News on Permanent Portfolio Fund (PRPFX)Thursday March 6th 2014
Latest news for Permanent Portfolio(PRPFX) (See analysis on PRPFX)
Aggregared News for Permanent Portfolio(PRPFX) from various sourcesIs the 'Permanent Portfolio' Permanently Broken?
[at TheStreet] - Mutual funds and exchange-traded funds based on the concept of a 'permanent portfolio' face rough sledding because of the prospects for bonds and gold.
COLUMN-Circuit breakers investors can use for a debt default
[Reuters] - In times of calamity, every portfolio needs a set of circuit breakers. And, as Congress speeds toward the debt-ceiling barrier, it is a good idea to consider some inverse exchange-traded funds that move ...
Gold Rises to One-Week High as Fed Maintains Stimulus
[at Bloomberg] - Gold rose to a one-week high in London after the Federal Reserve maintained the pace of U.S. bond purchases, boosting demand for the metal as a store of value. Silver and palladium advanced.
Gold Jumps Most in 15 Months as Fed Refrains From Taper
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Essential Reading: 'Deep Risk' By William Bernstein (Plus Q & A With Author)
Gold Bulls Bet Right as Prices Rally Most Since ’11: Commodities
[video] Stocks little changed at open
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Lurching Gold ETF Veers From Metal Most in Year Amid Selloff
Latest business news
Thursday March 6th 2014: Latest financial news from the worldGains in U.S. job growth expected, but weather may weigh
By Lucia Mutikani WASHINGTON (Reuters) - U.S. hiring likely picked up enough in February to keep the Federal Reserve on track in reducing its monetary stimulus. But the size of the gain is nevertheless expected to be modest as the economy struggles to break free of the grip of unusually severe winter weather. Nonfarm payrolls probably increased by 149,000 last month, with the jobless rate holding at a five-year low of 6.6 percent, according to a Reuters survey of economists. Nonfarm payrolls averaged about 205,000 new jobs per month in the first 11 months of 2013, but that figure dropped to just 94,000 for December and January as the unseasonably cold and snowy winter disrupted economic activity.
Asian shares up, mood cautious before U.S. jobs data
By Lisa Twaronite and Shinichi Saoshiro TOKYO (Reuters) - Asian stocks rose on Friday, buoyed by Wall Street's gains the previous day, but investors remained cautious ahead of the U.S. nonfarm payrolls report later in the session. The euro remained near overnight highs following the European Central Bank's decision not to ease policy, while the safe-haven yen continued to sag after suffering sharp losses as risk appetite returned. U.S. nonfarm payrolls are forecast to have increased by around 149,000 in February, according to a Reuters survey of economists, up from the weather-depressed gains of 113,000 in January and 75,000 in December. Market watchers said expectations may have been lowered by the soft ADP private-sector jobs report and ISM services sector survey released earlier this week.
Cerberus Capital to buy Safeway for about $9.4 billion
(Reuters) - Safeway Inc , the second-largest U.S. mainstream grocery store operator, said private equity firm Cerberus Capital Management would acquire the company in a deal valued at about $9.4 billion. The offer price of $40 per share represents a premium of 1.3 percent to Safeway's Thursday closing stock price of $39.47 on the New York Stock Exchange. The deal combines Safeway with Cerberus' Albertsons chain, creating a dominant grocery franchise on the West Coast. Safeway shareholders will receive $32.50 per share in cash plus other distributions with a value of $3.65 per share.
Exclusive: Pimco's Gross declares El-Erian is 'trying to undermine me'
Bill Gross, the co-founder and co-chief investment officer of Pacific Investment Management Co, has accused departing CEO Mohamed El-Erian of seeking to "undermine" him by talking to The Wall Street Journal about deepening tensions between the two executives who have been jointly running the world's largest bond house. Gross told Reuters that he had "evidence" that El-Erian "wrote" a February 24 article in the Journal, which described the worsening relationship between the two men as Pimco's performance deteriorated last year, including a showdown in which they squared off against each other in front of more than a dozen colleagues at the firm's Newport Beach, California headquarters. Gross, who oversaw more than $1.91 trillion in assets as of the end of last year and who is known on Wall Street as the 'Bond King', said in a phone call to Reuters last Friday: "I'm so sick of Mohamed trying to undermine me." When asked if Reuters could see the evidence about El-Erian and the allegation he was involved in the article, Gross said: "You're on his side.
