July 2011

Lisa P. Jackson: Promoting Electronics Recycling and New Jobs

July 20, 2011

At the ROUND2 electronics recycling facility in Austin, Texas, American workers dismantle, sort, test and repair a steady stream of discarded printers, computers and other electronics. The millions of pounds of electronic waste that ROUND2 processes each year are kept out of landfills here and abroad, and the valuable materials in them are reused. In addition, ROUND2′s e-cycling business is also creating good jobs. The company has put several hundred people to work nationwide, and just last February the Austin facility announced plans to hire 52 more technical staff members. Seeing the economic and environmental opportunities in e-cycling, I visited ROUND2′s Austin campus today, where I stood with Michael Dell, CEO of Dell Inc., Dan Hesse, CEO of Sprint, Mark Price, Vice President of Sony Electronics, and several government officials to announce the Obama administration’s National Strategy for Electronics Stewardship. To fortify the National Strategy, we also announced a commitment from Dell, Sprint and Sony to use private sector business practices that will strengthen our homegrown e-cycling industry and create jobs for American workers. Government and industry are working together to tackle an environmental and health issue in a way that supports innovation, cuts costs and creates good jobs. It’s an important effort at an important time. Already, the United States generates some 2.5 million tons of electronic waste per year. Not only do those discarded electronics contain potentially dangerous chemicals and pollutants, they also have precious metals, rare earth materials, plastic and glass that can be recovered and recycled, reducing the economic costs and environmental impacts of securing and processing new materials for new products. It is also critically important that we undertake this National Strategy with the active involvement of the private sector. Dell, which Newsweek ranked as 2010′s greenest company in the United States, has been a leader in responsible electronics management. Dell has worked for years to improve e-waste recovery, and also partnered with the EPA on efforts that reduced the amount of lead in their products by more than 19 million pounds. Sprint has already collected more than 25 million discarded mobile phones. Sprint has set an ambitious goal that, by 2017, they will be reusing or recycling nine phones for every 10 they sell. Sony has partnered with EPA since 2004 and collected and recycled almost 3 million pounds of used consumer electronics. To effectively tackle e-waste, we need to think about everything from how to design more efficient and sustainable technology, to making sure consumers have widespread access to recycling drop off locations and other options for easily donating or recycling used electronics. Private sector involvement is instrumental to ensuring that the process of research, innovation, development and commercialization of a new product is not complete without also focusing on recycling. Of course, EPA and its federal government partners have a role to play as well. President Obama has called on us — as the nation’s largest consumer of electronics — to lead by example on electronics stewardship. The National Strategy we are announcing today explains how the federal government will: Promote the development of more efficient and sustainable electronic products; Direct federal agencies to buy, use, reuse and recycle their electronics responsibly; Support recycling options and systems for American consumers; and Strengthen America’s role in international electronics stewardship. The success of ROUND2 is just the beginning of creating jobs by increasing electronics recycling nationwide. The leadership of President Obama on this issue — combined with the commitments of companies like Dell, Sprint and Sony- – sends a very strong signal about the bright future of the e-cycling industry in this country. Fostering the growth of a market for electronics recycling can help American companies create good jobs in a field that supports cleaner communities today, and a cleaner future tomorrow. The history of protecting our health and our environment is a history of innovation. Better ideas and new products have helped make almost everything we do cleaner, healthier and more energy-efficient. That history has also shown us that the engines of our economy run best when they run clean. The National Strategy for Electronics Stewardship is another chapter of that history, in which environmental protection, innovation, and economic growth work hand in hand.

Read the full article →

Google To Offer Its Own Credit Card–With A Catch

July 20, 2011

Google Inc is introducing a credit card for its advertising customers, offering its clients a credit line to try and drum up business as competition in the online ad market heats up.

Read the full article →

WATCH: Larry Summers Says U.S. Default Would Be ‘Lehman On Steroids’

