November 2011

Action App Corporation (OTC: ANDI) Announces a New Chief Marketing Officer and Social Integration

November 29, 2011

ST. PETERSBURG, FL–(Marketwire – Nov 29, 2011) – Andiamo Corporation ( PINKSHEETS : ANDI ), announced the hiring of Gregg Hall as Chief Marketing Officer.

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Facebook Settles With The FTC, Admits To Privacy ‘Mistakes’

November 29, 2011

This post has been updated. On Tuesday, Facebook reached a settlement agreement with the Federal Trade Commission regarding the social network’s policy on changing privacy controls and informing users of those changes. Under the terms of the settlement Facebook must obtain approval from users before making changes to the way their personal data is shared on the network. For the next 20 years, Facebook must also submit to scheduled checkups by “independent, third-party auditors” to ensure that the company’s privacy policies and practices do not violate users’ rights. “Facebook is obligated to keep the promises about privacy that it makes to its hundreds of millions of users,” said FTC Chairman Jon Leibowitz, according to a release published by the agency . “Facebook’s innovation does not have to come at the expense of consumer privacy. The FTC action will ensure it will not.” Facebook Co-founder and CEO Mark Zuckerberg also published a lengthy post on the Facebook Blog regarding the social network’s future privacy efforts and its settlement with the FTC. “I’m the first to admit that we’ve made a bunch of mistakes,” Zuckerberg wrote . These announcements confirm rumors earlier this month that Facebook and the FTC were reaching an agreement over the site’s controversial policies regarding the protection of users’ data. The FTC’s release lists seven complaints against Facebook’s allegedly deceptive privacy practices, specifically that it told users some of their personal information would be kept private, but that the site later allowed that information to become accessible. The agency’s complete list of allegations are as follows: In December 2009, Facebook changed its website so certain information that users may have designated as private – such as their Friends List – was made public. They didn’t warn users that this change was coming, or get their approval in advance. Facebook represented that third-party apps that users’ installed would have access only to user information that they needed to operate. In fact, the apps could access nearly all of users’ personal data – data the apps didn’t need. Facebook told users they could restrict sharing of data to limited audiences – for example with “Friends Only.” In fact, selecting “Friends Only” did not prevent their information from being shared with third-party applications their friends used. Facebook had a “Verified Apps” program & claimed it certified the security of participating apps. It didn’t. Facebook promised users that it would not share their personal information with advertisers. It did. Facebook claimed that when users deactivated or deleted their accounts, their photos and videos would be inaccessible. But Facebook allowed access to the content, even after users had deactivated or deleted their accounts. Facebook claimed that it complied with the U.S.- EU Safe Harbor Framework that governs data transfer between the U.S. and the European Union. It didn’t. Under the proposed agreement, Facebook must adopt a policy of allowing users to opt-in whenever changes are made to the site’s privacy policy and sharing options. If a user deletes his or her account, Facebook must block other users from accessing data from the deleted account after 30 days. For the next 20 years, Facebook’s privacy policy will be assessed every two years to ensure that the company has made its privacy policies clear to its users and that it hasn’t violated the terms of its agreement with the FTC. Mark Zuckerberg wrote in his blog post that Facebook had recently taken many steps recently to give users more control over what they share on the network. However, he admitted that the company could do more to guarantee data security to its users. Zuckerberg also wrote that the company has added two new Chief Privacy Officer positions. Erin Egan will become Facebook’s executive in charge of policy, and Michael Richter will oversee products. According to AllThingsD , “Facebook’s punishment is in line with what its competitors Twitter and Google have already agreed to: Clearer privacy policies that are audited every two years for the next 20 years.” Take a look at a roundup of reactions to the announcement that Facebook would cooperate with the FTC regarding users’ privacy.

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Report: Jaguars To Be Sold To Illinois Businessman

November 29, 2011

JACKSONVILLE, Fla. — The Jacksonville Jaguars have reached an agreement to sell the small-market franchise to Illinois businessman Shahid Khan. Majority owner Wayne Weaver made the announcement Tuesday, hours after he fired coach Jack Del Rio and gave general manager Gene Smith a three-year contract extension. He said Khan will have 100 percent control of the team. Weaver called Khan “a great American success story” and said the Pakistan-born entrepreneur will keep the team in Jacksonville. Khan is the owner and CEO of the Flex-N-Gate Group based in Urbana, Ill. Khan had been a candidate to buy controlling interest in the St. Louis Rams last year. The sale of the franchise and the firing of Del Rio are the city’s most significant news since the team’s inception in 1993.

