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January 12, 2012

Retail sales post weakest reading in 7 months

Filed under: news, online — Tags: , , , — Moon @ 2:44 pm

Retail sales rose at the weakest pace in seven months in December as consumers pulled back late in the holiday shopping season, cutting purchases at department stores and spending less on electronic gadgets.

Total retail sales increased 0.1 percent after rising by an upwardly revised 0.4 percent in November, the Commerce Department said on Thursday.

Economists polled by Reuters had forecast retail sales climbing 0.3 percent last month.

The upward revision for November sales suggests consumers likely frontloaded their holiday shopping. The government had initially estimated retail sales gained 0.2 percent in November.

Spending at electronics and appliance stores fell 3.9 percent in December, while shopping at department stores slipped 0.2 percent.

Fueling the overall increase in retail sales during December, receipts for motor vehicles and parts increased 1 Internet Payday loans.5 percent, adding to the prior month’s 0.9 percent gain.

Excluding autos, retail sales fell 0.2 percent, the first decline since May 2010.

Sales at food and beverage stores fell 0.2 percent in December. Also holding back the overall gain in sales, receipts at gasoline stations dropped 1.6 percent last month after rising 0.9 percent in November.

Core retail sales, which exclude autos, gasoline and building materials, dropped 0.1 percent in December after advancing 0.3 percent the prior month.

Core sales correspond most closely with the consumer spending component of the government’s gross domestic product report.

