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Latest Articles: Business/Finance
Canadian corporate giant falls prey to NY money men
Post Date: 2012-05-18 04:16:09 by Tatarewicz
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The six-month battle between Bill Ackman’s New-York based hedge fund Pershing Square and Canadian Pacific Railway, one of the country’s oldest companies, is complete -- with the hedge fund successfully forcing CEO Fred Green to resign and overhauling its board. The announcement came just hours before Thursday's proxy vote in Calgary, which was expected to result in a new slate of board members. Joining Green in exit is high-profile chairman John Cleghorn and four other board members. Poster Comment:With 14% holding of CP shares along with persuasive convincing of Canadian pension funds the New York hedge fund was able to instal a new board and management at the annual meting ...
Greece Reflects Growing Economic Turmoil
Post Date: 2012-05-18 04:11:43 by Stephen Lendman
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Greece Reflects Growing Economic Turmoil by Stephen Lendman Straightjacket Eurozone rules trap 17 dissimilar countries. Greece proved most vulnerable. It's cratering under imposed austerity. It's the epicenter of Europe's deepening economic crisis. Fed up Greeks want change. May 6 parliamentary elections favored anti-austerity candidates. Coalition talks failed. On June 17, new elections may or may not settle things. Round one runner-up SYRIZA (the Coalition of the Radical Left) campaigned on "tear(ing) up the barbaric accord." On Greece's NET TV, its leader Alexis Tsipras said: "We are being asked to agree to the destruction of Greek society. SYRIZA ...
We Are Watching The Greek Banking System Die Right In Front Of Our Eyes
Post Date: 2012-05-17 05:26:59 by Tatarewicz
2 Comments
Money is being pulled out of Greek banks at an alarming rate, and if something dramatic is not done quickly Greek banks are going to start dropping like flies. As I detailed yesterday, people do not want to be stuck with euros in Greek banks when Greece leaves the euro and converts back to the drachma. The fear is that all existing euros in Greek banks would be converted over to drachmas which would then rapidly lose value after the transition. So right now euros are being pulled out of Greek banks at a staggering pace. According to MSNBC, Greeks withdrew $894 million from Greek banks on Monday alone and a similar amount was withdrawn on Tuesday. But this is just an acceleration of a ...
Several brokerages stop taking Facebook IPO orders
Post Date: 2012-05-17 01:51:35 by Tatarewicz
8 Comments
NEW YORK, May 16, 2012 (Reuters) — NEW YORK, May 16 (Reuters) - TD Ameritrade and Fidelity's brokerage arm both stopped accepting orders of Facebook shares as of Tuesday evening, according to representatives. The Facebook profile of founder Mark Zuckerberg on a mobile phone is seen in this photo illustration taken in Lavigny May 16, 2012. Facebook Inc increased the size of its initial public offering by almost 25 percent, and could raise as much as $16 billion as strong investor demand for a share of the No.1 social network trumps debate about its long-term potential to make money. Facebook, founded eight years ago by Mark Zuckerberg in a Harvard dorm room, said on Wednesday it ...
Hong Kong agency promotes offshore RMB business in Tokyo
Post Date: 2012-05-16 07:29:00 by Tatarewicz
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TOKYO - The Hong Kong Monetary Authority (HKMA) and the Hong Kong Trade Development Council organized a seminar on promoting offshore renminbi (RMB) business in Tokyo on Tuesday. Norman Chan, chief executive of the HKMA, said that the growing trade links between China and Japan presented a strong business case for the use of renminbi, or the yuan, in enhancing the efficiency of these activities. In recent years, China is playing an increasingly important role in intra-regional trade in Asia. It is Japan's largest trading partner now. In 2011, Japan's exports to China accounted for one-fifth of Japan's total exports while over 20 percent of Japan's imports were from China, ...
