STOCK MARKET WATCH, Tuesday, May 3, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, May 3, 2011

AT THE CLOSING BELL ON May 2, 2011

Dow 12,807.36 -3.18 (-0.02%)
Nasdaq 2,864.08 -9.46 (-0.33%)
S&P 500 1,361.22 -2.39 (-0.18%)
10-Yr Bond... 3.28 -.00 (-0.12%)
30-Year Bond 4.38 -.00 (-0.07%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's Reports

May 03 10:00 Factory Orders Mar 2.5% 1.8% -0.1%
May 03 15:00 Auto Sales May NA NA 4.75M
May 03 15:00 Truck Sales May NA NA 5.19

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1LHmazxYZ

[Pale Blue Dot]

2. Oil below $113 as traders eye dollar, bin Laden

SINGAPORE – Oil prices fell to below $113 a barrel Tuesday in Asia as a stronger U.S. dollar made crude more expensive for investors with other currencies.

Benchmark crude for June delivery was down 57 cents at $112.95 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 41 cents to settle at $113.52 on Monday.

In London, Brent crude for June delivery was down 50 cents to $124.62 a barrel on the ICE Futures exchange.

Crude has jumped 34 percent since mid-February, a rally fueled by disruption of oil supplies in Libya and a weaker dollar. On days when the dollar strengthens, commodities such as oil tend to fall.

http://news.yahoo.com/s/ap/oil_prices

[Fuddnik]

29. Gas jumped 10 cents overnight here.

From $3.79 to $3.89.

[xchrom]

32. Brent oil dips below $124 as dollar rises

http://www.reuters.com/article/2011/05/03/us-markets-oil-idUSTRE72D01W20110503

(Reuters) - Brent crude oil dipped below $124 a barrel on Tuesday as the dollar rose from a three-year low and traders weighed the impact on the market of al Qaeda leader Osama bin Laden's death.

The dollar index .DXY, which tracks the dollar against a basket of major currencies, was up 0.39 percent but still not far from a near three-year low. <USD/>

"Prices are still down, and that's probably because the dollar strengthening is weighing on prices," said Serene Lim, a commodities analyst with ANZ Bank in Singapore.

Brent crude for June was down $1.45 to $123.67 a barrel by 1155 GMT, extended a fall on Monday after U.S. forces killed bin Laden in Pakistan. U.S. crude lost $1.09 to $112.43. Brent had earlier dipped to $123.51.

[xchrom]

52. Oil futures slip with other commodities

http://www.marketwatch.com/story/oil-futures-slip-in-asian-trade-as-dollar-rises-2011-05-03

SAN FRANCISCO (MarketWatch) — Crude-oil futures dropped Tuesday alongside other commodities, including a sharp decline for silver.

Crude for June delivery /quotes/comstock/21n!f:cl\m11 CLM11 -1.27% declined $1.27, or 1.1%, to $112.24 a barrel on the New York Mercantile Exchange.

A down draft in other commodities pressured oil, notably a plunge in silver.

Some profit-taking on a day the dollar spent most of the session higher was also at work, analysts said.

[Pale Blue Dot]

3. Commodities, Stocks Fall as Dollar Gains; T-Bill Yield Drops to Record Low

Commodities fell for a second day and emerging-market stocks dropped the most in two weeks, while the dollar rallied against the euro. The 12-month Treasury yield declined to a record low and U.S. index futures slipped.

The Standard & Poor’s GSCI index of 24 commodities slid 0.8 percent at 6:25 a.m. in New York as silver decreased 3.7 percent and oil retreated 1.1 percent. The MSCI Emerging Markets Index lost 1.3 percent, led by India. The Stoxx Europe 600 Index sank 0.7 percent, and S&P 500 Index (SPX) futures fell 0.4 percent. The dollar strengthened 0.3 percent against the euro, while the yield on the U.S. 12-month bill slipped to 0.173 percent. The pound depreciated against all 16 of its major peers.

Investors are paring risk as they assess the likely impact of the May 1 killing by U.S. forces of al-Qaeda leader Osama bin Laden in Pakistan. India’s central bank raised interest rates by a more-than-estimated 0.5 percentage point today after forecasting inflation will stay at an “elevated level,” while Australian policy makers kept rates on hold. An index of U.K. manufacturing by Markit Economics and the Chartered Institute of Purchasing and Supply unexpectedly fell in March.

“Concerns about potential retaliation and any sort of fallout in terms of further terrorism is one factor leading to some increase in risk aversion,” said Mitul Kotecha, the Hong Kong-based head of global foreign-exchange strategy at Credit Agricole CIB.

http://www.bloomberg.com/news/2011-05-03/asian-stocks-fall-most-in-three-weeks-on-earnings-yen-dollar-strengthen.html

[xchrom]

4. Yen, Dollar Strengthen on Stock Declines, Retaliation Concerns

http://www.businessweek.com/news/2011-05-03/yen-dollar-strengthen-on-stock-declines-retaliation-concerns.html

May 3 (Bloomberg) -- The yen and dollar rose against most major counterparts as stocks fell and concern about reprisal attacks following the death of Osama bin Laden boosted demand for the relative safety of the Japanese and U.S. currencies.

The yen reached the strongest level in over a month versus the dollar as Asia’s benchmark stock index slid to its biggest loss in three weeks. The Australian and New Zealand dollars fell as lower commodity prices damped demand for the nations’ assets. Canada’s currency strengthened as Prime Minister Stephen Harper won a return to office with a majority government. The pound dropped as an index of U.K. manufacturing growth fell.

“Yesterday there was some hope that risk momentum would improve after the U.S. captured and killed bin Laden, and the U.S. equity market reaction was a bit disappointing,” said Stephan Maier, a foreign-exchange strategist at Unicredit SpA in Milan. “In foreign exchange, we are a bit risk-off.”

The yen rose 0.6 percent to 119.68 per euro as of 6:27 a.m. in New York. Japan’s currency gained 0.3 percent to 81.01 per dollar after climbing to 80.98, the strongest since March 25. The greenback gained 0.3 percent versus the European common currency at $1.4780 per euro.

