NEW YORK, Nov 24 (Reuters) – U.S. gold futures ended higher in very heavy trade Tuesday, driven by option-related buying and fund interest, and investors continued see pullbacks in the metal as buying opportunities, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 settles up $1.10 at $1,165.80 an ounce on the NYMEX. * Ranged from $1,157.70 to $1,171.70. December hit an all-time high $1,174 on Monday. * Gold futures supported by options-related buying after Monday’s option expiration – George Gero at RBC. * Bullion holds gains in spite of a slight dollar rise amid an equities market retreat. * Gold market sees drops as opportunities to buy absent a major correction – Miguel Perez-Santalla at Heraeus. * Ethiopia signed a deal for a Saudi firm to extract an estimated 20 tonnes of recoverable gold found in the Horn of African country last month. [ID:nGEE5AN1WS] * Gold-to-oil ratio above 15. It was last at 15.34, up from the previous session’s 15, as oil drops 2 percent. * COMEX estimated final volume at a very busy 323,712 lots, driven by options-related buying. * Spot gold XAU= at $1,167.50 an ounce at 3:23 p.m. EST (2023 GMT), compared with $1,165.85 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,163.25 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 ends down 15.5 cents at $18.455 an ounce, as investors lock in profits. * Technical resistance seen at breaking above the $19 an ounce level – traders * Ranged from $18.330 to $18.680. * COMEX estimated final volume at a heavy 78,379 lots, partially due to December option expiration on Monday. * Spot silver XAG= was at $18.52, against $18.59 in the previous session in New York. * London silver fix XAGFIX= at $18.57. PLATINUM * January platinum PLF0 finishes down $23.80, or 1.6 percent, at $1,443.80 an ounce as the market takes a breather after Monday’s rally. * Spot platinum XPT= $1,446.50 an ounce. PALLADIUM * December palladium PAZ9 closes down $4.05, or 1.1 percent, at $369.25 an ounce on platinum’s weakness. * Spot palladium XPD= $369.75 an ounce. Close Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1165.80 1.1 0.1 884.3 31.8 US silver SIZ9 18.455 -0.155 -0.8 11.295 63.4 US platinum PLF0 1443.80 -23.80 -1.6 941.50 53.4 US palladium PAZ9 369.25 -4.05 -1.1 188.70 95.7 Prices at 3:21 p.m. EST (2021 GMT) Gold XAU= 1167.00 1.15 0.1 878.20 32.9 Silver XAG= 18.50 -0.09 -0.5 11.30 63.7 Platinum XPT= 1443.50 -11.00 -0.8 924.50 56.1 Palladium XPD= 369.75 0.750 0.2 184.50 100.4 Gold Fix XAUFIX= 1163.25 -7.00 -0.6 836.50 39.1 Silver Fix XAGFIX= 18.57 -19.00 -1.0 14.76 25.8 Platinum Fix XPTFIX= 1458.00 5.00 0.3 1529 -4.6 Palladium FixXPDFIX= 371.00 0.50 0.1 365.0 1.6 (Reporting by Frank Tang ; Editing by Lisa Shumaker) ((frank.tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.reuters.com@reuters.net)) ((For help: Click “Contact Us” in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546)) © Thomson Reuters 2009 All rights reserved Originally posted here: US gold ends up on options-related buying, funds (at Reuters)

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LONDON (AFP) – The Bank of England admitted Tuesday it lent a total of 61.6 billion pounds to Royal Bank of Scotland and HBOS in secret during last year’s financial crisis, adding that the cash had been repaid. The British central bank revealed the loans, equivalent to 68 billion euros or 102 billion dollars, in a statement to coincide with governor Mervyn King’s appearance before a Treasury Select Committee hearing. The BoE said that in autumn 2008 it had offered emergency lending to Royal Bank of Scotland (RBS) and HBOS bank, which is now part of Lloyds Banking Group (LBG). The bank said the loans could now be revealed because it judged that there was no longer a risk of a “potentially systemic disturbance” to the financial system. “Now that RBS has signed up for the asset protection scheme and Lloyds has embarked on its alternative strategy for capital raising, the bank judges that there is no longer a need for the assistance to remain secret,” the BoE said. RBS borrowed a maximum of 36.6 billion pounds on October 17, 2008, and HBOS borrowed a maximum of 25.4 billion pounds on November 13, 2008. The groups repaid the cash in December and January respectively. Junior finance minister Paul Myners defended the move, and declined to say if other secret loans had been made to banks. “This is precisely what a central bank does in terms of providing lender of last resort facilities to support the banking system,” he told Channel 4. “The future of the banks matters to parliament and parliament recognises that the Bank of England occasionally needs to act covertly and has given the Bank of England the legal power to do that.” Struggling HBOS was bought by rival Lloyds TSB in a government-brokered deal that created Lloyds Banking Group earlier this year. However, LBG fell under state control as a result of the global financial crisis and is now 43-percent owned by the taxpayer. Royal Bank of Scotland was also ravaged by the credit crunch and the takeover of Dutch giant ABN Amro at the top of the market in 2007. The state now owns 84 percent of RBS after an enormous bailout. Another British bank, Northern Rock, was nationalised in February 2008 after it ran into severe funding problems because of the global credit crunch. Read more: Bank of England reveals huge secret loans to RBS, HBOS

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OTTAWA (Reuters) – Teck Resources Ltd is comfortable with Suncor Energy Inc’s decision not to fast track development at the planned Fort Hills oil sands project, Chief Executive Don Lindsay said on Tuesday. Lindsay told reporters that he still considers its 20 percent stake in the Fort Hills project to be a core holding for the mining company, though Suncor, the project’s operator, has put off making a development decision on the project for at least another year. “We are very supportive of Suncor’s decision,” Lindsay told reporters following a speech in Ottawa. The Fort Hills oil sands mine was delayed a year ago by Petro-Canada when costs skyrocketed. Suncor, which assumed a 60 percent Fort Hills stake when it bought Petro-Canada in August, said earlier this month that it did not yet know when it would resume work at the site, opting to complete work on other projects that had been halted during the economic crisis. The expected cost of the Fort Hills mine, once pegged at C$14 billion ($13.4 billion), has dropped sharply since the recession and falling oil prices forced most operators in the oil-rich region of northern Alberta to suspend construction on new projects, freeing up scarce labor and materials. UTS Energy Corp , which holds the remaining 20 percent stake in Fort Hills, said earlier this year that it may cost only C$8 billion to build a facility capable of producing 160,000 barrels per day, with further savings available if the size of the project was halved. Teck and UTS have also teamed up to acquire other leases in Alberta’s oil sands region, which contains more than 170 billion barrels of oil, the biggest reserves outside the Middle East. Earlier this month, UTS sold its half share in what it calls the Lease 421 area to Imperial Oil Ltd and Exxon Mobil Corp for C$250 million. However Teck, which is trying to cut a debt load that ballooned due largely to last year’s acquisition of coal producer Fording, plans to keep its stake in the property. “We think it’s an excellent lease and we’ll be hanging onto it,” Lindsay said. (Reporting Randall Palmer, writing by Scott Haggett; Editing by Jeffrey Hodgson) Read the original: Teck content with Suncor’s Fort Hills delay

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* US 1-month bill sale captures highest bidding in a month * Dollar 3-month Libor hits record low, euro rates rise * European traders wary of ECB’s moves toward policy exit (Updates market action; dateline previously LONDON) By Richard Leong and Kirsten Donovan NEW YORK/LONDON, Nov 24 (Reuters) – The rates on most U.S. Treasury bills traded steady to slightly higher on Tuesday amid shrinking supply and intense year-end appetite for the ultra low-risk, cash-like investments. Investors snatched up $32 billion of one-month T-bills at a high rate of 0.06 percent, 1 basis point higher than last week’s auction for this maturity. See [ID;nTAR000548] Bidding for the latest one-month supply was the strongest in a month. The bid-to-cover ratio came in at 4.38, higher than 3.79 last week but below 4.62 a month ago. USAUCTION7 Fund managers who reaped profits on a rebound on Wall Street and other risky assets this year have been socking their gains into T-bills in an effort to protect them, analysts said. “Many people who made money are shutting down and putting money into riskless assets,” said Eric Lascelles, chief economics and rates strategist with TD Securities in Toronto. The tremendous bids for T-bills have occurred even at the expense of money market funds, which had traditionally been viewed as a safe haven to park cash until they were roiled by Lehman Brothers’ collapse during last year’s credit crisis. The Investment Company Institute reported money market fund assets fell $71.2 billion in October, following a $126.9 billion drop in September. For more, see [ID:nWAT013937] In the London interbank market, benchmark three-month dollar Libor rates USD3MFSR= edged to a record low of 0.26063 percent, only 1 basis point away from the top end of the Federal Reserve’s current range on its policy rate. The U.S. central bank has signaled it will hold short-term rates near zero in a bid to foster an economic recovery. On Tuesday, it released minutes of its November policy meeting, which showed policy makers are increasingly confident in a durable U.S. recovery even though they do not see employment picking up soon. For more, see [ID:nWEQ003609] EURO RATES RISE Across the Atlantic, interbank lending rates for euros edged higher with central bank exit policy in focus after the European Central Bank last week took a first tentative step toward implementing tighter monetary conditions. Three-month euro Libor rates EUR3MFSR= were marginally higher at 0.67688 percent, while one-year rates EUR1YFSR= edged up to 1.22125 percent. See [ID:nGEE5AN142] One-year euro Libor rates EUR1YFSR= edged up again after posting their biggest daily rise on Monday since early June. The ECB said last Friday it would tighten its rating requirements for banks using asset-backed securities as security in its lending operations [ID:nLAG005930]. The announcement, which analysts said may signal the start of the central bank’s exit policy, pushed six- and 12-month Eonia EUREON6M=EUREON1Y= rates higher and saw interest rate futures FEIM0FEIZ0 sell off, pushing up implied rates. “Everything the ECB has done so far has been in the guise of expansion, of getting liquidity into the market and widening the collateral base as much as possible,” said ING rate strategist Padhraic Garvey in Amsterdam. “For the first time they’ve clawed some of that back so if you were to point to the beginning (of an exit), this would be it.” Despite tougher collateral requirements, the ECB will offer long-term funds to banks, analysts said. It is expected to allot 125 billion euros in its one-year refinancing operation in December, roughly two-thirds more than the total banks took in September, according to a Reuters poll of traders released on Tuesday. For more, [ID:nGEE5AN1SJ] (Editing by Leslie Adler) ((richard.leong@thomsonreuters.com ; +1 646 223 6313; Reuters Messaging: richard.leong.reuters.com@reuters.net )) © Thomson Reuters 2009 All rights reserved The rest is here: MONEY MARKETS-U.S. bill rates hold as demand stays strong (at Reuters)