July 20, 2011

If the U.S. defaults, it will be much worse than the financial crisis that nearly three years ago brought the economy to the brink of collapse. At least that’s how President Obama’s former economic advisor Larry Summers put it on CNBC’s Wednesday morning edition of Squawk on the Street . In May, the U.S. hit the official debt limit, but Treasury Secretary Tim Geithner extended the country’s ability to borrow into August using “extraordinary measures.” Still, with August fast approaching and no deal in place, Summers, a former Treasury Secretary, says not raising the limit will be disastrous. “It’s gonna be Lehman on steroids,” Summers said in the interview. “It’s gonna be financial Armageddon, and I’m not sure that we’re gonna have the capacity to put the financial system back together.” Not that this is the first time Summers has compared the possibility of default to the 2008 bankruptcy of the investment bank Lehman Brothers, one of the largest in history and the symbolic tipping point of the financial crisis. Previously, on Fareed Zakaria’s CNN program GPS , Summers discussed the Lehman Brother-debt ceiling comparison in more detail, saying not raising the debt ceiling would be nearly unthinkable. “A panic begins on money market funds and many parts of the financial system and a cascade that makes Lehman Brothers seem like a very small event unfolds,” he then said. The disaster that would unfold would have clear and recognizable culprits. “It would be a totally self-inflicted cataclysm,” Summers also told Zakaria . Summers is not the only market expert to express such dour sentiments. In a July interview with CNBC , Berkshire Hathaway CEO Warren Buffett compared those Congressional Republicans preventing the government from raising the debt ceiling to hostage takers. The Republican controlled Congress, Buffett stated, is “trying to use the incentive now that we’re going to blow your brains out, America, in terms of your debt worthiness over time.” Watch Summer’s full CNBC interview here:

Read the full article →

John Edwards In $2 Million Dispute

July 20, 2011

RALEIGH, N.C. — The Federal Election Commission is considering whether former North Carolina Sen. John Edwards’s 2008 presidential campaign should repay the treasury about $2.3 million. The FEC is scheduled to consider at its meeting Thursday whether to order the repayment. Federal auditors say all but about $200,000 of that sum came from matching funds. The campaign collected a total of nearly $13 million in matching funds after it was approved in December 2007. Edwards dropped out of the presidential race Jan. 30, 2008. FEC auditors say Edwards’s campaign understated its cash and overstated its expenses. At issue is how much Edwards’s campaign was entitled to receive as a result of qualifying for matching funds and the cost of winding down the effort. Edwards’s lawyers say the Democrat doesn’t owe anything.

Read the full article →

Jeffrey Rubin: Debt Ceilings Aren’t the Only Way America Can Default

July 20, 2011

For the People’s Bank of China, which is long a trillion or so dollars of U.S. Treasury bonds, it is impossible not to notice the game of debt brinkmanship currently being played in Washington. If Congress does the unthinkable by not raising the debt ceiling, the U.S. government will start defaulting on its debt, of which the People’s Bank of China is the single largest holder. There, of course, have been other debt ceiling impasses on Capital Hill in the past, and there will undoubtedly be more in the future. The Chinese can rest assured that the current budget impasse, like the others before, will not be allowed to trigger a default. At the same time, the Chinese know there is more than one way for America to default, especially for a borrower such as the U.S. whose debt is conveniently funded in its own currency. The U.S. Treasury has never defaulted in the classic sense of not paying its bondholders on time but that doesn’t mean it hasn’t short-changed its foreign creditors before. Just ask Japanese insurance companies that loaded up on Treasury bonds during the 1970s, seeking the higher yields they were offering over the JGB (Japanese Government Bond). The U.S. Treasury never missed a coupon payment and all the bonds were paid out 100 cents on the dollar. Only the U.S. dollar didn’t buy the same number of yen when those insurance companies cashed in their maturing 10-year Treasury bonds than it did when they bought them. Between 1971 and 1981 , the U.S. dollar lost 40% of its value against the yen, leaving the Japanese insurance companies with a huge foreign exchange loss on their U.S. bond portfolios. In retrospect, those yield-hungry institutions would have been better off if they had invested in lower interest bearing JGBs. Given the size of the trade imbalance between China and the U.S., it is not difficult to imagine an even larger depreciation of the greenback against the Yuan over the next decade. Indeed, the greenback could easily lose half its value against the Yuan over the course of a 10-year Treasury bond. One way or another, Congress will call off its game of chicken with the Obama administration by raising the debt ceiling before the August 2 deadline. But that doesn’t mean the U.S. won’t be defaulting on its Chinese creditors down the road, just as it did on its Japanese creditors in the 1970s.

