September 2011

Coca-Cola to invest USD3b in Russia

September 27, 2011

(MENAFN) Coca-Cola’s Chief Executive, Muhtar Kent, said that since the company planned to expand its footprint in big emerging countries, over the next five years, Coca-Cola would invest around USD3 …

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WATCH: Obama Heckled By Shouting Man

September 27, 2011

(AP/The Huffington Post) LOS ANGELES — A heckler shouting about Jesus Christ interrupted President Barack Obama at a fundraiser before security dragged him out. It happened at the House of Blues in Los Angeles Monday night. The man positioned himself up in front of the stage and started shouting loudly right after Obama started talking. The heckler proclaimed that “Jesus Christ is God” and a Christian God. According to Real Clear Politics, the outburst was met with boos from the crowd at the event. Obama stopped talking. Then after a moment the crowd started chanting “Four more years! Four more years!” and drowned out the heckler. As he was taken out by security the man called out that Obama is an antichrist. Later, another, more-friendly heckler shouted out, “Don’t forget medical marijuana!” Obama responded: “Thank you for that.”

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Keli Goff: Is Racism Actually Worse in the Age of Obama?

September 27, 2011

There are plenty of downsides to racism, but the biggest is perhaps the fear and paranoia it instills in those who have experienced it or seen it up close and personal. More than skin color or even the growing racial wealth gap it is this fear that remains one of the greatest unspoken gulfs between racial minorities, and everybody else. I say this because I — someone who is occasionally criticized for presenting an optimistic view of race relations in my writing that is increasingly common among my generation — have experienced this gulf with my white friends. They will simply never know what it’s like to assume that the overly attentive sales associate following you around the store (without ever offering to assist you), is following you because she’s worried you may steal something because of your race. It’s a thought that will simply never cross their minds. (And yes for the record this has happened to me more than once. I’ve even been followed out of a store so an associate could “double check” that I had “remembered to pay,” and this was after I had begun appearing on television regularly and had actually patronized the store several times before.) But when your parents grow up in the segregated South and you grow up in the age of The Cosby Show , you remain conscious of the fact that being followed in a store will always pale in comparison to being called the n-word every day at school (which happened to my mother) or taunted with the threat of lynching (which happened to my father.) Yet the further along we go into the Obama era, which many assumed would mark the start of a new chapter in American race relations, a provocative question has emerged: Is subtle racism actually more damaging to black Americans than blatant racism? I had never really considered this question until a panel discussion for the new book Who’s Afraid of Post-Blackness? by cultural critic Toure. (Click here to read my interview with Toure on race in the age of Obama.) Among dozens of questions he asked over 100 influential black Americans one was, “What’s the most racist thing that’s ever happened to you?” Though some shared incidents of breathtaking, blatant racism and of course the N-word made an appearance or two, the most popular answer was what Toure dubbed “the unknowable;” a moment they cited may have negatively impacted their lives in an incredibly significant way, such as a lost job opportunity, or home loan, that they suspect was tied to their race yet ultimately they will never know for sure and never be able to prove it, so there’s nothing to be done about it. But it haunts them, in a way that being called the N-word by some jerk out in the open, no longer does. In the age of Obama in which even David Duke has enough sense not to use the N-word in public, “the unknowable” has become the most common form of discrimination, unknowable, and thus un-provable. It’s therefore become a bit like a form of slow burning psychological torture for those who believe they’ve endured it. After all, it’s one thing to struggle to find a job in a horrendous economy — something people of all races are grappling with. But it’s another to know that studies have confirmed that even today just by virtue of being black you are less likely to get a job opportunity than a white male with a prison record, even when you don’t have one. But part of the torture is knowing that because we finally have a black president, accusations of racism are looked upon with more suspicion, eye rolling and dismissal than ever, which only further perpetuates the fear and paranoia. In other words, unless someone actually calls you the N-word, no one wants to hear you whine about racism. By the same token most people — even racists — are too sensible to use the N-word, which leaves those who face any form of subtle racism caught between a rock and a boulder. So victims of subtle racism may begin to feel a bit like the Ingrid Bergman character in Gaslight . For those who consider that reference too obscure, here’s another. According to recent reports spies for the Russian government have begun aggressively targeting U.S. and British diplomats and journalists with small-scale psychological torture in an effort to drive them insane and ultimately, from the country. The torture in question? Breaking into their homes and moving pictures and other small personal items around. Though there is rarely any real threat of physical danger, the threat of the unknown and the impossible to control, combined with the inability to prove they are being targeted has begun to have the intended effect: driving some from their posts. In previous regimes some targets were even driven to suicide. I’m far more privileged than most people — of any race — and yet I can relate. I recently had an experience in my professional career in which I sensed I was being treated differently than a white counterpart, to my detriment. But I only felt confident enough to confront the issue head on once I shared my concerns with two white friends in the field who assured me that I’m not crazy. Only that’s precisely how I had been made to feel when I initially tried to broach the issue with those involved. (No I can’t share the details yet, but perhaps one day if my life turns out to be interesting enough to warrant a memoir I will.) Throughout this experience, I’ve lost count of how many times when discussing the situation with a friend or family member I asked, “Am I crazy?” I may not have been when it all started but I could see how one can literally be driven insane by subtle injustice, in a way someone like me might not by simply being called a racial epithet by someone everyone agrees is a jerk. It’s unlikely that President Obama sits around asking himself “Am I crazy?” as much as the rest of us. Not just because he enjoys the power and privileges that comes with his office. But because growing up in a household with white Americans it is unlikely that the fear and paranoia passed down to some of us, was passed down to him. In fact he probably spent much of his life simply assuming that the salesladies following him around stores just had a crush on him. For the rest of us, though, the “unknowable” can be pretty daunting. Don’t get me wrong. I wouldn’t trade places with what my parents and grandparents went through for a second. Those of us who are living in the age of Obama are incredibly fortunate. On the other hand, life is a lot less complicated when you know without question where you stand with people — good or bad, right or wrong. Because when your imagination is left to speculate it can drive you crazy. You know what they say. “Just because you’re paranoid doesn’t mean they’re not after you.” Keli Goff is the author of The GQ Candidate and a Contributing Editor for Loop21.com , where this piece originally appeared. www.keligoff.com

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G20 seeks ways to boost jobs in face of gloomy outlook

