President Zardari open to talks with Taliban

LONDON: President Asif Ali Zardari says he is willing to consider reopening negotiations with the Pakistani Taliban insisting Pakistan is doing more than ever to combat terrorism.

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President Zardari open to talks with Taliban

CIA Whisked Detainees From Gitmo: Report

By Adam GoldmanFour of the nation’s most highly valued al-Qaida terrorists were moved secretly to Guantanamo Bay, Cuba, in 2003, years earlier than has been disclosed, then were whisked back into overseas prisons before the U.

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CIA Whisked Detainees From Gitmo: Report

Stocks drop on weak consumer sentiment, bank earns

NEW YORK: Investors are finding disappointment everywhere and taking out their frustration on stocks.

Stocks slumped Friday after banks” second-quarter earnings fell short of expectations and a new survey found that consumers are becoming more pessimistic. The Dow Jones industrial average lost 261 points, and all the major market indexes dropped more than 2.5 percent. Interest rates fell in the Treasury market as investors once again sought the safety of government securities.

The market fell at the opening after Citigroup Inc. and Bank of America Corp. released earnings. The two banks, like JPMorgan Chase Co. a day earlier, reported higher earnings as losses from failed loans fell. But they are also seeing lower trading revenue because of the stock market”s plunge this spring. The drop in revenue raised questions about how banks will be able to make big profits if trading is curtailed by new federal regulations.

Stocks fell further after a twice-monthly survey from the University of Michigan and Reuters found that consumers” gloom is increasing. An index of consumer sentiment compiled from the survey fell to 66.5 in early July from 76. That was a bigger drop than expected.

“It”s mostly about the poor consumer confidence numbers,” said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. “The possibility of a double dip also starts to come to mind” for investors, he said, referring to a phrase that describes the economy falling back into recession.

The unexpectedly low reading on consumer confidence “spooks people and reinforces fears that the economy is slowing too much too fast,” said Scott Marcouiller, chief technical market strategist at Wells Fargo Advisors. He noted that stocks had just enjoyed a seven-day winning streak, which makes them vulnerable to a big drop. And light volume, typical for a summer Friday, exacerbated the losses.

The market”s retreat following a big gain fit with its pattern since late April, when the major indexes hit 2010 highs and then tumbled amid a variety of economic worries. But it wasn”t just the economic data that set investors off Friday.

“You get a few bad earnings numbers and it”s a lot of excuses to take profits if you got them,” Marcouiller said.

Citigroup”s shares were off 6.3 percent while Bank of America was off 9.2 percent. General Electric Co. fell 4.6 percent beating despite delivering stronger earnings and a healthy outlook. The company also reported a drop in revenue.

Stocks had struggled to a mixed finish Thursday after being down for much of the day on disappointing regional manufacturing reports for the Northeast. Much of the deficit was erased late in the day as news began to circulate that Goldman Sachs Group Inc. had settled civil fraud charges with the government over its dealings with subprime mortgage securities.

However, while investors were relieved that Goldman was putting the case behind it, they were again confronted Friday by larger ongoing worries: the economy and the future of the banking industry now that Congress has approved the banking industry overhaul bill.

The Dow fell 261.41, or 2.5 percent, to 10,097.90. The Standard Poor”s 500 index fell 31.60, or 2.9 percent, to 1,064.88. The Nasdaq composite index fell 70.03, or 3.1 percent, to 2,179.05.

For the week, the Dow is down 1 percent, the SP 500 is down 1.2 percent, and the Nasdaq is down 0.8 percent.

About four stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5.4 billion shares, up from Thursday”s 4.6 billion.

Bond prices rose in what”s known as a flight to safety. That sent their yields lower. The yield on the benchmark 10-year Treasury note, which helps set interest rates on mortgages and other kinds of loans, fell to 2.93 percent from 3.00 percent late Thursday.

