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Monthly Archives: July 2012

BHP Increases Iron Ore Output by 15% Last Quarter

BHP Billiton Ltd. (BHP)’s fourth-quarter iron ore production gained 15 percent as the world’s largest mining company expands operations in Australia’s Pilbara region, setting a 12th consecutive annual record.

Output was 40.9 million metric tons in the three months ended June 30, from 35.5 million tons a year earlier, Melbourne- based BHP said today in a statement. That beat the 37.3 million ton median estimate of five analysts surveyed by Bloomberg.

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Asian Countries Begin a Probe Into Interest Rate Manipulation

Japan’s banking lobby said it may review lenders’ interest-rate submissions and South Korean regulators started a probe into possible collusion in money markets, amid widening global scrutiny of key lending rates following the Libor scandal in the U.K.

The Japanese Bankers Association said it’s considering looking at as many as 16 banks to confirm that they follow guidelines for submitting yen-denominated Tokyo interbank offered rates. In South Korea, the antitrust agency expanded an investigation today into whether local brokerages kept certificate of deposit rates artificially high.”

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European Banks Report Decent Earnings

European stocks advanced for the third time in four days after lenders including Credit Suisse Group AG (CSGN) reported profits that beat estimates, while minutes showed the Bank of England may reconsider the case for an interest-rate cut.

Credit Suisse, the second-biggest Swiss bank, jumped 4.6 percent after announcing a higher cost cutting-target and boosting capital. Bankia SA (BKIA) surged 10 percent after Economy Minister Luis de Guindos said Spain will block banks selling preferred stocks to retail investors. Ericsson AB, the biggest maker of mobile network equipment, slid 2.9 percent after missing estimates for second-quarter profit.”

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ACTION: Reid, Kyl Close to Online Gambling Deal

Hat Tip: @BrokeHerman on Twitter for the story lead…

Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Whip Jon Kyl, R-Ariz., are close to a deal on legislation to legalize online poker while tightening restrictions on other forms of Internet gaming and are seeking Republican support for the agreement, according to Reid and a Democratic aide.

“Here’s the issue, Sen. Kyl and I’ve worked very hard. What we need to do is get some Republican support. That hasn’t been forthcoming yet,” Reid told Tech Daily Dose on Tuesday. He did not elaborate on where negotiations stand, but a Democratic aide said Reid and Kyl are close to a deal and are now trying to solicit GOP support.

The Democratic aide said Reid is looking to his fellow Nevada senator, Republican Dean Heller and Kyl to sell the deal to other Republicans.

Kyl was one of the authors of a 2006 law that aimed to curb online gambling by barring banks, credit card companies and others from processing payments for online bets.

Federal authority over online gambling, however, was tossed into limbo late last year after the Justice Department released an opinion reversing its interpretation of the 1961 federal Wire Act and said it no longer believed the law barred all Internet gambling. In response to state inquiries, Justice said in the memorandum that the Wire Act only applies to sports bets.


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Arpaio: Obama Birth Record ‘definitely fraudulent’

PHOENIX (AP) — Investigators for an Arizona sheriff’s volunteer posse have declared that President Barack Obama’s birth certificate is definitely fraudulent.

Members of Maricopa County Sheriff Joe Arpaio’s posse said in March that there was probable cause that Obama’s long-form birth certificate released by the White House in April 2011 was a computer-generated forgery.

Now, Arpaio says investigators are positive it’s fraudulent.

Read the rest here.

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Good Dirt Gone Dry Wilting Corn Crop as Food Costs Rally

Tom Flora walked into one of his corn fields in Delphi, Indiana, last week to survey land that until last month he expected would yield a bigger-than-average harvest. Eight rows in, he declared the crop a total loss.

“I’ve never seen this,” 63-year-old Flora said as he fingered the wilted brown leaves on a four-foot corn stalk that was half the normal height for this time of year and had cobs almost devoid of kernels. “This is good dirt here, but not this year. It’s too dry. I doubt this will produce anything.”

Read the article here.

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The Future of Manufacturing Is in America, Not China

The real threat to China comes from technology.

Read about the technological advancements and convergences which will cause the “hollowing out” of China’s manufacturing industry, here.

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Senate Democrats Propose Letting All Tax Cuts Expire

Do they have the balls?

WASHINGTON — Senate Democrats — holding firm against extending tax cuts for the rich — are proposing a novel way to circumvent the Republican pledge not to vote for any tax increase: Allow all the tax cuts to expire Jan. 1, then vote on a tax cut for the middle class shortly thereafter.

Read the article here.

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Demand for Treasuries Hits Record Levels

Are treasuries at bubble levels?

Since Standard & Poor’s downgraded the US last August, raising the prospect of higher interest rates, Treasury bonds have enjoyed an impressive rally. Investor demand for America’s sovereign debt is running at record levels.

Read the article here.

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American Apparel Offers to Manufacture US Olympic Uniforms for Ralph Lauren in US: $APP $RL



Olympic Uniforms

The Olympic uniforms for London 2012 have been stirring up controversy, partially because of the silly beret but mainly because the Ralph Lauren pieces were manufactured in China. First pundits got their two cents in, then American fashion designers voiced their displeasure and thenpoliticos like Senate Majority Leader Harry Reid jumped into the fray.

Now it’s American Apparel’s turn. The clothing company, which prides itself on manufacturing in the United States, spoke with Fashionista about potentially designing 2014 Olympic uniforms for, of all places, Russia. (Apparently Russia is trying to avoid manufacturing in China, too.) In the same conversation, an American Apparel rep commented on the Ralph Lauren uniform debacle with an interesting offer:


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