Read the full article →

Key Senator Opposes $39 Billion AT&T-Mobile Deal

July 20, 2011

WASHINGTON — A key member of the Senate Judiciary Committee is calling on federal regulators to block AT&T’s proposed $39 billion purchase of T-Mobile USA. Herb Kohl, D-Wis., chairman of the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights, said the transaction would lead to higher prices and fewer choices for consumers because it would leave just three national wireless carriers. Two of those carriers – AT&T Inc. and Verizon Wireless – would control nearly 80 percent of the market, Kohl noted. And there is “considerable doubt” about whether the third national carrier, Sprint Nextel, could survive as an independent competitor should the deal go through, he said. Sprint strongly opposes the merger. “We cannot turn a blind eye to the dangerous possibility that this acquisition could ultimately result in a duopoly in the national cell phone market,” Kohl said in a letter sent to the Justice Department and the Federal Communication Commission Wednesday. Kohl added that by eliminating T-Mobile USA, the fourth-largest wireless carrier, the merger would remove the one carrier offering less expensive prices and rate plans. “Removal of such a maverick price competitor from such a highly concentrated market – a competitor that disciplines price increases from all three other national cell phone competitors, not only AT&T – raises a substantial likelihood that prices will rise following this merger,” he said. Three prominent House Democrats raised similar concerns about the deal in their own letter to the Justice Department and the FCC Wednesday, although they stopped short of calling for the agencies to simply block the transaction. Instead, Reps. Edward Markey of Massachusetts and Anna Eshoo of California, both key members of House Commerce Committee, and John Conyers of Michigan, the top Democrat on the House Judiciary Committee, urged the agencies to scrutinize the proposed merger closely. AT&T, the nation’s second-largest wireless carrier, is seeking federal approval to acquire T-Mobile from Germany’s Deutsche Telekom AG. The cash-and-stock deal would catapult AT&T past Verizon Wireless to become the biggest cellphone company in the country, and leave Sprint as a distant number three. Although the Justice Department and the FCC will ultimately decide whether to let the transaction proceed, lawmaker input could influence the outcome. Kohl’s letter is particularly significant because he heads the Senate subcommittee that handles antitrust matters. AT&T said in a statement that Kohl’s view is “inconsistent with antitrust law, is shared by few others and ignores the many positive benefits and numerous supporters of the transaction.” AT&T and T-Mobile argue that the merger would lead to fewer dropped and blocked calls and faster mobile Internet connections for subscribers by allowing the companies to combine their limited wireless spectrum holdings at a time when both are running out of airwaves to handle mobile apps, online video and other bandwidth-hungry services. They also say the deal would position AT&T to cover more than 97 percent of the U.S. population with its new high-speed, fourth-generation wireless service. Meanwhile, the FCC on Wednesday temporarily suspended its review of the deal, saying it needs time to evaluate, test and gather public comments on new economic models that AT&T has said it plans to present to the commission to support its case for the merger.

Read the full article →

Blistering Heat Wave Stressing Nation’s Power Grid

July 20, 2011

NEW YORK — A lengthy, blistering heat wave that is blanketing the eastern half of the United States is putting significant stress on the nation’s power grid as homeowners and businesses crank up their air conditioners. Utilities say they’re ready for high power demand and widespread electricity shortages or outages are unlikely. Lines and equipment are not fully taxed and there is more generating and transmission capacity available than usual because of the weak economy. Also, not many major storms are in the forecast, meaning fewer downed power lines. The heat wave began a week ago in the Plains states and is expected to spread east through the weekend. It is lasting longer than most heat waves and is spread over an unusually wide area, according to Travis Hartman, the Energy Weather Manager at MDA Earthstat, which proves forecasts for utilities and other weather-dependent businesses. Hartman predicts 90- to 100-degree weather from Chicago to Boston from Wednesday through the weekend. The Midwest is expected to see peak heat on Thursday while thermometers in eastern states will top out on Friday and Saturday. Philadelphia may break a 1957 record of 100 degrees on Friday, while Washington, D.C., is expected to reach 103, tying a record from 1926. Texas and the southern Plains states will extend a long streak of hot weather. On Wednesday Oklahoma was expected to suffer its 30th day of triple-digit temperatures this year. Nationwide, Thursday and Friday will be hotter than any time since 1950, says Hartman. “It’s going to mean elevated power demand for an extended period of time for a lot of people,” he says. To meet demand, utilities are firing up special power plants used only a few days a year, delaying scheduled maintenance in order to keep all equipment on line and testing heat-sensitive switches and other equipment with high-tech devices like thermographers that can gauge temperatures to one-tenth of a degree. “These are the days everyone wants to have their ACs on, their computers going while they watch TV,” says Jon Jipping, Chief Operating Officer of ITC Holdings Corp., a transmission grid operator that owns grids in Iowa, Michigan and four other Midwest states. “These are the days we get ready for.” Peak demand for most utilities usually happens on a late weekday afternoon in mid-summer. That’s when businesses are still open but people return home, turn on their air conditioners, lights and televisions and they start cooking dinner. Problems can arise when the grid comes under maximum strain. Equipment can’t cool off, and it can’t handle as much power as usual. Lines, transformers and switches are working at full capacity and can be overwhelmed by power surges that can result from a blown piece of equipment or downed power line. Even drops in power demand can be perilous. When a thunderstorm drenches a big, hot city, there is a quick drop in power demand because suddenly millions of air conditioners don’t have to work so hard. When power flow changes rapidly, either because of a surge or a sudden dropoff, devices meant to prevent equipment failures could trip, cutting power to customers. Peak summer demand can be nearly double the demand of a typical day in a mild month like April or October. The PJM Interconnection, which operates the transmission grid in parts of 13 mid-Atlantic states, hit a record peak demand of 146,082 megawatts Tuesday. That compares to a typical April peak load of 78,000 megawatts. Utilities and grid operators have to plan for the summer peak year-round. For them, a summer heat wave is like Black Friday for a big box retailer. Customers are clamoring for service, and it is time to sell the most power at the highest rates of the year. Power generators have fleets of small power plants that can be turned on and off relatively easily to meet demand. They are inefficient and expensive, and therefore push the wholesale price of power sharply higher. Peak summer wholesale prices can be triple the price of power during a mild-weather month. By the end of May each year, utility emergency procedures must be finalized, equipment must be repaired and power plants prepared. Jim Meister, vice president of operations support for Exelon Nuclear, which owns 10 nuclear plants, says each plant undergoes an average of 100 maintenance activities a year to get ready for summer. When a heat wave is predicted, alert levels are raised that slow and then stop all non-essential maintenance on the grid. Fuel is delivered to plants that may need to fire up and workers are put at the ready. A long heat wave like this week’s can put even more stress than normal on the system. When heat waves are short, some people will put up with a sweaty day or two. But when a heat wave lasts, many people make their homes colder than normal and run air conditioners constantly. Also, air conditioners have to work harder because the persistent heat deeply warms walls and other infrastructure, making it harder to cool rooms. “As you get into the heat wave, the load builds even if the temperature stays the same,” says Mike Bryson, the Executive Director for systems operations at PJM. Array

