October 2011

Europe’s "Grand Plan" Only Grand in Title; Still Many Questions

October 17, 2011

Europe’s “Grand Plan” Only Grand in Title; Still Many Questions

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Europe trades in green on prevailing optimism over a crisis resolution after G20 assurances

October 17, 2011

Europe trades in green on prevailing optimism over a crisis resolution after G20 assurances

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HP acquires Autonomy Corp

October 17, 2011

HP acquires Autonomy Corp

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Yahoo looks into inquiries

October 17, 2011

Yahoo looks into inquiries

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Philips plans the biggest job cuts since 2009

October 17, 2011

Philips plans the biggest job cuts since 2009

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RIM vows free technical support for corporate clients

October 17, 2011

RIM vows free technical support for corporate clients

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Anadarko to give back its Macondo well stake to BP

October 17, 2011

Anadarko to give back its Macondo well stake to BP

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Sunpreme wins USD50m financing for solar-cell plant

October 17, 2011

Sunpreme wins USD50m financing for solar-cell plant

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Focus Minerals Ltd (ASX:FML): Crescent Gold (ASX:CRE) Produces 21,915Oz for the September Quarter; Hits Market Guidance

October 17, 2011

Focus Minerals Ltd (ASX:FML): Crescent Gold (ASX:CRE) Produces 21,915Oz for the September Quarter; Hits Market Guidance

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Gold-Risk Correlations Weaken as Metal Poised to Reclaim Haven Status

October 17, 2011

Gold-Risk Correlations Weaken as Metal Poised to Reclaim Haven Status

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Pound Sterling Softens on Easing Expectations, Lower House Prices

October 17, 2011

Pound Sterling Softens on Easing Expectations, Lower House Prices

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China’s July trade with EU at USD49.4b

October 17, 2011

China’s July trade with EU at USD49.4b

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EU to solve debt crisis in 3 years

October 17, 2011

EU to solve debt crisis in 3 years

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Belarus Seeks IMF Loan of Up to $7 Billion

October 17, 2011

Belarus Seeks IMF Loan of Up to $7 Billion

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China Calls for Joint Effort to Deal with Global Economic Difficulties

October 17, 2011

China Calls for Joint Effort to Deal with Global Economic Difficulties

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Kate Moss’s beauty secret? Ice!

October 17, 2011

Kate Moss’s beauty secret? Ice!

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A standby programme for the eurozone

October 17, 2011

A standby programme for the eurozone

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UK- Westminster concerned at Salmond’s steady march

October 17, 2011

UK- Westminster concerned at Salmond’s steady march

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Philips Q3 net profit down to USD102m

October 17, 2011

Philips Q3 net profit down to USD102m

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UK’s G4S to acquire Danish ISS Holdings

October 17, 2011

UK’s G4S to acquire Danish ISS Holdings

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Pan Asia Corporation Limited (ASX:PZC) Report Massive 115% Increase in TCM Coal Project JORC Resource

October 17, 2011

Pan Asia Corporation Limited (ASX:PZC) Report Massive 115% Increase in TCM Coal Project JORC Resource

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Blackham Resources Limited (ASX:BLK) Update on Maltilda Gold Mine Acquisition

October 17, 2011

Blackham Resources Limited (ASX:BLK) Update on Maltilda Gold Mine Acquisition

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Japan’s industrial production inclined in a slower pace

October 17, 2011

Japan’s industrial production inclined in a slower pace

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UN & economy on agenda for India talks with Brazil, S.Africa

October 17, 2011

UN & economy on agenda for India talks with Brazil, S.Africa

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Wall street protests go global, covering Europe, Africa and Asia

October 17, 2011

Wall street protests go global, covering Europe, Africa and Asia

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More than 70 arrested at New York protests

October 17, 2011

More than 70 arrested at New York protests

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The much needed return of trade finance

October 17, 2011

The much needed return of trade finance

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Anglo-Australian Rio Tinto plans to sell 13 aluminum assets

October 17, 2011

Anglo-Australian Rio Tinto plans to sell 13 aluminum assets

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US Kinder Morgan to acquire El Paso for USD20.7b

October 17, 2011

US Kinder Morgan to acquire El Paso for USD20.7b

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Colorado says state champion goat failed drug test

