Crude oil slides

September 30th, 2011 by InvestorPoint

NEW YORK, Sept. 30 (UPI) — Crude oil prices fell Friday, losing $1.45 to $80.68 a barrel on the New York Mercantile exchange and ending September 10 percent lower. “As uncertainty surrounds both the European debt situation and the global economy generally, crude remains highly volatile and under the influence of general market sentiment. Hence, equities sell off, the dollar strengthens and crude heads lower,” Matt Smith, analyst with Summit Energy, a subsidiary of Schneider Electric, told MarketWatch.c…continued
                      

Economic Outlook: Bank on it

September 30th, 2011 by InvestorPoint

Is anyone surprised by U.S. banks lining up to announce new fees on debit cards, given the profits swiped away by a law limiting “swipe fees.” Banks, it might be said, are the monarchs of money in that, all things being equal, they don’t take no for an answer. When Congress limited the fees banks could charge for customers swiping debit cards for purchases, it was a matter of when, where and how much banks would invent a replacement fee. Did anyone have any doubts on this? Reportedly, Bank of Americ…continued
                             

USGS touts Afghan mineral wealth

September 30th, 2011 by InvestorPoint

WASHINGTON, Sept. 30 (UPI) — The 24 formations of metals and minerals in Afghanistan have the potential to provide a major boost to its economy, a U.S. Defense Department official said. The U.S. Geological Survey announced that its work with the U.S. Defense Department and the Afghan Geological Survey yielded “volumes of information” about copper, gold, iron and rare earth elements in Afghanistan. USGS Director Marcia McNutt said disclosure of the resource potential in Afghanistan might allay concern…continued
                                    

Egyptians call for end of emergency period

September 30th, 2011 by InvestorPoint

CAIRO, Sept. 30 (UPI) — Presidential candidates in Egypt demanded that emergency laws be lifted Friday, the last day of a state of emergency the ruling council declared in March. Six presidential candidates issued a statement Thursday, urging the Supreme Council of the Armed Forces not to extend the emergency law unless it provides a satisfactory reason for doing so, al-Masry al-Youm reported. The candidates said a presidential election should be conducted before the end of the year. Activists and …continued
                                           

The almanac

September 30th, 2011 by InvestorPoint

Today is Friday, Sept. 30, the 273rd day of 2011 with 92 to follow. The moon is waxing. The morning stars are Mercury, Neptune, Uranus, Venus and Saturn. The evening stars are Jupiter and Mars. Those born on this date are under the sign of Libra. They include German physicist Hans Geiger, co-inventor of the Geiger counter, in 1882; film director Lewis Milestone (“All Quiet on the Western Front”) in 1895; singer Kenny Baker in 1912; drummer Buddy Rich in 1917; novelist Truman Capote in 1924; baseba…continued
                                                   

Survey shows Afghanistan’s mineral wealth

September 29th, 2011 by InvestorPoint

KABUL, Afghanistan, Sept. 30 (UPI) — A joint U.S.-Afghanistan survey has determined Afghanistan has high mineral potential the Kabul government can develop. The U.S. Geological Survey said it participated in the survey with the U.S. Department of Defense and the Afghan Geological Survey. It said extensive research by the agencies “has yielded volumes of information about areas of high mineral potential in Afghanistan, including rare earth elements, gold, iron, and copper.” Many of the mineral priorit…continued
                                                           

Gold sits on $1,616

September 29th, 2011 by InvestorPoint

NEW YORK, Sept. 29 (UPI) — Gold prices were flat Thursday in New York with the dollar index down 0.23 percent. On the Comex division of the New York Mercantile Exchange, gold gave up $2.10 an ounce, a fraction of the $41.80 it gave up in the previous trading session. Gold on Thursday dropped to $1,616 per troy ounce with equities mixed on Wall Street. The Dow Jones industrial index rose 1.3 percent. The broader Standard and Poor’s 500 index gained 0.81 percent but technology stocks on the Nasdaq co…continued
                                                                   

Japanese auto supplier to pay $200M for price scam

September 29th, 2011 by InvestorPoint

DETROIT, Sept. 29 (UPI) — The U.S. Justice Department said a Japanese parts supplier for the automobile industry would pay $200 million to settle a case of price fixing and bid rigging. Three executives from Japan — Junichi Funo, Hirotsugu Nagata and Tetsuya Ukai — agreed to serve prison sentences that range from 12 to 18 months after pleading guilty to their part in the scam, the department said in a statement. Four separate one-count felony charges were filed in the U.S. District Court for the Ea…continued