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* Says Fort Hills remains core holding * Will hang onto Lease 421 stake OTTAWA, Nov 24 (Reuters) – Teck Resources Ltd ( TCKb.TO ) is comfortable with Suncor Energy Inc’s ( SU.TO ) decision not to fast track development at the planned Fort Hills oil sands project, Chief Executive Don Lindsay said on Tuesday. Lindsay told reporters that he still considers its 20 percent stake in the Fort Hills project to be a core holding for the mining company, though Suncor, the project’s operator, has put off making a development decision on the project for at least another year. “We are very supportive of Suncor’s decision,” Lindsay told reporters following a speech in Ottawa. The Fort Hills oil sands mine was delayed a year ago by Petro-Canada when costs skyrocketed. Suncor, which assumed a 60 percent Fort Hills stake when it bought Petro-Canada in August, said earlier this month that it did not yet know when it would resume work at the site, opting to complete work on other projects that had been halted during the economic crisis. The expected cost of the Fort Hills mine, once pegged at C$14 billion ($13.4 billion), has dropped sharply since the recession and falling oil prices forced most operators in the oil-rich region of northern Alberta to suspend construction on new projects, freeing up scarce labor and materials. UTS Energy Corp ( UTS.TO ), which holds the remaining 20 percent stake in Fort Hills, said earlier this year that it may cost only C$8 billion to build a facility capable of producing 160,000 barrels per day, with further savings available if the size of the project was halved. Teck and UTS have also teamed up to acquire other leases in Alberta’s oil sands region, which contains more than 170 billion barrels of oil, the biggest reserves outside the Middle East. Earlier this month, UTS sold its half share in what it calls the Lease 421 area to Imperial Oil Ltd ( IMO.TO ) and Exxon Mobil Corp ( XOM.N ) for C$250 million. However Teck, which is trying to cut a debt load that ballooned due largely to last year’s acquisition of coal producer Fording, plans to keep its stake in the property. “We think it’s an excellent lease and we’ll be hanging onto it,” Lindsay said. (Reporting Randall Palmer, writing by Scott Haggett; Editing by Jeffrey Hodgson) ((scott.haggett@thomsonreuters.com; Reuters Messaging: scott.haggett.reuters.com@reuters.net; +1 403 531-1622)) Here is the original post: UPDATE 1-Teck content with Suncor’s Fort Hills delay

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SOUTH SURREY, British Columbia–(BUSINESS WIRE)–Tanzanian Royalty is pleased to announce a $3.14 million private placement comprising 1,155,835 shares through two European investment funds. Proceeds from the financing will be used to evaluate and develop the Company’s Kigosi Gold Project in the Lake Victoria Goldfields of Tanzania where significant quantities of near surface, gold-bearing gravels have been indicted in several phases of RC drilling. According to James E. Sinclair, Chairman and Chief Executive Officer, “Our immediate plans for 2010 include the bulk sampling of surface gravels at Kigosi, with a view to developing the property’s larger scale potential on a staged basis over the next few years.” “This is a time tested way of developing a gold project and in fact most of the world’s historic mining camps have been developed on this basis. It reduces risk to shareholders and preserves the value of the asset for investors,” he said. Budgets for equipment purchases have been approved and the Company’s in-house technical staff are completing the equipment selection process for the bulk sampling plant and delivery times to the Kigosi site. The private placement common shares are subject to certain mandated hold periods and the certificates representing such shares are legended accordingly. No warrants, options or other rights have been issued or granted in connection with the placement. The private placement is subject to regulatory approval. For further information, please contact Investor Relations at 1-800-811-3855 Visit our website: www.TanzanianRoyaltyExploration.com The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as “reserves”, “resources”, “geologic resources”, “proven”, “probable”, “measured”, “indicated”, or “inferred” which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 001-32500. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml . Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our Form 20-F, File No. 001-32500, for more information concerning these risks, uncertainties, and other factors. Visit link: Tanzanian Royalty Announces $3.14 Million Financing For Evaluation Program at Kigosi Gold Project (Business Wire)

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VANCOUVER, British Columbia (Reuters) – A union representing train engineers at Canadian National Railway Co is unhappy with the railway’s decision to impose labor contract terms on its members and may consider the move tantamount to a lockout, the union’s president said on Tuesday. The Teamsters Canada Rail Conference, which represents 1,700 engineers at Canada’s biggest railroad, is getting advice from its lawyers and will likely issue a statement later in the day, President Daniel Shewchuk said. “We are not very happy at all… it is a bit threatening,” Shewchuk told Reuters. “What we may be considering is that in essence you (CN) have locked us out as we don’t have to accept the changes you have imposed on us,” he said. CN said late on Monday it will raise locomotive engineers’ wages by 1.5 percent beginning November 28, but also hike their monthly mileage cap, the upper limit on the number of miles they must travel on the job, to 4,300 miles from 3,800. It said it had decided to impose these terms to “move the company forward” after holding on-again, off-again contract talks with the Teamsters for more than a year. The engineers’ last contract with CN expired at the end of 2008. “CN’s notice yesterday to the (Teamsters) is by no means a lockout and we expect our engineers to report to their assignments and carry out their duties as required,” CN spokesman Mark Hallman said in an emailed statement. CN said it would still prefer to resolve the dispute without a labor disruption. The two sides have the right under Canadian labor law to issue a 72-hour notice for a strike or lockout. The union has a strike mandate from its members. The higher cap could increase the number of days the engineers would have to be available for work each month, but CN says they would be paid more with the adjusted wage rate. The carrier said it made three offers, including one with a status quo mileage cap and another that would put the unsettled issues to binding arbitration. The union rejected those proposals. Shares in CN were 56 Canadian cents lower at C$56.91 on the Toronto Stock Exchange on Tuesday afternoon. Lumber futures on the Chicago Mercantile Exchange were up sharply in thin holiday-week trade on Tuesday on concerns CN workers may strike. The contract dispute does not involve CN’s unionized locomotive engineers in the United States. (Reporting by Nicole Mordant; Editing by Jeffrey Hodgson) Follow this link: Union mulling options after CN Rail imposes terms

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WASHINGTON (AFP) – Shoppers are expected to come out in force but cling a bit tighter to their wallets for the kickoff of the holiday gift-giving season this weekend, new surveys showed Tuesday. The National Retail Federation said it expects 134 million people to be out shopping on “Black Friday,” the big shopping day after Thursday’s Thanksgiving Day holiday, and the following Saturday and Sunday. “Regardless of what we?ve already seen these last few weeks in terms of promotions, retailers still have a few tricks up their sleeves to excite Black Friday shoppers,” said Tracy Mullin, NRF president and chief executive. “With retailers fully aware that shoppers are looking for incredible deals, Americans can expect huge sales on popular items like toys, electronics and apparel.” The retail group confirmed its forecast calling for a one percent decline in holiday spending to 437.6 billion dollars. A separate report by the International Council of Shopping Centers showed 26 percent of US households will see members out shopping on Friday, including 36 percent of consumers aged between 18 and 34 years old. The ICSC survey showed one third of shoppers may be at the stores for early-bird specials between 4 am and 8 am. “Bargain Friday shopping has become a tradition in America when consumers search for the best bargains that retailers offer,” said Michael Niemira, ICSC director of research and chief economist. “Bargain Friday’s performance typically is not a precursor of the entire holiday season’s sales picture — which ICSC projects will post a modest gain — yet ICSC anticipates a very strong Bargain Friday.” ICSC predicts a rise in overall holiday retail sales of between one and two percent for 2009. A Western Union survey meanwhile found that 65 percent of Americans plan to skip Black Friday holiday shopping this year, citing crowded stores as a major reason. The survey also found that 51 percent of Americans said cash is the gift they would most like to receive this year. Continue reading here: More shoppers, cautious spending seen for Black Friday

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* Lower U.S. Q3 GDP lifts yen vs dollar * U.S. consumer confidence higher than expected * Higher-yielding currencies such as Aussie dollar fall (Updates prices, adds comment, changes byline) By Wanfeng Zhou NEW YORK, Nov 24 (Reuters) – The dollar fell to a six-week low against the yen on Tuesday after a mixed bag of U.S. data kept worries about an economic recovery alive, enhancing the safe-haven appeal of the Japanese currency. The greenback, however, held steady against the euro as declines in the U.S. stock market dented risk appetite and investors were reluctant to place big bets before the Thanksgiving holiday on Thursday. The U.S. economy grew more slowly than first thought in the third quarter, the Commerce Department said. In another report from the Conference Board, a private research group, the consumer confidence index edged higher, but still pointed to weak sentiment about the labor market. For more, see [ID:nN24296971]. Kathy Lien, director of research at GFT Forex in New York, said the mixed economic reports this morning have “instilled a negative tone across financial markets.” But overall, “the markets are very hesitant to take the dollar to any fresh lows, particularly against the euro and the other key currencies,” she added. In afternoon trading, the dollar fell 0.5 percent to 88.48 yen, after hitting a session low at 88.36 JPY= , the lowest in about six weeks, according to Reuters data. The euro rose 0.1 percent to $1.4975 EUR= , in choppy trading, but fell 0.5 percent to 132.49 yen. EURJPY=R In its second estimate of third-quarter gross domestic product, the Commerce Department said on Tuesday that the economy expanded at an annual rate of 2.8 percent, rather than the 3.5 percent pace it estimated last month. ————————————————————– For a graphic on the impact of U.S. real GDP on the dollar, click on link.reuters.com/wem43g ————————————————————– “This (GDP) number is slightly negative for risk appetite because of the downgrade in the personal consumption number,” said Jacob Oubina, senior currency strategist at Forex.com in Bedminster, New Jersey. Separately, the Conference Board’s index of consumer attitudes increased slightly to to 49.5 in November from 48.7 in October, while the Standard & Poor’s/Case-Shiller index of home prices in 20 metropolitan areas rose 0.3 percent in September. See [ID:nN24297263].  Continued… Read more from the original source: FOREX-Dollar hits 6-week low vs yen on recovery concern (at Reuters)

