Golden Spirit Enterprises Ltd. (OTCBB: GSPT) announces that the Company has signed a Memorandum of Understanding with Tectane Technologies Corporation (Tectane), a Montreal-based Company in the Alternative Fuel industry for over 30 years.

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(OTC: PK. ORFG) Orofino Gold Corp. is an International gold company focused on the acquisition, exploration and development of gold properties in Mexico and Colombia. The company has reviewed several bulk minable properties and has signed an option to acquire properties in the Sur de Bolivar Department of Colombia South America.

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PrimeGen Energy Corporation (PINKSHEETS: PGNE), Chesapeake Energy Corporation (NYSE: CHK), Bank of America Corp. (NYSE: BAC) and Apollo Group, Inc. (NASDAQ: APOL). Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) issued a press release announcing that the drilling of Rod 10-22 well has reached total target depth December 13, 2009. PrimeGen will be advised as to the commercial viability of the well and Read more…

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WASHINGTON (AP) — The apparent end of the recession and stabilizing financial markets have not cured the banking industry, as souring and past-due loans have reached the highest levels in 26 years, the Federal Deposit Insurance Corp. said Tuesday. Banks earned $2.8 billion in the third quarter, but nearly 40 percent of that was from a one-time accounting trick. Loan balances plummeted and the fund that insures their deposits was $8.2 billion in the red. The number of banks on the FDIC’s “problem list” rose to 552 from 416 on June 30, the highest level in 16 years. Fifty banks failed during the quarter — the largest number since the second quarter of 1990. The FDIC’s fund that insures bank deposits fell by $18.6 billion, mostly because $21.7 billion was set aside for expected losses on future bank failures. The last similar deficit was in Dec. 1991, when a predecessor fund was more than $7 billion in the red. Separately, the Office of Thrift Supervision said Tuesday that thrifts eked out a $200 million profit in the third quarter. The agency called it “another break-even quarter,” after a small second-quarter profit was revised downward to a $94 million loss. Still, it was the first profitable quarter since the same period in 2007. The nominal profit was $1.3 billion, but $1.1 billion was a one-time gain at a single institution. The thrift’s holding company, which the OTS did not identify, shifted assets to reduce future tax expenses, agency officials said. The agency says the number of “problem thrifts” rose to 43 from 40 last quarter. Thrifts differ from banks in that they are required, by law, to have at least 65 percent of their lending in mortgages and other consumer loans. That makes them especially vulnerable to the housing downturn and unemployment. It also means they will play a key role in an eventual economic recovery. The FDIC voted this month to require banks to prepay three years of deposit insurance premiums by the end of next month to help replenish the dwindling deposit insurance fund, which is at its lowest point on record. That will raise about $45 billion. But bank failures this year through 2013 are expected to cost the fund $100 billion, so the prepayments won’t provide a long-term fix for the insurance fund. It does spare ailing banks the immediate cost of paying a second emergency fee this year. Depositors’ money — insured up to $250,000 per account — is not at risk, since the FDIC has the option of tapping a credit line with the Treasury Department. “While bank and thrift earnings have improved, the effects of the recession continue to be reflected in their financial performance,” FDIC Chairman Sheila Bair said. A 2.8 percent drop-off in loans outstanding — the largest percentage decline on record — showed that credit for consumers and businesses remained tight, she said. “There is no question that credit availability is an important issue for the economic recovery,” Bair said. “We need to see banks making more loans to their business customers.” That’s especially important for small businesses which get more than 60 percent of their credit from banks the FDIC insures, she said. Bank profits returned in the third quarter after a $4.3 billion loss in the previous quarter and $879 million in earnings last year. But analysts warned not to read much into the better earnings. “A few very large banks are making a pile of money, and the rest of the industry is hurting,” said Daniel Alpert, managing director of the New York investment bank Westwood Capital LLC. The largest Wall Street firms are benefiting from a host of government subsidies — such as capital injections, asset guarantees, low-cost borrowing — that cost taxpayers without improving the economy, Alpert said. “We’re creating riskless profits for the big banks,” he said. Still, banking analyst Bert Ely said the Federal Reserve’s low-interest rate policy is helping the whole industry. Net interest margin — the difference between what it costs banks to borrow and what they pay to depositors — reached a four-year high. It was a rare bright spot in the FDIC report. That bright spot comes at the expense of consumers, who are earning historically low interest rates on their deposits. “Americans are getting nothing in terms of interest on their savings so that the banks can make money,” Alpert said. High unemployment and slow spending are making it harder for banks to collect from consumers. Loans 90 or more days past due reached 4.9 percent — the highest in 26 years. Banks gave up on collecting $50.8 billion in loans during the quarter, an 80.5 percent increase from a year ago. It was the 11th straight quarterly increase and — at 2.7 percent — another 26-year high. OTS Acting Director John Bowman cast a cautious tone, saying thrift profits were hurt by money being set aside as they prepare for more loan losses. “We know that we have not seen the last thrift failure of this crisis,” Bowman said. Some smaller banks have protested the early insurance assessments that are being charged to replenish the deposit insurance fund. They complain that they had nothing to do with the excesses of big Wall Street banks, reckless mortgage lending and risky investments that precipitated the financial crisis, but are being forced to pay to help clean up the mess. There have been 124 bank failures so far this year, the most since 1992 at the height of the savings-and-loan crisis. They have cost the federal deposit insurance fund more than $28 billion. There were 25 bank failures last year and three in 2007. Bair said “there are no quick fixes” for the banking industry’s troubles — “only careful, hard work” to oversee banks as they continue writing off bad loans and attempt to ride out the downturn. “It really is all about the economy at this point,” she said. Read the r est here: Banks earn $2.8B in 3Q; FDIC says dangers persist (AP)

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By The Canadian Press TORONTO – Lenders are still “very selective” when financing new mines but there is now significant liquidity available in the equity markets for companies that need to raise funds, according to the chief financial officer of major gold miner Agnico-Eagle Mines Ltd. (TSX: AEM.TO ). “The amount of healing that’s occurred in the market is remarkable,” said David Garofalo, speaking to a lunchtime gathering of the Canadian Investor Relations Institute on Tuesday. However, banks are still hesitant to issue long-term financing. In the mining industry, this reticence is hitting one-asset junior companies particularly hard, he said. Luckily, juniors and other miners finding it difficult to get financing through the credit markets can now turn to the equity markets. A year ago, share offerings as a way to raise capital were virtually non-existent due to a lack of investor confidence. Today, several miners have shown that this is no longer the case by making successful share offerings – including Barrick Gold Corp. (TSX: ABX.TO ), which managed to raise US$4 billion in September. “Money is available for juniors (in the equity markets),” Garofalo said. “We’ve seen valuations in the junior space escalate significantly and that’s giving them the confidence to go out and raise money.” Garofalo said the outlook for gold miners is particularly encouraging due to shrinking supply and soaring demand for the yellow metal. Existing mines aren’t enough to keep up with demand and new projects in stable jurisdictions are increasingly hard to come by. In addition, gold is considered a safe-haven investment that will help offset the effects of inflation as governments around the world continue to fund massive stimulus spending projects. “There’s a competitive debasement of currencies going on and I think that will drive the gold price to unprecedented levels,” Garofalo said. “There’s going to be a panic to buy gold when inflation rates start to spike up,” he added. Agnico-Eagle will continue to focus on exploration and development of new projects to increase its shareholders’ leverage to the price of gold, Garofalo said. Agnico-Eagle is one of the biggest gold miners in Canada, with operations or projects in Quebec, Nunavut, Finland, Mexico and the U.S. Read more from the original source: Credit still tight, but equity markets loosening up for miners: Agnico-Eagle CFO

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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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(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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No big surprises in today’s FOMC minutes.  The Fed sees the economy rebounding and will remain accommodative.  I did find this line somewhat amusing, however: “As in June, nearly all participants judged the degree of uncertainty surrounding their projections of output growth and unemployment as higher than historical norms.” Ben Bernanke’s already broken crystal ball is even more cloudy than usual.  That likely means further dollar devaluation and ultra low interest rates until we recreate the next great financial crisis.  Ben’s reactive  approach continues…. Read the original post: FOMC MINUTES

