STOCK MARKET WATCH, Wednesday, April 27, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Wednesday, April 27, 2011

AT THE CLOSING BELL ON April 26, 2011

Dow 12,595.37 +115.49 (+0.92%)
Nasdaq 2,847.54 +21.66 (+0.76%)
S&P 500 1,347.24 +11.99 (+0.89%)
10-Yr Bond... 3.34 +0.03 (+0.94%)
30-Year Bond 4.42 +0.03 (+0.57%)

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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

Apr 27 07:00 MBA Mortgage Index 04/22 -5.6 NA NA +5.3%
Apr 27 08:30 Durable Orders Mar 3.0% 1.8% -0.6% -0.7%
Apr 27 08:30 Durable Orders -ex Transportation Mar 3.5% 1.2% -0.3% -0.6%
Apr 27 10:30 Crude Inventories 04/23 NA NA -2.322M
Apr 27 12:30 FOMC Rate Decision Apr 0.25% 0.25% 0.25%

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1KijlLwi7

[Pale Blue Dot]

42. Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. (April 27, 2011) — Mortgage applications decreased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 22, 2011. There was no adjustment made for Good Friday.

"Purchase applications fell last week, driven primarily by a sharp decrease in government purchase applications as new, higher FHA premiums went into effect," said Michael Fratantoni, MBA’s Vice President of Research and Economics. “This decrease reverses a 20 percent increase in government purchase applications over a four week period, which was likely driven by borrowers attempting to beat this deadline.”

The Market Composite Index, a measure of mortgage loan application volume, decreased 5.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.6 percent compared with the previous week. The Refinance Index decreased 0.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 13.6 percent to its lowest level since February 25, 2011, driven by a 26.6 percent decrease in government purchase applications. The unadjusted Purchase Index decreased 12.8 percent compared with the previous week and was 28.8 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is down 2.4 percent. The four week moving average is down 0.8 percent for the seasonally adjusted Purchase Index, while this average is down 3.2 percent for the Refinance Index.

http://www.mbaa.org/NewsandMedia/PressCenter/76387.htm

[xchrom]

45. California bill ending 'dual track' foreclosures faces key vote

http://www.latimes.com/business/realestate/la-fi-dual-tracking-20110427,0,6683611.story

A proposed law facing a key vote in Sacramento on Wednesday would require lenders in California to make a decision on mortgage modifications for delinquent homeowners before beginning the repossession process, in effect ending "dual track" foreclosures in the state.

Financial institutions commonly pursue foreclosure even if a borrower has requested a loan modification, a two-track process the lending industry has argued is necessary to protect its investments. But dual tracking is under fire from regulators and lawmakers in the wake of last year's "robo-signing" scandal, which revealed widespread foreclosure errors.

The California Homeowner Protection Act, authored by state Senate President Pro Tem Darrell Steinberg (D-Sacramento) and Sen. Mark Leno (D-San Francisco), is one of the furthest-reaching efforts to limit the practice. Several other states have passed requirements for third-party groups to oversee mediations between mortgage servicers and homeowners.

The California bill, SB 729, would require a lender to fully evaluate a borrower for a loan modification before filing a notice of default, the first stage in the formal repossession process, and a significant change in the way foreclosures are conducted in the Golden State.

[Pale Blue Dot]

2. Oil below $112 ahead of Bernanke news conference

SINGAPORE – Oil prices dropped slightly to below $112 a barrel Wednesday in Asia as traders awaited comments from Federal Reserve Chairman Ben Bernanke about U.S. interest rates and economic growth.

Benchmark crude for June delivery was down 35 cents at $111.86 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 7 cents to settle at $112.21 on Tuesday.

In London, Brent crude for June delivery was down 18 cents to $123.96 a barrel on the ICE Futures exchange.

Traders will be closely watching a Bernanke news conference after the Fed meeting finishes later Wednesday. They hope for hints about whether the central bank will extend a program of buying Treasuries known as quantitative easing that has helped spur lending and economic growth and contributed to a 50 percent surge in oil prices since August.

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

[xchrom]

69. U.S. reliance on imported liquid fuels expected to fall: EIA

http://news.xinhuanet.com/english2010/business/2011-04/27/c_13847243.htm

WASHINGTON, April 26 (Xinhua) -- The United States' reliance on imported liquid fuels is expected to fall in the long term, according to the Annual Energy Outlook 2011 report released Tuesday by the U.S. Energy Information Administration (EIA).

Total consumption of liquid fuels in the United States, including both fossil fuels and biofuels, is forecasted to increase to 21.9 million barrels per day in 2035 from about 18.8 million barrels per day in 2009, said the report.

Although U.S. consumption of liquid fuels continues to grow, reliance on petroleum imports as a share of total liquids consumption is projected to decrease. The import share, which reached 60 percent in 2005 and 2006 before dropping to 51 percent in 2009, is forecasted to fall to 42 percent in 2035, said the EIA.

[Pale Blue Dot]

3. Today: The Bernanke speaks!

I think that a bigger deal should be made about the fact that Bernanke feels like he has to do this - things can't possibly be as rosy out there as the media and the government are saying they are. I strongly suspect that this has been very carefully planned, and will be very tightly managed; therefore, I'm expecting an up day on Wall Street. The delusion continues.

[Pale Blue Dot]

24. Crowdsourcing Questions for the First Press Conference by a Fed Chairman Tomorrow

Readers may know that tomorrow at 2:30 PM, Ben Bernanke is hosting the first press conference ever held by a Federal Reserve chairman ever. It’s remarkable that an official widely described as “the second most powerful person in America” has managed to sidestep basic measures of accountability to the public and transparency like this for so long.

We are participating in an effort spearheaded by the Dylan Ratigan show to crowdsource questions for reporters tomorrow. Please post your suggested questions in comments below. Members of the Twitterati, please use hashtag #FedSpeaks to tag your question.

I’d like to toss in the question I posed to Larry Summers:

Given the extraordinary level of support extended to major banks during the crisis and now, via measures like super low interest rates and continued regulatory forbearance, why does the Fed continue to maintain the fiction that they are private companies? Why doesn’t the Fed treat them as humble utilities and regulate them accordingly?

http://www.nakedcapitalism.com/2011/04/crowdsourcing-questions-for-the-first-press-conference-by-a-fed-chairmantomorrow.html

NOTE: Leave suggestions for questions at the link, not here. :-)

[xchrom]

25. Here's what Aberdeen AMC expects to hear from Fed tonight

http://www.moneycontrol.com/news/fii-view/here39saberdeen-amc-expects-to-hearfed-tonight_538674.html

n an interview with CNBC-TV18, Peter Elston, strategist at Aberdeen Asset Management Asia, spoke about his expectations from the upcoming Fed meet and his outlook for the economy.

Below is a verbatim transcript of the interview. Also watch the video.

Q: What are you expecting to hear from the Fed tonight?

A: I think it’s very clear what we are going to hear from the Fed tonight. It’s going to officially announce that the current bond buying programme will end and it won’t be extended. The fact is that the bond buying programme is designed to address deflation.

The whole point of QE is that it’s designed to stop prices falling and it’s worked. Prices aren’t falling right now. If anything you got opposite problem, so there is no need for QE and that is what the Fed is going to tell us tonight.

[xchrom]

43. Bernanke seen indicating no haste to tighten policy

http://in.reuters.com/article/2011/04/27/idINIndia-56579720110427

(Reuters) - Federal Reserve Chairman Ben Bernanke on Wednesday will likely use his first-ever news conference on monetary policy to hammer home the case for a patient approach to withdrawing the central bank's extensive support for the U.S. economy.

Following a two-day Fed policy meeting, Bernanke will face the press in the first regularly scheduled news conference by a Fed chairman in the central bank's 97-year history.

He is expected to use the occasion to amplify the consensus view at the central bank that the economy still needs the Fed's monetary policy support. That consensus has been challenged by a number of hawkish Fed officials who worry the U.S. central bank might wait too long to raise interest rates.

The Fed is lagging other central banks in tightening financial conditions. The European Central Bank raised benchmark rates earlier this month, a move that helped the U.S. dollar hit a 16-month low against the euro on Tuesday.

[xchrom]

46. Dow's return nears 10% year-to-date as stocks show no fear of Fed

http://latimesblogs.latimes.com/money_co/


Wall Street must be expecting nothing but soothing words from Federal Reserve Chairman Ben S. Bernanke on Wednesday.

Stocks rallied broadly on Tuesday, pushing blue-chip share indexes to their highest levels in nearly three years ahead of the Fed’s policy meeting and Bernanke’s press conference afterward.

The Dow Jones industrial average rose 115.49 points, or 0.9%, to 12,595.37, its best close since June 5, 2008.

The Dow now is up 8.8% year to date. Including dividends earned, the index’s return is nearing 10%.