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By Jeannine Aversa, The Associated Press WASHINGTON – The American economy is growing modestly, with consumers too wary about spending to invigorate the recovery. That’s the picture that emerged from reports Tuesday on the economy and the confidence of consumers, who power 70 per cent of it. Unemployment and tight credit have sapped shoppers’ willingness and ability to spend freely as retailers enter their crucial holiday season. And Americans are expected to grow more cautious about spending next year. That would make for a plodding recovery. The economy grew at a 2.8 per cent rate last quarter. Forecasts for the current quarter are for similarly lacklustre growth before a drop-off next year. “It’s hardly a rip-roaring recovery,” said Stuart Hoffman, chief economist at PNC Financial Services. “Usually coming out of a recession you get growth more like a rodeo bull – at a pace of six or seven per cent in the early quarters of recovery. That isn’t happening. It is coming out of the stalls more like a fat cow.” The Commerce Department’s revised estimate of gross domestic product for July through September was less than the 3.5 per cent growth rate foreseen just a month ago. And the estimate for GDP – the value of goods and services produced in the United States – was a tad less than the 2.9 per cent growth rate that economists surveyed by Thomson Reuters had expected. The main factors behind the downgrade: Consumers didn’t spend as much. Commercial construction weakened. And imports exerted more of a drag on the economy. Businesses also trimmed more of their stockpiles, further restraining growth. At the same time, the Conference Board’s latest survey of consumer confidence found gloom among shoppers. “I really won’t be spending money on Christmas,” said Ivan Horne, 47, of Tampa, Fla., who has been out of work for about a year. “I’m barely able to make enough to survive.” An Associated Press-GfK poll released this week found that 93 per cent of Americans say they’ll spend less this holiday season or about the same as last year. Also Tuesday, the Standard&Poor’s/Case-Shiller home price index of 20 major cities suggested that the summer’s trend of rising home prices is slowing. And analysts expect prices to dip again this winter as foreclosures rise. The tepid reading on economic growth and consumer confidence caused stocks to retreat from their 13-month highs. Over the past few months, though, the stock market has surged. A rally on Monday carried the Dow up 133 points to its highest point in just over a year. In part, stocks have been powered by a weak dollar and low interest rates. Lower rates let companies and investors borrow cheaply. They also cause some to shift money out of cash and bonds and into investments that promise higher returns, such as stocks. Stocks also have benefited from higher corporate profits. Companies have managed to squeeze out more profits without the cost of higher production or payrolls. They’ve done so by boosting their workers’ productivity and drawing down their existing stockpiles of goods. The GDP report showed the economy finally started to grow again from July through September, after a record four straight losing quarters. Yet growth probably won’t be strong enough to quickly drive down the nation’s unemployment rate, now at 10.2 per cent. For the current quarter, some analysts think economic growth will slow to around a 2.5 per cent pace, but it could hit a pace of around 3 per cent if holiday sales turn out better than expected. Though cautious, consumers are holding up despite high personal debt, a tight job market and hard-to-get credit. A government report out Wednesday is expected to show consumer spending rose 0.5 per cent in October, compared with a 0.5 per cent drop in September. Incomes, the fuel for future spending, are expected to edge up 0.2 per cent, after being flat. Many economists say they think the economy will weaken again next year. Some project growth at a pace of around 1 per cent as the benefits of the $787 billion stimulus package fade and consumers keep tightening. “I think when the bills come in January, you’ll see consumers pull back,” said Brian Bethune, economist at IHS Global Insight. “It’s going to be a slow-motion recovery.” In the third quarter, the Cash for Clunkers rebates and an $8,000 tax credit for first-time homebuyers juiced up sales of cars and homes. The clunkers program ended in August. But the tax credit has been extended and expanded beyond first-time buyers. It’s unclear whether the recovery can endure after government supports are gone. If consumers clam up, the economy could tip back into recession. Read more from the original source: Reports on US economic growth and consumer confidence signal modest rebound

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By Kevin Krolicki and David Bailey DETROIT (Reuters) – A deal for General Motors Co GM.UL to sell its Saab brand collapsed on Tuesday when the buyer pulled out in a move that threatens the Swedish luxury brand with closure. GM had been aiming to close a deal by the end of next month to sell Saab to a partnership led by the Swedish luxury car builder Koenigsegg and backed by China’s Beijing Automotive Industrial Holding Ltd. Koenigsegg said in a statement on Tuesday that it has withdrawn from the sale process, about five months after the two sides had reached a preliminary deal for Saab. “The time factor has always been critical for our strategy to breathe new life into the company,” Koenigsegg said. The development represents a setback for GM, which has been working to shed brands as part of a more narrowly focused sales strategy after emerging from a bankruptcy in July, backed by over $50 billion in U.S. government financing. Closure of Saab and its Trolhattan, Sweden, production hub would also threaten over 3,000 jobs and scuttle a plan spearheaded by the Swedish government to help finance a restructuring of the company. A tentative deal reached by GM to sell its Saturn brand to Penske Automotive Group Inc ( PAG.N ) also collapsed at the end of September, just before it was expected to close. Chief Executive Fritz Henderson, who has said the automaker needs to shift its focus away from making deals and back to making cars, said GM would take the next few days to consider the options for Saab. “We’re obviously very disappointed with the decision to pull out of the Saab purchase,” Henderson said in a statement. “We will take the next several days to assess the situation and will advise on the next steps next week.” GM’s 13-member board is scheduled to meet next Tuesday in Detroit for a regular monthly meeting and the question of what to do with Saab will now lead the agenda, said one person with direct knowledge of the situation. There are no other bidders for the brand, meaning that GM’s only options would be to restart the sale process or opt for closure, the person said. Because of the pressure GM faces to focus on its remaining four core brands — Chevrolet, Cadillac, Buick and GMC — a wind-down of Saab operations is likely, the person said. Sweden effectively ruled out a state bailout for Saab, saying the brand’s future would have to rest with finding a new private-sector buyer. “You can’t, by state aid, keep a company ongoing, if you don’t have any chance for a competitive company,” Joran Hagglund, state secretary at Sweden’s Industry Ministry, told reporters. Aaron Bragman, an analyst with IHS Global Insight, said the impact on GM of closing Saab would be limited.  Continued… See the article here: GM’s Saab sale collapses as buyer backs out

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By The Canadian Press VANCOUVER, B.C. – A B.C. judge has decided Rogers Communications Inc. (TSX: RCI-B.TO ) cannot continue to claim it has “Canada’s Most Reliable” wireless network without qualification. The judge’s ruling is largely a victory for Telus Corp. (TSX: T.TO ), which asked for the court to prevent Rogers from continuing to make the long-standing claim. Telus argued that new networks put in place this month by it and Bell Canada had made it impossible for Rogers to claim superiority. Justice Grauer says in his ruling that he agreed with Telus when it argued that Rogers couldn’t make the claim based on information that has become outdated. However, the judge says he won’t go as far as to order Rogers to pull any advertising or promotional material with the claim and said he wanted to make the scope of the limitation on Rogers as narrow as possible. The judge ordered the two parties to work on the wording for a court order and adjourned the matter until Friday. Follow this link:

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(For more Reuters DEALTALKS, click [DEALTALK/]) * Unorthodox deal structures weighed for healthy banks * Deals could involve payouts, separating bad assets * FDIC deals, capital are the order of the day By Paritosh Bansal NEW YORK, Nov 24 (Reuters) – Deal advisers are searching hard for unorthodox ways to pull off mergers of healthy U.S. banks in the face of a gloomy prognosis for such transactions. As capital raisings and auctions of failed institutions dominate the U.S. banking sector, deal advisers said it also makes sense in some cases for strong banks to buy one another. The financial crisis, economic uncertainty and fears about asset quality have made it nearly impossible to go about doing bank deals as one would in normal times, these experts said. So some of the country’s roughly 8,200 banks and their advisers are putting on their creative hats to come up with deals that can account for factors such as future losses in a weak economy and doubts about a target’s assets. These structures could involve separating out bad assets, fixing payouts based on performance and even seeking some help from regulators. “These are all things that are being kicked around in different forms and fashions,” said Joseph Moeller, a managing director at investment bank Keefe, Bruyette & Woods. “These are theoretical things that have not been ironed out yet.” If a buyer doesn’t like certain parts of the seller’s loan portfolio, for instance, the deal could be structured so that the problem assets are separated out into another subsidiary, Moeller said. The subsidiary would then become part of the deal consideration depending on how the loan portfolio worked out, Moeller said. But he added that there are problems that need to be addressed in a situation like that: the subsidiary will have to be capitalized and someone will have to service the loans. Valuation of assets, particularly those related to commercial real estate, is still very much a subjective process, said Rob McCarthy, a senior director in Alvarez & Marsal’s transaction advisory group. “The sellers and the buyers will take their own independent views, which are often mismatched,” McCarthy said.  Continued… Visit link: DEALTALK-Advisers get creative in quest for healthy bank M&A

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* Deal valued at about $468 million By Tom Hals WILMINGTON, Del., Nov 24 (Reuters) – Capmark Financial Group Inc [CPFNG.UL] said on Tuesday that it agreed to sell its mortgage loan servicing business to a joint venture between Berkshire Hathaway and Leucadia, which raised its bid on Monday to value the unit at about $468 million. Capmark Financial Group Inc filed for bankruptcy in October with a plan to sell its mortgage servicing business, one of the world’s largest, to Berkshire Hathaway Inc( BRKa.N ) and Leucadia National Corp ( LUK.N ) and then opened the agreement to higher bids. A Capmark attorney, Michael Kessler of Dewey & LeBoeuf, said the company also negotiated with a unit of PNC Financial Services Group Inc ( PNC.N ), which never put forward a proposal that met the requirements of a qualifying bid. Kessler said the Friday bid deadline was extended several times right through to Monday night to give more time for PNC’s Midland Loan Services to qualify. “During the course of the day, Berkadia also increased its bid to, I believe, have us cut off the bid extendsion deadline to PNC,” said Kessler. On Monday, the Berkshire-Leucadia venture, known as Berkadia, increased its bid to a value of about $468 million. Capmark’s prebankruptcy agreement with Berkadia was worth about $408 million, according to Kessler. Capmark services $288.6 billion in loans, the third-largest commercial and multifamily residential loan portfolio. The case is in re: Capmark Financial Group, U.S. Bankruptcy Court, District of Delaware, No. 09-13684. ((thomas.hals@thomsonreuters.com; 1-302-993-6283; Reuters Messaging: thomas.hals.reuters.com@reuters.net)) Read the original: UPDATE 1-Berkshire venture tops PNC for Capmark servicing

