Nortel Patent Probe Picks Up | Thomas and Apple

Nortel Patent Probe Picks Up | Thomas and Apple

WASHINGTON—The Justice Department is intensifying an investigation into whether tech giants including Apple Inc., Microsoft Corp. and Research in Motion Ltd. could use a recently acquired trove of patents to unfairly hobble competing smartphones using Google Inc.'s Android software, according to people familiar with the matter.

A consortium of six companies last month paid $4.5 billion to acquire a portfolio of 6,000 patents auctioned by the bankrupt Canadian telecom equipment maker Nortel Networks Corp., thwarting Google's interest. Read More

Thomas and Apple: Thomas Apple, 253 Alcorn Loop, Ruffin, NC 27326-9103

Thomas and Apple: Thomas Apple, 253 Alcorn Loop, Ruffin, NC 27326-9103

Thomas Apple (born January 25, 1954) is an American entrepreneur and inventor, best known for co-inventing the logo stockticker display and creating the concept of the MarketSite found in New York City's Times Square. Thomas was also the executive brought into the NASD in May 1989 to start the Marketing Planning Group. That group produced the initial Nasdaq TV and Radio campaigns and built the initial on-line products that lead to the development of Nasdaq.com and Nasdaq-online.com.

About Thomas Apple

Thomas Apple in Ruffin, NC is a private company categorized under Unclassified. Current estimates show this company has an annual revenue of $110,000 and employs a staff of approximately 2.

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Unclassified in Ruffin, NC

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Thomas Apple Business Information

Location Type: Single Location

Annual Sales (Estimated): $110,000

Employees (Estimated): 2

SIC Code 7389, Business Services, NEC

NAICS Code 561990, All Other Support Services

Products, Services and Brands: Information not found

State of Incorporation: Information not found

Years in Business: 5

50 Indian billionaires in Forbes rich list 2011 | Arcelor Mittal-MT

50 Indian billionaires in Forbes rich list 2011 | Arcelor Mittal-MT

Fifty Indians, including L.N. Mittal, the Ambani brothers and Azim Premji, have made it to the Forbes list of World Billionaires 2011, as Indians Chinese, Russians and Brazilians raced to catch up with Americans, still at the top.

Indian steel czar Lakshmi Mittal with a net worth of USD 31.1 billion grabbed the sixth place with net profits of ArcelorMittal, world’s largest steel-maker, rising 18-fold to USD 2.9 billion in 2010 on recovery in demand for the commodity and higher margins.

Mukesh Ambani with a net worth USD 27 billion was ranked ninth on the world list, while the head of consumer products to outsourcing giant Wipro, Azim Premji, was next ranked 36th with a net worth of USD 16.8 billion.

“The largest such endowment by an individual in India makes Premji one of Asia’s biggest donors,” said the magazine, referring to a donation of USD 2 billion worth of shares last year to a trust to fund his Azim Premji Foundation.

Among the top 10 Indians on the list were Shashi and Ravi Ruia, with a net worth of USD 15.8 billion, Savitri Jindal and family (USD 13.2 billion), Gautam Adani (USD 10 billion), Kumar Mangalam Birla (USD 9.2 billion), Anil Ambani (USD 8.8 billion), Sunil Mittal and family (USD 8.3 billion), and Adi Godrej and family (USD 7.3 billion).

For the second year in a row, Mexican telecom tycoon Carlos Slim Helu takes the title of world’s richest man with a record-breaking fortune of USD 74 billion. His net worth grew USD 20.5 billion in a year.

Microsoft chairman Bill Gates, 55, was second again as his net worth rose USD 3 billion to USD 56 billion. Warren Buffett, 80, chief executive officer of Berkshire Hathaway Inc., held on to third place with USD 50 billion.

Mark Zuckerberg, the 26-year-old cofounder and chief executive officer of social-networking website Facebook Inc. jumped to 52nd this year from 212th place last year.

There are now 1,210 billionaires in the world and 214 new members joined the club in 2010, while only 47 dropped off the list last year. The US still dominates, with 413 billionaires, compared to Asia, which came in second with 332.

The US gained 23 new billionaires and lost 13, recording a net gain of 10. Asia cranked out 98 new billionaires last year, and their combined fortunes jumped 37 percent.

The BRIC (Brazil, Russia, India, China) countries alone accounted for 108 new billionaires, giving them a total of 301. China had the most new billionaires, with 54 and a total of 115. Moscow displaced New York as the city with the greatest number of billionaires with 79, compared with 58.

The Asia-Pacific region had more billionaires than Europe for the first time in more than 10 years and gained the most billionaires of any region, with 105 newcomers.