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December 22, 2011

Stocks close week down more than 2.5%

Filed under: online, term — Tags: , , , — Moon @ 11:16 am

+%3Cp%3E+Stocks+ended+Friday+mixed+after+a+roller-coaster+week+in+which+all+three+indexes+each+lost+more+than+2.5%25.%3C%2Fp%3E%3Cp%3EAfter+moving+up+more+than+1%25+in+the+first+hour+of+trading%2C+stocks+steadily+retreated.+%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EThe+Dow+Jones+industrial+average+%28%29+closed+the+day+down+2+points%2C+or+0.02%25.+The+S%26amp%3BP+500+%28%29+moved+up+4+points%2C+or+0.3%25.+The+Nasdaq+%28%29+increased+15+points%2C+or+0.6%25.+Both+the+Dow+and+S%26amp%3BP+shed+2.8%25+for+the+week%2C+and+the+Nasdaq+dropped+3.4%25.%3C%2Fp%3E%3Cp%3EPart+of+the+sell-off+came+after+Fitch+put+seven+European+countries+on+credit+watch+negative%2C+citing+the+higher+probability+that+it+could+downgrade+these+nations+in+the+next+few+months.+Still%2C+investors+breathed+a+sigh+of+relief+that+France%2C+in+particular%2C+retained+its+pristine+AAA+rating.%3C%2Fp%3E%3Cp%3EBeyond+France%2C+Fitch+Ratings+also+affirmed+the+ratings+of+Belgium%2C+Spain%2C+Slovenia%2C+Italy%2C+Ireland+and+Cyprus%2C+while+putting+them+on+review+for+potential+near-term+downgrades+Friday+after+the+European+markets+closed.+%3C%2Fp%3E%3Cp%3E%26quot%3BEveryone+was+concerned+that+France+would+lose+its+AAA%2C+so+overall+investors+are+taking+Fitch%27s+moves+as+more+of+a+positive%2C%26quot%3B+said+Michael+James%2C+senior+equity+trader+at+Wedbush+Morgan+Securities.%3C%2Fp%3EEurope%27s+odds+of+success%3Cp%3EAhead+of+the+opening+bell%2C+the+government+released+its+latest+data+on+inflation%2C+which+showed+consumer+prices+rose+at+a+3.4%25+annual+rate+in+November.+That+was+virtually+unchanged+from+the+prior+month.%3C%2Fp%3E%3Cp%3E%26quot%3BThe+good+news+is+that+we%27ve+had+slightly+better+economic+numbers%2C+but+the+bigger+picture+is+there%27s+no+confidence%2C%26quot%3B+said+Ted+Weisberg%2C+president+of+Seaport+Securities.%3C%2Fp%3E%3Cp%3EWeisberg+and+other+traders+said+volumes+have+been+particularly+light+in+the+past+week+both+ahead+of+the+holiday+break+and+because+few+investors+have+conviction+over+the+market%27s+direction.+%3C%2Fp%3E%3Cp%3EFriday+also+marks+%26quot%3Bquadruple+witching%2C%26quot%3B+when+four+types+of+contracts+expire+–+those+tied+to+market+index+futures%2C+market+index+options%2C+stock+options+and+stock+futures.+%3C%2Fp%3E%3Cp%3EWhile+many+traders+try+to+settle+out+those+contracts+ahead+of+expiration%2C+there+is+often+some+volatility+on+the+actual+day.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3E%26quot%3BWhen+you+have+options+expirations%2C+it+tends+to+skew+trading%2C%26quot%3B+said+Weisberg.+%26quot%3BThey%27re+sort+of+throwaway+days.%26quot%3B%3C%2Fp%3E%3Cp%3EU.S.+stocks+closed+higher+Thursday+on+upbeat+jobs+and+manufacturing+reports%2C+but+the+market+remains+nervous+about+the+European+debt+crisis.%3C%2Fp%3E%3Cp%3EAfter+the+close+Thursday%2C+Fitch+downgraded+seven+banks%2C+including+Bank+of+America+%28%2C+Fortune+500%29%2C+Morgan+Stanley+%28%2C+Fortune+500%29%2C+and+Goldman+Sachs+%28%2C+Fortune+500%29%2C+as+well+as+Europe%27s+Barclays%2C+Societe+Generale%2C+BNP+Paribas%2C+Deutsche+Bank+and+Credit+Suisse.+Most+major+banks+ended+the+day+down%2C+with+Goldman+Sachs+dropping+almost+2%25.+%3C%2Fp%3E%3Cp%3EEconomy%3A+Federal+officials+also+said+Friday+that+Europe%27s+crisis+could+wind+up+being+a+job+killer+for+the+United+States.+%3C%2Fp%3E%3Cp%3ENew+York+Fed+President+William+Dudley+told+lawmakers+that+deterioration+in+the+European+economy+could+reduce+demand+for+U.S.+products.+And+Steven+Kamin%2C+director+of+the+division+of+international+finance+at+the+Federal+Reserve%2C+echoed+those+comments+with+equally+dire+testimony.%3C%2Fp%3E%3Cp%3ECompanies%3A+Shares+of+Zynga+%28%29+rose+10%25+in+their+public+debut+on+the+Nasdaq%2C+before+closing+the+day+down+5%25+from+its+IPO+price.+The+maker+of+popular+Facebook+game+Farmville+priced+shares+at+%2410+apiece+in+the+its+initial+public+offering+late+Thursday.%3C%2Fp%3E%3Cp%3EResearch+in+Motion+%28%29+shares+dropped+sharply%2C+a+day+after+the+BlackBerry+maker+offered+a+disappointing+outlook+for+the+current+quarter+and+next+year%2C+when+it+released+its+earnings+results.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EWorld+markets%3A+European+stocks+closed+the+day+with+modest+losses.+Britain%27s+FTSE+100+%28%29+ticked+down+0.3%25+while+the+DAX+%28%29+in+Germany+edged+down+0.5%25.+France%27s+CAC+40+%28%29+shed+0.9%25.%3C%2Fp%3E%3Cp%3EAsian+markets+ended+higher.+The+Shanghai+Composite+%28%29+rose+2%25%2C+the+Hang+Seng+%28%29+in+Hong+Kong+gained+1.4%25+and+Japan%27s+Nikkei+%28%29+edged+higher+0.3%25.%3C%2Fp%3E%3Cp%3ECurrencies+and+commodities%3A+The+dollar+fell+against+the+Japanese+yen%2C+the+euro+and+British+pound.+%3C%2Fp%3E%3Cp%3EOil+for+January+delivery+increased+12+cents+to+%2493.99+a+barrel.+%3C%2Fp%3E%3Cp%3EGold+futures+for+February+delivery+rose+%2420.70+to+%241%2C597.90+an+ounce.+%3C%2Fp%3E%3Cp%3EBonds%3A+The+price+on+the+benchmark+10-year+U.S.+Treasury+increased+pushing+the+yield+down+to+1.86%25+from+1.91%25+late+Thursday.+%3C%2Fp%3E%3Cp%3E–+CNNMoney%27s+Aaron+Smith+contributed+to+this+report.%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F16%2Fmarkets%2Fmarkets_newyork%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

