Stock Market News & Stocks to Watch from StraightStocks » the New York Times

The Next Depression: It’s worse than they think

Bill Bonner — Wed, 25 Nov 2009 11:14:16 +0000

“Beyond the Crisis... With most of the world’s economies officially out of recession, the FT launches a series examining the legacy of worst global economic crisis since the 1930s,” says the FT. But according to the figures below the headline, the crisis wasn’t so bad. The US economy walked backward only 3.5%. Now, it’s making progress again. The FT editors should keep their eyes on the road. The ‘recession’ did more damage than they think. And it isn’t over... There’s more trouble ahead.

When will the depression be over? When the work is done.

Bill Bonner — Mon, 23 Nov 2009 12:32:40 +0000

Bill Bonner, venerable voice of reason (with a touch of doom), at a href="http://www.dailyreckoning.co.uk"The Daily Recokoning/a, looks long term at gold, the markets, and the end of the depression.

Prieur’s readings (November 23, 2009)

Prieur du Plessis — Mon, 23 Nov 2009 08:38:15 +0000

This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy. Please also add the links to any other worthwhile articles you would like to share to the comments section.

Prieur’s readings (November 21, 2009)

Prieur du Plessis — Sat, 21 Nov 2009 08:24:30 +0000

Prieur’s readings (November 20, 2009)

Prieur du Plessis — Fri, 20 Nov 2009 09:26:14 +0000

Prieur’s readings (November 19, 2009)

Prieur du Plessis — Thu, 19 Nov 2009 09:17:21 +0000

Prieur’s readings (November 19, 2009)

Prieur du Plessis — Thu, 19 Nov 2009 09:17:21 +0000

Prieur’s readings (November 18, 2009)

Prieur du Plessis — Wed, 18 Nov 2009 11:06:59 +0000

Prieur’s readings (November 17, 2009)

Prieur du Plessis — Tue, 17 Nov 2009 08:50:30 +0000

Prieur’s readings (November 16, 2009)

Prieur du Plessis — Sun, 15 Nov 2009 14:46:44 +0000

Prieur’s readings (November 11, 2009)

Prieur du Plessis — Wed, 11 Nov 2009 06:45:15 +0000

Prieur’s readings (November 10, 2009)

Prieur du Plessis — Tue, 10 Nov 2009 07:35:48 +0000

Prieur’s readings (November 7, 2009)

Prieur du Plessis — Sat, 07 Nov 2009 08:10:26 +0000

Gold bullion surging in all currencies

Prieur du Plessis — Thu, 05 Nov 2009 09:55:53 +0000

The gold price is not only making headway in US dollar terms, but also in most major (and minor) currencies - a bull point for the yellow metal, as discussed in this post.

Prieur’s readings (November 3, 2009)

Prieur du Plessis — Tue, 03 Nov 2009 08:00:08 +0000

Prieur’s readings (November 3, 2009)

Prieur du Plessis — Tue, 03 Nov 2009 08:00:08 +0000

Prieur’s readings (October 31, 2009)

Prieur du Plessis — Sat, 31 Oct 2009 08:29:39 +0000

Prieur’s readings (October 30, 2009)

Prieur du Plessis — Fri, 30 Oct 2009 08:57:52 +0000

This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy. • Richard Ennis (CFA Institute): The uncorrelated return myth, November/December 2009. • Peter Clarke (Financial Times): How to avoid a repeat of the Great Crash, October 28, 2009. The chain of events leading [...]

Energy Blast – Oct 26, 2009

Robert Amsterdam — Mon, 26 Oct 2009 09:30:30 +0000

Russia 'counts on a controlling stake' in the three small hydropower plants it is building in Tajikistan and 'hope[s] for the Tajik side's understanding' in the matter. The United Nations nuclear watchdog is in the process of inspecting Iran's uranium...

Today in Russian Business – Oct 26, 2009

Robert Amsterdam — Mon, 26 Oct 2009 09:22:26 +0000

The ever-positive Vladimir Putin is forecasting 8% inflation for the coming year, which would be a 'post-Soviet low'. The government will sell tons of its gold stockpile this year to cover its budget deficit and help it fund other supporting...

Prieur’s readings (October 26, 2009)

Prieur du Plessis — Mon, 26 Oct 2009 08:37:08 +0000

Prieur’s readings (October 24, 2009)

Prieur du Plessis — Sat, 24 Oct 2009 07:38:32 +0000

Zacks Analyst Blog Highlights: The New York Times Company, Washington Post Company, Journal Communications, Gannett Co. and McClatchy Company – Press Releases

Zacks Market Commentaries — Fri, 23 Oct 2009 12:55:16 +0000

For Immediate Release

Chicago, IL – October 23, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: The New York Times Company (NYT), Washington Post Company (WPO), Journal Communications (JRN), Gannett Co. (GCI) and McClatchy Company (MNI).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Thursday’s AnalystBlog:

NY Times Beats Zacks Consensus

Amid the secular and cyclical slowdown in print advertising The New York Times Company (NYT) recently reported third-quarter 2009 results that topped the Zacks Consensus Estimate.

The New York Times quarterly earnings of 16 cents a share surpassed the Zacks Consensus Estimate of 2 cents, and the prior-year quarter earnings of 5 cents. The better-than-expected results came on the heels of significant cost-cutting measures and newspaper price increase.

On a reported basis, including one-time items, the company reported a loss of 25 cents a share, a substantial improvement from the loss of 74 cents delivered in the year-ago quarter.

Management now expects to save $475 million in operating costs in 2009 up from $450 million previously anticipated. Operating costs fell 21.6% to $490 million, whereas operating profit surged 30.2% to $80.6 million.

Total revenue dipped 16.9% to $570.6 million, primarily due to lower print advertising. Total advertising revenue tumbled 26.9% to $291 million, whereas circulation revenue rose 6.7% to $240.8 million due to higher subscription and newsstand prices.