October 17, 2011

Colorado says state champion goat failed drug test

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Utah man charged with false threat at Oktoberfest

October 17, 2011

Utah man charged with false threat at Oktoberfest

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Publicity-seeking streakers to face fines at London 2012

October 17, 2011

Publicity-seeking streakers to face fines at London 2012

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Russian president’s son ‘starred in television show’

October 17, 2011

Russian president’s son ‘starred in television show’

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Uzbekistan bans ‘naming streets after people’

October 17, 2011

Uzbekistan bans ‘naming streets after people’

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Dozens Arrested After Occupy Arizona Protests

October 17, 2011

PHOENIX — Authorities in Arizona arrested nearly 100 people after two separate protests in support of the Occupy Wall Street movement. The 53 arrests in Tucson and 46 in Phoenix on Saturday night came hours after peaceful protests against financial institutions as part of a series of such demonstrations across the country. Police said demonstrators in each city failed to leave parks at curfew. Phoenix police said protesters marched from a downtown rally at Cesar Chavez Plaza to Margaret T. Hance Park on Saturday evening and the park had a posted 10:30 p.m. closing time. “As the park closing hour passed, many of the demonstrators refused to leave,” said police spokesman Sgt. Trent Crump, adding that officers told the protesters “to leave or be subject to arrest.” Crump said “a large group remained and refused to leave the park,” resulting in 46 arrests for criminal trespass, a misdemeanor. “Most of those arrested were passive in nature and no injuries were reported to either officers or demonstrators,” he said. The names of the 46 arrested weren’t immediately provided by Phoenix police. In Tucson, about 100 miles south of Phoenix, police said 53 demonstrators were arrested after they remained in Military Plaza Park after the 10:30 p.m. closing time Saturday. An estimated 150 protesters were at the park at the time and they were told they would be arrested if they didn’t leave, said Sgt. Matt Ronstadt, a Tucson police spokesman. Tucson Police Chief Roberto Villasenor addressed the remaining demonstrators at 11:15 p.m. and officers began issuing criminal citations for violating the city’s code by remaining in a city park after hours. Ronstadt said no police force was used during the citation process and all 53 were released pending a court appearance. The Tucson rally began around noon Saturday and drew an estimated 500 people. About 1,000 people attended the Occupy Phoenix event that began with an afternoon gathering at Cesar Chavez Plaza. By 5 p.m., many protesters had marched to Margaret T. Hance Park and their numbers continued to dwindle throughout the evening. After police repeatedly ordered protesters to leave, a line of about 100 helmeted officers, many carrying batons, formed around 11 p.m. PDT. The arrests began around midnight after a group of demonstrators sat on the ground, refusing to move. Police slowly escorted them away one-by-one. The arrests appeared peaceful and there were no signs of violence between the officers and a crowd of less than 100 people still milling about the park, which had officially closed by late evening. Protester Davin Wright, 31, described the scene as generally peaceful, but he said police acted roughly during some of the initial arrests. “Anyone who thought they were going to be crunching skulls; it’s not going to happen,” he said. Later, a dozens of people remaining inside the park withdrew to the street as the line of officers slowly walked toward them. Groups have been turning out across the country to express anger over costly health care and rising unemployment, and to cast blame on corporate interests for the economic pain they say all but the wealthiest Americans have endured since the financial meltdown. The Occupy Wall Street protests started Sept. 17 in front of the New York Stock Exchange.

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Ian Fletcher: Romney’s Emerging Strategy: Blame China

October 16, 2011

I’ve just seen one of Mitt Romney’s new campaign commercials, here , or watch it below. Romney’s emerging economic strategy is clear: blame China . Not only does this get the heat off of GOP-linked (yes, I know) constituencies like Wall Street, it also skewers the administration, which has played appeaser to Beijing. Some might call this a cynical case of scapegoating. Comparisons to the old red scare and yellow peril will doubtless be forthcoming. But this raises an interesting question: Is scapegoating still scapegoating when the scapegoat is guilty? The Chinese economic threat is hardly imaginary, unless one still believes in the Pollyanna “free” (as if!) trade economic fantasies of the U.S. Chamber of Commerce, the Cato Institute, and the Wall Street Journal . I wrote before about what Romney and the Republican establishment may be up to here : pivoting to economic nationalism as the only rightist economic ideology that is still viable in this country. On some level, I think that this establishment knows that it’s either that or be swept away in some leftist deluge, even if not an immediate one. As I noted in this article and this one, the datapoints on Romney’s true intentions are unclear. But the picture does seem to be firming a little, as the more he stays on this trope, the harder it will be to walk away from it if elected.