September 27, 2011

By Leigh Thomas PARIS (Reuters) – G20 labor ministers meeting on Monday and Tuesday in Paris face the tricky task of trying to boost job creation in the face of a fast-deteriorating economic outlook without undermining already strained public finances. With a new global downturn brewing, the Group of 20 economic powers are still 20 million jobs short of returning to employment levels of before the 2008 financial crisis. But G20 countries face a worsening in the shortfall to some 40 million jobs from 2012 as governments seem to be failing to maintain a nascent recovery in the job market, the International Labor Organization and Organization for Economic Co-operation and Development wrote in a report published on Monday. The labor ministers were meeting under France’s G20 presidency to share notes on fighting unemployment ahead of a summit in early November of the group’s heads of state in Cannes. “Inequality is increasing. It doesn’t mean more growth, it means more instability,” President Nicolas Sarkozy said on Monday following the first day of talks. The employment outlook is darkening across G20 countries with the OECD forecasting earlier this month that annualized growth would average only 0.2 percent in the final quarter of the year across the Group of Seven most advanced economies. In light of the fragile employment situation, the ILO and OECD urged ministers to put job creation program squarely at the top of their agendas, even as governments’ finances come under increased scrutiny on financial markets. Countries with wiggle room in their budgets should not hesitate to step up spending on job-boosting program while those with strained finances should focus on the most cost-effective schemes, the OECD’s head of employment policy, Stefano Scarpetta, said. Hiring subsidies for the most vulnerable workers, apprenticeships for young people and shortened work-times could help soften the blow in a new economic downturn, Scarpetta said. “With a slowdown in the recovery pace, the short-term outlook of the labor market is not going to get any better,” he told journalists ahead of the G20 meeting. “It’s likely that unemployment will not decline significantly in the rest of the year and possibly going into 2012,” he added. Spain and South Africa are the G20 nations hardest-hit by unemployment, with jobless rates of 21.2 percent and 25.7 percent respectively. France, Turkey and the United States trail behind them with unemployment rates of between 9 and 10 percent. G20 ministers are to focus on youth employment because young workers were already the hardest hit in the last crisis. Young workers were among the first to lose their jobs in the last downturn and since then job opportunities have been lacking. As a result, youth unemployment levels are twice or three times as high as adult joblessness in all G20 countries. (Reporting by Leigh Thomas; Editing by Kim Coghill)

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Desmarais Files a Notice of Intention Under the Bankruptcy and Insolvency Act

September 27, 2011

CALGARY, ALBERTA–(Marketwire – Sept. 26, 2011) – Desmarais Energy Corporation (TSX VENTURE:DES) (the ” Corporation ” or ” Desmarais “) announces that today it has filed with the Office of the Superintendent of Bankruptcy a Notice of Intention to File a Proposal under the Bankruptcy and Insolvency Act (Canada) (” BIA “). As a consequence of such filing, any and all recourses of the Corporation’s creditors are stayed for an initial period of thirty (30) days. Desmarais has taken this action in light of recent enforcement actions taken by its largest unsecured creditor, whereby that creditor has seized Desmarais’ cash balances, leaving Desmarais unable to meet its day to day obligations as they come due. Although this enforcement action and the underlying claim of the unsecured creditor is disputed by Desmarais, the Corporation has taken this action under the BIA as the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations. Desmarais expects to file a formal proposal under the BIA, setting forth a comprehensive plan for payment to Desmarais’ creditors in due course. This filing has been taken by Desmarais with the full support of its secured creditor. The trustee named in the notice of intention is Hardie & Kelly Inc., of Calgary, Alberta.

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DSK Claims Diplomatic Immunity, Asks New York Court To Dismiss Hotel Maid’s Lawsuit

September 27, 2011

NEW YORK — Dominique Strauss-Kahn claimed Monday he has diplomatic immunity and asked a New York court to dismiss a lawsuit filed by the hotel maid who says he sexually assaulted her. Attorneys for the former International Monetary Fund leader filed the motion in a Bronx court, arguing judges there do not have the ability to try the case, because Strauss-Kahn’s time as head of the fund gives him immunity from the litigation. The 62-year-old Strauss-Kahn was initially charged with attempted rape and held under pricey house arrest after the maid, Nafissatou Diallo, said he attacked her in his hotel suite May 14 and forced her to perform oral sex. The case was eventually dismissed when prosecutors said they had lost faith in Diallo’s credibility after a series of lies she told them unrelated to the assault allegations. Attorneys for Diallo, who came forward publicly in a series of interviews, filed the lawsuit against Strauss-Kahn in the Bronx on Aug. 8 as the criminal case was still active. It recounted in graphic detail the woman’s version of the encounter but did not ask for specific damages. There is a lower burden of proof in civil cases, and it is possible that Strauss-Kahn would have to testify if it went to trial. He recently spoke about the incident at the Sofitel Hotel in an interview broadcast on French television, calling the encounter a “moral failing,” but he said it “did not involve violence, constraint or aggression.” The 32-year-old Guinean immigrant maintains Strauss-Kahn attacked her. Her attorney, Kenneth Thompson, said Monday the diplomatic immunity claim would fail because he is not an official diplomat and was on “personal” business when the incident occurred. “This baseless motion is another desperate attempt to avoid having to answer for the deplorable acts he committed against Ms. Diallo,” Thompson said. The documents filed Wednesday argue that Strauss-Kahn should be immune under international law even though he had already resigned his post as head of the IMF when the lawsuit was filed. His immunity stood until he left the country, shortly after his case was dismissed, his lawyers argued. Strauss-Kahn’s travel documents are stamped “DIPLOMATIC” in bright red lettering and are signed by the Secretary-General of the United Nations. The documents recite in six languages that the bearer is entitled to international immunities, according to the court documents. His attorneys, William Taylor and Benjamin Brafman, also filed a motion to delete paragraphs in Diallo’s lawsuit that detail the encounter as fact from her perspective. The Associated Press does not generally name accusers in sexual assault cases unless they agree to be named or identify themselves publicly, as Diallo has done. A French writer has accused Strauss-Kahn of trying to rape her in 2003. The two have been ordered to appear before a judge in Paris to tell their stories as part of an investigation into the case. No date for the so-called face-off has been set.