Like The New York Times, other newspaper companies like Washington Post Company (WPO), Journal Communications (JRN), Gannett Co. (GCI) and McClatchy Company (MNI) have long been grappling with the slump in print advertising demand amid the global meltdown, as advertisers are migrating to the Internet driven by increasing online readership and lower ad prices than print.

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Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

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NY Times Beats Zacks Consensus – Analyst Blog

Zacks Market Commentaries — Thu, 22 Oct 2009 19:00:00 +0000

Amid the secular and cyclical slowdown in print advertising The New York Times Company (NYT) recently reported third-quarter 2009 results that topped the Zacks Consensus Estimate.

The New York Times quarterly earnings of 16 cents a share surpassed the Zacks Consensus Estimate of 2 cents, and the prior-year quarter earnings of 5 cents. The better-than-expected results came on the heels of significant cost-cutting measures and newspaper price increase.

On a reported basis, including one-time items, the company reported a loss of 25 cents a share, a substantial improvement from the loss of 74 cents delivered in the year-ago quarter.

Management now expects to save $475 million in operating costs in 2009 up from $450 million previously anticipated. Operating costs fell 21.6% to $490 million, whereas operating profit surged 30.2% to $80.6 million.

Total revenue dipped 16.9% to $570.6 million, primarily due to lower print advertising. Total advertising revenue tumbled 26.9% to $291 million, whereas circulation revenue rose 6.7% to $240.8 million due to higher subscription and newsstand prices.

Like The New York Times, other newspaper companies like Washington Post Company (WPO), Journal Communications (JRN), Gannett Co. (GCI) and McClatchy Company (MNI) have long been grappling with the slump in print advertising demand amid the global meltdown, as advertisers are migrating to the Internet driven by increasing online readership and lower ad prices than print.

This has compelled many newspaper companies to lower headcount, pay cuts, furloughs and close printing facilities. The companies are now even considering charging readers for online content.

The New York Times recently announced plans to trim newsroom staff by 8% or nearly 100 jobs by the end of the year through buyouts or layoffs. The company recently sold its New York City classical radio station, WQXR-FM, for $45 million, and plans to sell its minority stake in the New England Sports Ventures that owns the Boston Red Sox baseball team and related cable television properties. The proceeds will be utilized for debt repayment.

By segment, News Media Group revenue slipped 18% to $539.8 million due to lower print advertising. Advertising revenue plunged 29.6%, as print advertising fell 31.2% and online advertising dipped 18.5%. The About Group segment’s revenue jumped 7.2% to $30.8 million due to increase cost-per-click advertising.
Read the full analyst report on "NYT"
Read the full analyst report on "WPO"
Read the full analyst report on "JRN"
Read the full analyst report on "CGI"
Read the full analyst report on "MNI"
Zacks Investment Research

Energy Blast – Oct 21, 2009

Robert Amsterdam — Wed, 21 Oct 2009 08:10:04 +0000

Luke Harding has two pieces on Russian climate change in today's Guardian: an audio report on Northern-Siberia's seasonal shifts, and a special report on the Yamal peninsula. Rumors abound that China, Japan, Russia and France have been in secret talks...

Charlie Rose in conversation with Andrew Ross Sorkin

Prieur du Plessis — Wed, 21 Oct 2009 06:21:01 +0000

In this post, Charlie Rose sits down with Andrew Ross Sorkin, award-winning journalist and author of "Too Big to Fail", to discuss the global economic crisis and the players who inhabited the story.

Prieur’s readings (October 20, 2009)

Prieur du Plessis — Tue, 20 Oct 2009 09:43:50 +0000

Prieur’s readings (October 17, 2009)

Prieur du Plessis — Sat, 17 Oct 2009 08:07:11 +0000

This post provides links to a number of thought-provoking articles I have read over the past few days that you may also find of interest. Please also add the links to any other worthwhile articles you would like to share to the comments section.

RA’s Daily Russian News Blast – October 15, 2009

Robert Amsterdam — Thu, 15 Oct 2009 08:24:50 +0000

TODAY: Clinton turns attention to civil society and gives speech tackling human rights abuses; Walt Whitman statue unveiled; Putin advises against intimidating Iran; opposition politicians stage Duma walk out. Memorial to appeal. Putin turns pop svengali?'In an innovative society, people...

Prieur’s readings (October 14, 2009)

Prieur du Plessis — Wed, 14 Oct 2009 08:00:38 +0000

The Pipeline Weapon

Robert Amsterdam — Tue, 13 Oct 2009 20:54:31 +0000

I'm grateful to the commenter John who guided me toward this link for the report sponsored by the Swedish Ministry of Defence on energy security and the North European Gas Pipeline, otherwise known as Nord Stream. I was a little...

Prieur’s readings (October 12, 2009)

Prieur du Plessis — Mon, 12 Oct 2009 06:12:31 +0000

Working harder and harder to keep oil production from falling

James Hamilton — Sun, 11 Oct 2009 15:46:44 +0000

The challenges for private oil companies to increase oil production are pretty daunting.

ExxonMobil (XOM) has been producing a little over 2.4 million barrels of oil a day for the last year and a half, its lowest rate of production over the last decade. The dark blue line in the figure below shows the company's production each year since 1999. Four years ago, Stuart Staniford noted that ExxonMobil's 2001 annual report predicted 3% annual growth in production between 2001 and 2007. That projection appears as the red line in the graph below; didn't quite come out as planned. Stuart's theory was that the company correctly predicted the contribution of its new discoveries, but underestimated the declining production rates from mature fields.

ExxonMobil again predicted in 2006 that it could achieve 3% annual growth over 2006-2011. I've shown that forecast as the lighter blue line in the figure. We still have two more years to make that one right, I suppose.

