Lunes 14/02/11 Semana del Fed

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Lunes

Eventos economicos

Subasta de bonos

Semana cargada de indicadores economicos

Entre los indicadores mas importantes de la semana tenemos las ventas retail, la actividad manufacturera en NY, precios de los importadores y exportadores, los inventarios de negocios y el indice de las casas el Martes, los inicios de casas, los precios de los productores, la produccion industrial y el anuncio del Fed el Miercoles, el CPI (inflacion), los indicadores lideres, el indice de Philadelphia el Jueves.



4-Week Bill Announcement
11:00 AM ET


3-Month Bill Auction
11:30 AM ET


6-Month Bill Auction
11:30 AM ET

3-Yr Note Settlement

10-Yr Note Settlement

30-Yr Bond Settlement


ICSC-Goldman Store Sales
7:45 AM ET


Retail Sales
8:30 AM ET


Empire State Mfg Survey
8:30 AM ET


Import and Export Prices
8:30 AM ET


Redbook
8:55 AM ET


Treasury International Capital
9:00 AM ET


Business Inventories
10:00 AM ET


Housing Market Index
10:00 AM ET


4-Week Bill Auction
11:30 AM ET


MBA Purchase Applications
7:00 AM ET


Housing Starts
8:30 AM ET


Producer Price Index
8:30 AM ET


Industrial Production
9:15 AM ET


EIA Petroleum Status Report
11:00 AM ET


FOMC Minutes
2:00 PM ET

Weekly Bill Settlement


Consumer Price Index
8:30 AM ET


Jobless Claims
8:30 AM ET


Leading Indicators
10:00 AM ET


Philadelphia Fed Survey
10:00 AM ET


EIA Natural Gas Report
10:30 AM ET


3-Month Bill Announcement
11:00 AM ET


6-Month Bill Announcement
11:00 AM ET


2-Yr Note Announcement
11:00 AM ET


5-Yr Note Announcement
11:00 AM ET


7-Yr Note Announcement
11:00 AM ET


Fed Balance Sheet
4:30 PM ET


Money Supply
4:30 PM ET

[admin]

En busca de los genes que conducen al alcoholismo
Estudios podrían facilitar la identificación de fármacos que ayuden a pacientes a tratar la adicción según su ADN

Por Melinda Beck

Millones de personas saben en carne propia que el alcoholismo es hereditario.

Los hijos de padres alcohólicos son cuatro veces más propensos a desarrollar problemas con la bebida que el resto de la población. Incluso bebés de alcohólicos que son adoptados por hogares donde no se bebe sufren casi el mismo riesgo de alcoholismo que si hubieran vivido con sus padres biológicos, muestran los estudios.

Pero determinar qué genes generan una predisposición a tener problemas con el licor es extremadamente difícil. Los genes que afectan a la rapidez con la que el hígado metaboliza el alcohol y el cerebro reacciona al estrés, la recompensa y el placer están implicados al igual que los genes de la ansiedad y depresión. Las influencias ambientales y las presiones sociales también juegan un papel fundamental.

"Con mucha frecuencia se lee que han encontrado un gen para esto y aquello, y muy rara vez es tan sencillo", sostiene Howard J. Edenberg, un distinguido profesor de bioquímica y biología molecular en la Universidad de Indiana y uno de los cuatro principales investigadores en el Estudio Colaborativo sobre la Genética del Alcoholismo (COGA), financiado por el gobierno. Desde 1989, COGA ha estado siguiendo el tema en familias y ha entrevistado a más de 14,000 personas y tomado muestras del ADN de 262 familias. Sus investigadores han hallado evidencia de varios genes relacionados al alcohol y están cada vez más convencidos de que diferentes tipos de alcohólicos reflejan muchas variaciones genéticas.

Esa idea ya se ve prometedora en un área: la identificación de fármacos que pueden ayudar a tratar a los alcohólicos en función de su perfil individual de ADN. En la actualidad, los fármacos para tratar la adicción buscan reducir el deseo de beber, pero no funcionan para todos. Pero, según los expertos, eso podría cambiar si los medicamentos pueden atacar diferentes tipos de alcoholismo.

En uno de los primeros estudios de este tipo publicado en el American Journal of Psychiatry en enero, los alcohólicos con dos variaciones específicas de un gen para el neurotransmisor serotonina fueron capaces de reducir su consumo de alcohol de manera significativa con la droga ondansetron. El medicamento contra la náusea de uso frecuente en los tratamientos de cáncer, también conocido como Zofran, bloquea los receptores de serotonina y parece disminuir la emoción que algunos alcohólicos obtienen de la bebida.

"Imagine este escenario: va a su médico y le dice 'estoy bebiendo y necesito ayuda", explica Bankole Johnson, director de psiquiatría y ciencias del comportamiento en la Universidad de Virginia y autor principal del estudio. "El médico puede hacerle un análisis de sangre y si encaja en el perfil, puede conseguir las pastillas al día siguiente y es muy probable que sean efectivas. Si no, no pierde el tiempo con el medicamento".

Varios estudios en adictos al alcohol tratados con naltrexona encontraron que aquellos con una variación del gen receptor de opioides tenían una mucho menor tasa de recaída que los que tenían una variación diferente. El fármaco Naltrexone parece reducir el deseo al bloquear la liberación de opioides que los adictos obtienen del alcohol.

Otros estudios han arrojado resultados mixtos. De hecho, tales asociaciones se encuentran a menudo en un estudio y no en otros. "Con una enfermedad como el alcoholismo, donde decenas o cientos de genes podrían tener un pequeño impacto, encontrar alguno de ellos en el tamaño de los estudios que estamos haciendo, tiene que ser una especie de suerte", dice Edenberg.

Hasta la fecha, las asociaciones más fuertes de genes encontradas implican al llamado rubor oriental (reacción alterada aguda al alcohol). Cerca de 40% de las personas de origen asiático lleva una o dos variaciones genéticas que rápidamente convierten el alcohol en el químico acetaldehído, que causa náusea, taquicardia y un fuerte enrojecimiento. Es un potente disuasivo de consumo de alcohol, igual que el fármaco disulfiram o Antabuse.

