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- Treasuries Continue Sell-Off -

Check Latest 10 Year Rates 
 
07-31-2003 |
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DNA extractable from fingerprints " Even if the only evidence forensic analysts can pull from a crime scene is a fingerprint smudged beyond recognition, a new technique developed by Canadian scientists soon could harvest enough DNA from the print to produce a genetic identity.

The novel system can extract DNA in only 15 minutes, even if a print has been stored for a year. Scientists expect the invention to help crime-fighters solve mysteries, and already are in talks with the Royal Canadian Mounted Police. In addition, researchers predict the technology could be at least twice as cheap as existing DNA collection methods." 
 UPI
07-31-2003 |
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LORD & TAYLOR TO FIRE 3,700 "The May Department Stores Company said yesterday it would close more than a third of its Lord & Taylor stores and lay off as many as 3,700 employees to improve operations and focus on markets where it has the highest concentration of stores."  New York Post
07-31-2003 |
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IT Spending a Dud, Says Study - New book shows no correlation between tech spending and corporate performance  CFO
07-31-2003 |
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Bond Rating Drop Another Of States' Fiscal Woes "State bond ratings have taken a beating over the past two years, costing state governments hundreds of millions of dollars in higher interest payments and adding to long-term budget problems."  Stateline
07-31-2003 |
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The Fed is in a dangerous game with China "The Federal Reserve is taking no half measures in its efforts to stimulate economic recovery in the US. To ward off the spectre of deflation, it is prepared to generate inflation and reflate the asset bubble.


China is a silent but active partner in the Fed's pump-priming. It would not be possible for US Treasury bond yields to be at current levels were China not a willing and able supplier of savings to the US. Combined annual purchases of Treasury securities from China and Hong Kong have reached $290bn - more than those by any other creditor nation. Both China and the US are having fun at this game. The flow of Chinese savings has enabled Americans to borrow more and spend more. Long-term bond yields are still very low, in spite of the recent bond market shake-out. The refinancing boom continues. The collapse in borrowing costs is reviving capital spending." 
 FT
07-31-2003 |
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55.9  Chicago PMI
07-31-2003 |
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38  Help-Wanted Index
07-31-2003 |
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AngloGold Results for the Quarter and Six Months Ended June 30 2003

- Operating profit down 4% to $140m and total cash cost up 6% to $223/oz due to stronger currencies against the US dollar in operating regions
- Operations steady, with higher volume mined offsetting lower grades and resulting in a 2% increase in production to 1.43Moz
- Received gold price up 3% to $354/oz
- Further 7% reduction in hedge book to 8.73Moz 
 Reuters
07-31-2003 |
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P&G Profit Rises, Weak Dollar Lifts Sales "..the maker of Tide laundry detergent and Pringles potato chips, on Thursday said quarterly profit rose 5 percent as newer products like an overnight tooth whitener and the weak dollar helped boost sales. .. Sales rose 7 percent to $10.92 billion. The dollar's weakness against other currencies, including the euro, boosted sales by 4 percent, the company said."  Reuters
07-31-2003 |
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Japan to do away with stock certificates by 2009"In a move to cut costs and reduce the number of days required for the settlement of stock transactions, Japan's Financial Services Agency and Justice Ministry said on Thursday they planned to require all listed companies to allow investors to trade shares without certificates by 2009. .. Under the new system, settlement periods will be cut to three days, and eventually to two, from the current four days, helping to smooth transactions, a Justice Ministry spokesman said. .. In future, information such as stock ownership data and transactions will be stored in digital form at brokerages or the Japan Securities Depository Centre"

 
 Reuters
07-31-2003 |
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Newmont Mining profit rises on higher gold price "..earned $90.8 million, or 22 cents per share, in the second quarter, up from $67.1 million, or 17 cents a share, in the year-ago period. .. average analyst forecast of 21 cents a share .. Revenue rose nearly 19 percent to $724 million"  Reuters
07-31-2003 |
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Employment Costs Rose in Second Quarter "U.S. employment costs in the second quarter of 2003 rose as health and pension plan costs ballooned, a government report said on Thursday. The Labor Department said its Employment Cost Index, a broad gauge of what employers pay in wages, salaries and benefits, climbed by 0.9 percent in the April-through-June quarter."  Reuters
07-31-2003 |
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Jobless Claims Drift Down in July 26 Week "The number of Americans lodging new jobless claims drifted down unexpectedly to the lowest level since February, the government said on Thursday, in a sign the struggling U.S. job market may be strengthening."  Reuters
07-31-2003 |
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"The biggest surge in defense spending since the Korean War era helped drive U.S. economic growth ahead at a surprisingly brisk 2.4 percent annual clip in the second quarter, the Commerce Department said on Thursday.  Reuters
07-31-2003 |
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Sara Lee Profit Slides, Challenges Seen "..quarterly profit fell 16 percent, weighed down by weak food-service and underwear businesses, and the food and consumer products maker forecast difficult market conditions in the near-term."  Reuters
07-31-2003 |
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388K  Initial Claims
07-31-2003 |
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2.4%  GDP Advance
07-31-2003 |
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0.9%  Employment Cost Index
07-31-2003 |
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1.0%  Chain Deflator-Adv.
07-31-2003 |
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Trade deficit soars as exports fall "Australia has recorded its worst quarterly trade deficit for more than 20 years as business and household spending on imported goods exceeded the nation's exports by 25 per cent. Drought, the rising dollar, weak global demand and the long-term weakness of Australia's manufactured exports combined to send the June quarter trade deficit shooting to arecord $6.9 billion after seasonal adjustment. It smashed the previous record deficit of $5.3 billion set last December, and was $4.3 billion above the $2.6 billion peak set under Labor in 1995."  The Age
07-30-2003 |
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Tyco warns SEC review is not complete "Edward Breen, Tyco chief executive, said on Tuesday he believed the one-time disgraced industrial conglomerate had addressed all of US regulators' accounting issues by restating five years of earnings statements. However, Tyco warned that the Securities and Exchange Commission review was not yet complete and that it continued to talk to the agency."  FT
07-30-2003 |
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Japan's June Production Unexpectedly Falls 1.2% "Japanese industrial production unexpectedly fell in June, led by chipmakers such as Fujitsu Ltd. and automakers such as Isuzu Motors Ltd., damping optimism for a rebound in the world's second-largest economy. Production fell a seasonally adjusted 1.2 percent in June from May, the Ministry of Economy, Trade and Industry said in Tokyo. That compares with a 0.4 percent gain forecast by 43 economists in a Bloomberg News survey. From a year earlier, production rose 2.8 percent."  Bloomberg
07-30-2003 |
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Pier 1 Warns That Sales Are Soft "Citing below-plan sales, Pier 1 Imports (PIR:NYSE - commentary - research) on Tuesday lowered its second-quarter guidance, warning that its earnings won't meet Wall Street expectations. The home furnishings retailer now expects to earn between 20 cents to 23 cents a share in its current quarter. That range is down from its previous guidance of 21 cents to 25 cents earnings per share. Analysts surveyed by Thomson First Call were expecting earnings of 24 cents a share. "Sales started soft in July, and the expected pick-up has not materialized," said company CEO Marvin J. Girouard in a statement. "Sales were unexpectedly disappointing, and we do not see any positive momentum in the sales trend through August.""  TheStreet
07-30-2003 |
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Tech jobs moving offshore "One out of 10 jobs in the computer services and software industry could shift to lower-cost emerging markets such as India by the end of 2004, a top computer consultancy said Monday."  CNN
07-30-2003 |
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Pay Raises Getting Smaller "U.S. employers this year and next are handing out the smallest pay raises since at least the mid-1970s -- well below the 4 percent-plus increases routine before the economy lost its footing. Companies surveyed in two studies said they have budgeted raises averaging 3.3 percent to 3.5 percent this year and plan about the same next year."  Newsday
07-30-2003 |
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Impath Begins Accounting Probe "..which sells cancer information, on Wednesday said it believes it overstated its accounts receivable and that other accounting discrepancies have been discovered, leading the company's audit committee to begin a probe of possible accounting irregularities."  Reuters
07-30-2003 |
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Silver fixed at highest in 3-1/4 years. gold weaker "Fixed at 510.00 cents a troy ounce on Wednesday,
up from 502.00 cents the previous day and the highest fix since April 19, 2000." 
 Reuters
07-30-2003 |
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Randgold eyeing Ashanti, but plans no bid now "Gold mining firm Randgold Resources is interested in acquiring Ghana's Ashanti Goldfields Co. Ltd., but has no plans to make a bid at the moment, an industry source said on Wednesday."  Reuters
07-30-2003 |
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Canadian GDP makes weak recovery in May "Canada's economy grew by a
modest 0.1 percent in May, exceeding analysts' expectations of no change but failing to make up for the 0.2 percent decline registered in April .. the industrial sector -- including not just manufacturing but also mining and utilities -- dropped by 0.3 percent, the fourth straight decline. Manufacturing fell for the second month, by 0.4 percent, to the lowest output levels since March 2002, partly as the result of the stronger Canadian dollar." 
 Reuters
07-30-2003 |
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Duke Energy Net Stumbles as Costs Rise ".. its second-quarter net income fell more than 10 percent, hurt by higher costs and a mild Spring that hampered demand for electricity."  Reuters
07-30-2003 |
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Reader's Digest Announces Loss, Cuts "..posted a wider fourth-quarter loss after restructuring charges and said it will cut 12 percent of its work force by year-end."  Reuters
07-30-2003 |
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Goodyear Posts Loss, to Resume Talks "..reported a quarterly loss on Wednesday, as higher raw material prices were only partly offset by cost-cutting, improved prices and product mix, and the weaker U.S. dollar."  Reuters
07-30-2003 |
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Revenue Decline Hurts Janus Earnings "..posted a nearly 36 percent decline in quarterly net profit, as revenues fell despite the recent rebound in the stock market. Denver-based Janus has boosted assets under management nearly 13 percent since the end of March as the stock market has climbed, but quarterly profit fell from year-earlier figures as assets and revenues were down from 2002 levels."  Reuters
07-30-2003 |
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Higher Rates Erode Demand for Mortgages " A rise in interest rates dampened demand for home mortgage refinancings and loans for home purchases last week, an industry survey reported on Wednesday. .. Rates for 30-year loans, the most commonly used home mortgage, rose to 5.87 percent in the latest week from 5.72 percent in the previous week, according to the Mortgage Bankers Association of America. Demand for refinancings as measured by the trade group's refinance index plummeted 32.9 percent to 4,145.8 in the week ended July 25. The purchase index, the measure of demand for loans to buy homes, fell 3.5 percent to 426.9.Record home sales and refinancings have been an important support for a struggling economy in recent years because it encourages spending as owners outfit their new homes with furniture and appliances."  Reuters
07-30-2003 |
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Treasuries Fall for Fifth Day "..prices tumbled for the fifth straight day on Tuesday as the market's failure to steady itself even on weak economic data spurred sellers. ... On Wednesday, the Treasury will announce the terms of its giant refunding auctions to take place next week. Analysts estimate the refinancing operation could involve the sale of $62 billion to $64 billion of new securities, a considerable challenge for a market that has experienced a dearth of buyers since late June. ... "You have tremendous pressure on mortgage-backed securities dealers to hedge their duration risks by shorting intermediate Treasuries and this technique is compounding the downward move in prices," Sullivan said"  Reuters
07-29-2003 |
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- Treasuries Hammered -

Yields at Year-High; Latest Bond Rates 
 
07-29-2003 |
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Treasuries Hammered, Yields at Year-High "U.S. Treasury prices tumbled on Tuesday, pushing yields to one-year highs, as the market's failure to rally on soft economic data frustrated even the most ardent bond bulls. ... mortgage-related selling quickly put an end to the advance and investors were soon squeezed out of positions as benchmark yields, which rise when prices fall, stormed past Monday's highs around 4.32 percent." Latest Bond Quotes  Reuters
07-29-2003 |
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Young Americans to Face Tax Hikes for SSA "Younger Americans face a combination of tax increases, cuts in government programs and services and reduced retirement benefits needed to restore long-term financial health to Social Security,
congressional investigators say. ... Social Security faces a $3.8 trillion deficit during the next 75 years. But
with next year's election already looming over Congress and the White House, little more than campaign rhetoric is expected in the coming year." 
 Las Vegas Sun
07-29-2003 |
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Pentagon plans online terror bets "The Pentagon is planning to set up an online trading market in which bets could be made about future terrorist attacks and other major political developments."  BBC
07-29-2003 |
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Banks get housed "According to the Federal Reserve's most recent report on bank assets and liabilities, large U.S.-based banks holdings in the tradable baskets of mortgages known as mortgage-backed securities fell by $42.6 billion to $360 billion in the week ended July 16. That 11.6 percent drop was the biggest one-week decline on record."  CNN
07-29-2003 |
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U.K. June Consumer Credit Grows Fastest on Record "U.K. consumer credit grew at the fastest pace on record in June and mortgage lending growth also picked up as the lowest interest rates in almost half a century spurred consumer borrowing. Net consumer credit rose 2.2 billion pounds ($3.5 billion), the highest since records began in 1993, and following a 1.9 billion-pound gain in May, the Bank of England said. Mortgage lending increased 7.8 billion pounds in June, up from May's 7.1 billion-pound rise. Both numbers exceeded economists' forecasts."  Bloomberg
07-29-2003 |
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The bond market is ripe for speculators "The recent sharp rise in government bond yields and consequent fall in prices has provided an ideal environment for speculative investors such as hedge funds. They not only sell bonds they own but borrow them to sell in the hope that prices will fall. This is called short-selling. When they reckon prices are at the bottom, they buy the bonds back at a lower price and pocket the difference. The steeper the fall in prices and rise in yields, the bigger the profit for short-sellers."  FT
07-29-2003 |
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FEDS ANNOUNCE $230B BOND BUMMER "The stage was set yesterday for a make-or-break showdown over the White House's handling of the economy. The U.S. Treasury said it would try to pull off its biggest ever borrowing deal in weeks ahead to manage the government's record $455 billion budget deficit. The agency plans to borrow a record $230 billion in the second half through the sale of its three-year, five-year and 10-year notes. But analysts doubt that any buyers will step up to buy Uncle Sam's IOUs and bail out the White House's huge deficit."  NY Post
07-29-2003 |
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WHY YOU SHOULDN'T BELIEVE THE NEW JOBLESS STATS "ON Friday the government will report the latest employment figures for the nation. And while I won't - because I can't - predict whether the numbers will continue to show a miserable job market, you can count on one thing: The data will be misleading. Here are some reasons why, good or bad, the U.S. Labor Department's 8:30 a.m. announcement will be as credible as the fortune you get in those Chinese cookies."  New York Post
07-29-2003 |
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Are Americans too far underwater? "The central bank chairman noted that a red-hot housing market had made homeowners wealthier by driving up home prices, and recent gains in stock markets had also fattened the asset side of household ledgers. More importantly, super-low interest rates have fueled a wave of debt refinancing, which has helped keep consumers' monthly debt payments under control. As a result, the household "debt-service burden" -- the percentage of consumers' monthly income spent on paying debt -- has stabilized at about 14 percent, where it has been since 2001, after climbing steadily through the late 1990s."  CNN
07-29-2003 |
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Major banks tap surge in interest rate derivatives " Some major investment banks are bolstering their presence in fast-growing interest rate derivatives as they search for profits beyond traditional high-earning areas which remain depressed. ... Interest rate derivatives include rate swaps which are contracts to exchange streams of interest payments, usually swapping fixed rate payments for those that float with a benchmark. Other derivatives include options that allow buyers and sellers to make bets on the direction of rates. Increased rate volatility and uncertainty over central bank moves have led to more active hedging by banks, mortgage providers and companies. The U.S. Federal Reserve, for instance, has cuts rates twelve times since 2001."  Reuters
07-29-2003 |
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76.6 vs 83.5  Consumer Confidence
07-29-2003 |
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Consumer Confidence Posts Sharp Drop "Consumers, nervous about rising unemployment, lost confidence in their economic prospects in July, resulting in a sharp, unexpected drop in sentiment, according to the latest Conference Board survey. The Consumer Confidence Index fell to 76.6 in July, a seven-point drop from 83.5 in June, the New York-based business industry group said Tuesday. Analysts had expected a 1.5 percentage point increase."  Miami Herald
07-29-2003 |
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California bonds slammed "California municipal bonds and bond funds have been hit with a triple whammy: rising long-term interest rates, the governor's recall election and a dramatic downgrade of the state's credit rating last week. "The hits just keep on coming for California," says Lynn Russell, a Morningstar analyst who follows municipal bond funds. The price of all bonds has been falling since mid-June, when traders concluded that tax cuts and low short-term interest rates could reignite inflation. But the prices of California muni bonds and bond funds have fallen further than most, thanks to the circus in Sacramento."  SFGate
07-29-2003 |
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Malaysia’s first Gold Dinar available to public next week "The Royal Mint of Malaysia has launched Malaysia’s first Gold Dinar, which will be available to the public next month in the ¼ and 1 Dinar types, priced at RM51 and RM181. It has a gold purity composition of 91.7%, widely known as 22-carat. ... FOR INVESTMENT: Royal Mint of Malaysia Sales and Marketing executive Harfeenaz A. Bakar showing off the Gold Dinar after the launching ceremony in Shah Alam on Monday. The ½ Dinar, 2 Dinar and 4 Dinar coins which are also from the 917 Gold composition will be available several weeks later. ... He said the introduction of Dinar provided an alternative mode of investment for the public who would normally place savings in banks or purchase property or land."  The Star
07-29-2003 |
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Dubai July gold trade up, traders await festivals "Tourists and holiday-bound expatriates pushed up Dubai's gold sales in July and traders said on Monday they expected sales to improve further during Indian festivals in October to November."  Reuters
07-29-2003 |
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Jones Apparel Lowers Outlook for the Year "..a clothing maker and retailer, on Tuesday lowered its profit outlook for the year, citing the uncertain economic climate, and said costs from exiting two Polo Ralph Lauren Corp. lines would further hinder profits."  Reuters
07-29-2003 |
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Perot's Earnings Tumble About 75 Percent "..due to weak technology spending and costs related to previously announced restructuring steps."  Reuters
07-29-2003 |
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Tyco Posts Profit, Restates Past Results "Tyco also said an accounting change for synthetic leases would increase its total debt by $517 million in the current fiscal fourth quarter, resulting in a pre-tax charge estimated at $110 million to $125 million."  Reuters
07-29-2003 |
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Verizon Posts a Profit but Revenues Flat "..revenues were essentially flat as gains from its wireless business were offset by a decline in its local and long-distance unit."  Reuters
07-29-2003 |
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US administration reaches out to communists, low-paid Iraqis "Promoting communists, doubling the salaries of the low-paid and banning the death penalty might not sound like the work of a US Republican administration, but then welcome to topsy-turvy post-war Iraq. ... Iraqi Communist Party official Numan Suhayel explains how the selection was made: "The Americans and the British sent a delegation to see us and then Hamid Majid met personally with Paul Bremer," he says."  Yahoo
07-28-2003 |
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Treasuries Down, Yields Over 4.25 Percent "Mortgage-related selling as 10-year note yields rose above 4.25 percent reinforced the impetus to unload, analysts said. The relentless rise in yields has forced mortgage managers to cut their interest rate risk by selling Treasuries. "... There's a presumption that if we break and hold above (the 4.25 percent barrier) for a while, we'll see another wave of convexity selling," said Stephen Stanley, senior market economist at RBS Greenwich Capital Markets in Greenwich, Conn., referring to mortgage-related selling linked to pre-payment hedges. The benchmark 10-year Treasury note US10YT=RR shed 22/32 in price to yield 4.27 percent, up from 4.18 percent late on Friday. It earlier hit 4.275 percent, the highest level since early December."  Reuters
07-28-2003 |
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US warned it faces 'third Gulf war' in Iraq "Five US soldiers were killed over the weekend in a spate of attacks by Iraqi militants, as a new study warned that the US may soon find itself in the midst of "a third Gulf war against the Iraqi people". ... CSIS military specialist Anthony Cordesman says the US has not learned the lessons of past conflicts, that "even the best military victories cannot win the peace". He writes: "Unless this situation changes soon, and radically, the United States may end up fighting a third Gulf war against the Iraqi people . . . It is far from clear that the United States can win this kind of asymmetric war." The study is likely to be a further blow to the US administration, already facing mounting criticism for chaotic reconstruction efforts in the country."  FT
07-28-2003 |
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Real Estate Bubble Theory Shows More Evidence: John Wasik "When it's sweltering, you seek a cool place. When it comes to hot residential real estate, it may be time to cool your ardor. Federal Reserve Chairman Alan Greenspan and the real estate industry insist that there's no real estate bubble. Greenspan's conventional wisdom argument is that most people don't turn over relatively illiquid real estate the way they sell stocks and bonds. That's true, yet there's evidence that housing prices may be slackening. A combination of high consumer debt, unemployment and the flow of hot money back into stocks will trigger a decline in the hottest residential markets. It's time to prepare for the inevitable bursting of the bubble."  Bloomberg
07-28-2003 |
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Xerox's 2nd-Qtr Net Drops on Costs to Replace Debt "Xerox Corp., the world's biggest maker of copiers, said second-quarter net income fell about 1.5 percent because of fees to end credit agreements. Net income dropped to $86 million, or 9 cents a share, from $87 million, or 11 cents, a year earlier. Sales fell for the 13th consecutive quarter to $3.92 billion from $3.95 billion, because of reduced revenue from selling ink, paper and services, the Stamford, Connecticut-based company said in a statement. Profit was cut because of costs to renegotiate loans and replace $3.1 billion in debt with new stock, bonds and a line of credit."  Reuters
07-28-2003 |
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Germany divided over tax cut plans "A rift is widening between the German Government and its critics on the vexed issue of tax and budget policy."  BBC
07-28-2003 |
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Mining strike averted in eleventh-hour deal "A last-minute compromise between mine bosses and the mineworkers' union has averted what would have been the biggest national strike in 16 years. On Sunday, an 11th hour agreement was reached as 150 000 members of the National Union of Mineworkers (NUM) accepted a 10-percent, across-the-board increase. The grading system used to classify mineworkers will be adjusted at a later stage."  Independent Online
07-28-2003 |
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US buying bubble could burst the world economy "Everything’s going to be all right. No, not Bob Marley, but every policymaker from Alan Greenspan to Wim Duisenberg. The A side of 2003 was a bit grim, but turn the record over and the second half will be better. The controls are set to go, the policy framework is solid, better times are ahead. Sound familiar? It should do. This has been what policymakers and their bullish camp followers in the markets and the media have been arguing in each of the past three years. Every year, they say the good times are coming back, and every year so far, they have been wrong."  MG
07-28-2003 |
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California Senate Passes $70.8 Billion Budget Plan "The California Senate approved a budget that borrows almost half of a $38 billion deficit, moving the largest U.S. state closer to ending a stalemate that helped cut its credit rating last week to two levels above junk.