Here is a complete list of Indian billionaires in order of India Rank, World Rank, Name, Net Worth, Age, Source:

1.. 6 Lakshmi Mittal USD 31.1 B 60 Steel

2.. 9 Mukesh Ambani USD 27 B 53 petrochemicals, oil & gas

3.. 36 Azim Premji USD 16.8 B 65 Software

4.. 42 Shashi & Ravi Ruia USD 15.8 B 67 Diversified

5.. 56 Savitri Jindal & family USD 13.2 B 60 Steel

6.. 81 Gautam Adani USD 10 B 48 commodities, infrastructure

7.. 97 Kumar Birla USD 9.2 B 43 commodities

8.. 103 Anil Ambani USD 8.8 B 51 Diversified

9.. 110 Sunil Mittal & family USD 8.3 B 53 telecom

10. 130 Adi Godrej & family USD 7.3 B 68 Diversified

11. 130 Kushal Pal Singh USD 7.3 B 79 real estate

12. 154 Anil Agarwal USD 6.4 B 57 mining, metals

13. 159 Dilip Shanghvi USD 6.1 B 55 pharmaceuticals

14. 182 Shiv Nadar USD 5.6 B 65 Information technology

15. 265 Malvinder & Shivinder Singh USD 4.1 B 38 healthcare

16. 310 Kalanithi Maran USD 3.5 B 45 media

17. 347 Uday Kotak USD 3.2 B 51 banking

18. 376 Micky Jagtiani USD 3 B 59 Retail

19. 393 Subhash Chandra & family USD 2.9 B 60 media

20. 440 Pankaj Patel USD 2.6 B 57 pharmaceuticals

21. 440 Indu Jain USD 2.6 B 74 media

22. 440 G. M. Rao USD 2.6 B 60 infrastructure

23. 512 Cyrus Poonawalla USD 2.3 B 69 biotech

24. 540 Rajan Raheja & family USD 2.2 B 56 Diversified

25. 564 Desh Bandhu Gupta USD 2.1 B 73 pharmaceuticals

26. 595 N.R. Narayana Murthy & family USD 2 B 64 Software

27. 595 Gautam Thapar USD 2 B 50 engineering, paper

28. 595 Sudhir & Samir Mehta USD 2 B 56 Diversified

29. 595 Aloke Lohia USD 2 B 52 chemicals

30. 651 Venugopal Dhoot USD 1.9 B 59 electronics

31. 651 Chandru Raheja USD 1.9 B 70 real estate

32. 692 Nandan Nilekani & family USD 1.8 B 55 Software

33. 736 Ajay Kalsi USD 1.7 B N/A oil

34. 782 Rahul Bajaj USD 1.6 B 72 motorcycles

35. 782 Senapathy Gopalakrishnan & family USD 1.6 B 55 Software

36. 833 Brijmohan Lall Munjal USD 1.5 B 87 motorcycles

37. 833 K. Anji Reddy USD 1.5 B 69 pharmaceuticals

38. 879 Vijay Mallya USD 1.4 B 55 liquor

39. 879 Ajay Piramal USD 1.4 B 55 pharmaceuticals

40. 879 Vikas Oberoi USD 1.4 B 40 real estate

41. 938 Baba Kalyani USD 1.3 B 62 Engineering

42. 938 Rama Prasad Goenka USD 1.3 B 81 Diversified

43. 993 Keshub Mahindra USD 1.2 B 87 Diversified

44. 993 K Dinesh & family USD 1.2 B 56 Software

45. 993 Rakesh Jhunjhunwala USD 1.2 B 50 Investments

46. 993 Brij Bhushan Singal USD 1.2 B 74 Steel

47. 1057 Yusuf Hamied & family USD 1.1 B 74 Pharmceuticals

48. 1057 S.D. Shibulal & family USD 1.1 B 56 Software
Read More

(gold prices kitco, live gold prices kitco, kitco scrap gold prices) - Modest Gold Buying Signals Mild Concern

(gold prices kitco, live gold prices kitco, kitco scrap gold prices) - Modest Gold Buying Signals Mild Concern

Investors have been buying gold and silver as protection against a U.S. default but the absence of an explosive rally Tuesday is a signal that traders expect disaster will be averted.

Gold for August delivery settled $4.60 higher to $1,616.80 an ounce at the Comex division of the New York Mercantile Exchange, a late-day bounce that pushed gold to a record settle. The gold price has traded as high as $1,616.80 and as low as $1,607.80 while the spot gold price was up $2.80, according to Kitco's gold index.

Silver prices added 33 cents to close at $40.69 an ounce. The U.S. dollar index was losing 0.81% at $73.50, hitting a record low against the Swiss franc, while the euro was up 0.98% versus the dollar.

Despite the fact that gold prices settled at a record Tuesday, the buying action was restrained. Some investors jumped at the high price to take profits while other traders were distracted by options expiration on the Comex, which put some technical pressure on gold.

"Today you have to be cautious," warned Phil Streible, senior market strategist at Lind-Waldock, who said Tuesday's gold price was dominated by technical trading and that investors will need to wait for Wednesday to find real direction.

Investors had been piling into the metal as protection in case Washington cannot reach a deal to raise the debt ceiling by Aug. 2, but market watchers said gold would have been pushed up to $1,700 if a default was considered a realistic prospect, instead of stalling out at $1,600. That has many analysts predicting lower prices.