"Ni siquiera necesita una prueba genética para detectarlo", dice David Goldman, jefe del Laboratorio de Neurogenética del Instituto Nacional de Abuso de Alcohol y Alcoholismo. "Si tiene una cena y alguien tiene esta variación, se pondrá rojo en cuanto se beba un vaso de vino".

Investigadores de la Universidad Chapel Hill de Carolina del Norte han identificado un "gen alegre" similar que hace que los que lo tienen se sientan embriagados con sólo uno o dos tragos. Entre 10% y 20% de la población tiene esta variante, que se cree que protege contra la adicción al alcohol.

Al igual que el rubor oriental, algunos genes relacionados con el alcohol son particularmente frecuentes en ciertos grupos étnicos o geográficos. Un estudio reciente en la revista Nature halló que una variante poco frecuente en el gen HTR2b vinculado a la impulsividad se encuentra casi exclusivamente en los finlandeses. "Casi todas estas personas gravemente impulsivas son también alcohólicas y sus peores problemas ocurrieron mientras estaban borrachos", declara Goldman.

Se desconoce tanto aún el tema que la mayoría de los expertos aconseja a los consumidores no utilizar servicios comerciales de pruebas genéticas para tratar de entender su riesgo a enfermedades complejas como el alcoholismo.

"Incluso si sabe que tiene una versión protectora de algún gen, todavía puede ser vulnerable debido a otro gen que aún no hemos descubierto", asegura Goldman que añade que cualquiera con un historial familiar de alcoholismo debería abordar el alcohol con prudencia.

[admin]

Los fondos mutuos encuentran su voz digital
Aunque tardaron en subirse al tren de Twitter y otras redes sociales, ahora buscan el tono adecuado para dirigirse a sus clientes
Por Emily Glazer

.Aunque al prinicipio se mostraron lentas en unirse a la fiesta de las redes sociales, las firmas de fondos mutuos están utilizando con cada vez mayor frecuencia Twitter, Facebook y YouTube para crear fidelidad de marca, educar a inversionistas y ayudar con el servicio al cliente.

"Es un primer intento de conectar con lo que está pasando en la sociedad y la tecnología" dice James McGovern, subdirector de servicios de consultoría de Corporate Insight, que recientemente informó que alrededor de 46% de las empresas de gestión de activos que analiza regularmente se comunican ahora a través de redes sociales.

Aunque Corporate Insight asegura que se trata de un alza frente a "cero participación" en 2008, todavía es inferior a la tasa de utilización de 76% registrada entre los bancos y emisores de tarjetas de crédito de los que hace seguimiento.

Las empresas de fondos se han mostrado cautelosas a la hora de adoptar las redes sociales en parte debido a preocupaciones sobre el cumplimiento de las normas: ya que no pueden publicar o "tweetear" nada que los reguladores puedan interpretar como engañoso o poco apropiado para el público objetivo. Difundir mensajes serios a través de un foro de comunicación informal también puede ser complicado. Algunas firmas dicen que se esmeran en lograr un enfoque que no sea demasiado formal (evitando la sobrecarga de datos, por ejemplo) ni demasiado simplón (como evitar usar demasiados signos de exclamación).

Perfil destacado

Ahora, las redes sociales están siendo usadas por algunos pesos pesados de la industria: el director ejecutivo de Putman Investments, Robert Reynolds, empezó a enviar mensajes a través de Twitter, la red de mensajes de 140 caracteres, en julio de 2009. Las pequeñas firmas de inversión tipo boutique, como U.S. Global Investors Inc., con sede en San Francisco, también las están adoptando, porque les permite elevar sus perfiles, pese a contar con presupuestos de publicidad relativamente pequeños.

"China es un país grande, con planes aún MÁS GRANDES", tweeteó U.S. Global Investors a casi 1.100 seguidores en septiembre.

Para MFS Investment Management, las redes sociales son para compartir capital intelectual tal como la experiencia de sus profesionales de inversión, a la vez que se conserva la identidad de marca de la empresa, observa Bill Finnegan, director de marketing minorista.

"Se trata de algo muy distinto a un producto de consumo de marca como Home Depot", sostiene Finnegan. "Estamos hablando de inversiones y planes de pensiones. Queremos asegurarnos de que estamos teniendo ese tipo de conversación en vez de decir: 'Eh, esto está en rebaja hoy; ¡un descuento de 5%!".

La página de Facebook de MFS describe su historia (fundada en Boston en 1924) y explica las normas para hacer comentarios, incluyendo una prohibición a las recomendaciones, promociones y asesoramiento. Algunas de esas precauciones están basadas en las directrices de las redes sociales emitidas el año pasado por la Autoridad Reguladora de la Industria Financiera que supervisa las firmas de corretaje.

A fines de 2009, Vanguard organizó un juego de búsqueda del tesoro en Facebook, planteando cuestiones financieras en su página con respuestas escondidas debajo de monedas de oro dispersas en su sitio web Vanguard.com. TIAA-CREF también creó un juego interactivo en Facebook sobre cómo armar nidos financieros. Y Fidelity Investments organizó un concurso por YouTube invitando al público a hacer videos para su campaña publicitaria, ofreciendo un premio de US$5.000 al ganador.

"Desde luego, no queremos nunca cruzar la línea por tomarnos algo demasiado a la ligera", comenta Amy Dobra, directora de marketing de Vanguard. Sin embargo, "en estas comunidades las cosas tienden a mezclarse... un momento están hablando en serio y al siguiente de la mejor pizza que jamás hayan probado".

[admin]

Las ventas retail probablemente aumentaron 0.5% en Enero, la manufactura se expandio los precios estuvieron contenidos y la vivienda estuvo deprimida.

Retail Sales Probably Rose in January as Promotions Enticed U.S. Shoppers
By Shobhana Chandra - Feb 13, 2011 12:00 AM ET
Retail sales probably climbed in January as shoppers took advantage of post-holiday promotions before winter storms covered much of the U.S., a sign the economy is on the mend, economists said before a report this week.

The projected 0.5 percent in purchases gain would follow a 0.6 percent December increase, according to the median forecast of 62 economists surveyed by Bloomberg News ahead of Commerce Department figures Feb. 15. Manufacturing expanded, prices were contained, and housing was depressed, other data may show.