[xchrom]

50. Silver steadies, gold perky ahead of Fed decision

http://www.reuters.com/article/2011/04/27/us-markets-precious-idUSTRE73786N20110427

(Reuters) - Silver steadied on Wednesday, after its largest one-day slide in over a month the previous day, while gold profited from a weaker dollar which came under pressure ahead of a U.S. Federal Reserve interest rate decision.

The Fed is not expected to signal any rush to scale back its multi-billion dollar support mechanisms for the economy, so investors are waiting to hear more on the outlook for monetary policy from chairman Ben Bernanke when he gives the central bank's first post-decision news conference later in the day.

With the dollar under pressure and its inverse link to gold strengthening for the first time in a week, the bullion price was set for a second day of gains, although a string of public holidays in the United Kingdom restricted volumes.

Spot gold was last up 0.4 percent at $1,506.90 an ounce by 0940 GMT, about 0.8 percent below Monday's record high at $1,518.10. U.S. futures for June delivery were last up 0.3 percent at $1,507.30.

[tclambert]

83. The volume in Silver ETFs has set records as well as the price of silver.

Silver Exchange Traded Funds used to see low volume action. Now they're seeing "crazy" activity, and somebody used the phrase "bubbly speculation." Silver is up 157% in the last 9 months.

That's it. I'm calling it. My official ruling is that we have, in fact, a silver bubble. I don't know when it will go down, but I predict it will crash at some point, by which I mean "dramatically decline," which means I will claim a successful prediction for pretty much any decline at all.

It is possible to profit on a bubble's collapse by selling short. In theory. But if the asset doesn't go down in value, or worse, goes up, or if it doesn't go down soon enough, you could end up owing more than the assets you originally sold. Those risks have always scared me away from short selling. I think for now, I'll stick to mental short selling.

[xchrom]

67. U.S. fiscal deficit issue is manageable: Geithner

http://news.xinhuanet.com/english2010/business/2011-04/27/c_13847232.htm

NEW YORK, April 26 (Xinhua) -- U.S. Treasury Secretary Timothy F. Geithner said Tuesday that the current U.S. fiscal deficit problems were manageable and bipartisan efforts were required to address the challenge.

"(The fiscal deficit is) much bigger challenge than anything we faced as a government in the last several decades on the budget side," the treasury chief said at the Council on Foreign Relations in New York, "but it is a manageable challenge for the U.S.."

The comment referred to the current fiscal deficit problems that the U.S. government was facing. In a letter on April 4, Geithner told Senate Majority Leader Harry Reid that the U.S. would reach the debt limit of 14.3 trillion by May 16.



i guess everybody is out propping up the 'everything is rosey' story.

[maddogesq]

82. Did anyone sense that 'ole' Ben seemed nervous?

I dunno, maybe it's me reading too much into vocal patterns, but I sensed that he was like an amateur magician hiding a new trick up his sleeve.

Imagine if Ben where Bullwinkle and says "Hey Rocky, watch me pull a rabbit out of omy hat!" When he goes for the hat, he pulls out QE3.

My silver is very happy today.

[Pale Blue Dot]

4. Warning: Are commodities about to crash?

Jeremy Grantham, the chairman of Boston fund firm GMO, needs no introduction. He is Wall Street’s best-known Jeremiah, a skeptical contrarian who presciently warned about the bear market that began in 2000 and the crash of 2007-09.

In his latest letter to investors, Grantham warns that we may be heading toward a major crash in commodity prices — leading to the biggest buying opportunity of a lifetime. Read Grantham’s warning on GMO’s website.

Long-term, Grantham is a huge bull on commodities. He thinks we’re running out of everything. His latest note reads like the treatment for a remake of “Soylent Green,” the apocalyptic 1973 Charlton Heston flick about a starving, baking, overcrowded Earth.

Yet despite this, Grantham puts the chances of a serious price slump across commodities next year at an astonishing 80%. And he gives a smaller, but still significant, chance of a massive collapse.

http://www.marketwatch.com/story/warning-are-commodities-about-to-crash-2011-04-27

[Demeter]

23. I doubt it

Maybe some speculation will get shaken out, as the crops start growing and harvesting begins. but with the dollar tanking, the prices will not be falling.

As for metals, with the earthquakes, floods, etc., demand will not fall. Just because the US isn't buying or building houses, and hasn't for 2 years now, doesn't mean the world ends.

Energy use is not declining, just shifting.

[DemReadingDU]

55. Something could change after Bernanke's press conference this afternoon

I think Bernanke is playing a dangerous game with the stocks and our dollar. With the dollar being the world's currency, I don't see that Bernanke will let the dollar fall much longer and eventually rise up, which would then send stocks lower.

So the super-wealthy should soon reap their gains from the market highs, then followed by a downturn in the markets, but the dollar will rise.
:shrug:

[AnneD]

54. Let's think this one through....

Drought in Texas, cattle being sold off because of feed problems....low beef prices now, high beef prices later.
Tsunami and nuclear reactor accident in the farmland of Japan thus destroying /contaminating a major growing region.
Massive forest fires in a region of Russia that has never known fires, destroying a wheat growing area.
Flooding in an area of New Zealand that exports sugar worldwide.
War in every area that might have oil.
Civil war in a major cocoa producing area......
I am sure I left lots of places out but from my brothers farm (he sold his prized cattle for taxes/feed reasons) the only thing doing well are the chickens. We did get some rain at Easter. The drive up here was educational. So much growth was dry or stunted. The only thing that looked good was irrigated crops and that takes big money.
Frankly, I don't see much of a drop this year. We are at the end of the cheap food era. Hold on to your butts people. If we have good crops, some things might go down, but I am not betting my pantry just yet.

[Po_d Mainiac]

79. And there was some weather 'Down Under' n/t

[Po_d Mainiac]

56. Next Year?

And we could be nearing the end of QE6 with $240 oil, $1400 corn and gold at $4500. Then with DX at $34 the Fed finally announces a rate hike. :rofl:

[xchrom]

60. IMF says global recovery ‘vulnerable’ to debt, commodities

http://www.arabianbusiness.com/imf-says-global-recovery-vulnerable--debt-commodities-394133.html

The International Monetary Fund said strengthening global growth is “vulnerable” to risks from debt and commodity prices and that greater surveillance is needed to prevent another crisis.

“There’s a sense around the table in all the discussions that we’re still in a fragile situation,” Singapore Finance Minister Tharman Shanmugaratnam said at a press briefing in Washington on Saturday. “We need to develop the ability of the fund to address risk proactively. We’ve learned from very painful experience in the past few years that nothing is isolated.”

[xchrom]

5. morning PBD. NT

[Pale Blue Dot]

7. Morning! nt

[Pale Blue Dot]

6. Banks, Hedge Funds Threaten A Repeat Of Lehman If Debt Ceiling Not Raised

As we reported yesterday, The Treasury Borrowing Advisory Committee, easily the most important 3rd party advisory structure at the US Treasury currently, chaired not surprisingly by JP Morgan and Goldman Sachs, released a letter to Tim Geithner, doubling up his calls for untold death and destruction, not to mention plunging year end bonuses, if the US is not allowed to kick the can down the road for another 1-2 years. For those curious, in addition to the Matt Zames chaired committee, other members include Soros, Tudor, Bank of America, BNY, Moore, Alliance Bernstein, Morgan Stanley, Round Table IMC, Brevan Howard, PIMCO (lol), Dodge & Cox, RBS, and Western Asset Management. The full M.A.D. letter is presented below.

First, foreign investors, who hold nearly half of outstanding Treasury debt, could reduce their purchases of Treasuries on a permanent basis, and potentially even sell some of their existing holdings. A worrisome precedent is the sharp decline in foreign sponsorship of debt since Fannie Mae and Freddie Mac were placed under conservatorship. Despite assurances from Treasury officials regarding the U.S. commitment to these institutions, foreign sponsorship has yet to return to pre-conservatorship levels. If foreigners began curtailing their investment in Treasuries as a result of a default, Treasury rates, and thus Treasury’s borrowing costs, would undoubtedly rise. A sustained 50 basis point increase in Treasury rates would eventually cost U.S. taxpayers an additional $75 billion each year.

Second, a default by the U.S. Treasury, or even an extended delay in raising the debt ceiling, could lead to a downgrade of the U.S. sovereign credit rating. Indeed, Standard and Poor’s decision to change the U.S. ratings outlook from stable to negative this week indicates a one-in-three chance that Standard and Poor’s will downgrade the U.S. rating within the next two years. One reason cited for the change in the outlook is a material risk that U.S. policymakers might not reach an agreement on how to address medium- and long-term budgetary challenges. It is possible that a default, or even a delay in acting on the debt ceiling, will be perceived as an increased indication of the political inability to forge a compromise on essential long-term fiscal reforms. The consequences of a ratings downgrade would be significant, with the potential for Treasury rates to rise by a full percentage point for each one-notch downgrade.