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Ernan Roman: When Customers Push Back: 3 Recommendations

November 29, 2011

Empowered, activist customers are getting better and better at making their displeasure known… and, as they proved this year, they are also getting better at winning battles against big companies. Occasional problems with customers are inevitable. The question is, how do you reduce the odds of those problems turning into crises for your company? Following are three marketing takeaways for handling conflicts with today’s social-media-savvy consumers. Takeaway #1: Stay Connected. The video rental service Netflix announced a bold new initiative, Qwikster, that hadn’t been adequately field-tested with consumers. Customers, still furious over a recent price increase, went ballistic. As of today, Netflix stock has lost 75 percent of its value in just 4 months, and the company has lost approximately one million customers. Netflix did considerable self-inflicted damage before it finally started listening to the wisdom of its customers. Whether it listened in time remains an open question. The moral : Don’t be arrogant. Get the advice of customers before you make big decisions that impact them. Takeaway #2: Stay Flexible. Opposition to Bank of America’s plan to charge debit-card users a five-dollar monthly fee hit a national nerve, and the planned fee became a lightning-rod issue for consumers who were already cranky with the entire banking sector. Over 300,000 on-line signatures demanded that Bank of America drop its plans for a monthly fee. It did. Then, quietly, the bank more than made up the difference with a range of account pricing changes more closely pegged to individual consumer behavior… and less likely to fuel a national debate about banks. The moral : Be flexible and agile enough to change course when customers are legitimately upset. That’s better than becoming a lightning rod for dissatisfaction against an entire industry. Takeaway #3: Stay Humble. This year, The Gap announced a new logo that was widely lampooned by consumers and media. Instead of digging in its heels and insisting that it knew how to choose its own marketing images, the company restored the familiar Gap logo consumers knew and trusted… and acknowledged, tactfully, that consumers had been right to demand its return. The moral : Remember that we are living in volatile times. Be humble. Listen when consumers take the time to share their opinions with you… especially when they’re saying something you didn’t necessarily want to hear! Next year, we will see more evidence of increasingly assertive consumers who know they can can push back and win. Empowered by new communications technologies, and ever more willing to gather forces when circumstances require, these consumers will only make life difficult for those marketers who ignore them or take them for granted. Implement these three takeaways… and you will be better positioned to succeed with 2012′s more demanding consumers. Ernan Roman is President of the marketing consultancy, Ernan Roman Direct Marketing. Recognized as the industry pioneer who created three transformational methodologies: Integrated Direct Marketing, Opt-In Marketing, and Voice of Customer Relationship Research. Ernan was recently inducted into the Marketing Hall of Fame. Clients include Microsoft, NBC Universal, Disney, Hewlett-Packard and IBM. Ernan was named to “B to B’s Who’s Who” as one of the “100 most influential people” in Business Marketing by Crain’s B to B Magazine. His fourth and latest book on marketing best practices is titled: Voice of the Customer Marketing: A Proven 5-Step Process to Create Customers Who Care, Spend, and Stay . Ernan is also the co-author of “Opt-In Marketing: Increase Sales Exponentially with Consensual Marketing” and author of “Integrated Direct Marketing: The Cutting Edge Strategy for Synchronizing Advertising, Direct Mail, Telemarketing and Field Sales.” www.erdm.com ernan@erdm.com

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‘What The Hell Are We Paying You For?’

November 29, 2011

New Jersey Gov. Chris Christie (R) slammed President Barack Obama at a press conference in Camden, N.J. Monday for the super committee’s failure. “I was angry this weekend listening to the spin coming out of the administration about the failure of the super committee,” said Christie. “The president knew that it was doomed for failure so he didn’t get involved. Well, then what the hell are we paying you for? It’s doomed for failure so I’m not getting involved? Well, what have you been doing exactly?” he said. ( Video above via Christie’s YouTube account.) The president, however, released a plan (pdf) to Congress entitled “Living Within Our Means and Investing in the Future,” outlining $3 trillion in net savings over the next decade. Obama blamed Republicans’ refusal to raise taxes for the failure of the super committee. The Obama administration has also dismissed the idea that the president would change the construction of the automatic spending cut triggers, scheduled to take effect in 2013, to lessen the impact on defense spending. The automatic cuts contain $600 billion in defense cuts and $600 billion in Medicare and domestic spending cuts. The 12-member super committee, formally known as the Joint Select Committee on Deficit Reduction, was set to come up with $1.2 trillion in savings, but failed to meet its Nov. 23 deadline. Christie announced in early October that he would not run for the Republican nomination for president in 2012. He endorsed former Massachusetts Gov. Mitt Romney for president. Christie said both the Occupy Wall Street movement and the Tea Party movement “look at Washington D.C. and they look at a president who is a bystander in the Oval Office.” He added that both movements come from the same frustration about government. Obama and Vice President Joe Biden have expressed that the movements arose from similar frustrations.