Read the full article →

Gulf Oil Spill Claims Fund Will Be Audited To Speed Up Process

July 20, 2011

WASHINGTON — An independent audit will be performed on the $20 billion fund set up to compensate victims of last year’s BP oil spill in the Gulf of Mexico, Attorney General Eric Holder announced Wednesday. In a letter to the fund’s administrator, Kenneth Feinberg, Holder stressed that the goal is to balance the need for resolving claims quickly and fairly along with the need to start an audit before the end of the year. Holder said the fund’s “highest priority” should be to achieve speed and fairness. Holder made a June 30 trip to the Gulf Coast in which he heard concerns from Alabama officials and residents about the transparency of the claims process. In his letter, the attorney general said Feinberg agreed to an audit, a step that Holder has been urging for some time. In response, Feinberg said the audit will begin this year but won’t disrupt “the timely processing of claims.” He said the audit “is something we have always considered we would do.” To date, the fund has paid $4.7 billion to 198,475 claimants. The total number who have sought money stands at 522,506, many with multiple claims. In all, the fund has nearly 1 million claims and continues to receive thousands of claims each week. Feinberg also oversaw payouts from the victims compensation fund that was set up after the Sept. 11, 2001, terrorist attacks. The procedures to implement the 9/11 fund’s activities were audited, said Deborah Greenspan, the fund’s deputy. Feinberg said the 9/11 claims themselves were not audited, due to confidentiality requirements and proprietary information. He noted that the fund did issue a final report that laid out overhead costs and expenses related to claims. ___ Associated Press writer Harry Weber in Atlanta contributed to this report.