Third, the financial crisis you warned of in your April 4th Letter to Congress could trigger a run on money market funds, as was the case in September 2008 after the Lehman failure. In the event of a Treasury default, I think it is likely that at least one fund would be forced to halt redemptions or conceivably “break the buck.” Since money fund investors are primarily focused on overnight liquidity, even a single fund halting redemptions would likely cause a broader run on money funds. Such a run would spark a severe crisis, disrupting markets and ultimately necessitating the same kind of backstops that Treasury and the Federal Reserve initiated in the aftermath of the 2008 crisis. Such further increases in Treasury’s off-balance-sheet commitments are likely to be viewed negatively by investors and ratings agencies, which will potentially put further downgrade pressure on U.S. sovereign ratings.

Fourth, a Treasury default could severely disrupt the $4 trillion Treasury financing market, which could sharply raise borrowing rates for some market participants and possibly lead to another acute deleveraging event. Because Treasuries have historically been viewed as the world’s safest asset, they are the most widely-used collateral in the world and underpin large parts of the financing markets. A default could trigger a wave of margin calls and a widening of haircuts on collateral, which in turn could lead to deleveraging and a sharp drop in lending.

http://www.zerohedge.com/article/banks-hedge-funds-threaten-repeat-lehman-if-debt-ceiling-not-raised

More at the link.

[xchrom]

8. IMF cool to Pakistani 'cheaters and liars'

http://www.atimes.com/atimes/South_Asia/MD28Df02.html

KARACHI - The International Monetary Fund considers Pakistan's economic policymakers "cheaters and liars", according to Ehtisham Ahmad, the country's former representative on the Washington-based IMF board.

Ahmad claims that only a last-minute intervention by the White House helped Pakistan secure in late 2008 an US$11.3 billion bailout arrangement with the IMF. This had been initially turned down with senior fund officials saying the country's economic managers were lying on tax reform pledges, a perception that has now become reality in 2010-11.

"The White House had to intervene as even the friends on the IMF board said Pakistan's


economic team lied on the promise of levying ," the Daily Times reported Ahmad as saying. "It would not be easy for Pakistan to have another bailout program with tainted reputation. It is now a different IMF that will seek prior implementation of conditions before agreeing to a new program."

The IMF last year suspended payouts under the 2008 agreement as the government dragged its feet on introducing tax reforms and other fund-raising measures, forcing Islamabad to borrow from local banks, which is helping to drive up inflation in Pakistan.





pot calling the kettle beige.
:eyes:

[Pale Blue Dot]

9. U.S. Stock Futures Rise Before Fed; Johnson & Johnson Climbs

U.S. stock futures rose, signalling the Standard & Poor’s 500 Index may extend its highest level in almost three years, before the Federal Reserve releases its monetary policy statement in Washington.

Johnson & Johnson (JNJ) rose in German trading after agreeing to buy Synthes Inc. (SYST) for $21.3 billion. Amazon.com Inc. (AMZN) slid 1.1 percent in New York after the world’s largest online retailer forecast lower than estimated operating profit. Broadcom Corp. (BRCM) dropped 7.2 percent in Germany after the chipmaker forecast revenue that also missed estimates.

S&P 500 futures expiring in June rose 0.2 percent to 1,344.2 at 10:16 a.m. in London. The gauge yesterday jumped 0.9 percent to the highest level since June 2008 as earnings from 3M Co. to Ford Motor Co. topped analysts’ estimates. Dow Jones Industrial Average futures gained 0.3 percent today while Nasdaq-100 Index futures rallied 0.5 percent.

“U.S. corporate earnings remain on a firm footing with 2011 earnings expected to continue to grow year on year by 16.7 percent,” said Nick Skiming, a fund manager at Ashburton Ltd., which oversees about $2 billion in Jersey, the Channel Islands. “We also believe that the Fed will take great strides to communicate policy in a transparent fashion over the coming months to reassure markets.”

http://www.bloomberg.com/news/2011-04-27/u-s-stock-futures-rise-before-fed-johnson-johnson-climbs.html

[Demeter]

10. Second Rec?

The Kid let me sleep in until 7....

[Pale Blue Dot]

11. On The Verge Of The FOMC Presser, Dollar Hits 3 Year Low

It appears the market is in a festive mood today, just 8 hours ahead of the first largely irrelevant FOMC press conference (yes, Bernanke has fielded irrelevant Q&A before, and yes, whenever he met a question he did not like, he disagreed with it and moved on). As a result the long-suffering US Dollar, which continues to be down YTD as much as the market is up, confirming that in real term there has been absolutely no gains in the stock asset class, has just hit a 3 year low and just a little more to go until the all time low is breached. And this is in addition to the just announced S&P outlook cut on Japan, which has seen some incremental shorting of the Yen which unfortunately now is a secondary carry funding currency, and you can see that while the dollar should be getting at least a modest push higher the EURUSD is now toying with 1.47. The biggest winner in FX land continues to be the USD-backed CHF, which is outperforming every other pair. And elsewhere, after doing its all too usual OpEx shenanigans, gold is also back in fine form, over $1,506 and going higher now that the shakeout of the latest batch of weak holders has taken place. All in all, a perfect day for nobody to ask whether it is US policy to destroy its own currency.

http://www.zerohedge.com/article/verge-fomc-speech-dollar-hits-3-year-low

[xchrom]

12. Putin against 'radical change'

http://www.atimes.com/atimes/Central_Asia/MD27Ag01.html

The rhetoric of renovation and reinvigoration cultivated by Russian President Dmitry Medvedev has been severely curtailed by Prime Minister Vladimir Putin, who presented to the State Duma last week the last report on the work of his government.

Putin claimed full credit for the fact that "the national economy has made a post-crisis breakthrough" and asserted that Russia needed a decade of "steady, uninterrupted development". What surprised most commentators on this lengthy speech loaded with figures was the resolute dismissal of the philosophy of modernization and the firm intention to lead "without sudden radical changes in course or ill thought through experiments based so often in either unjustified economic liberalism or, on the other hand, social demagogy".

Perhaps particularly surprised were the members of expert


working groups organized by Putin for revising the outdated Strategy-2020, who now discover that their far from radical suggestions "distract us from the general path of developing the country".




first the IMF and now putin -- it's a day for the scoundrels to sound off.

[Pale Blue Dot]

13. First US, Now Japan: S&P Revises Japan Credit AA- Outlook To Negative

S&P revises Japan's AA- credit rating outlook to negative. The culprit: the Japan earthquake that just as predicted, has become the scapegoat to excuse another quarter of "non-recurring" EPS misses. And while according to Wall Street the economic devastation is GDP positive, Japan may soon be a single A credit, which of course will send it 10 year bond trading with a 0 yield handle.

Overview

*Standard & Poor's expects costs related to the March 11, 2011, earthquake, tsunami, and nuclear power plant disaster will increase Japan's fiscal deficits above prior estimates by a cumulative 3.7% of GDP through 2013.
*We revised the outlook on the long-term rating on Japan to negative to reflect the potential for a downgrade if fiscal deterioration materially exceeds these estimates in the absence of greater fiscal consolidation.
*We affirmed our long- and short-term sovereign credit ratings on Japan at 'AA-' and 'A-1+', respectively.

http://www.zerohedge.com/article/first-us-now-japan-sp-revises-japan-credit-aa-outlook-negative

[Demeter]

20. I wonder if S&P Rates Itself

and its chances of surviving ticking off all the major economies of the world...

[xchrom]

14. The Trouble with Catastrophe Bonds

http://www.businessweek.com/magazine/content/11_18/b4226055260651.htm

It's not easy hedging against Armageddon. Consider the case of catastrophe bonds designed to provide capital to insurance companies when extreme, big-scale disasters occur. Japan's mid-March earthquake, tsunami, and ongoing nuclear reactor crisis would seem to qualify. The economic toll from these catastrophes may run between $200 billion and $300 billion and could cost the global insurance industry anywhere from $21 billion to $34 billion, according to an Apr. 12 estimate by risk-modeling research firm Risk Management Solutions.

Yet it turns out the cat bond market won't be of much help in covering Japan-related insurance losses. Such bonds often have covenants that strictly limit the type and location of a disaster they will cover. Most cat bonds covered quake losses only in Tokyo. The temblor actually occurred about 240 miles (380 kilometers) northeast of the capital. "The triggers are very specifically defined," says Tom Keatinge, managing director in JPMorgan Chase's (JPM) insurance capital management team in London. "Typically, for a cat bond to trigger, you need a bull's-eye to be hit instead of a general shot in the right direction."