The formal announcement of Goldman”s $550 million settlement came after the stock market closed on Thursday. Goldman was the only major financial company to show a gain Friday. It was up 95 cents, or 0.7 percent, at $146.17.

Bank of America”s stock fell $1.41, or 9.2 percent, to $13.98. Citigroup was off 26 cents, or 6.3 percent, at $3.90. Both companies beat analysts” expectations. However, the drop in their revenue as a result of the stock market”s slide had investors worried about how banks would make money in the future under new government regulations.

Google Inc. fell $34.41, or 7 percent, to $459.61 after its earnings fell short of analysts” expectations.

GE lost 70 cents or 4.6 percent to $14.55.

The Dow ended its seven-day winning streak on Thursday. It was down as much as 126 points early in the day, but closed down just 7 as word spread about the Goldman Sachs settlement.

A government report on consumer prices for June was mainly in line with analysts” expectations. The Consumer Price Index dipped 0.1 percent last month, largely due to lower energy bills.

The euro climbed above $1.29 as it recovers following a steep plunge earlier this year amid fears that government debt in many European nations would send the continent back into recession.

Overseas, Britain”s FTSE 100 fell 0.9 percent, Germany”s DAX index fell 1.8 percent, and France”s CAC-40 fell 2.1 percent. Japan”s Nikkei stock average tumbled 2.9 percent.

Samsung Corby TV Mobile Launched In India

Samsung mobile | Samsung mobile price in india | Samsung mobile reviews | Samsung mobile price | Samsung india

In India, Samsung mobiles is managed by SAMSUNG Telecommunications India, design and technology leader in the mobile market. Samsung Electronics is also the world’s largest electronics company.

Many mobile phone retailers have the Samsung price list. This company is launched various type of mobile. This is company is gives reasonable price of mobile to their consumer so middle class level people also can buy this mobile.

The first time in India where a mobile phone is going to be to introduced with such a great application. New Corby TV and Metro TV phones from Samsung, you can watch live TV and record content of more than 40 channels. Price of Samsung Corby TV is Rs 9,699 and metro TV is Rs.6,999.

Samsung Corby TV Features :

• 2.8-inch QVGA TFT Full touch UI LCD display
• TV on Mobile
• Mobile broadband: speed upto 2.4 Mbps
• Optimized content bit rate for easy streaming and a seamless TV viewing experience
• OMH enabled and supports all CDMA network operators
• Quick access to various social networking sites
• 2 Megapixel camera
• Video recording
• Stereo FM radio
• Up to 8GB Micro SD card

Josh Birnbaum leaves Goldman Subprime Star

Josh Birnbaum, one of the traders who led the push by Goldman Sachs in games against sub-prime mortgage bonds, has left the world’s largest securities firm and plans to form a $ 1 billion hedge fund. The study comes from a Securities and Exchange Commission lawsuit filed against Goldman Sachs VP, claiming that he allegedly misled investors in mortgage investments.

when I was a managing director in structured products group. I began working at Goldman shortly after my graduation from the Wharton School at the University of Pennsylvania in 1993. The question is really “What’s his encore?” Says Geoff Bobroff, a consultant in East Greenwich, Rhode Island, who advises leaders.

He was among the top bachelors in the wealthy beach communities on the East End of Long Island, New York, Hamptons Magazine’s “Black Book: Wall More forstmenn Edition” in 2006. Josh Birnbaum, a Goldman Sachs traders who pushed the investment bank’s lucrative idea to bet against subprime mortgages last year. Josh Birnbaum and Daniel Sparks sat before a parliamentary committee today to answer questions related to the mortgage industry and its role in the past.

