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Soulja Boy’s Mourns Death Of Younger Brother On Twitter

Soulja Boy’s Mourns Death Of Younger Brother On Twitter

Given the amount of joy Soulja Boy has given us in the form of a dance we spent months annoying our friends with, it’s painful to find out that he and his family have suffered a tragedy. Reportedly Soulja Boy’s brother Deion Jenkins died in a car accident Sunday night. Soulja Boy tweeted about his brother yesterday, writing “at home crying my eyes out I can’t believe my Lil bro is gone… today is so not my day.. RIP lil brother love you always Soulja Boy’s Mourns Death Of Younger Brother On TwitterProducer CEO Miami Mike tweeted his condolences to the rapper as well, saying “The Flags are @ Half Staff @ the Offices of SODMG & PTE, R.I.P. to @Souljaboy little brother who passed-way in a auto crash last nite Soulja Boy’s Mourns Death Of Younger Brother On Twitter

According to MediaTakeOut, 14-year-old Deion was riding in a car in Charlestown, Mississipi when the accident occured. We hope Soulja Boy and his family are doing as well as they possibly can given the circumstances. At least they have the consolation of knowing how cool it must have been for him to have Soulja Boy as an older brother.

[Photo: Getty Images]

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Roubini Says Earthquake Is ‘Worst Thing’ at ‘Worst Time’ for Japan Economy – Bloomberg

March 11 (Bloomberg) — Nouriel Roubini, founder of Roubini Global Economics, discusses the earthquake in Japan and the European debt crisis.
He talks with Maryam Nemazee on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)

Nouriel Roubini, the economist who
predicted the global financial crisis, said the earthquake in
Japan comes at the “worst time” as the country struggles to
lower its budget deficit.

“This is certainly the worst thing that can happen in
Japan at the worst time,” Roubini told Maryam Nemazee on
Bloomberg Television’s “Countdown” in London today. “There
will be fiscal stimulus to reconstruct but Japan already has a
budget deficit of close to 10 percent of” gross domestic
product and an aging population.

The Bank of Japan (8301) pledged to ensure financial stability
after the magnitude 8.9 earthquake struck off the coast of
Sendai, sparking a tsunami. Japanese stocks declined in Tokyo
today. The central bank, which keeps its benchmark rate at zero,
had last month said the world’s third-largest economy is set to
recover from a fourth-quarter contraction.

“In the short term, when you have a shock like this” it
tends to produce “a weakening of economic activity,” Roubini
said. “You have a slowdown in output in the same quarter but
over time, if there is a massive amount of fiscal stimulus,
there could be an economic recovery over the near term.”

Japan’s economy shrank more than the government initially
estimated in the fourth quarter following a slump in consumer
spending
and capital investment, data showed yesterday. Moody’s
Investors Service lowered its outlook on Japan’s Aa2 debt rating
last month on concern about the government’s ability to tackle
the world’s biggest public-debt burden.

Japan’s Ministry of Finance said it’s too soon to gauge the
economic impact of the earthquake that caused damage across the
country’s east coast. Roubini said that “it looks like a very
serious earthquake.” The MSCI Asia Pacific Index dropped as
much as 1.8 percent today.

“Certainly it is a negative for their stock market given
that it is a destruction of wealth,” said Roubini, who is also
co-founder of Roubini Global Economics LLC. “Also the effects
on confidence are going to be significant.”

To contact the reporters on this story:
Jennifer Ryan in London at
jryan13@bloomberg.net;
Maryam Nemazee in London at
mnemazee@bloomberg.net

To contact the editor responsible for this story:
Craig Stirling at
cstirling1@bloomberg.net

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FOCUS: U.S. Dollar Rallies For Short Term; Impact On Gold Limited

(Kitco News) – The U.S. dollar has staged a strong rally for the past two days, particularly against the euro, and that has some analysts believing the weakness the greenback saw in January and early February is over for the time being.

But many are being cautious on how much strength the dollar has on its own, considering the still-shaky outlook for the U.S. economy and the continuation of the Federal Reserve’s second quantitative easing program. On Friday, the non-farm payrolls data for January showed only 36,000 jobs were created when analysts expected anywhere from 140,000 to 150,000.

Further, there remains suspicion by the investing class about fiat currencies, which is one reason why market analysts said any rises by the dollar should not cap strength in gold prices. Usually a rising dollar can limit gains in gold since it is dollar-denominated, but both can rise at the same time, especially in safe-haven events.

“Dollar deflation is more likely than not (longer term) and that will add fuel to gold,” said Sterling Smith, commodity trading adviser and market analyst at Country Hedging.

The dollar held support at 77 on the dollar index, a key level of technical chart support. Andrew Chaveriat, technical analyst at BNP Paribas, said the 77 region is the 76.4% retracement of the November-January rise. Not only that, but the dollar held at various levels of support versus other key currencies, including the Japanese yen and the Swiss franc. Furthermore, the euro, the British pound and the Australian dollar were unable to pierce significant technical chart resistance areas versus the dollar.

“Having this week’s U.S. (dollar) decline simultaneously encountering strong medium-term support increased the odds for at least a short-term pause/pullback, if not a multi-week reversal, versus many of these currencies,” Chaveriat said.

Shawn Hackett, president of Hackett Financial Advisers, said he thinks the dollar can rally further against the euro. The euro has been unable to crack resistance at $1.39, just under the top of the recent range between $1.20-$1.40, he said. “It’s made a lower high and I wouldn’t be surprised to see it make a lower low. This was just a rebound in a bear market for the euro,” he said.

Opportunities lie in the current market action, said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

“A crack in the dollar bear case has crystallized and there is a potential opportunity here for medium-term investors to reduce short-dollar exposure or increase hedges on non-dollar exposures,” he said.

Despite the powerful rally in the euro during January, he said worries over the fiscal health southern European countries could come again. He also noted in the euro options market that “euro longs have been come increasing nervous, especially during its latest advance.”

Chaveriat said support for the euro comes in at $1.35, while Chandler sees a potential pullback to the $1.3250-$1.3350 range in the near term.

Smith said key support for the euro comes in at $1.3534, noting the chart for the euro “looks heavy.”

Hackett said while he doesn’t favor any currencies, ultimately he is a euro bear versus the dollar. Specifically, he cited the continued problems Europe has to consider with its southern-tier countries’ debt. He said while the Fed is busy printing money to support the U.S. economy, Europe has further to go. “The dollar is not a great place to be, but with the euro, we don’t know how much money printing they have to do. All the chips haven’t fallen there,” he said.

But before the dollar bulls get too excited, Chandler said the extended downside is limited because the euro market positioning does not seem extreme, the Fed continues its bond buyback, and any resolution by the European Union regarding plans to deal with its issues can be pushed back into late March. Down the road, the U.S. will feel renewed skepticism about its own U.S. house as debate regarding lifting the debt ceiling approaches.

Now that the dollar has held support at 77, the next area of resistance is 78.50, but Smith doesn’t see much further upside. “It was oversold and due for a bounce. It was down every day since Jan. 10 with minor exceptions. I’m not sure how much life it has; it remains to be seen,” he said.

Brian Larose, technical analyst with United-ICAP, said at best, the rebound from 77 on the dollar index can be only considered constructive. “To convince us this rally is sustainable, further upside is now required,” he said.

Resistance is seen at 78.625 and 79.165, he said.

 

By Debbie Carlson of Kitco News dcarlson@kitco.com

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