Back in the early 1990s, in the aftermath of Hurricane Andrew, which devastated parts of Florida, and the Northridge quake in California, insurers started to issue cat bonds to spread risk to financial investors. Reinsurance companies such as Munich Re and Swiss Re were also active in this market. (Reinsurers traditionally have insured other insurers against big disasters.) At the end of 2010, there were $12.5 billion in cat bonds outstanding, according to Aon Benfield, the reinsurance broker of Chicago-based Aon.

[Demeter]

15. UK GDP grows by 0.5% in first quarter

The UK economy grew by 0.5 per cent in the first quarter as it rebounded from a contraction of 0.5 per cent in the fourth quarter of last year that had been largely caused by heavy snow.

The figures from the Office of National Statistics suggest the economy was at best stagnant over the last six months, with the level of gross domestic product the same in the first quarter as it was in the third quarter of 2010.

Read more >>
http://link.ft.com/r/VKY5JJ/TPR1D3/6ADGM/LQWUCL/NSK4WG/UP/t?a1=2011&a2=4&a3=27

[Demeter]

22. Dismal UK growth demands fiscal rethink

After a week of spring sunshine in Britain, even gloomy economists like myself may have forgotten just how bad the weather was at the end of last year. But today’s growth figures should be a stark reminder: heavy snow in the UK made the last quarter’s gross domestic product figures look worse than they were (and they were bad). But today’s tiny rise makes these latest figures look better than they are. And they are very bad indeed; arguably even worse than the last quarter.

The figures are stark. The UK economy grew by 0.5 per cent in the first quarter. But this means that over the past
six months growth has been exactly zero; today’s 0.5 per cent rise just cancels out last quarter’s 0.5 per cent fall. And although manufacturing is doing well – and that is welcome – it still contributed only 0.1 per cent to growth in each of the last two quarters.

Read more >>
http://link.ft.com/r/WDI4RR/RNSPJ5/A5Q0X/WLRCIW/JI5Z56/50/t?a1=2011&a2=4&a3=27

[Demeter]

40. God's bankers: How evangelical Christianity is taking a hold of the City of London’s financial insti

http://www.independent.co.uk/news/business/analysis-and-features/gods-bankers-how-evangelical-christianity-is-taking-a-hold-of-the-city-of-londonrsquos-financial-institutions-2270393.html



In the pub after work one evening, I asked the Australian girl who sat at the desk beside mine about her lunchtime absences and she told me of secretive evangelical meetings that took place in the City, about how the church gave her a place to step away from the pressure and worry of her job. It also gave her a sense of belonging to a community. She was lonely in London, she said.
...Founded at Holy Trinity Brompton (HTB) in Knightsbridge in 1991, Alpha has grown from an initial four churches to operate in more than 55,000 locations in 164 countries. It is estimated that more than 16 million people have taken the course worldwide. Jonathan Aitken, Geri Halliwell, Sir Ian Blair and Bear Grylls are all regulars...While the course draws those from all walks of life, its heartland in the UK is leafy west London, and the wealthy, youthful (average age: 27), 4,000-strong congregation of HTB is the model upon which its success is built. Rumours circulate of Alpha demanding a tithe from its richest members; wilder stories suggest it is a brainwashing cult. What is clear is that while traditional Anglican churches have seen their congregations dwindle dramatically over the past several decades, the packed pews of HTB and its sister churches attest to Alpha's remarkable spiritual pulling power. The Alpha course is presented as a friendly, accessible introduction to Christianity aimed specifically at non-churchgoers. Led by charismatic barrister-turned-priest Nicky Gumbel (also vicar of HTB), the course is made up of 10 weekly get-togethers where the members eat dinner, listen to a talk, then discuss the week's topic in smaller groups. It twins sermons and Biblical exegesis with more happy-clappy practices such as speaking in tongues (where members pray in a "heavenly language"), and it includes a weekend retreat during which members are encouraged to fill themselves with the Holy Spirit.


In 2008, as the financial panic took hold, more and more evangelicals began to come out of the woodwork. It seemed as though the crash was causing City workers to flock to the nearest religious get-together, desperate to repent of their sub-prime sins. The truth, however, is a little different. The evangelical Christians had always been there, but the uncertainty of the crisis made them feel more comfortable about revealing their faith, according to Marcus Nodder, the chaplain of St Peter's Barge, a church which bobs on the Thames's tide in the shadow of the Canary Wharf skyscrapers. "We didn't see any increase in numbers during the credit crunch," he reveals. "If anything, numbers fell as people were fired and those who stayed felt less able to leave their desks given the pressure and focus upon them. What we did see was that the crisis gave Christians working in the City the opportunity to speak about the hope their faith gives them."...High-flying City bankers such as Ken Costa, Stephen Green or Baron Griffiths of Fforestfach (the vice-chairman of Goldman Sachs, who made headlines last year after telling the press that inequality was good for us) are able to discuss their faith openly and honestly....While the various senior City Christians I speak to are unanimous in insisting that they would never specifically set out to hire fellow evangelicals, it is clear that these groups also offer the opportunity for some excellent networking....Christianity Explored was founded 10 years ago by Rico Tice, a former Hewlett-Packard executive, and now operates 5,000 courses across 54 countries. One of its trustees is Jeremy Marshall, the chief executive of venerable British bank C Hoare & Co, whose illustrious clients have included Samuel Pepys, William Gainsborough, Lord Byron and Jane Austen.
..........................................

Eve Poole is a theologian who teaches business ethics on the MBA programme at Ashridge Business School..."It's often harder for young people to come out as Christians than it would be for them to come out as gay," she says. "Because of the vocal atheists – Dawkins and so on – people think your judgement is impaired if you say you're Christian at work. The problem of serving two masters is at the heart of it. There's a worry that Christians are up to something, that they're loyal to something other than the firm.".....James Featherby, a partner at big-five law firm Slaughter & May, is closely involved with the London Institute for Contemporary Christianity, which tries to break down the divide between secular and sacred life. "One of the problems for people in the City is loneliness," he tells me. "If they're not married by the time they get here, or in a close relationship, it's tough to build a family life and a network of close friends as they're working so hard. So by the time people reach 30, they're looking around and saying, 'Hang on, how do I connect with other human beings?' At Alpha, or Christianity Explored, you find a bunch of guys and girls who will connect with you on an emotional level and share your journey."

.............................................

As I make my way down Bishopsgate, my phone rings. It's one of the young bankers I spoke to a few days ago. She works in human resources at an investment bank in Canary Wharf and, like Dave, apologises for her reluctance to speak on the record. "I literally wouldn't be able to do my job without my faith," she says. "Particularly the past few years, when so much of my job has been handling exit interviews, standing beside guys as their whole lives fell apart around them. It has been horrid, and it's why Alpha helped me so much. It helped me to get my faith sorted; if you have that, it enables you to survive almost anything. I don't really feel I can talk about it openly at work – I never say I went to church if people ask me what I got up to at the weekend, but I think it helps me act in a moral way. I hope my colleagues can tell I have some moral grounding, even if they don't know about my faith."

OPIATE FOR THE BANKERS....WE REALLY ARE IN TROUBLE!

...........................................................
Alex Preston worked in the City for 10 years. He is the author of the novel 'This Bleeding City' and the business and finance columnist for the 'New Statesman'. His next novel, 'The Full Fathom Five' (Faber), will be out in January 2012

[xchrom]

16. European Stocks Climb for Fifth Day; Ericsson, Volkswagen Gain

http://www.businessweek.com/news/2011-04-27/european-stocks-climb-for-fifth-day-ericsson-volkswagen-gain.html

April 27 (Bloomberg) -- European stocks rose for a fifth day, led by technology and auto shares, as companies from Ericsson AB to Volkswagen AG reported better-than-estimated earnings. Asian equities and U.S. index futures gained.

Ericsson surged 9.5 percent as the biggest maker of mobile- phone networks reported first-quarter profit that more than tripled. Volkswagen, Europe’s largest carmaker, climbed 4.4 percent. Porsche SE rallied 5.3 percent after its car-making division reported increased income. Volvo AB, the world’s second-largest truckmaker, rose 2.6 percent after lifting this year’s industry sales forecasts.

The Stoxx Europe 600 Index advanced 0.4 percent to 282.26 at 11:04 a.m. in London. The gauge has advanced 7.7 percent from this year’s low on March 16 as results from Intel Corp. to PSA Peugeot Citroen spurred speculation that the economic recovery is on track. Of the 54 Stoxx 600 companies that have reported earnings since April 11, 63 percent have announced positive surprises, according to data compiled by Bloomberg.

“We’re quite happy with the earnings season,” Lothar Mentel, who oversees about $3.2 billion as the London-based chief investment officer at Octopus Investments Ltd., said on Bloomberg Television’s “On the Move” with Francine Lacqua. “We know the first quarter has been good.”