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December 8, 2011

Exxon Mobil predicts surge in hybrid vehicles

Filed under: USA, online — Tags: , , , — Moon @ 4:48 pm

Exxon expects to see more and more hybrids on the world’s roads, with gas-sipping models like the Toyota Prius making up half of all vehicles by 2040.

The largest publicly traded oil and gas company says in its annual energy outlook that the use of hybrids _ vehicles that rely on both gas and electricity for power _ and other efficiency gains will keep energy demand in check for the U.S. and other major industrialized countries for years.

Exxon Mobil Corp. predicts that energy demand will remain flat through 2040 in developed nations instant payday loan.

However, Exxon says that China and other developing nations will increase their thirst for oil and other petroleum based fuels. Energy demand within developing nations is expected to rise nearly 60 percent from 2010 to 2040.

Source

November 30, 2011

Johnson Controls: Shanghai plant not leaking lead

Filed under: Uncategorized, online — Tags: , , , — Moon @ 1:28 pm

U.S. battery maker Johnson Controls is at odds with Shanghai’s environmental regulator over tests the company says show it was not responsible for severe lead poisoning cases in children discovered earlier this year.

The Milwaukee, Wisconsin-based company said Wednesday that an investigation by the China Electric Equipment Industry Association found its battery factory in Shanghai’s eastern suburbs was not the cause of elevated blood-lead levels among children in a nearby community. Instead, it pinned blame on a recycling facility in the area.

Shanghai Environment Bureau official Ju Chunfang, who participated in testing the Johnson Control plant, questioned the investigation, saying it was not independent. Ju said the bureau began another investigation of its own last week.

Johnson Controls denied Ju’s contention that the company had agreed it was the largest source of lead emissions in the area.

Local officials insisted the plant, which is much larger than other battery factories in the area, had to be the cause of the poisoning cases. In an interview, Ju cited several instances of occasionally high emissions readings and prevailing wind patterns as the reason for that allegation.

Xia Qing, the scientist who led the probe cited by Johnson Controls, said it was commissioned by the Electric Equipment Industry Association and was not paid for by the battery maker.

The tests showed abnormally high lead levels at a waste recycling facility near the community whose children were poisoned, with lead levels three times the current national standard and 10 times a pending stricter national standard. Zinc levels were 15 times national standards.

“I have three conclusions. First, trust the Chinese environmental protection laws. Second, the lead poisonings were not caused by Johnson Controls. And third, pay more attention to the recycling stations and companies,” said Xia, an engineer with the China Research Academy of Environmental Science.

Soaring use of cars and electric scooters is driving strong demand for lead acid batteries, and their production and recycling are a key source of lead contamination.

China shut down hundreds of battery factories last spring after a slew of lead poisoning cases. Many have remained shut.

The lead contamination drew attention after families living in Kanghua New Village, a small block of apartment buildings erected to house farm families moved to make way for an industrial zone, said checks showed many of their children had abnormally high blood lead levels no fax payday loan.

The Johnson Controls factory suspended production in September after it reached its annual quota for lead use. The plant has sought permission to expand production, but local environmental officials say such requests will not be approved due to concerns over lead emissions.

Johnson Controls says it intends to resume production in January at the factory, which has an annual capacity of 2.5 million batteries.

