I am excited today. I will be headed to Vancouver for vacation. It’s freezing cold here in Fort McMurray and I am glad to get away for a few weeks. I am really looking forward to it. This was not an exciting week in the markets. I am really sensing something is going to happen in the new years. I am very hopeful that the market will jump.
I will be on holidays and I don’t know if I will be able to blog. I will try my best.
- COPENHAGEN – The largest and most important U.N. climate change conference in history opened Monday, with organizers warning diplomats from 192 nations that this could be the last, best chance for a deal to protect the world from calamitous global warming. Negotiations have dragged on for two years and only recently have shown signs of breakthroughs with new commitments from major emitters such as the United States, China and India to control greenhouse gas emissions. In a signal the Obama administration is prepared to act without congressional action, the U.S. Environmental Protection Agency said it has concluded that greenhouse gases are endangering Americans' health and must be regulated. The two-week conference convened in an upbeat mood after a series of promises by rich and emerging economies to curb their greenhouse gases. Still, major issues have yet to be resolved. At stake is a deal that aims to wean the world away from fossil fuels and other pollutants to greener sources of energy, and to transfer hundreds of billions of dollars from rich to poor countries every year over decades to help them adapt to climate change.
- TEHRAN, Iran – Security forces and militiamen clashed with thousands of protesters shouting "death to the dictator" outside Tehran University on Monday, beating them with batons and firing tear gas on a day of nationwide student demonstrations, witnesses said. The rallies were the largest in months, bringing tens of thousands out on more than a dozen campuses around the country and in several major squares in Tehran as university students — a bedrock of support for the pro-reform movement — energized the opposition. The anti-government movement has been reeling under a fierce crackdown since turmoil erupted over the disputed presidential election in June. Thousands of riot police as well as forces of the elite Revolutionary Guard and their allied Basij militiamen flooded the area around Tehran University since the morning, trying to seal off the campus from the outside world and prevent unrest from spilling out into the streets. Authorities covered the tall fence around the university with banners and signs bearing slogans from Supreme Leader Ayatollah Ali Khamenei, hiding whatever took place inside. Cell phone networks around the universities were shut down, and police and Revolutionary Guard surrounded entrances, checking IDs of anyone entering to bar opposition activists, witnesses said.
- WASHINGTON (AP) -- Despite some economic improvements, Federal Reserve Chairman Ben Bernanke warned Monday it's still too soon to declare that the budding recovery will last. "We still have some way to go before we can be assured that the recovery will be self sustaining," Bernanke said in remarks to the Economic Club of Washington. The Fed chief repeated his belief that the recovery will continue at least into next year. But he cautioned that the economy is confronting some "formidable headwinds" -- including a weak job market, cautious consumers and still-tight credit. Those forces "seem likely to keep the pace of expansion moderate," he said. Some private forecasters continue to worry that the recovery could fizzle late next year as government stimulus fades. A cautiously optimistic Bernanke said he expects "modest" economic growth next year. That should help push down the nation's unemployment rate -- now at 10 percent -- "but at a pace slower than we would like," he acknowledged. Under one Fed forecast released last month, the jobless rate would remain stubbornly high next year -- ranging from 9.3 to 9.7 percent. The Fed has warned that it could take five or six years for the job market to return to normal.
- FLAGSTAFF, Ariz. – A howling winter storm barreled through the West, hitting the mountain states with snow and fierce winds as it headed toward the country's midsection on Tuesday. The far-reaching storm system stretched from California to Indiana, gathering strength as it raced eastward. Parts of Kansas, Nebraska, Iowa and Wisconsin were bracing for blizzard conditions and up to 10 inches of snow, according to the National Weather Service. "The storm system is really strengthening as it goes, and that's usually a recipe for some heavy snowfall and a lot of wind, and that's what we're watching for," said Mike Welvaert of the National Weather Service in La Crosse, Wis. The storm hit nearly all of the western mountain states on Monday, leaving places like Flagstaff and Reno, Nev., under a thick blanket of snow. Heavy rain raised fears of mudslides in wildfire-devastated Southern California, but no damage was reported. The weather system also snarled traffic and closed schools in Indiana, and crashes caused one death. In the Phoenix area, fierce wind brought down power lines, left four hospitals temporarily without power and created wide outages. At one point, some 250,000 customers were without power; by early Tuesday, that number was down to about 58,000, a spokesman for Arizona Public Service Co. said.