Dark blue: ExxonMobil's annual net production of crude oil and natural gas liquids in millions of barrels per day. 1999-2008 from company's annual reports. 2009 based on average of 2009:Q1 and 2009:Q2. Red: forecast from the company's 2001 annual report. Light blue: forecast from the company's statements in 2006.

The Wall Street Journal reported on Wednesday that ExxonMobil is prepared to spend $4 billion to buy 1/4 interest in the Jubilee oil field off the coast of Ghana, which would represent 15% of the oil giant's 2008 capital and exploration budget. Alan von Altendorf thinks they can't make a good return unless they sell the oil for $100/barrel. Presumably the company is reckoning on more oil in the field than current estimates suggest. But even if von Altendorf's calculations are off by a factor of two, it still seems to signal a change in philosophy for a company that has historically been extremely careful with its investments in order to maintain its position as a very low-cost producer.

But what else is the company to do? It's not like they haven't tried to take advantage of Russia's or Venezuela's strong commitment to protect foreign investors or the peaceful aspirations of Nigerian rebels.

Chevron (CVX) and many other companies are finding clever new ways to get more oil out of mature U.S. fields. That may well succeed in slowing the rate at which production from those fields declines over time. But to get the plot in the graph above to slope up you really need to develop new fields.

The New York Times is encouraged by the "brisk pace of new discoveries" which the paper reports "have totaled about 10 billion barrels in the first half of the year".

The Oil Drum, always a party pooper, notes that the world likely consumed that much in the first four months of the year.

Prieur’s readings (October 7, 2009)

Prieur du Plessis — Wed, 07 Oct 2009 09:33:55 +0000

Prieur’s readings (October 4, 2009)

Prieur du Plessis — Sun, 04 Oct 2009 05:50:54 +0000

This post provides links to a number of thought-provoking articles I have read over the past few days that you may also find interesting. Please also add the links to any other worthwhile articles you would like to share to the comments section.

Prieur’s readings (September 30, 2009)

Prieur du Plessis — Wed, 30 Sep 2009 06:49:04 +0000

No bailout Needed: Good News from The Rags

Andrew Snyder — Tue, 29 Sep 2009 20:09:26 +0000

pIt has been a long time since we had good news from the newspaper industry. But thanks to today’s upbeat figures from Gannett (NYSE:strong/strongstronga href="http://www.google.com/finance?q=GCI" target="_blank"GCI/a/strong), the industry is surging. Lee Enterprises (NYSE:stronga href="http://www.google.com/finance?q=LEE" target="_blank"LEE/a/strong) has taken the lead./p pThere is a rare bit of good news for the newspaper industry this morning – and it’s a whopper!/p pShare prices across the downtrodden sector are soaring today thanks to word from strongGannett (NYSE:a href="http://www.google.com/finance?q=GCI" target="_blank"GCI/a)/strong that the company expects to handily beat its third-quarter earnings projections./p pGannett told its investors today to expect per share earnings (after one-time costs) in the range of 39 cents to 42 cents when the company releases its latest quarterly figures on October 19./p pBefore the press release, estimates pegged the figure at 28 cents per#8230;/p

Prieur’s readings (September 29, 2009)

Prieur du Plessis — Tue, 29 Sep 2009 10:24:31 +0000

Correcting Mistakes and Punishing Errors

Bill Bonner — Mon, 28 Sep 2009 18:02:03 +0000

pIt is a gray morning, here in London. We sit in the building with the golden balls, look out the window, and wonder#8230;/p p#8230;how does it all work? /p pWe’re doing some serious thinking this week. What is it that actually causes a depression? A stock market collapse? Or too much debt? How come government can appear to cure the problem sometimes – 2001-2007 – but not other times? How come the Japanese were not able to increase consumer prices? Even now#8230; Japan’s inflation rate is negative. And how come, despite the most massive effort at monetary inflation ever undertaken, the US bond market still forecasts an inflation rate of less than 2%?/p pAn interview with Richard Koo, author of ‘The Balance Sheet#8230;/p

Prieur’s readings (September 28, 2009)

Prieur du Plessis — Mon, 28 Sep 2009 08:13:39 +0000

Prieur’s readings (September 25, 2009)

Prieur du Plessis — Fri, 25 Sep 2009 08:43:23 +0000

Harbinger Offloads Stake – Analyst Blog

Zacks Market Commentaries — Thu, 24 Sep 2009 17:15:40 +0000

Recently, Harbinger Capital Partners, one of the largest investors in The New York Times Company (NYT), offloaded a chunk of its stake in the company.

The investment firm sold about 5 million shares at $8.25 per share, fetching $41.3 million in total. This reduces its ownership interest to 16.38% from 19.94%. The shares of New York Times surpassed the selling price and closed at $8.37 on Tuesday, up 2.6% from the previous day’s session. Harbinger made it clear that it has no intention to shed its entire stake.

Harbinger Capital started purchasing The New York Times shares nearly two years ago, at prices ranging between $15 and $20 a share, and investing approximately $500 million in aggregate. The firm incurred a significant loss by selling shares at $8.25 each.

The investment firm was looking for a strategic buyer to sell its shares in The New York Times. Earlier in May 2009, the media tycoon David Geffen showed interest to acquire the shares at market price. However, the investment firm for want of premium turned down the request, as the price was too low.

The newspaper industry has been reeling under the current turbulent environment, registering plunging advertising revenue, and The New York Times is no exception. The shares of the company reached as low as $3.51 early this year.

Since then The New York Times’ shares have regained their hold, with advertising market showing some signs of improvement. The company operates as a diversified media company in the United States , and publishes The Boston Globe, the International Herald Tribune and 15 other dailies along with its flagship newspaper.
Read the full analyst report on "NYT"
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RA’s Daily Russian News Blast – September 24, 2009

Robert Amsterdam — Thu, 24 Sep 2009 07:53:58 +0000

TODAY: Russia relenting on Iran sanctions; calls missile defense decision constructive; arms reductions talks are apparently progressing apace; Medvedev urges for Middle East arms cuts too. Island cooperation for Japan and Russia; Georgia undecided on Guantanamo guests; Poland - officially...