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Man Returns Money He Stole In The 1940s

November 29, 2011

SEATTLE — The manager of the Sears store in downtown Seattle says an elderly man has repaid – with interest – cash the man says he stole in the late 1940s. The note said the man stole $20 to $30 from a cash register decades ago and wanted to pay back $100. Manager Gary Lorentson says he thinks the man’s conscience “has been bothering him for the past 60 years.” Store security cameras recorded the man, but Sears officials said they don’t know who he is and they won’t release the video. The store plans to put the money toward helping needy families in the holiday season. ___

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Banks May Have Illegally Foreclosed On Nearly 5,000 Military Members

November 29, 2011

Even those people putting their lives on the line for their country may not be safe from the American foreclosure crisis. Ten lenders are reviewing close to 5,000 foreclosures of homes belonging to active-duty service members in an attempt to discover if they were carried out improperly, according to data from the Office of the Comptroller of the Currency, cited by the Financial Times . The OCC’s report is based on projections prepared by the lenders and and their consultants. Bank of America said it is reviewing 2,400 foreclosures of homes belonging to active-duty service members and Wells Fargo said it’s looking at nearly 900 cases. Citigroup is reviewing 700 foreclosures, the bank said. The Servicemembers Civil Relief act aims to protect active-duty members of the military from financial difficulty, including through measures that restrict foreclosures on properties owned by active-duty military members. Still, as the OCC data indicates, thousands of active-duty members of the armed forces have lost their homes while fighting abroad. Bank of America and Morgan Stanley reached deals with the Justice Department earlier this year, agreeing to pay more than $20 million to settle claims that they foreclosed on more than 175 active-duty service members without court orders. They’re not the only ones. JPMorgan Chase also admitted to illegally foreclosing on the families of 27 active-duty military members earlier this year and has very publicly attempted to give the families back their homes or compensate them for damages if the house was sold. The bank also agreed to pay $27 million in cash to about 6,000 active-duty service members who were overcharged on their mortgages, Bloomberg reports. Illegal foreclosures have affected service members like U.S. Army Sgt. James Hurley who lost his house to foreclosure while he was serving in Iraq. Tim Collette said in June that he had been negotiating with JPMorgan Chase since 2008 to save his house from foreclosure while his son was serving in Iraq. Though illegal foreclosures may be some of the most egregious examples of lenders mistreating service members, banks have wronged members of the military in other ways. An October lawsuit claims that 13 banks and mortgage companies charged hidden and illegal fees from veterans trying to refinance their homes.

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Former CFO of PayPal and BlueRun Ventures to Join CommerceTel Board of Directors, Chair Audit Committee

November 29, 2011

SAN DIEGO, CA–(Marketwire – Nov 29, 2011) – CommerceTel Corporation ( OTCBB : MFON ), an award-winning provider of proprietary mobile marketing technologies and solutions, is pleased to announce David Jaques has agreed to join to its Board of Directors and serve as Chair of the Company’s Audit Committee. Jaques’ appointment will begin December 1 st , 2011.

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AT&T’s ‘Audacious’ Plan To Save T-Mobile Deal

November 29, 2011

AT&T has been secretly working on an audacious 11th-hour deal to salvage the transaction: AT&T is knee-deep in talks with Leap Wireless, a second-tier but growing wireless player, to sell it a big piece of T-Mobile’s customer accounts and some of its wireless spectrum, according to people involved in the negotiations.

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How A Treasury Secretary Tipped Off Hedge Funds To Fannie-Freddie

November 29, 2011

Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July 21, 2008, and market fears were mounting. Four months earlier, Bear Stearns Cos. had sold itself for just $10 a share to JPMorgan Chase & Co. (JPM)

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Mitch Joel: Breaking All of Twitter’s Rules