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NEW YORK, Nov 24 (Reuters) – Citigroup ( C.N ) offered a stake in the bank to the Brazilian government in the beginning of the year, when the financial crisis crippled the U.S. banking system, Brazilian Energy Minister Edison Lobao said on Tuesday. The Brazilian government passed on the offer, however, as it understood that the economy needed to recover from the crisis first, Lobao told an investor conference in New York. “I think it was a good opportunity that we missed,” Lobao said during the conference, organized by the Brazilian-American Chamber of Commerce in New York. “But any prudent government would have been cautious at that time. And Brazil was cautious,” he added. (Reporting by Walter Brandimarte , Editing by Gerald E. McCormick) ((walter.brandimarte@thomsonreuters.com; +1 646 223-6319; Reuters Messaging: walter.brandimarte.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Citigroup sought to sell stake to Brazil-minister

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By Jan Harvey LONDON (Reuters) – Gold prices retreated below $1,165 an ounce on Tuesday as the dollar recovered after a short-lived move lower in the wake of U.S. GDP data, curbing interest in the precious metal as an alternative asset. Prices remain firmly underpinned, however, by the prospect of rising inflation next year and more gold acquisitions by the official sector. Spot gold was bid at $1,163.80 an ounce at 1503 GMT, having risen as high as $1,171.10 in earlier trade, against $1,165.85 late in New York on Monday. In that session it hit a record high of $1,173.50 an ounce. Gold prices have risen 12 percent since the beginning of November, when reports emerged that India’s central bank had bought 200 tons of gold from the IMF. Russia, Sri Lanka and Mauritius have all since also announced gold acquisitions. “If central banks buying gold are diversifying their reserves back from the U.S. dollar to gold or other assets, that is a sign that (investors) should stay long gold and short the dollar,” said Deutsche Bank trader Michael Blumenroth. “As long as the market is thinking there is inflation to be expected next year…central banks are buyers rather than sellers, and there is fresh investment money flowing into the market, there is no way you want to sell gold,” he added. The dollar initially fell against a currency basket on Tuesday after preliminary data showed the U.S. economy grew at a slower pace in the third quarter than previously thought, but later recovered to trade up 0.11 percent. Its recovery has pressured gold from its earlier highs. A near 2 percent drop in oil prices to nearly $76 a barrel ahead of U.S. stocks data later in the session also weighed. However, analysts are confident fresh investment interest in gold will lift it once more. “Definitely prices could still go higher — $1,200 is within reach, and there is no reason why it should not be reached this calendar year,” said Peter Fertig, a consultant at Quantitative Commodity Research. WHOLESALE DEMAND Gold’s correction from record highs in earlier trade led to a pick-up in wholesale demand for the metal in major bullion consumer India, traders said. Any further dips are likely to be met by strong buying, they added. “People are asking for $1,150, we have a few orders at that level,” said a dealer with a state-run bank in Mumbai. Analysts and fund managers say that in addition to dollar weakness, inflation prospects in 2010 and more official sector buying are set to support prices. “The investment case for gold has become increasingly compelling, with central bank buying and a structural change in interest in gold as an investment at the retail level,” Standard Chartered said in a note. The bank said although pockets of dollar strength would likely check gold’s progress in the first half of next year, by the fourth quarter it is set to average $1,300 an ounce. For graphic showing gold’s relationship to inflation expectations, click on: http://feedfetcher.net/wp-content/uploads/2009/11/5382c5cda7FP1109.gif.gif The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,121.457 tons as of November 23, up 3.964 tons from the previous business day and their highest since late June. Silver was at $18.43 an ounce versus $18.59, platinum at $1,450.40 an ounce against $1,454.50, and palladium at $370 an ounce against $369. ETF Securities said its palladium ETP holdings rose more than 13,600 ounces to a record high of 611,924 ounces on Monday. Holdings of its platinum-backed product edged up to 423,439 ounces from 422,762 ounces, also a record high. (Editing by William Hardy) Continued here: Gold retreats below $1,165/oz as dollar recovers

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* FTC reaches divestment pact for Panasonic buy of Sanyo * Panasonic to start tender offer after 11 nation OKs WASHINGTON, Nov 24 (Reuters) – Japanese electronics maker Panasonic Corp ( 6752.T ) and its rival Sanyo Electric Corp Ltd ( 6764.T ) have won U.S. antitrust approval to merge, the Federal Trade Commission said on Tuesday. Panasonic plans to start the tender offer for Sanyo shares soon after it wins regulatory approval in 11 countries and regions including China, Europe and the United States. Panasonic and Sanyo have agreed to sell assets related to Sanyo’s portable nickel metal hydride battery, the FTC said. Under a proposed FTC order, FDK Corporation, a subsidiary of Fujitsu Ltd ( 6702.T ), will buy the divested Sanyo battery assets, the FTC said in a release. The NiMH batteries are one of three types of rechargeable batteries. “The sale of the assets resolves competitive concerns that were raised by the transaction, which combines the world’s two largest manufacturers and sellers of these batteries,” the FTC said. “No competitive concerns were raised by other overlaps between the companies.” Europe approved the deal in late September. The European Commission, the competition watchdog of the 27-nation EU, said in a statement that Panasonic would need to sell battery production facilities in markets where the Commission identified antitrust concerns in Europe. Panasonic, the world’s No. 1 plasma TV maker, said in December 2008, it would spend up to $4.34 billion (400 billion yen) to buy Sanyo to strengthen its position in the rechargeable battery and solar power equipment markets. Panasonic, which vies with Sony Corp for the title of the world’s largest consumer electronics maker, won approval from Japan’s antitrust regulators for the deal in September. Sanyo, the world’s largest maker of rechargeable batteries, is developing lithium-ion batteries for cars with Volkswagen AG. Panasonic operates an auto battery joint venture with Toyota Motor Corp. (Reporting by Diane Bartz , editing by Maureen Bavdek) ((Diane.Bartz@ThomsonReuters.com; +1 202 898 8313)) See original here: UPDATE 1-U.S. FTC says will allow Panasonic, Sanyo deal

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WASHINGTON–(BUSINESS WIRE)–Dr. David Blumenthal, HHS’ National Coordinator for Health Information Technology, today announced plans to make available $80 million in grants to help develop and strengthen the health information technology workforce. The grants that will be made available include $70 million for community college training programs and $10 million to develop educational materials to support these programs. Both programs will support the immediate need for skilled health information technology (health IT) professionals who will enable the broad adoption and use of health IT throughout the United States. Authorized by the American Recovery and Reinvestment Act (ARRA), the grants are the first in a series of programs to help strengthen and support the health IT workforce. Additional details regarding the grant programs for these and other key resource and training areas will be announced over the next several weeks. “Ensuring the adoption of electronic health records (EHRs), information exchange among health care providers and public health authorities, and redesign of workflows within health care settings all depend on having a qualified pool of workers,” Dr. Blumenthal said. “The expansion of a highly skilled workforce developed through these programs will help health care providers and hospitals implement and maintain EHRs and use them to strengthen delivery of care.” The Community College program will establish intensive, non-degree training that can be completed in six months or less by individuals with some background in either health care or IT fields. Participating colleges will coordinate their efforts through five regional consortia that span the nation. Graduates of this training will fill a variety of roles that both assist health care practices during the critical process of deploying IT systems and support these practices on an ongoing basis. The curriculum development program will make high quality educational materials available to the community colleges so these training programs can be established quickly to meet these workforce needs. Any U.S. non-profit institution of higher learning currently engaged in providing training in health IT that is interested in drafting curriculum or establishing a consortium that includes community colleges may apply for the grants. Information about grant applications will be available shortly at http://healthIT.HHS.gov/HITECHgrants . “Critical to achieving the goal of the Heath Information Technology for Economic and Clinical Health (HITECH) Act and supporting meaningful use of health IT is the availability of a skilled workforce that understands the unique technology and management needs within a clinical setting,” added Dr. Blumenthal. “These newly funded programs are designed to equip the most qualified and advanced IT workforce in the world with the tools they need to modernize our health system.” To learn more about the workforce plans and other HITECH grants programs visit http://HealthIT.HHS.gov/HITECHgrants . Note: All HHS press releases, fact sheets and other press materials are available at http://www.hhs.gov/news . Visit link: HHS Announces Plans to Make $80 Million Available to Support Health IT Workforce (Business Wire)

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Bay Street stocks experienced a lackluster open on Tuesday as traders pondered Canadian jobs data and the U.S. gross domestic product report. The S&P/TSX Composite Index stumbled a mite at the opening bell, losing 4.50 points to 11,619.52 Economically speaking, Stats Canada reported regular Employment Insurance recipients climbed 7.1% in the month of September, the first rise in three months. Crude oil prices were down in pretrading, and copper dropped 2.05 cents to $3.1415 U.S. Gold, meanwhile, has added even more strength (see below). In big corporate news, Bank of Montreal reported fourth-quarter net income of $647 million or $1.11 per share, compared to $560 million or $1.06 per share in the year-ago quarter. Meanwhile, BMO has agreed to purchase the Diners Club North America card business from Citigroup. MKS Inc.’s second-quarter net income grew 19% to $1.61 million U.S. or $0.16 U.S. per share from $1.35 million U.S. or $0.13 U.S. per share in the previous year. YM BioSciences Inc. said that Cytopia has commenced enrollment of a phase I/II trial evaluating CYT387, a treatment for myelofibrosis. The Canadian dollar slid 0.25 cents to 94.41 cents U.S. ON BAYSTREET Of the 14 TSX subgroups, nine began the day on the wrong foot. Metals and mining stocks were tied with their brethren in the industrial sector, losing 0.4% each, while consumer staples were off 0.3%. The five gainers were led by telecoms and financials, nipping ahead 0.2%, and global base metals, creeping 0.1% ahead. The TSX Venture Exchange gave back 4.27 points to 1,412.36, while the Nasdaq Canada fell 3.17 points to 657.28 ON WALLSTREET In New York, stocks opened narrowly mixed Tuesday, losing what little gains they had after a downward revision of the gross domestic product report. The Dow Jones Industrials went down 57.06 points in the first half-hour of trading to 10,393.89. The S&P 500 index slid 4.38 points to 1,101.86, while the Nasdaq subtracted 14.07 points to 2,161.94. On the economic front, the government announced its revised figure for the GDP, showing an annual rate of increase of 2.8% in the third quarter. That matched consensus expectations from Briefing.com. This is a downward adjustment from the preliminary GDP figure released by the government in October, which showed growth of 3.5% in the third quarter. That was followed by the Case-Shiller housing index. After U.S .markets open, a report on consumer confidence was due to come out, and minutes from the Federal Reserve’s latest meeting are due out at 2 p.m. ET. HP reported a 14% rise in quarterly profit late Monday, in line with early figures the company released a few weeks ago. Treasury prices gained ground, lowering the yields on the benchmark 10-year note to 3.34% from Monday’s 3.36%. The price of a barrel of oil declined 89 cents to $76.67 U.S. Gold prices added a dollar to yet another record high of $1,166 U.S. Go here to see the original: Stocks drift at open