Detroit reaches $120 million loan deal with Barclays
(Reuters) - Detroit said in a court filing on Thursday it had reached an agreement with Barclays PLC for a $120 million loan that would allow it to invest in services and speed its path out of bankruptcy. The deal comes after the judge overseeing Detroit's historic bankruptcy case rejected a $350 million loan that would have raised $230 million for the city to end interest rate swaps. Those swaps were used to hedge interest rate risk on some Detroit pension debt. The city said earlier this week it had reached a new agreement with Merrill Lynch Capital Services and UBS AG to end the swaps for $85 million.
Man called Bitcoin's father denies ties, leads LA car chase
By Aron Ranen and Brandon Lowrey TEMPLE CITY, California (Reuters) - A Japanese American man thought to be the reclusive multi-millionaire father of Bitcoin emerged from a modest Southern California home and denied involvement with the digital currency before leading reporters on a freeway car chase to the local headquarters of the Associated Press. Satoshi Nakamoto, a name known to legions of bitcoin traders, practitioners and boosters around the world, appeared to lose his anonymity on Thursday after Newsweek published a story that said he lived in Temple City, California, just east of Los Angeles. Newsweek included a photograph and described a short interview, in which Nakamoto said he was no longer associated with Bitcoin and that it had been turned over to other people.
Four indicted in U.S. for fraud in Dewey & LeBoeuf collapse
By Karen Freifeld and Jonathan Stempel NEW YORK (Reuters) - Less than a month after writing that he did not want to "cook the books anymore," but facing a deadline to show lenders that Dewey & LeBoeuf had enough cash, the law firm's top finance executive emailed a colleague that he "came up with a big one," according to investigators. "You always do in the last hours," the law firm's executive director Stephen DiCarmine replied to the December 29, 2008 email from chief financial officer Joel Sanders, according to investigators. "That's why we get the extra 10 or 20% bonus." The communications and other evidence are the basis of criminal and civil charges announced in New York on Thursday in which the law firm's former leaders are accused of accounting gimmicks and fraud to cheat banks and investors in a failed attempt to keep their prestigious law firm alive. Dewey & LeBoeuf once had as many as 1,400 lawyers, before going bankrupt in May 2012.
Fed should be patient, keep trimming U.S. stimulus: Lockhart
By Jonathan Spicer WASHINGTON (Reuters) - It could be another two months before the U.S. Federal Reserve can determine whether recent weak economic data is truly weather-related or something more permanent, so policymakers should keep trimming their bond-buying stimulus, a top Fed official said on Thursday. In an interview, Atlanta Fed President Dennis Lockhart said flatly that the central bank should keep reducing its policy accommodation even if the February jobs report on Friday falls short of expectations, making for three straight months of sub-par hiring in the world's largest economy. "In my mind, unless we really fall off track in the economy pretty dramatically, I think the tapering program should proceed," Lockhart told Reuters, adding that he has "modest" expectations for the government's nonfarm payrolls report. Lockhart attributed the weak data to the severe winter weather that has gripped much of the United States and issued a word of caution to anyone expecting the Fed to abruptly back off a plan to wind down its bond purchases by later this year.
Fed officials see high hurdle for changing course on QE taper
And one, Atlanta Fed President Dennis Lockhart, told Reuters in an interview that even a third month of below-par U.S. jobs growth would not be enough to warrant such a move. While Fed Chair Janet Yellen has stressed that her planned wind-down of the stimulus program is not on a preset course, the comments Thursday from Fed officials spanning the policy spectrum make it clear that the hurdle for any change is high. Weak economic data, even if it persists for a few more months, does not meet that test, all three said. "In my mind, unless we really fall off track in the economy pretty dramatically, I think the tapering program should proceed," Lockhart told Reuters.
