* Euro set for biggest weekly gain in 9 monthsBy Dominic LauLONDON, Oct 14 (Reuters) - European shares and the euro held
roughly steady on Friday as hopes of progress towards a solution
to the euro zone’s debt crisis was tempered by a knee-jerk
reaction to a credit rating downgrade for Spain.G20 finance chiefs and central banks heads from the world’s
biggest economies meet in Paris on Friday in search for a
solution to a deepening crisis that has fanned fears of a global
recession.Financial markets have been more buoyant since a pledge by
French and German leaders to come up with a comprehensive plan
for ending two years of turmoil by an Oct. 23 summit.The euro dipped overnight on the move by Standard and Poor’s
to cut Spain by one notch, although that only brought its rating
into line with rival agency Fitch and the single
currency was still on track for its best weekly gain in nine
months.”We see a lot of optimism in the market, there are a lot of
promises to develop a global, sustainable solution to the
European debt crisis. We saw overnight when Spain was
downgraded, there was no lasting impact on euro/dollar,” said
Lutz Karpowitz, currency analyst at Commerzbank.Europe’s FTSEurofirst 300 dipped 0.1 percent,
though Spain’s benchmark underperformed, down 1 percent.World stocks measured by the MSCI All-Country World Index
slipped 0.1 percent. The index is up 3.9 percent
this week, heading for its best weekly gain in more than three
months though it is still down 10 percent this year.Copper rose 2.3 percent after tamer inflation
figures from top metal consumer China, while Brent crude
added 0.2 percent to trade above $111 a barrel and was set for
its best weekly rise since early July.Gold was also in demand, up 0.4 percent and heading
for its biggest weekly gain in more than a month.
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President Dilma Rousseff first announced the Foxconn proposal to build Apple’s (AAPL.O) hot-selling tablet in Brazil during an official visit to China in April.The lengthy negotiations reflect the country’s sometimes difficult investment climate and the Rousseff administration’s ambiguous stance between a heavy government hand and the need to attract private capital.But Foxconn Chairman Terry Gou and Brazil’s Science and Technology Minister Aloizio Mercadante told reporters on Thursday the company will start assembling the iPad locally in December at its plant in Jundiai in Sao Paulo state.”They’re maintaining the deadline they had announced, which is December. The iPhone is ready for large-scale production and for the iPad they’re working with that deadline,” Mercadante said after a meeting between Gou and Rousseff.Both sides were still negotiating fresh Foxconn investments, including two new factories to assemble touch screens, Mercadante said.”We haven’t finished the process, it’s moving ahead but there’s no date,” said Mercadante, who had trumpeted the announcement back in April as a sign of growing Asian investments and high-tech industries in Brazil.Six state governments were competing to attract the factories, Mercadante said. Logistics, such as the proximity of airports, were key issues, he added.The deal involves local investors, as well as financing from state-owned development bank BNDES, Mercadante added.If all goes well, Foxconn expects to invest up to $12 billion in coming years.”We will be still investing US$12 billion in a (few) years, maybe four years, maybe six years,” Gou told reporters in a separate news conference.Brazil recently granted tax breaks on specific computer components and attracted companies such as Samsung (005930.KS), Motorola (MMI.N) and Positivo Informatica (POSI3.SA) to assemble tablets.
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DLF declined to comment when contacted by Reuters.DLF has asked for six final bids in a process managed by
Goldman Sachs and Citigroup , which is expected to
be completed in a month’s time and could fetch at least $400
million.
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105 notes
Proposals to introduce compulsory workplace pensions contain
little protection for employees and could lead to widespread
mis-selling, David Pitt-Watson, the renowned fund manager, has
suggested.CLEGG SET TO CONFRONT EUROPEBritain’s deputy prime minister Nick Clegg is to confront
Brussels over attempts to use the euro zone crisis to tame
London’s financial district.BILLIONAIRE HAS GRAND DESIGNS FOR MAYFAIRThe billionaire former used car salesman who co-founded the
Phones 4U chain is splashing out 155 million pounds to buy a
site in Mayfair that could be developed into a “super-mansion”
and luxury apartmentsThe TelegraphHMRC IN DOCK OVER GOLDMAN TAX SETTLEMENTBritain’s most senior tax collector has been accused of
lying to parliament over a “sweetheart” tax settlement with
Goldman Sachs .THINK TANK CALLS FOR TAX CUTS TO BOOST UK ECONOMYTax cuts and deregulation are urgently needed if the
government is to administer the “shot of adrenalin” needed to
inject life into Britain’s ailing economy, the Centre for Policy
Studies (CPS) think tank has warned.WSJ ACCUSED OF SCAM OVER CIRCULATIONAndrew Langhoff, the European publisher of Rupert Murdoch’s
Wall Street Journal (WSJ), has resigned amid allegations of a
circulation scam.The GuardianUK UNEMPLOYMENT TOTAL HITS HIGHEST IN 17 YEARSThe number of people out of work in Britain has hit its
highest level in 17 years and youth unemployment has reached a
record high as the economic slowdown continues to take its toll.The IndependentENERGY GIANT’S PRICE PLOY ATTACKED BY RIVALSAnalysts and rivals lined up to attack Scottish and Southern
Energy (SSE) on Wednesday over its plan to shake up the
energy industry by auctioning on the open market all of the
electricity it generates.
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48 notes
However, for the full 2012 financial year including Crane
net earnings are expected to be similar to the NZ$359 million
pre-unusuals result reported in 2011.Fletcher shares were last at NZ$7.90 on Tuesday.(Gyles Beckford)
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7 notes
By Lily Kuo
Protestors in the Washington arm of the “Occupy Wall Street” movement have another message for the 1 percent: Listen up, President Obama.
Several Republican presidential candidates have criticized the movement as anti-American, divisive, and “in search of scapegoats.” But many members of what has become known as Occupy DC are not warming up to the Democratic president either, a fact that could frustrate what analysts say are Obama’s hopes to co-opt a burgeoning movement representing average Americans.
“[Obama and Biden] may be making a bet that this thing will get real traction among the middle class and young people, who have largely checked out of politics,” said Paul Light, a political science professor at New York University.
Many protestors in Washington, who said they voted for Obama in 2008, see the current administration as part of the problem.
“We elected Obama, we had a Democratic Congress and it did not work. This isn’t about any candidate. It’s about how things are being run,” said Thom Reges, 26, sitting next to a bench stocked with donated food and coffee in McPherson Square, a park in downtown Washington and meeting point for Occupy DC.
Some supporters of the Occupy movement in DC said they were disenchanted with the president for bending to corporate interests and forgetting his base. They said their votes in 2012 were not assured.
“He took his Latino and black constituents for granted,” said Theron Cook, 51, who runs a management consulting business in Washington. “If he continues like this … No, I won’t vote for him again.”
“We’re frustrated with Obama because we think he’s not putting up enough of a fight,” said Julie Levine, 52, a professor at the University of Southern California. Levine and Cook spoke to Reuters outside the White House on Friday where they had hoped to attend a demonstration.
“Just as the Tea Party did, we need to pressure him from the other end,” Levine said.
The Occupy Wall Street movement began last month in New York and has spread across the country to other cities, including Los Angeles, Boston, Las Vegas, Philadelphia and Washington, where over 100 people were camping out a few blocks from the White House.
Photo Credits: (A demonstrator at the Federal Reserve Bank in San Francisco), (Demonstrators waves signs at passing cars in Seattle), (In Washington a demonstrator appeals to morning commuters).
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