- LAHORE, Pakistan – Two synchronized bombs ripped through a market popular with women in the eastern Pakistani city of Lahore on Monday, igniting a massive fire and killing at least 34 people, authorities said. Another attack by a suicide bomber killed 10 in the northwestern city of Peshawar, part of a wave of militant strikes in Pakistan as the army presses an offensive against a Taliban stronghold in the northwest close to the Afghan border. About 100 people were wounded in the attacks in Lahore, which were timed to take place when the Moon Market was as its busiest just before 9:00 p.m. Authorities initially said both were believed to be remote-controlled blasts but later said a suicide bomber was suspected to have carried out at least one of them. The blasts came within 30 seconds of each other, leaving dozens of cars and shops ablaze late into the night. Many victims were women and children, including a dead 2-year-old, a police officer said.
- SAN FRANCISCO – AOL is shaking loose from Time Warner Inc. and heading into the next decade the way it began this one, as an independent company. Unlike the 1990s, though, when AOL got rich selling dial-up Internet access, it starts the 2010s as an underdog, trying to beef up its Web sites and grab more advertising revenue. Despite a few bright spots in its portfolio of sites, such as tech blog Engadget, AOL has a long way to go until Web advertising can replace the revenue it still gets from selling dial-up Internet access. One especially popular property, entertainment site TMZ, is a joint venture with a Time Warner unit that will keep TMZ and its revenue after AOL splits off. Now investors are getting a chance to place bets on AOL. On Wednesday, Time Warner shareholders as of Nov. 27 will get one share of AOL for every 11 of their Time Warner shares. The next morning, AOL CEO Tim Armstrong is set to ring the opening bell at the New York Stock Exchange, and AOL will begin trading under the ticker symbol of the same name — the one it had when it was known as America Online and used $147 billion worth of its inflated stock to buy Time Warner in 2001.
- LONDON (AFP) – Prime Minister Gordon Brown pledged Monday to axe 3.0 billion pounds from public spending in extra savings to help cut the nation's debt. The premier, whose Labour government will announce taxation and spending plans in a pre-budget report Wednesday, outlined proposals to help achieve his aim of halving the public deficit over the next four years. Brown, tipped to lose next year's general election at the hands of the main opposition Conservatives, also warned that a "culture of excess" must change in the public sector. The government now hopes to save a total of 12 billion pounds through efficiency savings over the next four years. That is 3.0 billion pounds more than outlined in last April's annual budget. Under the proposals, Brown said he would seek to slash 20 percent from the senior civil service wages bill. Public sector salaries above 150,000 pounds and bonuses above 50,000 pounds would require ministerial approval.
- CINCINNATI (AP) -- The Kroger Co. reported Tuesday an $875 million loss in its third quarter, blaming tough price competition and the struggling California economy's hit on its grocery business. The nation's largest traditional grocery chain also cut its profit and sales forecast for the full year, with Wal-Mart Stores Inc. and club stores such as Costco Wholesale Corp sharpening industry price-cutting efforts to lure recession-pinched grocery shoppers. Kroger shares plummeted 12 percent in early trading, down $2.85 to $20. Kroger took a $1.05 billion writedown on the Ralphs division it acquired a decade ago, saying the 263-store group in California has been battered by the state's rising double-digit unemployment and housing slump. Kroger reported a loss of $1.35 a share, compared with profit of $237.7 million, or 36 cents a share, a year ago. Sales rose less than 1 percent to $17.7 billion. Without the Ralphs writedown, profit would have been $176.7 million, or 27 cents. Analysts expected 36 cents a share on $17.7 billion.