There’s No Flu Shot for the Thrift Bug

Bill Bonner — Wed, 23 Sep 2009 12:21:11 +0000

pYou wanna know what is going on? David Rosenberg explains…/p p“US consumers are cutting back, and where they are not cutting back, they are scaling down. This new cycle is all about ‘getting small’ and it is deflationary. For yet another in strongthe litany of signs pointing in the direction of social change towards thrift/strong, have a look at what is transpiring at the upper echelons of the income strata – Now Even Millionaires See the Benefits of Budgeting on page B5 of the Saturday emNYT/em is a must read./p p“Not only are the rich trading down, but the article quotes a high net worth financial advisor who said ‘many of our clients are very happy to be sitting on bond portfolios and#8230;/p

RA’s Daily Russian News Blast – September 23, 2009

Robert Amsterdam — Wed, 23 Sep 2009 08:42:19 +0000

TODAY: EU chief has faith that Russia will not stand in the way of sanctions against Iran; US reproaches Russia on human rights; hope for WTO bid? Yushchenko suggests NATO bid would receive popular backing; ethnic haters charged; new...

U.S. Trade Spat with China Escalates, But is Unlikely to Cause a Significant Rift

Jason Simpkins — Tue, 22 Sep 2009 18:32:41 +0000

China is Investing Billions in Renewable Energy One firm has already built China’s largest wind turbine manufacturing factory. And it’s working with the Chinese Science Academy to develop new wind, solar, and geothermal technologies… for which it will own 70% of the rights. But this company’s business reaches far beyond the Chinese border, with [...]

Company News for September 22, 2009 – Corporate Summary

Zacks Market Commentaries — Tue, 22 Sep 2009 14:24:03 +0000

• This morning’s reports say the Government of Singapore Investment Corp has reduced its stake in Citigroup (NYSE:C) to less than 5% through open market sales

• The CEO of Cadbury (NYSE:CBY) noted "complementary elements" of Kraft (NYSE:KFT) and Cadbury, but said he would still advise rejecting the deal at the current $16 billion bid

• Oracle's (NASDAQ:ORCL) CEO noted dangers of the European regulatory delay of its proposed $7 billion acquisition of Sun Microsystems (NASDAQ:JAVA), saying Sun Micro is currently losing about $100 million a month

• AMR (NYSE:AMR) announced a 30 million common and $250 million convertible senior notes offering

• Louisiana-Pacific (NYSE:LPX) said it is planning a public offering of 18 million shares of its common stock

• TJX (NYSE:TJX) said its board approved a $1 billion share buyback, reflecting 6.2% of the company's outstanding shares

• Microsoft's (NASDAQ:MSFT) Bing search engine managed to grab more share from Google (NASDAQ:GOOG), reaching 9.3% of market share in August, according to reports

• Harbinger Capital Partners said it sold 5 million shares of its total stake in the New York Times (NYSE:NYT), reducing its stake in the New York Times (NYSE:NYT) to 16.38% from 19.94%

• Credit Suisse (NYSE:CS) downgraded Dell (NASDAQ:DELL) to "neutral" and advised adding to positions in Hewlett-Packard (NYSE:HPQ), Apple (NASDAQ:AAPL) and EMC Corp (NYSE:EMC). The analyst raised concerns of Dell's risky acquisition path

Zacks Investment Research

Prieur’s readings (September 22, 2009)

Prieur du Plessis — Tue, 22 Sep 2009 09:06:38 +0000

‘New Reality’ for Newspaper Publishers Forces Search for New Revenue Streams to Tap Into

Contrarian Profits — Mon, 21 Sep 2009 21:43:51 +0000

pAs traditional print media continues its steep declines in advertising sales and circulation, publishers are struggling to come up with new and creative ways to generate revenue./p pAd revenues in the newspaper industry plunged 16.7% last year to $37.8 million r, according to the Newspaper Association of America (NAA). The 2009 take is a href="http://www.cjr.org/the_audit/newspaper_industry_ad_revenue.php" target="_blank"estimated to fall another 17.3% to $31.6 billion/a according to Alan Mutter, a Silicon Valley executive who once lead the newsrooms of the strongemChicago Sun-Times/em/strong and strongemSan Francisco Chronicle /em/strongand now writes a blog titled “a href="http://newsosaur.blogspot.com/" target="_blank"Reflections of a Newsosaur/a.”/p pMutter’s estimate would put ad revenues at their lowest levels since 1965, when the industry took in $4.42 billion, or $30.22 billion when adjusted for inflation, the strongemColumbia Journalism/em/strongem strongReview/strong/em (strongemCJR/em/strong) reported./p pWhile the worst#8230;/p

RA’s Daily Russian News Blast – September 21, 2009

Robert Amsterdam — Mon, 21 Sep 2009 07:57:56 +0000

TODAY: Obama firm on reasons for missile defense decision; Medvedev and Putin seem to take it as a positive sign; Putin wishes to see trade the next barrier broken; Russia will abandon Kaliningrad missile plans. Pressure mounting regarding Iran situation;...

Prieur’s readings (September 21, 2009)

Prieur du Plessis — Mon, 21 Sep 2009 06:56:56 +0000

Prieur’s readings (September 19, 2009)

Prieur du Plessis — Sat, 19 Sep 2009 07:33:56 +0000

Energy Blast – September 18, 2009

Robert Amsterdam — Fri, 18 Sep 2009 09:47:24 +0000

The New York Times suggests that antagonism regarding issues of sovereignty over Arctic waters has had a deleterious effect on the RUSALCA Arctic Sea mission. Bloomberg reports that BG Group will seek to recover at least $700 million in export...