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JPMorgan seeks to move Lehman’s $8.6 billion lawsuit

September 27, 2011

By Nick Brown (Reuters) – JPMorgan Chase & Co is asking to move to federal court a lawsuit from Lehman Brothers Holdings Inc accusing it of siphoning $8.6 billion from Lehman’s estate in the days leading up to its record bankruptcy. In court papers filed late Monday, JPMorgan said the case, filed in U.S. Bankruptcy Court, should be moved to federal court in light of the U.S. Supreme Court’s contentious June ruling in former Playboy model Anna Nicole Smith’s inheritance battle. The case, Stern v. Marshall, pitted the late Smith against the estate of her deceased former husband J. Howard Marshall. The court ruled against Smith’s estate, saying bankruptcy courts lack authority to decide claims brought by a bankruptcy debtor against a creditor, unless the claims are fully rooted in bankruptcy law. JPMorgan said in court papers Monday that Lehman’s 49-count complaint goes “above and beyond” bankruptcy law, including accusations of fraud, coercion and breach of contract. Lehman defended the bankruptcy court’s jurisdiction, saying in a Monday court filing that the lawsuit’s allegations carry a bankruptcy context because they challenge JPMorgan’s original proofs of claim against Lehman. The suit, filed in May 2010, accuses JPMorgan of illegally siphoning about $8.6 billion of desperately-needed assets in the days leading up to Lehman’s bankruptcy. Lehman said JPMorgan, its main clearing bank, used “unparalleled access” to the details of its financial distress to extract the collateral, hastening its $639 billion bankruptcy, which remains the largest ever and was a major catalyst of the financial crisis. JPMorgan countersued in December, saying Lehman stuck it with more than $25 billion in toxic loans that might never be repaid. A spokeswoman and lawyer for Lehman did not respond to requests for comment Monday. An attorney and spokeswoman for JPMorgan were also not immediately available Monday night. The scope of the Supreme Court’s ruling in the Smith case has engendered frustration among bankruptcy judges, some of whom have expressed uncertainty as to whether the ruling could stunt their authority. Judge Robert Drain, of U.S. Bankruptcy Court in Manhattan, said at the American Bankruptcy Institute’s Views from the Bench conference earlier this month that the ruling causes bankruptcy judges to “doubt their reason for being.” Judge James Peck, who oversees Lehman’s dispute with JPMorgan, said at the conference that he believes the ruling will ultimately have “relatively limited” application in the day-to-day role of a bankruptcy judge. But Peck added that the ruling has been “weaponized … on the theory that that which is not nailed down gets picked up.” “This is an argument that is thrown at me in settings that I am confident that (Supreme Court Chief) Justice (John) Roberts never contemplated and would be horrified if he knew about,” Peck said at the conference. Lehman’s case against JPMorgan is slated for trial in 2012. The case is Lehman Brothers Holdings Inc. v. JPMorgan Chase Bank NA, U.S. Bankruptcy Court, Southern District of New York, No. 10-ap-03266. The main bankruptcy case is In re: Lehman Brothers Holdings Inc in the same court, no. 08-13555. (Reporting by Nick Brown, editing by Bernard Orr)

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Obama Administration Will Not Seek Appeal Of Atlanta Ruling Against Health Care Law

September 27, 2011

By PETE YOST, The Associated Press WASHINGTON (AP) — The Obama administration has decided not to ask a federal appeals court in Atlanta for further review of a ruling striking down the centerpiece of President Barack Obama’s sweeping health care overhaul. The administration’s decision makes it more likely that the U.S. Supreme Court would hear a case on the health care overhaul in the court’s term starting next month, and render its verdict on the law in the midst of the 2012 presidential election campaign. Justice Department spokeswoman Tracy Schmaler disclosed the administration’s decision. She declined to elaborate on next moves. The Atlanta circuit ruling sided with 26 states that had sued to stop the law from taking effect. In another case, the 6th U.S. Circuit Court of Appeals in Cincinnati upheld the individual mandate in June. A three-judge panel of the 4th U.S. Circuit Court of Appeals in Richmond, Va., rejected two lawsuits on technical grounds. In one, it ruled that the penalty for not buying insurance amounts to a tax and that a tax can’t be challenged before it’s collected. In the other, the panel said the plaintiff, the state of Virginia, lacked legal standing to file its lawsuit. In a ruling in August, a divided three-judge panel of the 11th Circuit Court of Appeals in Atlanta concluded Congress overstepped its authority when lawmakers passed the individual mandate provision that requires people to buy health insurance. The administration could have asked the full 11th circuit court to hear the case, potentially delaying high court review. The U.S. Circuit Court of Appeals for the District of Columbia, the fourth appeals court to deal with a case over the law, heard oral arguments last Friday but hasn’t issued a ruling. The Supreme Court is widely expected to have the final say on the law, especially now that the appeals courts that have considered the law have disagreed, and one of them has struck down a key provision. The real question has been over timing, which has political as well as legal ramifications. In order to hear and decide the case by late June, when the court wraps up its work until resuming in October, the justices would have to act by January to accept and schedule an appeal. It typically takes a couple of months or more from the time an appeal is filed at the court until the justices decide whether or not to hear it. In arguments leading up to the appeals court decision in Atlanta, the Obama administration said the legislative branch was using a “quintessential” power – its constitutional ability to regulate interstate commerce, including the health care industry – when it passed the overhaul law. Administration officials said at the time they were confident the 11th Circuit ruling would not stand. In that August ruling, Chief Judge Joel Dubina and Circuit Judge Frank Hull said that lawmakers cannot require residents to “enter into contracts with private insurance companies for the purchase of an expensive product from the time they are born until the time they die.” In a lengthy dissent, Circuit Judge Stanley Marcus accused the majority of ignoring the “undeniable fact that Congress’ commerce power has grown exponentially over the past two centuries.” He wrote that Congress generally has the constitutional authority to create rules regulating large areas of the national economy.