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Tough words from Chinese bank regulators sent the Shanghai Index toppling 3.5% last night and also sent the dollar soaring as investors poured out of the risk trade.  The dollar carry remains a focal point of the rally.  Today’s FX View from IB : A slew of overnight woes concerning the health of banks around the world was limited in its support for the U.S. dollar. One year ago that evidence would have been enough to raise the heartbeat of the bears and send the pre-market futures down by 2%. Today, equity index futures continue to point to another positive North American session and the net impact is to provide a prop for the euro rather than the U.S. dollar. The euro also rose after the strongest reading for 15 months in a poll of investor sentiment. The euro is back to unchanged on Monday’s close at $1.4975. Asian markets felt the full impact of a fresh health-scare for Chinese banks. Shanghai stocks slumped 3.5% overnight after the mainland banking regulator warned banks to meet industry capital requirements or else be prepared to face its sanctions. According to media reports, a source with knowledge of the plans says that at least four Chinese lenders have submitted capital raising plans to regulators. An S&P report used in-house metrics to look at risk-adjusted capital ratios of European banks and served up a warning to several houses including UBS, Allied Irish and BBVA. In the meantime, Lloyds Banking Group announced terms of its attempted largest-ever domestic rights issue with a near-60% discount to where its shares are trading. Finally, WestLB – the state-owned regional German lender is reportedly going to be allowed to fail by its majority owners according to a major Frankfurt-journal. The bank said later that it is in discussions with SoFFin, the German financial market stabilization fund to isolate its toxic assets. Yet while all of the above continues to unwind negative news about the health of the financial sector we have to point out that as much as it is newsworthy today, it’s hardly new news. So some major banks are enacting plans to raise capital. Isn’t this a good thing? It is in our minds. Failure to accomplish the feat could be taken as a negative in the event that these entities fail to attract fresh cash and at the same time prevailing investors walk away. Hence our headline today that risk aversion is taking a back seat. The euro rebounded from an overnight low at $1.4888 after a report showed that German business confidence rose in November to a 15-month high. The IFO institute’s reading of sentiment from 7,000 business executives came in strong with a reading of 93.9 and above the expected 92.5. Third quarter manufacturing demand has boosted prospects for growth especially at a time when inventories were allowed to slip. The most significant component of today’s report comes from the 98.9 reading for expectations about the future for the economy. This confirms what we note above that current perceptions reflect buoyancy after the measures aimed at dealing with the stability of the financial sector. While today’s warnings might be necessary to keep a tight rein on the financial sector, it is ultimately beneficial for the ongoing recovery process. The dollar continues to lose ground against the Japanese yen at ¥88.68 with the yen refusing to cede ground against the dollar after as the initial bout of risk aversion appeared to subside. It very much confirms that the dollar’s loss of status is set to continue. The British pound continues to pare earlier losses against the dollar and is up to $1.6583 from an overnight low at $1.6504. Bank of England data shows a modest rise in the number of mortgage approvals while lending to consumers and businesses dropped again. In a quiet Australian session the Aussie dollar came under some selling pressure, reacting quickly to the latest bout of risk aversion as investors continued to lighten the load somewhat on long Aussie positions. At 92.06 U.S. cents the Aussie is firmly off its overnight low of 91.55 cents. Source: IB Follow this link: RISK AVERSION TAKES A BACK SEAT

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(Adds quotes) WASHINGTON, Nov 24 (Reuters) – President Barack Obama told a joint news conference with Indian Prime Minister Manmohan Singh on Tuesday that he was committed to completing a bilateral civil agreement that would open up India’s potential $150 billion market in power plants. “I reaffirmed to the prime minister my administration’s commitment to fully implement the U.S.-India civil nuclear agreement, which will increase American exports and create jobs in both countries,” Obama said after talks with Singh at the White House. Singh echoed those words and welcomed the removal on curbs on U.S. high-tech exports to India. “The lifting of U.S. export controls on high-technology exports to India will open vast opportunities for joint research and development efforts,” he said. The 2005 civil nuclear deal that Singh signed with former U.S. President George W. Bush, ended the long nuclear isolation imposed on India after it tested an atom bomb in 1974. But several issues need to be cleared up before U.S. businesses including General Electric Co ( GE.N ) and Westinghouse Electric Co, a subsidiary of Japan’s Toshiba Corp ( 6502.T ), can compete for billions of dollars in new reactor agreements. India’s parliament has to debate a new law to limit U.S. firms’ liability in case of a nuclear accident. The United States has still not signed a nuclear fuel reprocessing agreement with India. (Editing by Sandra Maler ) ((paul.eckert@reuters.com; +1 202 789-8578; Reuters Messaging: paul.eckert.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more from the original source: UPDATE – US committed to completing India nuclear pact-Obama (at Reuters)

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RBC has calculated that gold-related shares are currently pricing in a long-term gold price of $940, according to a chart highlighted by FTAlphaville . While such excel-model calculations always need to be taken with a grain of salt, by RBC’s numbers Barrick Gold (ABX) appears as relatively under-valued. It would be interesting to see by what model RBC arrives at these valuations. Barrick, for example, doesn’t only produce gold. See the rest here: Get Gold Exposure For Just $940 An Ounce

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After buying into the rally late last year, institutions have been selling into the rally since August according to the latest investor confidence survey from State Street.   At a reading of 100 institutions are no long allocating capital towards equities and have clearly moved to a more defensive posture since late summer.   Investors in Asia have turned decidedly more bearish as institutions reallocate capital from stocks to less risky assets.  The reading of 91.2 in the Asia represents a high level of pessimism regarding the recent move in equities.    This change in risk tolerance has also been evident in the underperformance of small cap stocks compared to large caps . The founders of the index, Ken Froot and Paul O’Connell had these comments on this morning’s reading: “Across all regions, institutional investors are largely treading water; neither increasing nor reducing their aggregate holdings of risky assets,” commented Froot. “However, the aggregate figures mask some country- and region-specific views. This month, for example, institutional investors aggressively pared their holdings in selected markets, such as Australia, while continuing to add to their emerging markets holdings. Overall, investors are displaying some caution about the current level of equity valuations, and a desire to see more evidence of real economic activity and aggregate demand, particularly in the US, before adding to equity exposures.” “European investors displayed some increased optimism this month, but elsewhere the evidence is that investors are in a consolidating mood,” added O’Connell. “There is an awareness that structural issues such as the US current account deficit, the Asian current account surplus, and the long-run decline of manufacturing employment will need time to be worked out. In the interim, governments continue to support demand, but investors have an eye on both the temporary nature of the stimulus, and its impact on the overall debt burden.” The big money is becoming skeptical of the rally. Along with the recent increase in insider selling this data becomes difficult to ignore particularly considering their prescience in allocating capital in late 2008 and early 2009. Original post: INSTITUTIONS TURN NEUTRAL ON THE RALLY, CONFIDENCE FADES

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LONDON, Nov 24 (Reuters) – European shares closed lower on Tuesday after data showed the U.S. economy grew at a slower rate than forecast in the third quarter and home prices in the United States rose less than expected in September. The pan-European FTSEurofirst 300 .FTEU3 index of top shares provisionally closed 0.6 percent lower at 1,017.87 points after rising to a high of 1,025.17 earlier in the session. The index has gained nearly 58 percent since falling to a record low in early March and is up 22 percent for the year. Banks featured among the worst performers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ), UBS ( UBSN.VX ) and Credit Suisse ( CSGN.VX ) were down 1.9 to 3.2 percent. “There has been some mixed economic data and the market has taken a more pessimistic view on it. Wall Street is going down with Europe in pursuit,” said Philippe Gijsels, strategist at Fortis Bank. “The market has been a little bit volatile but that is also probably because volumes are quite low. The U.S. is about to go into its Thanksgiving holiday weekend, so there are big swings in the market and that is what you are typically seeing today.” The U.S. economy grew at a slower pace than forecast in the third quarter, while Standard & Poor’s/Case-Shiller indexes showed home prices rose less than expected in September. [ID:nN23258482] [ID:nN24298560] But, U.S. consumer confidence edged higher in November after an unexpected drop in October, with less consumers expressing doubt about the a worsening jobs market, according to a report. [ID:nN24300840] (Reporting by Joanne Frearson) ((joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Visit link: European shares close lower; U.S. data weighs (at Reuters)

