Daily Archives: March 2, 2011

Daily News Summary Headlines 03/02/2011

Wednesday, March 2, 2011


Hedge funds, broker-dealers and mortgage companies may face unprecedented demands for data on everything from risk exposure to trading partners as U.S. regulators seek to identify firms that pose a potential threat to the financial system, a confidential government report says.

Fed Chairman Bernanke signaled he’s in no rush to tighten credit after the Fed finishes an expansion of record monetary stimulus, seeing little inflation risk and slow job growth.

The U.S. government isn’t seeking to oust North Korean leader Kim Jong Il, who has threatened war over South Korean military drills, the Obama administration’s top envoy on the communist nation said.

U.S. Defense Secretary Robert Gates said two ships and 400 Marines are en route to the Mediterranean Sea near Libya to help with humanitarian relief and evacuations, as NATO member countries differ on potential military intervention.

Companies in the U.S. added more workers in February than forecast, indicating the labor market may be strengthening, data from a private report based on payrolls showed today.  Employment increased by 217,000 last month after a revised 189,000 gain in January, according to figures from ADP Employer Services.

The U.S. Congress is set to give final approval to a stopgap budget bill needed to prevent a government shutdown, clearing the way for difficult negotiations over spending levels for the rest of the 2011 fiscal year.

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said yields on Treasuries may be too low to sustain demand for U.S. government debt as the Federal Reserve approaches the end of its second round of quantitative easing.

New Zealand’s government may relocate Christchurch’s central business district to the edges of the city after last week’s 6.3-magnitude earthquake destroyed almost a quarter of the center’s office buildings, about 755 buildings.

Oil in New York climbed above $100 a barrel for a second day on concern that the unrest curbing exports from Libya will spread to other countries in the region.

Amazon.com Inc. , the world’s largest online retailer, has threatened to sever ties with more than 10,000 affiliates in California amid a dispute with the state over proposed taxation of Internet purchases.

Credit Suisse Group AG banker Christos Bagios helped 150 American clients hide as much as $500 million in assets from U.S. tax authorities when he worked at UBS AG, according to a criminal charge made public yesterday.

AP Top Stories

A Danish family kidnapped by pirates has reached the shore of Somalia, officials and a pirate said Wednesday, likely meaning a long hostage ordeal for the couple and their three teenage children who were abducted while yachting around the world. A Somali pirate had warned that if any attempt was made to rescue them, they would meet the same fate as the four American yachters slain by their pirate captors last week. Any chance of a quick rescue seemed to disappear Wednesday.

Assailants purportedly sent by al-Qaida and the Taliban killed the only Christian member of Pakistan’s federal Cabinet Wednesday, spraying his car with bullets outside his mother’s home. It was the second assassination in two months of a high-profile opponent of blasphemy laws that impose the death penalty for insulting Islam.

President Obama will propose saving billions of taxpayer dollars through creation of an independent board to recommend the sale of federal property.

HSBC Holdings PLC is suspending foreclosures in the U.S. after a government review of the lender’s procedures revealed problems with the way it handled some home repossessions.


Soldiers in Mexico have found at least 17 bodies in a grave in the southern state of Guerrero, which has been gripped by drug-related violence.

Libya could become a peaceful democracy or face protracted civil war in the years ahead, US Secretary of State Hillary Clinton tells US lawmakers.

A former Goldman Sachs board member is charged with insider trading by the US Securities and Exchange Commission.

Tens of thousands return to the streets of Sanaa, as Yemeni President Ali Abdullah Saleh blames the US and Israel for ongoing unrest.

Gen David Petraeus, head of Nato forces in Afghanistan, apologises for the killing of nine civilians in an air strike in the north-eastern province of Kunar.


UK – A court ruling has found that Christians who want to provide foster care for needy children must promote homosexuality to them and that there is only a “qualified” right to exercise their Christian beliefs. The judgment comes in a claim by a Christian couple that their biblical beliefs in opposition to homosexual behavior were being used by the government to discriminate against them regarding their application to be foster parents.

During a radio interview in New York City, former Arkansas Gov. Mike Huckabee suggested Obama grew up in Kenya, and that has helped form the president’s worldview.

As the U.S. gears up to push Israeli-Palestinian talks, the Palestinian Authority has been engaged in an intense effort to convince the Hamas terrorist organization to join it in a new unity government.

California’s topattorneyhas dealt another setback for those seeking to ban gay marriage with her request to allow the unions to resume immediately inthe state, the latest in a string of about-faces siding with same-sex couples.

Climate change is not only making the planet warmer, it is also making snowstorms stronger and more frequent, US scientists said on Tuesday.

‘Our Christianity is our lifestyle – we can’t take it on and off’- The couple stopped by a court from fostering children tell Cassandra Jardine of their sense of injustice.