The 27-10 vote comes three days after Standard & Poor's lowered the rating on $26.8 billion of debt to BBB from A. The $70.8 billion general fund budget includes plans to sell $14 billion in bonds and no tax increase, which had been opposed by Republicans." 
 Bloomberg
07-28-2003 |
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Beware: economic spin doctors at work "In the often acrimonious debate over the pros and cons of a free trade agreement with the United States, two Canberra consultancies have undertaken econometric modelling exercises that seem to show markedly conflicting findings on the likely effects."  Sydney Morning Herald
07-28-2003 |
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ECB: Sell Agency Debt

Recommends CBs Sell Fannie Mae & Freddie Mac Paper 
 
07-28-2003 |
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Companies push sales of junk bonds while demand is hot "U.S. companies, scrambling to complete debt sales before interest rates head further north, are expected to sell as much as $11 billion in junk bonds in the coming weeks as investors show continued demand for low-rated paper. Plunging default rates and signs of a healthier economy have made investors more comfortable owning junk bonds, which lack investment-grade ratings. Junk bond mutual funds, after losing cash earlier this summer, have attracted $1.4 billion in the last two weeks, bringing this year's already record-breaking total inflows to $23 billion."  SSG
07-28-2003 |
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U.S. Economy: Budget Deficits Force Record Government Borrowing "The U.S. Treasury today will announce plans to borrow more money this quarter than ever before as the federal budget heads for a record shortfall, according to economists at Wall Street's biggest bond trading firms. ``Borrowing is going up sharply,'' said Stephen Stanley, an economist at RBS Greenwich Capital in Connecticut, who met with Treasury officials Friday to discuss debt management. ``We were already running a large deficit because of the slow economy and defense spending, and now we have new tax cuts.'' For the three months through September, the Treasury may target net borrowing of $135 billion, based on the median forecast of 14 of the 22 firms that trade with the Federal Reserve, known as primary dealers. Bond yields, already on the rise in anticipation of economic strengthening, may increase further in response to the demand for more credit."  Bloomberg
07-28-2003 |
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ECB Recommends Central Banks Sell U.S. Agency Debt, Person Says "The European Central Bank is eliminating its holdings of debt issued by Freddie Mac and Fannie Mae, the two biggest U.S. providers of mortgage financing, and recommended that its national central banks do the same, according to a person who has seen the ECB's recommendation. .. Fannie Mae and Freddie Mac own or guarantee about 42 percent of the $7 trillion U.S. mortgage market. Fannie Mae's mortgage portfolio is worth about $816 billion, while Freddie Mac controls about $573 billion of mortgages. .. So-called agency debt held in custody for foreign central banks has declined in six of the past seven weeks to $183.25 billion from a record $189.9 billion, according to the Federal Reserve. Foreign central banks sold $585 million in the week ended July 23, the Fed said. By comparison, foreign central banks' holdings of U.S. Treasury debt declined by $3.88 billion in the latest week to $753.74 billion. Those banks sold $3.27 billion Treasuries in the prior week."  Bloomberg
07-28-2003 |
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Canadian dollar soars on flight to high yield ""So-called high yielding or commodity-linked currencies seem to be benefiting the most," said Paul Ferley, assistant chief economist at Bank of Montreal. "For whatever reason, there maybe seems to be some doubtabout the recovery in the U.S."   Reuters
07-26-2003 |
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S African Miners' Union Rejects AngloGold's Wage Offer "South Africa's National Union of Mineworkers said Friday it has rejected a 10% wage offer from AngloGold Ltd. because the company has refused to budge on raising job grades for its members. However, AngloGold said the NUM is still to consider its offer on job grading, with a decision on whether it will be accepted due tomorrow. The NUM issued an official 48-hour strike notice to AngloGold, Gold Fields Ltd. and Harmony Gold Mining Co. Ltd. late Thursday, ahead of strike action due to take place at the start at the night shift Sunday."  Reuters
07-25-2003 |
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UK misses growth forecasts "The UK economy grew by less than expected in the second quarter of 2003, official figures have shown. The Office for National Statistics said that gross domestic product rose by 0.3 % between April and June, and was up 1.8% on the year. The figure was below analysts' expectations of 0.4%, and wrong-footed predictions of a resurgence on the back of recent strong retail sales figures."  BBC
07-25-2003 |
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1111K   New Home Sales
07-25-2003 |
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Up to 5.1 Months  Inventory Of Unsold Homes
07-25-2003 |
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5.83M -0.3%  June Existing Home Sales
07-25-2003 |
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Pfizer hit by Pharmacia integration costs "Pfizer reported a heavy second-quarter loss on Friday as the cost of integrating Pharmacia, the US drug group it acquired for $60bn earlier this year, hit its business. The world's biggest drugmaker by sales reported a $3.59bn net loss, equivalent to 48 cents a share."
 
 FT
07-25-2003 |
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Goldman Sachs to cut costs by moving abroad "Goldman Sachs, the investment bank which is among the City's most high profile institutions, will relocate a substantial part of its operations to India next year to slash overheads in Britain."  Independent
07-25-2003 |
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Soaring sales fan fears over household debt "THE biggest surge in high street sales for 18 months stoked fears yesterday that the lowest interest rates in two generations were tempting consumers to persist with a debt-fuelled spending spree."  The Times
07-25-2003 |
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BOJ's Muto cites side effects of JGB buying "Deputy Bank of Japan Governor Toshiro Muto described the central bank's government bond-buying as running at very high levels and cited some unwanted side effects from the increased purchases. .. The BOJ currently buys 1.2 trillion yen ($10 billion) of long-term Japanese government bonds (JGBs) every month as part of its "quantitative easing" policy, under which it floods the money market with liquidity to combat Japan's chronic deflation. .. "But as a result...it has reduced opportunities for short-term operations and has in some cases caused unforeseen effects, such as firming in short-term interest rates."  Forbes
07-25-2003 |
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Volkswagen's 2nd-Quarter Profit Fell 49% Amid Slow Sales "Volkswagen AG reported a 49% slump in second-quarter net profit, hurt by weaker sales, the euro's strength and the costs of introducing new models. Volkswagen, Europe's biggest auto maker, on Friday posted net profit of 394 million euros ( $452 million), compared with a net profit of 776 million in the same period last year. A survey of nine analysts by Dow Jones Newswires produced an estimate for net profit of 399 million euros."  Quicken
07-25-2003 |
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DEJA VU: TECH TITANS TAKE MONEY AND RUN (AGAIN) "Profit-hungry refugees of the old tech bubble are cashing out in droves from the current Nasdaq rally. Former billionaire David Wetherell, who fell from greatness three years ago and lost most of his $3 billion stock fortune, took his money and ran last week. Wetherell, 48, built his CMGI holding company into an Internet powerhouse of the late '90s, with a market value of $10.5 billion. Currently it's valued at just $713.8 million, but that's enough to make Wetherell happy. When his shares climbed up from 28 cents a share to a $2.06 level last week - a stunning 280 percent gain for the year - Wetherell unloaded about 10 percent of his sizeable stake."  NY Post
07-25-2003 |
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The Scary World Of Commercial Real Estate "I know of a market that is now attracting record amounts of investment. Asset prices are at historic highs even as company operating earnings begin to soften -- and skeptics have begun to question whether even those are being inflated by accounting tricks. Insider selling is on the rise. And Alan Greenspan says not to worry, that it all reflects a fundamental shift to a low-inflation, high-productivity economy. Sound familiar? It should. But this time it's commercial real estate, not stocks. For any bubbleologist, the parallels are scary."  WP
07-25-2003 |
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BIS Says Banks Increased Lending 6% to $13.8 Trln in First Qtr "Banks worldwide increased loans 6 percent to $13.8 trillion in the first quarter, boosting the share that went to governments and other financial companies and reducing corporate lending, the Bank for International Settlements said. The growth of total lending ``partially reflected the continued appreciation of the euro and other major currencies against the dollar'' in the quarter, the BIS said in its quarterly report on banking. The euro rose 4 percent against the dollar in the first three months of the year."  Bloomberg
07-25-2003 |
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First China gold firm to float shares on July 30 "China's Zhongjin Gold Co Ltd said on Friday it will launch a $48.9 million initial public offering on July 30, becoming the first Chinese gold miner to float shares as the country opens up its precious metal sector. The offering by state-owned Zhongjin, which is 88.5-percent held by top Chinese gold firm National Gold Corp, will allow the Chinese public to invest in a gold firm for the first time when it lists on the Shanghai stock exchange."  Reuters
07-25-2003 |
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Top Japan Carmakers' Profits Seen Falling "For the April-June term, analysts on average expect group operating profits at Toyota Motor Corp and Honda Motor Co to fall by 19 percent and eight percent respectively, as the dollar lost around eight yen, offsetting a jump in the euro-yen exchange rate."  Reuters
07-25-2003 |
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Dollar Loses Ground; Caution Over Growth "Most recently he said deflation was not an imminent threat to the U.S. economy but policymakers must strive to make sure it does not emerge."  Reuters
07-25-2003 |
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June Factory Orders Up Strongly "New orders for costly manufactured goods shot up at the fastest rate in five months during June, led by a surge in demand for new aircraft and cars, the Commerce Department said on Friday. Orders for long-lasting durable goods climbed 2.1 percent to a seasonally adjusted $172.5 billion last month after being flat in May"  Reuters
07-25-2003 |
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+2.1%  Durable Goods Orders
07-25-2003 |
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California recall bid succeeds "The petition drive to recall Gov. Gray Davis has gathered enough valid signatures to force an election, Secretary of State Kevin Shelley said Wednesday evening. Election officials from the state's 58 counties reported more than 1.3 million valid signatures, more than the 897,158 needed to trigger the first recall of a governor in California history, said Shelley, who is responsible for administering the recall."  CNN
07-24-2003 |
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- S&P Cuts 26.8B of California Debt -

'BBB' Rating; One Notch Above Junk Status 
 
07-24-2003 |
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S&P cuts Calif. debt, cites gubernatorial recall "Standard & Poor's Ratings Services on Thursday cut nearly $27 billion of California debt to 'BBB' from 'A', saying the gubernatorial recall "diminished prospects for meaningful structural budget reform." California voters on Oct. 7 will decide whether to remove Democratic Gov. Gray Davis from office. His approval ratings have plunged because of the state's $38 billion budget shortfall. The Golden State's 'BBB' rating, just one notch above junk, is the lowest of the 50 states rated by Standard & Poor's."  Reuters
07-24-2003 |
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The Dean of Deflation's Damage Control "As for the much-discussed "nontraditional" policy measures, Bernanke said the Fed should be willing to lower the Fed funds target rate to 0% if necessary. But with the approach of the "zero-bound," nontraditional policy actions would be up for consideration. The first stages of such action would be focused on lowering long-term rates. Two principal components of that strategy would be a Fed commitment to keep short-term rates low -- and concrete measures to assure that commitment. Those would include increased Fed purchases of longer-term Treasuries, an announced program of oversupplying bank reserves, term lending at very low rates to financial institutions via the Fed's discount window, and issuance of options to borrow from the Fed at low rates."  BW
07-24-2003 |
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Analysis: Fed's Bernanke and the necessary details "First, we have no reason to think that a drastic change in the inflation rate is imminent," Bernanke said in prepared remarks delivered Wednesday at the University of California, San Diego. "Should further declines occur, a more gradual downward drift over a period of one or two years would be the more likely scenario." And there will be no siren that goes off if we move from a very low rate of inflation to an actual slight decline in prices. "Very low inflation and deflation pose qualitatively similar economic problems," though the magnitude of the problem grows as prices fall."  Naple News
07-24-2003 |
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Oil Company Profits Rise on Energy Prices "Three U.S. energy producers on Thursday said second-quarter profits surged on higher oil and natural gas prices, but analysts caution the strong results may not last much longer as prices slip."  Reuters
07-24-2003 |
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Microsoft Beefs Up Spending, Adds Jobs "..will add as many as 5,000 jobs worldwide and increase its research and development spending by as much as 8 percent in the current fiscal year, the world's largest software maker said on Thursday."
 
 Reuters
07-24-2003 |
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Brazil's Interest Rate Reduction May Not Spur Consumer Spending "``Any impact on the average Brazilian will be purely psychological,'' said Roberto Troster, chief economist for the Brazilian Association of Commercial Banks. ``The impact on their rates will be very small.'' The decline in benchmark interbank rates to 24.5 percent from 26 percent ``won't make much difference in my life,'' said Claudio Fernandes, a Rio de Janeiro graphic designer who pays an annual interest rate of 250 percent on his American Express credit card."  Bloomberg
07-24-2003 |
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Aids 'economic catastrophe' looms The economic impact of HIV/Aids may be far worse than previously thought and some African countries may face complete collapse, a report has warned. "By 2080, full-time child labour will be ubiquitous, with an inescapable descent into economic "backwardness" a generation later."  BBC
07-24-2003 |
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French pension reforms pass hurdle "The reforms will require public sector employees to work more years before they receive full retirement benefits."  BBC
07-24-2003 |
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Three US soldiers killed in Iraq "Thursday's attack took place as a convoy from the 101st Airborne Division was travelling towards a village south-east of the city of Mosul, according to the US military. The soldiers came under small arms and rocket-propelled grenade fire. Two other soldiers were killed on Wednesday in separate attacks that also left eight wounded."  BBC
07-24-2003 |
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Refinance and die "This upward move in long-term interest rates, if sustained, will be important for U.S. economic prospects. House price inflation has been a force in the U.S. economy since the late 1990s. It is the tortoise asset price bubble. The hare bubble in stocks blew up fast, especially in 1998-99, and could not stretch reality any further, and burst. The house price bubble has just gone on inflating, more slowly. And it is now, shamefully, the policy of the U.S. Federal Reserve that it should keep inflating. The MBAA forecasts that mortgage originations will amount to a colossal $3.34 trillion in 2003 as a whole, roughly 30 percent of gross domestic product in the world's largest economy, and that 68 percent of these new mortgages will be for the purpose of refinancing an old mortgage. Americans are cashing in on low interest rates, and so they should. They save money on their payments and, very often, they borrow more money than they need to repay the old mortgage and have extra spending money. This is spending money derived, it should be remembered, from a loan backed by an asset whose price has inflated and may fall. Safe, eh?"  UPI
07-24-2003 |
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AOL Subscribers Down by 846,000 "America Online's subscriber base plunged by 846,000 in the second quarter, as hundreds of thousands left for cheaper or faster Internet connections and a similar number were dropped because they had been mistakenly counted in the past, AOL Time Warner Inc. disclosed yesterday."  WP
07-24-2003 |
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N.Z. Central Bank Cuts Interest Rate, Citing Currency "New Zealand's central bank cut its benchmark interest rate a quarter point to 5 percent, saying the economy will slow as a rising local dollar and faltering global demand reduce exports. The third rate cut this year returns the official cash rate to levels last seen in March 2002. Further reductions may be required should the incomes of farmers and exporters fall further, Reserve Bank of New Zealand Governor Alan Bollard said in a statement released in Wellington."  Bloomberg
07-24-2003 |
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China banks open vaults but fan inflation fears "Chinese banks, once criticised for not lending enough, are opening their taps as consumer demand for cars, homes and other spending grows and corporate finances improve. Although most state banks still lend heavily to state-run companies, some are now pumping money into the fast-growing property, cars and telecom sectors, hoping to dilute sky-high bad debts caused by past lending to unprofitable state-run firms. Most banks are lending more to consumers and home buyers, seeing them as a safer bet than corporate loans."  Forbes
07-24-2003 |
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Japanese export growth grinds to a halt in June "Japanese export growth sputtered in June, coming to a virtual halt and casting doubt on the possibility of an economic turnaround led thus far by external demand. June exports were flat compared with the previous month, following 13 consecutive months of increases, according to the ministry of finance. Though exports to Asia rose 3.8 per cent, it marked the fourth straight month of declining growth overall. Exports to the US, Japan's single largest trade partner, fell 12 per cent in value and 10.5 per cent in volume."  FT
07-24-2003 |
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Silver sustains meteoric rally "Silver remained in the spotlight on Thursday as it sustained yesterday’s impressive seven per cent rise. Silver had its most highly traded day this year when investors took part in frenzied buying and selling which saw the precious metal rocket above $5.00 after fits of profit-taking. The price rally was even more spectacular as silver has failed to overshoot the $5.00 level for the past three years on account of the global economic downturn."  FT
07-24-2003 |
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Central banks to extend gold sales pact "Europe's central banks are expected to extend their four-year-old gold sales agreement when it comes up for renewal next year. .. The current agreement, which expires in September 2004, allows for 400 tonnes of gold to be sold each year. One central banker told the Financial Times recently that he thought there was room for an increase in gold sales. Some analysts expect the new pact to allow the sale of 500 tonnes a year over a five-year period, or 2,500 tonnes in total. This would allow additional banks - from Greece and the European Union accession countries - to join."  FT
07-24-2003 |
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Beware another stock market bubble "Is it conceivable that investors are headed for another bubble bath so soon after the stock market collapsed? Some Wall Street strategists raise that possibility. "We continue to see references being made to investor speculation and the possibility that a new stock market bubble is forming," said Citigroup Smith Barney strategist Tobias Levkovich."  AJC
07-24-2003 |
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Stateline.org: More States Cut Spending To Balance Budgets "The report said thirty-one states cut programs for fiscal year 2004, which began July 1 in all but four states, while 17 states raised taxes. These actions were taken in response to an aggregate budget gap of $78.4 billion, which is more than 10 percent of state spending, according to NCSL. The report does not spell out where the program cuts occurred."  Stateline.org
07-24-2003 |
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Sony 1Q profit tumbles "World's largest consumer electronics company says profit slides 98%, PlayStation 2 sales weaken."  CNN
07-24-2003 |
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Dark clouds in the Fed's silver lining "But look closely, and you'll see there are some dark linings to those silver clouds: namely, that job growth won't pick up for quite some time, and that prices will stay dangerously low -- no matter how strong economic growth is in the next several months."  CNN
07-24-2003 |
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Jobless Claims Lowest Since February "The number of Americans lodging new jobless claims dropped to the lowest level since February, the government said on Thursday in a report showing surprising strength in the long-depressed U.S. job market. The level of new claims, which gives an early reading on the resilience of the job market, plunged by 29,000 to 386,000 in the July 19 week, down from a revised 415,000 in the prior week, the Labor Department said."  Reuters
07-24-2003 |
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+386k  Initial Claims
07-24-2003 |
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Black & Decker posts higher profit, lower sales "..reported higher second-quarter earnings despite lower sales as cost-cuts improved profit margins."  Reuters
07-24-2003 |
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DaimlerChrysler Profit Slumps "Germany's DaimlerChrysler said on Thursday second-quarter profits slumped by almost two thirds, hit by a deep loss at its U.S. Chrysler arm, but the drop was not as bad as analysts had feared. The world's fifth biggest carmaker, which issued a shock profit warning last month due to Chrysler's troubles, also said it still aimed to post an operating profit of about five billion euros for the full year."  Reuters
07-24-2003 |
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Energy Costs Hurt International Paper ".. the world's largest forest products company, on Thursday said its second-quarter earnings fell on higher energy costs and weakening prices."  Reuters
07-24-2003 |
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Lockheed Posts Lower Profit, Ups Outlook "..posted lower second-quarter earnings, but results beat Wall Street forecasts and the company raised its outlook for 2003 and 2004."  Reuters
07-24-2003 |
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Viacom Posts Higher Profit; Hikes Outlook "Viacom said net income rose to $660 million, or 37 cents a share, from $547 million, or 31 cents a share, a year earlier."  Reuters
07-24-2003 |
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Freddie Mac Deliberately Fudged Numbers Executives at Freddie Mac deliberately massaged its earnings and breached accounting principles, an independent report said on Wednesday, but the mortgage finance company's board backed its new chief executive despite his knowledge of the transactions.  Reuters
07-23-2003 |
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- Federal Reserve Prepared to Cut to 0% -