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* Lower U.S. Q3 GDP lifts yen vs dollar * Firmer Ifo helps euro reverse earlier losses * U.S. consumer confidence higher than expected, (Recasts, updates prices, adds comment, U.S. data) By Gertrude Chavez-Dreyfuss NEW YORK, Nov 24 (Reuters) – The yen rose to six-week highs against the dollar on Tuesday, while the greenback climbed versus higher-yielding currencies after economic growth and consumer confidence data suggested a U.S. recovery could be slower and less robust than previously thought. The reports rekindled the safe-haven allure of both the dollar and yen and reduced appetite for riskier assets such as stocks and commodity currencies with higher yields such as the Australian and New Zealand dollars. Data on Tuesday indicated that the U.S. economy in the third quarter grew at a slower pace than previously thought, while a consumer confidence report still pointed to weak labor market sentiment. “The (consumer confidence) breakdown is less encouraging with the main components that broadly track PCE (in coincident fashion) generally weak,” said Alan Ruskin, chief currency strategist at RBS Global Banking and Markets in Stamford, Connecticut. “That includes the present situation numbers, and the labor market indicators that show jobs hard to get remaining at extraordinary high levels…This has…triggered profit-taking on short dollar exposure.” For U.S. consumer confidence report, see [ID:nN24300840]. The dollar fell to session lows against the yen at 88.36 JPY= , the lowest since early October, according to Reuters data. By mid-morning, the dollar was last at 88.44, down 0.6 percent on the day. The euro, meanwhile, was slightly down at $1.4964 EUR= , in choppy trading. Earlier it had gained versus the greenback as firmer-than-expected German sentiment survey offset concerns about the country’s banking sector. The euro, which has become one of the proxies for risk appetite, also had slipped earlier after data showed the U.S. economy grew 2.8 percent, lower than the government’s first estimate of a 3.5 percent growth rate a month ago. The figure was also slightly lower than market forecasts. For GDP data, click on [ID:nN23258482]. “This number is slightly negative for risk appetite because of the downgrade in the personal consumption number. But overall, this is an old number and it should have limited impact going forward,” said Jacob Oubina, senior currency strategist at Forex.com in Bedminster, New Jersey. In line with the market’s diminished market appetite, the Australian dollar fell 0.6 percent to US$0.9180 AUD= , while the New Zealand dollar slid more than 1 percent to US$0.7252 NZD= . (Editing by Diane Craft)) ((gertrude.chavez@thomsonreuters.com; +1 646 223 6322; Reuters Messaging: gertrude.chavez.reuters.com@reuters.net)) The rest is here: FOREX-Yen rises to 6-wk high vs dollar; high-yielders fall (at Reuters)

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TEMPE, Ariz. (AP) — US Airways said Tuesday it will delay delivery of 54 Airbus jets until at least 2013 as it tries to bolster its financial strength. AP – FILE – In this Oct. 26, 2009 file photo, a US Airways plane takes off from Miami International … {”s” : “lcc”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The company said delaying the deliveries will reduce its aircraft capital expenditures over the next three years by $2.5 billion. US Airways instead will take delivery of 28 planes over the next three years, which it called a more manageable pace during an airline industry slump. The carrier has financing in place for those 28 planes, including commitments for $275 million in loans for aircraft it will receive next year. CEO Doug Parker said in a message to employees that the moves will boost the company’s available cash by about $150 million this year and $450 million by the end of 2010. Airline traffic has been weak this year, and several major U.S. carriers have raised cash to get through the slow fall and winter seasons. US Airways, based in Tempe, Ariz., was scheduled to add the Airbus jets over the next three years to replace older jets in the airline’s fleet. Parker said the deferrals will let the company “maintain flexibility in a challenging economic environment.” He said the company would keep its older jets until the new delivery dates, so the move won’t significantly affect the airline’s passenger-carrying capacity. The company also said that Barclays, which provides US Airways’ affinity credit card, eased financial terms of their agreement and will delay repayment of a $200 million advance for 14 months. Barclays advanced the money when it bought frequent-flier miles from the carrier. US Airways lost $125 million in the first nine months of this year on lower revenue, after losing $2.1 billion last year. “The past two years have been exceptionally difficult for our industry and US Airways,” Parker told employees. He said the company was fortunate to have partners willing to help, but “we cannot continue to lose money indefinitely and fund our losses through financing and partner support.” Shares of US Airways rose 8 cents, or 2.6 percent, to $3.18 in morning trading. See the article here: US Airways defers delivery of 54 aircraft (AP)

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WASHINGTON (AFP) – US economic growth in the third quarter was slower than initially estimated, the Commerce Department said Tuesday, cutting its estimate to a 2.8 percent annual pace of expansion. The gross domestic product (GDP) figure was revised down from last month’s estimate of 3.5 percent growth, but was in line with most analyst forecasts, taking into account updated data, notably on consumer spending and trade. Despite the downward revision, the report showed the first expansion for the economy after four straight quarters of contraction, including a 0.7 percent drop in the second quarter. The data from the July-September period show the world’s biggest economy appearing to emerge from its brutal recession, but with less momentum than previously thought. Sal Guatieri, economist at BMO Capital Markets, said the revised figure does little to change the outlook for steady if less than spectacular growth. “We still think the economy will expand at a three percent annual rate in the fourth quarter,” he said. “We’re looking for modest growth in 2010 of about 2.5 percent.” Guatieri said the data showed a larger drawdown in business inventories, which suggests companies will have to produce more in the coming months to boost their stocks of supplies. “Less momentum in consumer spending is offset by a bigger boost from inventories,” he said. The government’s third quarter report showed personal consumption expenditures — the main driver of economic activity — increased 2.9 percent in the quarter, revised down from an estimate last month of 3.4 percent. Even though consumer spending rose, a large portion of that came from the auto sector, with sales boosted by the “cash for clunkers” incentives to trade in older vehicles. The revised figures showed exports of goods and services increased 17.0 percent in the third quarter, but imports grew at a faster pace of 20.8 percent, a factor that hurts GDP. Other segments of the economy remained weak, with business investment down 4.1 percent. But the housing sector emerged from its slump, with residential fixed investment jumping 19.5 percent, in contrast to a plunge of 23.3 percent in the second quarter. The report also showed corporate profits up 130.0 billion dollars in the third quarter. Augustine Faucher at Moody’s Economy.com said this was a jump of 10.6 percent at an annualized rate, and added, “this bodes well for near-term hiring and investment.” Most economists say the US recovery from its worst recession in decades appears to be on track, but could be derailed by rising joblessness. The unemployment rate hit a 26-year high of 10.2 percent in October, with a net loss of 190,000 jobs. Original post: US third quarter growth revised down to 2.8%

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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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GDP 3Q 2009 “Second Estimate” is out and it is 2.8%. But let’s remember – it was 3.5% on the “preliminary” report. That’s a 20% decline. Was that an error, or was that an intentional overstatement to pump the markets and “confidence” in the original “preliminary” estimate? Oh, and cash-for-clunkers?  It was responsible for half of the so-called “advance” in the 3rd quarter (1.45%), it was a one-time deal, and it was and is just more pulled-forward demand. Government expenses?  Up 8.3%.  State and local governments?  They were essentially flat (down 0.1%) The GDP report also claims that real domestic purchases were up 3.5%, but the sales tax report says otherwise. Where did the “error” come from? The second estimate of the third-quarter increase in real GDP is 0.7 percentage point lower, or $23.7 billion, than the advance estimate issued last month, primarily reflecting an upward revision to imports and downward revisions to personal consumption expenditures and to nonresidential fixed investment that were partly offset by an upward revision to exports. Commercial Real Estate and actual personal spending. Both not what they claimed. Gee, such a shock, given the sales tax data from the states. NOT . PS: The claimed numbers are still, in my opinion, BS, as the sales tax numbers from the states do not support the claimed “expansion.” Link: GDP: 20% Miss (Yes, Really)

