Wednesday, December 7, 2011

Saab in talks with Youngman and Chinese bank

(AP) ? Swedish Automobile, the owner of Saab, said Monday it is in talks with an unnamed Chinese bank and an auto company about getting them to buy stakes to help the troubled car brand.

Swedish Automobile, or Swan, said the negotiations with the bank and Zhejiang Youngman Lotus Automobile Co. include short-term actions to help it pay November wages to Saab's staff and continue reorganization.

Swedish Automobile CEO Victor Muller told local news agency TT the bank in question is not Bank of China, but didn't give any more details.

The outcome of the discussions is still uncertain and a deal needs the approval of relevant stakeholders, including previous Saab-owner General Motors Co.

Saab has been fighting for survival since Muller took over the loss-making brand from GM in 2010 through his Dutch company Spyker Cars, which has since changed names to Swedish Automobile. The company's production has been at a standstill for most of the year, and the car maker entered bankruptcy protection in September.

Earlier this year, Youngman and Chinese car distribution firm Pang Da Automobile Trade Co. said they would buy the brand for euro100 million ($135 million), but that deal was blocked by GM amid concerns over its technology licenses.

Saab's employees have still not received their November salaries and two labor unions last week filed official requests for the money, which means Saab has seven days to pay, or face bankruptcy proceedings.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-12-05-EU-Sweden-Saab/id-9251582210bb4cb889d55377d0876ecd

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Notable Call Options Activity in O'Reilly Automotive | Benzinga

Shares of O'Reilly Automotive (NASDAQ: ORLY) are higher on the session by 3.51%, currently trading at $79.73. The stock has been moving largely higher over the past three months is currently trading above the 50-day moving average.

Options traders are focusing on calls today. The strike seeing the heaviest volume is the January 2012 $85.00 call, which has traded 350 times on open interest of 2 contracts. Small lots are very active on the name today.

Calls are outpacing puts today by 2 to 1.

O'Reilly Automotive, Inc. and its subsidiaries are specialty retailers of automotive aftermarket parts, tools, supplies, equipment and accessories in the United States, selling its products to both do-it-yourself customers and professional service providers.

(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.

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Source: http://www.benzinga.com/markets/options/11/12/2177088/notable-call-options-activity-in-oreilly-automotive

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Tuesday, December 6, 2011

November service sector cools, factory orders fall (Reuters)

NEW YORK (Reuters) ? Growth in the service sector eased last month, and new orders for factory goods fell in October, tempering recent optimism that the U.S. economy may be poised for a more vigorous rebound.

The Institute for Supply Management said on Monday its services index fell unexpectedly to 52.0 last month from 52.9 the month before, dragged lower by a decline in employment.

Although the headline number for the services index was at its weakest since January 2010, business activity and new orders both improved, showing the mixed nature of expansion that also was evident in the upbeat jobs report for November.

An ISM reading above 50 indicates expansion.

"The economy has improved, (but) it is still not growing very quickly," said Cary Leahey, managing director at Decision Economics in New York.

"This is the first disappointing indicator we've seen in the last couple of weeks."

Most economists continue to forecast that the United States will gradually expand at roughly a 2 percent rate next year, steering clear of recession as long as the euro-zone debt crisis is contained.

Following a series of positive readings for factory output and consumer spending, some economists think the U.S. economy will accelerate in the fourth quarter.

Macroeconomic Advisers, for example, raised its forecast for fourth quarter growth to a 3.0 percent annual rate, citing underlying strength in factory orders and shipments.

Pointing to growth in services, the ISM's gauge of new orders rose to 53.0 from 52.4.

"It's not as if we went into negative territory. It's just not as strong as you would like to see," said Marc Pado, a U.S. market strategist at Cantor Fitzgerald & Co. in San Francisco.

U.S. stocks held onto gains following the ISM report as optimism grew that an upcoming Europeans Union summit would break new ground to resolve the euro zone debt crisis.

French President Nicolas Sarkozy said on Monday that France and Germany have agreed on a series of reforms to address the crisis. He was speaking after holding a meeting with German Chancellor Angela Merkel.

Resolving the euro zone's debt troubles would lift a dark cloud looming over the U.S. economy. Failure on the part of the Europeans, however, could still derail the U.S. recovery.

U.S. government debt prices fell, while the dollar weakened against the euro.

