statement, said discussions with the administration are ongoing, but that it “supports increasing fuel economy requirements with one national program that is data driven and factors in the impact … on jobs, the economy, consumers and safety.” Dan Becker, director of the Safe Climate Campaign at the Center for Auto Safety, cautioned against making too many assumptions, saying that more important than the standard is how automakers will be allowed to achieve it. “It is not just the number that matters. It’s the loopholes underneath it,” Becker said. “And automakers will look to turn whatever number it is into Swiss cheese.” Technology already is available for some cars to reach beyond the 56.2 mpg threshold. The EPA has determined that General Motors’ Chevrolet Volt electric car will get 93 mpg in combined city and highway driving. The Nissan Leaf electric car gets the equivalent of 106 mpg in city driving and 92 mpg on the highway. But electric motors and batteries aren’t quite ready to power larger vehicles such as pickup trucks, creating a challenge for Detroit automakers who get a significant portion of their profits from larger vehicles. ___ Associated Press writer Tom Krisher in Detroit contributed to this report. ___ Follow Dina Cappiello on Twitter at http://twitter.com/dinacappiello

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$70 Billion?

June 27, 2011

NEW YORK (Reuters) – Investment fund GSV Capital Corp has taken a small stake in Facebook that values the world’s No. 1 social networking site at about $70 billion. The investment fund said on Monday that it had bought 225,000 shares in Facebook at an average price of $29.28 each. Facebook has roughly 2.4 billion outstanding shares, according to the latest data from secondary market company Sharepost. Facebook executives have said it is inevitable that they will take the company public, but have not specified a date. Founded in a Harvard dorm room in 2004 by Mark Zuckerberg, Facebook threatens Internet stalwarts like Google Inc and Yahoo Inc as it becomes one of the most popular destinations on the Web. It is poised to overtake Yahoo for the biggest slice of U.S. online display advertising dollars this year, with more than $2 billion, according to research firm eMarketer. Facebook is one of the most anticipated initial public offerings, with investors to clamoring to get a piece of the social networking site with more than 500 million users. At $70 billion, Facebook would be valued slightly below Amazon.com Inc, Cisco Systems Inc or Hewlett-Packard Co. But concerns about Facebook’s white-hot growth have surfaced in recent months. A group of Facebook shareholders is trying to sell $1 billion of stock on the secondary market in a transaction that also would give the company a value of about $70 billion, Reuters reported in April. Woodside, California-based GSV Capital invests in high-growth, venture capital-backed companies. The $6.6 million investment in Facebook represents about 15 percent of GSV’s total portfolio, the company said in a statement. Representatives of Facebook and GSV Capital were not immediately available for comment. Shares of GSV Capital were up 20.3 percent at $12.35 in morning trading. (Reporting by Jennifer Saba, editing by Gerald E. McCormick and Lisa Von Ahn) Copyright 2011 Thomson Reuters. Click for Restrictions

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Safe Bulkers, Inc. Announces Election of Class III Directors at 2011 Annual Meeting of Stockholders

June 27, 2011

ATHENS, GREECE–(Marketwire – Jun 27, 2011) – Safe Bulkers, Inc. (the “Company”) ( NYSE : SB ), an international provider of marine drybulk transportation services, announced the election of two Class III directors at the Company’s annual meeting of stockholders held in Athens today.