"Most likely a deal will get done [which] should put pressure on the gold and silver market," said Streible, who thinks gold will find support at $1,580 and silver at $37.80 an ounce. Streible is putting his money where his mouth is and scaling out of some of his gold positions while buying put options for protection, which means he is betting on lower prices. Read More

'Hon Hai Precision - 鴻海精密': Citigroup likes Hon Hai’s purchase of set-top box plant | sc2, starcraft 2, battle net, battlenet, blizzard

'Hon Hai Precision - 鴻海精密': Citigroup likes Hon Hai’s purchase of set-top box plant | sc2, starcraft 2, battle net, battlenet, blizzard

Hon Hai Precision Industry Co’s (鴻海精密) purchase of Cisco Systems Inc’s set-top box plant in Juarez, Mexico, would guarantee it more networking solutions orders and higher operating margins, Citigroup said yesterday.

Despite the news of the purchase of the set-top box facility, shares of the Tucheng District (土城), New Taipei City (新北市)-based company were little changed in Taipei trading yesterday, rising 0.68 percent to NT$89.1. The stock has fallen 29.57 percent from this year’s session high of NT$126.5 in February.

“We note that networking business has long been one of the most profitable businesses within Hon Hai, so the Cisco acquisition should also help 2012 margin,” Citigroup Global Markets analyst Kevin Chang (張凱偉) said in a note.

On Monday, Cisco announced it was selling its Juarez facility to Foxconn Technology Group (富士康集團) — also known as Hon Hai in Taiwan — as part of the US company’s effort to streamline its operations, according to a statement posted on its Web site.

Hon Hai confirmed the deal in a filing sent to the Taiwan Stock Exchange yesterday, saying that it had purchased the Juarez plant from Cisco System’s subsidiary Scientific-Atlanta LLC through a Hon Hai subsidiary, PCE Paragon Solutions Kft.

“Through this strategic alignment with Cisco, we will be able to leverage the operation’s unrivalled talent, technology and expertise in video and telco infrastructure to broaden our end-to-end vertical supply chain services in the video, broadband, networking, and telecommunications infrastructure sectors,” Michael Ling (凌志平), general manager of Foxconn’s Communication and Network Solutions Business Group (CNSBG), said in a statement.

The transaction is subject to regulatory approvals and was expected to close by October, Hon Hai said, without providing financial details of the transaction because of confidentiality agreements.

Citigroup said the pricing should be “favorable” to Hon Hai because Cisco is facing more pressure than at any point to restructure its business.

Chang said in his note that “CNSBG has long been one of the most profitable and margin-focused entities in Hon Hai.” Read More

Buffett's Warrants On Goldman Sachs:"Warren Buffett Wants Goldman's (GS) Blankfein To Stick Around" | Buffett's Warrants

Buffett's Warrants On Goldman Sachs:"Warren Buffett Wants Goldman's (GS) Blankfein To Stick Around" | Buffett's Warrants

The Oracle of Omaha is standing by Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein and he doesn't plan to cash in his warrants anytime soon.

At the annual Allen & Company conference, when asked by New York Times DealBook if Mr. Blankfein would resign anytime soon, Warren Buffett said, "I don't think he is. I've seen nothing to indicate that myself, and I don't want him to." Buffett wants him to stay on.

Buffett also plans to hold onto the warrants he received in connection with his $5 billion 2008 investment in the company right up until they expire in 2013.

"We'll wait till the last month or two, before their expiration," he said.

The warrants, which have a $115/share strike, are worth approximately $900 million based on Goldman's current market price of $135, DealBook notes. Read More

UOB gold price, gold chart, goldtrader, kitco gold chart:"Zijin (HKG:2899), Zhaojin (HKG:1818) Up; More Upside For Gold Price-UOB"

UOB gold price, gold chart, goldtrader, kitco gold chart:"Zijin (HKG:2899), Zhaojin (HKG:1818) Up; More Upside For Gold Price-UOB"

HK gold miners outperform (HSI down 1.9%), with spot gold solidly above $950/oz. Choy Peng Foo at UOB Kay Hian tips gold price to average $1,000/oz for FY09; says weakening USD and inflation chance (amid hoped-for global economic recovery) likely to provide more support for gold ahead. Rates Zijin (SSE:601899, HKG:2899) at Buy with HK$7.15 target, as company has biggest output in China; while house doesn't officially cover Zhaojin (HKG:1818), she suggests investors buy this stock, as it's more leveraged to gold price, with over 80% of sales coming from gold operations. Zijin (HKG:2899) +0.2% at HK$6.65, Zhaojin (HKG:1818) +0.7% at HK$11.64; duo up 5.6%-8.2% yesterday. Read More

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ArcelorMittal ("ArcelorMittal") notes today's announcement by Macarthur Coal Limited ("Macarthur") and confirms that ArcelorMittal and Peabody Energy Corporation ("Peabody") have made an indicative, nonbinding and conditional proposal to make an off-market takeover bid, through a bid company 40% owned by ArcelorMittal and 60% owned by Peabody, to acquire up to 100% of the issued securities of Macarthur ("Indicative Proposal").