Expect lower commodity prices - BHP
Post Date: 2012-05-16 06:52:52 by Tatarewicz
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SYDNEY, May 16, 2012 (Reuters) — BHP Billiton , the world's biggest miner, said on Wednesday commodity markets are cooling and are expected to moderate further. Chairman Jacques Nasser also said that Australia, where BHP has the bulk of its iron ore and coal operations, was becoming one of the higher costs countries in the world to do business. "The tail winds of high commodity prices have contributed to record growth in the sector and the country. Now we have a period where those tail winds are moderating and we expect further easing over time," Nasser said in a speech to a business lunch in Sydney. (Reporting by James Regan; Editing by Ed D
PetroChina to develop Canadian LNG project
Post Date: 2012-05-16 06:08:14 by Tatarewicz
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BEIJING - PetroChina Company Limited announced Wednesday that it will cooperate with Shell Canada Ltd, Korea Gas Corporation and Mitsubishi Corporation to jointly develop a proposed liquefied natural gas (LNG) project near Kitimat, British Columbia, Canada. Shell will hold a 40-percent working interest in the project, while the other three companies will each take a 20-percent share, according to a news release by PetroChina. The proposed LNG Canada project will include the design, construction and operation of a gas liquefication plant, and facilities for the storage and export of LNG, said the news release. The first phase of the project consists of two LNG processing units, each ...
America - from producing to speculating
Post Date: 2012-05-15 07:29:02 by Tatarewicz
3 Comments
As you know, when it comes to investing or politics, the humble masses are our North Star...our guiding light. We can depend on them to be almost always wrong. They fall for jingoes and jackasses every time. “Stocks for the long run,” was a popular appeal back at the end of the ’90s...just before the stock market produced its worst returns in 60 years. “The War on Terror” was another popular flimflam; it helped separate the public from $4 trillion or so of its money. And don’t forget “Change,” from the man who changed nothing. We had given up on stocks. They were too expensive. Besides, as we put it, the stock market had never completed its ...
Norway Bank tells customer: We don’t take cash anymore
Post Date: 2012-05-14 06:17:43 by Tatarewicz
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A returning Norwegian traveller wanting to pay cash into his account thought bank staff were pulling his leg when they told him they no longer accept bank notes. Last week, Bjart Berge headed to his local Nordea branch in Stavanger city centre to deposit his remaining dollars after returning from a trip to the United States, only to be told the bank no longer handles cash of any kind over the counter, newspaper Bergens Tidende reports. ”I thought it was an April Fool’s joke; I couldn’t believe it was true,” Berge told the newspaper. The Stavanger branch stopped taking cash on May 1st, bringing it in line with company policy. Of Nordea’s 98 branches in ...
Higher Education and the Stratified Society
Post Date: 2012-05-12 08:49:11 by Ada
2 Comments
In a recent column, Paul Krugman called for more federal aid to college students because students are finding it hard to pay tuition. At the same time, he bemoaned the fact that many college graduates today cannot find jobs at all: You’ve probably heard lots about how workers with college degrees are faring better in this slump than those with only a high school education, which is true. But the story is far less encouraging if you focus not on middle-aged Americans with degrees but on recent graduates. Unemployment among recent graduates has soared; so has part-time work, presumably reflecting the inability of graduates to find full-time jobs. Perhaps most telling, earnings have ...
US Millionaires Told Go Away as Tax Evasion Rule Looms (Bloomberg)
Post Date: 2012-05-12 05:20:10 by Tatarewicz
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US Millionaires Told Go Away as Tax Evasion Rule Looms (Bloomberg) That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business. Renato de Guzman, chief executive officer of Bank of Singapore Ltd., said in industry meetings of private bankers he attends in Singapore, not accepting US clients is “quite a prevailing sentiment”. “I don’t ...
The Emperor Is Naked: David Stockman
Post Date: 2012-05-11 11:38:17 by Ada
8 Comments
A "paralyzed" Federal Reserve Bank, in its "final days," held hostage by Wall Street "robots" trading in markets that are "artificially medicated" are just a few of the bleak observations shared by David Stockman, former Republican U.S. Congressman and director of the Office of Management and Budget. He is also a founding partner of Heartland Industrial Partners and the author of The Triumph of Politics: Why Reagan's Revolution Failed and the soon-to-be released The Great Deformation: How Crony Capitalism Corrupts Free Markets and Democracy. The Gold Report caught up with Stockman for this exclusive interview at the recent Recovery Reality Check ...