November 29, 2011

Is there a sure-fire way to be successful using Twitter ? Business books, blog posts, magazine articles, Tumblr feeds, newspaper articles, TV news segments and yes, even tweets, have been written about what it takes for both individuals and brands to be successful on Twitter. Allow me to sum up some of the more commonly-held recommendations for Twitter success: Get in early. Evan Williams (co-founder of Twitter) joined in March of 2006. Chris Brogan ( Human Business Works and co-author with Julien Smith of the best-selling business book, Trust Agents ) joined in October of 2006. Personally, I was a little late to the game (joining in February of 2007). I can’t imagine what it would be like to join Twitter today in an attempt to grow an audience. With so many people using the service (and yes, this includes those who are simply stalking celebrities), it is hard to gain traction and maintain it. Follow a lot of people. It makes sense. The more people that you follow, the more likelihood there will be for people to not only follow you back, but to acknowledge you and connect. While it’s not about how many people you connect with (I’d argue that it’s about who you connect with), it’s obvious that this tactic should be applied. Follow back those who follow you. This is a contentious point that depends on who you ask. For many people, this is both a common courtesy and the smart move to make. If you follow back everyone that follows you, you wind up meeting lots of new and interesting people. The major debate around this point is based on the quantity versus quality argument: if you follow back everyone, it makes your Twitter stream somewhat noisy. If you only follow back those who are truly interesting to you, it’s a better way to curate content and dive deeper into some of the meatier conversations. Both sides to this argument have valid stances. Tweet frequently and consistently. Twitter (like much of the new Internet) is a live, real-time environment. If you don’t tweet often, there is a likelihood that you (and your content) will get lost in the river of tweets. If you tweet only once a day, and the majority of people who follow you are not online then, your tweet is rarely seen or acted on. Adding on to the complexity of this is our globally connected world where different time zones and work lifestyles also factor into the equation. Think about this way: if you tweet from New York City, odds are your European audience interaction will be less than if you were based in Paris and tweeting when everyone else was equally active. Remember, real-time web makes the amount of followers not as important as when individuals are actually online, connected, following and reading you. Tweet very original things (not just links). If all that’s being tweeted is links and you’re not spending the time to think of anything original to say, you won’t find much traction either. The brands and individuals who are the most successful on Twitter are those who create content in a very original way. Make it personal and respond back to as many people as possible. If you don’t respond, acknowledge and discuss things with people following you on Twitter, it will be a useless and terrible experience. Those who truly have massive audiences and attention are the ones who respond back to anyone and everyone. The people that you respond back to will then feel special and this make them more likely to retweet your content and ask their followers to follow you too. This is online social networking… not a broadcasting channel. Become a celebrity. Scott Stratten ( @unmarketing ) often tells the story of the hours, weeks and months he spent head-down in Twitter as his platform of choice (and to build an audience). He has been wildly successful at it! (Along with a best-selling book and speaking gigs, he has nearly 110,000 Twitter followers.) As Scott likes to say, he’s kind of a big deal on Twitter. If you play your cards right, focus and follow the steps above, you too can make a name for yourself. For some (and this includes many brands), having the attention of hundreds of thousand of followers is not only a big deal, but it does make them celebrities. You can also do the exact opposite. Avinash Kaushik is not only a personal friend, he’s the Digital Marketing Evangelist at Google and author of two-best selling business books ( Web Analytics – An Hour A Day and Web Analytics 2.0 ). When you compare what Avinash does on Twitter to the commonly-held beliefs above, you may be surprised to learn: He started tweeting on July 30, 2008. He only follows 88 people. He also jokes that if he finds someone else he would like to follow, someone on his list of 88 has to get booted off. 88 is his maximum amount of followers and he says he’s sticking to it. With close to 65,000 followers, it’s also obvious that he refuses to follow back everyone just because they’re following him. He only tweets a couple of times a day. That’s it. He prefers to tweet out things that have caught his attention. This makes the majority of his content link to other places and not his original thinking (you can get that on his blog, Occam’s Razor ). While he does respond to people using the @ sign, it seems to be secondary to his sharing of what’s interesting to him. He is a celebrity and there’s no doubt that Twitter has propelled his status within the digital marketing and web analytics world. This is not about Avinash Kaushik. The point is that everyone has an opinion about why something is successful and why other things fail. Brands (and individuals) are constantly looking for both best practices and ROI in social media (and Twitter is no exception). What we learn by looking at the commonly-held beliefs and then comparing them to people like Avinash Kaushik (and he’s not the only one), is that Twitter is simply an open publishing platform. It’s a place for people to put content (short, 140 characters worth of text-based content) and that success can often come from not following the rules, but by breaking them. Why? Twitter (like blogs, podcasts and YouTube ) is simply a publishing platform. Twitter (and many of the other social media channels) allow individuals and brands to highlight, share and connect on the things that can’t be explained in a traditional advertising campaign or through press releases. As with everything in life, people like real interactions between real human beings, and these channels are most effective when brands and individuals start doing the things that they think are interesting in the hopes that other’s feel that way too. Often, breaking all of the rules is what it takes to develop your own best case studies, ROI and metrics.   Mitch Joel is president of Twist Image — an award-winning digital marketing agency. HIs first book, Six Pixels of Separation , named after his highly-successful blog and podcast of the same name is a business and marketing bestseller.

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New Software Makes Phone Calls, Video Searchable

November 29, 2011

U.S. group Hewlett-Packard has rolled out its first software using technology gained from its $12 billion acquisition of British group Autonomy, eight weeks after the deal closed.

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Vitrue Expands Executive Team With New Chief Revenue Officer

November 29, 2011

Social Marketing Platform Strengthens Global Sales & Business Development Presence With Addition of Enterprise Software Veteran Brian Blond

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South Korean Shares Soar 2.19% on Italy Hopes

November 29, 2011

(MENAFN – Qatar News Agency) South Korean stocks closed 2.19% higher on Monday as investor sentiment was underpinned by prospects that the International Monetary Fund (IMF) may consider a bailout …

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Japan Economy to Face Severe Situation for Time Being

November 29, 2011

(MENAFN – Qatar News Agency) Bank of Japan Governor Masaaki Shirakawa said Monday that the Japanese economy is likely to continue to face a “severe” situation especially in terms of exports amid the …

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Six Eurozone Countries to Issue Joint Bonds

November 29, 2011

(MENAFN – Qatar News Agency) Six of the eurozone’s best credit risks are considering issuing joint bonds to stabilize their own economies and calm financial markets, a newspaper reported …

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Iran to Display Nuclear Industry Achievements Soon