Read the full article →

Rep. Mike Thompson: It’s Time to Stop the Over-Reach by Fannie and Freddie

July 20, 2011

By Rep. Dan Lungren, Rep. Mike Thompson, and Rep. Nan Hayworth Benjamin Franklin established the nation’s first special assessment district when he created the Union Fire Company of Philadelphia, a volunteer fire department. Today there are more than 37,000 special districts in the United States. Local governments use them to pay for everything from sewer systems to sidewalks to mosquito abatement — all in response to important community concerns. In the last two years, 27 states and the District of Columbia have passed laws allowing their local governments to use their existing assessment authority (also called special improvement districts) to help homeowners and businesses finance energy efficiency and renewable energy improvements. These laws, commonly called Property Assessed Clean Energy (PACE) laws, were hailed by Scientific American as one of the top 20 ways to change the world. The idea of PACE is simple. It uses a traditional municipal finance tool to help property owners pay for the upfront cost associated with energy-saving improvements. Property owners then pay for the improvements on their property taxes over the course of up to 20 years. PACE has rapidly gained popularity because it solves a big problem — by eliminating the high upfront cost, it removes the biggest barrier to unlocking significant new investment in clean energy. Because the assessment is voluntary, only property owners who can afford it sign up. And, like other tax assessments, it stays with the property upon sale. So if you use PACE to install an energy-efficient furnace or put solar panels on your roof, but sell your home, the new owner will assume the property tax assessments — and get the benefit of the lower utility bills. It’s not just a win-win situation, but win-win-win: homeowners get the benefit of lower utility bills; workers in the stagnating construction industry get jobs; and the nation gets the benefit of increased energy efficiency and reduced energy costs. But most local governments across the country never got a chance to take advantage of the state PACE laws because Fannie and Freddie stopped them last summer. For the first time in our history, the mortgage giants asserted that PACE assessments aren’t really “assessments,” but “loans.” This is both incorrect and misguided. First, PACE programs only finance permanent energy improvements to a home or business. As already noted, the repayment obligation always stays with the property, not with the person. Second, Fannie and Freddie are concerned that PACE-financed retrofits will be paid off before the mortgage in the event of a foreclosure, leaving the mortgage giants with a loss. But the fact is the risk of default is extremely low. In fact, PACE programs already in operation around the country found that delinquencies were much lower on PACE homes than non-PACE homes. It is clear that the benefits of PACE are huge — to homeowners, to the local economy, to the environment, and to the federal, state and local governments. It’s not even a close call. Unfortunately, Fannie and Freddie are attacking state laws that save homeowners money while making their homes more valuable and energy efficient. They have set a dangerous precedent by limiting local governments’ ability to provide benefits to the public. It’s time for Congress to stop federal over-reach by Fannie and Freddie. The mortgage lending giants should not be able to interfere with local government authority to establish and maintain special assessment districts that serve a valid, important, and valuable public purpose. That’s why we’re introducing the PACE Assessment Protection Act to fix the problem — now. —– Rep. Dan Lungren (CA-3) is the Chairman of the Committee on House Administration. Rep. Mike Thompson (CA-1), a senior member of the House Ways and Means Committee, represents Sonoma County, which has the nation’s largest PACE program. Rep. Nan Hayworth, M.D. (NY-19) serves on the House Financial Services Committee, which oversees Fannie Mae and Freddie Mac.

Read the full article →

Main Aspects Dominate the Markets’ Movements 

July 20, 2011

Main Aspects Dominate the Markets’ Movements 

Read the full article →

VIDEO: The Asset Publishing Director Jessica Marinescu Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

July 20, 2011

VIDEO: The Asset Publishing Director Jessica Marinescu Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

Read the full article →

Buccaneer Energy Limited (ASX:BCC) Kenai Loop Independently Assessed Reserves Exceeds Expectations

July 20, 2011

Buccaneer Energy Limited (ASX:BCC) Kenai Loop Independently Assessed Reserves Exceeds Expectations

Read the full article →

Kimberley Metals Limited (ASX:KBL) Provides Processing Plant Operational Update at Mineral Hill Mine

July 20, 2011

Kimberley Metals Limited (ASX:KBL) Provides Processing Plant Operational Update at Mineral Hill Mine

Read the full article →

Wall Street closed in red amid growing debt-limit concerns…

July 20, 2011

Wall Street closed in red amid growing debt-limit concerns…

Read the full article →

Guest Commentary: Are You Suffering From Analysis Paralysis

July 20, 2011

Guest Commentary: Are You Suffering From Analysis Paralysis

Read the full article →

U.S. Dollar Breaks Key Support as Haven Flows Seek Refuge Elsewhere

July 20, 2011

U.S. Dollar Breaks Key Support as Haven Flows Seek Refuge Elsewhere

Read the full article →

Higher Probability Entries Using Candlesticks

July 20, 2011

Higher Probability Entries Using Candlesticks

Read the full article →

USD/CAD: Trading Canada’s Retail Sales Report

July 20, 2011

USD/CAD: Trading Canada’s Retail Sales Report

Read the full article →

VIDEO: Prophecy Coal Corp (CVE:PCY) Chairman and CEO John Lee Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

July 20, 2011

VIDEO: Prophecy Coal Corp (CVE:PCY) Chairman and CEO John Lee Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

Read the full article →

Western Manganese Limited (ASX:WMN) Quarterly Activities Report Ended 30 June 2011

July 20, 2011

Western Manganese Limited (ASX:WMN) Quarterly Activities Report Ended 30 June 2011

Read the full article →

VIDEO: CRU China CEO and Chief Representative John Johnson Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

July 20, 2011

VIDEO: CRU China CEO and Chief Representative John Johnson Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