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(Money Magazine) — You might think your bank would be rolling out the red carpet for you right now. Barely a year ago the biggest players nearly obliterated themselves and the economy with freewheeling lending practices and needed your tax dollars to bail them out. And with investment banking and commercial lending shaky for now, banks need your retail business more than ever. Yet financial institutions seem to be alienating customers in droves. Just 35% of people feel highly committed to their bank, down six percentage points from 2007, according to a recent J.D. Power & Associates study. The most common reasons people now switch? High fees and poor service, reports Javelin Strategy & Research. But given the importance of retail business to the industry, “banks have to make their customers’ lives easier. The ones that recognize that will have an enormous competitive advantage,” says Greg McBride of Bankrate.com. Besides, the things that would make your life easier are far from outrageous requests. They’re innovations that some banks and credit unions have already shown it’s possible to deliver, like lower fees, smarter technology, and help from a live human being. Take note, banks: You want happy customers who will gladly hand you their cash? Grant them the five things on this wish list. Wish no. 1: Help you manage your money These days you’re more likely to take advantage of tools that can help you keep an eye on your finances. That’s why Mint.com , which lets you see all your financial accounts at a glance, tripled its membership in the past year to 1.7 million. By falling short on offering similar services, banks are missing out on a big opportunity: Consumers are twice as likely to trust their banks with sensitive data as independent web-based services, according to a Javelin survey. Banks that get it: Bank of America’s website lets you see all your financial accounts in one place — including those from other institutions — and helps you create budgets, track spending, and monitor everything from investments to reward points. PNC Bank’s Money Bar tool allows users to whisk cash between Spend (checking), Reserve (interest checking), and Growth (savings) accounts in real time. And several hundred smaller institutions are offering financial management tools in partnership with software makers such as Intuit and Jwala. Wish no. 2: Make it easier to save The credit crisis has certainly reinforced the idea that your parents’ way of saving for a big item before buying it is solid financial practice. So what would help you put that plan into action? A forthcoming study by University of Toronto marketing professor Dilip Soman shows that when people set specific savings goals, they are far more likely to achieve them. So you want to be able to earmark accounts for certain savings purposes. Banks that get it: ING Direct lets you create unlimited sub-accounts, or buckets, for your dough. That beats opening different accounts for say, “emergency savings,” “college tuition,” and “trip to Europe,” which is a major hassle and an easy way to rack up fees. At SmartyPig , an online service affiliated with West Bank, users can designate only a single purpose for each account, but outsiders are allowed to see what they’re saving for. So if you wanted to give your daughter’s new-car kitty a boost, you could deposit cash directly into the SmartyPig account tagged for that goal. A big yield is always a good motivation to save, of course. SmartyPig and Bank of Internet offer a 2.01% and 1.75% annual yield on their savings accounts, respectively, far above the national average of 0.31%. Wish no. 3: Deliver real service Banks say they are focused on retail, which means they’ve spent a lot on sprucing up their lobbies. But you’d probably prefer to get helpful services instead of cushier seats. Banks that get it: Many are credit unions. In the most recent American Customer Satisfaction Index, they scored nine points more than banks on the index’s 100-point scale. Credit unions also boast higher average rates than banks on checking, savings, and money-market accounts, and many of them offer free financial counseling or seminars in money management. One of the best credit unions out there, the San Francisco Fire Credit Union, lets members get their FICO score free four times a year and deposit checks on an honor system: When a check is entered online or over the phone, it will be posted immediately to a customer’s account (it just has to be mailed within seven days). Some banks are at least making it easier to connect to a real person. FNBO Direct’s toll-free service line is staffed with agents 24/7. And several credit unions, such as Freedom near Philadelphia, offer live web chat. But great customer service means providing tools that smooth everyday banking processes too. A case in point: Many banks, including Chase and Wells Fargo, now offer envelopeless ATMs that print a scan of the checks deposited; no more searching for an account number to fill out a deposit slip or waiting in line for the cashier. HSBC Direct will alert you via e-mail if the interest rate changes on its bank accounts. Most TD Bank lobbies are furnished with free Penny Arcade machines: Anyone can walk in, dump in spare change, and get cash for no fee. (Rival Coinstar charges 8.9¢ for every dollar counted.) Wish no. 4: Let you bank on the go You can get driving directions, download music, take photos, and play BrickBreaker on your cell. So why can’t you do your banking too? Banks that get it: Most big banks are developing decent mobile offerings that let users do the same things they can using their PCs. But a few also have services unique to the mobile device. Wells Fargo’s mobile service lets you send short text messages to find out your balances and recent account activity. Bank of America customers who have a souped-up smartphone such as an iPhone or a BlackBerry can use its GPS to instantly locate the nearest Bank of America ATM. One of the most useful mobile innovations comes from USAA : iPhone users can snap a photo of a check, push a button on the USAA app, and funds are deposited right away. (BlackBerry users will be able to do this in 2010.) Wish no. 5: Get real about fees You know “free checking” is a come-on, and an old one at that. Of course, no one expects to get great service and novel tech apps for free. But when banks make you pay for them through gotcha practices like sky-high overdraft charges and soaring ATM fees, they’re just stoking your fury. One in three customers who switched banks in the past year did so because of higher fees, says Michael Beird of J.D. Power. True, the threat of banking reform has reined in some of the worst practices. Chase has stopped automatically approving overdrafts and doesn’t charge them at all for those under $5; Bank of America now lets customers overdraw up to $10 a day penalty-free. Banks that get it: ING and EverBank have a sensible policy about overdrafts: Your checking account can be linked to a line of credit that carries an interest rate of 9% or less. Charles Schwab has a similar approach. Checking overdrafts are “borrowed” from the customer’s brokerage account (you must have a Schwab brokerage account to use its checking services). Schwab also refunds ATM fees, like many online banks. But unlike other banks, it doesn’t impose a maximum on the number of withdrawals it will reimburse you for each month. It’s not perfection, but it’s a big step in the right direction. Ready to switch? Only 11% of customers change banks each year, according to Javelin Strategy. It’s no wonder: Besides the hassle factor, one wrong move could trigger a missed payment and late fees. If you’re thinking about dumping the one you’re with, follow this checklist. 1. Open your new account and fund it, leaving enough cash in the old account to cover any outstanding automatic bill payments. Then stop using your current account so that all checks and debit card transactions can clear. Some banks offer a “switch kit” that outlines the steps for you. 2. Transfer direct deposits to your new institution. To redirect your paycheck, contact your HR department. Make sure you reroute other deposits, such as investment income, pension, and Social Security payments (ssa.gov/deposit or call 800-772-1213 to change Social Security deposits by phone). 3. Move automatic payments such as loans and recurring bills to the new account at least two weeks before the next payment is due. If you can’t make the change online, send a note to your biller indicating when the change should occur. At that point, you can close your old account. Bye-bye.   Send feedback to Money Magazine Continue reading here: 5 reasons banks don’t get it

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SAO PAULO, Nov 24 (Reuters) – Brazilian stocks slipped in early trading on Tuesday as investors moved to protect profits from a months-long rally in the country’s shares before the end of the year. The benchmark Bovespa index .BVSP fell 0.33 percent to 66,587.26, reversing some of Monday’s gains. “A number of investors already have their minds on 2010,” said Andre Perfeito, an economist at Gradual Investimentos. “The markets have risen a lot this year, and people are getting nervous” about guarding those profits until 2009 ends, he added. The index has gained about 77 percent so far this year through Monday. But Adriano Moreno, a strategist with Futura Investimentos, said he sees relatively little downside risk for the Bovespa index through the rest of the year, or room for significant advances, either. A flurry of data also gave investors reason for pause. In the United States, the government revised the third quarter gross domestic product growth to 2.8 percent from a previously estimated 3.5 percent. It was below the 2.9 percent revision the market expected. For more see [ID:nN23258482]. Domestically, Brazil’s October current accounts BRCURA=ECI registered a deficit of 2.9 billion reais, larger than the 2.6 billion real deficit projected by a Reuters poll of 19 analysts. [ID:nN24290833] Brazil’s currency, the real ( BRBY ), traded flat at 1.729 per dollar. The currency has appreciated about 35 percent so far this year, a thorn in the side of exporters who see their products growing pricier in overseas markets. Yet recent interventions by the government, including a 2 percent tax on capital inflows into stocks and fixed-income investments and a 1.5 percent tax on American Depositary Receipts, has produced caution among investors. The real “is presenting some stability more recently, failing to move no matter the direction. Apparently, the uncertainty caused by the capital control measures recently announced by the government is leaving the market more cautious to assume positions,” according to a report from BNP Paribas dated Tuesday. Among Brazilian stocks, heavyweights Petrobras and Vale led losses. State-controlled energy company Petrobras ( PETR4.SA ) lost 0.64 percent to 38.60 reais as crude oil CLc1 slid 0.84 percent. Mining company Vale ( VALE5.SA ), the world’s largest producer of iron ore, declined 0.68 percent to 42.58 reais. Steelmakers also fell. Gerdau ( GGBR4.SA ) dipped 0.85 percent to 28.06 reais, Usiminas ( USIM5.SA ) lost 0.37 percent to 49.12 reais and CSN ( CSNA3.SA ) slid 0.97 percent to 59.27 reais. Yields on Brazilian interest rate futures contracts largely dipped.  Continued… Link: Brazil stocks dip on investor caution, real flat (at Reuters)

