Gold, silver fall

Gold, silver fall sharply in electronic trading

4/14/2012

By Virginia Harrison | MarketWatch 

LONDON (MarketWatch)—Gold futures, which saw modest losses during Asian trading hours, accelerated declines during European electronic trading Monday, as a push to the safety of the U.S. dollar weighed on demand for metals.

Gold for June delivery (GCM2) dropped $12.90, or 0.8%, to $1,570.90 an ounce on the Comex division of the New York Mercantile Exchange.

The soft start to the trading week came after the metal settled at its lowest level this year on Friday, as political turmoil in Europe prompted investors to flock to the U.S. dollar over other asset classes.

Talks between potential coalition partners collapsed in Greece on Sunday, raising the likelihood of fresh elections and stirring fears about the future of the euro zone. Greece's political turmoil.

Against the backdrop of European uncertainty, the dollar continued its climb higher on Monday, with the ICE dollar index (IFUS:DX-Y.NYB), which measures the U.S. unit against a basket of six other currencies, at 80.463, from 80.250 in late North American trading Friday.

A stronger greenback adds further pressure to dollar-priced commodities such as gold, as it drives up to cost of the metal for holders of other currencies.

The market brushed aside weekend news that the People’s Bank of China will lower the ratio of reserves banks must set aside as deposits at the central bank by a half percentage point. The move was came recent data showing a slowdown for the nation, which is a big user of natural resources.

The broader metals complex tracked gold lower, with copper the leading decliner. July copper (HGN2) fell 7 cents, or 2%, to $3.58 a pound.

Silver for July delivery (SIN2) declined 41 cents, or 1.4%, to$28.49 an ounce.

Platinum for July delivery (PLN2) dropped $14.50, or 1%, to $1,456.90 an ounce, while June palladium (PAM2) eased $7.40, or 1.2%, to $596.00 an ounce.

                            

Chris Bosh's Injury Is Bad News

Chris Bosh's Injury Is Bad News For The Heat

By Mike Prada - NBA Contributor 5/14/2012

The Heat won Game 1 against the Indiana Pacers on Sunday, but if they lose Chris Bosh for an extended period of time, they're in big trouble.

- It's easy to bag on Chris Boshthese days. The Miami Heat forward has gone from being one of the NBA's top power forwards to a much lesser player whose star shines much dimmer than superstar teammates LeBron James and Dwyane Wade. He's lost touches and confidence since leaving Toronto, and due to his slender frame and the Heat's lack of bodies up front, he's been forced into a power role that doesn't really suit his game.

All this said, he's still an incredibly important part of the Heat's core. If he's lost for any significant amount of time due to an abdominal injury suffered in the first half of the Heat's 95-86 win over theIndiana Pacers on Sunday, the Heat are in big trouble. Maybe they can get by the Pacers -- emphasis on the maybe there -- but they need Bosh in the lineup if they want to fulfill their title dreams.

Sunday's result provides a little hope, but Heat fans shouldn't make too much out of the game. The Heat won, but they needed a superhuman effort from James and Wade to make it happen. James and Wade outscored Indiana by themselves in the second half, turning the screws up a notch like the great players they are. When combined with Miami's pressure defense -- which, to be fair, they may still be able to rely upon in this series against the Pacers' erratic guards -- it was enough to get the win. But it's also not fair

Devils next

Devils next for Rangers

By Andrew Gross / The Record 5/14/2012

GREENBURGH, N.Y. — The pre-game scoreboard presentation at Madison Square Garden is full of highlights from the Rangers’ 86 seasons, including reminders of the team’s 1994 Stanley Cup victory as well as a exhortation from former general manager/coach Emile Francis to keep this playoff drive alive.

So these top-seeded Rangers know they are only halfway toward their ultimate goal as they host the sixth-seeded Devils Monday night in Game 1 of their Eastern Conference final.

"It’s a surreal thought that we’re in close position to create some really great memories in New York hockey," Rangers left

HousewivesFinale

Desperate HousewivesFinale Proves Classically Desperate

BY TOM GLIATTO

Monday May 14, 2012

Desperate Housewives is over. For longtime fans of the ABC comedy-drama, the two-hour finale flew by. 

The first half concluded the preposterous murder trial against Bree (Marcia Cross). It was sad to see Bree led off to the death chamber manacled and in an unflattering orange jumper. Am I kidding? As narrator Mary Alice would say: Yesssssss … 

The second half saw the death of one of the best-loved residents of Wisteria Lane, plus a wedding and a birth. If you're at all up on the season you know who did what of which. In other words, it was sweet, it was pat, it was all a bit anticlimactic – but why wouldn't it be after all this time? 