[xchrom]

21. more europe: UBS Attracts Highest Wealth Management Inflows Since 2007

http://www.businessweek.com/news/2011-04-26/ubs-attracts-highest-wealth-management-inflows-since-2007.html

Updates with closing shares in second, fifth paragraph.)

April 26 (Bloomberg) -- UBS AG, Switzerland’s largest bank, attracted the most new money from wealthy customers since the end of 2007 and reported first-quarter profit that beat analysts’ estimates.

UBS rose 3.9 percent in Swiss trading, the biggest gain in two months, after wealth management and retail clients added a net 16.7 billion francs ($19 billion), more than double the estimate of analysts surveyed by Bloomberg. Net income was 1.81 billion francs, topping the 1.69 billion-franc forecast of analysts.

Chief Executive Officer Oswald Gruebel attributed the increase in new funds to “the return of client trust and confidence” after wealthy customers withdrew 251.6 billion francs in the nine quarters through June of last year. Earnings at the investment bank slumped on lower revenue from trading stocks and bonds.

“The main thing is they’re having inflows again, and that’s good,” said Dirk Becker, a Frankfurt-based analyst at Kepler Capital Markets. “The investment bank will remain a construction site for UBS for a while.”

[xchrom]

38. Nokia axes 7,000 jobs to slash costs

http://in.reuters.com/article/2011/04/27/idINIndia-56595420110427

(Reuters) - Nokia will axe 7,000 jobs and outsource its legacy Symbian activities to slash 1 billion euros ($1.46 billion) of costs as it struggles to compete in the fierce smartphone market.

Nokia, the world's largest phone maker by volume, on Wednesday detailed an overhaul of its business that will include laying off 4,000 staff and transferring another 3,000 to technology services firm Accenture - a total 12 percent of its phone unit workforce.

Accenture will take over Nokia's legacy Symbian software activities and support future smartphones, including those running on Microsoft's Windows platform.

[xchrom]

48. We should have been safe with Sony, say gamers

http://www.reuters.com/article/2011/04/27/sony-hacking-users-idUSLDE73Q13R20110427

LONDON, April 27 (Reuters) - Sony (6758.T) PlayStation gamers expressed shock and disappointment on Wednesday at a massive data hack in which their names, addresses and credit-card details might have been stolen from the PlayStation Network.

Shoppers at London video-games stores said they might leave the network, PSN, which allows them to play games with 77 million other members and buy games online, while some gamers writing in online forums called for a boycott of Sony products.

"You would just assume with someone like a Sony your details would be safe," said Albert, a 42-year-old bank worker shopping for games in London's Canary Wharf financial district. "It does make you think."

"As I was looking at the games just now I was thinking: Do I really want to spend my money with Sony?" he said, adding that he would think again about using the network features in future.

[xchrom]

51. FTSE swings higher on UK GDP relief, corporate earnings

http://www.reuters.com/article/2011/04/27/businesspro-us-markets-britain-stocks-idUSTRE73Q2YW20110427

(Reuters) - Britain's FTSE 100 rose on Wednesday, as the UK's fragile recovery in the first quarter raised hopes of cheaper money for longer, fuelling demand for equities.

Britain's gross domestic product expanded by 0.5 percent between January and March, in line with forecasts, making it unlikely the UK central bank will raise rates in the short term.

Markets are not fully pricing in the first hike until November.

"It's definitely held back expectations of a rate rise," David Jones, chief market strategist at IG Index, said.

[xchrom]

61. Greece haircut for bondholders already overdue

http://www.arabianbusiness.com/greece-haircut-for-bondholders-already-overdue-396265.html

No cakes, party games or music. As Greece last weekend marked the passing of the first year since it was forced to seek a bailout from its fellow euro members, the mood could hardly have been more somber.

Bond yields soared to fresh highs. The cost of insuring against a Greek default rose to a record. The finance ministry started a criminal investigation into bank employees spreading rumors of an imminent restructuring.

In fact, Greece should have celebrated the anniversary of the rescue package in a different way - by announcing it was repudiating some of its debts.

The sooner Greece imposes a haircut, to use the financial market’s term for losses incurred in a default, the better it will be for everyone. Delay leads to bigger haircuts, and economic research suggests the bigger the haircut, the worse the pain that follows. The damage being inflicted on the Greek economy is too great. And once defaults within the euro area are accepted, a sensible conversation about how to fix the single currency can begin.

[xchrom]

75. Swiss stocks - Factors to watch on April 27

http://in.reuters.com/article/2011/04/27/markets-swiss-stocks-idINLDE73P16620110427

(Reuters) - Swiss shares were indicated flat on Wednesday, mirroring other European bourses, which were expected to open flat to slightly higher, as strong company results boosted sentiment but caution prevailed ahead of the outcome of the U.S. Federal Reserve's meeting.

Futures FSMIc1 showed the Swiss bourse .SMI opening down 1 point at 6451.0 points.

The following are some of the main factors expected to affect Swiss stocks on Wednesday:

[Demeter]

17. Citigroup plans 500-plus hiring spree

Citigroup plans to hire more than 500 bankers and traders over the next two years to strengthen its securities business and make up the ground lost to its rivals during the financial crisis.

As the US group continues to recover from its crisis-time woes, one of its main focuses will be to boost its investment banking and trading offerings to companies and investors around the world, according to people inside the company.

Read more >>
http://link.ft.com/r/J0VG55/A7V7UD/4VXHZ/5CH4TL/BM0H0C/ZH/t?a1=2011&a2=4&a3=26

[Demeter]

18. Europe telecom groups take aim at Google

Leading European telecoms companies want to levy significant charges on Google and other online content providers through an overhaul of the regime governing how data travel over the internet.

Read more >>
http://link.ft.com/r/M2ZOXX/D4Z4SA/9MEOW/M9XUMI/PRY5K7/FW/t?a1=2011&a2=4&a3=26

[Demeter]

19. Chinese elite faces curbs on US visas

The US government may make it more difficult for China’s ruling elite and their families to receive visas following a series of diplomatic snubs by the Chinese government, according to US officials

Read more >>
http://link.ft.com/r/ZE9K33/FXMX9H/GYN7Q/2617XD/QFI4KY/LE/t?a1=2011&a2=4&a3=26

[Demeter]

26. Data breach hits 70m Sony customers

Users of online gaming network have had names, e-mail addresses and passwords stolen by hacker in one of largest privacy breaches to date

Read more >>
http://link.ft.com/r/ZE9K33/M9YSKG/JQU4J/6VBX24/JI526D/QR/t?a1=2011&a2=4&a3=27

[Pale Blue Dot]

27. Misc: More "Hate" for Housing, Record number of homes in foreclosure process

• From the Associated Estates Realty Corp (AEC) conference call, an apartment REIT in IN, OH, MI and PA (ht Brian):

Looking at certain performance metrics throughout our portfolio, we continue to see residents staying longer - on average, 18 months. Also, it has been well publicized, households have a greater propensity to rent versus own as renting allow for increased financial flexibility and physical mobility. To this point our annual resident turnover is down 10 basis points year-over-year and buying home as a reason for moveout is just over 14%, down from better than 25% just a few years ago. These trends are contributing to increased occupancy, increased rents, and improved same community NOI as a result of the lower turnover costs.

Other apartment owners have also told me that the number of renters "moving out to buy a home" is way down.

• Although LPS has not released their mortgage metrics for March yet, I've heard that the "foreclosure in process" category is at a record high (no surprise) while the overall delinquencies declined sharply (a seasonal decline is normal for March). Also Freddie Mac released the monthly volume report for March, and they showed 90+ day delinquencies down to 3.63% - a high level, but the lowest since September 2009. I'll have graphs for both reports in the next few days.

http://www.calculatedriskblog.com/2011/04/misc-more-hate-for-housing-record.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29&utm_content=Netvibes

[Demeter]

28. Nervous Wall Street warns on debt limit

US banks and fund managers warn even a short default could be devastating for the financial markets and economy and press for consensus on policy

Read more >>
http://link.ft.com/r/NA70KK/EW7XSE/NRHD3/GKZRDQ/QFIWBJ/AZ/t?a1=2011&a2=4&a3=27

[Demeter]

29. Germany faces big inflow of migrant workers

Some economists say a sharp rise in labour migration could fuel the country’s recovery at a time of increasing skill shortages and relieve pressure on an ageing workforce

Read more >>
http://link.ft.com/r/NA70KK/EW7XSE/NRHD3/GKZRDQ/18URM6/AZ/t?a1=2011&a2=4&a3=27

[Demeter]

30. Spain’s desalination dreams run dry

The €300m desalination plant at Torrevieja on Spain’s south-east coast is idle. Even if it does begin to process seawater, the product may be so expensive nobody wants to buy it

Read more >>
http://link.ft.com/r/NA70KK/EW7XSE/NRHD3/GKZRDQ/9Z6TYV/AZ/t?a1=2011&a2=4&a3=27

IF THEY CERTIFIED THE WATER AS RADIATION-FREE, I BET THEY COULD SELL EVERY DROP...