Disney overhauls troubled interactive unit, lays off 700
By Ronald Grover and Malathi Nayak LOS ANGELES/SAN FRANCISCO (Reuters) - Walt Disney overhauled its struggling interactive division in a sweeping reorganization that will reduce the number of video games it develops and alter its advertising strategy to focus more on the fast-changing mobile market. As part of the revamp, Disney will lay off 700 employees, roughly one-quarter of the interactive division, according to a person with knowledge of the layoffs. A Disney spokeswoman would not confirm the number. Disney's games and online division has for years been a persistent money loser and a small but significant drag on a corporate empire that spans movie-making and television to cable network ESPN, theme parks and cruise lines.
AP Exclusive: Man said to create bitcoin denies it
LOS ANGELES (AP) — Dorian Prentice Satoshi Nakamoto said Thursday that he is not the creator of bitcoin, adding further mystery to the story of how the world's most popular digital currency came to be.
Silicon Valley boom eludes many, drives income gap
SAN JOSE, Calif. (AP) — Arwin Buditom guards some of the most successful high-tech firms in America. Joseph Farfan keeps their heat, air and electric systems humming. But these workers and tens of thousands like them who help fuel the Silicon Valley's tech boom can't even make ends meet anymore. Buditom rooms with his sister an hour's drive from work. Farfan gets his groceries at a food pantry.
Asia stocks gain on China prospects, US data
MUMBAI, India (AP) — Asian stocks mostly rose Friday, buoyed by a third all-time high on a key Wall Street index this week and signs that China will follow up on pledges to further open the world's No. 2 economy,
Taxis, limos upset over rules for tech competition
Here are 5 clues to the health of US job market
Target breach puts corporate tech execs under fire
NEW YORK (AP) — Hackers are putting top technology executives under severe pressure. And this week's sudden departure of Target's chief information officer in the wake of the company's massive pre-Christmas data breach has only ratcheted up the stress.
Albertsons parent Cerberus to buy Safeway
Encouraging report on US jobs lifts stock market
House passes bill to block Obama climate plan
WASHINGTON (AP) — Aiming at the heart of President Barack Obama's strategy for fighting climate change, the Republican-controlled House voted Thursday to block the administration's plan to limit carbon pollution from new power plants.
Wake up and smell the bacon ... with a bacon app
MADISON, Wis. (AP) — Want to wake up to the sound of bacon sizzling on the stove with its aroma drawing you out of bed?
Nonprofit Boardroom Elephants and the "Nice Guy" Syndrome: A Complex Problem
At coffee recently a friend serving on a nonprofit board reported plans to resign from the board shortly. His complaints centered on the board's unwillingness to take critical actions necessary to help the organization grow.
Marijuana Taxes in Colorado -- An Early Clue
Across America, lawmakers are eyeing tax revenue from legalized marijuana. In a few days, the Colorado Department of Revenue is due to report how much marijuana tax was paid there for January, the first full month of recreational sales anywhere ever.
What The Home-Price Slowdown Really Looks Like
The current slowdown of home prices has been sharpest in markets that crashed during the bust and bounced back last year. And although asking-price gains have been slowing since last spring, price increases remain high by historical standards. The Trulia Price Monitor and the Trulia Rent Monitor are the earliest leading indicators of how asking prices and rents are trending nationally and locally. They adjust for the changing mix of listed homes and therefore show what's really happening to asking prices and rents. ...
The Real Reason Facebook Cracked Down On Guns (Moms, Of Course)
New York's top law enforcement official brought Facebook to the table to talk about getting tough on guns. But it was an increasingly powerful group of mothers that likely forced the social media giant to crack down on what some saw as an underground market for gun sales in the U.S. Facebook announced Wednesday that it would start policing gun sales on the site, blocking minors from selling weapons and deleting any post that breaks state or federal gun laws, among other measures. "While we've recently heard specific concerns from people about offers for the private sales of firearms, this
[$$] GE Raises $3 Billion in Bond Sale
General Electric raised $3 billion in a sale of new debt Thursday, stocking its coffers while rates are low.