Ready To Use "Nontraditional" Measures To Fight Deflation

UP: Gold; Silver; Stocks DOWN: Dollar; Rates; Markets 
 
07-23-2003 |
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Treasuries rally as Fed's Bernanke talks of cuts "U.S. Treasury prices added to early gains in hesitant trade on Wednesday after a top Federal Reserve official said the central bank should be prepared to cut rates to zero if needed. "Fed governor Ben Bernanke also said the Fed had growing confidence that nontraditional measures to fight deflation would work and that they would include measures to bring down long-term yields. This seemed to revive the idea of buying longer-term Treasuries, which Chairman Alan Greenspan just last week said was very unlikely to happen. Bernanke emphasized that nontraditional measures would only be considered once rates were near zero and that it was possible that keeping short-term interest rates at current levels for a considerable period would be enough to ensure economic recovery."  Reuters
07-23-2003 |
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Earnings Management Game Continues On Wall Street "Despite the bursting of the stock-market bubble, the discrediting of analysts' research and exposure of a slew of accounting tricks that companies use to make their financial figures look better, the earnings-management game is alive and well on Wall Street. "I don't believe there's been a change" since the passage of the Sarbanes-Oxley Act last year and other reforms, said Lawrence D. Brown, an accounting professor at Georgia State University, who has been studying the way companies present their earnings for 25 years."  ctnow
07-23-2003 |
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Freddie Mac: 'This is a painful day' Internal report shows problems with accounting, controls, disclosure and former management. - "Freddie Mac, one of the largest U.S. mortgage financiers, said Wednesday a report prepared by outside counsel shows problems with the company's past accounting, internal controls and disclosure, as well as with former management's governance practices."  CNN
07-23-2003 |
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Canada's Dodge Says Slow Growth May Prompt Rate Cut "Bank of Canada Governor David Dodge said the economy has slowed faster than the central bank expected and further decreases in the pace of growth and inflation may lead him to reduce interest rates again."  Bloomberg
07-23-2003 |
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Economists See Euro At $1.50 As US Trade Deficit Adjusts "The euro will likely rise to about $1.50 once the U.S. current account deficit begins to adjust to a more sustainable level, Edwin Truman, a former U.S. Treasury and Federal Reserve official, said Tuesday."  DJ
07-23-2003 |
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CALIFORNIA BUSINESS "What message is California sending to companies? Get lost!"

"California has a long tradition of bombarding businesses with regulations, from rules that give Native Americans wide latitude to veto construction projects to environmental laws that favor exotic plants over power plants. But the Golden State's sumptuous assets—its climate, its appeal to immigrants, and its splendid universities—always trumped the business bashing. At least until now. The state government under embattled Democratic Governor Gray Davis is turning so stridently antibusiness that it threatens to inflict permanent structural damage. Since 2002 the left-leaning legislature has enacted or expanded half-a-dozen laws dealing with burdensome regulations like family leave and overtime pay. Some corporate leaders think California is becoming Sweden-on-the-Pacific. "I've never seen anything like this is 35 years," says Angelo Mozilo, CEO of Countrywide Financial, the big mortgage company based near Los Angeles. "The state is punishing business, yet it's somehow convinced that business will not leave." 
 Fortune
07-23-2003 |
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U.S. jobs jumping ship "Cheap overseas labor is not just for manufacturers any more -- is your job headed offshore too? - As painful as the labor market has been lately, what's even more painful is that many of the 2.5 million jobs lost in the past few years are never coming back."  CNN
07-23-2003 |
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Mortgage demand near 3-month low Rising rates leave some to speculate that the refinancing, home buying boom is over. "Applications for home loans fell 5.4 percent last week to the lowest level since early May, the Mortgage Bankers Association of America said Wednesday. The housing and mortgage sectors have been crucial props for the economy for over two years. By some estimates, about half the growth in the economy for the last year has come from housing and home loans. But with rates rising, housing likely will slow, economists said Tuesday. That slowing was already evident in applications to refinance homes, which fell 7.2 percent last week. If rates keep rising, "refinancing is finished," Asha Bangalore, economist at Northern Trust Co. in Chicago, said Tuesday."  CNN
07-23-2003 |
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Boeing Posts Loss, Cuts Revenue Forecast "..reported a net loss for the second quarter due to $1.1 billion in charges at its satellite-making unit, and cut its 2004 revenue and profit forecasts. The company also trimmed its forecast for commercial jet deliveries next year and repeated its prediction that the depressed airline industry is not likely to recover before 2005."  Reuters
07-23-2003 |
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Dollar Down on Uncertain Economic Outlook "Global growth prospects are becoming increasingly important to foreign exchange traders, having supplanted for the time being relative rates of return across major economies. The United States has benefited from a run of constructive economic data, with major share prices and the dollar rallying as a result. But Wall Street's advance has lost momentum, making some market observers cautious about buying too aggressively into a recovery that may not be as strong as initially hoped."  Reuters
07-23-2003 |
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Czechs mull tough tax reforms "Czech lawmakers are voting on a complex and controversial package of tax reforms, which aim to dig the government out of its current fiscal difficulties. The government has proposed cutting spending, raising some indirect and personal taxes, lowering profit taxes, and closing many loopholes in an effort to reduce the state budget deficit to 4% of gross domestic product (GDP) by 2006."  BBC
07-23-2003 |
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Mexican jobless rate soars "Mexico's jobless rate shot up in June to its worst level in nearly five years, as the effects of the stubborn slowdown in its massive northern neighbour hammered its economy.
According to the government, the base unemployment rate in June was 3.17%, up from 2.72% in May and 2.39% in June 2002. The figures - much worse than expected - are thought to be the result of persistent low demand in the US, with which Mexico does much of its trade." 
 BBC
07-23-2003 |
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Schering Profit Off on Low Claritin Sales "Schering-Plough Corp., a drugmaker whose marketing and manufacturing practices are being probed by federal regulators, on Wednesday posted a 71 percent drop in quarterly earnings as its top-selling medicines faced stiff competition."  Reuters
07-23-2003 |
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Kodak Quarterly Profit Falls, to Cut Jobs "..the world's top maker of photographic film, on Wednesday said second-quarter profits fell 60 percent, hurt by slack film sales and the increased usage of digital cameras, and said it would cut up to 6,000 jobs to trim costs."  Reuters
07-23-2003 |
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AOL Profit Up; SEC Disputes Accounting "Additionally, the company said securities regulators have told it that its accounting for two transactions involving Bertelsmann AG (BERT.UL) was incorrect. But the company said its auditors still believe that the accounting was appropriate. The world's largest media company said its net profit rose to $1.1 billion, or 23 cents a share, compared with $396 million, or 9 cents a share, a year-earlier."  Reuters
07-23-2003 |
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Lucent Posts 13th Straight Quarterly Loss "Telecommunications equipment maker Lucent Technologies Inc. on Wednesday posted its 13th straight quarterly loss amid weak spending by telephone companies. ... Given the market uncertainty, the company did not provide a forecast for the current fiscal fourth quarter. The company reported a net loss, including preferred dividend payments, in its fiscal third quarter ended June 30 of $295 million, or 7 cents a diluted share, compared with a net loss in the year-ago quarter of $8.07 billion, or $2.35 a diluted share."  Reuters
07-23-2003 |
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Saddam's Sons Confirmed Dead "Saddam Hussein's sons Odai and Qusai were killed Tuesday when U.S. soldiers stormed a house in the northern Iraqi city of Mosul, U.S. military officials said Tuesday."  Fox
07-22-2003 |
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Siebel's second-quarter profits and revenues fall "Business software maker Siebel Systems Inc. (NasdaqNM:SEBL - News) said on Tuesday its second-quarter revenue and profits tumbled as a weak global economy continued to hamper corporate spending. ... reported net income of $9.8 million ... revenues fell to $333.3 million from $405.6 million."
 
 Reuters
07-22-2003 |
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Amgen second-quarter earnings up "..the world's largest biotechnology company, on Tuesday said its second-quarter profit rose 47 percent amid strong sales of its anemia, immunity-boosting and arthritis drugs."  Reuters
07-22-2003 |
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Sun Micro Posts Slim Profit as Revs Fall "Network computer maker Sun Microsystems Inc. on Tuesday reported a slight quarterly profit, yet revenue fell for the ninth consecutive quarter on weak demand for computer servers. ... Revenue fell to $2.98 billion from $3.42 billion."  Reuters
07-22-2003 |
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Amazon Posts Narrower Loss, Sales Gain "the Internet's largest retailer, on Tuesday reported a narrower quarterly loss and higher revenue from a year earlier as it continued to drive costs lower. The Seattle-based Web seller of books, music, electronics and other goods reported a net loss of $43 million, or 11 cents per share."  Reuters
07-22-2003 |
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The president must fix America's pension crisis "The federal Pension Benefit Guaranty Corporation, which protects the retirement incomes of 44m employees and people who have retired in 32,500 private, defined benefit pension plans, is taking a beating in the current recession. The PBGC went from a $7.7bn surplus to a $3.6bn deficit in fiscal 2002 and the haemorrhaging has continued with another $1.8bn lost in the first quarter of 2003. If Congress does not act quickly, the PBGC may face the type of catastrophe that wiped out the savings and loan industry in the 1980s."  FT
07-22-2003 |
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TheStar.com - Wealthy Canadians' assets decline 11.7% "Wealthy Canadians — those with more than $250,000 US under management in 2002 — saw their collective investments decline to $794 billion in 2002, suggests the report by the Boston Consulting Group."  TheStar.com
07-22-2003 |
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Managing the deficit requires shift in direction "The federal budget deficit will reach a record $455 billion this year, the White House said last week. Next year, the deficit will get even larger -- $475 billion, Bush budget officials project. But even that understates things. If you don't count the surplus in the Social Security and Medicare trust funds, the red ink grows even deeper. The gap between Washington's non-Social Security spending and its non-Social Security taxes will be $615 billion this year."  Modesto Bee
07-22-2003 |
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UK economy still deeply troubled, says survey "The British economy remained deeply troubled despite having picked up slightly over the past few months, a survey by the country's main business advocacy group said yesterday.

The findings of the British Chambers of Commerce (BCC) survey for the second quarter were "disappointing and worrying", said David Kern, the chamber's economic adviser.

The report said that despite a slight improvement from a dire first quarter, many of the 5 720 BCC members polled said business remained considerably worse than last year." 
 Business Report
07-22-2003 |
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Worldwide market planned in gold shares "The World Gold Council on Monday declined to comment on a report that it had submitted proposals to list gold shares in London and New York, which would allow investors to buy and sell the precious metal as easily as they trade shares in quoted companies.

The Times newspaper reported on Monday that Britain's investment regulator, the Financial Services Authority (FSA), was considering a proposal by the World Gold Council to list gold shares in London, while its U.S. counterpart, the Securities and Exchange Commission was considering a similar scheme in the United States." 
 Reuters
07-22-2003 |
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Cuba starts to ease out the dollar "From Monday, state firms will no longer be allowed to use the US currency, instead being obliged to deal in the convertible peso, which was created in 1994 as a proxy for the dollar."  BBC
07-22-2003 |
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Identity theft explodes in US "More than seven million people in America have been the victim of identity theft, a report warns.

Research by IT consultancy Gartner Inc indicates identity theft - the use of someone else's personal details for financial gain - leapt 79% over the 12 months to June 2003." 
 BBC
07-22-2003 |
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"In Hong Kong, Deficits Tell a Story of Gloom: William Pesek Jr."

In Hong Kong, Deficits Tell a Story of Gloom: William Pesek Jr. "The widening budget shortfall may be the most formidable challenge for Tung. This year's budget deficit is forecast at HK$90 billion ($11.5 billion), and economists expect the jobless rate to increase from the current record high of 8.6 percent. There is also no end in sight to deflation and the slide in property prices.

Deficits tell the story of Hong Kong's woes. Prior to the Asian financial crisis, the territory impressed foreign investors with hefty budget surpluses. Since then, plunging property values made it harder to plug the gap with government land sales. Now that real estate prices have shriveled, that tactic isn't enough." 
 Bloomberg.com
07-22-2003 |
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Brazil May Make Biggest Interest Rate Cut in 4 Years "Sergio Werlang, the Brazilian economist who created the central bank's inflation-forecasting system, says Latin America's largest country is ready to start slashing interest rates as the currency gains and inflation slows.

The central bank meets tomorrow and has room to cut as much as 4 percentage points from the 26 percent benchmark lending rate, Werlang said. That would give the economy a jolt after June consumer prices fell for the first time since 1999, he said." 
 Bloomberg
07-22-2003 |
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HK deflation worsens in June "The pace of deflation in Hong Kong picked up sharply in June as the effects of the Sars outbreak continued to depress consumer spending, the government said on Tuesday.

It said that consumer prices fell 3.1 per cent in June compared with a year earlier after a fall of 2.5 per cent in May as the impact of Severe Acute Respiratory Syndrome (Sars) continued to be felt." 
 The Business Times
07-22-2003 |
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US home loan debt issue falls "The price of debt issued by US mortgage financiers Freddie Mac and Fannie Mae fell to its lowest level in two months on Monday amid market rumours that European central banks had been encouraged to reduce their holdings. Unconfirmed reports that the European Central Bank had recommended central banks cut their holdings of so-called agency debt sparked selling."  FT
07-22-2003 |
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Soaring bond rates harm stocks, some fear "The already dramatic bond market sell-off intensified Monday, pushing yields to their highest level this year and sparking concerns that a continued spike in rates could create a stiff headwind for stocks.
The 10-year Treasury note yield, which moves opposite its price, shot up to 4.19% Monday from 4.01% Friday, capping a five-week surge in which the 10-year yield has rocketed from 3.1%." 
 USA Today
07-22-2003 |
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Seitel files for bankruptcy, Berkshire to finance "Seitel Inc., which provides seismic data for oil exploration, late on Monday said it had filed for a voluntary bankruptcy reorganization which, if completed, would make it a wholly owned subsidiary of investor Warren Buffett's Berkshire Hathaway Inc."  Reuters
07-22-2003 |
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IBM execs see need to shift jobs overseas--report "Two senior officials at IBM (NYSE:IBM - News), the world's largest computer maker, said the company needs to speed its efforts to move white-collar jobs to India and elsewhere overseas, The New York Times reported on Tuesday. In a recording of a conference call given to The New York Times by a labor union, top employee relations executives said IBM needed to make the same moves its competitors made to save money by shifting service jobs away from the United States. The article cited Forrester Research as estimating 450,000 U.S. computer industry jobs could be transferred overseas in the next 12 years, representing eight percent of U.S. computer jobs."  Reuters
07-22-2003 |
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Reuters Beats Forecasts, Urges Caution "We see another challenging two years ahead of us," Chief Executive Tom Glocer told analysts on a conference call. "I do want to caution you against forecasting too early a recovery."  Reuters
07-22-2003 |
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Turkey gold sector helped by war, jewellery demand "Ongoing uncertainty in the Middle East has boosted demand for gold coins in Turkey this year and the world's sixth largest jewellery fabricator has also increased its jewellery exports, analysts and officials said. "In the first six months of this year, the (Turkish) coin market has consumed nearly 30 tonnes of fine gold, compared with 17.5 tonnes at the same time last year. That is a big jump," Philip Newman, metals analyst with London-based Goldfields Mineral Service told Reuters."  Reuters
07-22-2003 |
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Stanley Works Posts a Lower Profit "Tool maker Stanley Works (NYSE:SWK - News) on Tuesday said second-quarter earnings fell 81 percent as it closed a business and paid other expenses related to its chief executive's previously announced retirement. Stanley, which is cutting jobs and moving operations to lower-cost areas as soft market conditions depress industrial sales, said it expects earnings per share for the third quarter below the current analysts' consensus estimate."  Reuters
07-22-2003 |
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"Industrial manufacturer Illinois Tool Works Inc. said on Tuesday second-quarter earnings rose, helped by the weaker U.S. dollar and increased income from leasing and investments."  Reuters
07-22-2003 |
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HCA Earnings Stumble After Charges "No. 1 U.S. hospital chain, reported on Tuesday a lower second-quarter profit after it discontinued an information system for patient accounting and increased reserves for patients' unpaid bills."  Reuters
07-22-2003 |
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Colgate Earnings Aided by a Weak Dollar "..maker of products ranging from soap to dog food, on Tuesday said profit rose in the second quarter as new products and the weaker dollar helped boost sales."  Reuters
07-22-2003 |
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CME Profit Rises on Strong Trading Volume "..world's No. 2 futures exchange, said on Tuesday its quarterly net profit rose on strong trading volume."  Reuters
07-22-2003 |
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Harrah's Profit Slides Amid Travel Slump "..second-quarter earnings fell as slow travel and a big jump in expenses dragged on results compared with a year before, when recovery seemed near."  Reuters
07-22-2003 |
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UPS Delivers an Earnings Increase "world's No. 1 package carrier, on Tuesday posted a rise in quarterly earnings helped by good overseas shipments. Atlanta-based UPS said second-quarter profit was $692 million, or 61 cents a share. A year earlier, profit was $611 million, or 54 cents a share."  Reuters
07-22-2003 |
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U.S. mortgage rates rise 1/4 pct Monday -BestRate "The average rate on a 30-year U.S. mortgage with no upfront points rose 1/4 of a percentage point on Monday to 6-7/8 percent, according to BestRates, Inc."  Reuters
07-21-2003 |
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Cisco chief awarded extra 2m options "The chief executive of Cisco Systems has been awarded an additional 2m stock options to supplement his $1 annual salary, in a sign that the US network equipment maker is not backing down in the face of mounting criticism over the practice."  Reuters
07-21-2003 |
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3M Earnings Rise, Boosts 2003 Outlook "The weakness of the U.S. dollar, especially against the euro, helped 3M's results. Stronger foreign currency exchange rates mean sales from those countries translate into more U.S. dollars for financial reporting purposes. The St. Paul, Minnesota-based company told analysts and reporters on a conference call that currency-rate changes accounted for 8 cents of the 20-cent rise in earnings per share from a year ago. It also accounted for 4.6 percentage points of the sales gain."  Reuters
07-21-2003 |
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- Bond Rates Hit 6 Month High -

Yields Continue To Soar: 10 Year Hits 4.176%;

US Treasuries Savaged 
 
07-21-2003 |
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Singapore Air cuts more staff "Singapore Airlines (SIA) says it is firing another 26 pilots and 156 cabin crew in a second round of staff cuts designed to help it recover from the impact of the SARS outbreak earlier this year."  CNN
07-21-2003 |
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What the Fed really wants: more inflation "Fed Chairman Greenspan's testimony before Congress last week signals that the Fed would prefer we head to a new era of rising prices."  MSN
07-21-2003 |
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US yet to reap benefits of Bush tax cuts "So far, the guidance provided in company forecasts has offered few clues as to whether the tax cuts have helped.