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LATEST UPDATES: Protesters Arrested In Multiple U.S. Cities

October 16, 2011

By CHRIS HAWLEY, The Associated Press NEW YORK (AP) — Protesters in at least four U.S. cities who were part of a growing anti-Wall Street sentiment were arrested after refusing to obey police orders to leave public areas, including 175 people in Chicago, where the arrests brought about a new phase of civil disobedience, organizers there said Sunday. (CLICK HERE OR SCROLL DOWN FOR LATEST UPDATES ) The arrests were mostly peaceful and came as somewhat of a contrast to earlier demonstrations, where protesters took care to follow laws in order to continue protesting Wall Street’s role in the financial crisis and other grievances. The arrests came after a day of protests in cities around the world where thousands gathered to rally against what they see as corporate greed. Most of those marches Saturday were largely nonconfrontational, though dozens were arrested in New York and elsewhere not for refusing to obey orders but when police moved to contain overflowing crowds or keep them off private property. Two officers in New York were injured and had to be hospitalized. At least one protest overseas grew violent. In Rome, rioters hijacked what had been a peaceful gathering and smashed windows, tore up sidewalks and torched vehicles. Repair costs were estimated at $1.4 million, the mayor said Sunday. In addition to the arrests in Chicago, 46 people in Phoenix were arrested for misdemeanor criminal trespass after refusing to leave a park, Phoenix police spokesman Sgt. Trent Crump said. And police said some protesters were arrested after they remained in a Tucson, Ariz., park past the 10:30 p.m. closing time. An exact number wasn’t available Sunday. At least two dozen people were arrested at a rally that attracted hundreds to downtown Denver for refusing to move out of the street, police said. In Chicago, about 500 people had set up camp at the entrance to Grant Park on Saturday evening after a protest earlier in the day involving about 2,000. Police said they gave protesters repeated warnings after the park closed at 11 p.m. and began making arrests when they refused to leave. Officers also asked protesters to take down their tents before beginning to cut them down to clear the area, police said. Protesters were release Sunday and face court dates. The decision to stay in the park “was very much a choice and calculated,” said Randy Powell, a 27-year-old student at the School of the Art Institute of Chicago who was arrested. “I feel like I had to.” The tactic to occupy a city park has been used in other places with city officials often working to accommodate them. For example, protesters in Iowa reached a deal with Des Moines’ mayor to move from the state Capitol to a city park, avoiding arrests. Plans to temporarily evict New York protesters from a park so the grounds could be power-washed were postponed at the request of political leaders Friday. But Chicago protesters said they’ve come up short. Some organizers said conversations with city officials weren’t encouraging, but they also have yet to apply for permits. A message left Sunday for Chicago Mayor Rahm Emanuel’s office wasn’t immediately returned. And in Minneapolis, sheriff’s deputies tore down makeshift tents at a county government plaza but made no arrests, Minnesota Public Radio reported. Though the protesters are allowed to stay on the plaza all night, tents are banned. In New York, two dozen were arrested when demonstrators entered a Citibank branch and refused to leave, police said. They asked the branch to close until the protesters could be taken away. Earlier, as many as 1,000 demonstrators also paraded to a Chase bank branch, banging drums, blowing horns and carrying signs decrying corporate greed. A few went inside the bank to close their accounts, but the group didn’t stop other customers from getting inside or seek to blockade the business. Lily Paulina of Brooklyn said she was taking her money out because she was upset that JPMorgan Chase was making billions of dollars, while its customers struggled with bank fees and home foreclosures. “Chase bank is making tons of money off of everyone … while people in the working class are fighting just to keep a living wage in their neighborhood,” the 29-year-old United Auto Workers organizer said. Police told the marchers to stay on the sidewalk, and the demonstration seemed fairly orderly as it wound through downtown streets. The day culminated in an event in the city’s Times Square, where thousands of demonstrators mixed with gawkers, Broadway showgoers, tourists and police to create a chaotic scene in the midst of Manhattan. “Banks got bailed out, we got sold out!” protesters chanted from within police barricades. Police, some in riot gear and mounted on horses, tried to push them out of the square and onto the sidewalks in an attempt to funnel the crowds away. Throughout the country – from several dozen people in Jackson, Miss., to some 2,000 each in Pittsburgh and Chicago – the protest gained momentum. Nearly 1,500 gathered for a march past banks in downtown Orlando, Fla. Hundreds marched on a Key Bank branch in Anchorage and declared it should be foreclosed. In Arizona, reporters and protesters saw an estimated 40 people detained around midnight at a park in Phoenix. In Colorado, about 1,000 people rallied in downtown Denver to support Occupy Wall Street and at least two dozen were arrested. Rallies drew young and old, laborers and retirees. In Pittsburgh, marchers included parents with children in strollers. The peaceful crowd stretched for two or three blocks. “I see our members losing jobs. People are angry,” said Janet Hill, 49, who works for the United Steelworkers, which she said hosted a sign-making event before the march. Retired teacher Albert Siemsen said at a demonstration in Milwaukee that he’d grown angry watching school funding get cut at the same time banks and corporations gained more influence in government. The 81-year-old wants to see tighter Wall Street regulation. Around him, protesters held signs reading: “Keep your corporate hands off my government,” and “Mr. Obama, Tear Down That Wall Street.” In Canada, demonstrators gathered in cities across the country, and overseas, tens of thousands nicknamed “the indignant” marched in cities across Europe, as the protests that began in New York linked up with long-running demonstrations against government cost-cutting and failed financial policies in Europe. Protesters also turned out in Australia and Asia. ___ Associated Press writers Sophia Tareen in Chicago, Bob Seavey in Phoenix, Kevin Begos in Pittsburgh, Dinesh Ramde in Milwaukee, Charmaine Noronha in Toronto, Jack Elliott Jr. in Jackson, Miss., and Colleen Long, David B. Caruso and AP Radio correspondent Martin Di Caro in New York contributed to this report.