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DeMint Lays Down The Gauntlet For GOP Presidential Candidates

June 27, 2011

During an appearance on CNN’s “State of the Union” on Sunday, Sen. Jim DeMint (R-S.C.) said any “presidential candidate who’s not willing to say we have to balance our budget should not be president of the United States.” The South Carolina senator — a conservative force who waded into a handful of high-profile GOP primary races in the last election cycle — recently made clear it’d be a “dealbreaker” for earning his support if a presidential contender doesn’t stand behind the “Cut, Cap and Balance” pledge, which entails opposing any debt limit increase without significant spending cuts, enforceable spending caps and congressional approval of a balanced budget amendment. Republican White House hopefuls former Minnesota governor Tim Pawlenty, U.S. Rep. Ron Paul (R-Texas), former Godfather’s Pizza CEO Herman Cain and former U.S. Senator Rick Santorum have all added their names to the pledge. Former Utah governor Jon Huntsman recently signaled he will not join the ranks of his Republican rivals, saying , “Other than the pledge of allegiance, I don’t do a whole lot of pledges.” GreenvilleOnline.com reports : Joel Sawyer, state director for Huntsman 2012, told GreenvilleOnline.com that Huntsman favors a balanced budget amendment. He just doesn’t sign pledges. “Gov. Huntsman believes his own record and the record of all candidates are stronger than any pledge, and his record is one of passing the biggest tax cut in Utah history, implementing a flat tax and balancing the budget,” Sawyer said. In weighing in on the field of GOP presidential contenders, DeMint said he likes “a lot” of the names in the primary mix and that many of them are reaching out to him. “I’m working with people in Iowa and New Hampshire and South Carolina, to try to get a lot of people to hold back and not commit so we can see how they respond to this debt ceiling, the balanced budget and some of the things that we’re going to face here over the next few months,” he explained. “I think we’ll know who our candidate is by how they lead based on what we’re doing here.” WATCH:

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HCP Request for Rehearing of Ventas Lawsuit Denied, Punitive Damages Up Next

June 27, 2011

The United States Court of Appeals for the Sixth Circuit denied HCP’s (NYSE:HCP) request to reconsider a previous decision where a jury ruled it  must pay approximately $102 million in damages to Ventas (NYSE: VTR) on Monday. HCP, a real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States, had requested the court to dismiss the case or begin a new trial.  By denying HCP’s rehearing petition, the court makes its prior decision final and said it should proceed to trial on the single issue of punitive damages “We are gratified that the United States Court of Appeals for the Sixth Circuit has reconfirmed its decision in Ventas’s favor,” said Debra A. Cafaro, Chairman and Chief Executive Officer of Ventas in a statement. The lawsuit stems from Ventas’ acquisition of Sunrise Senior Living REIT in 2007 , where it claims HCP interfered with the transaction.  Prior to the Sixth Circuit ruling, a jury blocked Ventas from seeking punitive damages against HCP for its conduct. Ventas, Inc., an S&P 500 company, is a leading healthcare real estate investment trust with a diverse portfolio of more than 700 assets in 44 states.

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NYC Utilizes $8.4 Billion Green Housing Financing for Senior Development

June 27, 2011

New York City has joined in on a national effort to become more green and sustainable, and the opening of Serviam Gardens , a 243-unit green, affordable housing development for low- and moderate-income seniors in the Bronx, is a step in that direction with its Enterprise Green Communities Criteria (EGCC) adherence. The finished, 158-unit Serviam II, developed by Fordham Bedford Housing Corporation (FBHC), marks the completion of the Bronx-located affordable housing development, which has been constructed in two phases. Serviam I, with 83 units, was completed in October 2009 and developed by FBHC with the U.S. Department of Housing and Urban Development (HUD) and the NYC Housing Preservation and Development (HPD). Development for both Serviam I and II followed Enterprise Green Communities Criteria, the only national green building criteria for affordable housing, an HPD requirement for affordable housing developers since January 2011. The NYC Housing Development Corporation (HDC) says it is the first city-subsidized affordable housing development to be completed using the criteria, which was created to yield lowered utility costs and increased sustainability as well as benefit the financial stability of both tenants and affordable housing owners. “Our data shows rising utility costs have increased significantly over the past several years and are a heavy contributor to the cost of living burden many New Yorkers are struggling to keep pace with,” said HPD Deputy Commissioner RuthAnne Visnauskas. “For these reasons we have partnered with Enterprise and now require every new and preserved unit that we assist to adhere to their Green Communities Criteria.” The construction was developed under NYC’s Mayor Michael Bloomberg’s New Housing Marketplace Plan (NHMP), says HDC. The plan allocates $8.4 billion of financing for 165,000 units of affordable housing meant for 500,000 New Yorkers. By 2014, HDC says, NYC expects to provide financing for more than 30,000 units with energy efficiency and sustainability requirements; it will also certify approximately 40 affordable housing projects each year according to EGCC guidelines. These green requirements, says HDC, directly support PlaNYC, which is NYC’s four-year-old sustainability plan that will run through 2030. The Plan’s goals include making NYC more “green,” creating housing for nearly a million more New Yorkers, and providing more affordable and sustainable housing. The total development cost for Serviam I was $20.9 million, and the units are for low-income seniors earning no more than 50% of the HUD Income Limits, or $26,850 for one person; Serviam II’s total development cost was $47.3 milion, and it provides affordable housing for seniors earning 28-80% of the area median income. FBHC developed the $68 million project on land leased from the Ursuline Bedford Park Convent in the Northwest Bronx, says HDC, and its green elements include a green roof to limit storm water impact with a rainwater harvesting system; bamboo flooring; and energy efficient elevators, lighting and appliances. Written by Alyssa Gerace