Under the Indicative Proposal, Macarthur shareholders would be offered a cash price of A$15.50 per share, implying a value for the equity in Macarthur of approximately A$4.7 billion. ArcelorMittal already has a relevant interest of approximately 16 percent of Macarthur's shares. The Indicative Proposal is conditional on the successful completion of due diligence, which would be completed in a timely manner. Any resulting offer to Macarthur shareholders would be conditional only on a minimum of 50.01 percent acceptance by Macarthur shareholders, approval from Australia's Foreign Investment Review Board and other customary conditions and approvals.

ArcelorMittal and Peabody look forward to engaging with the Board of Macarthur in relation to the Indicative Proposal. ArcelorMittal is being advised by RBC Capital Markets and Mallesons Stephen Jaques. The announcement does not constitute and is not intended to constitute a proposal to make a takeover bid for Macarthur and there is no assurance that any such takeover bid will be made. Read More

Macarthur Coal; US Peabody Energy and ArcelorMittal SA Submit Proposal to Acquire Macarthur Coal

Macarthur Coal; US Peabody Energy and ArcelorMittal SA Submit Proposal to Acquire Macarthur Coal

Peabody Energy (NYSE: BTU) and ArcelorMittal SA (NYSE: MT) today confirmed that they have jointly submitted an indicative proposal to the board of directors of Macarthur Coal Ltd. (ASX: MCC) to acquire all of the shares of the company.

Under the proposal by a newly formed company, owned 60 percent by Peabody and 40 percent by ArcelorMittal, Macarthur shareholders would be offered a cash price of A$15.50 per share through an off-market takeover offer. The new company has a relevant interest of approximately 16 percent in Macarthur’s shares.

The proposal price implies a value for the equity in Macarthur of approximately A$4.7 billion and represents a substantial premium to recent trading.

The proposal to Macarthur’s board is non-binding and conditional on the successful completion of due diligence, which would be completed in a timely manner. Any resulting offer to Macarthur shareholders would be subject only to minimum 50.01 percent acceptance, Australia’s Foreign Investment Review Board approval and other customary conditions and approvals.

According to Peabody Chairman and Chief Executive Officer Greg Boyce, “We believe there is significant value that can be created by managing Macarthur’s portfolio of coal assets using Peabody’s industry-leading operating, development and commercial skills. We look forward to advancing this proposal to complete a transaction for the benefit of Macarthur shareholders.”

Aditya Mittal, Chief Financial Officer and Member of the Group Management Board of ArcelorMittal, said: “ArcelorMittal has been a long-term investor in Macarthur, and we look forward to discussing our proposal with the board of Macarthur.”

Macarthur is the world’s largest producer of seaborne low volatile pulverized coal injection (LV PCI) coal with production and development assets in the Bowen Basin, Australia, including the Coppabella and Moorvale Joint Venture and Middlemount Mine. It controls total coal reserves of approximately 270 million tonnes (approximately 175 million tonnes on an attributable basis) and total resources of approximately 2.3 billion tonnes (approximately 1.7 billion tonnes on an attributable basis). It has current production guidance of 3.8 to 4.0 million tonnes for the year ended June 30, 2011.

Peabody is the world’s largest private-sector coal company and a global leader in clean coal solutions. With 2010 sales of 246 million tons and nearly US$7 billion in revenues, Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.

ArcelorMittal is the world’s leading integrated steel and mining company, with operations in more than 60 countries. In 2010, ArcelorMittal had revenues of US$78 billion and crude steel production of 90.6 million tonnes, representing approximately 8 percent of world steel output. ArcelorMittal’s mining operations produced 47 million tonnes of iron ore and 7 million tonnes of metallurgical coal as well in 2010.

Peabody has engaged UBS and Bank of America Merrill Lynch as its financial advisers and Freehills as its legal adviser in relation to the potential transaction. ArcelorMittal has engaged RBC Capital Markets as its financial adviser and Mallesons Stephen Jaques as its legal adviser in relation to the potential transaction.

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions that Peabody believes are reasonable, but they are open to a wide range of uncertainties and business risks that may cause actual results to differ materially from expectations. These factors are difficult to accurately predict and may be beyond the company’s control. The company does not undertake to update its forward-looking statements. Factors that could affect results include those described in this press release as well as risks detailed in the company’s reports filed with the Securities and Exchange Commission.

Nothing in this announcement constitutes or is intended to constitute a proposal to make a takeover bid for Macarthur Coal Limited. There is no assurance that any such takeover bid will be made.

Macarthur reserves and resources and other information are based on public disclosures and exclude the MDL162 tenement.

CONTACT: Vic Svec +1-314-342-7768
Source: Peabody Energy

Macarthur Coal; Peabody Energy bets $5bn on future of coal | Macarthur Coal Limited ("Macarthur")

Macarthur Coal; Peabody Energy bets $5bn on future of coal | Macarthur Coal Limited ("Macarthur")

THE world's biggest coalminer has boosted Julia Gillard's efforts to sell her clean energy plan, signalling its confidence in the future of the industry under a carbon tax by launching a $4.7 billion takeover bid for Macarthur Coal.

Peabody Energy has teamed up with fellow Macarthur shareholder ArcelorMittal - the world's biggest steelmaker - to bid $15.50 a share in the biggest takeover offer made for an Australian coalminer.