- FLAGSTAFF, Ariz. – A large and powerful storm howled across the West with snow and strong winds Monday, snarling traffic, closing schools and threatening to spawn mudslides in wildfire-devastated Southern California. Virtually the entire region was suffering — from subzero wind chills in Washington state to heavy snow that closed schools and government offices in Reno, Nev., and left big rigs jackknifed across highways in several states. Blizzard warnings were in effect for northern Arizona and parts of Colorado, with forecasters predicting up to 2 feet of snow around Flagstaff. The National Weather Service said the upper elevations of the Sierra mountains could get up to 3 feet of snow, with up to 4 feet forecast for the mountains of southern Utah. Even the hills east of San Francisco Bay received a rare dusting overnight, and snow was predicted for Fresno and other communities in California's Central Valley.
- WASHINGTON (AP) -- President Barack Obama is setting out fresh plans to reinvigorate the U.S. economy, focusing on incentives to small businesses and hiring to bring down the country's 10 percent unemployment rate. Senior administration officials say Obama will be looking to push money left over from the Troubled Asset Relief Programs toward the small business community for hiring. Additional funds also would be sought for infrastructure improvements and rebates to consumers who make their homes more energy efficient. The officials spoke Tuesday shortly before Obama was to detail his plans in a speech at the Brookings Institution think tank.
- Oil drops to near $73 as traders watch US dollar
Oil prices dropped to near $73 a barrel Tuesday after a strengthening U.S. dollar extended a four day sell-off in crude to two-month lows. By early afternoon in Europe, benchmark crude for January delivery was down 64 cents to $73.29 in electronic trading on the New York Mercantile Exchange. The contract fell $1.54 to settle at $73.93 on Monday. The dollar, boosted by a better than expected U.S. jobs report last week, helped push oil prices out of a two-month range of between $75 and $82. Investors have been buying crude as a hedge against inflation as the dollar has slid this year amid massive government stimulus spending and low interest rates. When the dollar rises, traders tend to sell their positions in oil.
- BAGHDAD – A series of coordinated attacks struck Baghdad Tuesday, including two suicide car bombers and another vehicle that blew up near government sites. At least 118 were killed and hundreds wounded in the worst wave of violence in the capital in more than a month, authorities said. A total of five attacks, which also included a suicide car bomb on a police patrol, showed the ability of insurgents to strike high-profile targets in the heart of Baghdad and marked the third time since August that government buildings were targeted with multiple blasts that brought massive bloodshed. The bombings reinforced concerns about shortcomings in Iraqi security as U.S. forces plan their withdrawal, and parliament held an emergency session with many lawmakers demanding answers for apparent security lapses. Iraq's military spokesman blamed the carnage on an alliance of al-Qaida in Iraq and members of Saddam Hussein's banned Baath Party. The U.S. military has sent some troops and forensic equipment to assist the Iraqis in the aftermath, said Army Master Sgt. Nicholas Conner, a military spokesman. Overall violence has dropped sharply around Iraq in the past year, though insurgents have stepped up attacks at government sites in recent months. The bombings marked the most serious spate of violence in Baghdad since twin car bombs on Oct. 25 struck outside government offices, killing at least 155. In August, suicide bombers hit the finance and foreign ministries, killing more than 100.
- RIO DE JANEIRO – Police in Rio de Janeiro and Sao Paulo have killed more than 11,000 people in the past six years, many execution-style, according to a report released Tuesday by Human Rights Watch. Few of the officers have been charged in the extrajudicial killings, which are often labeled in police reports as the deaths of suspects who resisted arrest, the report said. The 122-page declaration echoes a 2008 United Nations' finding that police throughout Brazil were responsible for a "significant portion" of 48,000 slayings the year before. "Extrajudicial killing of criminal suspects is not the answer to violent crime," said Jose Miguel Vivanco, Americas director at Human Rights Watch. "The residents of Rio and Sao Paulo need more effective policing, not more violence from the police." Isabel Figueiredo, Brazil's coordinator-general of human rights and public safety, acknowledged that police violence is a widespread problem and "it concerns the federal government a great deal." Figueiredo said authorities have launched a series of initiatives to confront the problem, including training police to respect human rights and the appropriate use of force, in addition to the purchase of less-lethal weapons for state police forces. Security forces "have begun to understand that instead of solving the problem, confronting criminals with weapons leads to casualties on both sides," she said. Officials from the Rio and Sao Paulo police departments did not comment.