[xchrom]

14. Stock futures signal lower open for equities

http://www.reuters.com/article/2011/05/03/us-markets-stocks-idUSTRE74120Z20110503

Reuters) - Stock index futures pointed to a lower open on Wall Street on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 all down 0.3 percent.

ICSC/Goldman Sachs will release at 1145 GMT chain store sales for the week ended April 30 versus the prior week. In the previous week, sales rose 0.4 percent.

Dutch-listed property group ProLogis European Properties (PEPR.AS) rejected on Tuesday a takeover offer from U.S. group ProLogis (PLD.N) as inadequate, saying it did not represent the firm's full value.

Redbook releases at 1255 GMT its Retail Sales Index of department and chain store sales for April versus March. In the prior period, sales were up 1.2 percent.

[xchrom]

22. Commodities to fall in short term on bin Laden's death: S&P

http://www.arabianbusiness.com/commodities-fall-in-short-term-on-bin-laden-s-death-s-p--397561.html

Crude oil and other commodities may decline in the short term as a result of the death of Osama bin Laden, Standard & Poor’s said Tuesday.

"Osama’s death will strengthen the dollar and boost US stock markets, reducing the perceived risk of investments such as commodities and therefore push down commodity and oil prices,” Howard Silverblatt, a senior index analyst at the New York-based ratings company, said in an e-mail today.

The greenback traded at $1.4805 per euro from $1.4830 in New York on Monday. A stronger dollar increases the appeal of commodities as an inflation hedge.

[xchrom]

30. Dollar clambers off 33-month low, stocks fall

http://www.reuters.com/article/2011/05/03/us-markets-global-idUSTRE71H0EB20110503

(Reuters) - World stocks fell on Tuesday as investors pocketed gains after a five-session winning run, while the dollar edged off a 33-month low, sending crude and copper prices lower.

Equities have been buoyed by robust company earnings in the United States and Europe though high commodity prices, driven by ultra-loose U.S. monetary policy and turmoil in oil-producing Middle East and North Africa, could threaten company margins.

World stocks measured by the MSCI All-Country World Index

shed 0.6 percent after five sessions of gains, and the emerging share index lost 1.2 percent to a two-week low.

The MSCI world gauge gained 3.9 percent last month, and is up 7.5 percent this year.

[Demeter]

49. "Clambers Off?"

Are they outsourcing the headlines to Japan, maybe?

[xchrom]

5. europe: U.K. Manufacturing Index Dropped to Seven-Month Low in April

http://www.businessweek.com/news/2011-05-03/u-k-manufacturing-index-dropped-to-seven-month-low-in-april.html

(Updates with comment from CIPS official in fourth paragraph, pound in fifth, economist’s comment in last paragraph.)

May 3 (Bloomberg) -- A U.K. manufacturing index fell to a seven-month low in April amid declining consumer confidence and falling construction orders.

The gauge based on a survey by Markit Economics and the Chartered Institute of Purchasing and Supply fell to 54.6 from a revised 56.7 in March, according to a report published in London today. The median forecast of 19 economists in a Bloomberg News survey was for a decline to 57 from a previous March reading of 57.1. A measure above 50 indicates expansion.

The recovery in manufacturing may be losing momentum as the biggest fiscal squeeze since World War II takes hold, countering the benefit to exporters from a weaker pound. Policy makers will probably keep the key interest rate at a record low of 0.5 percent this week to support the recovery, according to 42 of 43 economists in a Bloomberg News survey.

“Export orders continue to grow at a very healthy rate but domestic demand is suffering as a result of falling consumer confidence and spending,” David Noble, chief executive officer at CIPS, said in an e-mailed statement. “The outlook for U.K. manufacturing is definitely bleaker than it was at the start of the year.”

[xchrom]

6. Banks Said to Be Quizzed by European Union Over Libor Rates

http://www.businessweek.com/news/2011-05-03/banks-said-to-be-quizzed-by-european-union-over-libor-rates.html

Updates with comment from analyst in fourth paragraph.)

May 3 (Bloomberg) -- European antitrust regulators, who last week opened probes into 16 banks over credit derivatives, are also examining whether lenders manipulated the daily London interbank offered rate, according to two people familiar with the investigation.

The European Commission sought information from banks last month on how rates are calculated, said the people who declined to be identified because the discussions are private.

The EU probe into Libor adds to U.K. and U.S. financial regulators’ inquiries into the possible breach of rules governing the benchmark borrowing rate. Barclays Plc, the U.K.’s third-largest bank by assets, said last week that it was cooperating with U.S. and British regulators on their Libor investigations.

“This case will be difficult to prove -- and the construction of Libor is such that it is difficult to manipulate as extreme pricing is smoothed out of the calculation,” said Simon Maughan, co-head of European equities at MF Global Ltd. in London.

[xchrom]

7. European Stocks Snap Eight-Day Winning Streak; Carmakers Drop

http://www.businessweek.com/news/2011-05-03/european-stocks-snap-eight-day-winning-streak-carmakers-drop.html

May 3 (Bloomberg) -- European stocks declined, snapping the longest winning streak in 10 months for the Stoxx Europe 600 Index, as carmakers retreated. U.S. index futures and Asian shares dropped.

Volkswagen AG led a gauge of auto companies lower as a report stoked speculation that Germany may raise taxes on company cars. BHP Billiton Ltd. led mining companies lower as copper declined in London. Hannover Re slid 2.8 percent after the world’s third-biggest reinsurer cut its profit forecast. Man Group Plc led advancing shares after starting a fund in Japan.

The Stoxx 600 fell 0.7 percent to 281.98 at 11:24 a.m. in London after eight days of gains pushed the measure to a two- month high. The gauge in April had the biggest monthly increase so far this year as companies reported earnings that topped analyst estimates and the Federal Reserve maintained its pledge to keep interest rates low for an “extended period.”

“There has been a lot of speculation that a new tax on business cars in Germany may be introduced,” said Ioan Smith, a London-based director at Knight Capital Europe Ltd. “An article came out last week on the topic but more people are trading on the news today. It just goes to how priced-to-perfection some of these stocks are so people are happy take some profits.