“We’ve called our employees back. We’re pretty excited,” said Alex Molinaroli, president of Johnson Controls Power Solutions.

“The results corroborate our own data and prove that emissions from our battery plant could not be the cause of elevated blood-lead levels found in the community,” he said.

Johnson Controls, a major supplier to the automotive industry, had insisted all along that its plant’s emission controls would have prevented any significant contamination.

Production at a second, smaller battery plant in the area had also been stopped.

Kanghua is located just north of the zone and close to chemical, battery and electronics equipment factories.

Johnson Controls earlier said its factory has lead emissions at about one-seventh the Chinese national standard. Employees are regularly tested to ensure their blood lead levels remain low enough.

Some experts say that over time they expect use of lead-acid batteries to be phased out in favor of less toxic and more efficient charging methods, such as lithium-ion batteries and fuel cells.

But such changes could take decades.

Despite its difficulties over the Shanghai plant, the company is expanding in China, with annual capacity due to rise to 10.5 million batteries next year with the addition of a new plant in Changqing. A third plant, under construction, will have a capacity of 6 million batteries, and the company is considering locations for a fourth plant.

___

Researcher Fu Ting contributed to this report.

Source

November 25, 2011

Entrepreneurs use variety of financing to open small businesses

Filed under: caredit, online — Tags: , , , — Moon @ 6:20 pm

Local entrepreneurs didn’t let a little thing like the toughest economic recovery since World War II stand in the way of starting new businesses.

Despite the uncertainty in the economy, the owners of restaurants, coffee shops, and service firms that opened here over the past few years found myriad ways to finance their dreams.

They’ve had to be creative though, as banks pulled back on lending after real estate loan defaults led to losses on many banks’ balance sheets. Loans of less than $1 million from locally chartered banks, which primarily went to small businesses, fell each quarter in 2010 and so far this year. And only a very slim margin of those loans went to startups, according to Julie Stackhouse, senior vice president of the Federal Reserve Bank of St. Louis.

“Small, entrepreneurial businesses have always faced a challenge of finding credit because they .

November 12, 2011

U.S. outlook brightens on news of fewer layoff, boost in exports

Filed under: news, online — Tags: , , , — Moon @ 6:16 pm

WASHINGTON

October 27, 2011

TSMC reports shrinking profit, revenue in 3Q

Filed under: online, payday — Tags: , , , — Moon @ 11:08 am

Taiwan Semiconductor Manufacturing Co., the world’s largest contract chip maker, said Thursday its earnings dropped by more than a third in the latest quarter amid uncertainties about the global economy.

The company which supplies chips for use in gadgets including Apple’s iPhones and iPads said its third quarter net profit of 30.4 billion New Taiwan dollars ($1 billion) was down 35 percent from last year and down 15.5 percent from the second quarter of this year.

Quarterly revenue totaled $3.5 billion, down 5 percent from a year earlier and 3.6 percent lower than the second quarter.

TSMC’s customers are either uncertain about their outlook or expecting a weaker first quarter of 2012, Chairman Morris Chang told an investor conference in Taipei.

Company officials said shipments have declined for chips used in computers, consumer and industrial electronics, while handset chips sales have expanded freecreditscore. But newly installed production using the cutting-edge 28 nanometer process could help improve profit margins next year, they said.

Chang said the current economic landscape was not as severe as the winter of 2008 when the world was mired in a financial crisis. He said TSMC expects its wafer shipments to pick up by March next year with customers rebuilding the inventories they’ve depleted in the last quarter.

“Perhaps … we may suddenly find a surge that’s amazingly strong,” he said.

TSMC has diversified into solar panels and LED lights, two sectors facing losses because of oversupplies.

But Chang said TSMC is in the startup stage in both sectors and has not been hurt by the sharp price declines.

Source

October 17, 2011

US futures flat ahead of full week of earnings

Filed under: online, term — Tags: , , , — Moon @ 8:00 pm

U.S. stock futures are little changed ahead of a full week of corporate earnings reports.