“The crystal ball hasn’t cleared much in the last week,” Chuck Hill, director of research at Thomson Financial, said. He noted that forecasts have offered a “mixed bag” so far. “GM gave upwards guidance, while Ford gave lower guidance,” he said. Ford also cut a further 2,000 jobs." 
 The Times
07-21-2003 |
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Recovery in jeopardy, warns BCC Britain's economic recovery is in danger of stalling unless the government acts to ease burdens on business, industry leaders warn today.  Guardian
07-21-2003 |
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SOBERING ADVICE: PAY OFF YOUR CREDIT CARDS "In a recent interview with Equities Magazine, Templeton warned that not only is the U.S. stock market "broken" in his words (with years of repair perhaps still ahead), he fretted openly about what he sees as the dangerous rise in U.S. housing prices."  NY Post
07-21-2003 |
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+0.1%  Leading Indicators
07-21-2003 |
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House price rises 'still slowing' "House price increases have slowed for the seventh month in a row, according to a survey. The research, from property website Rightmove, shows that the average cost of a property in the UK rose by a modest 0.4% last month, down from 1.3% in May."  BBC
07-21-2003 |
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Eurotunnel warns on revenues "Eurotunnel, the firm which operates the Channel Tunnel, has warned its revenues this year may not be enough to cover interest repayments."  BBC
07-21-2003 |
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Volkswagen cuts Brazilian jobs German car maker Volkswagen is to cut nearly 4,000 jobs from its Brazilian arm, to counter weak sales in Brazil and other key export markets.  BBC
07-21-2003 |
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Dubai's Gold & Jewellery Group reports 35 to 40pc increase in sales "Dubai's Gold & Jewellery Group reported 35 to 40 per cent increase in gold and jewellery sales this summer compared to the same period of last year. The growth is mainly attributed to stable international gold prices."  Khaleej Times
07-21-2003 |
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World Bank: India May Face Medium-Term Fiscal Crisis ""India's large fiscal imbalances pose a serious threat to sustained growth and development over the medium term," the bank said in a report issued over the weekend. The Indian government is targeting a budget deficit of 5.6% of the gross domestic product in the current fiscal year, lower than the 5.9% deficit in the previous financial year which ended in March."  Dow Jones
07-21-2003 |
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ECB's Welteke Sees No Reason to Cut Rates at Moment "``I see no need to act at the moment,'' said Welteke in a televised interview with Bloomberg News in Frankfurt. ``The conditions are there for stronger growth'' in the dozen countries sharing the euro. The ECB last month lowered its benchmark interest rate to 2 percent, the lowest for any of the euro nations in more than half a century. Growth in the region's $7.8 trillion economy may stagnate in the second and third quarters of this year, the European Commission said this month."  Bloomberg
07-21-2003 |
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BorgWarner quarterly profit falls "..as North American vehicle production slowed in the second quarter."  
07-21-2003 |
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PNC Financial 2nd-quarter profit falls "..hurt by falling interest rates as it cut back on lending."  Reuters
07-21-2003 |
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Canadian May retail sales rise 0.3 pct on autos "A Reuters poll of analysts had forecast, on average, a 0.6 percent monthly rise compared to April's revised fall of 0.8 percent. March sales were also revised to a fall of 0.7 percent."  Reuters
07-21-2003 |
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3M Earnings Rise on Cost Controls, Dollar "Sales rose 10.1 percent to $4.58 billion, with increases reported by six of the company's seven operating division. The weakness of the U.S. dollar accounted for 4.6 percentage points of the gain. Stronger foreign currency exchange rates mean sales from those countries translate into more U.S. dollars for financial reporting purposes."  Reuters
07-21-2003 |
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Hasbro Swings to Second-Quarter Profit "The company said it is on target with its cost cutting and debt reduction plan, and has not "significantly" changed its expectations for the year. But it also said it sees the economic and retail environments as challenging."  Reuters
07-21-2003 |
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Merck Profits Boosted by Exchange Rates "..earnings rose due largely to the benefit of favorable exchange rates, as its cholesterol and arthritis medicines eked out only small sales gains."  Reuters
07-21-2003 |
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U.S. Oil Prices Push Above $32 a Barrel "Analysts said hiccups at U.S. refineries, the lack of Iraqi crude exports and rumblings of political unrest in number five oil exporter Venezuela were keeping prices on the boil."  Reuters
07-20-2003 |
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Brazil Bankruptcy Bill Set for Review "..plan to limit debtors' payouts to workers was cut this week from the reform to speed bankruptcy proceedings and attack Brazil's sky-high interest rates. The bill's sponsor said the government's proposal to limit a bankrupt company's payment obligations to workers had been eliminated because it could hinder bankruptcy recovery. "I'm determined to give guarantees to the banks, to the creditors from the debtor when it's possible, but you get to a point, even with a company, when you have to lay off," said lower house deputy Osvaldo Biolchi, who faced pressure to drop the measure from judges that arbitrate industrial disputes."  Reuters
07-20-2003 |
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Earnings Sizzle May Leave Stocks Cold "Stocks may be set adrift next week as investors' lofty expectations for a turnaround in the economy and corporate earnings meet reality in another monster week for corporate earnings reports."  Reuters
07-19-2003 |
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House Panel OKs Pension Fix Amid Acrimony "Companies with underfunded pension plans would get relief for three years under legislation backed by the U.S. House of Representatives Ways and Means Committee, but the minority Democrats complained that House rules had been violated. The Republican majority rushed the measure through on a voice vote while committee Democrats were conferring over last-minute changes in an adjacent room. In the ensuing partisan acrimony, Capitol police were called, but no arrests were made. Democrats questioned whether the committee action was legitimate and said they were furious that police had been called by Republican staff. "There is no question in my mind this is an absolute abuse of power," said Rep. Robert Matsui, of California. Under the measure the committee approved, traditional "defined benefit" pension plans would be allowed to assume a more generous return on investments based on an index of high-grade corporate bonds rather than the current formula based on 30-year U.S. Treasury bond yields."  Reuters
07-18-2003 |
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- Next Big U.S. Accounting Scandals -

Non-Profit; Government & Quasi-Government Businesses/Orgs. 
 
07-18-2003 |
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90.3  Mich Sentiment (Pre)
07-18-2003 |
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First-time buyers 'hold back' "High property prices are preventing an increasing number of first-time buyers from getting a foothold on the property ladder, according to the latest figures."  BBC
07-18-2003 |
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SA miners' strike looms The prospect of a South African miners' strike moved a step closer on Thursday after pay talks between mining firms and their employees fell through. "More than 160,000 mineworkers are threatening to down tools on 27 July, in a move which could seriously disrupt ... some of the world's top gold and coal mining companies, most of which have major interests in South Africa. The latest round of talks between the two sides ended on Thursday after an improved offer of an 8.5% pay rise from industry body the Chamber of Mines proved insufficient to break the deadlock. .. The two sides are also arguing over pension fund contributions, holidays, and job grading."  BBC
07-18-2003 |
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Body 'matches' Iraq expert Police searching for the weapons expert suggested as the possible source for a BBC story on Iraq say the body they have found matches Dr David Kelly's appearance. "Earlier this week, Dr Kelly denied being the BBC's main source for a story claiming Downing Street had "sexed up" a dossier about Iraqi weapons of mass destruction. He appeared before the Commons foreign affairs committee on Tuesday. "  BBC
07-18-2003 |
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The Fed Needs the Bond Market's Faith "A communication breakdown between Greenspan & Co. and investors has turned the staid bond market into a maddening mess .. Gambling that the Fed would buy bonds to help ward off deflation, investors piled into the market in mid-June, sending the yield on the 10-year Treasury note to a 45-year low of 3.1%. But when the Fed opted to merely trim interest rates on June 25, investors turned tail and sold. The coup de grâce came on July 15 as Chairman Alan Greenspan forecast faster economic growth and seemingly all but ruled out bond purchases by the Fed. The market quickly tanked. Greenspan tried to turn the tide the next day by saying he hadn't taken bond buys off the table. The damage had been done, though, and the 10-year yield ended the day at close to 4%."  BusinessWeek
07-18-2003 |
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Next Big U.S. Accounting Scandals Have Started: Lee Berton "Watch out for the next big U.S. accounting scandals in non-profit, government and quasi-government businesses and organizations. In fact, the shocks have already begun. Freddie Mac, the big government-sponsored buyer of mortgage loans, last month fired its chief operating officer and accepted the resignations of its chief executive and chief financial officer. Freddie Mac said it will have to restate earnings for the past two years and perhaps even a third year. Critics say they were inaccurate due partly to Freddie Mac's handling of derivatives, exotic investment packages often used as hedges against risk."  Bloomberg
07-18-2003 |
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SEC Has Opened a Probe of Amex "The Securities and Exchange Commission is investigating the American Stock Exchange and has called on the NASD to take over the exchange's regulatory functions. The SEC launched its latest probe into the Amex, the nation's third-largest stock exchange, for violating the terms of a 2000 settlement over how the exchange's traders handle orders for options — instruments tied to the values of stocks and indices."  NY Post
07-18-2003 |
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Banks feel margin squeeze "After booming during the economic bust, banks finally appear to be heading for their share of hard times. While local lenders are reporting strong quarterly profits this month, they also note profit margins are slipping. And several factors are darkening the outlook for the next several months. Banks' investments, such as bonds, are becoming less profitable. The mortgage-refinancing boom, which buoyed bank earnings since 2001, is tapering off."  Seattle Times
07-18-2003 |
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Moscow tells rich Russians: Don't worry "Prime Minister Mikhail Kasyanov sought to calm jitters in the business community on Thursday by publicly stating that Russia would not review the origins of the fortunes of Russia's richest people."  IHT
07-18-2003 |
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200 jobs axed at Swiss Life "INSURER Swiss Life yesterday axed 200 staff from its Albert Dock headquarters in Liverpool. Shocked workers also learned that almost 400 more jobs will go if a buyer for the company is not found within a month."  Icliverpool
07-18-2003 |
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He's Forever Blowing Bubbles "Until 2000, the investing public believed that Alan Greenspan could do no wrong. He was untouchable. Now, however, doubts have begun to be voiced in some quarters (1st quarter, 2nd quarter, etc.) – doubts, as the Bible puts it, like clouds no bigger than a man's hand."  GoldSeek
07-18-2003 |
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Dynegy Sees Loss, Costs to Hurt Year Net "..it would post a second-quarter loss after absorbing several one-time charges, including the impact of settling power tolling agreements, and said higher expenses will hurt full-year 2003 results."  Reuters
07-18-2003 |
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Visteon Posts Second-Quarter Loss "..due to the exit of a seating business and lower production by former parent and largest customer Ford Motor Co."  Reuters
07-18-2003 |
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Inflation in Zimbabwe surges to 365% "Fresh evidence that Zimbabwe's economic crisis is running out of control came on Wedneday as inflation surged to 365.4 per cent in June from 300 per cent in May. Many economists were surprised at the huge increase in the official figures because it comes before the government had been forced to announce sharply higher prices for food and fuel. Producer prices paid to farmers for wheat and maize were increased in March but these rises have still to be passed on to the consumer."  FT
07-18-2003 |
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European credit quality slow to improve "After a slew of credit defaults and downgrades last year, many analysts are now cautiously predicting that the worst is over. But for European companies a dramatic turnaround in credit quality may still be some way off. A report released today by Standard & Poor's suggests there is "not yet any clear-cut improvement" in European credit quality. Downgrades continued to outpace upgrades in the second quarter of this year, with a total of 40 cuts and eight upgrades."  FT
07-18-2003 |
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GM mortgages more profitable than car sales "General Motors earned three times as much from selling mortgages as from cars in the second quarter as the US price war and weak demand almost wiped out profits from car sales. The world's biggest carmaker said on Thursday that net income, excluding its Hughes electronics subsidiary, dropped more than a third to $879m. Almost all of that came from lending."  FT
07-18-2003 |
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Ford likely to cut 2,000 white collar jobs-report "the No. 2 U.S. car maker, is likely to eliminate up to 2,000 white-collar jobs in North America later this year as it further slashes costs to meet long-range targets"  Reuters
07-18-2003 |
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U.S. junk bond funds pull in $1.22 billion in week "..pushing total inflows this year to more than $23 billion."  Reuters
07-18-2003 |
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Yahoo's CEO exercised options, sold 500,000 shares "Semel exercised one option and acquired 437,500 shares for $9.24 each on July 16 and exercised another for 62,500 shares the same day for $16.46 each. The 500,000 shares were then sold for $32-$32.64 each, leaving Semel in direct ownership of 1 million shares."  Reuters
07-18-2003 |
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Ericsson Cost Cuts Boost Results "..better than expected second quarter results due to cost cuts and a pledge to return to profit this year despite a falling market. .. Like others in the sector Ericsson has been grappling with a spending freeze from telecoms operators for more than two years, more than halving its workforce, selling off non-core businesses and changing management four times in five years."  Reuters
07-18-2003 |
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PeopleSoft Profit Flat After Rebate Offer "PeopleSoft Inc. on Thursday posted nearly flat quarterly earnings on sales that edged up 3 percent, bolstered by promises of big rebates to its software customers intended to allay fears it could be acquired by a larger rival. .. More than half of PeopleSoft's second-quarter sales of new software came from contracts tied to a promotion intended to offset concern about the Oracle bid, it said."  Reuters
07-17-2003 |
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Microsoft Profit, Revenue Rise "..posted higher quarterly profit and revenue on Thursday, as it recognized more revenue from a subscription-style corporate pricing plan that has shielded it from the prolonged tech slump.
The world's largest software maker reported net profit of $1.92 billion, or 18 cents per share, for the fiscal fourth quarter ended June 30, compared with a profit of $1.53 billion, or 14 cents per share, a year earlier." 
 Reuters
07-17-2003 |
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Estee Lauder's Price-Fixing Suit Settled "Under the settlement, first disclosed in an Estee Lauder filing with the Securities and Exchange Commission, the defendants will give consumers $175 million in free products, an Estee Lauder spokeswoman said. The defendants will also pay plaintiff attorneys' fees of up to $24 million."  Reuters
07-17-2003 |
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8.3 (vs. 4.0)  Philadelphia Fed
07-17-2003 |
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Boeing to Cut Up to 5,000 Jobs "..it would fire 4,000 to 5,000 workers from its Seattle-based commercial jet unit by the end of 2003, adding to the 35,000 job cuts since the Sept. 11 attacks."  Reuters
07-17-2003 |
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US 'supports strong dollar' ""The policy is we have a strong dollar policy. We believe in a strong dollar," Snow said."  Gulf Daily News
07-17-2003 |
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Record mortgages lift Northern Rock "Northern Rock benefitted from record levels of mortgage lending during the first half although it cautioned on Thursday that the housing market will cool this year reflecting a fall in first-time buyers. FT
07-17-2003 |
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Iraq rebuilding 'could cost $90bn' "Iraq needs up to $90bn (£57bn) in investment to restore its economy to health, according to the latest assessment by experts."  BBC
07-17-2003 |
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HK jobless rate soars "The pressure on Hong Kong's government increased on Thursday as unemployment levels rose to unheard-of highs. The proportion of people out of work in the former British colony reached 8.6% for the three months to June, a third of a percentage point up on the previous record set only a month earlier."  BBC
07-17-2003 |
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Public debt a crisis, says opposition "The opposition Kuomintang said yesterday the biggest crisis facing Taiwan was a rising national debt that had more than doubled since the transfer of power three years ago. ... said the total national debt had jumped from NT$210 billion in 1991 to over NT$3.2 trillion in 2003." Note: $1 US Dollar = 34.31 Taiwan Dollar  eTaiwan News
07-17-2003 |
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Japan's Bonds Rise; U.S. Company Outlooks Cut Recovery Optimism " Japanese bonds rose for the first day in four after earnings reports at some companies in the U.S., Japan's largest trading partner, damped investor expectations for economic growth and boosted demand for debt."  Bloomberg
07-17-2003 |
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Snow shrugs off $455bn deficit "US treasury secretary John Snow shrugged off concerns about America's deficit yesterday, insisting that a recovery in the world's largest economy would help close the record gap between revenues and spending. ... "Mr Greenspan clashed with the White House earlier this year when he warned that President Bush's $700bn tax cut package would add to America's fiscal problems. While the White House believes the US will stack up a $15 trillion shortfall between 2001 and 2010, a private study commissioned by the US treasury estimates that the deficit could climb to $44 trillion over that period once obligations to pay retirement benefits to the baby-boom generation are fully taken into account."  Guardian
07-17-2003 |
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Greenspan not liking deficit "Federal Reserve Chairman Alan Greenspan warned the growing deficit will damage U.S. economic growth. "There is no question that if you run substantial and excessive deficits over time, you are draining savings from the private sector, and ... you do clearly undercut the growth rate of the economy," Greenspan told the Senate Banking Committee."  Washington Times
07-17-2003 |
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Washington's debt addicts "As Thomas Stanley wrote in The Millionaire Mind: "You cannot enjoy life if you are addicted to consumption and the use of credit." I wish everyone in Washington would read that book. Apparently, the only book they'd be inclined to read would be "The Trillionaire Mind." Or more likely, "The Trillionaire Debt Addicts Mind!" Washington is clearly addicted to the use of credit and consuming the future of America. That addiction has a powerful impact on the kind of investment strategies that will or won't work for you, our neighbors and me if we ever expect to retire. What worries me is most Americans are in denial."  CBS
07-17-2003 |
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Double bubble to follow Greenspan's dot-com fiasco "The Federal Reserve chairman should quit now before the bursting of another bubble does further damage to his reputation"  Taipei Times
07-17-2003 |
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U.S. May Call National Guard for Iraq Duty "The Pentagon could start a call-up of as many as 10,000 U.S. National Guard soldiers by this winter to bolster forces in Iraq and offset a lack of troops from allies, The Wall Street Journal reported on Thursday. Missions in Iraq and Afghanistan have stretched the U.S. military thin, the report said, and soldiers there still face danger every day. One senior U.S. defense official, asked by the Journal if he had ever seen the Army stretched so thin, said: "Not in my 31 years" of military service."  ABC
07-17-2003 |
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Baxter Profit Falls, SEC Investigating "..its quarterly profit fell sharply on a hefty restructuring charge, and guided Wall Street's expectations for the third quarter lower. ... its net income fell to $49.0 million, or 8 cents per diluted share, as expected. That compared with net income of $204 million, or 33 cents per diluted share, in the same quarter a year ago, which included special charges. Excluding a $202 million after-tax charge in the quarter for job cuts and plant closures in its key blood products unit, Baxter said it earned 41 cents a share, compared with 48 cents a share in the quarter a year ago."  Reuters
07-17-2003 |
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Sears Profit Up, Outlook Scaled Back "..quarterly earnings that easily beat Wall Street expectations, but profits in its core retail operations dropped as it was forced to take steep markdowns to clear out excess spring inventory. .. The credit card division, which has been hit by record personal bankruptcies that forced the retailer to write off more unpaid accounts, posted operating income of $355 million, an increase of $243 million from a year ago, when it recorded the $300 million charge."  Reuters
07-17-2003 |
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1.817M  Building Permits
07-17-2003 |
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1.803M  Housing Starts
07-17-2003 |
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Freeport-McMoRan profit rises on higher gold price "..which runs the world's biggest copper and gold mine, said Thursday its second-quarter profit surged tenfold on higher gold prices, record metals production and low per-unit production costs. ... posted second-quarter net income of $57.4 million, or 37 cents a share, up from a net profit of $5.6 million, or 4 cents per share, in the year-ago quarter."  Reuters
07-17-2003 |
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U.S. jobless claims fall in latest week "New claims for state unemployment insurance benefits for the July 12 week dropped to 412,000 from a revised 441,000 in the prior week, the Labor Department said. Analysts were expecting 425,000 new claims, well below the 439,000 originally reported for the prior week."  Reuters
07-17-2003 |
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412,000   Jobless Claims
07-17-2003 |
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Coke Profit Boosted by Solid Sales "..the world's largest soft drink company, reported on Thursday an 11 percent jump in net income due in part to solid sales in Europe and North America, its two most important markets."  Reuters
07-17-2003 |
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GM Earnings Plunge but Beat Estimates "a sharp drop in second-quarter earnings due to the rising cost of incentives and the temporary shutdown of a key plant hit by a tornado. GM said net earnings plunged to $901 million, or $1.58 per share, from $1.3 billion, or $2.43 per share, a year earlier."  Reuters
07-17-2003 |
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Housing Starts Jump 3.7 Percent in June "Commerce said housing starts surged 3.7 percent to a seasonally adjusted 1.803 million annual rate. That followed a revised 1.738 million rate in May. Building permits, considered a leading indicator of future home construction, also rose, hitting a 1.817 million annual pace. Permits for single-family homes, at a 1.421 million clip, were at their highest level since Commerce began tracking them in 1960."  Reuters
07-17-2003 |
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+3.7%  Housing Start
07-17-2003 |
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Nokia Warns of Lower Profits, Shares Fall "Shares in the world's top cellphone maker Nokia plunged on Thursday after it posted weaker second quarter earnings and warned a soft dollar would whack sales and profits at its main handset unit."  Reuters
07-17-2003 |
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Fannie Mae Net Falls 25 Percent "..the largest U.S. mortgage financier, said on Tuesday its quarterly earnings fell 25 percent because derivatives it uses to hedge against interest rate swings lost $1.9 billion in market value."  Reuters
07-16-2003 |
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Apple Posts Lower Net Income, Revs Rise "..reported quarterly earnings that fell from a year ago on higher revenue as costs for the maker of Macintosh computers rose."  Reuters
07-16-2003 |
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Greenspan: Fed Concerned About Deflation Federal Reserve Chairman Alan Greenspan said on Wednesday the central bank was concerned over the potential for an economically crippling fall in prices even though the chance of "pernicious" deflation was remote. "If it occurs, it is a very major event and even though its probability is very small, the size of the problem should it occur is sufficiently large to have engaged our attention," Greenspan told the Senate Banking Committee. "It will continue to engage our attention until it is very clear that it could be fully taken off the table," he said. ... Those comments, and the Fed's optimistic economic forecasts, helped fuel a huge sell-off in the Treasury market on Tuesday -- and Greenspan appeared to try to repair that damage in Wednesday's testimony. Greenspan told the Senate panel there was "a general judgment that in a sense we took off the table ... the notion that we might use so-called nontraditional means. I wasn't aware I took anything off the table at any time."  Reuters
07-16-2003 |
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IBM Reports 2003 Second-Quarter Results "Diluted earnings per share grew 10 percent year over year after excluding incremental charges of $1.1 billion after tax, or $.64 from the year-ago period for 2002 actions. Income from continuing operations for the second- quarter 2003 was $1.7 billion"  BW
07-16-2003 |
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Greenspan backpedals on bond buys "The Federal Reserve hasn't completely abandoned its contingency plans to buy long-term Treasurys if needed as a last-ditch effort to prevent deflation, Fed Chairman Alan Greenspan said Wednesday."  CBS
07-16-2003 |
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EMC Profit Rises, Outlook Disappoints "the data storage market leader, on Wednesday reported a higher second-quarter net profit, but issued a disappointing third-quarter outlook that sent its shares down 8.6 percent. Chief Executive Joe Tucci said technology and corporate capital spending had improved slightly, but the picture was mixed around the world, with buyers in the United States increasingly positive but Germans and Japanese still gloomy."  Reuters
07-16-2003 |
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SARS slows China GDP growth in 2nd quarter "Chinese economic growth slowed to its slowest pace in a decade in the second quarter as the SARS epidemic damped consumer spending and disrupted foreign investment, official state media reported Wednesday. Gross domestic product growth moderated to 6.7 percent in the three months to June 30 compared with a year earlier after surging at a 9.9 percent rate in the first quarter."  Bloomberg News
07-16-2003 |
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Italy seen edging toward recession "Italian industrial production plunged an adjusted 1.6 percent in May from April, the government reported Monday. It was the steepest fall in more than four years and the newest sign that Europe’s fourth-biggest economy is mired in a slump that could push the country into recession."  International Herald Tribune
07-16-2003 |
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More gloom as Scots firms enter recession "SCOTLAND’S private sector has entered recession and the "Baghdad bounce" in the economy appears to be faltering, according to new figures from Royal Bank of Scotland."  The Scotsman
07-16-2003 |
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Ireland Inc heading for recession "Commenting on figures showing the Irish domestic economy stagnated in 2002, Hogan said, "When one considers the significant number of jobs lost, particularly in the manufacturing sector in 2003, it is reasonable to assume that this year we will see negative growth in the Irish economy"."  Business World
07-16-2003 |
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Is SA safe from recession? "Forecasts for real GDP growth for 2003 had been scaled down from 2.6% previously to 2.2% currently. "However, the demand side of the economy remains resilient and the expected macro-economic environment is favourable, which should benefit domestic production conditions over the short term," BER said."  News 24
07-16-2003 |
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Bank spells out debt fears "Lomax picked up the current popular theme among central bankers. She suggested that 'it would be unwise to dismiss the risk of deflation, and the possibility that monetary policy might become less effective as interest rates fall to lower levels'."  ThisisLondon
07-16-2003 |
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- Bond Yields SOAR -