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Architecture Billings Index Continues to Fall in May

June 27, 2011

The Architecture Billings Index (ABI) continued to slow in May, falling 47.2, a slight decrease from a reading of 47.6 the previous month according to the American Institute of Architects (AIA) As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. This score reflects a continued decrease in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 52.6, down from a mark of 55.0 in April, its lowest level in almost a year and a half. “Whatever positive momentum that there had been seen in late 2010 and earlier this year has disappeared,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “The broader economy looks to be entering another soft spot, and certainly state budget constraints are adversely affecting the profession’s ability to work on institutional projects. But there is no denying that the prolonged credit freeze from lenders for financing commercial projects is the number one challenge to a recovery for the design and construction industry.” Key May ABI highlights: Regional averages: West (49.3), Northeast (47.6), South (47.5), Midwest (45.9) Sector index breakdown: multi-family residential (53.6), mixed practice (49.1) commercial / industrial (46.5), institutional (44.9) Project inquiries index: 52.6

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Buck Goldstein: Low Risk and High Return — Investing in our Best

June 27, 2011

Last spring I taught a seminar on innovation to 24 first-year honors students who could objectively be described as among the brightest teenagers in the world. Halfway through the semester I caught myself flashing back to my former life as a CEO and as a venture capitalist. I spent my entire career attempting to attract and invest in great talent, and I never successfully assembled a group as gifted as the students in that seminar. When I was fortunate enough to find even a few such individuals in my previous life, my response was always the same: invest in them. In the context of my company, that meant providing them training, mentoring and diverse experiences. As a venture capitalist, it meant deploying millions of dollars and expending an unlimited amount of time and energy to help an entrepreneur and his or her team succeed. Investing in the members of my first-year seminar would result in a healthy return, no matter what the metrics. The more interesting question is what form should that investment take and from where should it come? The answer lies neither in the halls of Congress nor in a think tank in Washington, D.C. or New York, but back in the seminar room with my students. Have a look at them and read a short biography for each by clicking this link . The first thing that strikes me about the students is their diversity. Even though they go to a state-supported, public university, over half of the students, or their parents, were born in a foreign country. They don’t mention it in their short biographies, but many of these students are recipients of merit scholarships and were the subject of intense recruiting battles. Although they are interested in innovation and entrepreneurship — the focus of the seminar — only a few plan to major in business. Instead most will study in the liberal arts. These students hope to make a difference in the world, and most are drawn to challenges such as global warming, gender inequality and extreme poverty. In my old life in the private sector, we would create a multi-year development plan for each of these students with an eye toward returns far in excess of our investment. If the university, or even the country, were to do the same, what would a plan look like? Based on the students’ biographies and my experiences with them, I’ll suggest four such plans. Cliff plans to go to medical school and is also interested in innovation. In college, a liberal arts education will help him explore alternatives and teach him to think critically and solve problems. He also needs some experience with applied scientific research — the kind that seeks to bridge the gap between the academic lab and the commercial marketplace. Spending one summer working in academic science and another working for a biotechnology company seeking to bring cutting-edge research to market would prepare him to make the most of his medical education. The synergy of those two experiences would encourage him to leverage his interest in innovation into a high-impact career focused on solving big problems and fostering new enterprises that create jobs. Courtney is a scientist and an innovator. In high school she was on the robotics team, but since arriving at UNC she has become interested in