Finance news. My opinion.

May 19, 2012

Vietnam arrests 4 shipping execs in scandal

Filed under: loans, online — Tags: , , , — Professor @ 3:16 am

State media say police have arrested four senior executives at a major state-owned shipping company for alleged mismanagement.

Online VnExpress says Duong Chi Dung, former chairman of Vietnam National Shipping Lines, or Vinalines, and three other executives were detained Friday for allegedly causing losses of $80 million from 2009-2010 after purchasing old ships and making poor investments.

Dung was promoted in February to head the government’s Maritime Department no fax pay day loan.

The arrests come more than a month after nine senior executives of another major state-owned company, the Vietnam Shipbuilding Industrial Group, or Vinashin, were given lengthy jail sentences following a scandal that resulted in the lowering of Vietnam’s credit rating.

Source

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May 12, 2012

JP Morgan’s Jamie Dimon: A clear and present danger to world banking systems

Filed under: money, term — Tags: , , , — Professor @ 3:48 pm

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May 11, 2012

U.S. stocks end mixed amid Europe uncertainty

Filed under: marketing, technology — Tags: , , , — Professor @ 1:00 am

U.S. stocks ended mixed Thursday afternoon as investors welcomed a slight dip in jobless claims but remained cautious amid ongoing uncertainty in Greece and the rest of Europe.

"The situation in Europe remains fluid, and we’re not likely to get much clarity for awhile, so today is one of those days when a lack of really bad news is good news," said Michael Sheldon, chief market strategist at RDM Financial Group.

The Dow Jones industrial average () rose 20 points, or 0.2%, snapping a six-day losing streak, and the S&P 500 () added 3 points, or 0.3%. The tech-heavy Nasdaq () lost 1 point.

Cisco (, Fortune 500) was the biggest laggard on all three indexes, with shares tumbling more than 10%. Late Wednesday, the networking giant released a disappointing sales outlook for the current quarter.

Europe remains in the spotlight Thursday as Greek politicians continue to struggle to form a coalition government and Spanish bond yields keep rising.

After the Greek radical left party failed to gain consensus, Socialist leader Evangelos Venizelos was given the mandate to form a coalition government by the Greek president on Thursday.

Greece will muddle through

Meanwhile, the Bank of Spain moved to take over Bankia — one of Spain’s largest and most troubled banks — late Wednesday.

U.S. stocks bounced back somewhat from a sharp sell-off Wednesday, but all three major indexes closed in the red as investors continued to fret about Greece and Spain.

World markets: European stocks closed with slim gains. Britain’s FTSE 100 () ticked up 0.3%, DAX () in Germany gained 0.7%, while France’s CAC 40 () rose 0.4%.

The Bank of England held its key interest rate steady and did not increase its asset-buying program at the conclusion of its two-day meeting Thursday, despite a recent report that showed the U.K. has fallen into a new recession.

Asian markets ended mixed. The Shanghai Composite () closed 0.1% higher, while the Hang Seng () in Hong Kong slid 0.5% and Japan’s Nikkei () edged lower 0.4%.

China reported import and export growth that was slower than expected, according to forecasts from economists at HSBC. The report could stir new concerns from investors around the globe about a so-called hard landing for China’s economy, but HSBC said it is also likely to prompt further monetary policy easing by the People’s Bank of China.

Economy: The number of people filing for first-time unemployment benefits in the U.S. fell 1,000 to 367,000 in the latest week. Economists surveyed by Briefing.com had expected the report to show 365,000 claims.

The U.S. trade deficit widened to $51.8 billion in March from $45.5 billion in February, according to the Commerce Department. The deficit was narrower than the $53 billion economists had expected.

The Treasury Department on Thursday recorded a $59 billion surplus for the month of May, marking the first time in more than three years that Washington took in more money than it paid out. Tax receipts were higher and spending lower than they were last April.

Companies: Beauty products company Avon (, Fortune 500) said that perfume-maker Coty raised its unsolicited bid for the company to $24.75 a share from its earlier offer of $23.25. Avon’s board said it will consider the offer. Shares of Avon declined.

Avon: Coty’s back with a higher bid

Department store chain Kohl’s (, Fortune 500) reported earnings per share of 63 cents, down from 69 cents a year earlier but still better than the forecast of 61 cents from analysts surveyed by Thomson Reuters. But the company gave earnings guidance for the current quarter that was below current forecasts, sending shares lower.

Currencies and commodities: The dollar fell against the euro and the British pound, but gained against the Japanese yen.

Oil for June delivery gained 27 cents to settle at $97.08 a barrel.

Gold futures for June delivery rose $1.30 to settle at $1,595.50 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.88% from 1.84% late Wednesday. 

Source

May 2, 2012

German court rules against Microsoft on patents

Filed under: business, news — Tags: , , , — Professor @ 10:12 pm

A court in Germany ruled Wednesday that Microsoft infringed two patents held by Motorola, in a case that could affect sales of its popular Xbox 360 console and the Windows 7 operating system.