[xchrom]

9. France Telecom Reviews European Assets as Growth Slows

http://www.businessweek.com/news/2011-05-03/france-telecom-reviews-european-assets-as-growth-slows.html

Adds European operations in second paragraph.)

May 3 (Bloomberg) -- France Telecom SA may sell some of its smaller European operations as growth slows on the continent, its chief financial officer said today.

France’s biggest phone company is reviewing its European portfolio, Gervais Pellissier said on a conference call with reporters. Aside from France, Poland and Spain, “all the other countries are involved in this review,” which will examine opportunities for consolidation as well as possible sales of operations, he said.

Chief Executive Officer Stephane Richard is weighing the future of businesses in countries including Austria, Belgium, and Romania as growth in Africa and the Middle East roars ahead. The Paris-based company said today that sales in its smaller European markets rose 1.2 percent in the first quarter, compared with a 5.8 percent rise in Africa and the Middle East excluding Egypt.

“It’s getting more important to go to emerging countries to find growth triggers,” Jan Goehmann, an analyst at Norddeutsche Landesbank Girozentrale in Hannover, said in a telephone interview.

[xchrom]

31. Markets on tenterhooks for ECB rate rise signal

http://www.reuters.com/article/2011/05/03/us-ecb-rates-idUSTRE74233720110503

(Reuters) - The European Central Bank will signal its readiness to raise interest rates when it meets on Thursday and may use its 'strong vigilance' code words to signal a rise as soon as June.

The Frankfurt-based bank raised euro zone rates by a quarter of a percentage point to 1.25 percent last month, ending almost two years of record-low interest rates and beginning what economists expect to be a run of increases.

Just when the next rise comes will be the key issue on Thursday, with attention focused on the wording ECB President Jean-Claude Trichet uses in the opening paragraph of his post-meeting statement.

"We think it's June," said RBS economist Nick Matthews. "If we're correct in that, we would expect President Trichet to use the wording 'strong vigilance' on Thursday to signal that."

[xchrom]

36. Deutsche Bank hit with U.S. mortgage fraud suit

http://www.marketwatch.com/story/deutsche-bank-hit-with-us-mortgage-fraud-suit-2011-05-03

LONDON (MarketWatch) -- U.S. authorities have filed a civil mortgage fraud lawsuit against Deutsche Bank AG /quotes/comstock/11e!fdbk DE:DBK -2.62% /quotes/comstock/13*!db/quotes/nls/db DB -2.56% and its subsidiary MortgageIT for "years of reckless lending practices." The complaint alleges that Deutsche Bank repeatedly lied to be included in a government program to select mortgages for insurance by the government.

[xchrom]

40. Eurozone industrial producer prices rise by 0.7% in March

http://news.xinhuanet.com/english2010/world/2011-05/03/c_13857291.htm

BRUSSELS, May 3 (Xinhua) -- Industrial producer prices in the eurozone rose by 0.7 percent in March compared with the previous month, the European Union's statistics bureau Eurostat said Tuesday.

Compared with March 2010, industrial producer prices in the 17-member bloc that uses the euro gained 6.7 percent.

In March, prices in the energy sector were up 1.9 percent from February, while prices in total industry excluding the energy sector increased 0.2 percent.

[xchrom]

8. india: Indian Stocks Retreat as Interest Rate Increase Tops Forecasts

http://www.businessweek.com/news/2011-05-03/indian-stocks-retreat-as-interest-rate-increase-tops-forecasts.html

May 3 (Bloomberg) -- Indian stocks dropped for the seventh day, making the benchmark index the world’s worst-performing major gauge, after rate increases by the central bank exceeded economists’ estimates.

State Bank of India paced losses among lenders. The Reserve Bank of India raised rates by half a percentage point, more than analysts’ forecast, and predicted inflation to remain at about 9 percent until September because of higher oil costs. Mahindra & Mahindra Ltd., India’s largest maker of tractors and sport- utility vehicles, declined the most in three months. Jaiprakash Associates Ltd., a builder of dams, roads and bridges sank 8.7 percent.

[xchrom]

24. RBI Guv has Dalal Street bulls running for cover

http://www.moneycontrol.com/news/local-markets/rbi-guv-has-dalal-street-bulls-running-for-cover_540114.html#

Stock prices crashed Tuesday, as bulls paid dearly for taking RBI governor Duvvuri Subba Rao’s conservative style for granted. The central bank on Tuesday hiked key signalling rates—the rates at which RBI borrows from and lends to banks--by 50 basis points each, instead of 25 basis points as was widely expected of it.

Bank shares were the worst hit as the RBI move to raise savings deposit rate will make funds costlier for lenders, coming at a time when already there are fears of credit growth slackening due to high interest rates. The broking arm of StanChart expects current year earnings of banks to decline 12-20% over last year

The 30-share BSE Sensex shed 474.63 points or 2.5% to close at 18526.39, and the 50-share Nifty closed at 5565.25, down 136.05 points or 2.5%.

Apart from banks, auto and realty shares also fell sharply because of their sensitivity to interest rates. The BSE sectoral indices for banks, auto and realty, tumbled over 3% each.

[xchrom]

25. Fortnightly outlook for commodities: Nirmal Bang

http://www.moneycontrol.com/news/commodities/fortnightly-outlook-for-commodities-nirmal-bang_540146.html

Most international commodities were greatly affected by the series of rate hikes by central banks across the globe. High inflation, spurred by commodity and energy prices, prompted the euro zone’s central bank to lift interest rates for the first time since the financial crisis of 2008. Another rise is expected by July.

China, once again raised its RRR rates in the previous fortnight to curb excess liquidity from the markets as inflation continues to rise and we should be prepared for more such moves in the near future. Precious metal prices reached their all-time highs, while industrial metal prices were seen under pressure and crude oil prices almost ended up higher owing to supply concerns, in the previous fortnight.