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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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By Jeannine Aversa, The Associated Press WASHINGTON – The economy grew at a 2.8 per cent pace last quarter, as the recovery got off to a slower start than first thought. The Commerce Department’s new reading on gross domestic product wasn’t as energetic as the 3.5 per cent growth rate for the July-September period estimated just a month ago. The main factors behind the downgrade: consumers didn’t spend as much, commercial construction was weaker and the nation’s trade deficit was more of a drag on growth. Businesses also trimmed more of their stockpiles, another restraining factor. The new reading on GDP, which measures the value of all goods and services produced in the United States – from machinery to manicures – was a tad weaker than the 2.9 per cent growth rate economists surveyed by Thomson Reuters had expected. Still, the good news is that the economy finally started to grow again, after a record four straight losing quarters. The bad news is that the rebound, now and in the months ahead, probably will be lethargic. The worst recession since the 1930s is very likely over, but the economy’s return to good health will take time, Fed officials and economists say. Growth probably won’t be strong enough to quickly drive down the nation’s unemployment rate, currently at 10.2 per cent. It’s only the second time in the post-World War II period that unemployment has topped 10 per cent. Some economists think economic growth will slow to around a 2.5 per cent pace in the current quarter, although others say it could clock in at about 3 per cent if holiday sales are better than expected. Most say they think the economy will weaken again next year, with growth at a pace of around 1 per cent as the impact of the US$787 billion stimulus package fades and consumers keep tightening their belts under the strain of high unemployment and hard-to-get credit. Much of the economy’s return to growth last quarter reflected federal support for spending on homes and cars. But Tuesday’s report shows that some of that spending was a bit less robust than initially thought. Spending on homes and other residential projects soared at an annualized pace of 19.5 per cent last quarter, a little slower than the 23.4 per cent rate first estimated. Spending on big-ticket “durable” goods – including cars – jumped at a pace of 20.1 per cent, down from 22.3 per cent. Even with the downward revisions, it was notable that such spending grew, after falling in the previous quarter. In the third quarter, the popular 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. What’s not clear is whether the recovery can continue after government supports are gone. If consumers clam up, the economy could tip back into recession. President Barack Obama recently cautioned that the economy could suffer a “double dip” downturn. Fed Chairman Ben Bernanke, however, says he doesn’t think that will happen. But last week the Fed chief did warn the recovery faces “important headwinds,” such as tight credit and a weak job market that will make consumers cautious in their spending. Those factors “likely will prevent the expansion from being as robust as we would hope,” Bernanke said. Tuesday’s report showed that overall consumer spending – a major shaper of national economic activity – grew at a pace of 2.9 per cent last quarter. That was down from a 3.4 per cent growth rate first estimated, but still marked the best showing since early 2007. On the business side, companies cut back spending on commercial construction – a weak spot in the economy – at 15.1 per cent annualized pace. That was deeper than the 9 per cent annualized cut back first estimated. Businesses also trimmed stockpiles of goods by $133.4 billion last quarter, slightly more than initially estimated. And the nation’s trade deficit ended up shaving 0.83 percentage point off GDP last quarter, more than first thought. Unlike past rebounds that were driven by the spending of everyday Americans, this one appears to hinge on spending by businesses, foreigners and – until it runs out – the government. In an encouraging note on that front, businesses after-tax profits grew at a 13.4 per cent pace last quarter, up from a 0.9 per cent pace in the prior period, Tuesday’s report showed. In 1980, businesses led an economic recovery. It quickly fizzled, and the economy fell into a severe recession in 1981 and 1982. The unemployment rate climbed to 10.8 per cent, the post-World War II high. The government makes three estimates of economic activity for any given quarter. Each is based on more complete data. Tuesday’s was the second reading of the third-quarter GDP data. The return of economic growth puts the White House in a delicate position: Obama wants to take credit for ending the recession, but unemployment is still causing pain and anxiety nationwide. Millions have yet to feel a benefit from the recovery in the form of a new job or even an easier time getting a simple loan. Even those with jobs are reluctant to go on a spending spree. The values of their homes and 401(k)s have not fully recovered. Some economists think the jobless rate could climb as high as 11 per cent by the middle of next year before making a slow descent. It could take at least four years for the unemployment rate to drop back down to more normal levels. “The best thing we can say about the labour market right now is that it may be getting worse more slowly,” Bernanke said last week. Against that backdrop, Obama said he’s weighing tax breaks that could encourage businesses to hire again. Original post: Economy grows at 2.8 per cent pace in 3rd quarter, rebound slower than first thought

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The WSJ is starting to “get it” when it comes to housing: Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif. …. Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home’s value, the First American report said. More than 520,000 of these borrowers have received a notice of default, according to First American. …. Homeowners in Nevada, Arizona, Florida and California are more likely to be deeply under water, according to the analysis. In Nevada, for example, nearly 30% of borrowers owe 50% or more on their mortgage than their home is worth, said First American. More than 40% of borrowers who took out a mortgage in 2006 — when home prices peaked — are under water. Prices have dropped so much in some parts of the U.S. that some borrowers who took out loans more than five years ago owe more than their home’s value. This is the consequence of making loans that you have no reasonable expectation can and will be paid on the original terms. Folks, this is really quite simple when you distill it all down.  It comes down to the underlying free-market principle of sound lending: The check and balance for both borrowers and lenders against making or taking out bad loans – that is, loans that you will not be able to pay as agreed – is that both lender AND borrower will go bankrupt . The gross injustice in our nation today is that over the last twenty years we have increasingly forced borrowers who take out bad loans to not only go bankrupt but be unable to discharge their debt, so long as they are individuals .  The corporate bankrupt, however, maintain their “corporate veil” and thus can file Chapter 11 – or 7 – with impunity. This is the root of the problems in our economy.  It is the root cause of the credit bubble.  It is the root cause of the housing bubble and the ridiculously-pumped pulled-forward demand curve that is now inexorably collapsing, despite the protests of The Fed, Treasury and The Administration. We will not return to a balanced economy capable of organic growth so long as this imbalance exists.  We are precisely emulating the idiotic and in fact criminally-insane stupidity that was practiced in Japan when their property bubble imploded.  Desperate to protect the politically-connected banking interests that had become entrenched as a result of structural decisions within the Japanese Central Banking system the Japanese government knelt before the banking interests and allowed them to sweep their bad debt under the carpet. But that bad debt constrained lending and business activity, just as it has and is here.  This in turn prevented real economic expansion, just as it is here.  GDP growth was all government spending, but constrained in the ability to tax by weak consumption and pricing power, the government found itself on the business end of a debt ratio spiral – just as we are now here. The root cause in both cases is the concept of “primary dealers” – favored banks that in our case are the “agents” of The Federal Reserve and who deal with The Fed and Treasury in the market for federal debt. By creating these “Super Banks” the government and Fed have put the bank before the nation, and allowed themselves to be led around by the nose – literally.  What other explanation is there for UBS, for example, retaining its banking charter after admitting that it helped Americans intentionally evade taxes?  For Goldman being able to securitize and sell debt – without civil or even criminal consequence as documented in my November 20th Ticker relating to certain “subprime” loans?  For Citibank being bailed out from bankruptcy at least three times (and maybe four?) in the last 20 years? Let’s face reality folks – the “primary dealer” concept and implementation is nothing other than government capture.  It is a scam.  It is a device intended to profit a handful of ultra-large multinational firms at the direct expense of the American People – not just every day as they skim off their margin for “distributing” Treasury debt, but to an even larger degree whenever they decide to ignore the requirements of safe and sound lending and put the entire economy and indeed the government’s viability in jeopardy. This piece of embedded corruption provides cover for criminal conduct (felony tax evasion by American taxpayers) and knowingly unsound lending, with these firms confident that the US Taxpayer will be obligated to bail them out should there be trouble. But in this case the bailout has embedded structural trouble into the system, just as it did in Japan.  And let’s not kid ourselves – all we’ve done when it comes to housing is shift where the risk is. Recent analysis has shown that the FHA’s “AUS TOTAL” decision-making program (computer-based underwriting) has been intentionally calibrated to produce unsustainable loans.  Indeed, as I have documented FHA will provide an “approve” return on DTIs (when one includes the FHA “fudge factors”) as high as 49% of gross income.  This is clearly an unaffordable loan and is reflected in the current FHA delinquency and foreclosure rate which stands, at this point at more than one in five loans . The true ugliness here is that these stats are far worse than they first appear.  Why?  Because more than half of the FHA total loan portfolio has been originated in the last two years. Consider what this default ratio means given the portfolio composition, as there are only two possibilities – either the FHA is intentionally making loans that are defaulting quickly, within the first 24 months, or the older FHA loans are defaulting at an astronomical rate. FHA is less-than-forthcoming when it comes to testimony before Congress on this point, and apparently, Congress has buried its head in the sand as well.  Indeed, we have Congresspeople making statements that making dangerously-unsustainable loans is a “policy” intended to head off housing price declines. But does and will it?  Does giving someone a loan that will foreclose in a year or two actually head off housing declines?  Or does it simply bankrupt more Americans and defer the inevitable house price decline by a short period of time – a year or two at most, perhaps as little as a few months? If the latter then this sort of institutionalized rape of our citizens, this time under explicit Congressional authorization as a matter of “policy”, is in fact nothing more than yet another scam to allow those “primary dealers” (and others) to unload their deeply-underwater and compromised MBS into the government – where they will then detonate, forcing the taxpayer to bear a loss that should have been taken by those who lent money without a reasonable expectation of being paid back on the original terms.   Continue reading here: Housing: Yes, That Was (And Is) A Train Wreck

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Goldman Sachs (GS) is out with a new overview of the hedge fund industry, examining several aspects of what funds are doing. For example, it notes that while hedge funds have generally “re-risked”, they also continue to diversify their holdings. You can see here, for example, that the density of the average hedge fund’s top 10 holdings has been falling all year. As for what they’re buying and holding, here’s a list of the “stocks that matter most” to hedge funds. Pfizer Bank of America Apple Microsoft JPM Citigroup Google Qualcomm Mastercard WMT Cisco Schering-Plough Yahoo Intel EMC Oracle XTO EBAY Pepsi IBM Wells Fargo Transocean Hewlett-Packard CVS-Caremark Visa Morgan Stanley Schlumberger Target Liberty Media Monstanto Thermo Fisher Conocophillips GE Procter & Gamble Anadarko Exxon Freeport-Mcmoran Research in Motion Ford Amgen McDonald’s Johnson & Johnson United Health Barrick Gold Apache Wellpoint Gilead Walgreen Teva Union Pacfic More: Check Out Hedge Funds’ 50 Favorite Stocks