Time to sell oil stocks
Post Date: 2012-05-10 07:05:51 by Tatarewicz
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What's Killing the Price of Oil 1. Inventory Jumps to 23-Year Highs Last week the American Petroleum Institute said domestic crude stocks jumped to 7.8 million barrels — nearly four times the expected 2 million barrel increase. For the record, oil was trading at $12 a barrel 23 years ago. 2. The Saudi’s Whine, "Too Much Oil!" Reuters has reported: “Saudi Oil Minister Ali al-Naimi said in Tokyo on Wednesday there is a surplus of oil in the market. Top oil exporter Saudi Arabia is pumping around 10 million barrels per day (bpd) and is storing 80 million barrels to meet any sudden disruption in supplies, Naimi said on Tuesday.” 3. Department of Energy ...
Fed approves Chinese bank purchase of US bank
Post Date: 2012-05-10 05:53:53 by Tatarewicz
5 Comments
WASHINGTON (AP) — The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States. The Fed board announced Wednesday it was approving the application of the Industrial and Commerce Bank of China Limited, China's largest bank, and two other Chinese firms to purchase The Bank of East Asia U.S.A., located in New York City. The Fed also approved an application by the Bank of China to set up a branch in Chicago and an application by the Agricultural Bank of China Limited to establish a branch in New York City. All three applications were ...
General Motors is becoming China Motors
Post Date: 2012-05-09 09:18:02 by CadetD
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Click for Full Text!Poster Comment:
US Austerity in the Face of a 'Fiscal Cliff'
Post Date: 2012-05-09 08:47:15 by Ada
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The financial news yesterday was dominated by alarming reports from Europe. “Backlash,” said The Financial Times…referring to an “anti-austerity wave” that washed over Europe in weekend voting. If the FT doesn’t mind mixing metaphors, we don’t either. But our metaphors are a bit different. What has happened is not a backlash but a wake-up call. It comes as voters realize that the placebo medicine – phony, half-hearted austerity measures peddled by the Euro elite – don’t work. They want an elixir with more of a kick to it. That’s why the leftists are gaining so much ground. In Greece, support for leftwing parties has trebled since ...
Ron Paul Is Hosting A Hearing On Ending The Federal Reserve Right Now
Post Date: 2012-05-08 10:55:03 by Ada
3 Comments
Texas Congressman Ron Paul will once again face off against his central bank nemesis this morning, during a Congressional hearing on monetary policy and the Federal Reserve. The hyped-up hearing is titled "The Federal Reserve System: Mend It Or End It?," and will be hosted by the House Finance Committee's Domestic Monetary Policy and Technology Subcommittee, which oversees the Federal Reserve and which, incidentally, is chaired by Ron Paul. The hearing will feature testimony from several economists and lawmakers, all of whom have some problem with the central bank. No one who works for the Fed is scheduled to testify. The subcommittee will also consider several bills, ...
Seven Signs You're Getting Bad Financial Advice
Post Date: 2012-05-08 07:11:16 by Tatarewicz
3 Comments
During the height of the financial crisis, a study compiled by Prince & Associates showed that 81 percent of investors with $1 million or more planned to take money away from their adviser. This study illustrated that the enormous loss of wealth during the "Great Recession" gave investors a peek into the poor quality of advice they had been getting, and thus, sophisticated investors were taking their money elsewhere to put in more capable hands. Almost four years later, investors may still be wondering if they are getting good wealth-building advice or simply being sold products. I want to arm you with the top seven warning signs that you could be getting bad advice (until ...
Iran accepts yuan for crude oil
Post Date: 2012-05-08 00:21:38 by Tatarewicz
3 Comments
(Financial Times) -- Iran is accepting renminbi for some of the crude oil it supplies to China, industry executives in Beijing and Kuwait and Dubai-based bankers said, partly as a consequence of US sanctions aimed at limiting Tehran's nuclear programme. Tehran is spending the currency, which is not freely convertible, on goods and services imported from China. Most of the oil that goes from Iran to China is handled by the Unipec trading arm of Sinopec, China's second-largest oil company, and through another trading company called Zhuhai Zhenrong, the oil industry executives said. The trade is worth as much as $20bn-$30bn annually according to industry estimates, but a share of it ...