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By Frank Pingue TORONTO (Reuters) – The Canadian dollar was lower versus the U.S. currency on Tuesday, hurt by a weaker oil price and soft equity markets, but some upbeat overseas data helped it bounce off an overnight low. Overnight the Canadian currency fell as low as C$1.0645 to the U.S. dollar, or 93.94 U.S. cents, on the heels of a rally on Monday that snapped four-session skid in the currency. It staged a rebound when a German business sentiment survey came in better than expected, reaching its highest level since August 2008, to offset concerns about the country’s banking sector. “The report came out stronger than expected and essentially caused a nice little rally in the euro which in turn generated some broader-based U.S. dollar weakness,” said George Davis, chief technical strategist at RBC Capital Markets. “Since then we’ve really been in a bit of a holding pattern where the market seems a little bit unsure as to whether it wants to try and continue to move lower or start to break back to the topside.” At 9:30 a.m. EST, the Canadian unit was at C$1.0584 to the U.S. dollar, or 94.48 U.S. cents, down from C$1.0558 to the U.S. dollar, or 94.71 U.S. cents, at Monday’s close. The price of oil, a major Canadian export, dropped below $77 a barrel on Tuesday ahead of data expected to show crude inventories rose in the United States. With no major Canadian data due until Friday’s currency account report for the third quarter, investors are expected to shift their focus to the U.S. Federal Reserve, which will release minutes of its November 3-4 meeting at 2:00 p.m. Markets will look at the report for hints on when and how the Fed will draw down extraordinary economic support measures. The minutes also include economic projections. “People will be watching that for any clues as to what the Fed’s insight is into the economy as things unfold here,” said Davis. “It will certainly garner some interest but I think in terms of broader themes people will continue to focus on the equity markets.” Toronto’s main stock index was lower shortly after the opening bell on Tuesday as strength in banking stocks stemming from firm Bank of Montreal quarterly results were not enough to offset weakness in the weighty commodity-based groups. Domestic bond prices were a touch higher across the curve as data that showed the U.S. economy grew slower than initially thought in the third quarter triggered demand for more secure assets like government debt. In its second reading of third-quarter GDP, the Commerce Department said the U.S. economy grew at a 2.8 percent annual rate, rather than the 3.5 percent pace it had estimated last month. In issuance news, the province of Ontario will sell at least 1 billion euros of a new 10-year benchmark bond, according to IFR, a Thomson Reuters service. The two-year bond was up 3 Canadian cents at C$100.03 to yield 1.235 percent, while the 10-year bond rose 7 Canadian cents to C$103.15 to yield 3.360 percent. (Editing by Jeffrey Hodgson) See the rest here: Dollar softer as oil dips, bounces from overnight low

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* Refi rate cut by 50 bps to 9.50 pct * C.bank says industrial output, bank lending still weak * Rate cuts could help tame rouble rally By Yelena Fabrichnaya and Toni Vorobyova MOSCOW, Nov 24 (Reuters) – Russia’s central bank on Tuesday unveiled a widely-expected interest rate cut, its ninth since April, in a bid to slow down the appreciation of the rouble and support the economy’s still fragile recovery from recession. The benchmark refinancing rate was reduced by 50 basis points effective from Wednesday, to a new historic low of 9.00 percent. Other rates were also reduced by the same amount, taking the minimum rate on one-day repo auctions — a key central bank liquidity tool — to 6.25 percent. “Lending activity of Russian banks is still at a low level, and internal demand remains insufficient to ensure stable growth of manufacturing, which led to the need to cut rates,” the central bank said in a statement. “The decision (to cut rates) was taken with the aim of further increasing the accessibility of credit resources…and stimulating end demand.” It added that favourable trends in inflation have facilitated the rate cut. Russian Prime Minister Vladimir Putin at the weekend forecast that full-year inflation will come in at 9.6 percent, down from 13.3 percent in 2008. [ID:nLL529256] Russia is starting to recover from its first recession in a decade, into which it slipped in the second half of 2008 at a time of falling oil and commodity prices, investor flight from emerging markets and the global credit crunch. But the brightening economic outlook, together with the rally in oil prices to one-year highs and the still comparatively high levels of Russian interest rates, have sparked a rally in the rouble. Some are worried the strength of the currency could unseat the recovery and jeopardise efforts to boost domestic industry. RESTRAINING THE ROUBLE The central bank said the reduction in domestic and external rate differentials as a result of the rate cut “will contribute to restraining the appreciation of the rouble”.  Continued… Link: UPDATE – Russia cuts rates again to tame rouble, help econ (at Reuters)

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By Steven Scheer TEL AVIV, Nov 24 (Reuters) – Micro-blogging site Twitter is interested in making more acquisitions as it continues to grow in popularity, co-founder Biz Stone said on Tuesday. “That is something we are definitely interested in,” Stone told a news conference in Tel Aviv. “We made an acquistion last year that turned out to be an outstandingly good decision.” He said there was nothing specific on the horizon. “As our attention is grabbed by some of these developers, we will take a hard look at them,” Stone said. Twitter bought search engine Summize in 2008. Stone said Twitter will “start making money” in 2010 as it unveils a plan early next year on how it will produce revenue through advertising. He declined to give details but said advertising will be “non-traditional”. “There are no dates when we need to break even. We have plenty of money in the bank,” he said. In September, Twitter received a new round of funding from investors including mutual fund giant T. Rowe Price ( TROW.O ) and private equity firm Insight Venture Partners, which analysts said set the stage for an eventual initial public offering or sale. According to a person familiar with the matter, the new funds totalled $100 million, theoretically valuing the company at $1 billion. Stone on Monday said Twitter may eventually go to the stock market for funding if necessary. [ID:nGEE5AM2IS] Twitter, which lets people send, or tweet, 140-character text messages to groups of “followers”, is one of the world’s fastest-growing social Internet companies. Worldwide visitors to its its site hit 44.5 million in June, up 15-fold from a year earlier, according to tracker comScore. Twitter last month forged deals with Microsoft ( MSFT.O ) and Google ( GOOG.O ) to allow access for its real-time content. It also linked up with professional social network site LinkedIn earlier in November. Stone said Twitter was looking to “partner with as many websites” as possible and that Twitter would keep its platform open for developers. Stone noted that for now, Twitter will be in English with a next wave into French, German, Italian and Spanish.  Continued… See the article here: Twitter eyes acquisitions, sees making money in 2010

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* Euro down 0.2 pct at $1.4930 EUR= * German Ifo rises; German Q3 GDP unchanged * Risk-taking eases on bank sector concerns * Upside for euro/dollar heavy above $1.5000 By Tamawa Desai LONDON, Nov 24 (Reuters) – The euro fell against the dollar on Tuesday on banking sector concerns but pared losses as a key measure of German business sentiment beat forecasts, triggering optimism the euro zone’s biggest economy was recovering. The German Ifo institute’s business climate index rose to 93.9 in November from an upwardly revised 92.0 in October, and beat forecasts of 92.5. The current conditions index rose to 89.1 from 87.4 the previous month, and beat expectations of 88.0. [ID:nBAE003692] Separate data showed Germany’s economy grew 0.7 percent in the third quarter, unchanged from a preliminary estimate. “The economic recovery is continuing and we expect growth to maintain its high momentum in the fourth quarter,” said Ralf Umlauf, economist at Helaba. “Despite the improvement, the Ifo Index is still at a moderate level, historically. We therefore do not infer that there will be pressure on the European Central Bank to herald a change in interest rate policy in the immediate future.” Earlier, the euro was hurt on a German media report the majority owners of WestLB [WDLG.UL] were threatening not to support the stricken German landesbank’s requirement for more capital, citing financial sources. [ID:nGEE5AN07U] Worries about the global banking system, including a report published on Monday by U.S. ratings firm Standard and Poor’s which raised concerns about the health of some major banks [ID:nGEE5AM11I], prompted investors to pare back on riskier assets. “Rallies on risk assets are showing diminishing returns, and major currencies are looking stretched against the dollar,” said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ. European shares were down 0.7 percent .FTEU3 while the bank sub-sector of the DJ Stoxx 600 .SX7P fell 1.6 percent. By 0943 GMT, the euro was down 0.2 percent on the day at $1.4930, after falling as low as $1.4889. It hit a one-week high of $1.5001 on Monday.  Continued… The rest is here: FOREX-Euro down but pares losses on German Ifo (at Reuters)

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BERLIN (AFP) – German business confidence surged in November, a closely-watched survey showed on Tuesday, fuelling hopes that Germany, Europe’s economic powerhouse, could lead the continent out of recession. The survey, by the Ifo institute, showed business sentiment rose to 93.9 from 92.0, the eighth successive rise and the highest level since August 2008. It was also better than expected, with economists polled by Dow Jones Newswires expecting a rise to 92.6 points. “The German economy continues on the road to recovery,” said the institute’s president Hans-Werner Sinn, in a statement. The positive news followed data from the national statistics office confirming that German growth was gingerly returning after the country suffered its deepest recession for six decades. Output increased by 0.7 percent in the third quarter of the year, driven higher by companies replenishing their stocks. Exports and consumer spending, however, were weak and dragged output down in the third quarter. Buoyed by sunnier data in recent months, the German government has raised its growth outlook for the whole year, but still expects the economy to contract by around five percent, by far its worst post-war performance. Next year, Berlin sees the economy hauling itself back into positive territory, with 1.2 percent growth. See the original post here: German firms see brighter future ahead: survey

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(Reuters) – U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 down 0.18 percent, Dow Jones futures down 0.26 percent and Nasdaq 100 futures down 0.38 percent at 0925 GMT (4:25 a.m. EST). Hewlett-Packard Co said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. Microchip maker Analog Devices Inc on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. Network equipment maker Brocade Communications Systems Inc on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. Shares in Japan Airlines Corp slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. Oil slipped toward $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata dropped along with metal prices. The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT (8:30 a.m. EST). Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT (10 a.m. EST). On the earnings front, H.J. Heinz Co. , Medtronic and Hormel Foods Corp. are among the few companies due to report on Tuesday. Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc for 2010, the Wall Street Journal reported, citing people familiar with the matter. U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks. The Dow Jones industrial average gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson; Editing by Greg Mahlich) See original here: Stock futures signal losses; HP eyed

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* U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 SPc1 down 0.18 percent, Dow Jones DJc1 futures down 0.26 percent and Nasdaq 100 NDc1 futures down 0.38 percent at 0925 GMT. * Hewlett-Packard Co ( HPQ.N ) said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. [ID:nN23242457] * Microchip maker Analog Devices Inc ( ADI.N ) on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. [ID:nN23273180] * Network equipment maker Brocade Communications Systems Inc ( BRCD.O ) on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. [ID:nN23258074] * Shares in Japan Airlines Corp ( 9205.T ) slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. [ID:nSP480329] * The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. [ID:nBRU010564] * Oil slipped towards $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. [ID:nSIN460213] * The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. [USD/] * Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index .SSEC dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. * European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata ( XTA.L ) dropped along with metal prices. * The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT. Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT. * On the earnings front, H.J. Heinz Co. ( HNZ.N ), Medtronic ( MDT.N ) and Hormel Foods Corp. ( HRL.N ) are among the few companies due to report on Tuesday. * Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc ( AIG.N ) for 2010, the Wall Street Journal reported, citing people familiar with the matter. [ID:nGEE5AN04Y] * U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fuelled optimism while a weaker dollar boosted commodity-linked stocks. * The Dow Jones industrial average .DJI gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index .SPX rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index .IXIC added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson ; Editing by Greg Mahlich) ((blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)) Read the original: U.S. stock futures signal losses; HP eyed (at Reuters)