November 29, 2011

(MENAFN – Qatar News Agency) Iran will display the capabilities of its nuclear industries in an exhibition here in central country, Iran’s News Agency (IRNA) reported. The nuclear fuel cycle, …

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Japan’s jobless rate rose for the first time in three months

November 29, 2011

Japan’s jobless rate rose for the first time in three months in October, indicating that Japan is still suffering from the consequences of March 11 earthquake along with the Japanese …

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Glenn Llopis: Define Your Own Legacy, Don’t Leave it to Everyone Else

November 29, 2011

What’s the moment that will define Reed Hastings’ legacy? Right now, many people would point to the moment when he reversed the decision to create Qwikster – perhaps too late to win back angry customers and disillusioned investors. But perhaps he faces his defining moment now, when so many have written him off. I’m talking about moments that define the future of a company, its people, and its brand – moments that changes the lives of its customers, like when Steve Jobs announced the launch of the iPod, iPhone and iPad. A defining moment can also be negative, like when Bernie Madoff’s Ponzi scheme was revealed. Too many leaders in these challenging times are focusing on survival and reinvention, when they should also be paying attention to their legacy – not to promote themselves, but to have a positive impact on the whole organization and community. They should be asking themselves: What is my leadership agenda? Does it account for the needs of others? Does it take into account what’s most important for the advancement of the organization and its people? In the past few months, I have challenged America’s leadership about their relevancy and authenticity and the reaction has been overwhelming. I have been amazed by the number of people who questioned the agendas, attitudes and authenticity of our leaders. People are hungry for authentic and transparent leadership. More than ever, people want to be a part of something meaningful and purposeful. We are desperate for innovation and entrepreneurship to help restart our economy and reclaim our position as a global market leader in technology, education, automobiles, and the rest. I have met recently with several Fortune 500 executives. When I asked one executive about what he desires most for his organization, he responded: “We need to refresh the mindset and attitude of our employees. We need new ways of thinking to inspire our culture. We are stuck, and we can’t hide from it any longer.” When I asked what he wanted his legacy to be, he had trouble finding an answer. You should always be thinking about your legacy. Remember, most people want to be led, and your legacy is something that should authentically represent who you are and what you stand for. Don’t disappoint. Define your own legacy. It is your personal responsibility to do so. What would others predict your legacy will be? Does that represent who you really are? Leaders must commit themselves to a cultural promise in order to define their legacy. Why? Because the challenges that we face today require focusing on others, not just ourselves. What is your legacy? How would others define it? What actions will you take and encourage others to make after reading this article?

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Red Hat Executive Alex Pinchev to Join Acronis as President and Chief Executive Officer

November 29, 2011

Industry Veteran Brings Stronger Focus on Virtualization and Cloud Opportunities to Leading Provider of Data Protection and Backup & Recovery Solutions

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Asian Activities Report for November 30, 2011: CapitaMalls Asia Limited (HKG:6813) Donates Over HK$3.1 Million to Underprivileged Children in Asia

November 29, 2011

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp CapitaMalls Asia Limited (HKG:6813) is donating more than HK$3.1 million to nearly 19,000 underprivileged children in Singapore, China, …

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Kangaroo Resources Limited (ASX:KRL) Signs US$270 Million Mining Contract at Mamahak Coal Project

November 29, 2011

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp International coal producer Kangaroo Resources Limited (ASX:KRL) (“KRL” or the “Company”) is pleased to advise that its subsidiary, PT …

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Toro Energy Limited (ASX:TOE) to Lodge Final Environmental Review and Management Program on Proposed Wiluna Uranium Mine Next Month

November 29, 2011

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp The final Environmental Review and Management Program for the Wiluna Uranium Project is expected to be lodged next month by Toro Energy …

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Japan’s industrial production exceeded expectations

November 29, 2011

Despite the never ending European debt crisis that dragged the global economy into a growth and demand slowdown and the yen’s on-going appreciation which is prolonging the nation’s recovery …

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US Tiffany’s Q3 profit soars 63%

November 29, 2011

(MENAFN) Tiffany’s & Co. CEO, Michael J. Kowalski, said that due to high sales, profit in the third quarter surged 63 percent to USD89.7 million, compared with USD55.1 million in 2010′s same period, …

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Iran’s mineral reserves grow to 3b tons

November 29, 2011

(MENAFN) Iran’s ministry of industry, mine and trade said that recent explorations showed that the country’s mineral reserves grew to 3 billion tons, reported Tehran Times. The ministry added …

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Fitch downgrades US outlook to negative

November 29, 2011

(MENAFN) Fitch Ratings lowered US outlook to negative following a congressional committee’s failure to agree on an at least USD1.2 trillion deficit cuts, Bloomberg reported. Fitch warned of US …

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Toro Energy Limited (ASX:TOE) Chairmans Address to Shareholders at 2011 Annual General Meeting