Citigroup Inc., Wells Fargo & Co., and IBM are among U.S. companies reporting third-quarter earnings results Monday.

Investors will also receive a report from the Federal Reserve on production from factories, mines and utilities in September. Economists expect that industrial production rose slightly last month.

The stock market is coming off of its best week in more than two years no fax needed payday loans. The S&P 500 rose 6 percent last week, its best performance since July 2009.

Two hours before the opening bell, Dow futures were unchanged at 11,565. S&P 500 futures were up less than a point to 1,220. Nasdaq 100 futures were down 1, or 0.1 percent, to 2,366. European shares are mixed.

Source

October 4, 2011

Protests against Wall Street spread across US

Filed under: caredit, online — Tags: , , , — Moon @ 11:32 pm

Protests against Wall Street entered their 18th day Tuesday as demonstrators across the country show their anger over the wobbly economy and what they see as corporate greed by marching on Federal Reserve banks and camping out in parks from Los Angeles to Portland, Maine.

Demonstrations are expected to continue throughout the week as more groups hold organizational meetings and air their concerns on websites and through streaming video.

In Manhattan on Monday, hundreds of protesters dressed as corporate zombies in white face paint lurched past the New York Stock Exchange clutching fistfuls of fake money. In Chicago, demonstrators pounded drums in the city’s financial district. Others pitched tents or waved protest signs at passing cars in Boston, St. Louis, Kansas City, Mo., and Los Angeles.

A slice of America’s discontented, from college students worried about their job prospects to middle-age workers who have been recently laid off, were galvanized after the arrests of 700 protesters on the Brooklyn Bridge over the weekend.

Some protesters likened themselves to the tea party movement _ but with a liberal bent _ or to the Arab Spring demonstrators who brought down their rulers in the Middle East.

“We feel the power in Washington has actually been compromised by Wall Street,” said Jason Counts, a computer systems analyst and one of about three dozen protesters in St. Louis. “We want a voice, and our voice has slowly been degraded over time.”

The Occupy Wall Street protests started on Sept. 17 with a few dozen demonstrators who tried to pitch tents in front of the New York Stock Exchange. Since then, hundreds have set up camp in a park nearby and have become increasingly organized, lining up medical aid and legal help and printing their own newspaper, the Occupied Wall Street Journal.

About 100 demonstrators were arrested on Sept. 24 and some were pepper-sprayed. On Saturday police arrested 700 on charges of disorderly conduct and blocking a public street as they tried to march over the Brooklyn Bridge. Police said they took five more protesters into custody on Monday, though it was unclear whether they had been charged with any crime.

“At this point, we don’t anticipate wider unrest,” said Tim Flannelly, an FBI spokesman in New York, “but should it occur the city, including the NYPD and the FBI, will deploy any and all resources necessary to control any developments.”

Flannelly said he does not expect the New York protests to develop into the often-violent demonstrations that have rocked cities in the United Kingdom since the summer. But he said the FBI is “monitoring the situation and will respond accordingly.”

Wiljago Cook, of Oakland, Calif., who joined the New York protest on the first day, said she was shocked by the arrests.

“Exposing police brutality wasn’t even really on my agenda, but my eyes have been opened,” she said. She vowed to stay in New York “as long as it seems useful.”

City bus drivers sued the New York Police Department on Monday for commandeering their buses and making them drive to the Brooklyn Bridge on Saturday to pick up detained protesters.

“We’re down with these protesters. We support the notion that rich folk are not paying their fair share,” said Transport Workers Union President John Samuelsen. “Our bus operators are not going to be pressed into service to arrest protesters anywhere.”

The city’s Law Department said the NYPD’s actions were proper.

On Monday, the zombies stayed on the sidewalks as they wound through Manhattan’s financial district chanting, “How to fix the deficit: End the war, tax the rich!” They lurched along with their arms in front of them No teletrak payday loan. Some yelled, “I smell money!”

Reaction was mixed from passers-by.