LONDON (AP) -- World markets mostly rose Monday after Dubai said it had received $10 billion in emergency funds from its oil-rich neighbor Abu Dhabi, helping to ease investor fears that the emirate will default on its debt. In Europe, the FTSE 100 index of leading British shares was up 50.05 points, or 1 percent, at 5,311.62 while Germany's DAX rose 53.93 points, or 1 percent, to 5,811.97. The CAC-40 in France was 21.02 points, or 0.6 percent, higher at 3,824.74. The advance is expected to continue when Wall Street opens -- Dow futures were up 46 points, or 0.4 percent, at 10,469 while the broader Standard & Poor's 500 futures rose 6.1 points, or 0.6 percent, at 1,109.30. The gains came after Dubai government said the financing would help pay off $4.1 billion in debts owed by struggling Dubai World's property division and due Monday. The rest would go toward bills and expenses through April. The news cheered investors, who had feared the consequences of Dubai World defaulting. Since the state-owned company announced its intention last month to delay payment on its $60 billion in debts, investors have braced for more financial turmoil and been forced to reevaluate their assumptions about government promises to make good on debts. "The first reaction has been to view this as a crisis averted, and 'risk friendly' trades are benefiting," said Kit Juckes, chief economist at ECU Group.
- (CNN) -- A major sponsor for Tiger Woods announced Sunday that it is dropping the golf star in light of recent controversy swirling around his personal life. Accenture, a management consulting firm, said on its Web site that "given the circumstances of the last two weeks ... the company has determined that he is no longer the right representative for its advertising." The move ends a sponsorship arrangement that lasted six years. Another major sponsor, Gillette, said Saturday it was "limiting" Woods' role in its marketing programs to give him the privacy to work on family relationships. Woods announced on his own Web site Friday that he is taking an "indefinite break" from professional golf. The 33-year-old golfer, who tops the sport's world rankings, has been mired in controversy since he crashed his car outside his Florida mansion late last month. In the week following the crash, Woods apologized for "transgressions" that let his family down, and US Weekly magazine published a report alleging that Woods had an affair with a 24-year-old cocktail waitress named Jaimee Grubbs. "After much soul searching, I have decided to take an indefinite break from professional golf. I need to focus my attention on being a better husband, father and person," Woods said in his Friday statement.
- NEW YORK (AP) -- Citigroup Inc. said Monday it is repaying $20 billion in bailout money it received from the Treasury Department, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company. The New York-based bank was among the hardest hit by the credit crisis and rising loan defaults and got one of the largest bailouts of any banks during the financial crisis. The government gave it $45 billion in loans and agreed to protect losses on nearly $300 billion in risky investments. Wells Fargo & Co. remains the last national bank that has yet to pay back its bailout money. Citi is selling $20.5 billion in stock and debt to repay the government. It only has to pay back $20 billion because the remaining $25 billion was converted into a 34 percent ownership stake in the bank earlier this year. The government plans to sell that entire stake -- which has risen in value by more than 20 percent -- during the next year. The loss-sharing agreement will also end as part of the plan. The Treasury Department is in line to earn about $13 billion in profit on its support for Citigroup depending on how much it makes selling the stock, said a Treasury official, who spoke on condition of anonymity in advance of President Barack Obama's meeting with bank officials. After repaying the funds, Citi will no longer be subject to pay restrictions and other conditions of the bailout program. However, the repayment comes at a heavy cost. Raising the new capital will significantly dilute current shareholders' stake in the company. Citi's shares fell 25 cents, or 6.3 percent, to $3.70 in morning trading Monday.
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