November 29, 2011

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Toro Energy Limited (ASX:TOE) is pleased to release the following Chairman’s address to shareholders. I am pleased to offer the report on …

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Environmental Clean Technologies Limited (ASX:ESI) Chairmans Address to Shareholders at 2011 Annual General Meeting

November 29, 2011

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp The Environmental Clean Technologies Limited (ECT) (ASX:ESI) Annual General Meeting was convened today at 11:00 AM and the Chairman and …

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Inpex, JGC to buy Nexen shale gas stakes in Canada

November 29, 2011

(MENAFN) Japan’s Inpex Corp. and JGC Corp. plan to jointly buy a 40 percent stake in several shale gas mines in western Canada from Nexen Inc. in a USD125.6 million deal, Nikkei Shimbun …

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Jon Huntsman: Mitt Romney ‘Is In The Hip Pocket Of Wall Street’

November 29, 2011

During a New Hampshire campaign event on Monday, Republican presidential candidate Jon Huntsman had some harsh words for fellow contender Mitt Romney. As CNN reports, Huntsman said of the former Massachusetts governor , “Anyone who is in the hip pocket of Wall Street because of all the donations they are picking up, like Mr. Romney, is in these days not going to be the change agent who is going to fix the too-big-to-fail banking system.” Per MSNBC, Huntsman’s comments were delivered to an audience of about 80 people . Huntsman went even further in his attack on Romney . Presumably referring in part to endorsements that Romney has received from Senator Kelly Ayotte (R-N.H.) and Congressman Charlie Bass (R-N.H.), Huntsman said, “You should be wary of any candidate who carries the endorsements of every member of Congress, because it means they’re going to be a status quo president.” This is not first time Huntsman has gone after Romney. During a Republican presidential debate last week in Washington, D.C., the two candidates sparred over Afghanistan policy . HuffPost’s Sam Stein reports: In one of his sharper moments in Tuesday night’s debate, Jon Huntsman pressed Mitt Romney specifically over his willingness to defer to military commanders when it comes to U.S. policy in Afghanistan. “At the end of the day the President of the United States is Commander in Chief, Commander in Chief. Of course you are going to listen to the generals… but the president is Commander in Chief,” Huntsman declared, underscoring the argument that Romney was outsourcing policy to the Pentagon. To bolster his point, Huntsman pointed to the Vietnam War as an instance in which military command dictated U.S. policy too far. The invocation of Vietnam as a nadir in U.S. history may not win over the GOP crowd. But it certainly got Romney a bit piqued. “Of course the Commander in Chief makes the final decision,” he replied. “But the Commander in Chief makes that decision based upon that input of people closest to the ground.” In addition to criticizing his opponent’s ties to Wall Street, the former Utah governor announced on Monday a plan to prevent future bank bailouts. Per Bloomberg Businessweek , “Huntsman’s priorities include ending ‘too big to fail’ by setting a ‘hard cap’ on bank size based on assets as a percentage of gross domestic product.” As the Associated Press reports , “Huntsman also wants to shut mortgage giants Freddie Mac and Fannie Mae and repeal the law, known as Dodd-Frank, that overhauled the financial system.” The candidate’s plan to “end too-big-to-fail” is outlined on his official campaign website . Huntsman is quoted on the site as saying, “Capitalism without failure isn’t capitalism. We need banks that are small and simple enough to fail, not financial public utilities.” Huntsman, whom MSNBC reports is polling at 8% in New Hampshire, has been aggressively courting the state’s primary voters. He even made an appearance on a recent episode of “Saturday Night Live,” heaping praise on the Granite State during the show’s “Weekend Update.”

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New-home sales in US rise slightly in Oct

November 29, 2011

(MENAFN) US Commerce Department said that last month, sales of new homes in the country rose slightly, with the number rising to 307,000 a year, from 303,000 in the previous month, reported Khaleej …

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UK’s Rio Tinto to increase capital spending by 17% in 2012

November 29, 2011

(MENAFN) UK’s Rio Tinto’s chief executive, Tom Albanese, said that in 2012, the firm would raise capital spending by 17 percent to USD14 billion, reported Times of Oman. Albanese added that due …

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China plans to boost service trade to USD600b by 2015

November 29, 2011

(MENAFN) China’s Ministry of Commerce (MOC) said that the government planned to increase service trade to reach USD600 billion by 2015, reported Xinhua News. The ministry added that the targeted …

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NZD/USD Classical Technical Report 11.29

November 29, 2011

NZD/USD: Of all the major currency pairs, this is the first one to officially negate the October price action, with the market reversing sharply in November and taking out the critical early …

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AUD/USD Classical Technical Report 11.29

November 29, 2011

AUD/USD: The latest break and close back below parity further solidifies our core bearish outlook and now opens the door for an acceleration of declines. From here wee see risks for a complete …

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USD/CHF Classical Technical Report 11.29

November 29, 2011

USD/CHF: The previous weekly break above the critical October highs at 0.9315 is significant and now opens the door for the next major upside extension over the coming weeks back towards parity. …