Precious metals

Precious metal prices continue to rise higher, extending the gains seen in the precious month. Silver, in particular, was an outperformer and traded above the $ 48.50/ounce mark on the Comex to reach a 31-year high and above Rs 72,000/kg on the MCX, reaching an all-time high on the Indian exchanges, providing investors with over 30% returns in one month.

Gold prices also reached their all-time highs with prices trading above $ 1,510/ounce on the Comex. Weakness in the US dollar versus the basket of major trading currencies built up investment interest in precious metals. Also, ongoing tensions in the middle east region prompted safe-haven buying.

[AnneD]

44. It is the .....

start of the Indian wedding season. Gold will not go down much if at all.

[xchrom]

37. Mumbai stocks tumble to lead most of Asia down

http://www.marketwatch.com/story/mumbai-stocks-tumble-to-lead-most-of-asia-down-2011-05-03?dist=markets

HONG KONG (MarketWatch) –- Indian shares declined to lead most Asian markets lower Tuesday after the country’s central bank raised interest rates more sharply than many had expected.

Mainland Chinese stocks defied the trend to edge higher after a three-day weekend as monetary-tightening measures anticipated during the holiday failed to materialize.

Hong Kong’s Hang Seng Index /quotes/comstock/08s!i:hsi HK:HANGSENG -0.37% fell 0.4% to 23,633.25.

Australia’s S&P/ASX 200 /quotes/comstock/27w!i:xjo AU:XJO -0.84% dropped 0.8% to 4,784.60, South Korea’s Kospi fell 1.3% to 2,200.73 and Taiwan’s Taiex gave up 0.7% to 8,946.08.

[xchrom]

10. Osama Bin Laden and the New Ecosystem of News

http://www.businessweek.com/technology/content/may2011/tc2011052_724960.htm

As usual, when big news breaks these days—and the death of Osama bin Laden is definitely big news—plenty of people would like to give the credit to Twitter, using the fact that the news broke there first to make the mainstream press look slow and backward.While many traditional media outlets don't need help to look slow and backward, the truth is that this is no longer about Twitter vs.TV or radio or newspapers (if it ever was).It's about the reality of a new ecosystem of news, one in which the network effects of tools such as Twitter and Facebook play an extremely powerful role. It is one which can actually help the traditional media, if they will let it.

Many were eager to give Twitter credit for the first believable report about bin Laden's death, which came from Keith Urbahn—former chief of staff to Secretary of Defense Donald Rumsfeld—at 10:24 p.m.Eastern time on Sunday, before neither The New York Times nor CNN had confirmed that this was the news President Barack Obama was expected to release in his scheduled address.However, Urbahn later pointed out that the information he had posted to Twitter came from a well-connected TV news producer. Said Urbahn: "Stories about the 'death of MSM' because of my 'first' tweet are greatly exaggerated."

This is one of the best examples yet of how interconnected Twitter has become with the rest of what we think of as media. Even CNN, which initially refused to report any of the rumors that were flying through the Twittersphere—leading to considerable frustration on the part of many watching—wound up giving credit to social media when it finally confirmed that its sources were reporting bin Laden was dead.In addition to Twitter, some said they first heard about bin Laden's demise through Facebook, which was also awash in status updates about the news.

[Demeter]

53. Our Bread and Circuses--Throw Osama to the Seals

except they forgot to shoot any footage for the nightly snooze...

I'd be more concerned, not less, about terrorism now. And if I REALLY wanted to put an end to it, I'd support the people of Tunisia, Egypt, Bahrain, etc. in throwing out their oppressors and instituting real democracy.

But of course, the Corporate Overlords don't see any profit in that. They thrive on strife and chaos. The vicious way they attack each other and anyone who stands in their way proves that they really like terrorism--it's such a great marketing tool.

[Festivito]

11. Debt: 04/29/2011 14,287,630,052,323.10 (UP 5,031,954,782.37) (Fri, UP a lot.)

(BACK UNDER the old debt limit of 14.294-trillion dollars by 6-billion dollars. Good day.)
Osama, Usama, whatever, he's in the big never-mind.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,654,950,165,830.41 + 4,632,679,886,492.71
UP 13,870,888,452.00 + DOWN 8,838,933,669.63

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,206.18 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,897,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,808.69.
A family of three owes $137,426.08. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 3,423,135,935.00.
The average for the last 30 days would be 2,396,195,154.50.
The average for the last 31 days would be 2,318,898,536.61.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 144 reports in 211 days of FY2011 averaging 5.04B$ per report, 3.44B$/day.
Above line should be okay

PROJECTION:
There are 632 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
04/29/2011 14,287,630,052,323.12 BHO (UP 3,660,753,003,410.04 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,726,007,021,431.40 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,255,888,923,329.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/08/2011 +000,001,314,747.36 ------------******
04/11/2011 +000,390,366,211.15 ------------******** Mon
04/13/2011 +000,216,450,469.86 ------------********
04/14/2011 +004,827,508,513.07 ------------*********
04/15/2011 +021,566,615,397.70 ------------**********
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********
04/25/2011 +000,297,069,525.13 ------------******** Mon
04/26/2011 +000,207,526,568.97 ------------********
04/27/2011 -002,332,483,455.54 --
04/28/2011 -007,710,203,842.40 --
04/29/2011 +013,870,888,452.00 ------------**********

2,749,706,468.54 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4835361&mesg_id=4836594

[Festivito]

60. Debt: 05/02/2011 14,320,649,656,092.60 (UP 33,019,603,769.48) (Mon, UP a lot.)

(OVER the old debt limit of 14.294-trillion dollars by 27-billion dollars. Good day.)
Silk, oats and no returned call.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,698,020,425,418.20 + 4,622,629,230,674.40
UP 43,070,259,587.79 + DOWN 10,050,655,818.31

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,205.96 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,919,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,911.38.
A family of three owes $137,734.14. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 31 days.
The average for the last 20 reports is 3,473,756,989.21.
The average for the last 30 days would be 2,315,837,992.81.
The average for the last 31 days would be 2,241,133,541.43.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 145 reports in 214 days of FY2011 averaging 5.23B$ per report, 3.55B$/day.
Above line should be okay