Retailers like Gap Inc., Limited Brands Inc. and Macy’s Inc. topped analysts’ estimates for January sales, reinforcing forecasts that household spending, which accounts for about 70 percent of the economy, will keep growing. Even so, the Federal Reserve may complete a second round of monetary stimulus worth $600 billion aimed at spurring growth and cutting unemployment.

“The recovery is becoming more broad-based,” said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia. “The Fed is right to pursue its current policy,” he said, because “the improvement in the labor market has been pretty anemic.”

Promotions and clearance items drew customers, helping retailers ring up sales early in the month before snowy weather slowed shopping in the last two weeks, according to David Bassuk, head of the global retail practice at consultant AlixPartners in New York. Winter storms spread from the Midwest and the South to New England, covering 71 percent of the country with snow on Jan. 12, according to the National Climatic Data Center.

Topping Estimate
Sales at stores open at least a year at the more than 30 chains tracked by Retail Metrics climbed 4.4 percent in January for a 17th straight gain, surpassing its estimate of a 2.6 percent increase.

Gap, a clothing retailer based in San Francisco, benefited from higher same-store sales at its Banana Republic stores, while the Victoria’s Secret lingerie chain fueled results at Columbus, Ohio-based Limited. Department store Macy’s sales capped a year of “remarkable achievement in a period of economic uncertainty,” Chief Executive Officer Terry Lundgren said in a Feb. 3 statement.

Investors have driven up retailer shares as spending increases. The Standard & Poor’s Supercomposite Retailing Index, which includes Macy’s and Gap, has gained 34 percent in the 12 months through Feb. 11, compared with a 23 percent advance for the broader S&P 500.

Bernanke’s View
Fed Chairman Ben S. Bernanke and fellow policy makers are awaiting further proof of a durable pickup in the labor market that will lift growth. Minutes of their January meeting, due on Feb. 16, may shed further light on their concerns.

“With output growth likely to be moderate for a while and with employers reportedly still reluctant to add to their payrolls, it will be several years before the unemployment rate has returned to a more normal level,” Bernanke told the House Budget Committee on Feb. 9.

The labor market may take time to rebound. While unemployment fell to 9 percent in January, from 9.4 percent in December, it has been 9 percent or higher since May 2009, the longest period of elevated joblessness since monthly records began in 1948.

Inflation may “persist below the levels that Fed policy makers have judged to be consistent” with their long term goal, Bernanke also told legislators last week.

Inflation Measures
Three price reports from the Labor Department this week may indicate that even with rising costs for commodities such as fuel and food, the Fed has room to maintain quantitative easing.

The cost of living index, the broadest of the three measures because it includes good and services, rose 0.3 percent in January after rising 0.5 percent the prior month, according to the Bloomberg survey median ahead of the Feb. 17 report. So- called core prices, which exclude food and fuel, were likely up 0.1 percent for a third month.

Other reports may confirm that manufacturing is driving the economic rebound. Fed figures on Feb. 16 may show production at factories, mines and utilities rose 0.5 percent in January, economists projected. The Philadelphia Fed’s general economic gauge and the New York Fed’s Empire State manufacturing index will likely post gains.

Homebuilding remains constrained by competition from foreclosures and falling prices, Commerce Department data may show on Feb. 16. Housing starts grew 1.7 percent in January from a one-year low, economists projected. Permits, a proxy for future construction, may have slumped last month after builders rushed to get approval in December before changes in building codes took effect at the beginning of 2011.

Rounding out the week, the Conference Board’s leading indicators gauge due on Feb. 17 may show the economy will continue to expand, the survey median showed

[admin]

Las acciones en el medio oriente (Abu Dhabi's stock index) suben a su punto mas alto en un mesdespues de la renuncia de Mubarak


Middle East Shares Rise After Egypt’s President Mubarak Resigns
By Zahra Hankir and David Wainer - Feb 13, 2011 7:58 AM ET
Middle East shares gained, sending Abu Dhabi’s stock index to the highest in a month, as Egyptian President Hosni Mubarak’s resignation bolstered investor optimism. Israeli stocks rose the first time in four days.

Dana Gas PJSC, a fuel producer with operations in the North African country, jumped 4.5 percent. Emirates Telecommunications Corp., the telephone-service provider with a unit in Egypt, climbed to the highest in more than three months as full-year earnings topped estimates. The ADX General Index increased 0.6 percent to 2,727.71, the highest since Jan. 13, at the 2 p.m. close in Abu Dhabi. Israel’s TA-25 Index advanced 0.6 percent at 2:38 p.m. in Tel Aviv.

“Investors have now been assured that in the short term there will not be chaos in Egypt,” said Sebastien Henin, who helps oversee $110 million at The National Investor in Abu Dhabi. “Names with exposure to the country are gaining. We should have a strong week across the region.”

Mubarak on Feb. 11 ceded power to the military after an 18- day popular revolt that left about 300 people dead, according to United Nations estimates. Egypt’s military vowed a transition to democracy “as soon as possible” and indicated the country will honor its peace treaty with Israel.

The Supreme Council of the Armed Forces, which has said it won’t be a replacement for a legitimate government, will keep the current cabinet in office during the transition process, a military spokesman said yesterday on state television. U.S. stocks gained Feb. 11, with the Standard & Poors 500 Index rising 0.6 percent. The MSCI World Index increased 0.2 percent.

November High
Dana Gas, a fuel producer with most of its output coming from Egypt, jumped to 70 fils. Etisalat climbed 0.9 percent to 11.2 dirhams, the highest since Nov. 1. Etisalat reported 2010 net income of 7.63 billion dirhams ($2.1 billion), topping the median of four analyst estimates for a profit of 7.57 billion dirhams, according to data compiled by Bloomberg.

Egypt’s Supreme Council of the Armed Forces, headed by Field Marshal Mohammed Hussein Tantawi and Chief of Staff Lieutenant General Sami Hafez Enan, promised in a statement to honor all international and regional treaties signed by the North African nation.

Israeli Concerns
“The resignation of Mubarak raises a lot of questions for Israel in the near and long term,” said Saar Golan, a trader at Clal Finance Brokerage Ltd. in Tel Aviv. “In the immediate term, however, the Egyptian military statement that it is committed to honor international agreements led to a nationwide sigh of relief.”