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BRUSSELS (AFP) – Factories in the 16-nation eurozone reported a rise of new orders in September, although more recent data has suggested economic recovery in Europe may be peaking. Industrial new orders compared to August 2009 rose by 1.5 percent in the euro area after a 0.6 percent increase the previous month, according to figures released on Tuesday by the European Union’s statistics agency. However, when the volatile ships, railway and aerospace equipment sectors are stripped out, the increase turned into a decrease of 1.2 percent. New orders for durable consumer goods such as fridges and televisions rose by 1.5 percent in the eurozone, with capital goods orders up 3.7 percent and non-durable consumer goods orders rising 1.5 percent. Across the 27-nation EU as a whole, which includes Britain and Poland, new orders were up 1.7 percent — but only down 0.6 percent when ships, railway and aerospace equipment were taken out of the equation. Overall orders were down by more than 16 percent across the EU compared to one year earlier. Private sector business activity across the eurozone grew at the fastest rate for two years in November, but sent signs that growth may be “peaking,” a survey showed on Monday. Europe officially shook off its deepest downturn since World War II in the third quarter, but with growth lower than expected. Read the original here: Eurozone factory orders rise in September

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LONDON (AFP) – The dollar firmed on Tuesday after recent sharp losses as investors largely stayed on the sidelines ahead of the US Thanksgiving holiday later in the week, dealers said. In late morning trading here, the euro eased to 1.4931 dollars from 1.4963 late in New York on Monday. Against the Japanese currency, the dollar fell to 88.69 yen from 88.97 yen late on Monday. The price of gold eased lower on profit-taking, having struck a record high point of 1,174 dollars per ounce the previous day on the back of a weak greenback. “The (foreign exchange) market is quite dormant,” said Masatsugu Miyata, forex dealer at Hachijuni Bank. The dollar came under pressure on Monday in New York after comments suggesting US authorities may extend emergency stimulus measures, encouraging traders to move into riskier assets such as the euro. Federal Reserve Bank of St. Louis president James Bullard said he would prefer to keep the central bank’s asset-buying programme active beyond its current cut-off date. “We are watching whether the greenback will gain ground this week, but investors will likely stay quiet,” Miyata said, adding that only two trading days remain before the US Thanksgiving holiday on Thursday. The euro found limited support following the publication of strong eurozone data, analysts said. 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. Meanwhile, official data showed Tuesday that factories in the 16-nation eurozone reported a rise of new orders in September, although more recent data has suggested economic recovery in Europe may be peaking. Industrial new orders compared to August 2009 rose by 1.5 percent in the euro area after a 0.6 percent increase the previous month, according to figures released on Tuesday by the European Union’s statistics agency. In London on Tuesday, the euro was changing hands at 1.4931 dollars against 1.4963 dollars late on Monday, at 132.43 yen (133.14), 0.9046 pounds (0.9009) and 1.5113 Swiss francs (1.5111). The dollar stood at 88.69 yen (88.97) and 1.0122 Swiss francs (1.0096). The pound was at 1.6501 dollars (1.6604). On the London Bullion Market, the price of gold dipped to 1,168.02 dollars an ounce from 1,169.50 dollars an ounce late on Monday. Read more from the original source: Dollar claws back ground against euro

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DUBLIN–(BUSINESS WIRE)– Research and Markets ( http://www.researchandmarkets.com/research/026a1f/analyzing_the_rene ) has announced the addition of the “ Analyzing the Renewable Energy Industry in Australia ” report to their offering. Renewable energy effectively uses natural resources such as sunlight, wind, rain, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, hydroelectricity/micro hydro, biomass and biofuels for transportation. In 2006, about 18% of global final energy consumption came from renewables, with 13% coming from traditional biomass, like wood-burning. Hydropower was the next largest renewable source, providing three percent, followed by hot water/heating which contributed 1.3%. Modern technologies, such as geothermal, wind, solar, and ocean energy together provided some 0.8% of final energy consumption. The technical potential for their use is very large, exceeding all other readily available sources. Renewable energy technologies are sometimes criticized for being unreliable or unsightly, yet the market is growing for many forms of renewable energy. Wind power has a worldwide installed capacity of 74,223 MW and is widely used in several European countries and the USA. The manufacturing output of the photovoltaics industry reached more than 2,000 MW per year in 2006, and PV power plants are particularly popular in Germany. Renewable energy is an essential part of Australia’s low emissions energy mix and is important to Australia’s energy security. It plays a strong role in reducing Australia’s greenhouse gas emissions and helping Australia stay on track to meet its Kyoto target and beyond. Australian Government support for renewable energy assists industry development, reduces barriers to the national electricity market, and provides community access to renewable energy. This report gives an in-depth analysis of the Australian renewable energy industry. In its research report – Analyzing the renewable Energy Industry in Australia – Aruvian takes a look at this superbly charged industry which is growing at a breakneck speed in Australia. Starting off with a basic overview of the global energy industry, research by Aruvian focuses on the global renewable energy industry. A market profile, global market capacity, market-wise analysis, GHG emissions, challenges facing the development of the renewable energy market worldwide is all analyzed in this section. Following on from this, a section is dedicated to analyzing the global policies which have been essential in promoting the development of renewable energy in the world. Policies analyzed in this section include the US Public Utility Regulatory Policies Act (PURPA) of 1978, policies related to cost reduction, renewable energy certificates, transportation of biofuels, amongst others. Case studies from the global renewable energy industry focus on the market developments in China, India, the Philippines, Malaysia, Thailand, Denmark, and Japan. Research then moves on to an analysis of the Australian energy sector, following on to the actual analysis of the Australian renewable energy industry. From here onwards, this highly comprehensive research report includes data on the following (among others): Market structure of the Australian Renewable Energy Industry Current government policies shaping the Australian Renewable Energy Industry such as the MRET, the PVRP, the REEF, etc. Importance of Australia’s Renewable Energy Industry is looked at in details. A market-wise analysis of the various renewable sectors in Australia including hydroelectricity, wind energy, solar PV, solar concentrators, tidal & wave energy, geothermal energy, bioenergy, nuclear power, clean coal and natural gas technologies. A section is dedicated to analyzing GHG Emissions in Australia, and the role of the Emissions Phase Path. Cost analysis of renewable energy in Australia has been carried out in a sector-wise format. Australia’s renewable energy certificate system has been analyzed. Special market analysis includes an analysis of wind power and solar power in Australia. Major wind farms and solar power projects have been researched upon. Analysis of renewable energy market developments has been carried out for the major states of Australia, namely Victoria, Tasmania, New South Wales, Queensland, and Western Australia. A comprehensive future perspective sums up the developments in the Australian renewable energy industry With an analysis of 38 industry players, this report is an all-encompassing knowledge bank on the Australian Renewable Energy Industry. Key Topics Covered: Executive Summary A Look at the Global Energy Industry Industry Profile Global Energy Consumption Global Petroleum Markets Global Natural Gas Markets Global Electricity Markets Global Coal Market Industry Outlook A Look at the Global Renewable Energy Industry Introduction & Market Profile Global Market Capacity Wind Energy Market Analysis Solar PV Market Analysis Global Solar Water Heaters Market Analysis Small & Large-Scale Hydroelectricity Need for Stability in GHG Emissions Common Barriers to Renewable Energy Analyzing the Global Policies Promoting Development of Renewable Energy US Public Utility Regulatory Policies Act (PURPA) of 1978 Electricity Feed-In Laws Competitively Bid Renewable Resource Obligations Renewable Energy Portfolio Standards (RPS) Renewable Energy Certificates Cost Reduction Policies Public Benefit Funds Market Infrastructure Policies Net Metering Transport Biofuels Policies Emissions Trading Policies Renewable Energy Targets Global Renewable Energy Industry Case Studies Renewable Energy in China Renewable Energy in India Renewable Energy in the Philippines Renewable Energy in Malaysia Renewable Energy in Thailand Wind Energy in Denmark Solar Photovoltaic Manufacturing in Japan Introduction to the Australian Energy Sector Market Profile & Introduction Primary Energy Consumption by Sector Changing Fuel Consumption Patterns Snapshot of Australia’s Renewable Energy Industries Australia’s Participation in the Kyoto Protocol Emerging Policies on Renewable Energy Impact on Business Analyzing the Australian Renewable Energy Industry Introduction Structure of Australia’s Renewable Energy Industry Historical Perspective of the Industry Present-Day Government Policies Outcomes & Future Results of Government Policies How will the Government Policies Impact the Future for the Renewable Energy Industry Importance of the Australian Renewable Energy Industry Role of Renewables in Electricity Markets Contribution of the Renewable Energy Industry to the Economy Role in the Generation Sector Role in the Manufacturing Sector The Future of Renewable Energy Manufacturing in Australia Role in the Services Sector Investment in the Renewable Energy Industry Analyzing the Various Renewable Energy Markets in Australia Hydroelectricity Wind Energy Solar Photovoltaics Solar Concentrators Tidal and Wave Energy Geothermal Energy Bioenergy Nuclear Energy Clean Coal & Natural Gas Technologies Focus on GHG Emissions in Australia Australia’s GHG Emissions – Emissions Phase Path Dealing with GHG Emissions Analyzing the Cost of Renewable Energy in Australia Looking at the Renewable Energy Projects Database Estimating Cost Reduction Opportunities Cost Estimates for All Technologies Total Cost Envelope Regulatory Framework Analyzing Australia’s Renewable Energy Certificate System Introduction & History Objectives of the Renewable Energy (Electricity) Act Understanding the Legal Framework Trading Renewable Energy Certificates Analyzing the Act’s Operational Period Trading in the Market Conclusion Analyzing Wind Power in Australia Market Profile Looking at Installed & Proposed Capacity by State Efficiency Analysis of Wind Turbines in Australia Competitiveness of Wind Power Environmental Impact Analyzing the Politics Impacting Wind Power Wind Power & Electricity Grids Challenges & Limitations of Wind Power in Australia Analyzing Wind Power in South Australia Market Profile Historical Background Technical Consideration for South Australian Wind Farms Future of the Industry Analyzing the Major Wind Farms in Australia Albany Wind Farm, Western Australia Alinta Wind Farm, Western Australia Bald Hills Wind Farm Blayney Wind Farm, New South Wales Canunda Wind Farm, South Australia Cathedral Rocks Wind Farm, South Australia Challicum Hills Wind Farm, Victoria Codrington Wind Farm, Victoria Crookwell Wind Farm, New South Wales Emu Downs Wind Farm, Western Australia Hampton Wind Park, New South Wales Huxley Hill Wind Farm, Tasmania Mount Millar Wind Farm, South Australia Starfish Hill Wind Farm, South Australia Ten Mile Lagoon Wind Farm, Western Australia Toora Wind Farm, Victoria Wattle Point Wind Farm, South Australia Windy Hill Wind Farm, Queensland Wonthaggi Wind Farm, Victoria Woolnorth Wind Farm, Tasmania Analyzing Solar Power in Australia Market Profile Projects by State Major Solar Power Plants Case Studies Analyzing Renewable Energy Market Developments in Victoria Analyzing Renewable Energy Market Developments in Tasmania Analyzing Renewable Energy Market Developments in New South Wales Analyzing Renewable Energy Market Developments in Queensland Analyzing Renewable Energy Market Developments in Western Australia Future Perspective for the Australian Renewable Energy Industry Outlook for the Domestic Market Outlook for Export Markets Leading Industry Contributors AGL Energy Limited Acciona Energy Alinta Alstom Australian Power & Water Babcock & Brown BP Power Burns & Roe Worle Conergy CSIRO CSR Delta Energy Energetech Energreen Winds Entech Eraring Energy Geodynamics Global Sustainable Energy Solutions Green Pacific Energy Hampton Wind Park Company Hydro Tasmania Keppel Prince Meridian Energy Pacific Hydro Renewable Power Ventures Roaring 40s Sinclair Knight Merz SMEC Snowy Hydro Stanwell Corporation Suzlon Energy Australia Pty. Ltd Tarong Energy Taurus Energy TrustPower URS Australia Vestas Western Power Corp Wind Prospect Appendix Glossary of Terms For more information visit http://www.researchandmarkets.com/research/026a1f/analyzing_the_rene Here is the original post: Research and Markets: Analyzing the Renewable Energy Industry in Australia (Business Wire)