environmental issues. She also has a strong aptitude for math, which is a virtual prerequisite for serious science. To achieve her potential, she will need a global perspective which could be achieved by spending time in a lab abroad, as well as some time on the ground in the developing world. Such a combination would hone her quantitative skills, expand her horizons and fan her passion, preparing her to make a real difference in the world. Chenxi , known as”Chex,” left her landlocked town in China at age 11 to further her education. At 15 she journeyed to Singapore for high school, and after a year of university studies is deeply committed to social science research on global health issues. This summer she is doing research in India and China through grants she secured almost entirely on her own. Chex is remarkably industrious and self-sufficient having lived on her own from an early age. She will corral the resources to do big things. But what happens to Chex when she graduates? Perhaps she can extend her stay through graduate study, but gaining permanent residency is no easy task, even for someone with Chex’s tenacity. After recruiting and training this remarkable talent, we bear the risk of losing her to a competitor (China) just when she can make the greatest contribution. The plan for Chex centers on only one issue: keeping her in the United States. Arjun wants to start a business. This is no surprise because he has been an entrepreneur most of his life, undertaking everything from start-ups to day trading. In college it will be important for him to combine his academic work with real-world experience, meet and work with some entrepreneurs and have the chance to actually start something, even if it fails. Keeping the price of failure low and allowing Arjun to learn the lessons that only failure can teach is an important part of the process of preparing him to enter the fray once he graduates. What will be important for Arjun, when the time comes, is tapping financial and intellectual capital to start his enterprise. Policy incentives for new enterprise creation such as lower or no capital gains tax for investors in such enterprises and technical support for start-ups characterize the kind of climate that supports Arjun’s aspirations. Similar plans can be devised for the other seminar students as well. In some cases all that would be required is two to four sessions a year with a trained coach to help chart their path. For others, small research grants or summer stipends would also be necessary to allow for internships or practical research experience. If the grants further a commercial enterprise, they could be structured as loans. On average, this additional support would average no more than $10,000 over the student’s four-year career. Assuming 400 students per year would qualify, it would take around $1.25 million annually to fund such a program on one campus (including the overhead to support it). Scaling the idea to 100 campuses (or the equivalent) would require a national commitment of $125 million a year in investment. The return on that investment in terms of job creation, research accomplished, patents granted and companies created would result in the kind of returns that make a venture capitalist happy. Other steps must also be taken to ensure an outsized return on investment in students like mine. For those who are not U.S. citizens, we must find a way to keep them here once they earn their degrees. This involves immigration reform as well as creating a business and intellectual climate that welcomes their talents. University research must offer the opportunity to work on what students perceive as big problems where their efforts will truly make a difference. In the world we live in, they can go elsewhere if they think the impact will be greater. Thoughtfully improving the environment for start-ups of all kinds in both the commercial and social sector is also critical. One of this country’s strongest competencies is innovation and the best and brightest from all over the world want to be part of what they perceive as “start-up nation.” I don’t know of an opportunity around that is better than investing in my 24 students. The good news is there are hundreds more like them in colleges and universities throughout the United States. If we treat them like our most successful corporations would and create a development plan for each of them, the result is an investor’s dream — low risk and high return. Buck Goldstein is the University Entrepreneur in Residence at the University of North Carolina at Chapel Hill and the co-author, along with Chancellor Holden Thorp, of Engines of Innovation–The Entrepreneurial University in the Twenty-First Century .