Israeli government bonds rose for a fourth day, pushing the yield on the benchmark Mimshal Shiklit note due January 2020 down 1 basis point to 5.03 percent.

Ampal-American Israel Corp., which owns a 12.5 percent stake in Egyptian gas supplier East Mediterranean Gas Co., gained 2.5 percent to 7.84 shekels.

Demonstrations began in Egypt on Jan. 25, inspired by an uprising that ousted Tunisian President Zine El Abidine Ben Ali on Jan. 14. Egypt’s stock exchange delayed its opening until Feb. 16 to allow companies to disclose the effects of the protests on operations. The benchmark EGX 30 Index tumbled 16 percent in the week ended Jan. 27.

Dubai’s DFM General Index gained 0.4 percent. Qatar’s QE Index increased 0.7 percent, Oman’s MSM30 Index rose 0.6 percent and Bahrain’s BB All Share Index added less than 0.1 percent. The Bloomberg GCC 200 Index of Gulf stocks advanced 0.1 percent. Kuwait’s SE Price Index dropped 0.3 percent and Saudi Arabia’s Tadawul All Share Index slipped 0.1 percent.

To contact the reporters on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net; David Wainer in Tel Aviv at dwainer1@bloomberg.net

[admin]

Albanese de Rio Tinto pronostica precios fuertes del cobre debido al deficit del metal.

Dijo que el grado del metal esta bajando en las minas incluyendo las de ellos

Rio Tinto's Albanese Forecasts `Strong' Copper Price Amid Supply Deficit
By Wendy Pugh - Feb 12, 2011 8:31 PM ET
Rio Tinto Group Chief Executive Officer Tom Albanese. Photographer: Matthew Lloyd/Bloomberg
Rio Tinto Group, the world’s third- largest mining company, forecast high copper prices will continue before supplies from new projects damp the market.

“We will see a continued period of strong copper pricing, largely because many of the large mines, including our own, are seeing declining grades, deepening pits,” Tom Albanese, chief executive officer of London-based Rio Tinto, told Australian Broadcasting Corp.’s Inside Business television program.

Copper in London surged to a record last week and gained 52 percent in the past year as the global economic recovery gathered pace. The global supply deficit will reach 822,000 metric tons in 2011, more than double last year’s shortfall, Barclays Capital said on Jan. 20.

“We’re working on several new projects around the world and I know, certainly our competitors are working on their own projects,” Albanese said in a transcript of the program, which was broadcast today. The longer that copper prices stayed at high levels, the more new supply would be induced, he said.

Three-month copper on the London Metal Exchange gained 0.2 percent to close at $9,961 a ton on Feb. 11 after rallying to an all-time high of $10,160 on Feb. 7. Rio Tinto rose 1.6 percent to 4,623.5 pence at the 4:30 p.m. close of trade in London.

Rio Tinto’s expansion plans include the Oyu Tolgoi copper project in Mongolia, while the company also had “additional opportunities” in South America and North America and at its Northparkes mine in Australia’s New South Wales state, he said.

Record Profit
Rio Tinto posted record 2010 net income of $14.3 billion on Feb. 10, boosted by iron ore and copper prices. The company raised its dividend and announced a $5 billion share buyback.

The 2010 global refined copper deficit is expected to increase through 2011 and 2012, leading to more talk about substitution with other materials, Rio Tinto Chief Economist Vivek Tulpule said in a report released with the earnings.

“The prospects of rapid and significant material switches are expected to be limited in the near term given the substitution that has already taken place,” he said. The introduction of exchange-traded funds in copper could also have a “significant impact” on copper prices in the coming year by adding to investment demand, Tulpule said.

Consumption trends over the next 15 to 20 years would lead to a doubling in demand for iron ore, copper, aluminum and other commodities, Albanese said in a results briefing on Feb. 10.

[admin]

Gobernador Ruso dice que sumitomo y Mitsui estan interesado en los depositos de metales raron (rare-earth) en Siberia, los cuales no iban a producir hasta 2030. Rusia quiere llenar el vacio que esta dejando China al reducir sus exportaciones.

Russia Governor Says Sumitomo, Mitsui Discuss Rare Earths Amid China Curbs
By Ilya Arkhipov - Feb 11, 2011 2:20 PM ET
Mitsui & Co. and Sumitomo Corp. are interested in Siberian rare-earth deposits that weren’t expected to be mined until 2030 as Russia tries to fill the gap left when China slashed exports, Yakutia Governor Yegor Borisov said.

Tokyo-based Mitsui and Sumitomo, Japan’s second- and third- biggest trading companies, have held talks with regional officials about niobium and scandium resources in Yakutia, an area of northeastern Russia the size of India, Borisov said yesterday in an interview.

Prices for rare earths, a group of elements used in products ranging from electric cars and laptops to guided missiles and satellites, have soared since July, when China cut second-half export quotas by more than 70 percent. China accounted for 97 percent of rare-earth output in 2009 and more than half of consumption, U.S. government data show.

South Korea and Japan have begun to go hungry,” Borisov said in the Ural Mountains city of Ufa, where he attended a meeting with President Dmitry Medvedev. “Now there’s good reason to reconsider our position on rare-earth deposits in Yakutia that were scheduled for development after 2030.”

Mitsui and Sumitomo officials in Moscow and Tokyo declined to comment when contacted by Bloomberg. They declined to be identified, citing company policies.

Russia has the largest reserves of rare-earth minerals after China, though production is minimal, according to U.S. government data. The world holds about 99 million metric tons of commercially viable rare earths, with China and Russia accounting for 36 percent and 19 percent, respectively, the Interior Department said in a report last year.

‘Strategic Deposits’
“Our counteragents are taking a broad look at this and aren’t counting on something today,” Borisov said. “They know that we won’t let them have direct access to strategic deposits.’

Japan, the world’s largest consumer of rare earths, has sought alternative suppliers. Foreign Minister Seiji Maehara met with his Russian counterpart, Sergei Lavrov, in Moscow yesterday amid renewed tensions in a 65-year dispute over four islands off the northern tip of Japan.

Yakutia, which has fewer than 1 million people, probably holds “many more” rare-earth deposits than most analysts estimate, Borisov said, declining to be more specific.

