03/18/2012 (11:00 am)

Think twice before questioning Dow

Filed under: legal, mortgage |

Last Tuesday the Dow Industrials popped firmly above 13,000, surpassing the peaks of mid-2011. Most remarkable is the stunning recovery of the Dow Industrials up 23.67 per cent from its 52-week low of 10,655 posted on Monday, Oct. 3, 2011.

Dow 13000 also means a 90 per cent retracement of the losses sustained during the great 2007-2008 financial crisis.

Quite a remarkable reward for the brave who elected to be invested, and quite a frustrating letdown for the bears who are still waiting for the double dip recession and the related test of the 2009 lows. The bears still argue that current stock prices are not sustainable because of the unresolved issues of the eurozone, the U.S. housing and employment problems and a slowing of the Chinese economy.

Now according to the financial media it appears even bullish investors are beginning to question the ability of the Dow and most of the world bourses to hold at these lofty levels. Should they listen to the bears and cash in, or should they remain fully invested?

The latest worry served up by the bears is the failure of the Dow Transportation average to

03/11/2012 (11:44 pm)

Egypt parliament to consider cutting off US aid

Filed under: finance, online |

Egypt’s Islamist-dominated parliament called on Sunday for a vote on stopping U.S. aid, but it is unlikely that such a move would oblige the nation’s military rulers to ask Washington to halt $1.5 billion in American aid this year.

The move by the People’s Assembly was sparked by the March 1 departure of six American defendants in a case of 43 employees of nonprofit groups accused of using illegal foreign funds to foment unrest in Egypt. The 43 include 16 Americans, nine of whom were already outside the country when the case was referred to trial. One opted to stay behind and face the trial.

The rest of the 43 are mostly Egyptians, Jordanians, Palestinians and Germans.

The U.S. threatened to cut off aid to Egypt over the issue, but the departure of the six partially eased the crisis, the worst between the two allies in 30 years.

Even if the 508-seat chamber voted to reject U.S. aid, such a move could amount to a symbolic gesture given the wide powers enjoyed by the generals, who collectively act as the presidency, and the likelihood of them approving it in the name of national interest.

The exit of the American defendants, however, kicked off a storm in Egypt, prompting many to accuse the ruling generals of bowing to U.S. pressure and intervening in the work of the judiciary. Egypt’s military has benefited the most from the nation’s close ties with the United States. It is due to get $1.3 billion in aid this year. U.S. economic assistance for 2012 is about $250 million.

In Sunday’s session, lawmakers complained the U.S. had no respect for Egypt’s sovereignty and called for a vote on a no-confidence motion in the military-backed government check cash advance. The move against the government came after four Cabinet ministers briefed the chamber on the case. Lawmakers constantly interrupted their testimonies.

Several lawmakers later said it was the generals and not the government that must be questioned about the nation’s “humiliation” by the United States over the case. The generals have said they had nothing to do with the Americans’ departure and that the entire affair was in the hands of the judiciary. However, the judge who presided over the trial’s opening hearing on Feb. 26 excused himself late last month, citing uneasiness.

Judge Mahmoud Mohammed Shoukri later said in comments to the media that he quit to protest political meddling in the case, which is now being tried by another court, also in Cairo.

“I wish members of the U.S. Congress could listen to you now to realize that this is the parliament of the revolution which does not allow a breach of the nation’s sovereignty or interference in its affairs,” Parliament Speaker Saad el-Katatni, an Islamist from the chamber’s largest party, told lawmakers.

Suggesting that a crisis was looming between the legislature and the Cabinet, el-Katatni adjourned the session until Monday after a two-hour break. He said Cabinet ministers scheduled to answer lawmakers’ questions failed to show up.

“It seems that the government is pushing for a crisis with parliament,” el-Katatni said.

Source

03/10/2012 (8:20 am)

U.S. Local Governments Show First Payroll Boost Since August; States Slip - Bloomberg

Filed under: business, uk |

U.S. local-government payrolls increased last month for the first time since August, easing the drag on the economy brought on by budget-cutting cities, counties and school districts.

The U.S. Labor Department reported today that local- government employment, adjusted for seasonal swings in hiring, expanded by 2,000 in February as school districts boosted hiring. State payrolls slipped by 1,000 after rising by 11,000 in January.

Jim Diffley, an economist with IHS Inc. who tracks regional growth, said it

03/02/2012 (6:40 am)

Italy

Filed under: Uncategorized, online |

Euro-area finance ministers are set to clear a second rescue for Greece today to avoid what Italian Prime Minister Mario Monti described as a potential

02/26/2012 (9:24 am)

Shell closing 2 facilities here; 96 out of work

Filed under: finance, news |

Shell Lubricants has informed employees that it will close its Wood River blending plant in Roxana and its St. Louis regional distribution center in O’Fallon, Mo.

Ninety-six people work at the two facilities.

A Shell spokesperson said the blending plant needed extensive upgrades. She said Shell does not own the plant and the company decided not to renew the current lease when it expires. With closure of the blending plant, the distribution center will no longer be optimally located for its functions, she said.

The blending plant employs 83 people and the distribution center employs 13. They produce and distribute bulk and packaged lubricants, including motor oil.