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The Rise Of Jeff Bezos And Amazon

October 16, 2011

Jeffrey Preston Bezos was 4 years old when he first arrived at his grandfather’s cattle ranch in Cotulla, Texas. The Lazy G is a sprawling 25,000-acre spread in the southwest part of the state—an unspoiled habitat of mesquite and oak trees, the home of whitetail deer (popular among local hunters), wild turkeys, doves, quail, feral hogs and sheep.

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PHOTOS: ‘Occupy SF’ Swells To The Thousands

October 16, 2011

As ‘Occupy Wall Street’ spread to cities across the globe Saturday, San Francisco’s contingent showed no signs of slowing down. An estimated 5,000 demonstrators swarmed downtown, marching from Union Square to the steps of City Hall in solidarity against economic inequality. Meanwhile, the movement has swelled to encapsulate much of the Bay Area. ‘Occupy Oakland’ topped 2,500 activists this weekend, who have set up a permanent encampment in the city’s Frank Ogawa Plaza. Other offshoots have sprouted in Berkeley, Richmond, Palo Alto, Santa Cruz and even affluent suburbs like Walnut Creek and San Mateo. (SCROLL DOWN FOR PHOTOS AND VIDEO) “Motorists driving BMW’s and Lexus’s in a city where average household incomes routinely exceed $95,000 honked their horns in support of protesters who carried ‘Tax the Rich’ signs,” Foster City Patch reported Saturday . Many local officials have expressed their support as the occupation continues to grow. Richmond Mayor Gayle McLaughlin told CBS News that she’s in favor of the rallies in both her own city and throughout the rest of the world. San Francisco Supervisor and mayoral hopeful John Avalos appeared on “Countdown With Keith Olbermann” Wednesday to discuss his role in the protests. “I’ve spoken a couple times at the movement,” he said. “We have a large number of foreclosures and a high level of unemployment. People are getting desperate. They’re having a hard time paying the mortgage, having a hard time putting food on the table.” “Occupy Bay Area” has even drawn the attention of national celebrities. Hip Hop icon Lupe Fiasco stopped by Occupy Oakland before his concert at the nearby Fox Theater Wednesday evening, and actor Danny Glover reportedly joined the “Jobs Not Cuts” march Saturday afternoon. Take a look at images and video from San Francisco’s most recent demonstration below. Have you taken part in the local Occupy movement? Submit your own photos for a chance to be featured in our slideshow.