The bid came only a day after the government launched its carbon tax plan, which was attacked by coalminers for failing to provide sufficient industry assistance. Miners warned that the package would force marginal operations to close.

It also came as Qantas and Virgin Australia yesterday quantified the impact of the carbon tax on their bottom-line profits and warned that they would be forced to pass on the cost to passengers through higher airfares.

Qantas shares fell below the $2 mark after it revealed the tax would cost it $110 million to $115m in the first year of the measure in 2012-13, contributing to a 1.6 per cent slump on the Australian stockmarket. Goldman Sachs analyst Hamish Tadgell said the carbon tax, at $23 a tonne in its first year, would reduce the earnings growth of S&P/ASX 200 companies by up to 0.5 per cent.

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Peabody bid undercuts Abbott's argument The Australian, 1 hour ago

Macarthur in play again with $5bn bid The Australian, 1 hour ago

Steel and coal giants bid for Macarthur Courier Mail, 1 hour ago

Joint bid for Macarthur Coal Herald Sun, 1 hour ago

Peabody's new Macarthur bid The Australian, 1 hour ago

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Responding to news of the Peabody takeover bid last night, Climate Change Minister Greg Combet said the government "has always said that the Australian coalmining industry has a bright future under a carbon price".

"The industry is profitable, prices are high and there is a sizeable pipeline of planned new investment," Mr Combet told The Australian. "The only person talking the coal industry down is Tony Abbott, who has made the reckless and untrue claim that a carbon price will destroy the Australian coal industry."

The Opposition Leader kick-started his election-style campaign against the carbon tax package yesterday at Peabody's Wambo Mine in the NSW Hunter Valley, telling workers he had "staked my political life, what's left of it, on stopping this carbon tax". "I figure for people in the coal industry, it's a hit on your potential employment and it's going to be a hit on your standard of living," he said.

Mr Abbott ruled out supporting $1.6bn in additional government assistance for the coal sector and steel industry, which was negotiated outside the framework of the multi-party climate change committee.

Greens leader Bob Brown is refusing to back $1.3bn in support for the coal sector, which would provide compensation to about 25 gassy coalmines in NSW and Queensland for fugitive methane emissions, but left open the possibility of supporting the $300m package for steelmakers. The government's extra support for coalminers is expected to be provided through financial grants and is unlikely to require specific legislation, but the steel assistance will need parliamentary backing.

Nationals senator Barnaby Joyce, who travelled with Mr Abbott to the Wambo Mine yesterday, said the takeover bid for Macarthur Coal would not dent the opposition's assault on the $23 carbon price. Read More

Macarthur Coal; Asian Stocks Drop Most in Two Weeks on U.S. Jobs, Australia Tax

Macarthur Coal; Asian Stocks Drop Most in Two Weeks on U.S. Jobs, Australia Tax

Asian stocks fell, with the regional benchmark index headed for its biggest drop in two weeks, as U.S. unemployment unexpectedly increased, dimming the outlook for the global economic recovery and Asian exporters' earnings.

Samsung Electronics Co., South Korea's No. 1 exporter of consumer electronics, sank 2.3 percent in Seoul as U.S. nonfarm payrolls rose at the slowest pace in nine months. Li & Fung Ltd., a supplier of toys and clothes that counts the U.S. as its biggest market, slipped 1.8 percent in Hong Kong. MacArthur Coal Ltd., BlueScope Steel Ltd. and Qantas Airways Ltd. led declines among Australian companies after the government announced the country's first tax on greenhouse-gas emissions.

"After the recent rally, structural problems are still there," said Lee King Fuei, a Singapore-based fund manager at Schroders Plc, which oversaw $323 billion as of March 31. "Jobs data in the U.S. continue to point to anemic growth. While Greece's debt problems have been pushed out, eventually it will come back to haunt us."

The MSCI Asia Pacific Index slipped 1 percent to 137 as of 3:30 p.m. in Tokyo, headed for its steepest drop since June 27. More than two stocks fell for each that rose on the measure. The gauge extended its rally for a third week last week as European Union leaders hammered out proposals to roll over debt to prevent Greece from defaulting and after reports showed retail sales in the U.S. increased in June, and initial claims for unemployment benefits declined.

Australia Leads Drop

Japan's Nikkei 225 Stock Average slid 0.7 percent. South Korea's Kospi Index and Hong Kong's Hang Seng Index declined 1.1 percent. China's Shanghai Composite Index gained 0.2 percent, erasing losses of as much as 0.6 percent, on speculation inflation is peaking.

Australia's S&P/ASX 200 Index sank 1.6 percent, the most among regional benchmark indexes, after Prime Minister Julia Gillard said yesterday polluters in Australia will pay A$23 ($24.74) per metric ton of carbon emissions. The country relies on coal to generate 80 percent of its electricity.

Futures on the Standard & Poor's 500 Index lost 0.6 percent today. The index dropped 0.7 percent on July 8 as the weakest American job growth in nine months hurt companies most-closely tied to the economy.