10 Tips for Fighting the Uphill Business Loan Battle
Secret Recipe for Startup Success
Building a startup is, with absolute certainty, one of the most difficult journeys someone can embark on. Sleepless nights accompany early mornings and the looming taste of coffee and whiskey never quite leave your taste buds.
Celebrating Women Entrepreneurship With Julia Hartz and Daphne Koller
In light of Women's Day (March 8,2014), we chatted with Julia Hartz of Evenbrite and Daphne Koller of Coursera, two of today's leading women entrepreneurs who kindly shared their wisdom, trials and triumphs with us.
Chipotle's New Tofu Filling Is A Clever Con To Get Vegetarians To Pay More
If you're like me, you were super psyched when you heard Chipotle was going to begin serving tofu. We live in an age where pizza can be vegan and gluten-free. Even Burger King offers a veggie burger. So Chipotle was really just playing catch-up. But it didn't take me long to realize what Chipotle was really doing by adding tofu (aka Sofritas) to its menu: It had cleverly devised a way to get vegetarians to pay more for a meatless burrito. Now, vegetarians can spend just as much as omnivores. Chipotle is a staple in my work lunch diet (as
Retired? Planning to Retire? Let's Talk About Your Taxes and Keeping More of Your Money
Feelings, Not Facts: Negotiating for a New Business Paradigm
The company way ain't gonna take us where we gotta go. Only emotional intelligence and peer pressure will help us breach the delta between today's business as usual and a radical rethink of sourcing, operations, profits and products.
Goldman Sachs Just Destroyed Its Archenemy In A Single Tweet
NEW YORK (AP) — Publication has been canceled for a planned book based on a popular and anonymous Twitter feed about Goldman Sachs and the financial industry. Touchstone, an imprint of Simon & Schuster, announced Thursday it would not release John Lefevre's "Straight to Hell: True Tales of Deviance and Excess in the World of Investment Banking," which had been scheduled to come out in October. "In light of information that has recently come to our attention since acquiring John Lefevre's 'Straight to Hell,'" Touchstone has decided to cancel its publication of this work. ...
Oscars and Emmys: How to Win Even If You Lose
Regardless of whether or not there is any truth in these speculations, the Oscars and Emmys are prime opportunities to increase one's PR quotient, win or lose. While much has been, and will be, written about both the winners and the losers, PR is measured in more ways than just winners and losers.
Activism and Regulation in Global Commerce
Key insights from the recent Kellogg-Aspen Institute Leadership Summit We're living in a time when business has become the main driver of economic, social, and political change in the world. But this means that businesses are being held accountable for the consequences of such change. These developments have various implications. One is the rise of private politics, a term used describe actions by private stakeholders, such as activists and NGOs, that harness public sentiment to target companies with the goal of changing global business practices. ...
How to Engage Readers With Your Facebook Page
Just when you thought you were all set to promote your book on your website, I'm writing to you about making your Facebook fan page shine. Spending time on social media sites can feel like a time sink, I know, but there is a bright side. Your Facebook fan page (unlike a personal Facebook page) is accessible to everyone and the sooner you begin, the sooner you can build up your fan base. If you are new to using Facebook, you may want to read my blog on "8 Ways to Increase Engagement on Facebook" first.
When in Doubt, Nose to the Grind
So if you told me even five years ago that I would own and run a small business with my husband (in the fitness industry, no less!), I would have spit out my Frappuccino and laughed hard. Really hard. We opened our gym in the East Village in June of 2013. I have never "worked" a day since.
6 Ways To Diversify Your Intern Hires
Let's Talk Business: 5 Steps For Definite Success
Social Entrepreneurship: A Shift in the Traditional Business Mindset
A new corporate structure, the social enterprise, was born. This entity, which can be structured either as a for-profit or non-profit, considers the impact of its decisions on communities, the environment and employee welfare.
Why Write Your Own Retirement Tribute?
I know that when I retire, I don't want anyone talking about the titles I held or how "successful" I was making money or advancing in the corporate hierarchy. Instead, I want them to talk about the values I embodied and brought to work every day.
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