10 Year Bond Yield Hits 4.086% In Morning Trade 
 
07-16-2003 |
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US slashes growth forecast "The sluggish US economy is taking longer to pick up than anticipated, according to the latest figures and comments from the Federal Reserve chairman Alan Greenspan. Mr Greenspan, in his twice-yearly testimony to Congress, said the central bank was cutting its forecast for US economic growth this year by three quarters of a percentage point to 2.5-2.75%."  BBC
07-16-2003 |
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HK crisis as second minister quits "Hong Kong's Government has been plunged into further crisis with the resignation of a second minister.
Finance minister Antony Leung announced his resignation on Wednesday, only hours after the territory's security chief, Regina Ip, also handed in her notice." 
 BBC
07-16-2003 |
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The dollar bounces back "Comments on Tuesday from Federal Reserve chief Alan Greenspan, while downbeat, were seized on as evidence that the US could at last be in definite recovery."  BBC
07-16-2003 |
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Kremlin ups stakes in Yukos row Russian prosecutors have asked the tax authorities to comb through the books of Yukos, the giant oil firm which is currently in conflict with the Kremlin. "A tax audit could have severe consequences for Yukos, which is suspected by the Russian Government of embezzlement."  BBC
07-16-2003 |
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FleetBoston cautious on outlook "Despite reporting solid second-quarter earnings, FleetBoston, the seventh-largest US bank, on Tuesday expressed caution on its outlook for the rest of the year. "The original $2.50 earnings-per-share target would be considered a stretch at this point. Not impossible, but it would require an almost immediate turnround in the economy," said Robert Lamb, chief financial officer."  FT
07-16-2003 |
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Motorola back in the black as it warns on Q3 "Motorola's restructuring efforts look set to continue as it warned that third quarter results would be worse than expectations, even as it reported a return to profitability in the second quarter, with net earnings of $119m. After several years of cuts, Motorola has been unable to return to the path of steady and growing earnings. It said it was now moving away from cost cutting towards "phase two" of its transformation, targeting areas such as improving new product introductions."  FT
07-16-2003 |
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ASML disappoints with second-quarter loss "ASML, the Dutch chip equipment maker, reported a wider loss than expected in the second quarter and further job cuts as it suffered continued uncertainty in the semiconductor industry. .. Amid the continued slide in demand, ASML refrained from issuing a forecast for the remainder of the year. However it did announce plans to cut a further 550 jobs - mainly in Europe. The cuts come on top the decision announcement in December to shed more than 20 per cent of its workforce - or 1,450 jobs - by July this year."  FT
07-16-2003 |
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Elan misses US accounting deadline "Elan's financial troubles deepened on Wednesday after the heavily indebted Irish pharmaceutical company failed to meet the deadline for the filing of its 2002 accounts with US regulators. .. warned that it faced technical default on some of its debt covenants if it failed to file its accounts. This could trigger a run on its debt as creditors demanded immediate repayment."  FT
07-16-2003 |
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Treasury Yields Jump to Fresh Highs "On Wednesday, the benchmark 10-year Note (US10YT=RR) shed 21/32 in price, taking yields up to 4.06 percent from 3.98 percent and that on top of a 25 basis point jump on Tuesday." Latest Yields  Reuters
07-16-2003 |
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Industrial Production UP 0.1 Pct in June "Overall production at American factories, mines and utilities rose 0.1 percent in June, the Fed said, while the amount of capacity in use held steady for a second straight month at 74.3 percent."  Reuters
07-16-2003 |
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74.3%  Capacity Utilization
07-16-2003 |
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+0.1%  Industrial Production
07-16-2003 |
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JP Morgan second-quarter profit jumps 78 pct "..pushing first-half earnings past what the No. 2 U.S. bank earned for all of 2002, as bond trading and consumer banking boosted results."  Reuters
07-16-2003 |
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Canada May factory shipments fall on SARS, mad cow "Shipments from Canadian
factories slipped 0.8 percent in May as manufacturers felt the impact of lower U.S. demand" 
 Reuters
07-16-2003 |
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"Rising food and energy costs contributed to a modest rise in U.S. consumer prices in June but underlying inflation was unchanged, the government said on Wednesday in a report that may stoke deflation fears."  Reuters
07-16-2003 |
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U.S., N. Korea Drifting Toward War, Perry Warns - Former Defense Secretary Says Standoff Increases Risk of Terrorists Obtaining Nuclear   Washington Post
07-16-2003 |
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Greenspan Says Rate Can Stay Low Without Inflation "Greenspan said the U.S. economy is poised to accelerate and the Fed will leave its benchmark interest rate low ``as long as needed,'' even as bond traders drive up borrowing costs for consumers and companies."  Bloomberg
07-16-2003 |
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0.2%  CPI
07-16-2003 |
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0.0%  Core CPI
07-16-2003 |
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-0.2%  Business Inventories
07-16-2003 |
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Ford Shows Lower Profit but Keeps Targets "..reported a 27 percent decrease in second-quarter earnings due to escalating U.S. incentives and weak sales, but stuck to its full-year earnings target. Ford said it earned $417 million, or 22 cents a share, in the second quarter, down from $570 million, or 29 cents a share, a year earlier."  Reuters
07-16-2003 |
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Gen. Dyn. Earnings Fall, Beat Forecasts "..maker of nuclear submarines, tanks, and Gulfstream business jets, on Wednesday posted lower quarterly earnings as weakness in its aerospace division offset strength in its weapons division."  Reuters
07-16-2003 |
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Citigroup, Sears Seal Credit Card Deal "Citigroup Inc. on Tuesday said it agreed to buy the credit card portfolio of retailer Sears, Roebuck and Co. for $6 billion cash."  Reuters
07-15-2003 |
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S&P may cut Lucent Technologies long-term ratings "it placed its 'B-' corporate credit rating and other long-term ratings on Lucent Technologies Inc. on CreditWatch with negative implications, following Lucent's announcement that it expects to report a revenue shortfall in its June 2003 quarter. Because of continued market uncertainty, Lucent no longer expects to return to profitability in the September quarter as it had planned. This development reflects limited marketplace visibility and the considerable ongoing operating challenges facing Lucent, which have made business planning extremely difficult over the past two years."  Reuters
07-15-2003 |
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S&P cuts Sears Roebuck corporate credit rating "lowered its corporate credit, bank loan, and senior unsecured ratings on department store retailer Sears, Roebuck and Co. and its affiliates, including Sears Roebuck Acceptance Corp. (SRAC), to 'BBB' from 'BBB+'."  Reuters
07-15-2003 |
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Deflation-Deficit Doozy Scalds Bonds "U.S. Treasuries suffered their biggest sell-off in six months on Tuesday after the Federal Reserve gave the market a poke in the eye with an upbeat growth outlook while brushing aside the deflation risk."  Reuters
07-15-2003 |
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WorldCom's Revs Fall, Operating Income Up "..revenues in May fell to $2.03 billion from $2.05 billion in April. WorldCom's sales have been roughly flat or lower each month since the No. 2 U.S. telephone and data services company filed for bankruptcy last year."  Reuters
07-15-2003 |
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Intel Net Doubles as Sales Grow "..quarter earnings doubled from a year ago on strong sales of its Pentium and other microprocessors that serve as the brains for personal computers."  Reuters
07-15-2003 |
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US to give missiles to Taiwan "THE US will deliver 200 advanced air-to-air missiles to Taiwan after it had held them in a US air base for three years to avoid upsetting China, a news report said today."  News Interactive
07-15-2003 |
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Greenspan Says Interest Rates to Stay Low "Indeed, there is an especially pernicious, albeit remote, scenario in which inflation turns negative against a backdrop of weak aggregate demand, engendering a corrosive deflationary spiral," Greenspan said.  Reuters
07-15-2003 |
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Budget Deficit to Hit Record $475 Bln This Year, U.S. Aide Says "deficit will widen to about $475 billion in the fiscal year that ends Sept. 30, the largest in U.S. history .. shortfall would exceed the record $290 billion deficit in 1992 .. "Democrats said budget deficits may be even greater than the administration anticipates. ``They underestimate the size of the hole we're in,'' Senator Joseph Lieberman. .. "Dayton, of Minnesota, blamed the increase in part on the rising cost of military operations in Iraq .. operations in Iraq are costing $3.9 billion a month .. future generations will be saddled with Medicare and Social Security costs, and rising federal spending on defense and homeland security following the Sept. 11, 2001, terror attacks will crimp funding for domestic priorities. .. In February, the White House estimated this fiscal year's budget deficit would reach $304 billion, and would grow to $307 billion in fiscal 2004. .. McClellan blamed a lagging economy, lower tax receipts following stock price declines .. deficit figure is projected to be 4.7 percent of U.S. gross domestic product, based on a $10 trillion economy .. U.S. budget deficit widened to $90.5 billion in May as spending jumped"  Bloomberg
07-15-2003 |
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- Bonds Yields SOAR -

10 Year Hits 3.968%

- U.S. Budget Deficit At ALL TIME RECORD High -

This Year's Deficit: $455,000,000,000.00

Next Year's Deficit: $475,000,000,000.00

$307 Billion, Says White House, Back In Feb, 2003 .. Aide Says $475 Billion Likely Year Ending Sept. 30th
Record Figures Do Not Include Costs for US Forces in Iraq & Afghanistan More.. 
 
07-15-2003 |
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Boeing to Take Satellite Sector Charges "Weakness in the satellite sector is still plaguing Boeing Co., which said on Tuesday it would take $1.1 billion in charges to cover higher launch costs, lower demand, and a decline in the market value of its products."  Reuters
07-15-2003 |
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S Korea votes for emergency cash "South Korea's parliament has passed an extra government spending package, in the hope of revitalising an economy that has slipped into recession.
In a rare display of cohesion, the opposition-led parliament pushed through the 4.5 trillion won ($3.8bn; £2.4bn) supplementary budget in a 228-1 vote on Tuesday.

The need for the extra money - almost 10% more than originally expected - was underlined on Monday by figures from the finance ministry showing that the economy shrank by 0.5% between April and June." 
 BBC
07-15-2003 |
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Greenspan: Deflation Risks are "remote"; concerns about the recovery; May Cut Rates AGAIN; Bond Yields SOAR - 10 Year hits 3.87!%