U.S. payrolls increased by 18,000 in June, less than the most pessimistic forecast in a Bloomberg News survey of economists, which called for growth of 105,000 on average. The jobless rate rose to a 2011 high of 9.2 percent. Read More

Warren Buffett; Buffett to peruse Groupon's IPO filing, Buffett eyes Groupon, Exelon, ADM

Warren Buffett; Buffett to peruse Groupon's IPO filing, Buffett eyes Groupon, Exelon, ADM

Renowned investor Warren Buffett will read Groupon Inc.'s filings for an initial public offering, according to a report.

Mr. Buffett told Bloomberg TV he hopes to buy another company this year and that Chicago-based Exelon Corp. and Decatur-based Archer Daniels Midland Co. are the types of firms that interest him.

He declined to comment on specific targets to Bloomberg TV.

ADM's stock was up a little less than 1% in premarket trading Friday.

Groupon, ADM and Exelon declined to comment to Crain's.

Chicago-based Groupon, a dail-deal coupon site, filed last month for an IPO. Read More

Warren Buffett; Buffett Says 'Bet Very Heavily' Against Double-Dip Recession

Warren Buffett; Buffett Says 'Bet Very Heavily' Against Double-Dip Recession

Billionaire Warren Buffett said he is wagering on continued economic expansion and doesn't expect a second recession.

"I would bet very heavily against that," Buffett told Bloomberg Television's Betty Liu on the "In the Loop" program today after data showed slowing U.S. job growth. "How fast the recovery will come, I don't know. I see nothing that indicates any kind of a double dip."

The unemployment rate unexpectedly climbed to 9.2 percent in June, the highest level this year, and hiring by companies was the weakest since May 2010, Labor Department data showed. U.S. employers added 18,000 jobs last month, less than the 105,000 median estimate in a Bloomberg News survey.

"It means that we're still a ways off from getting to where we should be," Buffett said in the interview, in Sun Valley, Idaho. "We're seeing growth around the world, but it's not mushrooming."

Buffett's Berkshire Hathaway Inc. added about 3,000 jobs last year after cutting more than 20,000 positions in 2009. The Omaha, Nebraska-based company employed about 260,000 people at units from insurance and shipping to consumer goods and energy, Berkshire said in February. Employment gained last year at Berkshire units including car insurer Geico and railroad Burlington Northern Santa Fe. Staffing fell at carpet-maker Shaw Industries.

"Jobs come with demand," Buffett, 80, said today. "We're seeing demand a lot of places but we're not seeing it in the construction field."

Bricks, Carpet

Berkshire owns a real estate brokerage, a maker of manufactured homes and units that construct roofs and sell bricks and carpet. Buffett said in February that a housing recovery would begin "within a year or so" and that he's preparing the company's businesses for growth. Buffett is chairman and chief executive officer of Berkshire.

Berkshire expanded its Acme Brick unit with a $50 million acquisition, and Johns Manville, the roofing subsidiary, is building a $55 million plant in Ohio, Buffett said in his annual letter. Shaw will spend $210 million on plant and equipment this year, Buffett said. Read More

Warren Buffett’s Prophecy Comes True! | Warren Buffett

Warren Buffett’s Prophecy Comes True! | Warren Buffett

Citigroup already rebadged its consumer lending business from CitiFinancial to the eye-roll worthy OneMain. We guess one more name change couldn’t hurt: “Grandson of Berkadia.”

Let’s explain.

Warren Buffett’s Berkshire Hathaway is part of a group in exclusive talks to buy Citigroup’s consumer-lending business, reported our colleagues Serena Ng and Mike Spector. Other members of the bidding group include Centerbridge Partners and Leucadia National Corp.

The latter is a sprawling conglomerate some observers have compared to Berkshire. Leucadia owns pieces of businesses from an Australian iron ore miner to investment bank Jefferies. Berkshire Hathaway owns businesses in industries ranging from kitchen knives to railroads. Leucadia’s chairman even scribbles a shareholder letter reminiscent of Buffett’s annual epistles.

In fact, in Buffett’s letter to shareholders of Berkshire Hathaway in February 2010, the Oracle lauded the deals he had done with Leucadia. In 2009, Berkshire and Leucadia bought Capmark, a commercial mortgage origination and serving business, and renamed it Berkadia Commercial Mortgage.

Buffett predicted to Berkshire investors more joint deals would be coming:

“Our partner in this operation is Leucadia, run by Joe Steinberg and Ian Cumming, with whom we had a terrific experience some years back when Berkshire joined with them to purchase Finova, a troubled finance business. In resolving that situation, Joe and Ian did far more than their share of the work, an arrangement I always encourage. Naturally, I was delighted when they called me to partner again in the Capmark purchase.

Our first venture was also christened Berkadia. So let’s call this one Son of Berkadia. Someday I’ll be writing you about Grandson of Berkadia.”

Read More

Warren Buffett Moves on Citigroup | Warren Buffett

Warren Buffett Moves on Citigroup | Warren Buffett

Citigroup (NYSE:C) is back in the spotlight once again. After plummeting to near penny-stock status, then rebounding, this banking stock became the darling of the hyper active high frequency trading brigade. The robot traders had a ball with Citi’s deep liquidity and ultra tight spreads. However, this algorithmic army quickly lost interest in the stock when Citi instituted a 10-for-1 reverse split pushing the share price above $40 per share. This strategic move knocked the high frequency trading boys out of the game, but may create more long term institutional interest in the financial stalwart.