Prieur’s readings (September 18, 2009)

Prieur du Plessis — Fri, 18 Sep 2009 08:31:12 +0000

Prieur’s readings (September 17, 2009)

Prieur du Plessis — Thu, 17 Sep 2009 09:31:11 +0000

Hot Stocks: Motorola Throws Hat Into Smartphone Ring

Contrarian Profits — Tue, 15 Sep 2009 17:21:43 +0000

pMotorola Inc. (NYSE: a href="http://www.google.com/finance?q=NYSE:MOT"MOT/a) last Thursday charmed investors when it revealed its Cliq smartphone, which will compete head on with Apple Inc.’s (Nasdaq: a href="http://www.google.com/finance?q=AAPL"AAPL/a) iPhone and a href="http://www.google.com/finance?q=RIM"Research in Motion Ltd./a’s Blackberry./p pMotorola’s stock is up nearly 12% since the announcement, as investors are hoping the new phone will be enough to win back some of the company’s lost market share./p pHowever, saving Motorola’s mobile division – which the company plans to spin off – is a daunting task. The company – which invented the cell phone, as well as a plethora of other communication devices used by police and military – has seen its global market share of wireless phones fall to 2% in its second quarter this year from 31% in#8230;/p

U.S. Trade Spat with China Escalates, But is Unlikely to Cause a Significant Rift

Jason Simpkins — Tue, 15 Sep 2009 15:53:19 +0000

Solar Energy’s Future Shines Brightest in China

Contrarian Profits — Mon, 14 Sep 2009 19:58:43 +0000

pWith the announcement that it intends to build the world’s largest solar power plant, China is rapidly evolving into the world’s largest market for solar energy. And with heavy government backing, Chinese solar companies are quickly becoming global leaders./p pFast-growing industry and a reliance on coal-fired power plants turned China into the world’s largest emitter of greenhouse gas a few years ago. Clouds of smog far thicker than that of Los Angeles hang over many of its cities and much of the water is densely polluted. But that’s something the central government aims to change./p pChina plans to reduce energy consumption per unit of its gross domestic product (GDP) by 20% of 2005 levels by the end of next year. It’s more#8230;/p

Prieur’s readings (September 14, 2009)

Prieur du Plessis — Mon, 14 Sep 2009 07:08:30 +0000

Fed’s Fake Recovery

Bill Bonner — Fri, 11 Sep 2009 19:47:45 +0000

pThe press attributed this week’s rise in gold to benign causes. The end of the world seems to have been postponed – indefinitely. emBloomberg/em reported that a clear majority of those polled thought the world economy was recovering./p pWith no more fear of the deflation devil investors feel they are in the arms of angels. Surely Ben Bernanke watches over them even when they sleep. Even the President of the United States thinks he saved the nation./p pstrongAs for Tim Geithner, he takes no chances; he sings his own praises./strong Speaking to a gathering of the G20, he congratulated them all:/p p“…facing the greatest challenge to the world economy in generations, the G-20 gathered here in London and committed to an unprecedented program of policies to#8230;/p

Are We “Idiots” for Buying Gold?

Bill Bonner — Thu, 10 Sep 2009 19:32:16 +0000

pGold closed at $999 on Tuesday. Then, yesterday, it closed down $2. There’s a time to buy gold; and there’s a time to sell it. Which time is it? The question rose with the gold price itself. It needs an answer. /p pThe price of gold today, adjusted for inflation, is about where it was 26 years ago. After peaking out at nearly $2,000 (again, in 2009 dollars), in 1980, the price fell to the $1,000 level (in today’s money) in 1983./p pstrongWe were gold bulls back then. And we were idiots. It was the end of the gold bull cycle, not the beginning. The gold price fell for the next 17 years. /strong/p pSome people draw the wrong lesson from this experience#8230;/p

Obama Has His Own New and Old Europe

Robert Amsterdam — Thu, 10 Sep 2009 14:48:13 +0000

The New York Times is carrying a story on a new poll from Transatlantic Trends, which shows a split in support for Barack Obama between West and East Europe (some people are missing his predecessor's more aggressive stance toward Russia)....

RA’s Daily Russian News Blast – September 9, 2009

Robert Amsterdam — Wed, 09 Sep 2009 08:28:01 +0000

TODAY: Drug use nightmare for Russia; Medvedev calls for US support. START talks to restart; tanks for Chavez. Possible loan to Ukraine whilst relations remain chilly. Black September anniversary; Scott Anderson interview. Russia denies arms in Arctic Sea; infrastructure...

This Recovery is an Imposter

Bill Bonner — Tue, 08 Sep 2009 11:51:11 +0000

pIt is amazing how many things have NOT happened./p pstrongProbably most incredible is that the dollar has NOT collapsed./strong It has lost ground, and was trading at $1.43 per euro on Friday, but no one laughs at you when go to exchange dollars…or offer to pay in dollars rather than the local currency./p pFor the last 10 years, the money supply in the United States has expanded at roughly twice the rate of GDP growth. And the Fed doubled its balance sheet in just the last 18 months. This last bit of information is stunning. It took the central bank nearly 100 years to build a balance sheet of $1 trillion. Then, under the leadership of Ben Bernanke, it added another $1 trillion#8230;/p

Prieur’s readings (September 8, 2009)

Prieur du Plessis — Tue, 08 Sep 2009 06:22:43 +0000

Prieur’s readings (September 6, 2009)

Prieur du Plessis — Sun, 06 Sep 2009 05:00:17 +0000

In the absence of the “Words from the Wise” review while I am traveling, this post provides links to a number of thought-provoking articles I have read over the past few days that you may also find interesting. Please also add the links to any other worthwhile articles you would like to share to the comments section.