- More Than $450,000,000,000 -

Budget Deficit To Be Increased By At Least $150,000,000,000 
 
07-15-2003 |
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U.S. Budget Deficit Is Expected to Exceed $450 Billion "The White House today is expected to widen its estimate for this year's federal budget deficit to more than $450 billion, a figure that would boost its earlier projection by $150 billion or more, Tuesday's Wall Street Journal reported."  Quicken
07-15-2003 |
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Top firms' pensions 23 trillion in red "Corporate pension funds at some 300 leading firms are in the red by as much as 23.4 trillion yen combined, or 39 percent more than last fiscal year, Daiwa Institute of Research Ltd. said."  Asahi Shimbun
07-15-2003 |
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Perry Says U.S., N. Korea Are Drifting Toward War, Post Reports "Former U.S. Defense Secretary William Perry said the U.S. and North Korea are drifting toward war as soon as this year because the standoff over the North's nuclear weapons program is escalating, the Washington Post reported."  Bloomberg
07-15-2003 |
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Mirant files for bankruptcy protection "Mirant filed its Chapter 11 reorganization petition the day before a $1.1 billion debt payment was due."  USA Today
07-15-2003 |
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Dollar down after surprise Bank of Canada rate cut "The Bank of Canada surprised the market with a quarter-point interest rate cut today, causing the Canadian dollar to retreat."  The Star
07-15-2003 |
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Layoffs soon to resume at Delta "Delta Air Lines expects to resume furloughs of flight attendants this fall, when a seasonal drop in traffic will cut into already weak travel demand. Delta recently told 1,050 of the most junior flight attendants in its mainline operations -- those who have worked five or fewer years at the Atlanta carrier -- that they could be furloughed as soon as Sept. 1."  AJC
07-15-2003 |
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Mad dash to buy "Low rates and the promise of a profit are feeding a housing frenzy. Are you really ready to buy? .. "People who shouldn't pay more than $400,000 for a home are now looking at $600,000 and $700,000 homes," he said. "All they care about is what their monthly mortgage payment is." Problem is, these same people are opting for adjustable rate mortgages, which offer the lowest rates but only for the first two to seven years of a 30-year loan. These loans make sense for borrowers who are certain they'll be moving on before their rate goes up."  CNN
07-15-2003 |
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Fitch warns on danger of cuts in investment "Fitch, the credit ratings agency, has warned US companies that they are impairing an overall improvement in credit quality by cutting back on investment, which is jeopardising future revenues. A review by the agency of more than 400 US industrial companies found that total debt levels fell 2 per cent at the end of the first quarter compared with a year earlier, to $1,260bn. However, that was due to lower capital spending rather than increased profit growth, indicating corporate balance sheets remain weak."  FT
07-15-2003 |
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Fear of floating "By tying their currencies to the dollar, Asian governments are creating global economic strains.."  The Economist
07-15-2003 |
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Investors buying beach houses may be in for a burn "But with average prices for vacation homes rising more than 29% a year in the most expensive areas, some economists have put beach houses on a "watch list" as a speculative and possibly overvalued market. Last year, 37% of those who bought second homes did so for investment reasons, up from 20% in 1999, according to a study by the National Association of Realtors. "It's not sustainable.."  USA Today
07-15-2003 |
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NY State factory index off highs in July -Fed "Of the Empire State survey's components, new orders remained at a high level, at 16.9 in July compared with 17.0 in June. Shipments rose solidly to 21.2 from 16.1 in June, suggesting production may be ramped up in coming months.
Price pressures resumed in July, after dipping below zero in June. The prices paid index rose to 6.5 from -2.0. In a gloomy sign, employment measures weakened and pointed to further contraction in manufacturing jobs in July, with the number of employees index falling to -8.6 from zero." 
 Reuters
07-15-2003 |
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Loral files Chapter 11, to sell six satellites "..satellite maker and operator of a space-based communications network, said on Tuesday it filed for bankruptcy amid a mountain of debt that has burdened it during the prolonged aerospace and telecommunications slump. .. It currently has about $2.1 billion in long-term debt, including $959 million of bank debt, resulting mainly from its investments in satellite telephone service provider Globalstar, which is currently in bankruptcy protection, it said."  Reuters
07-15-2003 |
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Merrill Profit Rises 61 Percent "..as bond trading strength helped boost results."  Reuters
07-15-2003 |
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Weak Advertising Hits Dow Jones ".. reported second-quarter earnings fell 43 percent as a decline in advertising at its flagship Wall Street Journal newspaper dragged revenues lower."  Reuters
07-15-2003 |
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NY Times Profit Drops on Lower Ads "..second-quarter net profit fell as its newspapers were hit by advertising weakness during the Iraq war, but predicted a stronger ad sales later in 2003."  Reuters
07-15-2003 |
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Fannie Mae Income Falls 25 Percent "..the biggest buyer of U.S. mortgages, on Tuesday said its quarterly earnings fell nearly 25 percent, missing analyst estimate, as derivatives it uses to protect itself against swings in interest rates lost value."  Reuters
07-15-2003 |
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J&J Quarterly Earnings Fall on Charges "..it earned $1.2 billion, or 40 cents per share, compared with $1.65 billion, or 54 cents per share, a year ago. Excluding special charges and items, profit was $2.1 billion or 70 cents per share."  Reuters
07-15-2003 |
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+0.5%  Retail Sales
07-15-2003 |
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+0.7%  Retail Sales (- auto)
07-15-2003 |
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22.56  NY Empire State Index
07-15-2003 |
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US May machine tool demand off 36.4 pct from yr ago "U.S. machine tool demand fell in May from the year-ago month, and also fell slightly from April, two industry trade groups said in a joint report on Sunday that underlined the sluggishness of the economy. The American Machine Tool Distributors' Association (AMTDA) and the Association for Manufacturing Technology (AMT) said U.S. May machine tool demand stood at $140.78 million, down 36.4 percent from $221.25 million in May 2002."  Reuters
07-14-2003 |
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Report: Iran Makes Giant New Oil Find "Iran has made a major new oil find containing estimated reserves of more than 38 billion barrels, making it one of the world's biggest undeveloped fields, a senior oil official was quoted as saying Monday."  Reuters
07-14-2003 |
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Mortgages to Hit $3.4 Trillion in 2003 " U.S. mortgage lenders are expected to issue a record $3.4 trillion in new loans this year, a 36.5 percent increase over the prior record set last year, an industry group said on Monday."  Reuters
07-14-2003 |
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France's Chirac Calls for Easing of EU Budget Limits " French President Jacques Chirac called for the temporary easing of European budget rules, risking a clash with other European governments and the region's central bank over how to spur an economy near to recession. .. ECB President Wim Duisenberg, who leaves office in October or November, is stepping up the pressure on governments to cut their deficits and pass ``structural reforms'' to spur business investment."  Bloomberg
07-14-2003 |
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Teenagers Facing Hard Competition for Summer Jobs "Teenagers are facing the worst summer job market in years, with the percentage of those holding summer jobs at its lowest in 55 years and the unemployment rate at its highest in a decade."  NY Times
07-14-2003 |
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India Refuses U.S. Request to Send Troops to Iraq "He said India was, however, ready to contribute to the rebuilding of infrastructure, health care, educational, communications and other civilians needs of the Iraqis. Political parties, including some in the ruling coalition, had said any Indian troops sent to Iraq would become part of an "occupation force" if they were not covered by a U.N. mandate."  Reuters
07-14-2003 |
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Africa's mammoth oil project comes of age One of Africa's most ambitious - but typically controversial - oil projects will come to fruition this month, when Chad begins pumping oil for export via Cameroon.  BBC
07-14-2003 |
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Executives sell into stock-market rally "Corporate insiders sure like this stock market's rally, but not for the buying opportunities. They are selling, big time. .. In the first half of June, insiders disposed of $1.3 billion in stock, on top of the $3.3 billion they sold last month, according to Thomson Financial. Contrast that with the $161 million of stock they bought during the same time."  Kansas City Star
07-14-2003 |
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Bubble or not, neglect tech stocks at your peril "Times like these make me sigh, hold my head in my hands, and groan, 'How is it possible that, in less than three months, investors seem to have forgotten all of the painful lessons of the previous three years?'"  Houston Chronicle
07-14-2003 |
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House prices only make us think we are richer "But are these not boom times, however, for property owners? Not necessarily. It is one of the fallacies of our time that property is a great long term investment. That is what the drug of inflation does to perceptions. It creates the phenomenon of "money illusion" - we think we are better off than we are."  The Scotsman
07-14-2003 |
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Dollar Falls Before Greenspan's Testimony "Comments by International Monetary Fund chief economist Kenneth Rogoff that the dollar's fall was needed to correct the U.S. current account deficit also weighed on the market, helping the euro and Swiss franc wipe out early losses, analysts said."  Reuters
07-14-2003 |
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- Executives Sell Shares Big Time -

Sell $1.3B 1st Half June, $3.3B in May 
 
07-14-2003 |
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Cigna spells out health care woes after warning "..officials on Monday earnings in its main health care business would miss expectations by $175 million in 2003, blaming steeper-than-expected medical inflation and a slag in membership. " - CIGNA debt cut to BBB by S&P; outlook negative   Reuters
07-14-2003 |
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Spitzer to go after Morgan Stanley Monday "New York State Attorney General Eliot Spitzer plans to bring forward on Monday a "significant enforcement action" against Wall Street investment bank Morgan Stanley .. U.S. securities regulators have told the firm it may be charged with unlawful profit sharing by raking in outsize commissions from customers who got hot initial public offering shares during the stock-market bubble."  Reuters
07-14-2003 |
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Japan's Okuda says interest rate rise acceptable "The head of Japan's biggest business lobby said on Monday that a recent rise in long-term interest rates was within an acceptable range.
"Stock prices gained and bond prices fell, leading to the recent rise in interest rates. But it is within an acceptable range and I feel comfortable," Hiroshi Okuda, chairman of the Japan Business Federation" 
 Reuters
07-14-2003 |
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India Gold-Imports rise, but to ebb till festivals "Indian gold imports in the current slack season have temporarily increased as jewellers and small investors in the world's largest consuming market take advantage of a drop in global prices to stock up, traders said .. India imports an average of 1.6 tonnes of gold a day to meet about 70 percent of its annual consumption of more than 800 tonnes, which is one-fifth of global demand .. Gold inflow into Bombay, the country's financial hub, has surged to 200-250 kg per day from about 100 kg a week ago, while in the western city of Ahmedabad, it has almost doubled to 80 kg a day, traders said."  Reuters
07-14-2003 |
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China c. bank raises possibility of yuan reform "China aims to "perfect" the exchange rate mechanism of its yuan currency, Zhou Xiaochuan, head of the central People's Bank of China said in a report issued on Monday."  Reuters
07-14-2003 |
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Iraq Oil at Pre-War Levels in Year-Army "The U.S. Army Corps of Engineers (USACE), which is helping Iraq restore its battered oil industry, said on Monday it would take a year to revive pre-war output of around three million barrels per day."  Reuters
07-14-2003 |
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Bank of America Profit Rises 23 Percent ".. helped by greater credit card sales and a quadrupling of mortgage banking income .. Bank of America said it achieved strong gains in its mortgage, debit and credit card, deposit and loan businesses, as interest rates tumbled to 45-year lows. "The consumer bank continues to significantly drive earnings," said Chairman Kenneth Lewis"  Reuters
07-14-2003 |
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Continental Defers Boeing Deliveries "Continental, which has worked along with its peers in the struggling U.S. airline industry to slash costs, said it saw the deferred deliveries contributing to a shrinkage of its total fleet.

"We are not going to invest in aircraft that we cannot profitably fly in the current marketplace," Continental's Chairman and Chief Executive, Gordon Bethune, said in a written statement." 
 Reuters
07-14-2003 |
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Citigroup 2nd-Qtr Net Rises 5% on Consumer Lending "Citigroup's provision for loan losses rose to $11.45 billion from $10.52 billion a year ago. Loss rates in consumer lending increased 0.12 percent to 3.26 percent, reflecting seasonal losses as well as increases in Germany and Japan."  Bloomberg
07-14-2003 |
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Iraq Can't Commit to Long-Term Oil Deals "The official, who asked to remain anonymous, said northern oil pipelines were still gripped by what he called political sabotage attacks so any exports from fields would have to come from the south, which he added were hit by economic sabotage.

"We are still not sure if the south can provide sustained supplies because there are problems there too. But if exports start they will come from the south," he said.

Iraq's vital export pipeline to Turkey in the north was hit by another sabotage blast a week ago while it was still undergoing repairs from previous attacks, raising further questions about Iraq's export troubles." 
 Reuters
07-13-2003 |
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Lackluster Rebound as Greenspan Testifies "The scenario that Alan Greenspan hoped for has not yet panned out: three months after the fall of Baghdad, the U.S. economy is muddling along but has not snapped back sharply from its war-related doldrums."  Reuters
07-13-2003 |
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Nationalism, Patriotism, and Sovereignty "Today the concept of patriotism has been perverted so that it means nothing more than supporting the federal government in whatever it chooses to do, right or wrong. "My country, right or wrong" seems to be the prevailing "patriotic" attitude today. People say "How can you be patriotic if you don't support everything the government does?""  The Sierra Times
07-12-2003 |
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Can Economy Support the Bulls? "One piece of the prosperity puzzle, however, threatens the rosy outlook that's buoying the market. This has been a jobless recovery so far -- and that could keep many investors sidelined and fearful of their economic futures. Because many people are worried they could be the next to lose their jobs, consumer spending has not been as aggressive as the experts would like. Since businesses don't see aggressive buying by consumers, they don't spend to expand production and don't see a need to hire more workers."  Reuters
07-12-2003 |
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Bush Appointees Get Bonuses "Working at the Commodity Futures Trading Commission may not sound that glamorous — unless, of course, you were one of the six people who received an average bonus of $11,783 under a controversial Bush administration policy. The Washington Post reports 470 political appointees received $1.44 million in bonuses last year"  CBS
07-11-2003 |
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Cigna Lowers Earnings Outlook "Cigna Corp. said on Friday it cut its earnings estimates for the second quarter and year, citing steeper-than-expected medical costs and lower medical membership. The health plan said it is lowering its second quarter outlook for income from continuing operations to between $140 million and $160 million, or $1.00 per share and $1.15 per share. For 2003, Cigna now predicts earnings of $700 million to $750 million or $5.00 per share to $5.25 per share."  Reuters
07-11-2003 |
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WTO Finds Steel Tariffs Break Trade Rules " Emergency steel tariffs imposed by the United States on steel imports in March last year are in violation of global trading rules, the World Trade Organization (WTO) said on Friday."  Reuters
07-11-2003 |
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- GE Reports Lower Second-Quarter Earnings -

GE Second-Quarter Profit Down 14 Percent;

Cuts top end of 2003 profit forecast 
 
07-11-2003 |
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Investigation Opens Into Coca-Cola "..initiated an investigation into allegations by a former Coke employee who has accused the company of deceptive marketing and accounting practices."  Reuters
07-11-2003 |
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Strikes weaken French economy French industrial production has dropped sharply following nationwide strikes over pensions reform last month. "France's official statistics agency said industrial output fell 1.4% in May, far outstripping analysts' forecast of a 0.1% decline."  BBC
07-11-2003 |
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Future Iraqi oil income may be pledged for loans "Bush administration is considering a provocative proposal to pledge a portion of Iraq's future oil and gas revenue to secure long-term reconstruction loans before a new Iraqi government is in place to sign off on the idea."  Houston Chronicle
07-11-2003 |
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ECB's Issing rejects Schroeder's comments on euro "The European Central Bank's chief economist Otmar Issing rejected a call by German Chancellor Gerhard Schroeder for the ECB to be more concerned about the strength of the euro."  Yahoo
07-11-2003 |
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Survey: Fewer Californians can afford homes "About 27 percent of California households could afford a median-priced home in May, down 1 percent from a year ago, according to a report released today by the California Association of Realtors. A household would have to earn $84,980 a year to afford a median-priced home in California, which costs $369,290, according to the May Housing Affordability Index. The figure is based on a typical 30-year fixed-rate mortgage at 5.62 percent and assuming a 20 percent down payment."  San Diego
07-11-2003 |
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Prophet of doom warns of blowout "The chief economist of the world's biggest investment bank, Morgan Stanley, was the great bull of the 1990s. He picked the top of the market in March 2000 and since then has been correctly forecasting a difficult and dangerous time ahead."  News Interactive
07-11-2003 |
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Feds Charge Lancer with Fraud, Seize Assets "The Lancer Group, headed by a onetime Wall Street analyst named Michael Lauer, was the subject of a series of stories in The Post that questioned the group's accounting practices and its involvement with known white-collar criminals. Lancer and Lauer are suing The Post for libel."  NY Post
07-11-2003 |
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HK warns on property defaults The Hong Kong Monetary Authority, the city's central bank, has urged lenders to take steps to avoid mortgage defaults as prices in the battered property sector continue to slump.  CNN
07-11-2003 |
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No cash? No problem "The study suggests low interest rates are prompting Canadians to rack up more debt than ever on credit cards and reverse mortgages. The study concludes that Canadians – including New Brunswickers – are spending much more than their earning."  CBC New Brunswick
07-11-2003 |
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Bush Knew Iraq Info Was Dubious "..the President’s mistaken claim that Iraq tried to buy uranium from Africa was included in his State of the Union address -- despite objections from the CIA."  CBS
07-11-2003 |
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Euro Falls as FT Says Schroeder Wants ECB to Weaken Currency "..suggested the European Central Bank should weaken its currency to help the region's exports."  Bloomberg
07-11-2003 |
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GE cuts top end of 2003 profit forecast "cut the top end of its 2003 earnings forecast, saying it won't produce double-digit earnings growth for the second consecutive year under GE Chairman Jeff Immelt. GE said it expects to earn $1.55 to $1.61 a share in 2003, or 3 percent to 7 percent above earnings of $1.51 a share in 2002. GE's previous earnings forecast was $1.55 to $1.70 per share, or growth between 3 percent and 13 percent."  Reuters
07-11-2003 |
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Enron Creditors to Get Cents on Dollar "..would receive just 14.4 cents to 18.3 cents on the dollar for their investments in the now-bankrupt energy conglomerate"  Reuters
07-11-2003 |
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Energy Pushes Producer Prices Up "A sharp rise in energy costs pushed U.S. wholesale prices up at a steeper-than-expected rate last month but a closely watched gauge of core inflation eased slightly"  Reuters
07-11-2003 |
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The U.S. Trade Gap Widens Slightly "remained near record levels in May at $41.84 billion, as U.S. exports struggled to show growth and record demand for foreign oil helped push imports slightly higher"  Reuters
07-11-2003 |
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GE Reports Lower Second-Quarter Earnings "..a 14 percent decline in second-quarter profit as gas turbine shipments fell and its plastics business continued to suffer from high costs for raw materials .. earnings fell to $3.8 billion, or 38 cents a share, from $4.4 billion, or 44 cents a share, a year earlier"  Reuters
07-11-2003 |
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+0.5%  PPI
07-11-2003 |
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-0.1%  Core PPI
07-11-2003 |
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-$41.8B  Trade Balance
07-11-2003 |
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Juniper Sees a Flat Third Quarter "But the optimism from the strong second-quarter performance faded when Juniper offered guidance for the rest of 2003. CEO Scott Kriens told analysts on a postclose conference call that third-quarter numbers would be flat with second-quarter levels, due primarily to weak sales in Europe."  TheStreet
07-10-2003 |
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Rumsfeld reveals $6bn (AU $) a month price of war "The Pentagon has nearly doubled the estimated military cost of the war on Iraq to $US3.9billion ($5.9billion) a month as the former United States military commander for the country warned troop levels would not be reduced "for the foreseeable future"."  SMH
07-10-2003 |
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Three banks extend analyst banking ban outside US " At least three of the 10 Wall Street banks that were part of April's $1.4 billion settlement over alleged biased stock research have blocked analysts worldwide from trying to win investment banking business."  Reuters
07-10-2003 |
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Oracle to double its staff in India "Oracle's announcement on Thursday comes as technology workers in the US step up opposition to what they describe as "a mass exodus of white collar jobs", and as political criticism gains strength."  FT
07-10-2003 |
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30-, 15-Year Mortgage Rates Inch Up "Thirty-year mortgage rates averaged 5.52 percent in the week, compared with 5.40 percent the previous week, while 15-year mortgages stood at an average of 4.85 percent, up from 4.75 percent last week."  Reuters
07-10-2003 |
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Greenspan Ditches 'Green' for Natural Gas "..growing U.S. demand for natural gas to fuel factories and electricity plants may outweigh environmentalists' desire to preserve wilderness areas that contain energy reserves."  Reuters
07-10-2003 |
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The Bear's Lair: So where's the growth? "-- Bullish analysts have been calling since last fall for an economic recovery and vigorous economic growth in the second half of 2003. We're now in the second half. So where's the growth?"  UPI
07-10-2003 |
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Two GIs killed in Iraq "The human cost of the U.S. war in Iraq rose again overnight, when two U.S. soldiers were killed in separate attacks as their convoys came under fire, military officials said. Meanwhile, the Pentagon said more than 1,000 U.S. troops have been injured since the war started, and Defense Secretary Donald Rumsfeld told a Senate panel the occupation could cost $4 billion a month through September."  CNN
07-10-2003 |
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Japan's May Current Account Surplus Rises to Record "Japan's current account surplus widened a greater-than-expected 29 percent to a record in May as exports rose and Japanese shunned overseas travel to avoid exposure to severe acute respiratory syndrome. The surplus widened to 1.56 trillion yen ($13.2 billion) from 1.21 trillion yen in April, seasonally adjusted, the Ministry of Finance said in Tokyo. Economists had expected the surplus to widen to 1.47 trillion yen"  Bloomberg
07-10-2003 |
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Bank of Korea Cuts 2003 Economic Growth Forecast to 3.1% "..cut its official economic growth forecast for this year to 3.1% from 4.1% projected in April, reflecting a severe slowdown in domestic consumption and capital investment."  DJ
07-10-2003 |
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Australia Unexpectedly Sheds 27,900 Jobs in June "Australia's economy unexpectedly lost jobs for a fourth month in five in June as exporters fired workers because a global economic slowdown and a rising local currency are cutting their earnings."  Bloomberg
07-10-2003 |
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China's Exports, Production Surge More Than Expected "Exports rose 33 percent from a year earlier to $34.5 billion, while production increased 17 percent to $363 billion, according to government reports released in Beijing.  Bloomberg
07-10-2003 |
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Tech stocks' run renews 'bubble' fears "Valuations -- the relation of share price to corporate profit growth -- are still well above historical norms. But they are high because earnings are low. What is expected to happen is that a turnaround in the economy will generate enough profits to make those tech sector price-to-earnings ratios look less intimidating."  Atlanta Journal
07-10-2003 |
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State Budget Gaps May Sink Some Stocks "State budget deficits may be more harmful than many people thought. While analysts disagree about the extent to which state budget gaps will undermine the federal stimulus plan this year, many acknowledge that the crisis could have serious repercussions for a number of companies."  TheStreet
07-10-2003 |
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Russia Experiencing Dollar Deficit "Although politicians say that the dollar's time hasn't come yet, the US currency has started strengthening with respect to the ruble. This strengthening is even stronger than market makers have expected it to be. On July 8, the dollar rate considerably increased in SELT. Experts are sure that the increase is not connected with the resolution issued by President Putin on reduction of obligatory sale of currency proceeds by oil exporters from 50% to 30%. This reduction of the obligatory currency proceeds sales is necessary for the government as it will give the budget an opportunity of a maneuver while making foreign debt payments."  Pravda
07-10-2003 |
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Outsourcing lifts Infosys profits "India's second largest software exporter, Infosys Technologies, has reported a 28% rise in profits during spring, largely because global players contract out ever more work to India."  BBC
07-10-2003 |
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Wall Street not Happy at Losing Fisher the Fixer "People who really live the stock market considered Fisher their life preserver. He's the guy who - rumor has it - would jump in and take action if the market started to sink."  NY Post
07-10-2003 |
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Giant sucking sound is loss of high-tech jobs from U.S. "..estimates that a cumulative 472,000 information technology jobs will move to India alone by 2015. Call-center jobs, a staple of the regional economy here, are already on their way. A total of 3.3 million service sector jobs are expected to be part of the exodus."  Arizona Republic
07-10-2003 |
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ECB Holds Rates Steady "..held interest rates steady at 2% on Thursday, despite signs that the euro-zone economy remains mired in a slump. The lack of change was expected by analysts and investors."  Smart Money
07-10-2003 |
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UK interest rates cut to 3.5% "Business leaders have praised the Bank of England for cutting UK interest rates by a quarter of a percentage point to 3.5%, the lowest level since January 1955."  BBC
07-10-2003 |
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Iraq weapons 'unlikely to be found' Senior UK Whitehall sources no longer believe weapons of mass destruction will be found in Iraq, the BBC has learned  BBC
07-10-2003 |
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Bond market fall threatens global recovery "The steep fall in global bond markets in recent weeks is threatening to slow global economic recovery through higher mortgage and corporate lending rates"  FT
07-10-2003 |
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Americans work more than ever "NOT TO BE found in most American households, that’s for sure. Quite the opposite of that imagined future has come to be. Today, Americans work more hours than they did 20 years ago. Vacations have dwindled, and “overtime” isn’t overtime anymore. It’s the norm."  MSNBC
07-10-2003 |
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Retailers Muddle Through a Soggy June "..June sales largely in line with muted expectations on Thursday as a mid-month burst of warmer weather spurred demand for summer goods."  Reuters
07-10-2003 |
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Abbott Earnings Stumble on Big Charge "quarterly profit plunged 58 percent, as a charge to settle a probe into the marketing of nutritional products offset strong sales of arthritis and HIV drugs .. second-quarter net earnings of $247 million, or 16 cents per share, compared with $592 million, or 38 cents per share, a year ago."  Reuters
07-10-2003 |
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Jobless Claims Up Unexpectedly Last Week "The number of U.S. unemployed workers receiving benefits hit its highest point in over 20 years last month, and new claims for jobless aid unexpectedly rose again last week"  Reuters
07-10-2003 |
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Import Prices Rise 0.8 Percent in June "..rose a bit more than expected last month as both the cost of petroleum and non-petroleum imports gained, the government said on Thursday. Import prices increased 0.8 percent in June after downwardly revised 0.8 percent drop in May, the Labor Department said. Economists polled by Reuters had expected import prices to rise a milder 0.5 percent."  Reuters
07-10-2003 |
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+0.8%  Import Prices (June)
07-10-2003 |
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439K  Initial Claims
07-10-2003 |
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+0.5%  Import Prices (-oil)
07-10-2003 |
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-0.1%  Export Prices (-agr)
07-10-2003 |
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More Folks Wrestle with Credit Card Bills " More Americans struggled with their credit card bills in May than a year earlier, as rising job losses took a toll on cardholders' ability to meet monthly payments"  Reuters
07-09-2003 |
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Yahoo Posts Higher Net, Raises Guidance "
Even though Yahoo met Wall Street expectations for the second quarter and raised its financial forecast for the year, its shares fell 4 percent in after-hours trade. "I think people might have expected a little bit more," said Safa Rashtchy, analyst at US Bancorp Piper Jaffray."
 