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GBP/USD Classical Technical Report 11.29

November 29, 2011

GBP/USD: The latest daily close below 1.5625 further confirms our bearish outlook and should now open the door for a bearish resumption back towards the key October lows at 1.5270 over the coming …

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USD/JPY Classical Technical Report 11.29

November 29, 2011

USD/JPY:The market has managed to successfully hold above the bottom of the daily Ichimoku cloud to further strengthen our constructive outlook and we look for the formation of a inter-day higher …

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EUR/USD Classical Technical Report 11.29

November 29, 2011

EUR/USD: The market remains under some intense pressure and is now fixated on a retest of the key October lows at 1.3145. Look for any rallies to be well capped below 1.3500 on a daily close …

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EURCAD is the Better Way to Play Europe, AUDUSD Tracks the Dow

November 29, 2011

Members of the DailyFX team continue to trade the Australian Dollar as a proxy for moves in the Dow Jones and S&P 500, and a near-perfect 5-day correlation between the AUDUSD and DJIA …

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US midwest manufacturing output up by 7.3% in Oct

November 29, 2011

(MENAFN) US Federal Reserve Bank’s Chicago branch said that last month, US midwest manufacturing production grew by 7.3 percent over 2010′s same period, reported Xinhua News. The bank added that …

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US DirecTV plans to reduce 2012 spending

November 29, 2011

(MENAFN) US DirecTV’s CEO, Michael White, said that the country’s largest satellite-TV provider would reduce 2012′s spending, including hiring and programming, reported Gulf News. White added …

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S. African credit grows 5.5% in October

November 29, 2011

(MENAFN) South Africa’s Reserve Bank unveiled a growth in credit by 5.5 percent in October from a year earlier, Bloomberg reported. Reserve Bank said that credit growth by the private sector rose …

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Australia’s next fiscal year’s budget surplus at USD1.48b

November 29, 2011

(MENAFN) Australian Treasurer, Wayne Swan, said that in the next fiscal year, the government would deliver a small budget surplus of USD1.48 billion, with a decline of USD1.97 billion from earlier …

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Robert Reich: Restore the Basic Bargain

November 29, 2011

For most of the last century, the basic bargain at the heart of the American economy was that employers paid their workers enough to buy what American employers were selling. That basic bargain created a virtuous cycle of higher living standards, more jobs, and better wages. Back in 1914, Henry Ford announced he was paying workers on his Model T assembly line $5 a day — three times what the typical factory employee earned at the time. The Wall Street Journal termed his action “an economic crime.” But Ford knew it was a cunning business move. The higher wage turned Ford’s auto workers into customers who could afford to buy Model T’s. In two years Ford’s profits more than doubled. That was then. Now, Ford Motor Company is paying its new hires half what it paid new employees a few years ago. The basic bargain is over — not only at Ford but all over the American economy. New data from the Commerce Department shows employee pay is now down to the smallest share of the economy since the government began collecting wage and salary data in 1929. Meanwhile, corporate profits now constitute the largest share of the economy since 1929. 1929, by the way, was the year of the Great Crash that ushered in the Great Depression. In the years leading up to the Great Crash, most employers forgot Henry Ford’s example. The wages of most American workers remained stagnant. The gains of economic growth went mainly into corporate profits and into the pockets of the very rich. American families maintained their standard of living by going deeper into debt. In 1929 the debt bubble popped. Sound familiar? It should. The same thing happened in the years leading up to the crash of 2008. The latest data on corporate profits and wages show we haven’t learned the essential lesson of the two big economic crashes of the last 75 years: When the economy becomes too lopsided — disproportionately benefiting corporate owners and top executives rather than average workers — it tips over. In other words, we’re in trouble because the basic bargain has been broken. Yet incredibly, some politicians think the best way to restart the nation’s job engine is to make corporations even more profitable and the rich even richer — reducing corporate taxes; cutting back on regulations protecting public health, worker safety, the environment, and small investors; and slashing taxes on the very rich. These same politicians think average workers should have even less money in their pockets. They don’t want to extend the payroll tax cut or unemployment benefits. And they want to make it harder for workers to form unions. These politicians have reality upside down. Corporations don’t need more money. They have so much money right now they don’t even know what to do with all of it. They’re even buying back their own shares of stock. This is a bonanza for CEOs whose pay is tied to stock prices and it increases the wealth of other shareholders. But it doesn’t create a single new job and it doesn’t raise the wages of a single employee. Nor do the wealthiest Americans need more money. The top 1 percent is already taking in more than 20 percent of total income — the highest since the 1920s. American businesses, including small-business owners, have no incentive to create new jobs because consumers (whose spending accounts for about 70 percent of the American economy) aren’t spending enough. Consumers’ after-tax incomes dropped in the second and third quarters of the year, the first back-to-back drops since 2009. The recent small pickup in consumer spending has come out of their savings. Obviously this can’t continue, and corporations know it. Consumer savings are already at their lowest level in four years. Get it? Corporate profits are up right now largely because pay is down and companies aren’t hiring. But this is a losing game even for corporations over the long term. Without enough American consumers, their profitable days are numbered. After all, there’s a limit to how much profit they can get out of cutting American payrolls or even selling abroad. European consumers are in no mood to buy. And most Asian economies, including China, are slowing. We’re in a vicious cycle. The only way out of it is to put more money into the pockets of average Americans. That means extending the payroll tax cut. And extending unemployment benefits. Don’t stop there. Create a WPA to get the long-term unemployed back to work. And a Civilian Conservation Corp to create jobs for young people. Hire teachers for classrooms now overcrowded, and pay them enough to attract people who are talented as well as dedicated. Rebuild our pot-holed highways. Create a world-class infrastructure. Pay for this by hiking taxes on millionaires. A basic bargain was once at the heart of the American economy. It recognized that average workers are also consumers and that their paychecks keep the economy going. We can’t have a healthy economy until that bargain is restored. Robert Reich is the author of Aftershock: The Next Economy and America’s Future , now in bookstores. This post originally appeared at RobertReich.org .