Yakutia’s Tontorskoye deposit, which primarily contains niobium, is “many times bigger in volume and quality than Brazil’s famous deposits,” Borisov said.

Outstripping Demand
Brazil is home to the world’s largest deposit of the mineral, used in alloys such as stainless steel for oil and gas pipelines. The Brazilian deposit has enough niobium to meet current world demand for 500 years, according to the Brussels- based Tantalum-Niobium International Study Center.

Global consumption of rare earths last year was about 124,000 tons, 10,000 tons less than production, a difference covered by stockpiles, the U.S. Congressional Research Service said in a Sept. 30 report. Demand will probably reach 180,000 tons next year.

China’s commerce ministry said Jan. 18 that it and other agencies were still considering the full-year export quota. The ministry set the first-half quota at 14,446 tons, a 35 percent decline from the same period last year.

With China continuing to restrict exports, Borisov said he’s in talks with the Federal Subsoil Agency in Moscow about starting auctions for deposits as early as 2014. The agency’s press service declined to comment.

“We’re reconsidering our position,” Borisov said. “We’re trying to determine how much we have now. We’re in the early stages.”

[admin]

Obama presenta su presupuesto el Lunes. Mostrara recorte de gastos pero no suficientes para contentar a los republicanos. El deficit sera cerca de $1.5 trillones para finales de Setiembre.

Dell, CIT y Comcast reportan utilidades.

Bernanke testifica en el Senado el Jueves.

El G-20 se reune.

Next Week’s Tape: G-20 Meeting; Egyptian Stock Market

By John Kell

President Barack Obama’s next budget, due Monday, is expected to propose a spending and revenue plan that sharply cuts the deficit, although spending cuts may not be as deep as many Republicans want. Obama is under pressure to cut the U.S. budget. Last month, the Congressional Budget Office forecast that on current trends, the federal government would rack up a nearly $1.5 trillion deficit by the end of September, when the current fiscal year comes to an end.

Dell, CIT and Comcast are among the companies expected to report their latest quarterly results next week, with Dell and CIT scheduled to report Tuesday and Comcast’s figures due on Wednesday. Analysts polled by Thomson Reuters forecast mixed results from the trio, with only Dell expected to see strong top- and bottom-line growth. Other companies due to report next week include hotelier Marriott International Inc., teen-apparel retailer Abercrombie & Fitch Co. and broadcasting and outdoor-ad company CBS Corp

On Thursday, Federal Reserve Chairman Ben Bernanke is slated to testify at a Senate panel on the implementation of the U.S. financial law that was passed last year. Bernanke is one of the witnesses scheduled to appear in front of the Senate Banking Committee to discuss progress on the Dodd-Frank law, which was passed to give the Fed and other regulators new powers to try to prevent a repeat of the financial crisis.

Financial officials from the Group of 20 leading economies and representatives of international financial institutions are due to gather next Friday and Saturday for the first high-level meeting under France’s yearlong G-20 presidency. The world’s economic leaders are expected to discuss a new system to oversee international capital flows, the euro-zone debt crisis, currency policy, financial regulation and a number of other economic problems ailing rich and developing countries.

The Egyptian stock market is likely to trade sharply lower when it reopens for trading Sunday, after a closure of more than two weeks due to the anti-government protests that resulted in the resignation of Egyptian President Hosni Mubarak. Analysts expected foreign and local investors to jump at the first opportunity to sell Egyptian shares since the market last traded on Jan. 27, two days after the start of mass demonstrations.

The U.S. government is set to release January housing data for January, including housing starts, building permits and home construction. Home construction in the U.S. fell to its lowest level in more than a year in December, while housing starts dropped 4.3%. Building permits jumped in December, though the Commerce Department said changes in state building codes accounted for part of the rise.

January data is also due for the U.S. Department of Labor’s Consumer Price Index, which measures the price of a fixed market basket of goods and services purchase by consumers, and the Producer Price Index, which measures the price of goods at the wholesale level. Both indexes reported modest increases in December.

[admin]

Las fuerzas militares Egipcias disuelven el Parlamento, tratan de desmantelar a los manifestantes de la plaza Tahrir.

Es tiempo de abandonar la plaza.

El stock market abre el Miercoles.

Egypt's Military Dissolves Parliament, Moves to Clear Tahrir Square

By SUMMER SAID, SAM DAGHER and SHEREEN EL GAZZAR
CAIRO—Egypt's military rulers Sunday dissolved Parliament and suspended the nation's constitution, the Associated Press reported, after earlier moving to restore order in Cairo after weeks of mass demonstrations. Troops faced some resistance as they tried to dismantle the protest camp at the heart of the movement that toppled President Hosni Mubarak.

Soldiers and military police took down the makeshift tents of protesters who had camped out in Tahrir, or Liberation, Square, but scuffles broke out with some young men who refused to leave. Many local residents also shouted at the protesters that it was time to go.

The tension reflected the fragility of the situation as protesters press for a voice in guiding their country's move to democracy two days after Mr. Mubarak surrendered power to the military.

Egyptians continue their celebrations, a day after the 30-year rule of Hosni Mubarak came to an end. Video courtesy of Reuters.
.Egypt's new military rulers indicated Saturday they would abide by the country's peace treaty with Israel and said they aim to ensure a peaceful transition to elections and a "free democratic state." But many protesters worried long-sought reforms would be stalled if they give up.

The crowd on Tahrir Square was down from a peak of a quarter-million at the height of the demonstrations to a few thousand on Sunday. Most of those remaining have been pushed to sidewalks and the streets were open to traffic for the first time in more than two weeks. Thousands of volunteers descended on Tahrir Square on Saturday carrying brooms, dust pans and garbage bags and the streets surrounding it to clean up.

On Sunday, a coalition of youth and opposition groups that was the driving force of the movement pulled its supporters from the streets, calling instead for weekly mass demonstrations every Friday to keep pressure on. "It's time we show that we trust the army," said Nasser Abdel-Hamid, who is with the coalition.

The coalition is highly influential in the square, but its members don't claim to be leaders and often say they can't defy the will of the "revolution." Many in the square vowed to stay put until all their demands were met.

In its communiqué Saturday, the country's Supreme Council of the Armed Forces said the country "is committed to all regional and international obligations and treaties." Those treaties include its 1979 peace agreement with Israel.