The patent spat between the two companies centers on technology used for video compression that is owned by Motorola Mobility Holdings Inc., which Google is in the process of buying for $12.5 billion.

Following earlier complaints from Microsoft and Apple Corp., the European Union’s competition watchdog has opened two separate probes into whether Motorola unfairly limited rivals from using its patents by demanding exorbitant fees.

In Wednesday’s ruling, the state court in the southern city of Mannheim upheld Motorola’s complaint on the patent breaches and declared Microsoft Corp. liable for unspecified damages.

The court also ordered Microsoft to remove all products that infringe the patents from the German market, including its Xbox 360 console and the Windows 7 operating system.

But both parties have seven days to appeal before the verdict comes into force, and Microsoft spokesman Thomas Baumgaertner said the company plans to do so. Should Motorola want the verdict enforced before a final appeals ruling is issued, it would have to deposit several tens of millions of euros (dollars) as a legal security, the court said.

A U.S. court meanwhile has warned Motorola not to enforce the German verdict until it too has considered the patent issue.

“At the moment, there is no risk that we will be ordered to halt sales,” Baumgaertner said.

He said Microsoft hoped the German court’s ruling could open the way for a fairer licensing deal with Motorola.

Motorola issued a statement welcoming the verdict.

“We remain open to resolving this matter,” said the company. “Fair compensation is all that we have been seeking for our intellectual property.”

Source

April 28, 2012

Largest U.S. Banks Resist Federal Reserve

Filed under: economics, mortgage — Tags: , , , — Professor @ 1:16 am

The largest U.S. banks, including JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), told the Federal Reserve that a limit on their credit exposure is unnecessary and

April 26, 2012

South Sudan president: Sudan has ‘declared war’

Filed under: loans, money — Tags: , , , — Professor @ 10:28 am

South Sudan’s president said its northern neighbor has “declared war” on the world’s newest nation, just hours after Sudanese jets dropped eight bombs on his country.

President Salva Kiir’s comments, made Tuesday during a trip to China, signal a rise in rhetoric between the rival nations, who spent decades at war with each other. Neither side has officially declared war.

Sudan and South Sudan have been drawing closer to a full-scale war in recent weeks over the unresolved issues of oil revenues and their disputed border. The violence has drawn alarm and condemnation from the international community, including from U.S. President Barack Obama.

South Sudan won independence from Sudan last year as part of a 2005 peace treaty that ended decades of war that killed 2 million people.

The U.N. Security Council was briefed on the situation late Tuesday and members demanded “an immediate halt to aerial bombardments by the Sudanese armed forces and urged an immediate cease-fire and return to the negotiating table,” Susan Rice, the U.S. ambassador to the United Nations and the current council president, told reporters at U.N. headquarters in New York.

Sudanese President Omar al-Bashir gave a fiery speech last week in which he said there will be no negotiations with the “poisonous insects” who are challenging Sudan’s claim to disputed territory near the border.

Kiir, the southern president, arrived in China late Monday for a five-day visit to lobby for economic and diplomatic support. China’s energy needs make it deeply vested in the future of the two Sudans. Beijing is uniquely positioned to exert influence in the conflict, given its deep trade ties to the resource-rich south and decades-long diplomatic ties with Sudan’s government in the north.

Kiir told Chinese President Hu Jintao the visit comes at a “a very critical moment for the Republic of South Sudan because our neighbor in Khartoum has declared war on the Republic of South Sudan.”

South Sudan’s military spokesman Col. Philip Aguer said that Sudanese Antonov warplanes dropped eight bombs overnight in Panakuac, where he said there was ground fighting on Monday. Aguer said he did not know how many people were killed in the attack because of poor communication links with the remote area.

On Monday, Sudanese warplanes bombed a market and an oil field in South Sudan, killing at least two people, after Sudanese ground forces reportedly crossed into South Sudan with tanks and artillery.

The U.N. Mission in South Sudan confirmed that at least 16 civilians in South Sudan were killed and 34 injured in bombings by Sudanese aircraft in Unity State, ambassador Rice told reporters. She said the mission reported that the bombings also caused significant damage to infrastructure.

Talks over oil revenue and the border issues broke down this month after violence flared. South Sudan invaded the oil-rich border town of Heglig, which Sudan claims it controls.

Following international pressure, South Sudan announced that it withdrew all its soldiers from Heglig payday loans. Sudan claimed its troops forced them out.

Rice said the Security Council welcomed the withdrawal of South Sudan’s forces from Heglig. She said many of the 15 council nations expressed concern about reports of extensive damage to oil infrastructure in Heglig.

Al-Bashir, the Sudanese president, has vowed to press ahead with his military campaign until all southern troops or affiliated forces are chased out of territory Sudan claims.

He also said he would never allow South Sudanese oil to pass through Sudan “even if they give us half the proceeds.”

Landlocked South Sudan stopped pumping oil through Sudan in January, accusing the government in Khartoum of stealing hundreds of millions of dollars of oil revenue. Sudan responded by bombing the South’s oil fields.