PROJECTION:
There are 629 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/02/2011 14,320,649,656,092.60 BHO (UP 3,693,772,607,179.52 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,759,026,625,200.90 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,294,601,486,908.08 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/11/2011 +000,390,366,211.15 ------------******** Mon
04/13/2011 +000,216,450,469.86 ------------********
04/14/2011 +004,827,508,513.07 ------------*********
04/15/2011 +021,566,615,397.70 ------------**********
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********
04/25/2011 +000,297,069,525.13 ------------******** Mon
04/26/2011 +000,207,526,568.97 ------------********
04/27/2011 -002,332,483,455.54 --
04/28/2011 -007,710,203,842.40 --
04/29/2011 +013,870,888,452.00 ------------**********
05/02/2011 +043,070,259,587.79 ------------********** Mon

45,818,651,308.97 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4836843&mesg_id=4836860

[xchrom]

12. Yahoo Gains After Greenlight Acquires Stake, Citing Alibaba (3)

http://www.businessweek.com/news/2011-05-02/yahoo-gains-after-greenlight-acquires-stake-citing-alibaba-3-.html

(Updates share prices in second paragraph.)

May 2 (Bloomberg) -- Yahoo! Inc. shares rose after Greenlight Capital Inc. announced that it bought a stake in the Web portal, attracted by Yahoo’s investment in China-based Alibaba Group Holding Ltd.

Yahoo’s stake in Alibaba ultimately may be worth as much as the company’s entire current market value, Greenlight wrote in an April 29 letter to clients. The move helped send the shares up 44 cents to $18.14 at 4 p.m. New York time on the Nasdaq Stock Market, reaching the highest level in more than a year.

The company “has taken some increasingly shareholder- friendly steps,” Greenlight, which is run by David Einhorn, wrote in the letter. “We believe that Yahoo’s most valuable asset is its 40 percent stake in Alibaba Group’s still-private holdings.”

Greenlight also cited Yahoo’s cost-cutting measures in its decision to invest. Chief Executive Officer Carol Bartz, working to turn around the company for more than two years, has shed businesses and eliminated jobs. Yahoo backed away from competing with Google Inc.’s search business by forging a partnership with Microsoft Corp., saving money and improving cash flow.

[xchrom]

13. Nasdaq tightens vise on NYSE, but questions remain

http://www.reuters.com/article/2011/05/02/us-nasdaq-nyse-idUSTRE74161S20110502

(Reuters) - Nasdaq OMX Group and IntercontinentalExchange Inc will take their takeover bid for NYSE Euronext straight to the Big Board's shareholders as they try to corner the company into talks.

Nasdaq and ICE said on Monday that they will launch a tender offer for NYSE's shares later this month. The move comes after NYSE's board twice rejected the $11 billion unsolicited offer in favor of its existing $10.2 billion deal with Deutsche Boerse.

Nasdaq and ICE's move to go hostile could force NYSE to the negotiating table or to fight back with defensive measures if shareholders step up pressure. It could also pressure Deutsche Boerse into sweetening its deal.

But it is unlikely to be the final word in what may be a lengthy takeover battle.

[xchrom]

15. UPDATE 1-Duke Energy profits rise, top Wall St

http://www.reuters.com/article/2011/05/03/duke-idUSN0328220320110503

May 3 (Reuters) - Duke Energy (DUK.N), the utility owner that is seeking to by peer Progress Energy (PGN.N), posted higher first-quarter earnings, boosted by a gain at its Latin American business.

[tclambert]

16. What's with silver? It was at $48 last week. Now at $43.

Did anyone hear a popping sound?

[Po_d Mainiac]

18. No popping

3 margin increases in the last week by CME. The third coming in yesterday just as $47 was about to get taken out.

This is a paper play, physical had not flooded the market. The retrenchment is only back to last weeks prices.

[xchrom]

17. On Wall Street, a subdued reaction to news of Osama bin Laden's death

http://www.latimes.com/business/la-fi-wall-street-20110503,0,6149947.story


By Nathaniel Popper, Los Angeles Times

May 3, 2011
Reporting from New York—

The mood on Wall Street was something short of jubilant Monday, reflecting just how much the historic financial district has changed since that September day nearly a decade ago.

The Sept. 11, 2001, attacks were widely seen as a strike against American capitalism. The New York Stock Exchange, just a few blocks east of the World Trade Center, became a patriotic symbol of survival.

But the attacks helped accelerate the long decline of Wall Street as the physical heart of the U.S. financial system. Bond trader Cantor Fitzgerald and other major financial institutions moved to midtown Manhattan or even New Jersey after hijacked passenger planes destroyed the twin World Trade Center towers.

On Monday, a day after President Obama announced that the assault's mastermind, Osama bin Laden, had been killed in Pakistan, the atmosphere around the stock exchange was subdued. Three U.S. flags were flying in front of the iconic exchange building, in place of the enormous ads that sometimes cover the building's facade.

[xchrom]

19. middle east: Panasonic sees Middle East growth amid huge job cuts

http://www.arabianbusiness.com/panasonic-sees-middle-east-growth-amid-huge-job-cuts-397530.html

Panasonic, the world’s largest maker of plasma televisions, said it would grow its Middle East operations despite a plan to slash 17,000 jobs from its global workforce by 2013.

The company-wide restructuring will not impact Panasonic’s Middle East team, where the Japanese electronics giant plans to expand its staff numbers, a spokesperson said.

“When the drastic group-wide reorganisation is completed, Panasonic will have an optimum structure that enables the group to pursue new growth strategies,” said Anthony Peter, associate director of communications at the firm’s Middle East unit.

[xchrom]

20. Oman finally opens door to Islamic banks

http://www.arabianbusiness.com/oman-finally-opens-door-islamic-banks-397516.html

Oman will open the door to Islamic banks and also let conventional lenders run sharia-compliant operations in a bid to grab a share of the rapidly growing Islamic finance business.

A central bank official told Reuters on Tuesday that applications were open for the creation of Oman's first standalone Islamic bank, after a decree from ruler Sultan Qaboos Bin Said. "His Majesty approved the establishment of an Islamic bank and allowing the banks in the sultanate to open new branches if they wish so," a circular posted on Oman News Agency said.