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Could Your Starbucks Frappuccino Be Endangered?

October 16, 2011

Starbucks lovers, beware. It looks like your precious coffee could be on the endangered list thanks to climate change . “What we are really seeing as a company as we look 10, 20, 30 years down the road – if conditions continue as they are – is a potentially significant risk to our supply chain, which is the Arabica coffee bean,” said Starbucks Sustainability Director Jim Hanna in a phone interview with the Guardian . In addition to Central America’s farmers already feeling the effects of global warming on their crops, Hanna told the Guardian of his plans to visit Washington to speak to members of Congress at a Union of Concerned Scientists event to speak about climate change and coffee . The move comes after rumors circulated this week that Starbucks might be considering juice bars . Though there’s no formal confirmation of switching from coffee to juice, this could symbolize the coffee chain’s attempt to secure its future business in the face of unpredictable weather, by varying its offerings and looking beyond coffee. The Starbucks website addresses climate change , writing, “In addition to increased erosion and infestation by pests, coffee farmers are reporting shifts in rainfall and harvest patterns that are hurting their communities and shrinking the available usable land in coffee regions around the world. This isn’t the first time a commodity has been threatened by global warming. Earlier this month, a report came out by the International Center For Tropical Agriculture warning chocolate could become a luxury item if farmers don’t adapt to rising temperatures in Ghana and the Ivory Coast, where a majority of the world’s cocoa is grown. Just this past week, peanut butter brands announced price hikes up to 40% thanks to the worst peanut harvest in 30 years from severe weather. Other products reportedly affected by climate change include French wine and Italian pasta .

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Amb. Alan D. Solomont: Historic Ties and Tools for the Future

October 16, 2011

As Spain marked the 519th anniversary of Columbus setting foot in the New World, the United States was also celebrating – during September and October – our Hispanic heritage. On October 12th, Secretary of the Interior Ken Salazar, the highest ranking Hispanic official in the U.S. government, hosted President Obama during remarks at the White House Forum on Latino American Heritage. We are at a high point in our relationship, with increasing cooperation bilaterally and on the global stage around a shared global agenda, with Spanish investment growing in the United States and record numbers of Americans studying and vacationing in Spain. But there are more than 50 million reasons why the relationship could be even better. There are 50 million Spanish-speaking Americans living in the United States and another 4 million in the Commonwealth of Puerto Rico. They are the United States’ fastest growing ethnic group, and the U.S. government, businesses and local communities are all recognizing that fact. Already the country’s largest ethnic group, by 2050 the Spanish-speaking population will double, comprising over a quarter of the population. With this population growth comes a corresponding increase in economic and political power. In the 2008 election, four states that had voted for George Bush in 2004 supported President Obama, and it was Hispanic voters that made the difference. Already, this group’s purchasing power, even after the recession, is calculated at over one trillion dollars, roughly equal to three times Spain’s projected 2011 exports. While Spanish-speaking Americans in the United States are by no means a homogenous group – well over 60 percent were born there but immigrants come from all over Latin America – by and large they tend to share two important traits; a love of the United States and linguistic and cultural ties to their Spanish heritage. At a time when the relationship between the United States and Spain is on an upswing, with increasing economic ties and a shared perspective on most global issues, it only makes sense to appeal openly to this increasingly important demographic to improve our relationship even further. There are enormous opportunities, and we have barely scratched the surface. Among the most important connection between the United States and Spain is our economic relationship. Spain is the sixth largest economy in Europe, with 12% of Europe’s GDP, and also the 11th largest investor in the U.S. Unbeknownst to many, Spain is the second fastest growing source of foreign direct investment in our country, second only to Singapore. Over the last three years, direct investment by Spanish companies in the United States increased from $12,000 million to $47,500 million supporting an estimated 69,000 jobs and that number has only increased. But that is only a drop in the bucket compared to 2.3 million Spanish-speaking-owned businesses that generated almost $350,000 million in sales last year and employed a quarter of a million workers. These businesses represent a potential bridge into the U.S. market, but the biggest Spanish-speaking companies in the U.S. produce and export goods only to Latin America. I would like to see them turn their eyes to Spain, both as a market and potential partner for expansion. The United States business presence in Spain is strong as well. Over 650 U. S. firms in Spain employ more than 300,000 workers, and these firms alone represent seven percent of Spain’s GDP. But I think we can use our historical ties to leverage the Spanish-speaking community in the United States to do even better. I say that every chance I get, and I have brought many U.S. officials and businesses to Spain to carry that message here as well. At the end of September, Assistant Secretary Jose W. Fernandez, a high ranking economic official at the Department of State was here to address the Spain – U.S. Latino Business Forum which has strong ties with Spanish-speaking businesses in New York and beyond. A week before that I was in Florida speaking to the U.S. – Spain Chamber of Commerce in Miami and Florida International University, which has 56% of Spanish-speakers among its students. And that is just two weeks. Over the last year, the U.S. Embassy in Madrid has hosted visits by a score of high-ranking U.S. officials, and dozens of business people, looking to increase U.S. exports to Spain, expand business activity here and lure Spanish investment to the United States. The Spanish business community and the Spanish government’s business promotion authorities have also been busy in the United States. Together we can use the language of Cervantes and the common heritage of 50 million Spanish-speaking Americans to build stronger bridges between our communities and increase prosperity on both sides of the Atlantic.

