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Archive for May, 2010

Action later caused big losses on sales in the U.S. stock market on Thursday, with investors scared by the news of a blast in Athens and the specter of criminal charges against nine banks.

The blue-chip stock index Dow Jones Industrial Average fell 113.96 points (1.05 percent) to 10782.95 at close of trading.

The technology-heavy NASDAQ composite index lost 30.66 share points (1.26 percent) at 2394.36 while the broader market index Standard & Poor `s 500 lost 14.23 points (1.21 percent) to 1157.44.

Before the action to sell in late trading, and after logging off for the past week, the stock hovering in or around the red for most of Thursday.

“Stocks spent much of the session stuck in negative territory with moderate losses, but the sellers intensify their efforts in the last action,” Briefing.com analysts said in a client note.

“The atmosphere for relatively warm most of the session as buyers took a break after they sent the stock market rose more than five percent higher during the three previous sessions,” said the analysts. Read the rest of this entry »

Australian Prime Minister Kevin Rudd claimed to have discussed the policy of increasing taxes to mining companies and 40% believe the number is right, but still reap the rejection of the business community.

“Ministry of Finance has been discussing the details, implementation, and policy changes with relevant parties, including the nearly 100 companies,” Mr. Rudd said in an interview on Australian Broadcasting Corp. radio today.

Yesterday the Australian Finance Minister Wayne Swan released the projected budget surplus target in 2012 and 2013, including a surplus of tax revenue with the new policy.

Meanwhile, BHP Billiton Ltd. and Rio Tinto Ltd., the largest mining company first and third in the world, said the profit tax rates which became effective in 2012 it will damage investment and limit the growth of employment in that industry.

Rudd will be following the upcoming elections in 11 months. He suggests raising taxes on mining policy, which was launched on May 2 is a response to changes in the tax system 10 years Finance Minister Ken Henry.

She added that the policy will provide for the equitable sharing of employers in the mining sector, and the Australian people. The mining sector contributes an average of 9% to the gross domestic product (GDP) in Australia per year.

Tax revenue, he explained, will be used to construct roads, railways, and ports, fund deficit caused by corporate tax cuts, and cash assistance to low-income workers to increase retirement savings.