Now, perhaps the most interesting Citigroup rumor of all, has hit the underground secrets media network. The Oracle of Omaha Warren Buffett’s juggernaut acquisition machine Berkshire Hathaway (NYSE:BRK) may be part of a consortium to purchase Citi’s troubled consumer finance division, One Main Financial. Pre-financial bust, this unit was known as Citi Financial.

Center Bridge Partners and Leucadia National Corp. (NYSE: LUK) are also rumored to be part of the buyout group. Interestingly, One Main only has a book value of $2 billion but may obtain a bid in the $8 billion range due to its extensive asset base. Citi has been in talks for the last several months about spinning off this division, but this is the first time that Buffett has been involved. The star power of the Oracle combined with his mountain moving resources may just be the impetus Citi needs to actually flip this troubled unit away from itself. Time will tell, watch this one closely! Read more

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Warren Buffett To Exercise $5B Goldman Sachs Warrants In 2013 | Warren Buffett

Warren Buffett To Exercise $5B Goldman Sachs Warrants In 2013 | Warren Buffett

Warren Buffett spoke about Goldman Sachs on Thursday from Sun Valley while attending the Allen & Company conference. The Oracle of Omaha indicated he would be exercising his right to buy $5 billion in Goldman stock in 2013, an option he was awarded in 2008 when he extended a $5 billion life-line to the ailing investment bank. Buffett also noted he’d like questioned Goldman Sachs CEO Lloyd Blankfein to remain as the top dog at the vampire squid.

Buffett will continue to benefit from his $5 billion investment in Goldman Sachs during the financial crisis. The deal included warrants with a strike price of $115 per share to be exercised at any time for a five year term. In conversation with DealBook, the Oracle of Omaha said “we’ll wait till the last month or two, before their [2013] expiration.”

With Goldman stock trading around $135, Buffett’s Berkshire Hathaway’s option would be worth about $900 million today. The Oracle, it seems, has a positive outlook for the Vampire Squid. (Read Gold, Banks On The Agenda For Billionaires Soros, Paulson In Q1).

Buffett has profited handsomely from his investment $5 billion, life-saving investment in Goldman Sachs in late 2008 as markets were falling off a cliff. On April 18, the investment bank repaid Berkshire Hathaway, Buffett’s investment firm, its principal payment of $5 billion plus a one-time preferred dividend of $1.64 billion, based on a 10% yearly-dividend that brought in about $500 million a year, according to Trade The News.

Buffett also spoke of the company’s questioned CEO, Lloyd Blankfein. Blamed by many for having tarnished the bank’s reputation, after repeated investigations by the SEC over its practices during the downfall of the U.S. housing market, Blankfein has been under heavy pressure to resign. (Read Goldman Playing Oil Like A Fiddle: Calls Bullish Structural Shift).

“I want him to stay,” Buffett told reporters, adding that he didn’t think rumors Blankfein was stepping down were substantiated. “I’ve seen nothing to indicate [he’s quitting] myself, and I don’t want him to,” explained Buffett.

The world’s former richest man, currently third behind Carlos Slim Helu and Bill Gates, spoke about social media and confessed he’s clueless as to what to make of multi-billion valuations being slapped on to tech and online start-ups.

Asked by DealBook about the staggering valuations of companies like Facebook, Groupon, Zynga, and LinkedIn, Buffett said “a few of them will be worth enormous amounts, [but] I don’t know which ones.” Adding he isn’t “the guy to ask about that,” Buffett said the felt the companies that “[figure] out something that somebody wants that they don’t know they want now” were the best positioned to succeed. (Read: Bullish On Japan: Rosenberg Joins Buffett In Calling Crisis An Opportunity). Read More

Warren Buffett: ETF Embraces Buffett's Outlook

Warren Buffett: ETF Embraces Buffett's Outlook

Warren Buffett's biggest claim to fame over the span of his illustrious multi-decade career has been his unmatchable investing prowess. However, droves of individuals on Wall Street and Main Street also consistently turn to the Oracle of Omaha in order to gain insight into current events and hear his outlook for the U.S. and global economy. The chairman of Berkshire Hathaway(BRK.A_) chairman sat down with CNBC's Becky Quick in Sun Valley, Idaho to touch on topics ranging from the U.S. debt ceiling debates to the corporate jet industry. As in the past, the billionaire investor provided viewers with valuable insight blended with a touch of the folksy, down home charm he is known so well for.

During the conversation, Buffett had some choice words for Washington legislators when the topic of the U.S. debt ceiling was brought up. Calling the argument "silly," and likening the debate in Washington to a game of Russian roulette, he warned that major risks could arise in the event that the ceiling is not raised.

Although he has traditionally been known for his views regarding the U.S. markets, Buffett also took time to share his views on the European debt crisis. Overall, "concerned" seems to be the word to describe the investor's attitude towards this geographic region. Buffett noted that Greece and the rest of the euro monetary bloc still have ample work to do before their debt issues are resolved.