Josh and Daniel Birnbaum sparks may have misled the sale of mortgage-based investments. I categorically deny the SEC’s claim. And I will defend myself in court against this false claim. “Senators accused panel members to block and wasting time by each congressman had only a limited time to ask questions.

josh birnbaum

Goldman Sachs players in the mortgage industry Josh Birnbaum and Daniel Sparks sat in front of a Congressional committee today answering questions related to the mortgage industry and their company’s role in the past.The inquiry was to find if Goldman Sachs and specifically Josh Birnbaum and Daniel Sparks may have misled about the sale of mortgage-based investments.

Congress is trying to figure out any troublesome events that might have taken place at Goldman Sachs as the mortgage crisis was already unfolding.

The inquiry stems from a Securities and Exchange Commission lawsuit filed against a Goldman Sachs VP that claims he allegedly misled investors relating to mortgage investments.

The VP in question, Fabrice P. Tourre vehemently denied any wrongdoings in front of the panel in a prepared statement where he said, “I deny, categorically, the SEC’s allegation. And I will defend myself in court against this false claim.”
source:media newswire

Asian markets rise as Goldman jitters ease

TOKYO: Asian stock markets rose Tuesday after a mostly higher finish on Wall Street as concerns eased about the U.S. government”s case against Goldman Sachs.

The region”s major benchmarks were up about 0.5 percent while oil regained some ground after a big tumble. The dollar fell against the yen and rose versus the euro.

Japan”s Nikkei 225 stock average added 0.4 percent to 10,955.01as a slightly weaker yen gave support to exporters.

South Korea”s Kospi was up 0.4 percent at 1,713.43, Hong Kong”s Hang Seng advanced 0.6 percent to 21,530.09 and Australia”s benchmark gained 0.3 percent. Stock markets in Taiwan and Singapore also rose, while shares in mainland China fell.

In New York on Monday, the Dow Jones industrial average rose 0.7percent to 11,092.05 as investors set aside some of their concerns about the government”s civil fraud charges against Goldman Sachs.

The advance followed a drop of 126 points Friday when the Securities and Exchange Commission filed civil fraud charges against Goldman Sachs related to mortgage investments.

Investor worries subsided after reports that the SEC”s vote was split 3-2 along party lines to press its case against Goldman Sachs.

Banking shares rose in Asia, with Japan”s Sumitomo Mitsui Financial Group Inc. up 1.1 percent and National Australia Bank ahead by 2.5 percent.

Benchmark crude for May delivery was up 63 cents at $82.08 in electronic trading on the New York Mercantile Exchange. The contract fell $1.79 on Monday to settle at $81.45.

In currencies, the dollar rose to 92.57 from 92.47 yen late Monday. The euro fell to $1.3473 from $1.3488.

WB lauds Pakistan”s initiatives to reform economy

ISLAMABAD: The World Bank”s Vice President for the South Asia Region, Ms Isabel M. Guerrero, here on Thursday appreciated Pakistani government”s initiatives to reform the national economy.

Ms Isabel was leading a World Bank delegation that called on Advisor to Prime Minister on Finance, Dr. Abdul Hafeez Shaikh, according to press release issued by the Ministry of Finance.

She said that the World Bank attaches great importance to its linkages with Pakistan and assured the government of the WB”s continued cooperation in its economic development.

Earlier, the delegation was briefed about the state of Pakistan”s economy, challenges faced by it and the government”s economic initiatives.

Speaking on the occasion, Hafeez Shaikh appreciated the positive role of the WB in economic development of Pakistan.

He said that Pakistan and WB have excellent relations and expressed the hope that the bank would continue assisting Pakistan in the national economic development process in future.

Asian stocks hit 11-week high, technology leads

HONG KONG: Asian stocks rose to an 11-week high on Thursday as China”s manufacturing industry picked up and foreign buying boosted the technology heavy markets of Taiwan and South Korea.

Japan”s Nikkei average rose to a new 18-month closing high half with the yen”s recent downtrend boosting exporters.

Traders predicted more gains for the benchmark in the new quarter in spite of signs of strains on technical charts.

The dollar was steady against the yen compared to late U.S. trading on Wednesday at 93.47 yen, having touched a three-month high of 93.65 yen earlier in the day.