Read the full article →

Reagan Is Liberal Icon In Debt Debate

July 20, 2011

WASHINGTON — Democrats have a new icon these days: Ronald Reagan. That’s because, unlike many Republicans in the House, the fiscally conservative late president believed it was essential for the United States to make good on its all obligations and raise the debt ceiling. And Democrats across the spectrum on Wednesday have been holding the conservative hero up to Republicans as an example they should follow. “I find myself these days quoting Ronald Reagan,” said Sen. Barbara Boxer (D-Calif.) at a news conference Wednesday. “‘The full consequences of a default,’ he said, ‘or even the serious prospect of a default by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The nation can ill afford to allow such a result.’ “That’s Ronald Reagan,” Boxer emphasized, suggesting that Republicans recall that model. “All they have to do is look at their icon, Ronald Reagan, and understand you don’t play with fire when it comes to the full faith and credit of the United States of America.” She was far from alone. Members of the Congressional Progressive Caucus sent a letter to all the Republican members of the House to remind them of the Gipper’s feelings as expressed in a 1983 letter to then-Senate Majority Leader Howard Baker (R-Tenn.) — the same letter Boxer quoted. “President Reagan was a staunch conservative whose views sharply differ from Progressives’ in nearly every respect,” wrote the CPC members to Republicans. “Yet, Reagan understood that the American people have invested their trust in our ability to be wise stewards.” “We hope you will take President Reagan’s message to heart and put what’s best for America’s economy ahead of gaining a short-term political advantage,” they added. “Let’s not hold the jobs and economic security of the American people hostage to an agenda that will only cause long-term harm to our great nation.” Baker himself has come out in favor of lifting the nation’s spending cap before it is reached on Aug. 2. The Senate Democratic message shop took a sneakier approach, blasting out an e-mail headlined with a paraphrase of the famous Reaganism. “There they go again,” it said. “GOP Lawmakers ignoring Reagan, still downplay consequences of a default.” House Speaker John Boehner (R-Ohio) has said the debt ceiling must be raised, but he has also stuck to the postion of his caucus that it cannot be raised with out major cuts. His spokesmen did not immediately respond to a request for comment.

Read the full article →

Seventeen Charged With Running Wall Street Prostitution Ring

July 20, 2011

NEW YORK (Bernd Debusmann Jr.) – Seventeen people were indicted on Wednesday on charges of running a high-end prostitution ring that catered to Wall Street clients who often spent more than $10,000 in a night, authorities said. The ring pulled in more than $7 million over three years, Brooklyn District Attorney Charles Hynes said at a news conference. “The business of high-end prostitution is enormously profitable,” Hynes said. The prostitution service, named High Class NY, was run 24 hours a day out of an office in Brooklyn and charged from $400 to $3,600 an hour for its services, according to the 144-count indictment. It also provided customers with cocaine and other narcotics, the indictment said. Hynes said clients often spent in excess of $10,000 in a single night. They were “all high-end customers coming from the financial markets. People with nothing but money,” he said. Police said the business was extremely sophisticated, running several escort websites and using dummy corporations with misleading names and codes during business-related phone calls. High Class NY even had a law firm draw up employment contracts for its prostitutes, who described themselves as models and fraudulently agreed to refrain from sexual contact with clients, police said. “They were on the high-end of sophistication,” said Vice Detective Joe Panico. Among those indicted were High Class NY owner Mikhail Yampolsky and his wife Bronislava, who allegedly used the proceeds from their business to finance expensive trips to Atlantic City and luxury car purchases, Hynes said. Also indicted were Yampolsky’s son Alexander, step-son Jonathan, 11 managers and supervisors and two investors, Efim Gorelik and Yakov Maystrovich, he said. Each of the investors had put $700,000 into High Class NY and were being paid back with interest, he said. Each of those indicted faces the possibility of 25 years in prison if convicted. Two prostitutes face separate indictments on prostitution and drug charges. (Editing by Ellen Wulfhorst and Tim Gaynor) Copyright 2011 Thomson Reuters. Click for Restrictions .