 Reuters
07-09-2003 |
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- U.S. Treasury Undersecretary Peter Fisher Quits -

Man Who Phased Out 30-Year Bond Out;

Man Who "Fixed" Markets via NY Fed; Some Will Miss the Fixer 
 
07-09-2003 |
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Man Who Phased Out 30-Year Bond Quitting "U.S. Treasury Undersecretary Peter Fisher is quitting and the Bush administration is tapping an academic to take over the No. 2 deputy secretary's job, the government announced on Wednesday in a series of top-level changes at Treasury."  Reuters
07-09-2003 |
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Real Oversight Needed for Fannie, Freddie "U.S. Treasury Secretary John Snow on Wednesday told Congress effective government oversight of mortgage finance companies Fannie Mae and Freddie Mac should include adequate ability to sanction them if necessary."  Reuters
07-09-2003 |
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Cisco to Dutch Daily: You Misunderstood " comments attributed to Chief Executive John Chambers about an imminent recovery in the technology sector were misinterpreted by a Dutch newspaper."  Reuters
07-09-2003 |
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Bush Inc. The secretive Carlyle Group gives capitalism a bad name. But dismantling the whole system (see article) may be slightly over the top  Economist
07-09-2003 |
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Wholesale inventories fall 0.3% " U.S. wholesalers trimmed their inventories 0.3 percent in May as sales slowed 0.5 percent, the Commerce Department reported Wednesday."  CBS
07-09-2003 |
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-0.3%  Wholesale Inventories
07-09-2003 |
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Intel: out of options? - Microsoft's decision could put pressure on the chip maker.  CNN
07-09-2003 |
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Man Held as 'Combatant' Petitions for Release "Specialists in military law said that the legal challenge, coming just days after the Bush administration announced it was considering the use of military tribunals against six terrorism suspects, could present an important test of the executive branch's power to imprison suspects outside the reach of the civilian court system."  NY Times
07-09-2003 |
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Number of Americans killed in Iraq approaching death count from 1991 Gulf War "The Pentagon on Tuesday raised its count of Americans killed by hostile fire in Iraq since the war began in March to 143, a figure that approaches the 147 killed in the 1991 Gulf War.

When President Bush declared major combat operations had ended on May 1, the number killed in action stood at 114. Since then, guerrilla-style attacks have taken another 29 American lives, and Bush as well as U.S. military commanders have said the war is not yet over."
 
 SFGate
07-09-2003 |
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Big Brother Gets a Brain "The military is scheduled to issue contracts for Combat Zones That See, or CTS, as early as September. The first demonstration should take place before next summer, according to a spokesperson. Approach a checkpoint at Fort Belvoir, Virginia, during the test and CTS will spot you. Turn the wheel on this sprawling, 8,656-acre army encampment, and CTS will record your action. Your face and license plate will likely be matched to those on terrorist watch lists. Make a move considered suspicious, and CTS will instantly report you to the authorities."  Village Voice
07-09-2003 |
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Crash caused Lynch's 'horrific injuries' "The Army will release a report tomorrow on the ambush of the 507th Maintenance Company in Iraq that will show Pfc. Jessica Lynch and another female soldier suffered extensive injuries in a vehicle accident, but not from Iraqi fighters."  WashTimes
07-09-2003 |
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Tenet Healthcare Says It Received Subpoena From SEC "..the second- biggest U.S. hospital chain, said the U.S. Securities and Exchange Commission is investigating its Medicare billing and financial disclosures back to 1997."  Bloomberg
07-09-2003 |
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Rising imports widen UK trade gap - The UK's trade deficit unexpectedly worsened in May as the economy sucked in more imports, official figures have shown. "..rose to £4.1bn ($6.7bn) in May, compared with an upwardly-revised £3.37bn deficit in April. The deficit was worse than expected, and came after global goods exports dropped 1.4% to £15.2bn while imports rose 3% to £19.3bn."  BBC
07-09-2003 |
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Chinese firms cash in on online boom - An unexpected and partly unexplained boom in share prices has left once-gloomy Chinese internet firms awash with cash.  BBC
07-09-2003 |
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Pension Proposal Questioned - Bush Would Change Formula for Funding "..to change how corporations calculate their pension liabilities, saying it could force some of the nation's largest companies to trim retirement benefits or drop traditional pension plans altogether."  Washington Post
07-09-2003 |
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Alcoa profit slips on higher energy costs "..as it controlled costs to offset weaker demand in the key aerospace and gas turbine sectors and higher energy costs. Alcoa, which set a massive restructuring earlier this year in the face of sluggish demand and rising energy costs, posted second-quarter net income of $216 million, or 26 cents a share. A year-ago it earned $232 million, or 27 cents a share."  Reuters
07-09-2003 |
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White House 'warned over Iraq claim' - The CIA warned the US Government that claims about Iraq's nuclear ambitions were not true months before President Bush used them to make his case for war, the BBC has learned.  BBC
07-09-2003 |
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Ford May Cut European Production as Sales Decline "..the world's second- biggest carmaker, said it may cut production at three factories in Europe after first-half sales of Ford-brand cars in the region fell 1.2 percent."  Bloomberg
07-09-2003 |
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Mortgage Refinancings Ebb in July 4 Week "..the refinancing index, fell 21.3 percent to 6,768.3, while its gauge of demand for loans to buy a home, the purchase index, fell 5.5 percent to 414.1."  Reuters
07-09-2003 |
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Jobless insurance fund faces '04 deficit (California) "..stood at $3.56 billion at the end of last year but are expected to total just $430 million by the end of this year. State projections estimate a deficit of $1.17 billion by June 2004 unless the reserves are replenished."  Union-Tribune
07-09-2003 |
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Canada housing starts rise steeply in June "Canadian housing starts rose to a seasonally adjusted annual rate of 210,400 units from a slightly revised 198,000 units in May"  Reuters
07-09-2003 |
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Cisco CEO Sees IT Recovery Soon "In the next two to four months, companies' spending on IT products will recover. In two to six quarters, that will translate into a recovery in investments by Internet and telecom providers"  Reuters
07-09-2003 |
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- Bundesbank: No Gold Sales for Tax Cuts -

Maastricht Treaty Forbids Funding of Gov. Deficits 
 
07-08-2003 |
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Buba's Stark- can't use gold to pay for tax cuts "Bundesbank Vice President Juergen Stark said on Tuesday that selling Bundesbank gold was not an option for the German government seeking to finance tax cuts.
"The use of gold reserves would lead to a monetary financing situation which is forbidden by the Maastricht Treaty," Stark told Reuters on the sidelines of a speech to a chemical industry association. The Treaty forbids central banks to underwrite government deficits."
 
 Reuters
07-08-2003 |
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PG&E's Energy Group Files for Bankruptcy "..the long-struggling power generation and energy trading unit of PG&E Corp., filed for bankruptcy protection on Tuesday, becoming the latest casualty in the once high-flying unregulated power and gas marketing business."  Reuters
07-08-2003 |
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Microsoft to End Stock Options, Start Grants ".. will end its long-held practice of awarding stock options to its employees and instead start issuing "Stock Awards" or grants, that can be expensed in accordance with accounting rules."  Reuters
07-08-2003 |
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Consume Debt Rose $7.3 Billion in May "The Federal Reserve said consumer credit outstanding increased by a larger-than-expected $7.3 billion in May. April's data were revised downward somewhat, to a gain of only $7.9 billion from the previously reported $10.7 billion advance.

"In May, both revolving and nonrevolving credit posted moderate gains," the Fed said."
 
 Reuters
07-08-2003 |
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$7.3B  Consumer Credit
07-08-2003 |
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Central Gold-Trust Closes Initial Public Offering of North America's First Gold Bullion Trust Units. "pleased to announce the closing of its initial public offering. Two million Units were sold at C$20.00 per Unit, for aggregate gross proceeds of C$40,000,000. Central Gold-Trust is a self-governing limited purpose trust established under the laws of Ontario on April 28, 2003. It was created to invest substantially all of its assets in unencumbered physical gold bullion, in 400-ounce international bars, with the primary investment objective of achieving long-term appreciation in the value of its refined gold bullion holdings."  Lycos
07-08-2003 |
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- SEC Looking at Freddie Reserves -

Did Freddie Mac Use Its Reserve Account to Control Profits? 
 
07-08-2003 |
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Double bubble of Fed's own making "This is not the first time Mr Greenspan's credibility has come into question. To his critics he is the "double bubble" man. First, Mr Greenspan egged on the stock market to bubble proportions with incessant happy talk about the alleged limitless capabilities of US productivity.

That story did not have a happy ending, as we all know."
 
 FT
07-08-2003 |
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The Hidden Dangers of Debt - Companies using today's low rates to juggle their loan payments may just be buying time.  Fortune
07-08-2003 |
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SEC Looking at Freddie Reserves - Report "..has widened to include its reserve accounts, The Wall Street Journal said on Tuesday. .. now looking at whether Freddie Mac used its reserve accounts, which are kept to cover potential losses, to control profits and smooth out earnings"  Reuters
07-08-2003 |
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MCI warns on targets until 2005 - Bankrupt telecom firm says profits will fall short for 3 years  MSBC
07-08-2003 |
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Manufacturing gloom adds to pressure for rate cut "Output from Britain's industrial sector slipped into the red in May, official figures showed yesterday, dashing hopes of a "Baghdad bounce" for manufacturers."  Guardian
07-08-2003 |
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Do valuations matter? The market is expensive. So what? "..price-to-earnings ratio on the S&P 500 has jumped to 20.3 from 17.6. Other than in the gaga years of the late 1990s, it has rarely been so high.

And that's just when you look at the profit figures supplied by First Call, which exclude many of the often-specious "one-time items" that companies take out of earnings. Look at the earnings under generally accepted accounting principals (GAAP) that companies provide in the documents they file with the Securities and Exchange Commission, and the S&P's P/E swells to 33.1. That's more than twice the 67-year average of 15.47. There are only a handful of periods when its been so high -- all of them, alas, coming since 1999."
 
 CNN
07-08-2003 |
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Bemis Cuts Forecast on Packaging Sales "..now expects earnings of 68 cents to 73 cents a share, down from its previous view of 83 cents to 86 cents.

"Unit sales volumes...were lower than expected, as customer order patterns appeared to adjust to increased pricing and sustained economic weakness," Chief Executive Jeff Curler said in a release."
 
 Reuters
07-08-2003 |
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Weather Chills Pepsi Bottling's Profits "..company said earnings fell to $131 million, or 47 cents a share, from $139 million, or 47 cents a share, a year earlier."  Reuters
07-08-2003 |
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Putin warns of 'catastrophe' from unilateralism "..it will lead to "chaos and catastrophe", Russian President Vladimir Putin said in remarks published here.

Putin was responding to a question on the US-led invasion of Iraq in an exclusive interview"
 
 
07-08-2003 |
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WorldCom to pay record fine A US court has approved a plan to make WorldCom pay a record $750m (£450m) to investors who lost money as a result of its accounting fraud. "..will be paid to shareholders and bondholders who lost money as a result of the company's irregular accounting.

WorldCom has already agreed with the SEC not to violate securities laws in the future."
 
 BBC
07-08-2003 |
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German job market 'on the mend' "German unemployment has fallen for the fourth month in a row, fuelling government hopes that the country could be over the worst of its economic woes. The fall was slight, down to 4.26 million - or 10.2% of the workforce - from 4.34 million in May, but well below the peak of more than 4.7 million at the beginning of this year."  BBC
07-08-2003 |
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GM Extends Its Incentives Program .."extended cash rebates and interest-free loan offers on most of its vehicles through July 31 as it pushes for sales in a weak market."  Reuters
07-08-2003 |
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Chain Store Sales Rise as Summer Arrives "Sales rose 0.7 percent in the week ended July 5"  Reuters
07-08-2003 |
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Deficit bonds gaining favor A $10.7 billion loan could avert big cuts, backers say. Critics call it an evasion.  Sacramento Bee
07-07-2003 |
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MSNBC Fires Savage on Anti-Gay Remarks  Miami Herald
07-07-2003 |
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High-grade US bond defaults fall, caution urged "What we've seen over the last year and half is a retrenchment and a shrinking of balance sheets, and that can help you for only so long .. Historically, an investment-grade rating meant that default risks were close to zero. Since 1970 .. around 0.07 percent .. Last year, the rate was 0.50 percent, the highest level since the 1940s"  Reuters
07-07-2003 |
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Sinking US dollar 'could drag world under' "The Bank of International Settlements fears a deflationary crisis because the global economy is too tied to America."  Observer
07-07-2003 |
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- Bond Sell-Off -

10 Year Hits 3.735%; 8 Week Highs 
 
07-07-2003 |
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Europe warns on growth targets The European Commission has predicted an even gloomier outlook for the eurozone than its previously cut growth forecasts. "growth in the 12-nation zone could now be as low as 0.7%, depending on how the second half of the year develops."  BBC
07-07-2003 |
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Germany divided over tax cut plans - A rift is widening between the German Government and its critics on the vexed issue of tax and budget policy. "government growth forecasts were "much too optimistic", and that Germany's budget was "catastrophic in the medium term"."  BBC
07-07-2003 |
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Rate cut urged as optimism slides "Business leaders [UK] pile pressure on the Bank to act before slower demand takes its toll on firms"  Independent
07-07-2003 |
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Shootings of three US soldiers mark escalation of resistance "Three American soldiers were killed in separate attacks in Iraq in the last 24 hours amid signs that many Iraqis approve of the killing of the occupying soldiers."  Independent
07-07-2003 |
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U.S. current account deficit last big bubble - 'In two to three years it could come to a dollar crisis'  National Post
07-07-2003 |
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A Ruinous New Rally "DON'T you just love how folks keep insisting that the Federal Reserve's 13th straight rate cut in the last two years is finally going to turn the economy around and make everything terrific again?"  NY Post
07-07-2003 |
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ALL BUSINESS: Can -- or will -- consumers keep spending? "Shoppers, your economy needs you. Stop spending now and you could really spoil chances of a recovery."  Kansas City Star
07-07-2003 |
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Chinese Yuan Forwards Gain After European Officials' Criticism "Yuan forwards, which gauge traders' views of the currency, implied it would strengthen to 8.1278 against the dollar in a year if freely traded, from 8.1450 late Friday. The rate was fixed at 8.2770 in 1995."  Bloomberg
07-07-2003 |
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Treasury Yields Hit Eight-Week High "Treasury prices slipped on Monday, nudging benchmark yields to eight-week highs, as the recent exodus from bonds to equities continued apace."  Reuters
07-07-2003 |
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Australia's Fin Min: Domestic Econ Performing Strongly - "The domestic economy continues to be quite strong," Minchin told Australian Broadcasting Corp. radio.

But the U.S. economy "still is not showing healthy signs of full recovery. So the world outlook is still uncertain," 
 Dow Jones
07-07-2003 |
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Home equity withdrawal hits record high "People cashed in on the rising value of their homes to the tune of £13.5bn in the first quarter of this year as mortgage equity withdrawal hit a record."  FT
07-07-2003 |
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Bond buyers are getting a little nervous "European investors were eyeing their bond holdings nervously this week as the three-year bull run in government debt began to look increasingly fragile."  FT
07-07-2003 |
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Citigroup Leads Record $2.1 Trillion in Worldwide Bond Sales "..as the lowest interest rates since the 1950s prompted governments and companies to refinance more expensive debt."  Bloomberg
07-07-2003 |
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Euro Savaged to Seven-Week Lows vs Dollar "The euro tumbled to seven-week lows against the dollar and yen on Monday as rallying global equities and hopes for recovery shifted focus away from bonds, removing a key support for the single currency."  Reuters
07-07-2003 |
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New attacks kill two U.S. soldiers in Baghdad - Two American soldiers were killed in separate incidents in Baghdad overnight, U.S. military officials said Monday. Four others were wounded in an attack west of the Iraqi capital.   CNN
07-07-2003 |
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Ericsson Chairman Says Market Still Weak "..he saw no improvement in the weak market for mobile networks .. analysts expect another pre-tax loss as the company struggles to cut costs faster than sales fall .. expected the market for mobile networks to shrink more than 10 percent this year in dollar terms or 15 to 17 percent in euro terms"  Reuters
07-06-2003 |
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Further setback for Iraqi oil exports - Iraq is still struggling to restore exports from its giant northern Kirkuk oilfield as it awaits vital repairs to its crude pipeline to Turkey, says a report.  BBC
07-06-2003 |
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Website turns tables on government officials "Annoyed by the prospect of a massive new federal surveillance system, two researchers at the Massachusetts Institute of Technology are celebrating the Fourth of July with a new Internet service that will let citizens create dossiers on government officials."  Boston Globe
07-06-2003 |
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Air Canada close to C$1.86bn financing deal "Further step towards exiting bankruptcy protection"  FT
07-05-2003 |
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US and Europe set for clash over terrorist trials "The US faces another damaging diplomatic row with Europe over its decision to try six suspected al-Qaeda terrorists in secretive military tribunals.