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Virgin America CEO looks to make flying fun again

November 29, 2011

(MENAFN – Youm7) Virgin America CEO David Cush believes flying doesn’t have to be painful. He remembers when boarding a plane was exciting and wants to bring back that joy. That is why every job …

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Kenya Airways Jan-Jun profit soars 41.3% to USD22.3m

November 29, 2011

(MENAFN) Kenya Airways said that in 2011′s first six months, the carrier’s profits surged 41.3 percent from 2010′s same period of USD15.78 million, to USD22.3 million, reported Emirates 24/7. The …

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Baobab Resources plc (LON:BAO) Receives Positive Scoping Study Results From Tete Project

November 29, 2011

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp Baobab Resources plc (LON:BAO) is an iron ore, base and precious metals explorer with a portfolio of exploration projects in Mozambique. The …

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Jennifer Mishory: The State of Young America

November 29, 2011

A young veteran too mired in debt to take out any more loans, now relying on GI Bill benefits and working his way through community college. He works as a bouncer at night to make ends meet. A couple struggling to raise a child. He works two jobs, 14.5-hour work days. She stays at home and takes care of their baby, putting off dreams of a college degree, or even building a career, because the cost of child care would eat up her wages. A young woman from an immigrant family, cleaning houses as she slowly but surely works toward her dream of working in the biomedical field. These are the faces of a generation . It’s become common to hear the prediction that this cohort of young adults will be the first to be worse off than their parents. Several months ago, Young Invincibles and Demos set out on a bold project to discover whether that dire prediction could in fact become reality. We dug through the most recent data, commissioned a groundbreaking poll of 18- to 34-year-olds on economic policy issues, and struck out across the country to talk to Millennials face to face. The results of this search are included in the State of a Young America , a report that captures the research, polling, and personal accounts to tell a story of frustration and struggle in the face of downward mobility, but ultimately, a story of a generation that still believes the American Dream is out there for them, and that through education and hard work, they can find it. Yet the data certainly paint a stark picture. The Recession has been a devastating new low, but it is unfortunately a continuation of longer-term trends that have the potential to make this generation of young adults the lost generation. Wages have been falling for decades, especially among young men. Youth unemployment is nearly twice the national average. More young people enroll in college, but a smaller percentage graduate. About two thirds of those college enrollees take on debt — and often significant amounts. It’s no wonder that about half of 18- to 34-year-olds expect to be worse off than their parents. But statistics only tell part of the story. It was important to understand how the economic conditions affected Millennials’ everyday lives and their decisions about their future. So we asked them. Unsurprisingly, both our youth roundtables and polling found that the longer-term trends and the harsh Recession have had a major impact on young people. An astonishing number of young adults struggle with significant student and personal debt. They take part-time jobs below their skill level. A significant number are delaying marriage (25 percent), having kids (30 percent), buying a home (46 percent), and pursuing college or training (38 percent) as they try and wait out the economic downturn. At the same time, the poll also found considerable reason for hope about this generation and its potential. Across the board, young people value hard work and family. They recognize the importance of getting an education in this rapidly changing economy, and many dream to one day start a business of their own. And they still, overwhelmingly and despite present economic conditions, believe in the American Dream. Unsurprisingly, Millennials also believe that changes are needed to give everyone a fair shot at the middle class. They know that pursuing a higher education should not put students into a lifetime of debt. And raising a family should not be the equivalent of a lifetime of economic struggle. This month, members of Young Invincibles joined partners , as well as Senators Cardin and Wyden, for a Jobs for Young America Day on the Hill, to remind our leaders that they, too, need to do their part to put our generation back to work and back on track. If the Occupy Wall Street movement tells us anything, it’s that young people understand that there is a better way of doing things out there, and that there can be a better future than there is at present. Indeed, it’s up to all of us to make sure that we get there.

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