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HELSINKI (AFP) – Nokia, the world’s biggest mobile phone maker, said on Tuesday it would cut around 220 jobs in Japan as part of its plans to streamline its vast research and development operations. “As part of its global efforts to align its research and development (R&D) operations to be in line with its focused portfolio of future products, Nokia will be reducing its R&D activities in Japan,” the Finnish company said in a statement. Last week Nokia announced that about 330 employees at its research and development units in Denmark and Finland would be made redundant. The company employs about 17,000 people in research and development worldwide. It said that despite the planned reductions, it would continue to have “significant sourcing activities in Japan.” “Vertu, Nokia’s exclusive line of handcrafted mobile phones for the luxury market, will also continue operations in Japan unaffected by today’s announcement,” it noted. The mobile phone giant launched a cost-cutting programme last January, after its earnings fell as consumers cut back on buying handsets amid the global financial crisis. The programme aims to generate more than 700 million euros (1.0 billion dollars) in annual savings. Before Tuesday, Nokia had announced about 4,000 job reductions since January, including around 1,300 voluntary redundancy packages. Last month Nokia posted a surprise entry into red, reporting a third-quarter net loss of 559 million euros amid rising competition in the smartphone market and problems with its Nokia Siemens Networks joint venture. Read more from the original source: Nokia to cut 220 R&D jobs in Japan

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LONDON (AFP) – Britain’s partly-nationalised Lloyds Banking Group on Tuesday said it was offering shareholders new stock at a discount of almost 60 percent under the country’s largest ever rights issue. LBG, 43-percent state-owned after a massive government bailout, said existing shareholders would be able to buy new shares in the bank priced at 37 pence each. LBG shares closed Monday priced at 91.47 pence. LBG earlier this month said it planned to raise 22.5 billion pounds (25 billion euros, 37.2 billion dollars) in fresh capital. It said 13.5 billion pounds would be raised via the biggest-ever sale in Britain of new shares to existing shareholders. It is also raising nine billion pounds by converting existing debt into bonds. By raising 22.5 billion pounds, LBG will avoid taking part in a government scheme that insures banks’ toxic debt. “Lloyds Banking Group is pleased to announce that the issue price at which the new shares will be offered pursuant to the rights issue has been set at 37 pence per new share,” LBG said in a statement published on Tuesday. Lloyds Banking Group was created in January when Lloyds TSB bought ailing rival lender HBOS in a state-brokered deal. Link: Lloyds bank record rights issue set at hefty discount

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By Alan Wheatley , China Economics Editor BEIJING, Nov 24 (Reuters) – Trying where Barack Obama failed a week ago, a trio of top European Union policymakers troops to China this weekend to press the case for a stronger yuan. Their chances of success are as dim as those of the U.S. president. China regards a firmer currency as part of the strategy for eventually withdrawing policy stimulus, but financial diplomats say it has no appetite right now for renewed appreciation of the yuan, which has been re-pegged to the dollar since mid-2008. Ahead of Obama’s visit, the People’s Bank of China flagged the possibility of a shift in policy by dropping from its quarterly monetary report a stock reference to keeping the exchange rate at a reasonable and balanced level. But with exports still 14 percent lower than a year earlier and no inflation to speak of, a resumption of the yuan’s rise is a non-starter for the time being, one diplomat said. “The forces opposed to a stronger exchange rate are as strong as they were a year ago,” he said. Against this background, the EU delegation will seek to portray a rise in the yuan as just one ingredient in a policy mix that would be in China’s own interest to adopt as it strives to redirect economic resources from exports to domestic demand and the jobs-rich services sector. European Central Bank Governor Jean-Claude Trichet; Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup of euro-zone finance ministers; and Joaquin Almunia, the EU’s commissioner for economic and monetary affairs, will hold talks on Sunday in Nanjing on the eve of an EU-China summit. The three are due to meet Premier Wen Jiabao and Zhou Xiaochuan, the governor of the People’s Bank of China, among others. COORDINATING EXITS The EU officials are also eager to discuss how to coordinate the winding down of stimulus policies, mindful that such a move by China could have repercussions across global markets. The end of the second quarter of 2010 might provide a window for China to exit from its ultra-loose policies, according to a researcher with a state planning agency. [ID:nPEK271539] As they did on an earlier mission in 2007, Trichet, Juncker and Almunia will stress the need for a rise in the effective exchange rate (EER) of the yuan, which measures its value against all China’s trading partners. Because of its tie to the weakening dollar, there has been a 9 percent depreciation since March in the yuan’s EER, which is the decisive gauge of a country’s currency competitiveness. The EU will argue that, to the contrary, economic circumstances demand a stronger currency: China has increased its global market share during the crisis; its economy is again growing close to potential; and the central bank is still piling up foreign exchange reserves at a breakneck pace.  Continued… View original post here: PREVIEW-EU has faint hope in quest for stronger yuan (at Reuters)

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* Plan envisions 9,000-9,500 job cuts in Europe – Reilly * German state premier says Bochum plant is safe for now (Adds quotes and background) DUESSELDORF, Germany, Nov 24 (Reuters) – General Motors [GM.UL] will present labour leaders at European arm Opel a reorganisation plan on Wednesday that envisions cutting nearly a fifth of the workforce, GM’s acting European head said. The plan calls for eliminating between 9,000 and 9,500 jobs, GM’s Nick Reilly told reporters on Tuesday. GM has said in the past around 10,000 jobs would go at Opel and its British sister brand Vauxhall. Reilly said the German plant in Bochum was safe for now. “Bochum remains an important site for us, in the future as well,” he said. GM has given scant details so far on its 3.3 billion euros ($4.92 billion) rescue plan for Opel. GM this month backtracked on plans to sell Opel to a consortium led by carparts firm Magna ( MGa.TO ) — a deal that involved government aid — but is now turning again to European states for help to keep Opel in business. (Reporting by Tom Kaeckenhoff, writing by Michael Shields) ((michael.shields@thomsonreuters.com, Reuters Messaging: michael.shields.reuters.com@reuters.net; +49 69 7565 1266)) ($1=.6708 Euro) © Thomson Reuters 2009 All rights reserved Read the original: UPDATE 1-Opel labour to see revamp plan on Wednesday

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LONDON, Nov 24 (Reuters) – The euro edged up against the dollar and Bund futures pared gains on Tuesday after German Ifo data came in higher than expected. German Ifo institute’s business climate index was at 93.9 in November compared with forecasts for 92.5. The October reading was revised 92.0 from 91.9. Current conditions index came in at 89.1 versus forecasts of 88.0. [ID:nBAE003692] The euro rose to around $1.4937 from around $1.4918 before the data EUR= , and was off from the day’s low of $1.4889. Euro zone goverment bond prices pared gains, with Bund futures FGBLc1 slipping to 122.60 from a pre-data level of 122.68. The contract was last at 122.65, up 20 ticks on the day. The two-year Schatz yield EU2YT=RR was at 1.343 percent versus 1.340 percent before the data. (Reporting by London markets team) ((tamawa.desai@thomsonreuters.com; Tel: +44207 542 7018, Reuters Messaging: tamawa.desai.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read this articl e: Euro up, Bund futures pare gains on German Ifo (at Reuters)

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By Chikako Mogi TOKYO (Reuters) – Gold eased on Tuesday as investors booked profits after prices hit record highs the day before, but sentiment was underpinned by a weak dollar which makes bullion cheaper for holders of other currencies and boosts its appeal as an alternative asset. Traders said gold may slide to as low as $1,145-$1,150 in a near-term correction, but the market was bound to recover given no change in supportive factors such as the weak dollar, expectations for low U.S. interest rates and bullish sentiment after gold purchases by some central banks. Trade was quiet and was expected to remain so ahead of the U.S. Thanksgiving holiday on Thursday, traders said. Japanese financial markets were closed for a public holiday on Monday. “Gold is facing profit-taking as it needed some correction after hitting record highs in recent weeks,” said a Singapore-based trader. “Overall market sentiment remains bullish,” she said. Spot gold fell as much as 0.7 percent to $1,157.35 per ounce before trading at $1,163.60 as of 0227 GMT, down 0.2 percent. It hit an all-time high of $1,173.50 on Monday. Gold has jumped 32 percent this year, rising 12 percent in November alone. U.S. gold futures for December delivery eased as much as 0.6 percent to $1,157.70 per ounce before trading at $1,163.80, slightly below $1,164.70 on the COMEX division of the New York Mercantile Exchange. Futures hit a record high $1,174.00 on Monday. Gold’s rally has largely been led by funds, and other investors have been drawn into the market despite wariness about high prices. Speculative positions dipped, with noncommercial net long U.S. gold futures positions easing 1 percent to 235,697 lots in the week to November 17 from 238,060, a weekly report by the U.S. Commodity Futures Trading Commission showed. Investment picked up a tad, with holdings at the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rising 3.964 tonnes or 0.4 percent from the previous business day to 1,121.457 tonnes as of November 23. The rise brought the holdings closer to a record high of 1,134.03 tonnes hit on June 1. The dollar remained pressured on Tuesday after falling the previous day against a basket of major currencies when remarks by senior Federal Reserve official James Bullard reinforced views that U.S. interest rates will stay low for a while. Revived investor risk appetite on a rally in U.S. stocks, strong U.S. housing data and higher commodity prices, also pressured the dollar. Other precious metals were also off Monday’s multi-month highs, dragged lower by gold’s retreat from record highs. Platinum was at $1,452.50 per ounce after hitting $1,473.50 on Monday, its highest since September 2008, while silver stood at $18.59, off $18.91 hit on Monday, its highest since July 2008. Precious metals prices at 0230 GMT (Editing by Edwina Gibbs) Read the original here: Gold eases, investors take profits after records hit

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Here is how it works: Go to USASA.org and click on the “Donate and Win!” link. . Donate $30 and receive 3 chances to win. . Donate $50 and receive 5 chances to win. . Donate $100 and receive 12 chances to win! That’s it, that is all there is to it. By making a tax deductible donation to the USASA, a 501c3 non-profit organization, you are helping the organization and as a bonus you have a chance to win a brand new car! About USASA United States of America Snowboard Association is dedicated to supporting recreational and competitive snowboarding within 31 regional series throughout the United States of America. Since 1988, USASA has fostered the competitive spirit of snowboard athletes and developed a solid grassroots organization that allows boys and girls of all ages and abilities to participate in over 500 organized snowboard events that qualify for national and international competition. See the complete event schedule and more at www.usasa.org . Comments No comments yet Originally posted here: Win a car, support USASA, only 7 days left