Oil hit an 18-month high well above $84, breaking previous trading ranges and drawing in fresh inflows from investors at the start of the new quarter.

MSCI”s index of Asia-Pacific shares outside of Japan rose about 1.4 percent, hitting its highest since mid-January. This marks a solid start to the second quarter after the benchmark gained 1.5 percent in the three months to March 31.

Analysts say Asia was merely in catch-up mode. Technology and consumer durables stocks were the big gainers as foreigners bought stocks that have underperformed this year.

“Our markets have underperformed and I think it is premature to worry about too much money coming into the region,” said Geoff Lewis, head of investment services at JP Morgan Asset Management.

Compared with Asian shares, world stocks measured by the MSCI All-Country World Index were up 2.7 percent in the first quarter, while emerging market shares were up 2 percent.

The mood among investors was boosted by two business surveys which showed China”s manufacturing moved up a gear in March as orders climbed, pointing to brisk first-quarter GDP growth.

HSBC”s China Purchasing Managers” Index, or PMI, showed first-quarter manufacturing output expanded at the briskest clip in the survey”s six-year history.

The official purchasing managers” index rose to 55.1 in March from 52.0 in February, beating the market consensus of 54.5.

Technology dominated markets of Taiwan and South Korea were among the leading performers with foreign buying boosting the stock markets in Seoul and Taipei on bullish earnings expectations.

“Foreign investors coming in now seem to be long-term funds. Normally they had been more defensive players, but their more active buying is actually lifting the broader market,” said Choi Kwang-hyeok, a market analyst at Hanwha Securities.

Funds tracker EPFR Global said investor appetite for exposure to emerging markets took global emerging markets equity fund flows to a 10-week high and flows into emerging bond funds to their second best week ever in the period to March 24.

The stock market benchmarks in Taiwan and South Korea closed at a 10-week high.

Although the data released in China triggered expectations of 11 percent plus growth in the first quarter which could lead to tightening by authorities, those fears were kept in check by comments from the central bank reaffirming its monetary stance.

In a statement released a day after the quarterly meeting of its monetary policy committee, the People”s Bank of China vowed to maintain appropriate credit growth which took stocks in Shanghai and Hong Kong to their highest in over two months.

The Shanghai Composite index rose 1.2 percent while in Hong Kong the China Enterprises Index of top locally listed mainland Chinese stocks rising 2.4 percent to its highest in more than two months after Goldman Sachs recommended China”s Hong Kong-listed companies as a top trade on cheap valuations and a strong outlook for economic growth.

“We sense that Chinese equities have fallen off investors” radars somewhat, positioning is light, and sentiment is, at best, skeptical, making us all the more keen to get involved,” the Goldman report said while highlighting robust economic growth and “undemanding” price-earnings multiples.

Hong Kong”s benchmark Hang Seng index rose 1.4 percent to its highest close since Jan. 19.

Materials also received a boost from MA activity in Australia”s sizzling commodities sector.

Australia”s Lihir Gold surged by a third to a two-year high after rejecting a takeover offer from the country”s top gold miner, Newcrest Mining. The deal followed a bid on Wednesday for Macarthur Coal from Peabody Energy, which was also rejected.

The top stock index in Australia rose 0.7 percent, while India gained 0.9 percent.

In Southeast Asia, strong foreign buying lifted stock markets in the two biggest economies.

Thailand”s benchmark stock market index hit a near-two-year high while Indonesia”s benchmark index rose nearly 2 percent within sight of its record high struck in January, 2008.

David Goldman Bio

TrendPK.com David Goldman Bio:Call it a Christmas miracle. But the Supreme Court in Brazil ruled that David Goldman must be reunited with his 9-year old son Sean in New Jersey by 9 am on Christmas Eve.
This puts an end to the international custody battle that began five years ago when, according [...]

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