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Research and Markets: Analyzing the Renewable Energy Industry in Australia (Business Wire)

BERLIN (AFP) – General Motors has repaid the 1.5 billion euros (2.2 billion dollars) in bridging loans it received from Germany to keep its troubled European unit Opel afloat, Chancellor Angela Merkel said on Tuesday. “I can tell you that the last funds (received by) General Motors have been paid back, which means that the Opel operation has not cost the German taxpayer a cent,” Merkel said in a speech in Berlin. She added that she expected “a comprehensive thank-you letter from General Motors in a few years.” And she defended her decision to offer the huge loan to the US firm, saying: “It was absolutely right … to build a bridge.” GM agreed in September to sell a majority stake in Opel, which includes Vauxhall in Britain, to Canadian auto parts maker Magna and Russian state-owned lender Sberbank. But it has since decided that it wants to keep the loss-making unit and restructure itself, with the loss of around 10,000 jobs across Europe. It has not yet said where the jobs will be cut and which plants will be closed. The news infuriated Germany and Merkel, who had invested a lot of political capital in the deal with Magna-Sberbank. Earlier Tuesday, GM Europe head Nick Reilly said the firm expected to keep open its plant in Bochum in western Germany. The plant, employing almost 5,200 people near Essen will remain “an important location in the future,” Reilly said after talks with the premier of the German state of North Rhine-Westphalia where the site is located. Astra and Zafira cars are assembled at the plant, which also makes axles and gearboxes, according to Opel’s website. It is one of four Opel plants in Germany, employing between them around 25,000 people, half the European total. Read the r est here: GM has paid back Opel loans to Germany: Merkel

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‘Tis the season to take cheap shots at other pundits, it would seem. Let’s see. You’ve got Peter Schiff and Niall Ferguson vs. Roubini . You’ve got David Rosenberg throwing haymakers at cheery Jim Paulsen. And you’ve got Raymond Jamess strategist Jeff Saut, who in his latest letter wrote: The call for this week: As the S&P 500 traded out to new reaction “highs” in the first part of last week we heard a cacophony of crybabies. First was Meredith Whiney, banking analyst now turned strategist, who stated, “I have not been this bearish in over a year!” One-upping her was Nouriel Roubini who exclaimed, “The worst is yet to come.” Then there was Timothy Geithner’s statement that, “I can’t take responsibility for the legacy of crises you (read: Republicans) bequeathed the country.” While I think Tim Geithner has done a really good job, excuse me Mr. Secretary but wasn’t it you that resided over NY Fed as President from 2003 through January 2009, which also brings the privilege of being Vice-Chairman of the FOMC? Accordingly, it was you who served as regulator of the country’s large financial institutions. Thus, it was on your watch that the big banks ran amok. Despite such cantankerous cries, we have indeed entered the strongest seasonality of the year and we remain constructive. As the sagacious Bespoke Investment Group writes, “Since 1941, the Dow has averaged a gain of 0.50% in the week before Thanksgiving.” That said, we would not like to see the S&P 500 break below 1083. And speaking of breaking down, the Japanese stock market is breaking down and we are close to “uncle points” on those recommendations. View original post here: Saut: Market Keeps Pushing Higher Despite A “Cacophany Of Crybabies”

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ZURICH, SWITZERLAND–(Marketwire – 11/24/09) – DataCert, Inc ., the leading global provider of legal operations management solutions, hosted an IP Focus Group on November 17 in Basel, Switzerland. This event, which featured presentations by industry leaders from IBM (NYSE: IBM – News ), Honeywell (NYSE: HON – News ), and IS Information Service GmbH , a Thomson Reuters Company, provided an opportunity for DataCert customers to share best practices for managing intellectual property and legal department operations. “DataCert has a demonstrated history of delivering solutions based on our extensive IP expertise,” said Rajitha Boer, vice president/director, EMEA business development. “We have found that our clients really appreciate the opportunity a forum such as this IP Focus Group provides to network and learn from their peers.” This focus group included presentations on IP management best practices and trends, DataCert’s global strategy, budgeting best practices, and how technology enables a successful alternative fee arrangements strategy. In addition, IBM and Honeywell provided an overview of lessons learned from their e-billing implementations, how to optimise the value of e-billing data and how to strategically manage IP vendors and law firms. Presentations were followed by a roundtable discussion of these topics. The featured speakers for this forum included: – David Bain, Associate General Counsel, DataCert, Inc. – Art Haviland, Project Manager, Intellectual Property Systems, IBM – David Hoiriis, Associate General Counsel & Chief IP Counsel, Honeywell – Dr. Reinhard Reck, Managing Director, IS Information Service GmbH About DataCert, Inc. DataCert is the premier global provider of legal operations management solutions, including legal spend, intellectual property, and matter management software and services. Corporate legal departments trust DataCert solutions to manage, analyse, and optimise their legal operations. DataCert has law firm, vendor, and agent connections in more than 150 countries and its customers include 71 Fortune� 500 corporations, 53 Global Fortune� 500 corporations, and 100% of the AmLaw 200. Visit www.datacerteurope.com for more information and follow us on Twitter for real-time updates http://twitter.com/DataCert . About Honeywell Honeywell International is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com . About IBM For more information, please visit www.ibm.com . About IS Information Service GmbH IS Information Service GmbH, a Thomson Reuters company, provides highly specialised IP software tools and services. Founded in 1983 and headquartered in Freiburg, Germany, the company supports European corporations and law firms in the installation and adoption of portfolio management systems. For more information, please visit http://www.is-fr.com/index.htm . More: DataCert Hosts IP Focus Group in Basel, Switzerland (Marketwire)