[Fuddnik]

32. They've been trying to bring a plant online in Tampa for 8 years.

At least as long as I've been here. They still can't get it to work.

[Demeter]

31. Chinese warship makes regional waves

Beijing’s first aircraft carrier, seen as a symbol of its growing power, will enter service as the Shi Lang, named for the 17th-century admiral who conquered Taiwan

Read more >>
http://link.ft.com/r/NA70KK/EW7XSE/NRHD3/GKZRDQ/IYMV3Q/AZ/t?a1=2011&a2=4&a3=27

[xchrom]

33. india: Nifty ends lower ahead of expiry; banks, capital goods dip

http://www.moneycontrol.com/news/local-markets/nifty-ends-lower-aheadexpiry-banks-capital-goods-dip_538699.html

ndian equity benchmarks were extremely choppy in trade remaining in consolidation mode for the fourth consecutive session ahead of April expiry tomorrow. It seemed the market could be waiting for some triggers related to earnings, likely rate hikes in forthcoming policy meet etc.

The 50-share NSE Nifty fell 34.50 points or 0.59%, to close at 5,833.90 on Wednesday. The index has been in a 5,800-5,950 range since the past few weeks. About 40 shares out of 50 settled the trade in negative terrain.

However, Rahul Mohindar of viratechindia.com does not see vigorous downside going ahead. "I see correction down to maybe 5,750-5,760 but again nothing deep that I am identifying and at the same time I would use these little cracks to really get in. I don't think that there is going to be a vigorous downside coming. I am still bullish on sectors like banking and technology--these frontlines could lead," Mohindar said.

He advises traders with a one to two month perspective to be optimistic as he sees an upside in the market by then. "The market, over the next couple of weeks, will head towards 6,000. We see decline as an opportunity to get in," he said.

[xchrom]

34. KG-D6 output blues: Oil Min, DGH, RIL to meet next week

http://www.moneycontrol.com/news/cnbc-tv18-comments/kg-d6-output-blues-oil-min-dgh-ril-to-meet-next-week_538725.html

Reliance Industries continued to be one of the biggest draggers on the back of muted results and falling production news at the KG-D6 wells. The Oil Secretary S Sundareshan today said that the Oil Ministry, Directorate General of Hydrocarbons (DGH) and RIL is likely to meet next week to discuss issues surrounding KG-D6 production levels, reports CNBC-TV18's Nayantara Rai.

S Sundareshan said, “There are likely to be also formal meetings next week, in which the Ministry, the Director General Hydrocarbons and the contractors will be officially involved. They will review this and take appropriate measures. Now, the point is that it is very difficult at this juncture to comment why the production has fallen. So, unless we have a realistic assessment or the reasons for the same, the action to be taken in this regard is premature.”

Also read: BP expects govt nod on RIL deal soon, will pay balance then



i could've put this under oil too -- wasn't sure.

[xchrom]

35. Market to give decent returns post earnings season: Experts

http://www.moneycontrol.com/news/market-edge/market-to-give-decent-returns-post-earnings-season-experts_538720.html

After witnessing a volatile trade throughout the day, the market slipped into a red terrain mainly on disappointing Q4 results posted by IT giant Wipro and pressure put by heavyweight industry stocks of Reliance Industries, BHEL, TCS, L&T, SBI, ICICI Bank, HDFC Bank and NTPC. Experts think that once the earning season is over, the market will be able to set fresh highs again.

In the view of Rahul Mohindar from Viratechindia.com, traders have been looking at the market directly from a long term perspective and over the next couple of weeks, it is likely to head towards the 6000 level. “We see decline as an opportunity to get in. I see correction down to maybe 5750- 5760 but that will not be a vigorous downside,” he said adding that he is bullish on sectors like banking and technology as they have the potential to lead the market rally.

Talking about interest rate hike, which may impact the market adversely, PN Vijay, Portfolio Manager said that the government may use various fiscal tools to contain inflation and food prices than hiking rates by more than 25 basis points. Like Mohindar, Vijay is also positive about banking sector. He feels that the State Bank of India and ICICI Bank have the potential to pull the market after a boring phase. “I do expect good results from ICICI Bank, which will take the market out of this trading range.”

[xchrom]

39. BSE Sensex falls for 3rd day; Wipro, Reliance Inds slump

http://in.reuters.com/article/2011/04/27/idINIndia-56601420110427

(Reuters) - The BSE Sensex dropped for a third straight session and closed 0.5 percent lower on Wednesday, amid steady world stocks, with dropping

nearly 3 percent as the third-largest software firm's tepid growth forecast let down investors.

Traders expect choppy trade in a narrow range before the expiry of monthly derivatives contracts on the National Stock Exchange on Thursday and the central bank's annual policy meet on May 3.

Reliance Industries, which has the highest weighting on both the key indexes, dropped 1.5 percent following Goldman Sachs' downgrade of the stock to neutral from buy, and as an oil ministry source said it could be penalised for falling short of targeted gas production at its D6 block.

[xchrom]

41. Reliance Industries could be penalised for gas shortfall - source

http://in.reuters.com/article/2011/04/27/idINIndia-56595620110427

(Reuters) - The government is considering a penalty for Reliance Industries for falling short of targeted gas production at its D6 block, an oil ministry source said on Wednesday.

The gas from the block, India's second-biggest producer after the Mumbai High field, is sold to buyers prioritised by the government at an agreed pricing formula.

Reliance has just agreed a partnership with multinational operator BP on field development.

[xchrom]

36. Microsoft expected to post strong 3rd quarter

http://seattletimes.nwsource.com/html/microsoft/2014883033_microsoft27.html

For Microsoft's third-quarter earnings report Thursday, Wall Street is expecting more of the same.

The company is expected to report that it had $16 billion in sales over the past three months. Analysts think it made a higher profit than predicted.

And then the stock price will likely drop, if it follows the pattern set by recent Microsoft financial reports. This drop will be followed by bitter shareholder complaints that Microsoft stock has moved little over the past 10 years while Apple's stock has skyrocketed.

"I am expecting them to put up a strong quarter," said Yun Kim, research analyst at Gleacher and Co. in New York. "Just remember they've been putting up five straight quarters of strong beat, but the stock has not reacted positively."

[xchrom]

37. FAA inspects Boeing factories after shavings found in 767 fuel tank

http://seattletimes.nwsource.com/html/businesstechnology/2014883185_boeingfaa27.html

The Federal Aviation Administration (FAA) on Monday sent a team of safety inspectors into Boeing's Renton and Everett assembly plants to conduct a special review of its manufacturing procedures.

The move follows the discovery of metal shavings inside the fuel tank of a new Japan Airlines (JAL) 767 passenger jet during ground maintenance earlier this month.

The plane was delivered to JAL in early February and had flown 325 hours. The shavings are thought to be a result of the manufacturing process, likely debris from drilling rivets.

The FAA review, expected to last at least several days, will focus on Boeing's procedures for preventing what the industry calls FOD, or Foreign Object Debris, meaning any material or object that isn't supposed to be on the airplane when it leaves the factory.

[Hotler]

44. k&r n/t

[xchrom]

47. UPDATE 1-Merck to buy back up to $5 billion of its shares

http://www.reuters.com/article/2011/04/27/merck-idUSN2711775720110427

(Reuters) - Merck & Co (MRK.N) said on Wednesday it plans to buy back up to $5 billion in shares, bringing its total share buyback program to $6.4 billion.

The Whitehouse Station, New Jersey-based drugmaker said the stock purchase has no time limit and will be made on the open market, in block transactions or privately negotiated transactions.

[xchrom]

49. UPDATE 1-Sterling Bancorp to repay TARP funds in full

http://www.reuters.com/article/2011/04/27/sterlingbancorp-idUSL3E7FR2WV20110427

* To redeem $42 million of preferred stock issued to Treasury

* Says capital ratios will remain strong after redemption (Follows alerts)

April 27 (Reuters) - Sterling Bancorp said it has received approval from the U.S. Treasury to redeem the $42 million of preferred stock it issued to the Treasury under the Troubled Asset Relief Program in 2008.

[Pale Blue Dot]

52. Housing Crash 2.0 Is Accelerating

House prices are falling again—and the decline is accelerating.

Today’s big housing numbers comes from the Case-Shiller home price indexes. The indexes, which measure how prices have changed over the previous three months, show prices falling in every major metropolitan area (except, weirdly, Detroit). The 20-city average declined 3.3 percent from a year ago, and 1.1 percent from the previous three-month average.