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German Consumer Confidence Beat Gives Glimmer That Domestic Demand Will Underpin Growth

September 27, 2011

October’s German GfK consumer confidence survey came in better than expected but unchanged from September’s showing, remaining at a 10-month low. The survey came in at 5.2, higher than …

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EUR/USD Classical Technical Report 09.27

September 27, 2011

EUR/USD: The sharp pullback below the July lows and establishment below the 200-Day SMA solidifies the prospects for the carving of a major lower top on the monthly chart which now ultimately …

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USD/JPY Classical Technical Report 09.27

September 27, 2011

USD/JPY:This is a market that looks like it trying very hard to establish some form of a base after recently setting fresh record lows just under 76.00. Although the downtrend remains intact and …

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USD/CHF Classical Technical Report 09.27

September 27, 2011

USD/CHF: Although daily studies are showing overbought and warn of the potential for a short-term corrective pullback, the recent daily close back above the 200-Day SMA is significant and now …

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EC pushes top four auditors to reform: report

September 27, 2011

LONDON (Reuters) – The business model of the big four accounting firms of Deloitte , PwC , Ernst & Young and KPMG is under attack from the European Commission, the Financial Times reported on Tuesday. The newspaper said the commission is pushing for tough rules to force the firms to abandon their consultancy businesses and share audit work with smaller rivals. A draft regulation, which the newspaper said it had seen, aims to restore “trust” in financial reporting in the wake of the 2008 crisis, and is being backed by Michel Barnier, internal market commissioner. Under the plans, due to be unveiled in November, companies with balance sheets greater than 1 billion euro would be forced to hire two auditors to conduct a “joint-audit” of their books, including at least one firm other than the big four.

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Deloitte sued for $7.6 billion, accused of missing fraud

September 26, 2011

By Kevin Gray (Reuters) Deloitte Touche Tohmatsu Ltd , the world’s largest accounting and consulting firm, was accused on Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash. A trust overseeing the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp, or TBW, and one of the company’s subsidiaries filed complaints in a Miami Circuit Court claiming a combined $7.6 billion in losses. Deloitte “certified TBW as a solvent, viable company with accurate financial statements every year from 2001 to 2008,” one of the complaints said. “Despite Deloitte’s credentials and expertise as one of the ‘Big 4′ accounting firms, those statements — and the rosy picture they depicted of TBW — were completely false,” it said. Deloitte spokesman Jonathan Gandal said the “claims are utterly without merit.” It was the latest lawsuit to hit one of the major accounting firms over their role in the credit crisis. Pricewaterhouse Coopers, KPMG and Ernst & Young are also facing accusations about their auditing standards by investors who collectively seek to recoup billions of dollars lost in the financial meltdown. Lee Farkas, the former chairman of Taylor, Bean and Whitaker, was sentenced to 30 years in prison in April for masterminding what U.S. officials described as one of the biggest bank frauds ever. U.S. Justice Department officials said Farkas ran a $2.9 billion fraud scheme that led to TBW’s downfall and the collapse of one of the largest U.S. regional banks, Colonial Bank. The complaint filed by Neil F. Luria, a plan trustee of Taylor, Bean & Whitaker Trust, claims losses of approximately $6 billion. A second complaint by Ocala Funding, a wholly owned TBW subsidiary which served as a lending facility, claims losses of $1.6 billion. Farkas was accused of running a wide-ranging scheme to cover up large losses at Taylor, Bean, which was based in Ocala, Florida, by moving funds between accounts at Colonial Bank and also by selling mortgage loans that either did not exist, were worthless or had already been sold. “Deloitte missed this fraud because it simply accepted management’s conflicting, incomplete and often last-minute explanations of highly-questionable transactions, even though those explanations made no sense and were flatly contradicted by the documents in Deloitte’s possession,” the complaint by Ocala Funding said. “Ocala relied on Deloitte to detect material misstatements in the financial statements due to error or fraud,” the complaint said. Gandal said the plaintiffs in the cases were “companies through which convicted felon Lee Farkas and his co-conspirators committed their crimes.” “The bizarre notion that his engines of theft are entitled to complain of injury from their own crimes and to sue the outside auditors they lied to defies common sense, not to mention the law,” he said in a statement. Several other Taylor, Bean and Colonial Bank employees who pleaded guilty for their roles in the fraud were also sentenced earlier this year. (Editing by Bernard Orr)

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Natalie Pace: The High Price of Gas (in Lives)