Israeli Prime Minister Benjamin Netanyahu welcomed the announcement, saying the peace agreement "has greatly contributed to both countries and is the cornerstone of peace and stability in the entire Middle East."

The military rulers said Egypt's current cabinet would remain in power until a new government was formed. They pledged to insure "a peaceful transition of power in the framework of a free and democratic system." The new elected government "will rule the country to build a free democratic state," the statement said. It didn't set a timetable for the transition to democracy.

A succession of rallies and demonstrations, in Egypt, Jordan, Yemen and Algeria have been inspired directly by the popular outpouring of anger that toppled Tunisian President Zine al-Abidine Ben Ali. See how these uprisings have progressed.

Egypt's Muslim Brotherhood said in a statement posted on its website Saturday that it wasn't seeking power or a majority of parliament seats. The group reiterated its previous assertion that it was only a participant in the Egyptian revolution and that its demands echoed those of the nation. It called on the army to rapidly form a new transitional government, scrap emergency laws, amend the constitution, ensure free elections and free all political detainees.

Mr. Mubarak stepped down Friday after 18 days of unrelenting protests, handing power to the military and opening the door to an uncertain new course for the Arab world's most populous country, and for the entire Middle East.

A number of senior government officials and former ministers were banned from traveling outside the country, including information minister Anas al-Fiqi and former prime minister Ahmad Nazif, state news media reported, citing court sources.

In a sign of attempts to restore normalcy, the military relaxed the hours of a nighttime curfew.

The country's stock market will reopen on Wednesday, the bourse said in a statement. It had planned to open on Sunday, after being closed since Jan. 27, two days after the start of the protests. In the last two days of trading before it closed, the exchange dropped 16%.

[admin]

China expresa su confianza de que US seguira garantizando la deuda de FRE y FNM a pesar de que las dos gigantes seran reformadas. El gobierno reducira su participacion en las dos empresas.

Chinese Express Wary Faith in Fannie, Freddie Debt
By AARON BACK
BEIJING—China's government, one of the biggest holders of debt from Fannie Mae and Freddie Mac, voiced confidence that Washington would continue to stand behind the obligations of the U.S. mortgage giants after the Obama administration outlined options for phasing them out.‬

The statement by the State Administration of Foreign Exchange, or SAFE, the arm of China's central bank that manages foreign-exchange reserves, reflects Beijing's continued concern about perceptions within China of the safety of its U.S. investments. Most of China's $2.85 trillion in reserves is invested in dollar assets, and while China doesn't disclose the size of its holdings of Fannie and Freddie securities, past records show it owning hundreds of billions of dollars of debt from them and other U.S. government-linked agencies.‬

Chinese officials have raised concerns about the possible impact of U.S. policy on the future value of China's dollar holdings, saying loose monetary policy could hurt the value of U.S. assets. But the government has also rejected rumors that it has lost money on its existing holdings of Fannie and Freddie debt.‬

The Obama administration on Friday issued a white paper on plans to reduce U.S. government involvement in the mortgage market, including an eventual phaseout of Fannie and Freddie, which the government took over in 2008. But the White House's report emphasized that it "will not waver from its commitment" to ensuring that the two "have sufficient capital to honor any guarantees issued now or in the future and meet any of their debt obligations."‬

SAFE's statement, posted on its website Saturday, said the White House plan "has aroused widespread public interest and concern that our foreign-exchange reserve investments could be damaged." The statement said China has not had losses on its Fannie and Freddie holdings, and added that SAFE "took particular notice that the U.S. government's commitment to support [Fannie and Freddie] hasn't changed."‬

China. U.S Treasury data show that as of June 2009 China held $454 billion of long-term U.S. agency debt, the bulk believed to be Fannie and Freddie debt. More recent figures on its holdings haven't been published‬.

But separate Treasury data show China has been steadily selling its holdings of agency securities since mid-2008, including net reductions of $24.67 billion in 2009 and $27.35 billion in the first 11 months of 2010. Those figures don't include transactions through intermediaries in other countries, however.‬

Public concern in China about possible losses on its U.S. investments has flared up repeatedly in China since the start of the global financial crisis. Many Chinese seem to believe that during the crisis the country lost vast sums on its U.S. holdings.‬

Last week, Lu Zhengwei, a senior economist at Industrial Bank Co., a small Chinese lender, said in a report that the commitment by the Obama administration to pay back holders of Fannie and Freddie securities amounts to an "empty check" without the support of the U.S. Congress. "Looking at the current political situation in the U.S., for the U.S. Congress to give a clear guarantee on this issue is almost impossible," Mr. Lu said.‬

The same day, a separate report in the Chinese newspaper International Finance News cited unnamed analysts as saying that losses on China's Fannie and Freddie holdings could reach $450 billion. The report provided few details on its calculations.‬

SAFE responded with a statement on Friday denouncing such estimates as "groundless," and strongly denying that it faces any losses. The denial was given prominent treatment by state media Friday evening, including during the widely watched evening news broadcast on state television.

Last year, outlandish rumors spread that the central-bank governor, Zhou Xiaochuan, had defected to the U.S. because of hundreds of billions of dollars in purported losses on U.S. debt—even though U.S. Treasurys were in fact one of the best-performing assets at the time.‬

In late 2008, a lengthy Chinese-language essay circulated online excoriating Mr. Zhou and other top officials for being too close to the U.S., accusing them of having "colluded" with then Treasury Secretary Henry Paulson to buy U.S. bonds.‬

[admin]

Bolsa de Lima cayó presionada por acciones mineras e industriales
La BVL cayó un 3,9% en la semana, y registra un retroceso del 2,6% en lo que va del año

Viernes 11 de febrero de 2011 - 06:55 pm
(bvl.com.pe)
Lima (Reuters). La Bolsa de Valores de Lima cayó el viernes por cuarta sesión consecutiva, presionada por acciones mineras e industriales, en contra de la tendencia de los mercados internacionales, que avanzaron tras la renuncia del presidente de Egipto, Hosni Mubarak.

El índice general de la bolsa limeña cayó un 0,39%, a 22.772,10 puntos, mientras que el índice selectivo que agrupa a los papeles líderes, cedió un 0,26% a 31.072,29 puntos.