This is the seventh successive month of widespread price declines.

The housing recovery began to stall last spring, after the government’s home-buyer tax credit expired. The three-month moving average of the Case-Shiller 20-city index showed that gains in home pricing slowing to a crawl in early summer and actually reversing in July and August. By September, it was clear that home prices were going into a serious decline.

http://www.cnbc.com/id/42764835

[DemReadingDU]

53. The 20-city average declined 3.3 percent from a year ago, and 1.1 percent from the previous three-mo

Yesterday, some of us noted the discrepancy

that Bloomberg was -3.3% but MarketWatch was -1.1%
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4827574

[xchrom]

57. middle east: Italian fashion house Prada inks deal with UAE’s Al Tayer

http://www.arabianbusiness.com/italian-fashion-house-prada-inks-deal-with-uae-s-al-tayer-396507.html

Prada, the Italian fashion house eyeing an initial public offering, has signed a joint venture deal with UAE’s Al Tayer to distribute its luxury brands across the Gulf.

The fashion house known for its high-end shoes, bags and clothing said Wednesday the deal would roll out Prada and Miu Miu stores in Bahrain, Saudi Arabia, Kuwait, Oman and the UAE.

“ aims to seize opportunities in high potential markets… a consistent rollout of Prada and Miu Miu stores is being planned in various markets across the Middle East,” the companies said in a joint statement.



dear lord god but prada makes me weak in the knees.

[xchrom]

58. Saudi Arabia foresees $600bn of investment in Turkey

http://www.arabianbusiness.com/saudi-arabia-foresees-600bn-of-investment-in-turkey--396511.html

Saudi Arabia foresees investment of $600bn in Turkey during the next 20 years, according to Abdul Kareem Abu al Nasr, the chairman of National Commercial Bank, the biggest Saudi lender.

Investment in Turkey’s agriculture and manufacturing is set to increase, Abu al Nasr says on Wednesday in a presentation to be delivered in Turkey, a copy of which has been obtained by Bloomberg News.

[xchrom]

59. UAE in talks to invest in Australian farmland

http://www.arabianbusiness.com/uae-in-talks-invest-in-australian-farmland-395859.html

The UAE plans to hold further talks with officials from Australia with a view to invest in farmland as part of its plan to tackle food security.

Sultan Bin Saeed Al Mansouri, the UAE's Minister of Economy on Sunday hailed the recent visit of a UAE delegation to Australia as a valuable step forward in economic relations between the two countries.

He said in comments published by state news agency WAM that it would "open new prospects for cooperation in the fields of innovation, research and development, technology, agriculture and livestock production, petrochemicals and others".

Part of the delegation was Khadem Al Darei, managing director and vice chairman of Al Dahra Agriculture, who said: "The visit identified attractive investment prospects in Australia and plenty of opportunities to share experiences and insights, as well as opportunities in the agribusiness where we are keen to import livestock and fresh and frozen meat from Australia, in order to satisfy the local demand.

[xchrom]

62. Saudi hits 14-week peak on petchem strength

http://www.arabianbusiness.com/saudi-hits-14-week-peak-on-petchem-strength-396415.html


Saudi Arabia's index TASI rose to a 14-week high as investors looked favourably on petrochemical stocks due to rising oil prices.

Bellwether Saudi Basic Industries Corp (SABIC) rose 0.2 percent and Saudi Telecom Co gained 0.4 percent. Yanbu Petrochemical Company was up 1.5 percent. The petrochem index advanced 1 percent.

"Now that general market has won the confidence of investors, you're starting to see more bottom-up buying," said a Riyadh-based trader on terms on anonymity, referring to stock-specific trade. "You will see a lot more of that.

Brent crude for June rose 31 cents to $124.28 a barrel by 1256 GMT.

[xchrom]

64. Gas pipeline to Israel, Jordan explodes in Egypt's El Arish

http://news.xinhuanet.com/english2010/world/2011-04/27/c_13848123.htm

El ARISH, Egypt, April 27 (Xinhua) -- A gas pipeline in the north Egyptian border city of El Arish was bombed by saboteurs early Wednesday and caused shutting down of gas supply to Israel and Jordan.

A powerful explosion occurred in the wee hours of Wednesday at the main natural gas terminal at the entrance of the city, causing huge flames of 20 or 30 meters high.

Witnesses living near the scene of the bombing told Xinhua reporter that they heard the voice of a huge explosion at about 3: 30 a.m. (0130 GMT), which resulted in huge earth vibrations in the buildings located one km away from the gas station.

The fire has been controlled, Chairman of GASCO which runs and operates the Sinai natural gas pipelines Magdi Tawfiq told state MENA news agency, adding the valves controlling the flow of gas from the main terminal were shut down to stifle the flames.

[xchrom]

70. Turkey continues to invest in Mideast despite unrest: minister

http://news.xinhuanet.com/english2010/business/2011-04/27/c_13848982.htm

ISTANBUL, April 27 (Xinhua) -- Turkish Finance Minister Mehmet Simsek said Wednesday his country will not pull back investment from the Middle East, despite recent unrest in the region.

Developments in the Middle East and North Africa benefited the Turkish business, the finance minister said at the 6th Turkish- Arab Business Forum held in Istanbul.

Turkey always did its best in regard to prosperity, stability and peace in Middle East and Africa and it would keep on doing so, Simsek said.

[xchrom]

63. asian markets: Asian markets higher with Fed on focus

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=c1ff73c7-b460-4bbc-ba49-ead8043a2a8f

FXstreet.com (Barcelona) - Most Asian markets have been trading on a positive tone, following gains in Wall Street yesterday even with cautious volumes ahead of Federal Reserve's monetary policy decissio0n, to be released later today. In currency Markets The Euro has resumed its uptrend.

Japanese Nikkei Index has risen 1.1%, with Hong Kong Hang Seng Index 0.4% up, and Chinese Shanghai Composite Index 0.2% higher. On the negative side, Australian ASX index has lost 0.4, South Korean Kospi Index edged 0.1% down.

[xchrom]

65. Efforts to regulate China's home market see some effects: State Council

http://news.xinhuanet.com/english2010/china/2011-04/26/c_13847193.htm

BEIJING, April 26 (Xinhua) -- China's State Council, the country's cabinet, said Tuesday that the efforts of local governments to regulate the real estate market had seen some preliminary results.

"Speculative housing demands have been contained, and the sales volume of new and existing homes dropped month on month while home prices stayed generally stable," said the State Council in a statement released Tuesday.

The State Council had sent eight inspection groups to 16 provinces, regions or municipalities to supervise their work of regulating the home markets from April 10 to 21.

[xchrom]

66. Coca-Cola reports strong earnings in first quarter

http://news.xinhuanet.com/english2010/business/2011-04/27/c_13847241.htm

WASHINGTON, April 26 (Xinhua) -- The Coca-Cola company, the world's largest soft-drink maker, saw earnings growing strongly in the first quarter of 2011, the company announced Tuesday in a financial report.

The earnings per share (EPS) in the first quarter of 2011 was 0. 82 U.S. dollars, an increase of 19 percent from the same period of last year, in line with the company's long-term target, said the report.

The net revenue of Coca-Cola in the first quarter was 10.517 billion U.S. dollars, up 40 percent from the same quarter of 2010, reflecting solid growth in concentrate sales, according to the report.

Moreover, the company's worldwide volume increased by 6 percent in the first quarter, with growth in all five geographic operating groups.



i put this under asia news because coke's growth -- or in the blurb is about a global growth.

[xchrom]

71. China, Australia ties get trade boost

http://en.ce.cn/National/Politics/201104/27/t20110427_22386926.shtml

Wen and Gillard sign deals to increase economic cooperation

China and Australia signed a series of cooperation agreements on Tuesday as Australian Prime Minister Julia Gillard attempted to boost ties and smooth over recent spats with China.

Yet analysts said that achieving smooth bilateral ties would take some time despite strong trade relations.

There was an upbeat tone for the visit on Tuesday with a lavish red-carpet welcoming ceremony given by Premier Wen Jiabao, and a signing ceremony for bilateral agreements witnessed by both Wen and Gillard following their meeting at the Great Hall of the People, the seat of the legislature in the heart of Beijing.

[xchrom]

72. China stocks close mixed Wednesday

http://en.ce.cn/subject/chinamarkets/mktstock/201104/20/t20110420_22375274.shtml

Chinese shares closed mixed Wednesday with the benchmark Shanghai Composite Index up 8 points, or 0.27 percent, to 3,007.04.

The Shenzhen Component Index declined 45.4 points, or 0.35 percent, to 12,753.85.