Finance Jobs Going Where the Growth Is – Asia

Jason Simpkins — Fri, 04 Sep 2009 17:07:51 +0000

Prieur’s readings (September 2, 2009)

Prieur du Plessis — Wed, 02 Sep 2009 10:10:46 +0000

This post provides links to a number of interesting articles I have read over the past few days that you may also find enjoyable. Please also add the links to any other thought-provoking articles you would like to share to the comments section.

Shiller on the economic rebound

Prieur du Plessis — Wed, 02 Sep 2009 10:09:16 +0000

This post reports Robert Shiller's latest views on the economy and markets, including a video clip.

The Nerd Gets It Right

Terence Chan — Tue, 01 Sep 2009 11:17:00 +0000

pa href="http://feedads.g.doubleclick.net/~a/VY4fz0jMrni5yRDkLAUOGWLNXsU/0/da"img src="http://feedads.g.doubleclick.net/~a/VY4fz0jMrni5yRDkLAUOGWLNXsU/0/di" border="0" ismap="true"/img/abr/ a href="http://feedads.g.doubleclick.net/~a/VY4fz0jMrni5yRDkL...

Prieur’s readings (August 31, 2009)

Prieur du Plessis — Mon, 31 Aug 2009 10:27:36 +0000

RA’s Daily Russian News Blast – August 31, 2009

Robert Amsterdam — Mon, 31 Aug 2009 07:41:49 +0000

TODAY: NATO head upbeat on relations with Russia; Medvedev looks to imams for help with Caucasus Islamic insurgents; suggests a TV channel. Russia on the defensive regarding WW2; 70th anniversary of its start to prove a diplomatic minefield? St...

Prieur’s readings (August 29, 2009)

Prieur du Plessis — Sat, 29 Aug 2009 07:29:39 +0000

Prieur’s readings (August 27, 2009)

Prieur du Plessis — Thu, 27 Aug 2009 06:31:28 +0000

This post provides links to a number of thought-provoking articles I have read over the past few days that you may also find of interest. Please also add the links to any other thought-provoking articles you would like to share to the comments section.

Today in Russian Business – August 26, 2009

Robert Amsterdam — Wed, 26 Aug 2009 08:49:12 +0000

The chairman of the German government-backed trust designed to oversee the sale of Opel has said that GM cannot afford to keep control of the European unit, as it needs to focus on its fortunes stateside. According to the...

RA’s Daily Russian News Blast – August 26, 2009

Robert Amsterdam — Wed, 26 Aug 2009 08:21:34 +0000

TODAY: Russia pushes for recogition of breakaway regions; Ukraine denies allegations of involvement in war; USSR plan to invade Manchester revealed; Russia's silent monuments to nuclear victims; Arctic Sea, dark spots. Russia's Foreign Ministry has reiterated a request that...

The Calm Before the Financial Storm

Bill Bonner — Tue, 25 Aug 2009 18:54:47 +0000

Is the rally over? Not at all! The world’s bankers say the economy is recovering. Investors believe them; they’re bidding up stocks. The Dow rose 155 points on Friday. And today, stocks are rising in Asia. Oil is over $74. Gold rose $13 on Friday…to close at $954. And the dollar is killing us softly…sinking to $1.43 [...]

Pointing a Finger at the Rich

Bill Bonner — Tue, 25 Aug 2009 18:30:16 +0000

pPity the poor rich! Pity the poor! Pity us all! /p pHere at the a href="http://www.dailyreckoning.com" class="alinks_links"Daily Reckoning/a, we always take the part of the humble#8230; the despised#8230; the oppressed#8230; and the misbegotten./p pToday, that means the rich#8230;/p pYes, dear reader, the rich are getting beaten up. Maligned. Mistreated./p pTheir governments all have in it for them#8230; taxes on ‘the rich’ are rising. In the US, the strongDemocrats are talking about financing the entire nation’s health care system on the backs of the super-rich/strong./p pAnd their salaries are being targeted by prosecutors and politicians. No more million-dollar paydays#8230; not with the feds looking over their shoulders. Oh#8230; and their investment earnings are down too. The dividend yield on the stock market is scarcely 3% #8212; try living#8230;/p

The Future Will Come

Bill Bonner — Mon, 24 Aug 2009 18:39:50 +0000

pIs the rally over? Not at all! The world’s bankers say the economy is recovering. Investors believe them; they’re bidding up stocks. /p pThe Dow rose 155 points on Friday. And today, stocks are rising in Asia. Oil is over $74. Gold rose $13 on Friday#8230; to close at $954. And the dollar is killing us softly#8230; sinking to $1.43 per euro on Friday./p pStocks and oil are at their highest levels so far this year. With such profits at hand people figure they don’t need the dollar. Investors run to the safety of the greenback when financial storms approach. But now#8230; they think it will be clear sailing./p p“Worlds bankers suggest rebound may be under way,” says a headline at the New#8230;/p

Prieur’s readings (August 24, 2009)

Prieur du Plessis — Mon, 24 Aug 2009 06:22:46 +0000

This post provides links to a number of thought-provoking articles I have read over the past few days that you may also find of interest. Please also add the links to any other interesting articles you would like to share to the comments section.

In Defense Of Securitization: Why The Model Is Sound, And Will Further Spread Through Developing Economies

Jason G. Wulterkens — Sun, 23 Aug 2009 02:31:45 +0000

The following appeared in the August edition of Business Diary Botswana. Right now I find myself fascinated by the role that securitization and a mature credit derivatives market will ultimately play in frontier economies; as J.P. Morgan once penned, “credit derivatives allow even the most illiquid credit exposures to be transferred to the most [...]