El índice Inca, de las acciones más líquidas del mercado, retrocedió un 0,06% a 120,33 puntos.

La bolsa limeña cayó un 3,9% en la semana, y registra un retroceso del 2,6% en lo que va del año.

CAÍDA EN ACCIONES MINERAS E INDUSTRIALES
“Los precios de los metales estuvieron flojos, Estados Unidos repuntó un poco por la renuncia del presidente de Egipto, pero acá (la bolsa) retrocedió porque creen que el mercado va caer más”, dijo un agente bursátil.

Las acciones estadounidenses sumaron su segunda semana consecutiva de ganancias tras cerrar el viernes en alza impulsadas por la renuncia del presidente Mubarak, que alivió la tensión en la región.

En Lima, las acciones de la productora de zinc y plata Volcan cayeron un 1,09%, a 4,55 soles, mientras que los papeles de la productora de metales preciosos Buenaventura retrocedieron un 1,45%, a 40,01 dólares.

El oro al contado cayó un 0,4%, a 1.357,95 dólares la onza, tras haber subido a un máximo de tres semanas de 1.368,16 dólares.

En el sector industrial, las acciones de la siderúrgica Sider bajaron un 2,1%, a 1,86 soles, y los valores de Cementos Lima cedieron un 2,2%, a 44 soles.

Los títulos de la energética Maple Energy bajaron un 3,48%, a 1,11 dólares.

Sin embargo, los valores de la refinería Relapasa subieron un 3,72%, a 1,95 soles, ante buenos resultados financieros al cuarto trimestre, dijo un operador.

[admin]

El ejército egipcio desmantela el gobierno de Mubarak

EL CAIRO (EFE Dow Jones)—El ejército egipcio ha desmantelado el domingo el régimen de Hosni Mubarak, disolviendo el Parlamento, suspendiendo la Constitución y prometiendo un referéndum sobre una reforma política, según informa Agence France Presse.

Los generales dejaron claro dónde descansa ahora la autoridad emitiendo un comunicado en el que fijaron un período de seis meses para preparar elecciones democráticas.

El quinto comunicado del Consejo Supremo de las Fuerzas Armadas dijo que se encargaría de "los asuntos del país temporalmente durante seis meses o hasta el final de las elecciones parlamentarias y presidenciales".

El comunicado —leído en la televisión pública— señaló que los militares formarán un panel para reescribir la Constitución y someterla a referéndum.

[admin]

Nokia dijo que recibira billones de dolares de Microsoft en ayuda financiera en los primeros anios de su socidad lo que ayudara a Nokia a desarrollar telefonos usando Microsoft's Window Phone operating system.

La compra de Nokia por parte de Microsoft no estuvo nunca sobre la mesa como tema de discusion dijo el CEO de Nokia.


Nokia Says It Will Get 'Billions' From Microsoft
By NICK WINGFIELD
Nokia Corp. will receive "billions of dollars" in financial support from Microsoft Corp. over the early years of their partnership to help market and develop Nokia phones using Microsoft's Windows Phone operating system, Nokia Chief Executive Stephen Elop said Sunday.

In an interview, Mr. Elop outlined the Microsoft payments and other benefits Nokia will receive as a result of the deal between the two companies, under which Nokia will adopt Windows Phone as its main smartphone operating system. Although Nokia will pay Microsoft an undisclosed royalty for licensing the Windows Phone software for Nokia handsets, Mr. Elop said Nokia will see "very substantial reductions" in operating expenses, including layoffs, because it will no longer need to spend as much to develop mobile software on its own.

The Finnish phone maker's shares fell 14% in Helsinki Friday after the deal was announced, in part because of a perception that Microsoft had won the upper hand in the deal. While Mr. Elop conceded that Nokia has challenges in regaining lost ground in the mobile market, he said Nokia's still-commanding market share in the handset business gives the company a strong bargaining position in talks with Microsoft as well as with Google Inc., maker of the Android mobile-phone operating system. Although Nokia has lost its technological edge to Apple Inc.'s iPhone and Google's Android in recent years, the company remains the leading global maker of mobile handsets by unit volume.

Mr. Elop said executives at both Microsoft and Google recognized that an alliance with Nokia could have a decisive impact on their mobile fortunes, and were willing to cut deals favorable to Nokia as a result.

"We're the swing factor," Mr. Elop said. "We can swing it to Android or swing the industry over to create a third ecosystem."

A spokesman for Microsoft said the company won't comment on the financial terms of the deal. Mr. Elop talked by telephone from Barcelona shortly before a Nokia news conference at the Mobile World Congress in Barcelona.

Mr. Elop said the payments Microsoft agreed to make to Nokia as part of the deal will go toward ensuring the success of the Windows Phone devices Nokia makes, including marketing and research-and-development costs aimed at distinguishing Nokia phones from rivals. "Microsoft has placed a value on our decision to go in one direction and not another," he said.

He said Nokia will also be able to tap into new sources of advertising revenue through the Microsoft deal. Mr. Elop added that the pact will allow Microsoft to receive the benefits of Nokia's broad intellectual-property portfolio in the mobile market to strengthen Windows Phone, though he declined to describe the financial terms of that aspect of the agreement between the companies.

Mr. Elop said an acquisition of Nokia by Microsoft was "never on the table" during the talks between the two companies. He said substantial portions of Nokia's business include lower-end handsets aimed at emerging markets, such as India, on which Microsoft is less-focused.
.

[admin]

AAPL dijo que esta trabajando en una linea de iPhones mas baratos. Estos serian la mitad mas pequenios que el iPhone 4. Este telefono estaria disponibles para las otras companias se servicios telefonicos y costaria la mitad del actual. El codigo de uno de esllos es M97.

Apple Works on Line of Less-Expensive iPhones
By YUKARI IWATANI KANE And ETHAN SMITH
Apple Inc. is developing a new line of iPhones and considering an overhaul of its online file-storage service to make it easier for customers to access entertainment files and personal photos and videos, people familiar with the matter said.

One of the people, who saw a prototype of a new iPhone several months ago, said the new device is intended to be sold alongside the current line of iPhones and would be about half the size of the iPhone 4. The phone, one of its codenames is N97, would be available to mobile carriers at about half the price of Apple's main line of iPhones, the person said.