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(Adds quote, context) By Javier Mozzo BOGOTA, Nov 23 (Reuters) – Colombia’s central bank on Monday said it cut its key overnight interest rate 50 basis points to 3.5 percent, citing a reduction in trade with Venezuela and low economic activity through September. Colombian inflation is running well under target and the government reported last week that industrial production fell a sharper-than-expected 3.8 percent in September, raising speculation that the bank would cut rates on Monday. The Colombian government expects an economic recovery in the fourth quarter that will pull the country out of recession by the end of the year. But the numbers have continued to be grim. September retail sales slid 7.3 percent from a year earlier. “The rate cut seeks to help the economy recover and counter the negative effects of the reduction in trade with Venezuela,” bank chief Jose Dario Uribe told reporters after the decision was announced. Venezuelan President Hugo Chavez has stopped imports of some Colombian goods in protest of a military cooperation pact signed between Bogota and Washington last month. Leftist firebrand Chavez says the pact could set the stage for a U.S. invasion of oil rich Venezuela, a claim dismissed by Colombia and the United States. The rate-cutting cycle has slowed throughout Latin America after months of central banks moving to loosen credit in a bid to stave off the effects of the global financial crisis. Chile, a relatively advanced economy which often moves in lockstep with the U.S. Federal Reserve, has paused with its key rate at 0.5 percent. Brazil’s central bank in October held its key Selic rate steady for the second straight meeting at an all-time low of 8.75 percent. Colombia’s central bank has cut its key overnight rate by a total of 6.5 percentage points since the monetary policy loosening cycle began in December. The government expects gross domestic product to grow 0.5 percent this year and 2.5 percent in 2010. Colombian exporters, hit by the weakening dollar, have been clamoring for continued rate cuts, hoping that they will help slow foreign portfolio investment flows and reduce upward pressure on the peso. The local currency has climbed 16.3 percent against the greenback over the last 12 months, hurting profits for Colombian farmers and manufacturers who get paid in dollars for their international sales. (Reporting by Javier Mozzo, writing by Hugh Bronstein) ((javier.mozzo@thomsonreuters.com; +571-634-4139; Reuters Messaging: javier.mozzo.reuters.com@reuters.net)) The rest is here: UPDATE – Colombia cenbank cuts key rate 50 bps to 3.5 pct (at Reuters)

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LOS ANGELES (Reuters) – Financier Carl Icahn has offered $156.5 million to acquire the partially-built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, according to a spokesman for rival bidder Penn National Gaming. Penn, which said last week that it had offered $101.5 million, including $51.5 million of debtor-in-possession financing, for Fontainebleau, has raised its bid to $145 million, said spokesman Joe Jaffoni. Both of the bids are dwarfed by the $2 billion that has already been spent on the 3,800-room casino resort, which sits toward the northern end of the Las Vegas Strip. The property is expected to go to auction in January. Icahn, whose bid could represent a “stalking horse” floor for the auction, was not immediately available for comment. The financier acquired in 1998 the Strip’s Stratosphere hotel and casino out of bankruptcy, but in 2007 sold that property, along with three smaller casinos, to Goldman Sachs for $1.3 billion. (Reporting by Deena Beasley; Editing by Tim Dobbyn ) © Thomson Reuters 2009 All rights reserved Go here to see the original: CORRECTED: Icahn outbids Penn for Fontainebleau Las Vegas

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* Icahn bids $156.5 mln for bankrupt Vegas resort * Penn National ups bid to $145 million (Adds Fontainebleau comments, background, byline) By Deena Beasley LOS ANGELES, Nov 23 (Reuters) – Financier Carl Icahn has offered $156.5 million to acquire the partially-built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, according to the resort’s chief operating officer. At a bankruptcy court hearing today in Miami, Icahn bid $105 million plus $51.4 million of debtor-in-possession financing, said COO Howard Karawan. Penn, which said last week it had offered $50 million plus $51.5 million of DIP financing for the Fontainebleau, has raised its bid to $145 million, said Penn spokesman Joe Jaffoni. Both bids are dwarfed by the $2 billion already been spent on the 3,800-room casino resort, which sits toward the northern end of the Las Vegas Strip. The property is expected to go to auction in January. Icahn, whose bid would likely represent a “stalking horse” floor for the auction, was not immediately available for comment. “Initially, nobody wanted to play the stalking horse … the bid has now doubled,” Karawan said. “We still have 60 days to run before the auction.” He said Fontainebleau’s representatives have had meetings with more than 40 other interested parties. Penn National, which owns casinos and racetracks throughout the United States, but not in the gambling centers of Las Vegas and Atlantic City, has estimated it will take at least another $1.5 billion to complete the Fontainebleau resort, which is about 70 percent finished and partly exposed to the elements. Icahn acquired the Strip’s Stratosphere hotel and casino out of bankruptcy in 1998, but sold that property in 2007, along with three smaller casinos, to Goldman Sachs Group Inc ( GS.N ) for $1.3 billion. (Reporting by Deena Beasley; editing by Tim Dobbyn and Andre Grenon) ((deena.beasley@thomsonreuters.com; 1-213-955-6746)) Read the original here: UPDATE 3-Icahn outbids Penn for Fontainebleau Las Vegas

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LONDON, Nov 23 (Reuters) – British media and events group Informa ( INF.L ) has held early stage talks with its rival Springer Science and Business Media over buying the German academic publisher, the Financial Times said. Informa, which is considering a cash bid, initiated talks with Springer three weeks ago, according to people close to the situation, the newspaper added. Springer, owned by private equity firms Candover ( CDI.L ) and Cinven [CINV.UL], said last month that it was considering a full sale of the company. [ID:nLE310487] Informa, Candover and Cinven were unavailable for comment. Candover and Cinven have been looking for up to 500 million euros ($745.2 million) for the sale of a minority stake in the business but initial bids fell short of their expectations earlier this year. [ID:nL8610351] Progress on the sale has been slow, after private equity firms TPG and EQT, as well as a consortium of Carlyle and Providence, resubmitted second-round offers for 49 percent of Springer in mid-July. [ID:nLF390415] (Reporting by Michael Taylor; Editing by Phil Berlowitz) ((michael.taylor@reuters.com; +44 207 542 0919; Reuters messaging: michael.taylor.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read the r est here: Informa in takeover talks with Springer Science -FT

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By Alan Zibel, The Associated Press WASHINGTON – First-time buyers taking advantage of a special U.S. tax credit gave sales of existing homes their biggest surge in a decade, raising hopes for a turnaround in the housing market and pleasing Wall Street. While rising foreclosures and disappearing jobs still threaten the comeback, there are now bidding wars for houses in some cities, and home sales are nearly 36 per cent above their low point in January. Analysts said the gains in October mainly reflected the tax credit of up to US$8,000 for new homeowners, which was due to expire this month before Congress extended it until spring – and expanded it to more buyers. The sales figures Monday from the National Association of Realtors provided the juice for a rally on Wall Street. The Dow Jones industrial average, also lifted by a weak U.S. dollar, rose more than 130 points. Analysts said the extension of the homebuyer tax credit should help sustain the housing market next year. Yet the overall economy will probably benefit only slightly from higher home sales. That’s because there are still too many factors weighing down the recovery. Foreclosures are rising. Job creation is slow. People remain reluctant to spend. And construction of new homes – as opposed to sales of existing ones – plunged in October. The biggest contribution the housing industry makes to economic growth is from home building. Commissions and fees generated from home sales also help, but far less than construction. “I wouldn’t want to bet the house on housing, really, in terms of the strength of the U.S. economy going forward,” said Diane Swonk, chief economist at Mesirow Financial in Chicago.” The Realtors group said resales rose 10.1 per cent to a seasonally adjusted annual rate of 6.1 million in October, from 5.5 million in September. It was the biggest monthly increase in a decade and far better than what economists expected, according to Thomson Reuters. At the current sales pace, there’s a modest seven-month supply of previously occupied homes on the market. Sales are still running 16 per cent below their peak in 2005, but real estate agents say the pace has definitely picked up. “People who are looking, they are serious,” said Harrison Tulloss, an agent with ZipRealty Inc. in the Raleigh-Durham area of North Carolina. “They’re not riding around with me if they need to go shopping or buy a turkey.” Joey Wilson and her husband made unsuccessful offers on 20 Las Vegas homes starting in midsummer before they closed on a four-bedroom, $136,000 home this month. “It’s insane,” said Wilson, who relocated from Kentucky. “I’ve never seen a market like this before.” The housing market is being driven by reduced prices and federal programs to lower mortgage rates and bring more buyers into the market. The median sales price was $173,100 in October, down seven per cent from a year earlier and 25 per cent below the peak. Many experts predict prices will hit a new low next spring, perhaps falling five to 10 per cent further as more foreclosures spill into the market. The government has tried to counter that trend by offering the tax credit and keeping mortgage rates low. Without the a deadline looming for the tax credit, home sales are likely to fall over the winter as buyers hibernate for a few months. Analysts say the new deadline – buyers have to sign a purchase agreement by April 30 – means sales will surge next spring, before dropping back again later in 2010. What happens after that is anyone’s guess. “When we do kick those crutches out from under the housing market, will it be able to stand on its own?” said Mark Fleming, chief economist with First American CoreLogic. “It’s really hard to tell.” The government has also helped the housing market by acting to lower mortgage rates. The Federal Reserve, for example, has pumped $1.25 trillion into mortgage-backed securities to try to lower mortgage rates and loosen credit. That program is scheduled to end by March. If rates go up without the government help, homes would be less affordable, which could dampen demand. A disquieting report last week from the Mortgage Bankers Association said more fixed-rate home loans made to people with good credit were sinking into foreclosure as layoffs go on. A record-high 14 per cent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. In areas where foreclosures have hit hard, housing remains depressed, despite low prices, low mortgage rates and the tax credit. Yet for homebuyers with cash and access to credit, falling prices and low mortgage rates have proved irresistible. The Realtors’ report on October home sales reflects offers made before buyers knew the credit would be extended. In Raleigh, N.C., first-time buyer Louise Brunson snapped up a three-bedroom town house for $235,000. She and her husband had planned to buy a year and a half ago but decided to wait until prices fell further. The tax credit was a big plus, too. “We suspected that it might be extended,” said Brunson, a paralegal. “But we did want to go ahead and get it done to be on the safe side.” – Associated Press writers Alex Veiga, Adrian Sainz and David Twiddy contributed to this report. Follow this link: U.S. home sales surge in October as buyers rush to take advantage of tax credit

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