Buffett's comments regarding the ongoing debt ceiling discussion and the European debt crisis seemed to spark feelings of frustration and concern. However, in talking about the current state and future prospects of the U.S. economic recovery, the Oracle of Omaha appeared generally bullish.

In his most recent comments, Buffett homed in on the job market, noting that the outlook for employment is improving. Speaking from his own experience, the investor proclaimed that Berkshire Hathaway has seen a boost in employment from two months ago.

In order to spur the recovery further, Buffett said that construction will have to play a larger role. According to CNBC, the investor highlighted this industry as a noticeable laggard, but that when it gets back on track the improvement to the employment picture will be dramatic. Read More

NASDAQ Stock Market: Its Recent Pullback Makes Pan American Silver Corp. (Nasdaq: PAAS) a Bargain

NASDAQ Stock Market: Its Recent Pullback Makes Pan American Silver Corp. (Nasdaq: PAAS) a Bargain

Pan American Silver Corp. (Nasdaq: PAAS) is a silver mining company that has experienced a significant pullback in price since hitting its high in March. That means patient investors have a nice chance to enter at lower prices while the market calms down.

The parabolic move up in silver prices this spring helped provide a real stimulus to the share prices in some of the mining stocks. When silver prices pulled back after the Chicago Mercantile Exchange (Nasdaq: CME) raised margin rates over and over, the share prices of silver producers were negatively impacted.

The hot money has fled the sector and won't be back for a while, with equity prices now trading in the middle of their 52-week range. This gives patient investors, who are not chasing the current money, a chance to add or increase their exposure to silver miners without paying a pretty penny.

Why Pan American Silver is a "Buy"

When I look at a mining company, there are a few things I have learned to look for: Is the company already leveraged to the gills? How leveraged is it to the upside of its sector? Is it operating at a profit? Does it have a track history of operating at a profit?

In the case of Pan American Silver Corp., the company passes the test.

• It has seven active silver mining operations and four developmental projects.
• It has 1 billion ounces in resources, including proved and probable (P&P) holdings.
• And it has no debt.

Indeed, Pan American Silver Corp has developed a diversified basket of assets with functioning mines in Mexico, Peru, Bolivia, and Argentina. These facilities currently are expected to produce as much as 24 million ounces of silver in 2011 at a physical cash cost of about $7.00 - $7.50 per ounce.

Additionally, the company is currently moving four new projects along - one in Mexico, one in Peru, and two under development in Argentina.

The new projects include the massive Navidad project in Argentina, which could produce about 20 million ounces per year for its first five years. The mine is expected to have a 17-year life span, with a cash cost of $6.03 per ounce net of byproduct credits. If the development is finished, production will begin in 2014.

Pan American's operations give the company more than 1 billion ounces of silver equivalent. This gives investors a nice cushion of assets with stable production. It also offers what I like to call "Massive Organic Growth" potential.

The company is leveraged to silver prices with about 66% of its revenue coming directly from its silver production. It has built a basket of projects with production cost of about $7.83 cents in the last quarter.

And, best of all, Pan American has no debt. That means the company is not at the mercy of its bankers. It also means that if Pan American decided it needed to grow, it would have the capacity to expand by tapping its unleveraged balance sheet.

Pan American sports a market cap of about $3.3 billion with an enterprise value of $2.8 billion once net cash and debt are considered. Ironically, when a company has no debt and has a small horde of cash, its enterprise value drops, as it become cheaper to take over using its own net cash against it.

We will want to watch the enterprise value going forward, as it starts to become a cash bait target in the M&A world.

Shares of Pan American closed Thursday at $30.89. Read More

NASDAQ Stock Market: Stocks Returning Over 50% to Shareholders in 2011

NASDAQ Stock Market: Stocks Returning Over 50% to Shareholders in 2011

all problems are in the past as speculators anticipate another earnings season where analysts undershoot, and companies beat and everyone sings kumbaya. S&P (NYSE:SPY) is surging 4% on the week, and 1317 was ‘resistance’ for a whole hour or so.

On that note, as we approach the half way mark of 2011, I’ve screened for the best performers year to date. Parameters to exclude some of the small fry include

>$300M market cap

>$10 stock price

>100,000 a day trading volume

>50% return YTD

Get Actionable Investing Insights

US NASDAQ Stock Market ~ Cavico to be removed from NASDAQ

US NASDAQ Stock Market ~ Cavico to be removed from NASDAQ

Vietnamese construction firm Cavico Corp will be removed from the US NASDAQ stock market tomorrow after being late in filing its financial reports with the U.S. Securities and Exchange Commission.

Cavico has failed to file its financial reports for the fiscal year ending on December 31, 2010. After a recent meeting, Cavico’s board of directors decided not to appeal.

After being removed from NASDAQ, Cavico is eligible to be listed on Grey Market but not on Over-The-Counter Bulletin Board (OTCBB).

Cavico runs large infrastructure projects, including construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. It is also investing in hydropower facilities, cement production plants, mineral exploration and urban development projects in Vietnam.

The company employs more than 3,000 employees and has offices throughout Vietnam and one satellite office in Australia. Read More