September 26, 2011

Business 101 teaches us that failure is valuable to business. The Apple computer and the IBM PC rose out of the ashes of the Osborne computer bankruptcy. The colossal failure of eToys didn’t stop Amazon from becoming the most successful retailer on the planet. Dot Coms collapsed in 2000, but Apple is worth $380 billion today. And even as Solyndra solar failed, Sunpower Solar remains a worldwide leader in power output, with sales that are almost double what they were two years ago. As talking heads kick the Solyndra scandal around to score political goals, as if it’s the only green company worth discussing, there are corporations, countries and individuals that are using green products to increase economic growth, save lives, cut costs, create jobs, increase national security and reduce pollution. Economic Growth Having a leading solar panel manufacturer, like Sunpower and others, at a time when China is investing multi-billions in clean energy could be key to U.S. economic growth. A report by The Pew Charitable Trusts states that China has developed the world’s most aggressive strategic plan for clean energy adoption. China became the worldwide leader in clean energy with $34.6 billion in investments in 2009. China vows to have 500,000 electric, hybrid and fuel-cell vehicles on the road by 2015 and five million by 2020. The government is employing tax incentives, Cash for Clunkers , feed-in tariffs and government spending to promote the adoption of electric vehicles, next generation information technology, energy efficient products and renewable energy. According to Yang Jiechi, the minister of foreign affairs, People’s Republic of China, who spoke at the Clinton Global Initiative ‘s annual meeting on Sept. 21, “It is very important to build environmentally friendly mechanisms. We have spent a lot of capital on hybrid cars and electric cars.” Focusing on fuel efficiency made Toyota Motors the No. 1 automaker in the world. U.S. automakers like Tesla Motors , General Motors and Ford are banking on having a strong EV presence going forward — with the Chinese market directly in their sights. Is this the time to cut funding to The Advanced Technology Vehicles Manufacturing (ATVM) program? Health In cities like Beijing, Los Angeles, New York and even Las Vegas, it’s not just a question of being on the right side of global warming. It’s a question of reducing pollution and cutting down on respiratory illnesses. Saving Lives Oil prices are sky high, but the cost of fuel in lives is even higher. According to Thomas Hicks , the deputy assistant secretary of energy for the U.S. Navy, who spoke to me at CGI , “For every 50 fuel convoys, we have one American killed or wounded. For us, that’s just too high a price to pay for fuel.” Bringing fuel into “the theatre” means sending convoys from Pakistani ports through insurgents and IEDs (Improvised Explosive Devices) to Afghanistan. To reduce the risk and save lives, Ray Mabus, the secretary of the Navy, has outlined five energy goals , including: 1. Incorporating “green” evaluation factors when awarding contracts 2. Sailing the “Great Green Fleet” 3. Reducing petroleum use in non-tactical vehicles 4. Increasing alternative energy ashore 5. Increasing alternative energy use department-wide The Navy will cut their petroleum use in their non-tactical fleet (commercial vehicle fleet) by 50 percent by 2015. By 2020, half of the energy used by the Navy will come from alternative sources and half of the installations will be net zero energy. And to ensure that these goals are met, Mabus just launched a new new dedicated energy masters degree program. “Through the the masters program and the executive energy series, [Naval Postgraduate School] will ensure that energy is fully integrated,” said Mabus. “As a result, NPS students will guide the Navy and the nation toward a better, more secure energy future.” Is alternative energy reliable enough for our national defense? Tom Hicks advised me that the U.S. has a 270 MW geothermal plant in California that we have been operating for 20 some odd years. “Most people don’t know about it,” Hicks told me. “It’s enough power to power the base in China Lake, but also to provide 200 MW of power to the grid,” he said. National Security The spike in oil prices during the Arab Spring sank the average American’s budget, but it had a similar affect on our defense budgets (and any business involved in transportation as well). Based on June oil prices, fuel costs will increase by a billion dollars to the Navy this year, according to Hicks. “That impacts our flying hours, our steaming hours, our ability to sail our ships and to fly our planes,” Hicks warns — making energy independence a national security priority. Creating Jobs One of the most important pieces of going green is energy efficiency — something old buildings are very deficient in. The Better Buildings Initiative , a policy that U.S. Department of Energy Secretary Steven Chu announced at CGI America in June of this year, will upgrade the energy efficiency in up to 300 million square feet of office space — from military housing to college campuses. According to President Obama, who spoke at CGI in New York City on Wednesday, Sept. 21, this will “create jobs, while saving billions for businesses in energy bills, and cut down on our pollution.” It also trains out-of-work constructions workers — who make up one of the largest unemployed industries in the U.S., at 11.3 percent in August of 2011 — to have new skills that are valuable for 21st century construction jobs. Cutting Costs In his speech at CGI, Obama also told the crowd, “The CEO of Southwest Airlines estimates that if we put in the new generation of GPS air traffic control, we would save 15 percent in fuel costs. Think about what that would do overall for the cost of the ticket… Maybe they could start giving out peanuts again.” Indeed the cost of fuel is not peanuts to the airline industry. Fuel costs were over $3.6 billion in 2010 for Southwest Airlines . Energy Independence Companies, countries and individuals alike suffer when the price of energy is the most expensive budget line item — and can be increased significantly at the drop of a hat by countries that are not friendly to American interests. Innovation, research and development and even failures are all part of the solutions needed for the many challenges that America, and the world, face today. With trillions being spent worldwide on solar, wind, geothermal, biofuels, electric vehicles and other clean energy products, continuing the U.S. commitment to R&D, private enterprise, public policy and consumer incentives is an investment in economic growth, national security, the security of our armed forces and a better world. There are many successful clean energy projects and companies that are as news and water-cooler worthy as the one green company that failed. Natalie Pace is the author of “You Vs. Wall Street” and the founder and CEO of the Women’s Investment Network, LLC. She is a blogger on HuffingtonPost.com and a repeat guest on national television and radio shows such as “Good Morning America,” Fox News, CNBC, ABC-TV, Forbes.com, NPR and more. As a philanthropist, she has helped to raise more than two million for Los Angeles public schools and financial literacy. Follow her on Facebook.com/NWPace . For more information please visit NataliePace.com .

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Stocks so bad this quarter, investors may have to buy

September 26, 2011

By Rodrigo Campos NEW YORK (Reuters) – U.S. stocks have had a such a miserable quarter that investors might just have to buy a whole load of them this week. Investors who keep portfolios on target by rebalancing every quarter are looking at a dramatic outperformance by bonds since July. Bonds soared, and stocks slumped — and those who desire a specific make-up in their portfolio are going to be selling lots of bonds and buying stocks to get back to their desired allocations. The rebalancing means stocks could outdo bonds this week by about seven percent if historical trends hold, analysts at JPMorgan said. That forecast got off to a good start Monday as the stock market rallied and bond prices fell. “If you’re doing passive rebalancing for quarter-end, that would require investors to sell bonds and buy stocks especially given the dramatic difference in performance this quarter in particular,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago, which oversees $50 billion in assets. Stocks have been a disaster this quarter, with the S&P 500 down 12 percent through Monday. Bonds, meanwhile, have been stars. Benchmark yields rallied to lows not seen in decades, boosting the iShares Barclays 20+ Year Treasury Bond Fund , which follows an index of long-dated bonds. The ETF is up more than 26 percent since the beginning of July. When this happens, it tends to reverse in the waning days of a quarter or a month, and that could drive flows for a good part of the week, according to the analysis from Marko Kolanovic, global head of equity derivatives strategy at JPMorgan. JPMorgan analysts on Monday said that when the S&P 500 underperforms 20-year Treasury prices going into the last week of the month, stocks tend to reverse the trend and recoup roughly a quarter of the relative underperformance. The underperformance in this quarter has been dramatic, with equities trailing bonds by about 42 percentage points –on par with what was seen during the financial crisis in 2008. Government bonds outperformed stocks in the past three months as investors fretted first over the softening economic data and later over a return to recession. The downgrade of the U.S. credit rating in early August cast further doubts over growth, with the reverse effect of enhancing the safe haven appeal of Treasuries. Hopes for a resolution in Europe were viewed as a catalyst for the market rally, but it may not be the only reason as portfolio shifts are part of it. To be sure, the main reasons for the massive decline on the S&P 500 in the past quarter — the European credit crisis and the weakening economic data in many world regions — are still unresolved. “The market is bouncing around with the vagaries of the headlines,” said Ablin. “We need either some kind of resolution to the uncertainty in Europe or some momentum signals, or some combination of both that would prompt us to go into this market,” he said. (Reporting by Rodrigo Campos; Editing by Andrew Hay)

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Dov Seidman: Humanity Is Job #1