Here are some moments – none of them spoilers – that made the farewellclassically Desperate. 

Facebook price?

Facebook IPO could target higher price

Facebook IPO has far more buyers than stock, which could mean a revised Facebook IPO filing this week. 

By Kayla Tausche and Jesse Bergman, CNBC.com / May 14, 2012

 Despite earlier reports of weak demand, Facebook ‘s initial public offering is highly oversubscribed and could result in a higher price range for the shares next week, sources told CNBC Friday.

The company could issue a revised filing with a higher price range around Tuesday of next week, according to these people.

 Much of that demand is the result of institutional investors, according to one of these people — Facebook is expecting a standard 10-20 percent of the deal to go to retail investors, who historically have had strong appetite for name-brand technology stocks like Facebook.

RELATED: How seven recent tech IPOs have fared

same-sex unions

Poll: Most Americans support same-sex unions

5/14/2012

by Tucker Reals

CBS News Poll analysis by the CBS News Polling Unit: Sarah Dutton, Jennifer De Pinto, Fred Backus and Anthony Salvanto.

A new CBS News/New York Times Poll shows a solid majority of Americans support legal recognition for same-sex couples - though not necessarily through the official act of marriage - and the number of people who do support full marriage rights for gay and lesbian couples is significantly higher among younger generations.

Overall, 38 percent of those who responded to the survey said same-sex couples should be allowed to marry, just like any other couple. Another 24 percent said civil unions should be used to grant same-sex couples legal rights similar to male-female partnerships. Combined, that means 62 percent - close to two

JP Morgan shakes up

Crowley: JP Morgan shakes up Wall Street and Capitol Hill

By Candy Crowley, CNN Chief Political Correspondent

Mon May 14, 2012

Washington (CNN) -- JPMorgan Chase announced last week that it lost $2 billion as the result of some complicated hedge fund trading, which according to its top executive is apparently not as bad as it sounds.

"This is a stupid thing we should never have done, but we are still going to earn a lot of money this quarter. It's not like this company is jeopardized -- we hurt ourselves and our credibility, yes, and we've got to fully expect that and pay the price for that," CEO Jamie Dimon said on NBC's "Meet the Press" on Sunday.

Mexico highway

Nearly 50 mutilated bodies dumped on Mexico highway

5/14/2012

CADEREYTA JIMENEZ, Mexico — Suspected drug gang killers dumped 49 headless bodies on a highway near Mexico's northern city of Monterrey in one of the country's worst atrocities in recent years.

The mutilated corpses of 43 men and 6 women, whose hands and feet had also been cut off, were found in a pile on a highway in the municipality of Cadereyta Jimenez in the early hours of Sunday, officials from the state of Nuevo Leon said.

"What's complicating the identification of all the people was that they were all headless," said Jorge Domene, the Nuevo Leon government's spokesman for public security, who said the other body parts were missing.

Domene said the brutal Zetas drug gang claimed responsibility for the murders in a message

Tax Increase Gains

Brown Tax Increase Gains Urgency as Deficit Rises to $16 Billion

By Michael B. Marois on May 14, 2012

California Governor Jerry Brown bet that a nascent financial recovery would lift the world’s ninth- largest economy enough to whittle down a $9.2 billion deficit. Instead, the gap has widened to $16 billion.

Today the 74-year-old Democrat will unveil his revised budget and explain what additional spending must be cut. Tax collections have run $3.5 billion below what he calculated four months ago. Spending

Arizona wildfires

Arizona wildfires keeping crews busy 

5/14/2012 foxnews

PAYSON, Ariz. –  Crews across Arizona spent the weekend fighting several wildfires, including one south of Payson that had grown to more than 4 square miles and another north of Phoenix that led authorities to order evacuations in a historic mining community.

A total of five wildfires in the state had charred more than 9 square miles by late Sunday, the Arizona Republic reported (http://bit.ly/JQecly ). The fires follow a recent warning from state land managers that hot May temperatures and dry vegetation have created a very high fire risk in some areas.

The Sunflower fire, the state's biggest, was first spotted Saturday morning in Tonto National Forest. It had burned about 2,700 acres, or 4 square miles, in an area about 20 miles south of Payson as hotshot crews, air tankers and helicopters worked to contain it Sunday.

Billowing smoke from that fire and another to the west near Crown King could be seen in Phoenix.

Roberto Mancin

City wins English title for 1st time in 44 years

By Rob Harris

AP Sports Writer / May 14, 2012

MANCHESTER, England—After 44 years playing in Manchester United's shadow, Manchester City waited to this season's waning seconds to leave the gloom, denying its fierce rival the English title and ending its own drought.