FACTORY ORDERS FALL

The United States is still limping back from the punishing 2007-2009 recession, with economic growth hampered by a mountain of household debt and high unemployment.

After a dismal first half of the year marred by high gasoline prices and a Japanese earthquake disaster that stung global manufacturing, U.S. economic growth rebounded in the third quarter to a 2.0 percent annual rate.

That is weaker than in previous recoveries, although growth could pick up in the last three months of the year.

A report last week showed the U.S. jobless rate fell to 8.6 percent in November, although it remains well above its pre-recession trend.

In a separate report on Monday, new orders for U.S. factory goods fell in October for the second straight month, suggesting a possible softening in manufacturing. That area of the economy has been a key support for the recovery.

The Commerce Department said orders for manufactured goods decreased 0.4 percent.

Economists had forecast orders would fall 0.3 percent after a previously reported 0.3 percent increase in September.

(Writing and additional reporting by Jason Lange in Washington; Further reporting by Ellen Freilich and Chris Reese in New York; Editing by Neil Stempleman and Padraic Cassidy.)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111205/bs_nm/us_usa_economy

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Monday, December 5, 2011

Two dead as shelling of Yemeni city continues (Reuters)

SANAA (Reuters) ? Two Yemenis were killed during a third straight day of shelling in the protest hotbed of Taiz, residents said, raising the death toll from clashes between troops loyal to outgoing President Ali Abdullah Saleh and opposition fighters to at least 17.

Saleh handed over power last month to Vice-President Abd-Rabbu Mansour Hadi, seeking to end 10 months of opposition to his rule that paralyzed Yemen.

But the violence shows no sign of abating.

Tens of thousands of residents defied the shelling to march in Taiz city centre demanding that Saleh be put on trial.

Residents said government forces used artillery, tanks and rockets on Saturday in residential areas of Taiz, trapping about 3,000 families in the commercial hub some 200 km (120 miles) south of the capital Sanaa.

Opposition fighters responded with medium and light fire, they said.

Medics said two people were killed, one of them an activist shot by a sniper during the demonstration. The second was a bakery worker killed in front of his shop. A woman was also wounded.

An official from Saleh's party said the latest violence followed differences with opposition parties over the composition of a military committee agreed last month as part of the transitional deal following Saleh's departure.

Ten people died in fighting on Thursday, including five government soldiers, and five more were killed on Friday, medics and security sources have reported.

A rights centre run by the opposition put the death toll at 21 people.

State news agency Saba quoted security sources as saying that armed groups were behind Friday's attacks on government facilities, including the criminal investigations building, the regional branch of the Immigration and Passports Department and a military camp.

Prime Minister-designate Mohammed Basindwa, an opposition leader, has warned that his side would rethink its commitments under the transition accord if the fighting in Taiz did not cease.

In a statement, Basindwa said the bombardment was "an intentional act to wreck the agreement" that opposition parties signed along with Saleh, who had backed out of signing the deal brokered by Yemen's Gulf neighbors three times.

Saba said British Foreign Secretary William Hague told Hadi in a telephone call on Friday that the UK was monitoring the situation in Yemen, hoping that "the government of national reconciliation, after it is formed, would ensure security and stability in the capital and in the capitals of the provinces."

DIFFERENCES

Under the agreement the military committee, headed by Hadi, would run the armed forces and oversee the end of fighting and return of forces to barracks.

It would be made up of an equal number of people from Saleh's General People's Congress (GPC) and the opposition Joint Meeting Parties (JMP).

An official with the GPC said Saleh's party was not happy about opposition nominees to the committee.

Saba said Hadi called on the provincial governor in Taiz and opposition parties to agree a truce.

Yassin Noaman, head of the JMP, said the violence was the result of delays in forming the military committee.

"The vice president must act as a consensus president and be responsible for implementing the operational mechanism without delay," he told Reuters.

A spokesman for the JMP called for the transition process to be speeded up.

"What is required is to speed up the establishment of a military committee that will oversee an end to fighting and ensure security ahead of restructuring of the army," said Mohammed Qahtan.

In separate violence, gunmen killed a colonel in the intelligence service at a coffee shop in the city of Ghayl Ba Wazir in Hadramout province, in southern Yemen, on Friday evening, local officials said. A resident was also killed and three were wounded in the attack, blamed on al Qaeda.