Read the full article →

Apple rolls out new macs, shares set record

July 20, 2011

By Poornima Gupta SAN FRANCISCO (Reuters) – Apple Inc shares flirted with a record $400 on Wednesday, a day after the world’s most valuable technology company posted blockbuster results and triggered a spate of brokerage upgrades. The stock set a lifetime high as a new $999 MacBook Air and $599 “Mac mini” go on sale, the latter rivaling some of the cheaper offerings from Dell Inc or Hewlett-Packard Co. Apple’s stock climbed 3.3 percent to $389.18, bringing the makers of the iPhone and iPad within shouting distance of Exxon Mobil’s market value of more than $400 billion despite the oil and gas producer raking in more than four times Apple’s annual revenue. In coming months, Apple is expected to roll out a new iPhone, which is likely to give the world’s most valuable technology company another shot in the arm and offer a challenge to rivals such as Google Inc and Research in Motion. The new phone could also propel Apple to leap past Exxon. “We expect Apple will become the largest market cap company on the planet when the stock hits approximately $445 which is only about 13 percent away from aftermarket levels,” said Gleacher & Co analyst Brian Marshall, adding that this is based on the assumption that Exxon shares remain flat. Apple shares rose to a high of $405 in after-hours trading on Tuesday after iPhone sales and strong Asian business helped Apple’s quarterly results beat Wall Street’s expectations. Sales of its iconic products far outpaced forecasts, helping drive a near doubling of revenue in the fiscal third quarter. “China is showing phenomenal strength for Apple and was up six-fold,” Wells Fargo analyst Jason Maynard said. “This remains a huge opportunity for Apple and, in our view, is a major differentiator for the company. Apple has been able to successfully monetize China where competitors have been challenged.” RESET BUTTON Bank of America Merrill Lynch and Wells Fargo raised their estimates on Apple’s yearly earnings by 10 and 13 percent. Caris & Co raised their price target to $600 from $500, while Brigantine Advisors raised their target on the stock to $450 from $400. “We find Apple’s valuation compelling, particularly based on the upside potential from revenue and earnings growth in the Mac/PC and iPhone segments and from gross margins,” Bank of America Merrill Lynch said in a note to clients. Apple moved 20.34 million iPhones during the quarter, which analysts say helped it vault past Nokia and Samsung Electronics to become the world’s biggest smartphone maker. While iPhones remain the flagship device, the company touted its new line of Intel-powered Macs on Wednesday and the latest version of its operating software, the multi-touch enabled Mac OS X Lion. Mac shipments have helped Apple make the top-three among PC vendors in the United States, the first time it has done so in years, according to research firm Gartner. Analysts worry that the success of the iPad will take away from not just Microsoft Windows PC sales, but also Apple’s Mac business, something the company dismisses. “It’s taking away from the PC. When we surveyed people who buy iPads, more of them were choosing it instead of a computer,” marketing chief Phil Schiller told Reuters. “More are choosing it instead of a Windows computer than choosing it instead of a Mac.” (Additional reporting by Jennifer Saba in New York, writing by Edwin Chan)

Read the full article →

Democrats Rip Page From Republican Playbook To Make Case

July 20, 2011

Now House liberals have hit on a fun new way of emphasizing this point: They are sending a letter today to every House Republican asking them to raise the debt limit. Only the letter wasn’t written by House liberals. It was written by Reagan himself.

Read the full article →

Fitch Ratings Will Decide On U.S. Ratings Outlook In August

July 20, 2011

NEW YORK (Walter Brandimarte) – Fitch Ratings said on Wednesday it will decide next month whether the United States deserves to keep a stable outlook on its AAA credit rating as it concludes a review of the country’s economic and fiscal outlook. David Riley, Fitch’s main analyst for the United States, said the decision will take into account a final budget agreement in Washington to reduce the country’s deficit in the medium to long term. “To some extent we are a little bit on hold because we want to see what comes out from the current negotiations,” Riley told Reuters in an interview, welcoming the apparent progress being made by a group of six Democrat and Republican senators to cut the deficit by $3.7 trillion. “As soon as an agreement is reached and has been announced, we will incorporate that into our analysis and we’ll make a comment on the U.S. sovereign rating and its outlook — hopefully by the mid of August.” Fitch is the only of the three big ratings agencies to have a stable outlook on U.S. ratings. Both Moody’s and Standard & Poor’s have put the ratings on review for a possible downgrade to account for a growing risk that the country’s debt ceiling is not raised in time to avoid a default next month. Fitch still believes the likelihood of a debt default is low, said Riley. He added it’s too early to analyze the impact of Washington’s deficit-reduction plans on the country’s ratings, but sounded positive on the plan being worked out by the so-called “Gang of Six” Democrat and Republican senators. “It’s encouraging that it does appear to be progress being made in getting at least an agreement in principle on a substantial debt reduction plan,” Riley said. He stressed, however, that the credibility of the final plan will be as important as the headline savings number. “Most governments can typically come up with a big number and say ‘that’s what we’re going to save’, but the issue is how you’re going to get from A to B.” (Editing by James Dalgleish) Copyright 2011 Thomson Reuters. Click for Restrictions .

Read the full article →

Ruby Creek Announces New Independent Board Member

July 20, 2011

NEW YORK, NY–(Marketwire – Jul 20, 2011) – Ruby Creek Resources, Inc. ( OTCBB : RBYC ), an exploration and mining company with operations in Tanzania, is pleased to announce that Mr. Darren Ofsink has joined the Board of Directors.