Roland Klingman, who works in the financial industry and was wearing a suit as he walked through a raucous crowd of protesters, said he could sympathize with the anti-Wall Street message.

“I don’t think it’s directed personally at everyone who works down here,” Klingman said. “If they believe everyone down here contributes to policy decisions, it’s a serious misunderstanding.”

Another man in a suit yelled at the protesters, “Go back to work!” He declined to be interviewed.

Mayor Michael Bloomberg, a billionaire who made his fortune as a corporate executive, has said the demonstrators are making a mistake by targeting Wall Street.

“The protesters are protesting against people who make $40- or $50,000 a year and are struggling to make ends meet. That’s the bottom line. Those are the people who work on Wall Street or in the finance sector,” Bloomberg said in a radio interview Friday.

Some protesters planned to travel to other cities to organize similar events.

John Hildebrand, a protester in New York from Norman, Okla., hoped to mount a protest there after returning home Tuesday. Julie Levine, a protester in Los Angeles, planned to go to Washington on Thursday.

Websites and Facebook pages with names like Occupy Boston and Occupy Philadelphia have also sprung up to plan the demonstrations.

Hundreds of demonstrators marched from a tent city on a grassy plot in downtown Boston to the Statehouse to call for an end of corporate influence of government.

“Our beautiful system of American checks and balances has been thoroughly trashed by the influence of banks and big finance that have made it impossible for the people to speak,” said protester Marisa Engerstrom, of Somerville, Mass., a Harvard doctoral student.

The Boston demonstrators decorated their tents with hand-written signs reading, “Fight the rich, not their wars” and “Human need, not corporate greed.”

Some stood on the sidewalk holding up signs, engaging in debate with passers-by and waving at honking cars. One man yelled “Go home!” from his truck. Another man made an obscene gesture.

Patrick Putnam, a 27-year-old chef from Framingham, Mass., said he’s standing up for the 99 percent of Americans who have no say in what happens in government.

“We don’t have voices, we don’t have lobbyists, so we’ve been pretty much neglected by Washington,” he said.

In Chicago, protesters beat drums on the corner near the Federal Reserve Bank of Chicago. In Los Angeles, demonstrators hoping to get TV coverage gathered in front of the courthouse where Michael Jackson’s doctor is on trial on manslaughter charges.

Protesters in St. Louis stood on a street corner a few blocks from the shimmering Gateway Arch, carrying signs that read, “How Did The Cat Get So Fat?,” “You’re a Pawn in Their Game” and “We Want The Sacks Of Gold Goldman Sachs Stole From Us.”

“Money talks, and it seems like money has all the power,” said Apollonia Childs. “I don’t want to see any homeless people on the streets, and I don’t want to see a veteran or elderly people struggle. We all should have our fair share. We all vote, pay taxes. Tax the rich.”

Source

September 26, 2011

Key Japan lawmaker’s aides convicted in scandal

Filed under: online, term — Tags: , , , — Moon @ 11:12 am

Three former aides of a Japanese ruling party powerbroker were convicted Monday in a political funding scandal, dealing a further blow to his status in the struggling party ahead of his own trial.

Ichiro Ozawa engineered the Democratic Party of Japan’s rise to power in 2009, but was charged this year with political funding violations for allegedly overseeing false accounting by his aides.

The Tokyo District Court gave the former aides suspended prison terms ranging from one to three years for accepting $1.3 million (100 million yen) in illegal donations from a construction company and for failing to register a $5.2 million (400 million yen) loan from Ozawa to his funding body in a 2004 Tokyo land deal.

All three aides have denied any wrongdoing, as has Ozawa, who says he is confident of proving his innocence at his own trial, which starts Oct. 6.

Opposition leaders were quick to attack Prime Minister Yoshihiko Noda’s 3-week-old government after the ruling.

Opposition Liberal Democratic Party lawmaker Nobuteru Ishihara said the aides’ convictions were serious and “their boss, Ichiro Ozawa, bears even more serious political responsibility business

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