September 26, 2011

As we continue to frequently lurch from one crisis to another, forging a sustainable path forward requires business leaders to rethink the very nature of how their organizations conduct business. The “New Normal” — defined by hyper-transparency, hyper-connectivity, and ever-deepening interdependencies — demands new governance structures, organization models and leadership styles. More leaders recognize that traditional approaches to business are no longer sufficient. Hierarchical command-and-control styles of leadership are giving way to flatter and more collaborative leadership frameworks. Rules-based management systems are evolving into values-based corporate practices. Short-term mindsets are being displaced by long-term considerations. Organizations can no longer afford the inefficiencies and obstacles that result from treating governance, culture and leadership as distinct systems. We need a Super System in which the separate systems of governance, culture and leadership are harmonized and synchronized. Call it a “Human Operating System,” one that fosters self-governance and puts humanity at the core, trusting employees to act, inspired by values and purpose versus being coerced by rules or motivated by dollars and cents. Leaders of medical schools, including those at Stanford, UCLA, University of Cincinnati, are building new operating systems by identifying and recruiting specific behaviors they believe are crucial to their success — and the success of their graduates in the field. Top test scores and grades? Still necessary, but no longer sufficient. New hands-on behavioral assessments are being used to help determine if candidates possess the necessary ethical decision-making and social skills to succeed in a healthcare system where those qualities are critical. Humanity is now job #1. A Stanford University School of Medicine administrator described a similar evaluation exercise designed to more effectively determine if candidates are able to work collaboratively and ensure trust-filled relationships between patients, doctors and the healthcare institution itself. Understanding the Super System that is the Human Operating System What is the Human Operating System? The answer is found by embarking on a journey that begins with values and behaviors. Simply defined, the Human Operating System is the sum total of the behaviors of the individuals that comprise an organization. And it is these very behaviors — how decisions are made on a daily basis, how employees are treated, how service is delivered, how the organization behaves toward all stakeholders — that drive important business outcomes. We have entered a new Era — an Era of Behavior — where these behaviors can be measured and therefore better managed. Our research demonstrates that there are three distinct categories of governance, culture and leadership systems that can characterize an organization — based on the actual behaviors that take place on a daily basis. These archetypes of Governance, Culture, and Leadership exist today. In fact, characteristics of each archetype exist in every organization: 1. Blind Obedience: These organizations are characterized by command and control, top-down leadership and coercion. Blind Obedience systems rely on rules and policing, are transactional, and focus on short-term objectives — there is little focus on building enduring relationships in the workplace, the marketplace or society. 2. Informed Acquiescence: These are organizations that reflect good 20th century management practices like hierarchy, structure and control processes. Employees follow the rules, policies and procedures established by what they believe to be a skilled management team. Managers rely on performance-based rewards and punishments to motivate people. Long-term goals are important but often give way to considerations of short-term success. 3. Self-Governance: These organizations are primarily values-based. The organization’s purpose and values inform decision-making and guide all employee and company behavior. In short, people act on the basis of a set of core principles and values that inspire everyone to align around a company’s mission, purpose and definition of significance. Employees at all levels strive to be leaders and the company is focused on its long-term legacy and endurance. The right Super System that inspires employees to self-govern through inspirational leadership and shared values can drive sustainable business performance and success. The Case for Self-Governance My experience, research and conversations with business leaders tells me that human behavior may not be nearly as intransigent, or uncompromising, as one might think. Many of the CEOs I work with express uncertainty about how to align a global team of thousands or hundreds of thousands of employees to deliver when they are confronted with the increasingly challenging objectives in front of them. Despite holding all the “reins of power,” these CEOs increasingly are coming to believe that the traditional ingredients of success, such as a supportive board of directors, a strong executive team, clearly articulated corporate strategies, thoughtful resource allocations, differentiated product or service portfolios, elaborate control processes and highly refined incentive structures — while necessary — are no longer sufficient. What they are looking for — what we all should be looking for — is a better way to influence behavior through our cultures, governance and leadership approaches. I think a better way is closer at hand than we realize. As leaders we know that one of the most effective ways to influence is to measure. By measuring quarterly earnings, we influence short-term financial performance, for example. We can now measure how companies do business by analyzing links between their Human Operating Systems and a range of quantifiable business outcomes. This will be the subject of my next column. The role of a company’s purpose and core values is particularly important as it harmonizes them with leadership and governance systems to help define its unique corporate culture. In short, culture as a conscious, deliberate, long-term strategy can be the key to differentiation, success and significance for companies in the 21st-century. Companies and leaders who pioneer and forge ahead on a genuine journey of governance, culture and leadership are the ones who will be around in the 22nd-century.

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Chris Christie Deals Heavy Blow To MTV’s ‘Jersey Shore’

September 26, 2011

Gov. Chris Christie (R-NJ) yanked $420,000 in tax credits away from the MTV reality-show “Jersey Shore” on Monday. “I have no interest in policing the content of such projects,” Christie wrote in a letter to the New Jersey Economic Development Authority informing them of his veto. “However, as chief executive I am duty-bound to ensure that taxpayers are not footing a $420,000 bill for a project which does nothing more than perpetuate misconceptions about the state and its citizens.” The tax credits came from a program aimed at encouraging more TV shows and movies to be filmed in the state as an economic development initiative. The show, which is the most widely watched program in MTV’s history, was originally approved for tax credits in 2009. Local officials in Seaside Heights said there had been a boost in economic activity , but Christie has been a vocal critic of the tax program as a whole and the show in particular, and said he was surprised when he first learned “Jersey Shore” was receiving so much in tax credits. He said he received calls from a national coalition of Italian-Americans to veto the tax credits. Christie’s decision received the support of state lawmakers on both sides of the aisle Monday. “I can’t believe we are paying for fake tanning for ‘Snooki’ and ‘The Situation’, and I am not even sure $420,000 covers that,” said State Rep. Declan O’Scanlon (R-Monmouth). State Sen. Joe Vitale (D-Middlesex) told the New Jersey Star-Ledger that “This is a show that uses bigoted remarks,” and said he was glad the governor exercised his veto power. Read Christie’s letter below: Governor Christie Vetoes EDA Minutes Earlier on HuffPost:

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Stockbrokers More Competitive, Willing To Take Risks Than Psychopaths: Study