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Romney Beating Obama In Wall Street Donations

October 16, 2011

It is no secret that the relationship between President Obama and Wall Street has chilled. A striking measure of that is the latest campaign finance reports.

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David Axelrod: GOP Doesn’t Understand Wall Street Protests

October 16, 2011

WASHINGTON (AP/The Huffington Post) — A senior political adviser to President Barack Obama is charging that the Republicans seeking the presidency don’t understand the American public’s pent-up anger over corporate excesses. David Axelrod tells ABC’s “This Week” that the American people “want a financial system that works on the level. They want to get a fair shake.” He appeared Sunday, a day after scores of demonstrators protesting corporate business practices were arrested in New York’s Times Square in a confrontation with police. Axelrod faulted Republicans who have been pushing in Congress to soften or repeal the landmark legislation Obama pushed through last year, tightening regulation of business practices. Axelrod said he doesn’t believe “any American is impressed” when hearing GOP presidential candidates who want to “roll back Wall St. reform.” Nearly all of the major Republican presidential contenders have weighed in on the Occupy Wall Street movement. Some, such as Herman Cain and Rep. Michele Bachmann (R-Minn.), say protesters should be directing their anger at the Obama administration rather than big banks and corporations. Appearing Sunday morning on “Fox News Sunday,” House Majority Leader Eric Cantor said it was wrong to blame Wall Street for America’s economic problems, and criticized political leaders who have embraced the movement. “Where I am most concerned is we have elected leaders in this town who are frankly joining in the effort to blame others rather than focus on the policies that have brought about the current situation,” he said. ————— Check out the reactions of the 2012 Republican presidential candidates, President Barack Obama and Vice President Joe Biden reactions to the growing Occupy Wall Street movement:

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China and Vietnam to Settle Maritime Issues

October 16, 2011

China and Vietnam to Settle Maritime Issues

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Ban Ki-moon Calls on World to Combat Hunger

October 16, 2011

Ban Ki-moon Calls on World to Combat Hunger

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US retail sales grow 1.1% in September

October 16, 2011

US retail sales grow 1.1% in September

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GE’s new solar panels may beat First Solar

October 16, 2011

GE’s new solar panels may beat First Solar

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Canada’s Iamgold considers gold acquisitions

October 16, 2011

Canada’s Iamgold considers gold acquisitions

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SEC Struggles Over Disclosing Which Companies Use ‘Conflict Minerals’