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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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* FTSE down 0.6 percent * Banks down as risk wanes; Lloyds up on rights issue * Mining, energy stocks gain as commodity prices fall * Some defensives rally By David Brett LONDON, Nov 24 (Reuters) – Britain’s top share index shed 0.6 percent early on Tuesday as waning risk appetite hit banks, and commodities weakened as the dollar stabilised, while some defensives gained. At 0911 GMT the FTSE 100 index .FTSE was down 28.94 points at 5,326.56, having finished up 104.09 points, or 2 percent on Monday recording its biggest one-day percentage rise in more than six weeks. The UK blue chip index is up 20.8 percent this year and has soared more than 50 percent since touching a six-year trough in March, but remains 1.1 percent off levels prior to Lehman Brothers’ collapse. “It’s pleasing to see a little bit of red on the boards. The market’s eurphoria of late has been hard to comprehend and it has gone a little too far ahead of itself,” said Howard Wheeldon, strategist at BGC Partners. “The market has been a bit mixed up of late and it’s a case of who do we actually follow? Traditionally it has been the U.S. but we’re going in different directions at the moment and equity markets have to adjust to that.” London shares tracked losses in Asia where stocks slipped back as the dollar stabilised and investors took a breather after recent gains, with China suffering its biggest one-day fall in nearly three months. Banks were the biggest fallers as investors preferred defensively perceived issues. Europe’s biggest bank HSBC ( HSBA.L ) and Standard Chartered ( STAN.L ) led the falls down 1.9 and 2 percent respectively, while Royal Bank of Scotland ( RBS.L ) and Barclays ( BARC.L ) slipped 0.1 and 0.5 percent each. Lloyds Banking Group ( LLOY.L ) bucked the trend, rising 1.2 percent after it priced its record 13.5 billion pound ($22.4 billion) rights issue at 37 pence per share, a smaller than expected discount, as it battles to escape a costly state-backed insurance scheme for bad debts. Miners retreated as metals prices pared Monday’s gains, impacted by a stabilising dollar against a basket of currencies, with gold XAU= slipping back from historic highs.  Continued… Read more from the original source: FTSE falls on risk aversion; banks, commods hit (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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* Euro down 0.4 pct at $1.4905 EUR= * Upside for euro/dollar heavy above $1.5000 * German Q3 GDP unchanged; eyes on German Ifo * Fed to release Nov meeting minutes By Tamawa Desai LONDON, Nov 24 (Reuters) – The dollar was broadly higher on Tuesday as investors sold currencies associated with risk on concerns about the banking system while looking ahead to data on the outlook for economic growth. The euro fell 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] Some traders also cited a report published on Monday from U.S. ratings firm Standard and Poor’s, which raised concerns about the health of some major banks. [ID:nGEE5AM11I] Data on Tuesday showed Germany’s economy grew 0.7 percent in the third quarter, unchanged from a preliminary estimate. Markets awaited the key German Ifo sentiment data, due at 0900 GMT and expected to show a modest improvement. “The Ifo data will be the focus, and it should be consistent with a gradual improvement in the German economy, but even then it should have a limited impact on the euro,” said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ. “Rallies on risk assets are showing diminishing returns, and major currencies are looking stretched against the dollar.” Asian shares were in the red on Tuesday, with the Nikkei average .N225 down 0.8 percent after a higher close on Wall Street on Monday. European shares .FTEU3 and S&P futures SPc1 were also slightly down. At 0824 GMT, the euro was down 0.4 percent on the day at $1.4905. It hit a one-week high of $1.5001 on Monday. Traders cited options with a strike price of $1.5000 and $1.5050 set to expire later in the day.  Continued… Visit link: FOREX-Dollar rises, euro hurt on bank worries, eye data (at Reuters)

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BRUSSELS (AP) — European Union antitrust regulators on Tuesday dropped a two-year monopoly abuse probe into wireless chip maker Qualcomm Inc., saying they have to focus their priorities elsewhere. The European Commission said the companies that had complained about the royalty fees San Diego-based Qualcomm charged for key third-generation cell phone patents are now withdrawing their allegations. Broadcom Corp., NEC Corp., Nokia Corp., LM Ericsson, Panasonic Mobile Communications and Texas Instruments Inc. had claimed that Qualcomm broke agreements among patent holders to keep costs at reasonable levels. The EU’s executive said it was still concerned about how technology was priced after it was adopted as an industry standard but could not commit the time or resources to “complex” assessments. “Any antitrust enforcer has to be careful about overturning commercial agreements,” it said in a statement. “The commission does not consider it appropriate to invest further resources in this case.” Read the original here: EU drops Qualcomm antitrust probe (AP)

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(For more on Afghanistan, click on [nAFPAK]) * Holds final meeting with top advisers * Obama has information he needs to decide on troops -aide By Steve Holland WASHINGTON, Nov 24 (Reuters) – President Barack Obama held a final strategy session with top aides on whether to send more U.S. troops to Afghanistan and plans to announce his decision within days, the White House said. The session in the Situation Room on Monday with officials including Vice President Joe Biden, Secretary of State Hillary Clinton and Defense Secretary Robert Gates marked the ninth such meeting. Obama is nearing a decision on whether to add as many as 40,000 troops to an eight-year-old war that began after the Sept. 11 attacks and has begun to try the patience of Americans. “After completing a rigorous final meeting, President Obama has the information he wants and needs to make his decision and he will announce that decision within days,” White House spokesman Robert Gibbs said in an email. Obama’s announcement is widely expected to come before a NATO meeting on Dec. 7 in Europe in which alliance members could agree to send thousands of additional trainers. There are about 110,000 foreign troops, including 68,000 U.S. soldiers, in Afghanistan fighting Taliban insurgents. Obama has been reviewing war strategy in Afghanistan for the past two months after Army General Stanley McChrystal, the top U.S. commander there, said in a report that conditions were deteriorating and 40,000 additional troops were needed as the minimum to quell the insurgency. AMERICANS DIVIDED Obama’s top national security advisers, including Gates and Admiral Mike Mullen, chairman of the Joint Chiefs of Staff, are believed to have rallied around options that would send 30,000 to 40,000 more troops and trainers. Obama faces conflicting pressures on Afghanistan. Americans are divided about whether to send more troops. Republicans in Congress insist more troops are needed to prevent a Taliban resurgence, while his fellow Democrats in general would like to see the United States find a way out of Afghanistan. Two veteran Democratic lawmakers have called for imposing a “war tax” to pay for a troop increase. The two are David Obey, chairman of the House of Representatives Appropriations Committee, and Carl Levin, chairman of the Senate Armed Services Committee.  Continued… Continued here: Obama to announce Afghanistan decision within days (at Reuters)