September 26, 2011

Anyone who’s watched the wild fluctuations of the stock market this summer may have suspected that something other than cold, dispassionate rationalism dictates the rise and fall of the Dow. Stock traders are human, after all, and humans are sometimes irrational creatures — creatures of emotions and hormones and complex subconscious mechanisms. Various studies have suggested that a certain kind of psychological profile gravitates toward the fast-paced, high-pressure environment of the trading floor — and that this profile probably has more than a little in common with psychopathic personality, a clinical condition marked by gregariousness, impulsiveness, dishonesty and lack of empathy . A recent study from the University of St. Gallen, in Switzerland, goes one step further. The research, led by forensics expert Pascal Scherrer and prison administrator Thomas Noll, finds that professional stock traders actually outperform diagnosed psychopaths when it comes to competitive and risk-taking behavior. According to Der Spiegel , Scherrer and Noll had a group of 28 stockbrokers participate in various simulations and intelligence tests, and then compared their results to a group of psychopaths. They found that the traders showed a higher degree of competitiveness than the psychopaths — and that the traders were surprisingly willing to cause harm to their competitors if they thought it would bring them an advantage. It seems unlikely that recent market woes have been caused by an over-eagerness to take risks. Rather, the single-day market plunges of August and September appear to have been linked to widespread risk aversion among traders. In other words, fear, not boldness, has been the cause of the summer’s major sell-offs. Still, irrational risk-taking played a major role in the financial crisis of 2008, as thousands of questionable assets assumed greater and greater leverage in the market until they ultimately proved unsound. Scherrer and Noll are not the first to suggest a correlation between success on Wall Street and mental pathology. In 2005, a study found that traders who are unable to fully feel their emotions due to brain damage end up performing better on the market — possibly because they experience less anxiety about risky trades. At the time, one professor of neurology described such emotionally impaired traders as “functional psychopaths.” Another research project that concluded in 1996 found that some percentage of both stockbrokers and politicians display many traits characteristic of psychopathic personality, including a willingness to take risks and an interest in wielding power. And as Chris Barth at Forbes points out, Bret Easton Ellis was comparing stockbrokers with the seriously mentally ill as early as 1991, with his novel American Psycho . While the financial profession may attract and reward a certain kind of irregular personality, there’s evidence that the pressures of the job may also contribute to poor mental health. In 2001, a study found that many young Wall Street stockbrokers got little sleep, often reported for work even when suffering from the flu or a virus, and were much more likely to experience symptoms of depression than average Americans. In fact, the study found a 23 percent rate of major depression within the group of young male stockbrokers — significantly higher than the 7 percent depression rate among American men overall.

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Man sues Starbucks over restroom camera

September 26, 2011

(MENAFN – Jordan Times) A US man is suing Starbucks Coffee Co after his five-year-old daughter allegedly found a video camera pointed at the toilet in a bathroom in one of their cafés. William …

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Forty per cent of men visit Philippines for sex – US envoy

September 26, 2011

(MENAFN – Jordan Times) Forty per cent of foreign men visiting the Philippines are sex tourists, the US ambassador on Manila said on Thursday in comments that were quickly disputed by the …

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EUR/USD Classical Technical Report 09.26

September 26, 2011

EUR/USD: The sharp pullback below the July lows and establishment below the 200-Day SMA solidifies the prospects for the carving of a major lower top on the monthly chart which now ultimately …

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USD/JPY Classical Technical Report 09.26

September 26, 2011

USD/JPY:This is a market that looks like it trying very hard to establish some form of a base after recently setting fresh record lows just under 76.00. Although the downtrend remains intact and …

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GBP/USD Classical Technical Report 09.26

September 26, 2011

GBP/USD: The market has now extended declines to our objective by 1.5350, with the setbacks matching the December 2010 lows. While we continue to project additional weakness over the medium-term, …

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USD/CHF Classical Technical Report 09.26

September 26, 2011

USD/CHF: Although daily studies are showing overbought and warn of the potential for a short-term corrective pullback, the recent daily close back above the 200-Day SMA is significant and now …

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AUD/USD Classical Technical Report 09.26

September 26, 2011

AUD/USD: The latest sharp pullback below 0.9925 now opens a fresh downside extension exposing 0.9000 and officially confirms a major lower top by 1.0765 below the 1.1080 post float record highs …

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NZD/USD Classical Technical Report 09.26

September 26, 2011

NZD/USD: The latest sharp pullback below 0.7965 now opens a fresh downside extension exposing 0.7500 and officially confirms a major lower top by 0.8575 below the 0.8845 post float record highs …

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USD/CAD Classical Technical Report 09.26

September 26, 2011

USD/CAD: The market has put in an impressive recovery since posting fresh yearly lows by 0.9400 several weeks back and while the bounce has been significant on a short-term basis, scope still …

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EUR/JPY Classical Technical Report 09.26

September 26, 2011

EUR/JPY: The latest acceleration of declines has opened the door for a fresh bout of weakness to multi-year lows below 105.00. Next key support comes in by the 2001 lows at 100.00 and although …

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GBP/JPY Classical Technical Report 09.26

September 26, 2011

GBP/JPY:The latest acceleration of declines has opened the door for a fresh bout of weakness to record lows below 118.80. Next key support comes in by major psychological barriers at 115.00 and …

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China lures WTO to brink of procurement deal: sources