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Asian Activities Report for June 28, 2011: CGA Mining (ASX:CGX) to Increase Exploration Expenditure at Masbate Gold Project to US$20M

June 27, 2011

Asian Activities Report for June 28, 2011: CGA Mining (ASX:CGX) to Increase Exploration Expenditure at Masbate Gold Project to US$20M

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A Rally for Risk Trends and the Euro Doesn’t Convince

June 27, 2011

A Rally for Risk Trends and the Euro Doesn’t Convince

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How to Trade a "Stairstepping" Chart

June 27, 2011

How to Trade a “Stairstepping” Chart

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Consumer Confidence to Threaten US Dollar Rally

June 27, 2011

Consumer Confidence to Threaten US Dollar Rally

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Sino Gas And Energy Holdings Limited (ASX:SEH) Continued Strong Operational Progress Towards Development

June 27, 2011

Sino Gas And Energy Holdings Limited (ASX:SEH) Continued Strong Operational Progress Towards Development

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Peel Mining Limited (ASX:PEX) Receives Positive Gold Results From Apollo Hill Gold Project

June 27, 2011

Peel Mining Limited (ASX:PEX) Receives Positive Gold Results From Apollo Hill Gold Project

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Australian Bauxite Limited (ASX:ABZ) Announce High Grade Brown Sugar Bauxite Discovery at Guyra, NSW

June 27, 2011

Australian Bauxite Limited (ASX:ABZ) Announce High Grade Brown Sugar Bauxite Discovery at Guyra, NSW

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Pryme Energy Limited (ASX:PYM) Update On Deshotels 13H No.1 Drilling, USA

June 27, 2011

Pryme Energy Limited (ASX:PYM) Update On Deshotels 13H No.1 Drilling, USA

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Beach Energy Limited (ASX:BPT) Successfully Completed Fracture Stimulation of Holdfast-1

June 27, 2011

Beach Energy Limited (ASX:BPT) Successfully Completed Fracture Stimulation of Holdfast-1

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Euro under Pressure as Greek Parliament Votes for More Austerity Measures

June 27, 2011

Euro under Pressure as Greek Parliament Votes for More Austerity Measures

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U.S. Dollar Outlook Remains Bullish, Upward Trend To Gather Pace

June 27, 2011

U.S. Dollar Outlook Remains Bullish, Upward Trend To Gather Pace

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Pairs consolidate on mixed sentiments…

June 27, 2011

Pairs consolidate on mixed sentiments…

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US shares close in green…

June 27, 2011

US shares close in green…

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Sell GBP/USD on Retest of 1.6150 Neckline

June 27, 2011

Sell GBP/USD on Retest of 1.6150 Neckline

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EUR/GBP Short- High Event Risk Scalp

June 27, 2011

EUR/GBP Short- High Event Risk Scalp

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Euro May Trade Lower As Greece Austerity Vote Looms

June 27, 2011

Euro May Trade Lower As Greece Austerity Vote Looms

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Shanghai port’s annual container volumes to go up 10%

June 27, 2011

Shanghai port’s annual container volumes to go up 10%

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UK June house prices down 0.1%

June 27, 2011

UK June house prices down 0.1%

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US consumer spending declines in May

June 27, 2011

US consumer spending declines in May

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Volatile movements and mixed sentiment amid a needed correction

June 27, 2011

Volatile movements and mixed sentiment amid a needed correction

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U.S. Stocks rally on opening amid new banking rules…

June 27, 2011

U.S. Stocks rally on opening amid new banking rules…

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Wimbledon goes 3D in 2011

June 27, 2011

Wimbledon goes 3D in 2011

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