China Turning the Screws on Rio Tinto in Iron Ore Negotiations

Contrarian Profits — Sat, 22 Aug 2009 00:41:46 +0000

pChina is pressing Rio Tinto PLC (NYSE ADR: a href="http://www.google.com/finance?q=NYSE:RTP" target="_blank"RTP/a) hard for a sharp reduction in the prices the company charges for its iron ore. But mining companies like Rio, who have had their bottom lines eviscerated by a slump in commodities prices, may have a hard time acquiescing. /p pChina’s a href="http://www.nytimes.com/aponline/2009/08/13/business/AP-AS-China-Steel.html?_r=2#38;scp=5#38;sq=steel%20prices#38;st=cse" target="_blank"470 million ton demand for steel is considerably lower than the country’s annual production capacity of 660 million tons/a, and to that effect, China announced a three-year ban on new mills strongemThe New York Times/em/strong reported./p p“Disorderly competition” has pushed up iron ore prices, caused a glut of production capacity and resulted in “serious losses,” said China’s Information Minister Li Yizhong. “My ministry will not approve any expansion-related projects in the iron and#8230;/p

The Achilles Heel of the World Economy

Bill Bonner — Fri, 21 Aug 2009 17:05:24 +0000

pThe dollar fell to $1.42 per euro yesterday. Many believe it is the Achilles Heel of the entire world financial system – including Warren Buffett. /p pAchilles was said to be dipped in the river Styx and made invulnerable. But his mother held him by his heel, leaving that part untouched by the magic waters. Naturally, that is where a poison arrow got him./p pThe moral of this story is that you have to go all the way. If you want your baby to be invulnerable, put him all the way under the water#8230; even the heels. Or, maybe there’s another point: that there’s always some place where you’re vulnerable./p pFor the purpose of today’s tale, we’ll take the second possibility. Try as#8230;/p

What’s Wrong with Google Books? – Analyst Blog

Zacks Market Commentaries — Fri, 21 Aug 2009 16:34:39 +0000

The opposition against Google’s (GOOG) book digitization program is strengthening. The New York Times has come out with a story stating that Microsoft (MSFT), Yahoo! (YHOO) and Amazon (AMZN) have entered the fray.

While Amazon management avoided comment, Microsoft and Yahoo expressed their dissension by joining an association called the Open Book Alliance. The obvious intention of the association is to increase pressure on the Justice Department, which is currently considering the case. The department is expected to award a decision on October 7.

As it happens, the book deal affects different sections of the population. The first section comprises the competition, which is wary of Google’s prowess in the search market. Their fear is that Google will use information on what people read to further improve and strengthen its position in search. Therefore, their complaint is that the deal is anticompetitive.

The second group is made up of librarians and academics. This group fears that Google will use its property rights to raise the price of important journals and writings of academic interest, thereby rendering them unavailable to many. While Google has recently allayed their fears regarding distribution of user information, academics continue to look for a more specific commitment from the company.

Lawyers as a group have also started to comment, stating that the agreement fails to adequately compensate writers. One particular lawyer claims that the deal was struck without proper negotiation and informed consent, which are necessary components of a valid commercial transaction.

Thus, we come down to the people directly affected—the writers and publishers. Google intends to make sections of books available for perusal, using this method to attract buyers who could then obtain the complete work upon payment of the specified price.

The problem started with Google obtaining marketing and distribution rights to “orphaned" works, which are out-of-print books that continue to have a copyright holder that can’t be traced. Google has already scanned nearly seven million books, of which 60-70% are out of print.

Last year, the company made a settlement with the authors of orphaned works, giving out $125 million toward the setting up of a Book Rights Registry (BRR) and payment for already scanned works. The company will pay 63% of amounts collected from the sale of books and text advertisements that will appear on the sides.

We find it hard to understand how writers could expect higher compensation. If Google is keeping 37% of book revenue, it is also paying out 63% of advertisement revenue collected in the procedure. The company takes the pains of advertising and marketing the books. Even after this, unsatisfied authors are free to withdraw at any time, allowing for a period of 48 hours.

We also consider the book digitization process to be most futuristic, and like it or not, it was bound to happen sooner or later. On the other hand, Google’s initiative could lay the roadmap for future upcoming authors and help them market their products.
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RA’s Daily Russian News Blast – August 21, 2009

Robert Amsterdam — Fri, 21 Aug 2009 08:28:49 +0000

TODAY: Putin orders infrastructure overhaul; blogger charged; Rogozin praises cooperation with NATO; Abkhazia warns Georgia over blockade; criminal charges for 'negligent' Ingushetia police; fire at rights organization HQ; Medvedev warns United Russia against complacency. Flag owners beware.Prime Minister Putin has...

About Cornelius Luca, INO TV FREE’s Newst Analyst

Steve Warshaw — Thu, 20 Aug 2009 07:22:20 +0000

Cornelius Luca has joined INO TV Free. Since I gave Cornelius many kudos in my article Cornelius Luca: Free Forex Market Analysis and Commentary, I thought I should write up a quick bio on him. Cornelius Luca began trading foreign currencies, including major and exotic currencies since 1983. While active in the spot market, he was also involved in trading FX futures, cross-currencies, forwards and options. Currently Mr. Luca is the head of a 12 billion dollar ivnestment fund, FX Concepts, as well as a 20 year instructor at the New ...

Incoherence in Media Coverage of Russia-Georgia War

Robert Amsterdam — Wed, 19 Aug 2009 17:57:03 +0000

Writing in the Columbia Journalism Review, Joshua Foust, who also blogs on Central Asia at Registan.net, takes a look at the lobbying, PR, and information war going on between Russia and Georgia, and finds that Tbilisi is more or less...