Read the full article →

Guaranty Bancorp and Guaranty Bank & Trust Company Announce Executive Appointments

July 20, 2011

DENVER, CO–(Marketwire – Jul 20, 2011) – Guaranty Bancorp ( NASDAQ : GBNK )

Read the full article →

VIDEO: Mongolian Properties Head Office Manager Jess Lampe Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

July 20, 2011

VIDEO: Mongolian Properties Head Office Manager Jess Lampe Speaks With Frontier Securities at Mongolia: Capital Raising and Investment Conference

Read the full article →

Asian Activities Report for July 20, 2011: Avonlea Minerals (ASX:AVZ) Rare Earth and Specialty Minerals in Namibia

July 20, 2011

Asian Activities Report for July 20, 2011: Avonlea Minerals (ASX:AVZ) Rare Earth and Specialty Minerals in Namibia

Read the full article →

Amid Murky Outlook Trading the Range is Best Play

July 20, 2011

Amid Murky Outlook Trading the Range is Best Play

Read the full article →

Dollar Ignores Budget Headway, Earnings and Suffers for Risk Rally

July 20, 2011

Dollar Ignores Budget Headway, Earnings and Suffers for Risk Rally

Read the full article →

Alstom revenue drops 12% in the first quarter

July 20, 2011

Alstom revenue drops 12% in the first quarter

Read the full article →

BoE Minutes Show Split among MPC Members, Inflation Expected to Exceed 5% in the Coming Months

July 20, 2011

BoE Minutes Show Split among MPC Members, Inflation Expected to Exceed 5% in the Coming Months

Read the full article →

BoE Minutes expected with prevailing split as the recovery worsens and inflation finally eased!

July 20, 2011

BoE Minutes expected with prevailing split as the recovery worsens and inflation finally eased!

Read the full article →

Dart Energy Limited (ASX:DTE) First Gas Sales Agreement for UK Coal Bed Methane (CBM)

July 20, 2011

Dart Energy Limited (ASX:DTE) First Gas Sales Agreement for UK Coal Bed Methane (CBM)

Read the full article →

Environmental Clean Technologies Limited (ASX:ESI) Update on Victorian Coldry Project and Capital Raising

July 20, 2011

Environmental Clean Technologies Limited (ASX:ESI) Update on Victorian Coldry Project and Capital Raising

Read the full article →

Bank of England Minutes Reveal Few Surprises; Sterling Outlook Murky

July 20, 2011

Bank of England Minutes Reveal Few Surprises; Sterling Outlook Murky

Read the full article →

FOREX: Pound Vulnerable as Traders Eye Bank of England Minutes

July 20, 2011

FOREX: Pound Vulnerable as Traders Eye Bank of England Minutes

Read the full article →

German Producer Prices Modestly Beat Expectations But Continue Slowing Trend

July 20, 2011

German Producer Prices Modestly Beat Expectations But Continue Slowing Trend

Read the full article →

The sales of previously owned U.S homes have most probably inclined this past month…

July 20, 2011

The sales of previously owned U.S homes have most probably inclined this past month…

Read the full article →

EURUSD: Stay Short into EU Summit

July 20, 2011

EURUSD: Stay Short into EU Summit

Read the full article →

Price Action Suggests Investors Growing More Optimistic

July 20, 2011

Price Action Suggests Investors Growing More Optimistic

Read the full article →

Crude Oil Likely to Rise, Gold Under Pressure with Focus on Earnings

July 20, 2011

Crude Oil Likely to Rise, Gold Under Pressure with Focus on Earnings

Read the full article →

J&J Q2 net income down 20%

July 20, 2011

J&J Q2 net income down 20%

Read the full article →

EU sends USD35m aid package to Niger

July 20, 2011

EU sends USD35m aid package to Niger

Read the full article →

Oil Basins Limited (ASX:OBL) Appointed as Operator for Unconventional Shale Gas Permit 5/07-8 EP

July 20, 2011

Oil Basins Limited (ASX:OBL) Appointed as Operator for Unconventional Shale Gas Permit 5/07-8 EP

Read the full article →

Overland Resources Limited (ASX:OVR) High Grade Mineralisation Extended at the Darcy Zinc Deposit

July 20, 2011

Overland Resources Limited (ASX:OVR) High Grade Mineralisation Extended at the Darcy Zinc Deposit

Read the full article →

Texon Petroleum Limited (ASX:TXN) Eleventh Leighton Well Successful

July 20, 2011

Texon Petroleum Limited (ASX:TXN) Eleventh Leighton Well Successful

Read the full article →

British Pound Stable Despite Lower Consumer Confidence

July 20, 2011

British Pound Stable Despite Lower Consumer Confidence

Read the full article →

← Previous Entries

Next Entries →