September 26, 2011

By Tom Miles GENEVA (Reuters) – Forty-two countries are close to agreeing an upgrade of their Global Procurement Agreement (GPA), a reform that could unlock tens of billions of dollars of commercial opportunities, and many times more if China gets on board, trade sources said on Monday. The GPA, a voluntary agreement within the World Trade Organization, opens a wide spectrum of public contracts in member countries to bidders from other members, improving competition and efficiency as well as providing massive new markets in areas such as infrastructure and transport. By upgrading the existing 1996 agreement, its members hope to bring their rules into the internet age, deepen market access and offer special treatment for developing countries, which could persuade China to join — as it has committed to do at some stage — and bring in a vast new pool of contracts. “We think the prospects of concluding the negotiation by the time of the ministerial meeting in December are pretty good,” said a trade official involved in the GPA negotiations who declined to be named because the talks are confidential. The European Union still had some disagreements with Japan and the United States and it was likely those issues needed a push from politicians rather than technical tweaks at the WTO in Geneva, another trade official said. But he added that all three parties were looking at “creative” solutions and understood the importance of striking a deal by the end of this year. “Things are positive,” he said. WINDOW FOR DEAL CLOSING However, member governments have been warned that the window for a deal is rapidly closing. Last week, Nicholas Niggli, the chairman of the WTO committee on government procurement warned that agreement was needed urgently, since the stakes were huge and the time for a deal was now or never. “The gains in market access will result in significant commercial opportunities for parties’ companies, representing many tens of billions of dollars/euros annually,” he told the committee, according to a text of his remarks which was circulated to member governments and later obtained by Reuters. “It would be extremely short-sighted to jeopardize these benefits for the sake of a continued struggle amongst ourselves to eke out a few additional incremental gains at the margin,” he told the committee, since other were lining up to join. Gains from accessing those new markets would be many times greater than gains from upgrading the existing deal, he said. China is expected to make a revised offer to join the club just before the ministerial meeting in December, which could extend its offer of market access to provinces and may even include some state-owned enterprises, trade officials said. Other potential members include Ukraine, Vietnam and Russia, which has been asked to commit to joining the GPA as part of its negotiations to join the WTO, according to a trade official who had seen the draft agreement with Russia. India is also exploring possible membership, a trade official said. And several Gulf Arab countries already have GPA-compatible rules, which means they could swiftly join. If the GPA members reach agreement, it would rescue trade ministers from a potentially embarrassing WTO meeting in December, since the 153 members have failed to clinch a deal on the Doha round of talks aimed at further liberalizing trade. One official said the GPA talks, which had also taken 10 years so far, stood a better chance of success than Doha because they involved “a coalition of the willing” rather than the full WTO membership. (Reporting by Tom Miles)

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EUR/CHF Classical Technical Report 09.26

September 26, 2011

EUR/CHF:The latest sharp reversal off of record lows just shy of parity is encouraging and could finally be starting to signal the formation of a major base. Weekly studies are also confirming …

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US Dollar Index Classical Technical Report 09.26

September 26, 2011

US DOLLAR INDEX: The market remains very well supported on dips and is showing some clear signs of a material base. Key multi-week range resistance has been broken by 9,750 and this solidifies the …

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Usd/Sek Poised to Clear Next Major Psychological Barriers by 7.0000

September 26, 2011

Eur/SekThe market remains very well supported and we look for a continuation of gains and fresh upside extension back towards key multi-week resistance by 9.35 over the coming days. A sustained …

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Blackham Resources Limited (ASX:BLK) Announce Scaddan Project Coal Upgrading Results

September 26, 2011

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Blackham Resources Limited (ASX:BLK) has received encouraging results from preliminary coal upgrading test work on lignite samples from its …

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German IFOs Show Continued Deterioration Despite Beat; Euro Outlook Remains Bleak

September 26, 2011

THE TAKEAWAY:German IFOs beat expectations but fall from August > Economic activity keeps slowing > EURUSD embarks on intraday rally The German IFO survey’s for September came in …

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European debt concerns add to worries, eyes on possible EFSF expansion 

September 26, 2011

Once again, with the start of a new week the jittery situation continue in markets on speculations the European debt woes would intensify as the debt contagion may spill over from Greece to other …

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Sentiment Poised for Favorable Short-Term Reversal in Early Week

September 26, 2011

Weekend Telegraph article could gain traction IMF comes out with comments that support our core outlook Emerging markets at risk for major depreciation Looking for opportunities to fade …

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A forecasted decline of the US New Homes Sales…

September 26, 2011

After a gloomy week full of pessimism locally and on a worldwide scale throughout global financial markets and with the Fed signaling that “significant downside risk to the economic …

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Australia must ban sales of Samsung’s newest tablet: Apple

September 26, 2011

(MENAFN) Apple’s Inc. lawyer, Steven Burley, said that Australia should ban the sale of Samsung Electronics’ newest tablet Galaxy Tab 10.1 since it infringed at least three Apple patents, reported …

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Samsung to meet 2011 sales target

September 26, 2011

(MENAFN) Samsung Electronics’ Co. mobile-phone division’s director, J.K. Shin, said that although Apple Inc would seek to ban the sales of Samsung’s tablets in several markets, in 2011, the South …

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Euro records eight-month low and EU to rescue Greece

September 26, 2011

(MENAFN) German deputy finance minister, Joerg Asmussen, said that the euro declined to record its eight-month low and the markets are waiting for more efforts from the European officials, reported …

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China encourages shale gas projects

September 26, 2011

(MENAFN) Head of the oil and gas resources strategic research center of the Ministry of Land and Resources, Che Changbo, said that China encourages the projects of exploration and development in …

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‘Broken’ ties with Israel may become norm for Turkey – PM

September 26, 2011

(MENAFN – Jordan Times) Turkey’s Prime Minister Recep Tayyip Erdogan declared Sunday that his country’s “broken” relations with Israel can only be mended if Israelis stop blocking aid flotillas and …

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Ivory Coast plans to raise world cocoa market share

September 26, 2011

(MENAFN) Ivory Coast’s President, Alassane Ouattara, said as the country started to recover from a civil war, it also planned to raise its share of the global cocoa market to 50 percent, reported …

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BBC News, Al Jazeera take online journalism honors

September 26, 2011

(MENAFN – Youm7) BBC News, Al Jazeera and The Los Angeles Times scooped up the top prizes as the Online News Association (ONA) handed out its annual awards on Saturday. Canadian newspaper The …

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Spain- Barcelona to stage final bullfight

September 26, 2011

(MENAFN – Youm7) Top matadors will perform in Barcelona’s Monumental arena for the last time on Sunday before a ban against the centuries-old blood sport comes into effect in Spain’s northeastern …

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US- IMF pledges action on EU crisis as global fears grow

September 26, 2011

(MENAFN – Gulf Times) The International Monetary Fund has pledged firm collective action as warnings surged from around the world over a possible European economic meltdown. With calls for the …

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Europe shares resume slide on slowdown

September 26, 2011

(MENAFN – Saudi Press Agency) European shares dropped on Monday, resuming last week’s selloff as fears of a global slowdown mounted while reports that European leaders were mulling additional ways …

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US- IMF’s IMFC holds its 24th meeting

September 26, 2011

(MENAFN – Saudi Press Agency) The International Monetary Fund (IMF)’s International Monetary and Financial Committee (IMFC) has held its 24th meeting in Washington. The Saudi delegation to the …

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