In Khartoum, the pro-government Sudanese Media Center said that two of Sudan’s Darfur states began implementing a ban on shipping to South Sudan. The ban was imposed by Sudan’s parliament.

Officials in the Darfur states said they warned merchants that “stern measures will be taken against any person found to be smuggling food supplies and other commodities into South Sudan,” the SMC reported.

Sudanese officials said the measures were imposed in response to the invasion of Heglig.

South Sudan government spokesman Barnaba Marial Benjamin said earlier this month that Chinese and American investors want to build oil refineries in the South in the next six to seven months.

Benjamin said the refineries will help South Sudan process fuel for local consumption. South Sudan will also build a pipeline to the Kenyan coast and another to Djibouti through Ethiopia to be able to export its oil, he said. He said both projects were meant to make South Sudan independent of Sudan’s fuel infrastructure and processing plants.

Kiir on Tuesday told Hu that he came to China because of the “great relationship” South Sudan has with China, calling it one of his country’s “economic and strategic partners.”

Both sides have tried to win Beijing’s favor, but China has been careful to cultivate ties with each. Like others in the international community, China has repeatedly urged the two sides to return to negotiations.

The White House repeated its earlier condemnation of the Sudanese incursion and called for both sides to stop fighting and hold peace talks.

“Sudan must immediately halt the aerial and artillery bombardment against South Sudan by the Sudan armed forces,” White House press secretary Jay Carney said Tuesday to reporters traveling with Obama to North Carolina. “Both governments must agree to an immediate unconditional cessation of hostilities and recommit to negotiations,”

He repeated Obama’s warning to both sides that “there is no military solution” to their differences.

Source

April 21, 2012

German rules against YouTube in rights case

Filed under: debt, management — Tags: , , , — Professor @ 1:32 pm

A German court has ruled that online video platform YouTube must install filters to prevent users from uploading some music videos whose rights are held by a music-royalties collecting body.

German news agency dapd reported that the Hamburg state court on Friday mostly sided with Germany’s GEMA, which represents about 60,000 German writers and musicians.

GEMA took Google Inc.’s YouTube unit to court over 12 temporarily uploaded music videos for which no royalties were paid.

YouTube has maintained that it bears no legal responsibility for the uploaded content _ saying it checks and sometimes blocks content when users alert the firm about alleged violations of laws.

It was not immediately clear whether the ruling will be appealed.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below Payday advance.

BERLIN (AP) _ A German court is set to rule on whether the online video platform YouTube is responsible for the content of videos uploaded by its users.

GEMA, a German music royalties collecting body, took Google Inc.’s YouTube unit to the Hamburg state court over 12 uploaded music videos for which no royalties were paid.

YouTube maintains that it bears no legal responsibility for the uploaded content _ saying that it checks and sometimes blocks content when users alert the firm about alleged violations of laws.

A ruling Friday in favor of GEMA could be a major blow for YouTube because experts say that millions of videos on its platform could be affected.

Source

April 16, 2012

Hedge Funds Cut Commodity Bets on Slowing China Growth - Bloomberg

Filed under: house, mortgage — Tags: , , , — Professor @ 9:08 am

Speculators cut bullish wagers on commodities by the most in 2012 on mounting concern that the slowest Chinese growth in almost three years will curb gains in demand for everything from copper to cotton.

Money managers lowered net-long positions across 18 U.S. futures and options by 9.3 percent to 1.01 million contracts in the week ended April 10, the biggest reduction since Dec. 20, data from the Commodity Futures Trading Commission show. Copper holdings tumbled 84 percent, the most since November. Hedge funds are now betting on lower cotton prices.

China

April 11, 2012

RSA

Filed under: Uncategorized, marketing — Tags: , , , — Professor @ 11:48 am

A U.K. house-price index rose to a 21-month high in March as first-time buyers sought to take advantage of an expiring property-tax exemption, the Royal Institution of Chartered Surveyors said.

The gauge rose 3 points from February to minus 10, the highest reading since June 2010, according to a report today e- mailed by London-based RICS, which conducts a monthly survey of property surveyors nationwide. Still, a reading below zero shows more surveyors saw price drops than gains last month.

The figures reflect Britons taking advantage of a two-year stamp-duty exemption for first-time buyers purchasing a home costing less than 250,000 pounds ($400,000) before it ended on March 24. A continuation of this year

April 4, 2012

US stocks fall as Fed backs away from stimulus

Filed under: management, prices — Tags: , , , — Professor @ 10:52 pm

Stocks are opening lower after the Federal Reserve signaled that it may be less willing to provide more stimulus to the U.S. economy.

The Dow Jones industrial average fell 121 points to 13,079 shortly after the opening of trading Wednesday.

The Standard & Poor’s 500 index fell 12 points to 1,401. The Nasdaq composite slipped 32 points to 3081.

Minutes from the Fed’s last meeting, released late Tuesday, started a sell-off that began in the U instant payday loan.S. and extended overseas.

Encouraged by job growth, the Fed’s policy makers seem more willing to allow the economy to move forward on its own. The U.S. and overseas governments have worked actively to prop up economies damaged by the global downturn.

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