Charlie Munger: Gold Is For Holocaust-Era Jewish Families To Sew Into Their Garments; Civilized People Don't Buy Gold
Post Date: 2012-05-05 15:25:28 by Jethro Tull
4 Comments
Charlie Munger: Gold Is For Holocaust-Era Jewish Families To Sew Into Their Garments; Civilized People Don't Buy Gold Submitted by Tyler Durden on 05/04/2012 21:20 -0400Charlie Munger While Becky Quick's CNBC interview with the Charlie Munger has a little for everyone to love and hate (from Keynesian-doctrine to easy-living-Greeks and Bad-trading-robots), Buffett's right-hand was particularly eloquent in his views (at around 9:08) on Einhorn's distrust of the Fed and buying Gold: "gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939 but civilized people don't buy gold - they invest in productive businesses." End ...
Credit Cards, An Endangered Species
Post Date: 2012-05-05 05:19:15 by Tatarewicz
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Previously, mobile phones have helped us satisfy our need to communicate. Now, however, they are beginning to satisfy the need to engage in commerce by providing a convenient means of exchange. Smartphones are becoming a tool to accomplish what has previously required the use of cash, checks or credit cards. Unlike a piece of plastic with a magnetic stripe, a payment system based on an intelligent, networked device has the advantage of providing real-time feedback on account and payment information. Combine these advantages with the fact that most of us are carrying a mobile device anyway, and a virtual wallet could eventually make credit cards as uncommon for retail transactions as ...
Will foreigners stabilize US housing?
Post Date: 2012-05-05 04:21:03 by Tatarewicz
1 Comments
One cannot overestimate the importance of that hotel bar,” says veteran journalist Mort Rosenblum in his handbook for foreign correspondents, Little Bunch of Madmen: Elements of Global Reporting. The basic idea is that local intelligence has a remarkable tendency to collect in little pools in hotel bars where travelers and locals mix. You can learn a lot on a bar stool talking to a local or even chatting with another traveler just blowing through who you might not get otherwise. I was sitting in one in São Paulo, waiting for my long overnight flight back to New York. It was crowded, as everything in São Paulo seems to be. I ordered another Caipirinha, and this Brazilian ...
Bernanke's Pet Peeve: The Gold Standard
Post Date: 2012-05-03 18:52:29 by farmfriend
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Bernanke's Pet Peeve: The Gold Standard by Gary North Tea Party Economist Ben Bernanke journeyed across town to give a 4-part seminar to 30 undergraduates at George Washington University. This was clearly a public relations stunt. Why would the head of the world's most powerful central bank lecture to 30 undergraduates? This was not quite the equivalent of George W. Bush reading "My Pet Goat" to third graders, but it was close. Think of it as "My Pet Peeve." His first speech was an overview of central banking. He used PowerPoint to create slides. The presentation had 49 slides. Any experienced lecture listener, had he known of this in advance, would have ...
A Taste of Realism
Post Date: 2012-05-02 08:36:26 by Ada
1 Comments
I wonder what purpose the public schools serve, other than to warehouse children while their parents work or watch television. They certainly don’t teach much, as survey after survey shows. Is there any particular reason for having them? Apart from their baby-sitting function, I mean. Schooling, sez me, should be adapted to the needs and capacities of those being schooled. For unintelligent children, the study of anything beyond minimal reading is a waste of time, since they will learn little or nothing more. For the intelligent, a public schooling is equivalent to tying an anchor to a student swimmer. The schools are an impediment to learning, a torture of the bright, and a form of ...
Old $50 bill found real, but not before bearer arrested
Post Date: 2012-05-01 23:08:33 by farmfriend
9 Comments
Old $50 bill found real, but not before bearer arrested Tuesday, May 1, 2012 By DAVID MELSON ~ dmelson@t-g.com What officers thought was a counterfeit $50 bill turned out to be an old, legitimate bill, but the truth wasn't discovered until a man was mistakenly charged and jailed Friday. A clerk at Quik Mart, South Cannon Boulevard, notified police after the marker used to detect counterfeit bills didn't check as real. "The front side of the bill was off center and it didn't feel like a normal bill, it did look to be counterfeit," officer Brock Horner said in his report. Truth discovered After Lorenzo Gaspar was jailed, Horner showed the bill to Sgt. Bill Logue, ...
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