- The Yuan’s Coming Out Party
- Alpha 2 Says “Cliff Ahead”
- Euro Gains Amid Optimism Leaders Will Act to Ease Debt Crisis
- Gold Heads for Third Straight Weekly Decline on Outlook for Interest Rates
- California Unemployment Rate Ticks Up To 12.5%
- E.P.A. Approves Increased Ethanol in Auto Fuel
- US Renewable-Energy Incentives Help Bloom Energy To Expand Sales
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The Yuan’s Coming Out Party (alfredo)
These new bank accounts are the type of thing that used to make China very nervous. Why? Because if everyone opens up yuan bank accounts, that could increase demand for the currency and push the exchange rate up. China doesn’t want that happen because it wants to keep its goods cheap for foreign buyers. This fear is likely the reason these new savings accounts, like the currency, have a lot of controls on them. For example, customers can’t put more than $20,000 in one account over the course of a year.
Alpha 2 Says “Cliff Ahead” (liene)
As David Fry notes on his DIA chart, POMO does make this time different and it does seem like we are being hard-wired to buy those F’ing dips. That’s OK, we can accept that if that’s how we have to play it but please Lloyd, show us that you are willing to break the pattern first – then we’ll be willing to step a little closer to the edge of the cliff. Forgive us, of course, if the idea of standing next to you at a cliff when we know that you might make a Dollar for pushing us over gives us the creeps – it’s just that, well, we know you!
The 17-nation euro advanced the most against the currencies of commodity-exporting countries, such as the South African rand and New Zealand dollar, on concern China will take more measures to cool economic weakened, curbing appetite for raw materials. Canada’s dollar weakened, touching parity with its U.S. counterpart, after the nation’s central bank held interest rates unchanged. The U.S. dollar fell against the euro before a Federal Reserve policy meeting next week.
Gold futures for February delivery fell $3.80, or 0.3 percent, to $1,342.70 an ounce at 10:38 a.m. on the Comex in New York. The metal is down 1.3 percent for the week, after losing a total of 4.3 percent in the previous two weeks. The Federal Reserve has kept the benchmark interest rate at zero percent to 0.25 percent since December 2008 to bolster the economy. U.S. equities have been rising on optimism for the U.S. recovery.
California employers added just 4,900 jobs to payrolls in December, the Employment Development Department said Friday, after adding 30,500 the month before. The beleagured construction sector lost 3,200 jobs. But the month’s biggest loser was the government sector, which shed 15,400 jobs. (The jobless rate rose despite the net increase in jobs because an even greater number of people joined the labor market; the reverse can also be true.)
Ethanol, derived primarily from corn in the United States — versus beet sugar and switchgrass in leading ethanol-producing nations like Brazil — has lost much of the buzz that surrounded it in 2008, when companies like E-Fuel envisioned ethanol pumps in every driveway. Still, the fuel enjoys federal backing because it is viewed as a “home-grown fuel,” according to Lisa P. Jackson, the E.P.A. administrator.
Privately held Bloom Energy, which makes fuel cells that generate emissions-free electricity, has expanded into the electricity sales business because of government incentives. For example, the Sunnyvale, Calif.-based company now offers such customers as Wal-Mart Stores Inc. (WMT) the option of buying the power generated by a fuel cell installed on its property rather than the fuel cell itself. The model is already in use by solar-power providers, such as Solar City Inc. It’s become increasingly popular since the 2008 financial crisis as customers became less inclined to pay the large upfront cost of buying a renewable energy system, even though the appetite for renewable energy has continued to grow.
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