Existing banks will not be allowed to switch to become Islamic banks, the official added.

Oman is the only state among the six Gulf Cooperation Council (GCC) members which until now has not set up a bank specifically offering products and services complying with Islamic law.

[xchrom]

21. Banks urged play key role in UAE real estate recovery

http://www.arabianbusiness.com/banks-urged-play-key-role-in-uae-real-estate-recovery-397428.html

Emirates NBD said on Monday that banks must play a key role in reinvigorating the UAE's real estate sector by offering better deals on home loans.

The country's biggest bank said it was time for banks to take advantage of the "huge potential for growth in home financing".

Saif Al Mansoori, deputy head, group marketing, Emirates NBD, said in a statement: "There is huge potential for growth in home financing, and we believe it is vital for banks to play an important role in re-energising this sector."

[xchrom]

23. Dubai Airports sees 7.2% passenger growth over 10 years

http://www.arabianbusiness.com/dubai-airports-sees-7-2-passenger-growth-over-10-years-397531.html

Dubai Airports, operator of what is billed as the world's largest airport when it opens in 2012, forecast on Tuesday that international passenger traffic would grow 7.2 percent on average over the next 10 years.

It also projected passenger numbers will reach 98.5 million by 2020 while cargo volumes are expected to top 4.1 million tonnes.

[xchrom]

33. Ritz-Carlton plans to double Middle East hotels by 2014

http://www.arabianbusiness.com/ritz-carlton-plans-double-middle-east-hotels-by-2014-397585.html

Luxury hotel chain Ritz-Carlton plans to increase the number of properties it operates in the Middle East to 24 by 2014, its head of worldwide operations said Tuesday.

The luxury hotelier is in talks with a number of developers for properties in Abu Dhabi and Oman and plans to use The Ritz-Carlton Riyadh as a springboard for expansion in Saudi Arabia.

“The whole idea is to double the size of the existing hotels and grow even further; be in the major cities and then go to the secondary cities,” Bob Kharazmi, global officer, worldwide operations for The Ritz-Carlton Hotel Company, told Arabian Business.

Plans for new hotels in Muscat and Saadiyat Island in Abu Dhabi are under negotiation with investors. The company is scheduled to open its third UAE property, The Ritz-Carlton Abu Dhabi, in late 2011.

[xchrom]

26. australia: Dollar softer, RBA keeps rates unchanged

http://www.news.com.au/business/breaking-news/dollar-softer-rba-keeps-rates-unchanged/story-e6frfkur-1226049312687

THE dollar finished the domestic session half a US cent weaker after the central bank kept its key interest rate steady and gave no hint of a hike any time soon.

At 5pm AEST today, the Australian dollar unit was trading at 108.87 US cents, down from 109.38 cents yesterday.
Since 7am AEST, the currency traded between 108.84 US cents and 109.54 US cents.

In the early hours of this morning, the unit reached 110.11 US cents, its highest level since the currency was floated in December 1983.

At 2.30pm AEST, the Reserve Bank of Australia (RBA) decided to keep the cash rate at 4.75 per cent at its monthly monetary policy meeting.

Read more: http://www.news.com.au/business/breaking-news/dollar-softer-rba-keeps-rates-unchanged/story-e6frfkur-1226049312687#ixzz1LIAdW01d

[xchrom]

27. Shares close in negative territory

http://www.news.com.au/breaking-news/shares-close-in-negative-territory/story-e6frfku0-1226049255516

HE share market closed in negative territory on broad-based losses as the impact of the strong local currency on forthcoming corporate earnings results weighed on investors.

At 4.13pm AEST, the benchmark S&P/ASX200 index was 40.7 points, or 0.84 per cent, down at 4784.6, while the broader All Ordinaries index was 41.5 points, or 0.85 per cent, weaker at 4854.7.

Read more: http://www.news.com.au/breaking-news/shares-close-in-negative-territory/story-e6frfku0-1226049255516#ixzz1LIBEpBC3

[xchrom]

28. Share ownership on the rise - ASX study

http://www.news.com.au/business/breaking-news/share-ownership-on-the-rise-asx-study/story-e6frfkur-1226049204557

HE number of Australians who own shares has risen in the past two years, as has those with direct ownership, and many intend to buy more shares.

Research commissioned by the Australian Securities Exchange shows about 7.3 million Australian adults owned shares as of the end of 2010, or 43 per cent of the population.

That is up from 41 per cent in 2008, when the study was last conducted.

Read more: http://www.news.com.au/business/breaking-news/share-ownership-on-the-rise-asx-study/story-e6frfkur-1226049204557#ixzz1LIC5Ic54

[xchrom]

38. Sydney vies for financial-hub crown at Barangaroo

http://www.marketwatch.com/story/sydney-vies-for-financial-hub-crown-at-barangaroo-2011-05-01

SYDNEY (MarketWatch) — A walk along the neglected, former industrial site pressed to the edge of one of the world’s most famous harbors offers an uninterrupted view of Sydney.

The heart of the city is minutes from the grey concrete slabs of this long-time container port. It is about as prime as real estate gets, ripe for rejuvenation.

The site, known as Barangaroo, is set to undergo a multi-billion dollar facelift designed to boost Sydney’s credentials as an Asian commercial center.

Like Canary Wharf for London when it was built, Barangaroo represents a new kind of trading hub for Sydney’s harbor — financial services. Proponents say the development would give Sydney a chance to position itself as a major hub for finance in the region, vying for dominance with Singapore and taking advantage of strong growth in regional economies and financial services.

[xchrom]

34. Stocks slide as energy, Pfizer weigh

http://www.marketwatch.com/story/stocks-slide-as-energy-pfizer-weigh-2011-05-03

NEW YORK (MarketWatch) -- U.S. stocks fell Tuesday as Pfizer’s revenues disappointed investors at the tail end of a generally positive earnings season and energy stocks followed crude oil lower.