Gold Will No Longer Be a Toxic Derivative to Central Banks

Adrian Ash — Tue, 18 Aug 2009 21:36:21 +0000

pem“If gold is ‘past its day’, what of toxic derivatives and today’s deluge of US Treasury bonds…?”/em Just like poor Pip Dickens’ emGreat Expectations/em, central banks keep inheriting unwelcome bequests./p pToday’s “legacy assets” are toxic derivatives; a decade ago it was gold reserves. Both are proving hard to shrug off, but for very different reasons. Both legacies also come thanks to previous central-bank history; the fossils remain only too livid today./p pAnd 10 years from now, if not sooner, just how welcome will the current central bank must-have become – freshly printed government debt, bought with money that doesn’t exist until the central bank wills it?/p pSeeking first to defend against inflation and war, the West’s central banks built up huge reserves of the#8230;/p

Energy Blast – August 18, 2009

Robert Amsterdam — Tue, 18 Aug 2009 08:57:23 +0000

Yesterday's fatal accident at the Sayano-Shushenskaya hydropower plant will present a considerable setback in Russia's attempts to increase its power production, says the New York Times. It will take 'years rather than months to restore three of the 10 turbines'...

RA’s Daily Russian News Blast – August 18, 2009

Robert Amsterdam — Tue, 18 Aug 2009 08:18:10 +0000

TODAY: Violence explodes in Ingushetia; Interior Minister fired. Wall rumored to be built between Georgia and Abkhazia; Georgia to leave CIS. Russian diplomats expelled. Dozens missing in hydropower plant disaster. Ship found.President Medvedev has dismissed Ingush Interior Minister Ruslan Meiriyev...

RA’s Daily Russian News Blast – August 17, 2009

Robert Amsterdam — Mon, 17 Aug 2009 08:04:00 +0000

TODAY: Merkel condemns activist murder; explosive violence in Caucasus; South Ossetians encouraged to disarm. Medvedev merciless on Yushchenko; Venezuela and Russia tighten relations; military may scrap underperforming missile. 'Absolutely unacceptable' is how Chancellor Angela Merkel described the recent murders of...

An Unsustainable Stimulus

Bill Bonner — Fri, 14 Aug 2009 19:32:33 +0000

pHow do you like this recovery? Pretty good, huh? Except for the jobs, of course. And except for the retail sales. And except for the foreclosures#8230; and house prices. And incomes. And consumer prices. And business profits. It’s like a female impersonator#8230; just like a real woman in every way, except for the essential ones./p pAt least stocks are doing well. The Dow rose another 36 points yesterday. In terms of time, it’s already beat the bounce of ’30#8230; it’s in its 6 th month. In terms of stock prices, it’s still a laggard, however. US stocks are up about 45% from their low of 6,547 on the Dow. By that measure, the current reading of 9,398 falls a little short#8230;/p

The Catastrophe Conundrum – Healthcare Revisited

Justice Litle — Thu, 13 Aug 2009 17:39:32 +0000

pGood news, Canadians – the president does not think you are scary. You have become a bit of a #8220;bogeyman,#8221; however, in regard to the growing din over U.S. healthcare reform. And a Canadian style government-run system wouldn#8217;t fly in the United States./p pThat#8217;s the president talking, not ema href="http://www.taipanpublishing.com" class="alinks_links"Taipan/a Daily/em. Mr. Obama#8217;s remarks came in response to a question from a Canadian journalist, at a North American summit held in Guadalajara, Mexico./p pMeanwhile, U.S. Representative John Dingell was shouted down by an angry protester at a town hall meeting in Romulus, Mich., last week. The protester, pushing his wheelchair-bound son to the podium, called Dingell a #8220;fraud#8221; and said that proposed changes would not help his son./p pEmotions are heating up all around the#8230;/p

Today in Russian Business – August 12, 2009

Robert Amsterdam — Wed, 12 Aug 2009 08:58:34 +0000

In the last quarter GDP fell by 10.9%, the most since 1995, prompting 'slump' headlines. The New York Times however reports optimism among analysts, one of whom says 'it is very likely that Russia has bottomed out and that recovery...

RA’s Daily Russian News Blast – August 12, 2009

Robert Amsterdam — Wed, 12 Aug 2009 08:12:38 +0000

TODAY: Shock reverberates around Chechyna NGO worker murder; Kadryov reacts with attack on Estemirova. NATO-Russia relations warming up; new kind of space race? Medvedev pulls no punches on Ukraine leadership. 'Merchant of Death' won't be extradited. Art attack. 'We...

Prieur’s readings (August 11, 2009)

Prieur du Plessis — Tue, 11 Aug 2009 08:31:10 +0000

This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy. Please also add the links to any other thought-provoking articles you would like to share to the comments section.

RA’s Daily Russian News Blast – August 10, 2009

Robert Amsterdam — Mon, 10 Aug 2009 08:22:51 +0000

TODAY: Medvedev firm on realignment of Caucasus; pledges support for the breakaway territories; details of Cyxymu hacking case emerge. Justice for Politkovskaya meets obstacles; Kadyrov shows little love for Estemirova; Putin celebrates ten years in power. Helicopters, cars and cops....

RA’s Daily Russian News Blast – August 7, 2009

Robert Amsterdam — Fri, 07 Aug 2009 07:25:44 +0000

TODAY: Georgia and Russia, one year on, guns quiet but war of words blazing: who started it? Opposition says democracy far off; humanitarian issues remain; strike on Twitter linked to conflict. Chavez military deal; Russia to calm Uzbekistan; launch radar. ...

U.S. GDP Contraction Slows, but the Road to Recovery Will Be Rocky

Money Morning — Tue, 04 Aug 2009 23:42:45 +0000

Peter Schiff: Why this Money Should Replace the U.S. Dollar There’s a new universal currency, backed by solid gold. You can use it to make online purchases anywhere in the world. Converting some money to the new currency takes just 5 minutes. You can start with as little as $10…or as much as $10 million. [...]

Energy Blast – August 4, 2009

Robert Amsterdam — Tue, 04 Aug 2009 08:52:43 +0000

Oil has risen to over $70 a barrel for the first time in a month. Bulgaria's new government will continue to support the South Stream gas pipeline, but is as of yet undecided on whether to abandon its nuclear power...