The Premier League has never witnessed a finale like it and could struggle to match the breathtaking twists and turns for years.

After 38 matches over nine months, all that separated City and United was goal differential as the clock wound down on the season Sunday evening.

"I don't want to spoil the moment," City captain Vincent Kompany said. "But I'm already

Nepal plane crash

Nepal plane crash kills 15; six survive

5/14/2012bylatimes

NEW DELHI– A small  plane with 21 people aboard crashed in Nepal Monday morning, killing 15, including the pilot and co-pilot. The accident, involving a Dornier 228 aircraft operated by Agni Air, occurred near mountainous Jomsom Airport some 200 kilometers northwest of Kathmandu. 

The charter flight from Pokhara city to Jomsom carried 16 Indian tourists, two Danish tourists and three Nepali crew. Two Indian children, aged 6 and 9, and their 45-year-old male Indian relative, all surnamed Kidambi, survived in critical condition, along with a Danish man and woman who were not immediately identified and a flight attendant, according to the Indian and Danish embassies in Kathmandu.

The survivors, in serious condition, were flown by helicopter to nearby Pokhara and admitted to the Manipal College of Medical Sciences, according to Apoorva Srivastava, an Indian Embassy official.

Narayan Dattakoti, a deputy inspector general of police, told media that early indications were the aircraft

Inside Sofia...

Inside Sofia Vergara and Nick Loeb's Split

BY DAHVI SHIRA

Sunday May 13, 2012

From the outside, Sofia Vergaraand boyfriend Nick Loeb – who have reportedly split – seemed to be in it for the long haul. 

The vivacious Modern Family star remained a constant by Loeb's hospital bedside as he recovered from a serious car accident in Aug. 2010. A year after the injury, Vergara also stood by her man when he considered runningfor the Florida U.S. Senate. 

But behind the public appearances and PDA was an argumentative pair of opposites, who sources say had incredible chemistry, but were plagued by problems from day one. 

One source close to Vergara's inner circle, who tells PEOPLE the couple have broken up and gotten back

California budget

California budget hole deepens to $16 billion: governor

5/13/2012

(Reuters) - California's budget deficit will swell to nearly $7 billion greater than expected due to weak tax revenues and slow progress in cutting budgets, Governor Jerry Brown said on Saturday.

Brown said the projected shortfall for the fiscal year ending on June 30 now stood at $16 billion, up from a previous estimate of $9.2 billion made in January.

"We are now facing a $16 billion shortfall, not the $9 billion we thought in January," Brown announced in a video posted on YouTube. "This means we will have to go much further and make cuts far greater than I asked for at the beginning of the year."

Brown is due to present on Monday a new budget proposal for the next fiscal year starting in July. In it, he said, he will outline how to eliminate the deficit.

California could receive a windfall from the planned initial public offering of online social media firm Facebook, which is aiming to raise as much as $12 billion when launched next week.

Revenues from Facebook stock options held by people living in California could reach around $2 billion, according to municipal bond analysts who say that the final amount will depend on how the shares trade on the market.

Facebook is expected to reveal its final pricing on Thursday for what would be Silicon Valley's largest market debut, then begin trading on Friday.

California, the most populous U.S. State, is still recovering from the 2008-2009 financial crisis that induced the worst recession since the 1930s. In April, California's tax revenues came in $2.44 billion below the state's estimate, largely due to weaker-than-expected revenue from personal income taxes.

Spending cuts have also been below what was projected, Brown said, blaming legal and federal constraints. "The federal government and the courts have blocked us from making billions of necessary budget reductions," he said.

The Democratic governor did not detail how he will fill the $16 billion budget hole, but he highlighted in his video a referendum scheduled for November on tax hikes for the wealthy.

"We can't fill this hole with cuts alone without doing severe damage to our schools. That's why I am bypassing the gridlock and asking you the people of California to approve a plan that avoids cuts to schools and public safety."

California is expected to raise $7 billion in new revenue if voters approve a ballot measure in November that would increase the state tax rate on earnings above $250,000 and the state sales tax.

Original measures which were expected to balance the budget were cuts of $4.2 billion in health, welfare and education spending.

If the tax increases are rejected by voters, Brown had suggested further spending cuts for another $5.4 billion mainly focusing on schools, communities colleges and state's two university systems.

S&P rates California's general obligation bonds A minus with a positive outlook which was reviewed from stable in February.

(Reporting By Tiziana Barghini, Editing by William Schomberg and Philip Barbara)