[xchrom]

76. Economy keeps on growing in the first quarter

http://joongangdaily.joins.com/article/view.asp?aid=2935446

Korea’s gross domestic product accelerated in the first quarter by 1.4 percent from the previous quarter, which grew by 4.2 percent from a year earlier, according to a preliminary estimate by the Bank of Korea yesterday.

The economic data is likely to force the central bank to hike interest rates as soon as next year, while increasing the value of the won.

In addition, gross domestic income, which measures consumer purchasing power, posted a decline for the first time in 27 months.

The country’s GDI fell 0.6 percent in the January-March period after advancing 0.3 percent in the previous quarter.

[xchrom]

77. Goldman Sach raises Korean inflation forecast

http://joongangdaily.joins.com/article/view.asp?aid=2935436

Global investment giant Goldman Sachs Group Inc. yesterday raised its 2011 inflation forecast for Korea to 3.9 percent from an earlier 3.6 percent, citing mounting inflationary pressure on processed goods and public utilities.

“We expect inflation to rise further than our previous forecast, but the upside to be limited at 3.9 percent, on strong policy focus on disinflation,” Kwon Goo-hoon, an economist at Goldman Sachs, said in a report.

Korea’s consumer prices jumped 4.7 percent on-year in March, surpassing the upper ceiling of the Bank of Korea’s 2-4 percent inflation target band for the third month in a row.

[xchrom]

68. Georgia, Russia to meet again in Swiss city on WTO membership

http://news.xinhuanet.com/english2010/business/2011-04/27/c_13848988.htm

BILISI, April 27 (Xinhua) -- Georgia and Russia are scheduled to open their next round of talks on Russia's membership in the World Trade Organization in the Swiss city of Bern.

The negotiations start on Thursday and finish a day later.

The two countries held a previous round of talks in early March this year, also in Bern.

Georgian Deputy Foreign Minister Nino Kalandadze has told the media earlier in the week that there are some non-political issues that Russia has to solve first before the two countries can delve into WTO accession talks.

[xchrom]

73. FBI Hints at Criminal Charges in Upper Big Branch Mine Disaster

http://www.allgov.com/Controversies/ViewNews/FBI_Hints_at_Criminal_Charges_in_Upper_Big_Branch_Mine_Disaster_110427

The Obama administration may be considering criminal charges against the operator of the Upper Big Branch Mine, where 29 workers were killed in April 2010.

In a letter to victims’ families, the FBI has mentioned its “investigation into various activities” at the mine to determine whether any federal laws were broken. Upper Big Branch is owned by Massey Energy, but was operated by its subsidiary, Performance Coal Co., at the time of the accident.

[xchrom]

74. J&J to buy Synthes for $21.6 billion

http://in.reuters.com/article/2011/04/27/idINIndia-56591420110427

(Reuters) - Johnson & Johnson is to buy Swiss medical devices maker Synthes Inc for 19 billion Swiss francs ($21.6 billion) in its largest ever buy, boosting its orthopaedic business.

The U.S. healthcare group will pay 159 Swiss francs in cash and stock for each Synthes share, the two companies said on Wednesday, in a deal that will give J&J a leading position in equipment to treat trauma.

J&J's offer is a premium of 8.5 percent over Synthes's closing share price on Tuesday.

The acquisition, which is likely to close in the first half of 2012, has the backing of both the Synthes and J&J boards. A deal had been anticipated after Synthes said on April 18 it was in talks with J&J.

[Festivito]

78. Debt: 04/25/2011 14,298,930,020,698.53 (UP 5,687,250,343.71) (Mon, UP a little.)

(Back over the old debt limit of 14.294-trillion dollars by 5-billion dollars. Good day.)
Inside Detroit, I must pay twice for hot tea?
(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)
= 9,650,914,438,107.38 + 4,648,015,582,591.15
UP 297,069,525.13 + UP 5,390,180,818.58

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 $3,206.47 makes 1T$.
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 311,868,992 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 $45,849.16.
A family of three owes $137,547.47. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 19 reports in the last 30 to 31 days.
The average for the last 19 reports is 4,599,814,160.93.
The average for the last 30 days would be 2,913,215,635.25.
The average for the last 31 days would be 2,819,240,937.34.
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$/day.
There were 140 reports in 207 days of FY2011 averaging 5.27B$ per report, 3.56B$/day.
Above line should be okay

PROJECTION:
There are 636 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)
04/25/2011 14,298,930,020,698.53 BHO (UP 3,672,052,971,785.45 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 +0,737,306,989,806.80 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,300,082,373,330.83 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/04/2011 +000,336,873,927.41 ------------******** Mon
04/05/2011 -000,031,815,631.67 ----
04/06/2011 -000,011,756,275.73 ----
04/07/2011 +002,235,163,853.48 ------------*********
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

1,242,444,619.00 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=4827574&mesg_id=4827990

[Festivito]

84. Debt: 04/26/2011 14,304,410,507,726.10 (UP 5,480,487,027.57) (Tue, UP a little.)

(Over the old debt limit of 14.294-trillion dollars by 10-billion dollars. Good day.)
The weeds are pulled for today.
(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)
= 9,651,121,964,676.35 + 4,653,288,543,049.75
UP 207,526,568.97 + UP 5,272,960,458.60

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 $3,206.40 makes 1T$.
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 311,876,192 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 $45,865.67.
A family of three owes $137,597.01. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 32 days.
The average for the last 20 reports is 4,643,847,804.26.
The average for the last 30 days would be 3,095,898,536.17.
The average for the last 32 days would be 2,902,404,877.66.
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$/day.
There were 141 reports in 208 days of FY2011 averaging 5.27B$ per report, 3.57B$/day.
Above line should be okay

PROJECTION:
There are 635 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)
04/26/2011 14,304,410,507,726.10 BHO (UP 3,677,533,458,813.02 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 +0,742,787,476,834.40 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,303,449,178,098.83 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/05/2011 -000,031,815,631.67 ----
04/06/2011 -000,011,756,275.73 ----
04/07/2011 +002,235,163,853.48 ------------*********
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 ------------********

1,113,097,260.56 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=4828978&mesg_id=4829576

[Demeter]

80. How Wall Street Thieves, Led by Goldman Sachs, Took Down the Global Economy

How Wall Street Thieves, Led by Goldman Sachs, Took Down the Global Economy -- Their Outsized Influence Must be Stopped...If we don't bust up Big Finance, there soon will be another financial crisis that will destroy what's left of our middle-class way of life.

http://www.alternet.org/story/150741/how_wall_street_thieves%2C_led_by_goldman_sachs%2C_took_down_the_global_economy_--_their_outsized_influence_must_be_stopped?page=entire


For all the damning evidence you’ll ever need about Wall Street corruption, take a look at the recent report from the Senate Permanent Subcommittee on Investigations, “Wall Street and the Financial Crisis: An Anatomy of a Financial Collapse” (PDF). The 650-page indictment reveals the myriad of ways Wall Street lies, cheats, steals and defrauds on a routine basis. Arguably the report is as revealing as the Nixon tapes or the Pentagon Papers. Unfortunately, it’s too technical to get widely read. So here are the Cliff Notes.

This study, broken into four case studies, forms a biblical tale of how toxic mortgages were born, nurtured and spread like the plague throughout the land, making money for the financial philistines every step of the way.

WHAT FOLLOWS IS A DAMNING INDICTMENT OF WAMU. ETC. BUT MOST ESPECIALLY, GOLDMAN SACHS. SEE LINK FOR COPIOUS DETAIL...

Lies #5 ,#6, #7…….#101

The list goes on and on. GS manipulated assets to benefit themselves at the expense of their customers. They manipulated prices to benefit themselves at the expense of customers. As part of Abacus, they worked out a private deal with Paulson so that Paulson would pay less for his “insurance”, which in turn hurt the investors on the other side of the bet. And, even after all of these revelations, Goldman Sachs to this day continues to deny that it engaged in a strategy to bet big against the housing market.

In the end you come to one and only one conclusion. Every time Goldman Sachs had an opportunity to profit by cheating its customers, it did so.

What is to be done? (PLANNED REFORMS DISCUSSED)No way are these reforms and indictments going to work. We could put all the crooks in jail (and we should), but Goldman Sachs would still be there. We could tighten regulations more and more, but the big banks would still be armed with enormous wealth and power to subvert them. Regulations and jail are not good enough unless we want to construct massive regulatory and enforcement agencies that rival the banks in size and scope....Rather, the report proves why the entire financial edifice must come down. Our nation cannot survive economically unless we do away with the large Wall Street banks and investment houses. It’s not just that they are too big to fail. They are too big – period!...As this startling report makes all too clear, it’s us or them and there’s no way around it.

TODAY'S MUST READ AND BOOKMARK!

[TalkingDog]

81. 11 am upswing: Birth Certificate Effect

n/t