The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed DJIA +0.13% fell 33 points to 12,803. The Standard & Poor’s 500-stock index /quotes/comstock/21z!i1:in\x SPX -0.22% was down 4 points to 1,357, led by more than 1% losses in the energy sector. The Nasdaq Composite /quotes/comstock/10y!i:comp COMP -0.41% slipped 12 points to 2,852.

Pfizer Inc. /quotes/comstock/13*!pfe/quotes/nls/pfe PFE -2.90% shares dropped 2.5% to lead the Dow’s decliners after the blue-chip pharmaceutical company topped earnings expectations but reported revenue that fell shy of analysts’ views. Pulling on the upside were telecommunications players AT&T Inc. /quotes/comstock/13*!t/quotes/nls/t T +0.90% and Verizon Communications Inc. /quotes/comstock/13*!vz/quotes/nls/vz VZ +0.33% , up 0.6% and 0.7% respectively.

Mastercard Inc. /quotes/comstock/13*!ma/quotes/nls/ma MA +2.88% shares rose 2.4% after the card company’s first-quarter profit rose 24%, topping analysts’ expectations. Revenue also beat expectations. Avon Products /quotes/comstock/13*!avp/quotes/nls/avp AVP +6.34% shares gained 4% after earnings exceeded estimate.

[xchrom]

35. asia: CME lifts margins 11.6%, sending silver down

http://www.marketwatch.com/story/cme-lifts-margins-116-sending-silver-down-2011-05-03

HONG KONG (MarketWatch) -- Silver prices extended declines in Asia on Tuesday, sliding nearly 2%, after the main U.S. metals exchange raised margin requirements 11.6%, the third such hike in a little over a week.

[xchrom]

41. Vietnam Business Summit of ADB Annual Meeting opens in Hanoi

http://news.xinhuanet.com/english2010/business/2011-05/03/c_13856685.htm

HANOI, May 3 (Xinhua) -- The Vietnam Business Summit, one of key programs of the 44th annual meeting of the Board of Governors of the Asian Development Bank (ADB) opened in Vietnam's capital city of Hanoi Tuesday.

During the summit, participants are expected to discuss three major issues including improving the financial institution and regulation for business and investment in Vietnam, public-private partnership and education and training of human resources in Vietnam.

In the opening speech, Hoang Trung Hai, Deputy Prime Minister of Vietnam, said that the hosting of the 44th meeting showed the trust of ADB to Vietnam, a key member and partner of ADB.

[xchrom]

43. ADB confident in Vietnam's strong potential over the medium to long-term: ADB president

http://news.xinhuanet.com/english2010/business/2011-05/03/c_13856689.htm

HANOI, May 3 (Xinhua) -- The Asian Development Bank (ADB) President Haruhiko Kuroda said here Tuesday that he has the confidence in Vietnam's strong potential over the medium to long- term with its large market of 87 million people, its strategic location and young and hardworking labor force.

Kuroda made the statement during the Vietnam Business Summit of the 44th ADB Annual meeting here on Tuesday.

He said over the last 20 years, the Vietnamese economy has grown 6-fold while the poverty rate has dropped from over 58 percent to just 10 percent today. Broad-based and vigorous economic growth, combined with targeted interventions, has been key in reducing poverty in Vietnam.

[xchrom]

46. At 4.2%, inflation is still way above gov’t target

http://joongangdaily.joins.com/article/view.asp?aid=2935654

Korea’s inflation stayed above the 4-percent level for the fourth straight month in April, though it slowed to 4.2 percent from 4.7 percent in March, a government report said yesterday.

With inflation still high, the central bank may feel pressured to raise interest rates at a monetary policy committee meeting on May 13.

The government also said yesterday that it raised the average price of gas used for heating and cooking by 4.8 percent to reflect rises in international energy costs.

“The government’s price controls seem to be working, but inflation is still above the target and thus the central bank will raise rates next week,” Park Tae-kuen, a fixed-income analyst at Hanwha Securities, told Bloomberg. The government’s inflation target for the year is 3 percent while the Bank of Korea predicts it will be 3.9 percent.

[xchrom]

47. Yoon promises ‘all out’ fight against inflation

http://joongangdaily.joins.com/article/view.asp?aid=2935701

The government is “going all out” to curb inflation that’s among the biggest risks to the nation’s economy, Minister of Strategy and Finance Yoon Jeung-hyun said yesterday.

The pace of consumer-price gains has slowed and it’s too early to say if the trend will continue, Yoon said in an interview with Bloomberg in Hanoi. The economy is still attracting capital inflows that may seriously affect asset markets including real estate, he said.

Rising food and energy costs and inflows of money are impeding President Lee Myung-bak’s “war” on inflation, with price increases breaching the central bank’s 4 percent target ceiling each month this year.

“Internally and externally, we are having a hard time now on how to overcome inflationary pressure” as oil and commodity prices rise, Yoon said. “The inflation risks are from supply shocks, not from the demand side as usual. How to deal with inflationary pressures is our first task.”

[xchrom]

48. NPS is largest shareholder in four banks

http://joongangdaily.joins.com/article/view.asp?aid=2935704

Korea’s National Pension Service, the world’s No. 4 pension fund, is gaining power as it has become the largest shareholder in four of the country’s banking groups.

The disclosure comes after Kwak Seung-jun, chairman of the Presidential Council for Future and Vision and a top adviser to President Lee Myung-bak, recently suggested that public funds, including NPS, should play a greater role in overseeing the management of companies in which they invest.

“NPS has been buying shares in Shinhan Financial Group from the beginning of the year and has acquired a 6.4 percent stake as of the end of last month,” said a financial official. “ has now become the largest shareholder , surpassing BNP Paribas, which has a 6.35 percent stake.”

NPS also submitted a report to the Financial Services Commission last month saying that it had become the largest shareholder of Hana Financial Group by holding a 8 percent stake as of the end of March.

[xchrom]

50. Chinese favor Korean investments

http://joongangdaily.joins.com/article/view.asp?aid=2935686

Chinese ownership of Korea’s stocks and bonds is expected to expand to $30 billion by 2014 as the world’s No. 2 economy moves to diversify its foreign exchange reserves, a report said yesterday.