October 16, 2011

WASHINGTON (Sarah N. Lynch) – Securities regulators are struggling to craft a rule that sheds light on companies that use certain African “conflict minerals” but avoids a compliance nightmare that hurts manufacturers. The Securities and Exchange Commission is six months behind schedule in finalizing the rule that is required by last year’s Dodd-Frank financial oversight law. The rule, which was tucked into the legislation at the last minute, will require companies to disclose whether they use tantalum, tin, gold or tungsten from the war-torn Democratic Republic of the Congo. The agency is holding a roundtable discussion on Tuesday to hear from companies, human rights organizations and other stakeholders. The SEC has asked for help navigating the mine field of tricky issues such as tracking conflict minerals through the supply chain and “workable” due diligence. Corporations such as AT&T (T.N) have criticized the rule as overreaching. They say it could trip up companies who contract with manufacturers and have little, if any, control or knowledge about the origins of minor amounts of minerals that end up in their products. Fear about running afoul of the pending reporting rule has already prompted some companies such as Apple Inc (AAPL.O) and Hewlett-Packard Inc (HPQ.N) to stop sourcing from the region. “If you go from compliance on through, this starts to set up not only nightmare scenarios, but also costly scenarios that make it difficult for companies to ensure an adequate supply of raw materials,” said Tom Quaadman, the vice president of the Chamber of Commerce’s Center for Capital Markets Competitiveness. The SEC issued a draft proposal of the rule in December and hopes to finalize it by the end of the year, according to the agency’s website. The challenges of implementing the rule are many. For a start, companies will need to identify whether or not any of the four “conflict minerals” are contained in their products – something that is not always known. Then, if the mineral is present in the manufactured good, the company would have to exercise due diligence to determine where the metal came from. That could mean going through layers upon layers of suppliers, some of whom may be private companies located in third-world countries. And if the metal has been recycled, as gold often is, it could get even trickier to track. “What would be required here is the development of a global compliance infrastructure,” said Brian Cartwright, a senior adviser at Latham & Watkins and former general counsel for the SEC. “The notion is that any public company in the United States will have to file, in annual reports, as an exhibit, a conflict minerals report that has been subject to an independent private sector audit,” said Cartwright. Many companies, business groups and lawyers have urged the SEC to phase in the new rules over time to help make it easier to comply. They also want the SEC to narrow the scope of the rule so that companies are not forced to track trace amounts of minerals. But human rights groups are staunchly opposed to a phase-in period, saying the SEC needs to follow the Dodd-Frank mandate and implement the rule without delay. Because the conflict minerals rule is required by the law, the SEC has little wiggle room to stray from congressional intent. “Businesses should be held accountable for human rights issues, and investors find these concerns to be material in that they, at the end of the day, affect companies’ image and bottom line,” said Amol Mehra, the coordinator of the International Corporate Accountability Roundtable. “All companies need to do… is simply tell us what is in their products.” The SEC must also deal with potential legal challenges to the final rule. The Chamber of Commerce, which in July successfully convinced a federal court to overturn the SEC’s proxy access rule, has its sights on a possible challenge of the conflict minerals rule if the agency does not improve its cost estimates. The agency’s proposal had initially estimated the total paperwork burden of compliance would be $71 million. But the Chamber says that figure is woefully inadequate. The National Association of Manufacturers, a leading trade group fighting the proposal, has estimated the conflict minerals plan could cost industry between $9 to $16 billion to implement. (Reporting by Sarah N. Lynch; Editing by Tim Dobbyn) Copyright 2011 Thomson Reuters. Click for Restrictions .

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WATCH: BofA Branch Reportedly Refuses To Allow Protesters To Close Accounts

October 16, 2011

Should people who are tired of paying extra fees be allowed to close their bank accounts in protest? One Bank of America official reportedly doesn’t think so. According to Addicting Info , two women involved with the Occupy Santa Cruz movement in California walked into a Bank of America branch earlier this week and attempted to close their bank accounts. In response, the bank manager threatened to lock the doors and call the police on them. Her reasoning? You can’t be a customer and a protester at the same time, the manager said. Central Coast News contacted Bank of America about the incident and received a response from the company: Central Coast News has contacted Bank of America to get their side of the story. In an email Colleen Haggerty with Bank of America released this statement to Central Coast News. “It is our responsibility to ensure a safe environment for customers to conduct financial transactions. So, due to the disruptive nature of protests lately and the potential for safety or security issues, we do not allow protestors inside of our banking centers. If a customer who is participating in a protest wishes to conduct bank business, including close an account, we ask them to come back when they are not protesting or they may also conduct their bank business at a nearby branch away from protest activities.” Haggerty also said that Bank of Ameica, “respect everyone’s ability to exercise their first amendment rights, however we also have to balance safety and business needs for all customers.” According to Central Coast News , “The women said that they would return to Bank of America the next day, sans signs, and close their accounts taking their ‘money away from the banking elite and into a local credit union.’” WATCH VIDEO OF THE ENCOUNTER ABOVE

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