The European Union's executive commission warned on Friday that applying the death penalty to any of the suspects detained at the US base at Guantanamo Bay in Cuba would risk undermining international support for the US-led war on terrorism."
 
 FT
07-05-2003 |
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Nigeria unions reject strike deal - Nigeria's general strike is set to continue into a second week following the rejection by labour unions of a compromise offer from the government.  BBC
07-05-2003 |
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Turkish fury at US Iraq 'arrests' "Turkey has protested to the United States, after accusing American troops of arresting 11 of its soldiers in northern Iraq."  BBC
07-05-2003 |
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EU Pressures Asia to Allow Currency Rise "European finance ministers pressured Asian governments on Saturday to allow the region's tightly managed currencies to rise against the dollar, a move that may limit any damage to Europe's economy from further euro strength."  Reuters
07-05-2003 |
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Finance: the Downscaling of America "Here are some of the events and trends that he sees working together to create a middle-class slide: the export of technical jobs and the continued unemployment of many American tech workers; the squeeze on state economies that will result in higher state taxes, fewer state services, and higher-priced state educations; the triple threat of high health-care costs, high debt burdens and continued weak stock prices and battered portfolios."  Reuters
07-05-2003 |
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Gloomy Jobless Data Trip Up Wall Street Bulls "Worse-than-expected U.S. jobless numbers are forcing Wall Street's bulls to temper their optimism for an extended stock rally."  Reuters
07-05-2003 |
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Study: Job Flexibility Damping Hiring "A greater reliance on overtime and temporary and part-time workers has allowed U.S. employers to delay hiring as the economy struggled back from both the 2001 and 1990-91 recessions"  Reuters
07-05-2003 |
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Euro Zone Unlikely to Grow in'03 -Solbes "The euro zone economy will find it difficult to expand even one percent this year, European Monetary Affairs Commissioner Pedro Solbes said on Saturday, effectively scrapping a forecast made three months ago."  Reuters
07-05-2003 |
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Global Eye -- Troubled Sleep "The secret policemen snatched the citizen from his house. There were no charges, no warrants, no warnings. They spirited him away to a secret location; no one knew where he had gone, why he'd disappeared. The covert agents grilled him, in secret, for three months. They told him that if he didn't cooperate, he'd be declared an enemy of the state -- then they could salt him away in a military prison or the regime's concentration camp and hold him there, without charges, for as long as they wanted." 
 The Moscow Times
07-05-2003 |
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European Economies: German Factory Orders Declined in May "..fell for the third time in four months in May as the euro's appreciation curbed export sales, a sign that Europe's largest economy may contract for a second consecutive quarter."  Bloomberg
07-04-2003 |
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Some Wall Street experts say talk of a bull market is BS "Many experts believe Wall Street's current run can be best described as a cyclical bull market within a secular bear market, which began in 2000. Historically, secular markets last about 10 to 15 years.."  Salt Lake Tribune
07-04-2003 |
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Gold For Dummies?  GoldSeek
07-04-2003 |
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30-, 15-Year Mortgage Rates Inch Up "Thirty-year mortgage rates averaged 5.40 percent in the week, up from 5.24 percent last week, while 15-year mortgages stood at an average of 4.75 percent compared with 4.63 percent the prior week."  Fox
07-04-2003 |
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Canada sells one quarter of gold reserves in June "Gold sales in June totaled 114,064 ounces, leaving government holdings at about 300,000 ounces on June 30 .. Canada has a policy of gradually selling off its gold reserves and replacing them with interest-bearing instruments .. Slightly more than half of Canada's foreign reserves are held in U.S. dollar-denominated assets so the Canadian dollar's appreciation of more than 15 percent so far this year has trimmed the relative value of government holdings.  Reuters
07-04-2003 |
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Canada sells one quarter of gold reserves in June "Gold sales in June totaled 114,064 ounces, leaving government holdings at about 300,000 ounces on June 30 .. Canada has a policy of gradually selling off its gold reserves and replacing them with interest-bearing instruments .. Slightly more than half of Canada's foreign reserves are held in U.S. dollar-denominated assets so the Canadian dollar's appreciation of more than 15 percent so far this year has trimmed the relative value of government holdings. 
 Reuters
07-04-2003 |
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Oil Falls as Nigeria Strike Winds Down "Brent crude futures in London eased 44 cents to $27.76 a barrel."  Reuters
07-04-2003 |
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Bond Yield Soars - 10 Year Closes at 3.65%  Yahoo
07-03-2003 |
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Calif. lawmaker sees signs budget standoff easing "In a sign California lawmakers could be edging toward breaking a deadlock on how to close a $38 billion budget shortfall, a key Republican said on Thursday a plan to finance deficit bonds without a tax increase was under discussion."  Reuters
07-03-2003 |
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Discovery ups odds that Earth has twin Distant planet's orbit provides hint  Houston Chronicle
07-03-2003 |
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Poland seeks Iraqi oil stake "Poland, which has sent troops to support the US-led forces in Iraq, has acknowledged its "ultimate objective" is to acquire supplies of Iraqi oil."  BBC
07-03-2003 |
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Japanese Bonds Fall; Auction Shows Demand Slid, U.S. Notes Drop "Japanese bonds headed for their biggest losing week in nine years after a debt sale yesterday drew the fewest bids since a failed auction in September and U.S. Treasuries declined."  Bloomberg
07-03-2003 |
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The real bond bubble - The big rise in Japanese rates could have major implications.

"Stunned by the big turn U.S. interest rates have taken over the past three weeks? It ain't nothing compared to what's been happening in Japan." 
 CNN
07-03-2003 |
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Duisenberg silences ECB rate talk - European Central Bank President Wim Duisenberg on Thursday put an end to hopes for early interest rate cuts, saying the central bank had done its part to boost growth and it was now up to governments.  CNN
07-03-2003 |
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Lex: German government bunds "With a poorly-covered auction of German government bunds, weak demand for the latest sale of UK gilts and a rise in US Treasury bond yields, fixed income markets are showing signs of nerves. It may be exaggerated to view this as the bursting of a bond bubble, but at the least, it feels as though the long bull market in bonds has reached some sort of turning point. The traditional carry trade, the standby of fixed income investors, is going to be much harder to pull off."  FT
07-03-2003 |
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U.S. inflation pressures eased in June-report " U.S. inflation pressures eased in June to their lowest level in nine months, a report showed on Thursday, lending support to the view that the economy may be at risk of deflation."  Reuters
07-03-2003 |
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ISM U.S. non-manufacturing index 60.6 in June "..rose
to 60.6 in June from 54.5 in May."
 
 Reuters
07-03-2003 |
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S&P cuts Gerling Global Finance Alpha B.V. notes "Standard & Poor's Ratings Services said today it lowered its long-term debt rating on the EUR220 million subordinated notes issued by Gerling Global Finance Alpha B.V. and subguaranteed by Gerling-Konzern Globale Ruckversicherungs-AG"  Reuters
07-03-2003 |
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Tweeter Sees Worse-Than-Expected Loss " Consumer electronics chain Tweeter Entertainment Group Inc. on Thursday forecast a third-quarter loss bigger than Wall Street had expected, the third straight quarter that results have fallen short of analysts' forecasts."  Reuters
07-03-2003 |
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Oil Up on Threat to Halt Nigerian Exports "Benchmark Brent crude oil futures gained 57 cents to $28.54 a barrel in London, while U.S. crude futures rose 58 cents to $30.73 a barrel."  Reuters
07-03-2003 |
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60.6  ISM June Non-Mfg
07-03-2003 |
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US unemployment rate leaps Unemployment in the US rose much faster last month than economists had predicted, sending the official jobless rate to 6.4%.  BBC
07-03-2003 |
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Will the job market ever get better? Though job cuts have slowed, employers still aren't hiring, extending longest slump since WW II.  CNN
07-03-2003 |
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- U.S. Employment Picture Worsens -

Unemployment Rate Surges to 9 Year High: 6.4% 
 
07-03-2003 |
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Siebel Sees Earnings Below Wall St. View "..it expected second-quarter earnings to miss Wall Street estimates, because customers have delayed making purchasing decisions due to the uncertain economic climate.  Reuters
07-03-2003 |
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Unemployment Rate Surges to 9-Year High "The U.S. unemployment rate shot up in June to a fresh 9-year high while the economy lost 30,000 jobs, the government said on Thursday in an unexpectedly gloomy report on the labor market."  Reuters
07-03-2003 |
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New Jobless Claims Unexpectedly Jump "430,000 people applied for benefits in the week ended Saturday, up 21,000 from the previous week"  Reuters
07-03-2003 |
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33.7  Average Workweek
07-03-2003 |
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0.2%  Hourly Earnings
07-03-2003 |
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430K  Initial Claims
07-03-2003 |
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-30K  Nonfarm Payrolls
07-03-2003 |
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6.4%  Unemployment Rate
07-03-2003 |
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Mine Explosion Kills Marine in Iraq "More than 65 Americans have been killed since President Bush declared an end to major hostilities May 1, about a third of them in combat."  Fox
07-02-2003 |
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S&P Warns of Possible Calif. Rating Cut "Two Wall Street ratings agencies on Wednesday warned they may cut California's rock-bottom credit even further due to stalemated talks to close a $38 billion budget gap -- moves that would drive up the state's cost of borrowing by hundreds of millions of dollars."  Reuters
07-02-2003 |
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WorldCom Agrees to Sweeten SEC Settlement " Shareholders and bondholders who lost money in WorldCom Inc. would receive $250 million of common stock in the reorganized company, according to a sweetened settlement"  Reuters
07-02-2003 |
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U.S. overseer in Iraq seeks reinforcements "The top American administrator in Iraq, confronting growing anti-U.S. anger and guerrilla-style attacks, is asking for more American troops and dozens of civilian officials to help speed up the restoration of order and public services."  Philly
07-02-2003 |
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Angry BA hits back at junk rating "British Airways reacted with outrage yesterday after a leading rating agency cut its credit worthiness to a humiliating "junk" status, despite claims from the national flag-carrier that the worst of its troubles are over."  Guardian
07-02-2003 |
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HSBC to cut 1,400 jobs in UK Banking group HSBC has said it is to cut 1,400 jobs in the UK in order to remain competitive in the face of tough economic conditions.   BBC
07-02-2003 |
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Korea Gold-Tax may take glitter from Korean gold banking "South Korea, one of Asia's major gold importers, said on Wednesday it would allow gold-based bank accounts but industry sources said private investors were unlikely to splurge on the precious metal."  Reuters
07-02-2003 |
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SEC, Critic of Company Accounting, Faulted for Its Bookkeeping "The audit found ``inappropriate balances'' for salaries, expenses, employee benefit contributions and other accounts because of misclassifications. The internal audit also noted problems with how the SEC tracks fees it collects from stock exchanges, the largest single source of the agency's revenue."  Bloomberg
07-02-2003 |
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Mexico City Plans First Bond Sale Ever as Rates Drop "..plans to sell its first bond ever this month, seeking to raise 2.5 billion pesos ($239 million) after benchmark interest rates fell to record lows."  Bloomberg
07-02-2003 |
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Salon Media Group, Inc. "..accumulated deficit of $82.3 million"  SEC Filings
07-02-2003 |
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US cuts aid over ICC immunity refusals "The United States has cut military aid to 35 countries over their refusal to exempt US troops from prosecution by the new International Criminal Court (ICC)."  ABC
07-02-2003 |
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- Judges Dismiss Lawsuits vs Wall $treet Banks -

Judges: Stock Analysts Not To Blame; Did Not Defraud Investors 
 
07-02-2003 |
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Judges dismiss lawsuits against Wall St banks "Merrill Lynch and three other big Wall Street investment banks won what may be a pivotal legal victory on Tuesday when judges dismissed lawsuits claiming that their stock analysts were to blame for millions of dollars in investor losses after the market bubble burst."  FT
07-02-2003 |
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Brazil's Petrobras Charged $1 Bln of Back Taxes "Brazil's biggest company, said it was ordered to pay 3.2 billion reais ($1.1 billion) of back taxes for the construction of platforms used to pump oil from reserves off the Atlantic coast."  Bloomberg
07-02-2003 |
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U.S. May Factory Orders Rise 0.4%; Ex-Transportation Gain 0.8% "Orders gained 0.4 percent to $320.6 billion, following a revised 3 percent decline in April, the largest drop since November 2001"  Bloomberg
07-02-2003 |
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HK telecoms giant restates results "Hong Kong's giant telecoms firm PCCW has admitted that it lost $6.7bn (£4bn) in 2002 if its results are reported in line with new US accounting rules."  BBC
07-02-2003 |
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Dot.com investors lost 'fair and square' - US Federal judges have thrown out lawsuits brought by investors who claimed they had been misled by Wall Street banks during the dot.com boom.  BBC
07-02-2003 |
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Massive Restructuring, Moderate Deflation  Morgan Stanley
07-02-2003 |
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Federal Pension Provider Overwhelmed  Washington Post
07-02-2003 |
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Ex. Transp.
0.8%

Durable Goods
-0.4% 
 US Factory Orders
07-02-2003 |
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+0.4%  US Factory Orders
07-02-2003 |
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Out on the Street "The business of selling, trading and underwriting stocks has been decimated - and there are still more job cuts on the horizon."  NY Post
07-02-2003 |
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Housing Shows Cracks in Foundation: Caroline Baum "Mortgage borrowing rose $723 billion (annualized) in the first quarter of 2003, according to the Fed's Flow of Funds report. That compares with an increase of $667 billion in 2002 and $375 billion in the boom year of 1999. Even with the strong appreciation in home prices, the gap between mortgage debt and the market value of real estate widened to a record $350 billion in the past year, Carson says."  Bloomberg
07-02-2003 |
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Mortgage Applications Rise as Do Rates "..mortgages rose 5.2 percent last week even as rates edged higher"  Reuters
07-02-2003 |
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AT&T Wireless to Cut 1,000 More Jobs-WSJ "..as part of an ongoing cost-cutting program"  Reuters
07-02-2003 |
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Gucci sales and profits collapse "Net profits slumped to e1.2m (£834,000) against e35.5m this time last year, while Gucci Group sales fell 6.7%.."  This is London
07-02-2003 |
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California Sets Spending Freeze After Missing Budget Deadline "California, with the lowest credit rating among U.S. states, also won't pay salaries of lawmakers, who failed to agree on the budget by yesterday's deadline. The state has cut off more than $500 million in aid to schools."  Bloomberg
07-02-2003 |
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Bigger paychecks on the way - As of July 1, companies are implementing the new tax rates  CNN
07-02-2003 |
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Japan Hits 9-Month High "On the debt market, Japanese government bond yields have been relatively soaring. They were up 4.5 basis points at 0.9 percent on Wednesday -- well over double their 0.43 percent low on June 11."  Reuters
07-02-2003 |
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IEA: High Oil Price Hurting World Economy "The prices are too high for everybody, too high for the world economy, and that is one of the reasons the economy is sluggish..  Reuters
07-02-2003 |
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Baxter to Cut 2,500 Jobs, Reduces Outlook "..because of slow sales of blood therapy products used to treat hemophiliacs."  Reuters
07-02-2003 |
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Gold Jumps - back over $350 ounce. "We got above the 100 day moving average, that might have given us some momentum"  Reuters
07-01-2003 |
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Brazil Trade Surplus Narrows to $2.4 Billion in June "The surplus fell to $2.4 billion from a record $2.5 billion surplus in May, the government said. Exports fell to $5.87 billion from $6.37 billion in May while imports fell to $3.52 billion from $3.87 billion."  Bloomberg
07-01-2003 |
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Russian Exporters To Make Dollar Slide Over Money Shortage - World market are being nervous about the American currency  Pravda
07-01-2003 |
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No Spark for Autos in June, Sales Flat "Hefty cash rebates and interest-free loans apparently failed to shift U.S. auto sales into a higher gear in June, as demand remained tepid in the face of the sluggish economy."  Reuters
07-01-2003 |
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Ford U.S. Auto Sales Fall in June "..fell 7.7 percent in June as stronger incentives saw their allure dimmed by a weaker economy."  Reuters
07-01-2003 |
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Factories Stubbornly Stagnant in June "As factories kept firing workers, the Institute for Supply Management's national factory gauge edged up to 49.8 in June from 49.4 in May. The results, released on Tuesday, fell short of Wall Street forecasts, which had pegged the figure at 51.0."  Reuters
07-01-2003 |
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May Construction Spending Takes Big Fall "..fell an unexpected 1.7 percent in May, the biggest drop in a year"  Reuters
07-01-2003 |
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Verizon to Take $3 Billion in Charges "..for a change in accounting in its telephone directory unit and the planned sale of its stake in a Mexican wireless carrier."  Reuters
07-01-2003 |
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- European Slowdown -

Germany Nears Recession; UK Boom Over; Manufacturing Weak 
 
07-01-2003 |
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52.2  ISM New Order
07-01-2003 |
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48.8  ISM June
07-01-2003 |
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-0.7% From -0.3%  Construction Spending Revised April
07-01-2003 |
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-1.7%  Construction Spending May
07-01-2003 |
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Bourses slide as economic gloom deepens "Eurozone purchasing data showed a further slowdown in manufacturing activity. The purchasing managers' index for June slid to 46.4 from 46.8 in the previous month."  FT
07-01-2003 |
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Mass protests held in Hong Kong over rights "..more than 250,000 people came out onto Hong Kong's streets on Tuesday to protest against an anti-subversion law planned for the territory."  FT
07-01-2003 |
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Boom is over, says new bank chief - The new governor of the Bank of England has warned the consumer spending boom is over - and sterling's rising value on currency exchanges could hit the economy.  BBC
07-01-2003 |
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Ford finance deal unlocks China - One of China's top four state-owned commercial banks has agreed to provide finance to Ford car buyers.  BBC
07-01-2003 |
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Germany 'heading for recession' "Germany is in an economic crisis," the research institute said in its summer report which cut its forecast for German growth to -0.1% from a previous 0.6% rise.  BBC
07-01-2003 |
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Rule to Add $400 Billion to S&P 500 Books "FASB adopted its so-called "Interpretation No. 46" to clamp down on abuse of creative financings, such as synthetic leases or special purpose entities, such as those that allowed Enron Corp. ENRNQ.PK and others move debt off their books. Many such financings are legitimate, but some might help conceal debt from investors."  Reuters
07-01-2003 |
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Shoppers shrug off slowdown with credit card spree "Total net lending grew at an annual rate of 13.7% in May, as households acquired £1.734bn in new debt."  Guardian
07-01-2003 |
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Dodge must lower rates to avert a recession - "..that Canada set its own monetary policy based on its own economic needs. This is Canada's national day, after all. It wouldn't do for the Governor of the Bank of Canada to admit that he now has little choice but to fiddle a tune composed in Washington."  Globe & Mail
07-01-2003 |
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Freddie Mac Says Portfolio Grew in May "..at an annualized rate of 9.2 percent in May to $1.3 trillion."  Reuters
07-01-2003 |
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Verizon to take $1.6B in 2Q charges - Accounting change, sale of Iusacell stake responsible for adjustment.  CNN
07-01-2003 |
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Japan's June Tankan Business Confidence Unexpectedly Rises to -5 From -10 "..was the highest since March 2001."  Bloomberg
07-01-2003 |
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Ahold Ends Account Investigations "..has found a total of $1.1 billion in irregularities that will force it to restate results."  Reuters
07-01-2003 |
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Chain Store Sales Fall Over the Week "Sales fell 0.5 percent in the week ended June 28, the Bank of Tokyo-Mitsubishi and UBS said in a joint report, so reversing most of the prior week's 0.6 percent gain."  Reuters
07-01-2003 |
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