Shell built the huge Wood River Refinery in 1917 and owned and operated it for many years. The distribution center had operated since 2000. The two Shell Lubricants locations are the only Shell-operated businesses remaining in the St. Louis area. The blending plant is leased from ConocoPhillips, which now operates the refinery.

The blending plant is scheduled to close at the end of 2013. The distribution center will close at the end of this year.

Affected employees will be considered for other positions within the company or offered competitive severance packages, the company said in a written statement.

Source

02/24/2012 (6:24 pm)

Gas prices appear set for record highs by May

Filed under: money, real estate |

By May, gas prices in the GTA could ratchet up by anywhere from 5 cents to 20 cents per litre.

Prices at the pump have already climbed by about 7 cents to 128.7 cents per litre in the last month. And while it is normal for gas prices to climb in the spring as motorists drive more and refineries close for maintenance, there are more factors at play this year.

How high can the prices get?

Jason Toews, co-founder of Gasbuddy.com sees prices reaching 150 cents to 155 cents per litre by May. Last year gas prices reached a high of 140.6 cents.

Petroleum analyst Robert McKnight says prices will reach between 143 cents to 147 cents a litre by April. That is a 12 to 15 per cent increase from the pump price you see today, he said.

Michael Ervin, vice-president of Calgary-based Kent Group, has a more conservative prediction of 4 cent to 7 cent per litre increase

02/19/2012 (9:28 pm)

Japan, China to Help Europe Solve Crisis - Bloomberg

Filed under: money, online |

Japanese Finance Minister Jun Azumi said his nation and China will work together to help Europe solve its debt crisis through the International Monetary Fund.

Europe needs a bigger so-called firewall of added funding to contain the crisis, even as Greece shows some improvement in solving its financial woes, Azumi told reporters in Beijing yesterday after meeting Chinese Vice Premier Wang Qishan. Azumi, who met Chinese Finance Minister Xiu Xuren during his visit, also said he asked China to make its currency more flexible.

02/10/2012 (4:52 am)

Stocks close higher after debt deal in Greece

Filed under: Stock market, term |

The stock market finally got a deal from Greece, but it didn’t produce much of a rally.

The Dow Jones industrial average is finishing six points higher at 12,890. The Standard & Poor’s 500 is closing up two at 1,352. The Nasdaq composite ends the day up 11 at 2,927.

Greece says it has agreed to cut spending to satisfy some of its lenders. That’s a key condition for Greece to avoid a default next month that could spook world financial markets.

Earlier Thursday, the Dow rose to within 75 points of 13,000, a milestone it hasn’t reached since 2008. The S&P’s gain took it within about a point of doubling its level on March 9, 2009, the low for stocks during the Great Recession.

Source

02/08/2012 (11:56 am)

China May Invest Tens of Billions of Euros to Assist Europe, Academic Says - Bloomberg

Filed under: management, uk |

China may

01/31/2012 (9:16 am)

China says 29 abducted in Sudan still being held

Filed under: management, real estate |

None of the 29 Chinese workers abducted after an attack in a volatile region of Sudan have been freed, Chinese state media said Tuesday, dismissing reports that some of the workers had been released.

The workers were abducted Saturday by militants in a remote region in the country’s south. Sudanese state media reported Monday that 14 of them had been freed, but the official Xinhua News Agency and China Daily newspaper said all 29 were still being held.

China has close political and economic relations with Sudan, especially in the energy sector.

The Chinese ambassador to Sudan, Luo Xiaoguang, told China Central Television in an interview in Khartoum that anti-government rebels attacked the road project the Chinese were working on.

“There are still Chinese workers missing. Some others are still being held by the anti-government armed forces,” Luo said.

Xinhua said 47 Chinese workers were caught in the attack in the South Kordofan region of Sudan. It said 29 were captured and the other 18 fled, and that one of those who fled remains missing.

The Foreign Ministry in Beijing had no immediate comment Tuesday. A statement from the workers’ company, Sinohydro Corp., said that it and the Chinese Embassy would “spare no effort in ensuring the personal safety of those abducted and rescuing them.”

On Monday, Sudan’s state-run SUNA news agency quoted South Kordofan provincial governor Ahmed Haroun as saying that 14 workers had been released.

SUNA said the attack took place near Abbasiya town, 390 miles (630 kilometers) south of Khartoum.

Sudanese officials have blamed the attack on the Sudan People’s Liberation Movement-North, a branch of a guerrilla movement that has fought various regimes in Khartoum for decades. Its members hail from a minority ethnic group now in control of much of South Sudan, which became the world’s newest country only six months ago in a breakaway from Sudan.

Sudan has accused South Sudan of arming pro-South Sudan groups in South Kordofan. The government of South Sudan says the accusations are a smoke screen intended to justify a future invasion of the South.

China has sent large numbers of workers to potentially unstable regions such as Sudan. Last year it was forced to send ships and planes to help with the emergency evacuation of 30,000 of its citizens from the fighting in Libya.

China has used its diplomatic clout to defend Sudan and its longtime leader, Omar al-Bashir. Recently, it has also sought to build good relations with leaders from the south.

South Sudan and Sudan are in bitter dispute over oil, which is produced primarily in South Sudan but runs through Sudanese pipelines for export.

Source

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