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Jeff Saut, Chief Investment Strategist at Raymond James, is unwavering in his year-end rally beliefs.   Like JP Morgan, the prescient strategist believes investment managers will continue to play catch-up and will subsequently buy any dips and chase the upside.  In his latest missive Saut says: “we think the upside should continue to be driven by ‘game theory,’ which suggests that the under-invested institutional portfolio managers have to buy stocks into year-end driven by their under-performance, their subsequent ‘bonus risk’, and ultimately their ‘job risk.’ Verily, many of the portfolio managers we know remain under extreme pressure to commit their outsized cash positions in an attempt to ‘catch up’ to their benchmarks between now and year-end (see the nearby Credit Suisse institutional cash versus retail cash on the sidelines chart).” He also isn’t buying all the fearmongering that was going on at the end of last week when Meredith Whitney proclaimed her questionably “new” bearish stance and Nouriel Roubini reaffirmed his bearish stance: “As the S&P 500 traded out to new reaction ‘highs’ in the first part of last week we heard a cacophony of crybabies. First was Meredith Whiney, banking analyst now turned strategist, who stated, ‘I have not been this bearish in over a year!’ One-upping her was Nouriel Roubini who exclaimed, ‘The worst is yet to come’….Despite such cantankerous cries, we have indeed entered the strongest seasonality of the year and we remain constructive. As the sagacious Bespoke Investment Group writes, “Since 1941, the Dow has averaged a gain of 0.50% in the week before Thanksgiving.” That said, we would not like to see the S&P 500 break below 1083. And speaking of breaking down, the Japanese stock market is breaking down and we are close to ‘uncle points’ on those recommendations.” How does Saut recommend playing the year-end rally?  Saut has been mindful of the recent divergence between large caps and small caps .  He believes the trend will continue as breadth narrows and investors reallocate capital from the best performers to a bit of more defensive posture.  This means large caps will outperform. In particular, he likes pharma stocks: we continue to think the improving fundamentals, and earnings, will serve as the “carrot in front of the horse” to keep investors chasing stocks even if we do get a near-term pullback. That said, we expect the breadth of the rally to narrow, which is why we have been favoring large caps (hopefully with dividends) versus small caps for the past few months. Big cap pharma is of particular interest to us. Worth noting is that in Friday’s Fade many of the pharmaceutical stocks rallied, potentially telegraphing that the hastily conceived healthcare bill is not going to pass. See the original post here: JEFF SAUT: THE RALLY WILL CONTINUE INTO YEAR-END

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(Reuters) – Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc (NYSE: AIG – News ) for 2010, the Wall Street Journal reported, citing people familiar with the matter. The officials believe very severe curbs could harm the insurer and eventually the taxpayers, according to the paper. AIG, which has received up to $180 billion of federal aid, including more than $80 billion in loans, is 80 percent-owned by U.S. taxpayers. Last month, Feinberg slashed compensation for top earners at seven bailed-out companies including AIG for the final two months of the year. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Dan Lalor) See the rest here: U.S. officials press Feinberg to ease AIG curbs: report (Reuters)

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SEATTLE, Nov. 24 /PRNewswire-FirstCall/ — Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) management will present at the 21st Annual Piper Jaffray Health Care Conference. The conference will be held December 1-2, 2009, at the New York Palace Hotel. CTI will present on Tuesday, December 1 at 11:00 a.m. Eastern Time in Holmes 1 (4th Floor). A live audio webcast of CTI’s presentation will be available at www.celltherapeutics.com , and it will also be available for replay afterwards. Piper Jaffray Health Care Conference New York Palace Hotel, Holmes 1 (4th Floor) CTI Presentation: Tuesday, December 1, 2009 11:00 a.m. Eastern /5:00 p.m. Central European /8:00 a.m. Pacific Audio webcast at www.celltherapeutics.com Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 F: 206.272.4434 E: deramian@ctiseattle.com www.celltherapeutics.com/press_room Investors Contact: Ed Bell T: 206.272.4345 Lindsey Jesch Logan T: 206.272.4347 F: 206.272.4434 E: invest@ctiseattle.com www.celltherapeutics.com/investors Read more: Cell Therapeutics, Inc. (CTI) to Present at 21st Annual Piper Jaffray Health Care Conference (PR Newswire)

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SINGAPORE (AP) — Oil hovered below $78 a barrel Tuesday in Asia amid mixed signs about the global economy and crude demand. Benchmark crude for January delivery was up 16 cents to $77.72 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 9 cents to settle at $77.56 on Monday. Investor optimism was buoyed by a report Monday from the National Association of Realtors that October home sales rose more than 10 percent, suggesting strength in the U.S. economy. But crude refiner Valero Energy said it shut down a plant last week because demand for oil products such as gasoline has been weak. Crude has bounced between $76 a barrel and $82 for more than a month as a weakening dollar offsets concerns about tepid consumer demand. Oil often trades inversely to the strength of the dollar as investors buy commodities as a hedge against inflation. Societe Generale said weakness in the dollar and expectations of higher inflation have provided for a floor for the oil price, limiting losses. “The ceiling has been set by weak refining margins, lackluster demand and a global economic recovery that is expected to be sluggish,” it said in a report. In other Nymex trading, heating oil was steady at $1.98 a gallon. Gasoline for December delivery held at $1.98 a gallon. Natural gas for December delivery was little changed at $4.47 per 1,000 cubic feet. In London, Brent crude for January delivery rose 20 cents to $77.66 on the ICE Futures exchange. Original post: Oil hovers below $78 as traders eye dollar, demand (AP)

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The world’s largest defense contractor, Lockheed Martin ( LMT ) is expected to bring in sales of more than $45 billion this year. Yet the whole company sells for about $29 billion. The low price is likely owed to two worries. First, like many companies with pension plans, Lockheed must make large contributions to offset last year’s market losses, Management expects to contribute $1 billion this year and $1.4 billion next year, up from $109 million contributed in 2008. But the stock market’s rebound this year might have reduced Lockheed’s pension shortfall, and in any case, more money set aside today means less that will be needed tomorrow. Second, the federal government is overspending its tax receipts by a margin that seems unsustainable, making cuts to discretionary spending, including on defense, necessary. But Lockheed brass sees sales increasing by 4% to 5% in each of the next three years. Perhaps the bosses are too bullish, but shares at 10 times earnings seem amply cheap. Go here to see the original: 3 Stocks Priced 50% Below the Market

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By Susan Fenton Reuters – Investors play cards in front of an electronic screen showing stock information at a brokerage house in Taiyuan, … {”s” : “^axjo,^dji,^n225″,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} HONG KONG (Reuters) – The dollar stabilized in early trade on Tuesday after losing ground in New York, while Asian shares slipped as investors shrugged off upbeat U.S. home sale data and took a breather after recent gains. The dollar ( ^DXY – News ) recovered ground as investors in Asia grew more cautious ahead of a string of U.S. economic data this week and the start of the Christmas shopping season on Friday after the U.S. Thanksgiving holiday, which will be a key test of consumer confidence. The dollar ( ^DXY – News ) was up 0.2 percent against a basket of major currencies after falling in New York where the market took comments by U.S. Federal Reserve official James Bullard on Sunday as further evidence the U.S. would maintain its very low interest rate policy for some time. Dealers in Tokyo said some investors on Tuesday were closing dollar short-positions ahead of the Thanksgiving holiday. Asian shares slid despite a solid performance on Wall Street, where the Dow Jones (DJI: ^DJI – News ) rose 1.3 percent as data showed existing home sales reached their highest level in two-and-a-half years. The MSCI index of Asia Pacific stocks traded outside Japan ( ^MIAPJ0000PUS – News ) was down 0.4 percent but it has already rallied 66 percent this year, leading some investors to question whether economic data is strong enough to justify further gains at this stage. Revised third-quarter U.S. GDP data and a U.S. consumer confidence report later on Tuesday will give more clues on the strength of the world’s largest economy. Sales at U.S. retailers on Friday after the holiday could yield vital clues to the recovery power of American consumers, whose spending accounts for more than two-thirds of the economy. They could also signal whether Asian exporters can expect a rush of late orders before Christmas. The Thomson Reuters index of regional shares ( ^TRXFLDAXPU – News ) was virtually unchanged. “It’s a day-to-day situation. Any snippets of good news are well received here, but the gains are not necessarily sustained,” said David Spry, research manager at F.W. Holst in Australia, where the main stock index (ASX: ^AXJO – News ) slipped 0.2 percent. “The market has anticipated a fair bit already and we haven’t got much to show for it yet, results don’t come out till February next year,” he said, referring to the next corporate profit reporting season. JAL HITS RECORD LOW Japan’s Nikkei index (Osaka: ^N225 – News ) dipped 0.5 percent as a firm yen hit shares of exporters and investors worried about the economy. Finance Minister Hirohisa Fujii said Japanese demand was weak and fiscal policy alone could not revive it, putting pressure on the Bank of Japan to respond to deflation. Japan Airlines (Tokyo:9205.T – News ) tumbled 7 percent, hitting a record low at one point, on fears the struggling carrier could face bankruptcy and on news that trading house Mitsui & Co (Tokyo:8031.T – News ) had sold its entire stake in the firm. As the dollar steadied, gold retreated to $1,165.20 after hitting a new record high at $1,173.50 on Monday. Oil prices were little changed at around $77.50 a barrel ahead of a weekly inventory report due later from the American Petroleum Institute. “The market is basically in a holding pattern, awaiting more data,” said Peter McGuire, managing director of Commodity Warrants Australia. Growing jitters over looming monthly economic data in South Korea sent Korean government bonds lower and the five-year government bond yield rose three basis points to 4.83 percent. (Additional reporting by Victoria Thieberger in MELBOURNE and Jennifer Tan in SINGAPORE; Editing by Kim Coghill) Visit link: Dollar stabilizes, Asia shares slip (Reuters)

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