It was the latest in a series of attacks in recent months on senior officers in the army and security forces in southern Yemen.

(Reporting by Mohammed Ghobari in Sanaa, additional reporting by Mohammed Mokhashef in Aden, writing by Sami Aboudi; Editing by David Cowell)

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/nm/20111203/wl_nm/us_yemen

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Sunday, December 4, 2011

IsraelNewsStory: Jazz Legends Sun Ra Arkestra in Israel: The band claiming to come from outer space lands in Israel. 87-year-old ... http://t.co/BlPR0ACn

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Saturday, December 3, 2011

Lawrence Wittner: Is a Nuclear War With China Possible? (Huffington post)

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House Republicans pass major anti-regulation bill (AP)

WASHINGTON ? In an ambitious gesture to their business allies, House Republicans passed legislation Friday to reduce what the GOP calls "an avalanche" of unneeded, costly regulations. Opponents call the bill an attempt to prevent the government from protecting Americans at their workplaces, in their homes and when they want a breath of fresh air.

The 253-167 vote sent the bill to the Democratic-run Senate, where it's likely to die. Just in case, the White House has issued a veto threat.

Republicans insist the mostly technical legislation would simply force federal agencies to follow presidential directives that have often been ignored ? including seeking with the lowest cost. The objective, the GOP says, is to allow companies to use their money to hire workers.

But Democrats, the White House, and government watchdog groups insist the aim is to get rid of aggressive rules approved by the Obama administration ? regulations that businesses complain about constantly.

"America faces an avalanche of unnecessary federal regulatory costs," Rep. Lamar Smith, R-Texas, the House Judiciary Committee chairman, said during House debate. "Yet the Obama administration seeks to add billions more to that cost."

Democratic Rep. George Miller of California denounced the bill, saying the U.S. has spent great time and effort "to ensure when workers go to work every day, they will return safely to their home."

"This legislation begins to bring that to an end because it would needlessly and recklessly expose our workers to injuries," said Miller, the senior Democrat on the House Education and the Workforce Committee.

At this point, the fight over this and other anti-regulation bills approved by the GOP-led House is mainly a 2012 campaign issue, since they have little chance in the Democratic-run Senate.

The GOP effort is not finished. Next week, the House is expected to pass a bill that would make it easier for Congress to kill proposed rules.

Republicans agree the bill passed Friday would have a major impact on regulators but argue that's because it's not difficult for agencies to ignore presidential directives that don't have the force of law. Supporters and opponents agree on the major impact, but not much else.

_The opponents insist the bill would require agencies to consider any suggestions by interested parties, allowing opponents to dial up their lobbyists to keep offering changes and delaying a proposed rule. Republicans disagree, saying there's no change in the 60-day comment period for minor regulations and 120 days for major rules projected to cost at least $100 million.

_The bill would require an earlier analysis of costs and benefits, a provision that opponents argue would lead to misinformation that could cause delays. Republicans counter that agencies now misuse the analysis to justify the decisions they already made.

_Opponents object to additional proceedings for rules with a projected cost of more than $1 billion. Republicans argue there are only seven such regulations pending, including a now-delayed rule on boiler emissions. They said the hearing could be scheduled quickly and would not have to delay the final action.

Until now, Republicans have focused on derailing specific rules and regulations from the Obama administration, many of them from the Environmental Protection Agency. The latest effort, and the next bill giving Congress greater control over regulations, would cover the entire federal government.

OMB Watch, an advocacy organization that tracks federal regulations, said that if the bill were already law, it would have stopped the government from issuing its finding that greenhouse gases endanger public health. The group said it also would have hindered the government's efforts to declare a popular weed killer dangerous, make statements about the effects of too much salt on people's health and issue a strong rule on lead in gasoline.

Republicans received support from Rep. Collin Peterson, D-Minn., top Democrat on the Agriculture Committee.

"In agriculture we have been dealing with innumerable problems that have been brought by regulations that are not properly vetted and seem to be for people that have a lack of understanding of exactly what's going on in agriculture," he said.

"So this legislation gives us an overhaul ... to make sure that we have more openness, more transparency, more accountability in these regulations. More time, more analysis."

Nineteen Democrats voted for the bill.

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/ap/20111202/ap_on_go_co/us_republicans_regulations

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