Early this week, Vale (VALE) acquired Corumbá iron ore mining operations from Rio Tinto Plc (RTP) for $750 million in cash. It was the part of a larger transaction that included the sale of a potash project and certain exploration assets in Canada . The potash deal closed in February for $850 million. Management is expected to benefit from potential synergies, through augmented asset and portfolio flexibility, lower administrative and logistics costs and rationalization of the use of reserves. Companhia Vale do Rio Doce is benefiting from a series of acquisitions. Recently, the company spent US$922 million for acquiring potash assets in Argentina and coal assets in Colombia , in line with the company’s strategic focus. The company also announced the signing of a memorandum of understanding along with Companhia Siderurgica do Pecem (CSP), the state ...

US Bancorp (USB) on Friday said it will start accepting California state-issued IOUs or registered warrants from customers as deposit from Sept. 8. It will receive IOUs till the close of business on Friday, Oct. 9 and credit interest owed on the IOUs to customers’ accounts within 30 days of the deposit.

The IOUs will only be accepted into accounts opened before Aug. 31, 2009 and third-party registered warrants will not be accepted. This accommodation for clients will not include correspondent banks, money service businesses or any client engaged in purchasing or consolidating registered warrants for deposit. The bank will also advise customers on redeeming the papers directly with the State Treasurer’s Office.

Last week, Bank of America (BAC) and Wells Fargo (WFC) said they will also start accepting the warrants, after discontinuing the practice in early July. These actions by three major banks would make

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Bank of America Corporation (BAC) and Wells Fargo & Co. (WFC) said on Wednesday that they will start accepting California state-issued IOUs from customers as deposit, which both banks had stopped accepting in early July. According to the State Treasurer, these actions by Bank of America and Wells Fargo would make it easier for many people and businesses to deposit IOUs. To conserve declining cash during its recent budget crisis, the state had issued the IOUs, or registered warrants, in July at a coupon rate of 3.75%. California started issuing IOUs to taxpayers, vendors and local governments on July 2. Through Monday, the state had issued 457,238 IOUs totaling more than $2.37 billion. Banks, which had first refused to take part in the delayed payouts, began to participate once California assured that it would start redeeming the warrants earlier than anticipated. Wells Fargo ...

During the period of September 21-23, California plans to sell $10.5 billion of so-called revenue anticipation notes (RANs) to raise money for the state government's cash-flow needs and repay its $1.5 billion loan from JPMorgan Chase & Co. (JPM). Last week, JPMorgan purchased $1.5 billion of California’s short-term, “interim" revenue anticipation notes according to a lending agreement with the state. The amount was provided to the state to help it pay some of its recently issued IOUs during the budget crisis. To conserve declining cash during its recent budget crisis, the state had issued the IOUs at an interest rate of 3.75%. Per the contract, California will pay 3% interest to JPMorgan on those notes. The new RANs will mature next spring. The securities will be lucrative to individual investors as the notes should offer higher returns than money market funds and other short-term accounts....

California State Treasurer, Bill Lockyer, said on Thursday that JPMorgan Chase & Co. (JPM) purchased $1.5 billion of California’s short-term, “interim" revenue anticipation notes according to a lending agreement with the state. The amount will provide the state with money to pay for some of its recently issued IOUs.   To conserve declining cash during its recent budget crisis, the state had issued the IOUs at an interest rate of 3.75%. Per the contract, California will pay 3% interest to JPMorgan on those notes.   The loan is expected to help bolster the California government's financial position as it prepares for a multi-billion dollar sale of short-term debt next month to raise money for its cash-flow needs.   Through Aug 25, California has issued 414,000 of the IOUs with a total value of $2.3 billion. The state is scheduled to redeem the IOUs beginning Sept 4, 2009.  ...

PennyOmega.com Short Highlights Before the Bell!

PennyOmega.com Short Highlights Before The Bell!

PennyOmega.com Stocks Upgraded, Downgraded and Short Highlights Before the Bell Tuesday August 25, 2009

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Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that Walmart (NYSE: WMT) has implemented the CheckFreePayTM service from Fiserv, enabling customers to pay bills in person at all Walmart locations in the United States. Using the CheckFreePay service, customers can pay household bills, such as their utility, mobile phone, auto loan, insurance and credit card bills, at any one of the retailer’s 3,755 domestic locations, including Walmart SuperCenters and Neighborhood Markets.

China Advanced Construction Materials Group, Inc. (OTC Bulletin

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January 14, 2009 ndash; Yesterday Wisconsin Senator Russ Feingold introduced S. 222 to amend the Internal Revenue Code of 1986 to increase the national limitation on qualified energy conservation bonds and to clarify that certain programs constitute a qualified conservation purpose, and for other purposes; to the Committee on Finance. We expect to see further legislation supporting energy efficiency and alternative energy development. Here is the text from Feingoldrsquo;s comments on the floor:nbsp;nbsp;nbsp;nbsp; Mr. FEINGOLD. Mr. President, over the past few days I have introduced a series of bills that are part of my E4 Initiative, dubbed E4 because of its focus on economy, employment, education, and energy. Today I am introducing two bills that are part of this effort: the Community Revitalization Energy Conservation, CREC, Act of 2009 and the Energy and Technology Advancement, ETA, Act of 2009.nbsp;nbsp;nbsp;nbsp; The newest among my E4 bills is the Community Revitalization Energy Conservation, CREC, ...

I've been reluctant to make any meaningful investments in India because of the woefully inadequate infrastructure (roads, utilities, airports, public transportation, etc) and the extreme poverty. Here is a story about the pathetic poverty in India. The state government of Kolkata (formerly known as Calcutta) has banned the human-powered rickshaws as inhumane, At 44 cents for a 15-minute trip, these human mules struggle to make a few dollars a day.

Michigan is best known for its auto industry and its beautiful shoreline, which is also the largest freshwater coastline in the world. Although Michigan’s main industry today continues to be the manufacturing industry, the state government encourages different industries to locate in the state through its attractive incentive programs. Some interesting facts about Michigan follow:1. Michigan’s manufacturing industry produces 30% of the total state revenue.2. Recently enacted legislation mandates that by 2015, Michigan’s energy be produced from renewable sources.3. Michigan has a tax-free zone designed for the food processing industry, the forestry industry and the renewable energy industry.4. Michigan’s top agricultural products are dairy products, cattle and calves, hogs and chicken eggs.5. Michigan is the top producer of automobiles in the United States. Its production accounts for 21% of all automobiles manufactured within the country.6. In 2007 ...

After a weekend in which the deepening U.S credit crisis sent one top investment bank to bankruptcy court and a second into the arms of a “White Knight” suitor, U.S. stocks yesterday (Monday) recorded their worst day since the 9/11 terrorists attacks seven years ago. Indeed, the Dow Jones Industrial Average plunged more than 504 points, its biggest one-day point decline since Sept. 17, 2001 – the day the markets reopened for trading after the attacks on New York and Washington. Wall Street entered last weekend anticipating a government bailout of Lehman Brothers Holdings Inc. (LEH), but exited with Merrill Lynch & Co. Inc. (MER) agreeing to sell itself to Bank of America Corp. (BAC) for nearly $50 billion – and with Lehman announcing it will seek bankruptcy in a bid to avoid a total ...