Chinese investors held a total of 11.5 trillion won ($10.8 billion) worth of local shares and debts as of the end of March, compared with 9.6 trillion won end-2010, according to the report by the Korea Center for International Finance.

“Chinese investments in Korean securities may hover over at least $30 billion in two to three years,” the report predicted, citing Beijing’s strategy to diversify into currencies other than the U.S. dollar.

“Widening interest rate gaps in China and the U.S. have pushed up costs for China to manage its foreign currency reserves that amounted to about $3 trillion as of end March.”

[xchrom]

39. China, U.S. to hold third strategic and economic dialogue

http://news.xinhuanet.com/english2010/china/2011-05/03/c_13857095.htm

BEIJING, May 3 (Xinhua) -- China and the United States have agreed to hold a third strategic and economic dialogue from May 9 to 10 in Washington, said Chinese Foreign Ministry spokeswoman Jiang Yu here on Tuesday.

The third China-U.S. Strategic and Economic Dialogue will be held in the context of a new background, Jiang told a regular news briefing.

She said China-U.S. relations currently face new development opportunities based on Chinese President Hu Jintao's successful visit to the U.S. in January and the important consensus reached by the two leaders on building a bilateral cooperative partnership based on mutual respect and benefit.

[xchrom]

42. G20, IMF, ADB to discuss reforming international monetary system

http://news.xinhuanet.com/english2010/business/2011-05/03/c_13857209.htm

HANOI, May 3 (Xinhua) -- G20 finance ministers, top officials from the Asian Development Bank (ADB) and International Monetary Fund (IMF) and other key Asian policymakers will attend a high- level seminar here Wednesday to discuss reforming the international monetary system to promote greater global monetary and financial stability.

The seminar, organized by ADB, France, as the chair of the G20 group of leading emerging and advanced economies, the IMF, and the Japanese Ministry of Finance, takes place in the context of slow growth and high government debt in advanced economies.

[Pale Blue Dot]

45. Treasury Will Act to Avoid Default

Treasury Secretary Tim Geithner told lawmakers last month that the U.S. would hit the debt ceiling by May 16 and could default as soon as July 8. Officials now estimate that the actions announced Monday, combined with stronger-than-expected tax receipts, will enable the government to postpone a possible default until Aug. 2. But the longer Congress delays raising the debt ceiling, the greater the risk that markets will fall due to fears that the government won't meet its financial obligations.

In the first emergency step, Treasury on Friday will stop issuing state and local government series securities, commonly known as SLGS. That could make it harder for states and cities to issue debt, because they will have to seek issuers in the private market.

If the debt limit hasn't been raised by May 16, the government will begin delaying payments into two government pension funds and redeeming Treasury securities in those funds. It also will suspend its daily investment of Treasury securities into another government employees' retirement plan.

In addition, Treasury officials are prepared to suspend their daily reinvestment of Treasury securities held as investments in the Exchange Stabilization Fund, a fund held by the government to guard against exchange-rate fluctuations.

http://online.wsj.com/article/SB10001424052748703703304576299484177501192.html

!!!!

[xchrom]

51. Rep. Frank targets Fed hawks

http://www.marketwatch.com/story/rep-frank-targets-fed-hawks-2011-05-03

WASHINGTON (MarketWatch) — Rep. Barney Frank, the top Democrat of the House Financial Services Committee, is taking aim at the hawks on the Federal Reserve.

Frank announced Tuesday he will introduce legislation to strip the 12 regional Fed bank presidents of their votes on the central bank’s interest-rate setting Federal Open Market Committee.

At the moment, several of these regional Fed bank presidents are more hawkish than the chairman, Ben Bernanke, and the majority of the voting members of the FOMC. That means they generally want the Fed to concentrate more on preventing inflation than stimulating growth. At the moment, several are urging the Fed to hike rates sooner rather than later.

[DemReadingDU]

54. Iceland Aims to Skip Court Fight as Depositors Face Full Payout

5/3/11 Iceland Aims to Skip Court Fight as Depositors Face Full Payout

Iceland asked Europe’s Surveillance Authority not to pursue a court battle against the island, arguing foreign claims triggered by Landsbanki Islands hf’s 2008 failure may be repaid in full once its assets are liquidated.

The government in Reykjavik yesterday sent a letter to the European Free Trade Association’s Surveillance Authority, Economy Minister Arni Pall Arnason said at a press briefing in Reykjavik yesterday.

“We’re hopeful that our remarks will lead to the ESA being able to close the issue and not proceed with the matter,” Arnason said in an interview, before publishing the contents of the letter.

Iceland faces a year-long legal battle over $5.9 billion in depositor claims from the U.K. and Netherlands after voters rejected a government accord to back repayment with taxpayer funds, Finance Minister Steingrimur J. Sigfusson said last month. The risk of a protracted dispute prompted Standard & Poor’s on April 13 to put Iceland’s BBB- rating, the lowest investment grade, on credit watch negative amid “higher economic risks.”

The cost of insuring against an Icelandic default has risen 20 percent since voters rejected the depositor accord in an April 9 referendum. Credit default swaps on five-year debt rose to 260 basis points last week, from 216 on April 11.

“In our talks with the U.K. and the Netherlands, we’ve explained the situation and the fact that Landsbanki will begin payments later this year,” Arnason said in the April 29 interview. Repayment may start “as early as the autumn,” he said.

more...
http://www.bloomberg.com/news/2011-05-03/iceland-aims-to-skip-court-fight-as-depositors-face-full-payout.html

[Demeter]

55. I'm working the polls for a millage vote today--post and run lunch

Watch out for them bears...

[Fuddnik]

56. Don't forget to put a lock on those polls.

You'll need a pollock.

:spank: :spank: :hide: :spank: :spank:

[Demeter]

57. I AM a Pollack

Got it covered.

[Fuddnik]

58. I know that!

That's why I suggested it.

[hamerfan]

59. Just a kick, n/t

Thanks, everyone, for all the info posted here!
:kick:
hamerfan