Three weeks into his medical leave, Apple CEO Steve Jobs is staying closely involved in the company's decisions and product development, Yukari Kane reports.
.Apple also is exploring a major overhaul of its MobileMe online storage service, the people familiar with the matter said. The service currently requires an annual subscription payment of $99 to $149. Apple is considering making Mobile Me a free service that would serve as a "locker" for personal memorabilia like photos and videos, eliminating the need for consumers' devices to carry a lot of memory, the people familiar with the situation said.

MobileMe could become a focal point for an online music service that Apple has been developing for more than a year, the people said.

MobileMe and the new line of iPhones are among Apple Chief Executive Steve Jobs's top priorities, and he has been closely involved in the development efforts despite going on medical leave in January, one of the people said. The person said the new iPhones and the revamped MobileMe service are intended for release this summer, though those plans could change.

[admin]

Se expanden las protestas alrededor de los paises Arabes

Manifestantes en Yemen protestaron contra el gobierno el Domingo, a pesar de que lso partidos de oposicion dijeron que entablarian el dialogo con el presidente Ali Abdullah Saleh acerca de una serie de concesiones otorgadas la semana pasada.

Incidentes parecidos se vieron en Bahrain, Algeria y Yemen.


Protests Expand Across Arab Nations
By Hakim Almasmari, Benoit Faucon and Nour Malas
Yemeni protesters and government supporters clashed Sunday, the latest in a series of scuffles in the capital, even as opposition parties in the country said they would enter into dialogue with long-time President Ali Abdullah Saleh over a series of political concessions he made last week.

Yemeni anti-government protestors, right, scuffle with government supporters during a rally demanding political reform and the resignation of President Ali Abdullah Saleh in Sanaa, Yemen on Sunday, Feb. 13, 2011. Several thousand protesters tried to reach the central square in the capital but were pushed back by police using clubs.
.In recent weeks, as protesters swarmed in Tunisia and Egypt, eventually toppling the long-time rulers in both places, other Arab leaders have scrambled to diffuse unrest at home. Large-scale protests have flared in Jordan, Yemen, Algeria and Sudan in recent weeks.

Inspired by Egypt, about a thousand Yemeni protesters take to the streets of Sanaa calling for regime change. Video courtesy of Reuters.
.The Yemeni protest followed early-morning scuffles Saturday in the capital San'a, and a much larger demonstration in Algeria's capital Saturday. Thousands of Algerians, defying a ban on protests, flooded a central square in Algiers to call for political reform. The government of President Abdelaziz Bouteflika deployed thousands of security forces, who used tear gas to disperse crowds.

In the tiny Persian Gulf kingdom of Bahrain, the leadership stepped up its own response to demands from the country's Shiite opposition over the weekend. The kingdom promised to ease media restrictions on Sunday.

A succession of rallies and demonstrations, in Egypt, Jordan, Yemen and Algeria have been inspired directly by the popular outpouring of anger that toppled Tunisian President Zine al-Abidine Ben Ali. See how these uprisings have progressed.

On Saturday, King Hamad bin Isa Al Khalifa granted each family in Bahrain 1,000 Bahraini dinar, or about $2,650, according to a statement issued by the state news agency Saturday. The king also gave orders to rehabilitate juvenile prisoners, appearing to partially concede to demands from human-rights activists to release political prisoners. The government last week said it would raise food subsidies.

"People are really boiling, contempt is very high," said Abdul Jalil Khalil, a parliamentary leader from one of Bahrain's largest Shiite opposition groups.

On Saturday, the Palestinian leadership said it will hold long-stalled presidential and parliamentary elections by September, an apparent response to mass pro-democracy demands across the region in the wake of the Egypt and Tunisia revolts.

The demonstrations in San'a started as a small rally of mostly Egyptian expatriates, who converged onto the streets late Friday after the news of Mr. Mubarak's resignation. But numbers swelled, eventually drawing in more than a thousand Yemenis in the early hours of Saturday morning. Some chanted against Mr. Saleh, according to eyewitnesses.

Security forces intervened, halting protesters as they tried to march toward the Egyptian embassy. Security services fanned out in a heavy show of force around the embassy and San'a's own Tahrir Square. A smaller group of pro-government demonstrators gathered there, and countered with their own, pro-Saleh chants.

The competing demonstrators scuffled with each other briefly after midnight, before security forces intervened and dispersed the crowd. They arrested six, four anti-government protesters and two pro-government demonstrators, according to eyewitnesses. Some activists said the pro-government group was heavily armed, and they accused security forces of organizing the pro-government demonstrators, an allegation the government denied.

"The government's stance is to give everyone, whether pro or anti government, the chance to express their opinion," said a spokesman for Mr. Saleh's ruling party, Tareq Shami.

On Sunday, thousands of protesters, many of them students, were blocked from a march towards the presidential palace by security forces. A small group of pro-government protesters threatened the crowd with sticks, and eyewitnesses said the two sides clashed. It was unclear if there were arrests.

The country's opposition leaders, however, said Sunday they had accepted a series of political concessions Mr. Saleh made last week and would re-enter long-stalled negotiations with the government over political reform. After Mr. Saleh announced those concessions, opposition leaders called off the large-scale protests they had led earlier in the month.

And on Saturday, thousands of protesters flooded the streets of the Algerian capital Algiers, defying a ban on demonstrations and calling for political reform in the North African country, one of the world's largest oil producers.

Estimates of the size of the crowd, which started filling Algiers' central May 1st Square, also called Concord Square, in the morning, varied. Organizers said between 5,000 and 30,000 showed up. The Associated Press estimated the crowd at about 10,000.

Thousands of state security officials and police had fanned out across the capital ahead of the protests, called by a coalition of opposition leaders, trade unionists and human-rights activists.

Hacene Mezoued, a top official with the Rally for Culture and Democracy, the main political party spearheading the protests, said 1,000 protesters, including 100 women, had been arrested. He said there had been some skirmishes with the police as the security services attempted to disperse protesters.

Protesters shouted "Power Out," and "$155 Billion, and We're Still Poor," a reference to the oil producer's estimated foreign-exchange reserves.

Algeria's official state news agency said police had stopped the protest and said just over a dozen people had been arrested. Police spokesmen declined to comment or were unavailable.