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Asian Indices Up, US Futures Slightly Down

Asian stocks and the South Korean won advanced for a second day as Premier Wen Jiabaosaid China’s economic recovery hasn’t gained momentum, fueling speculation policy makers will boost stimulus. Grains rose on concern a U.S. drought will damage crops.

The MSCI Asia Pacific Index added 0.2 percent as of 8:10 a.m. in Hong Kong as Australia’s S&P/ASX 200 Index climbed 0.9 percent. Japan is closed today for a public holiday. U.S. equity futures fell 0.2 percent, after the Standard & Poor’s 500 Index’s biggest single-day gain in two weeks. The won advanced 0.2 percent to 1,148.10 per U.S. dollar. Corn futures jumped 3.6 percent, while wheat and soybeans rose at least 1.7 percent. Oil in New York fell 0.2 percent to $86.94 a barrel, snapping three days of gains.

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North Korea Relieves Army Chief Ri Yong Ho Of All Posts

North Korea relieved its army chief, Vice Marshal Ri Yong Ho, of all his posts, citing illness.

The Political Bureau of the Central Committee of the Workers’ Party of Korea made the decision yesterday, the official Korean Central News Agency said today, without providing details on Ri’s illness or his replacement.

Ri led a parade on April 25 marking the 80th anniversary of the foundation of the North Korean military. In December he and leader Kim Jong Un led the funeral procession through the streets of Pyongyang after the death of Kim Jong Il.

Ri helped Kim Jong Un gain control of the military following the death of his father, according to South Korea’s Yonhap News.

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New Data: 2012 Drought Rivals Dust Bowl

Milk the farmer!

In a monthly report to be released Monday, the National Climatic Data Center is expected to announce that this year’s drought now ranks among the ten largest drought areas in the past century.

Read the article and view the graphs here.

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New security fears as Heathrow checks miss terror suspects

Terror suspects on the Home Office watch list are entering the UK in the runup to the Olympics without the necessary security checks, according to frontline officials at Heathrow.

One senior border officer told the Observer that inexperienced new recruits, deployed to shorten queues after complaints over lengthy waiting times, are repeatedly “missing” passengers of interest who should be referred to counterterrorism officers when they reach passport control.

The official said he was personally aware that three terror suspects – all of whose names are registered on the Home Office suspect index system – had been waved through by staff on his shifts since the start of July. Border officials should immediately notify counterterrorism police or MI5 if they suspect that “SX travellers” are attempting to enter the UK. Another colleague alleged that five suspects were “missed” in one day earlier this month.

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JPM Will Likely lose 7.5 Billion On Botched Trades

JPMorgan’s chief investment office has lost $5.8 billion on the trades so far, and that figure may climb by $1.7 billion in a worst-case scenario, Dimon, the bank’s chairman and chief executive officer, said yesterday.

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Bath Salts Strike Again

The last of three consecutive Phish concerts at Saratoga Performing Arts Center ended with a naked woman stripping and plunging 25 feet from a light utility pole, authorities said. Read More

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NY Fed May Have Known About Libor Fixing in 2007

The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed.

New York Federal Reserve Bank
Igancio Ayestaran | Flickr | Getty Images

Following an inquiry with British banking groupBarclays in the spring of 2008, it shared proposals for reform of the system with British authorities.

The role of the Fed is likely to raise questions about whether it and other authorities took enough action to address concerns they had about the way London Interbank Offered Rates, or Libor, [cnbc explains] were set, or whether their struggle to keep the banking system afloat through the financial crisis meant the issue took a backseat.”

 

 

 

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