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TODAYS DOW JONES INDUSTRIAL AVERAGE DJIA DJI, NASDAQ INDEX, S&P 500 STOCK MARKET INVESTING NEWS TODAY USA

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In addition to the better-than-expected home based reports, indicators in the eurozone closed recent trading sessions in the green as well. The CAC 40, DAX, and the FTSE 100, finished the most recent trading session in the green. This action added to the positive momentum gathered by the primary stock composites in the U.S. on Friday. Reports on Thursday of this week helped to lift the U.S. indicators also. moncler jackets The better-than-expected stats on unemployment in the U.S. helped to give investors a shot of confidence. The government data revealed that the number of applications for first time unemployment benefits dropped from 368,000 two weeks ago to 364,000 last week. This marks the lowest level for unemployment claims in the U.S. since 2008. Also, Americans were happy to hear of the payroll tax extension. Taxes will not increase as of January 1st 2012, and this news was very welcomed by many.
Close for Dow Jones Industrial Average, Nasdaq, S&P 500 Indices USA:
Ultimately, the primary indices in the U.S. finished the last session green across the board. The Dow Jones Industrial Average closed the last session higher by 124.25 points and closed at 12,294. The Nasdaq finished the day higher by 19.19 points to close out at 2,618.64 and the S&P 500 settled higher by 11.33 points to close out at 1,265.33. The dollar fell versus the euro, Japanese yen and the British pound. Gold futures dropped to 1606 per troy ounce.
Frank Matto http://es5y.com/

Nigeria on alert as Shell announces worst oil spill in a decade

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An oil spill on the shores of the Niger Delta swamps. Shell has said the recent oil spill is likely to be worst in a decade. Photograph: Pius Utomi Ekpei/AFP/Getty Images

Nigerian coastal and fishing communities were on Thursday put on alert after Shell admitted to an oil spill that is likely to be the worst in the area for a decade, according to government officials..
The company said up to 40,000 barrels of crude oil was spilled on Wednesday while it was transferred from a floating oil platform to a tanker 75 miles off the coast of the Niger delta.
All production from the Bonga field, which produces around 200,000 barrels a day, was last night suspended. “Early indications show that less than 40,000 barrels of oil have leaked in total. Spill response discount moncler jackets procedures have been initiated and emergency control and spill risk procedures are up and running,” said Tony Okonedo, a Shell Nigeria spokesman.
Satellite pictures obtained by independent monitors Skytruth suggested that the spill was 70km-long and was spread over 923 square kilometers (356 sq miles).
But a leading Nigerian human rights group said Shell’s figures about the quantity of oil spilled or the clean-up could not be relied on. “Shell says 40,000 barrels were spilled and production was shut but we do not trust them because past incidents show that the company consistently under-reports the amounts and impacts of its carelessness,” said Nnimmo Bassey, head of Environmental Rights Action, based in Lagos.http://lch8.com/
“We are alerting fisher folks and coastal communities to be on the look out. It just adds to the list of Shell’s environmental atrocities in the Niger delta.”
The spill, one of the worst off the canada goose down jacket coast of Nigeria in 10 years, is particularly embarrassing for Shell, coming only four months after a major UN study said it could take Shell and other oil companies 30 years and $1bn to clean spills in Ogoniland, one small part of the oil-rich delta. The company also admitted responsibility in August for two major spills in the Bodo region of the delta that took place in 2008, but has yet to pay compensation.
Shell, which works in partnership with the Nigerian government in the delta, claims that 98% of all its oil spills are caused by vandalism, theft or sabotage by militants and only a minimal amount by deteriorating infrastructure. But this is disputed by communities. http://es5y.com/
Yesterday Shell said it had also closed a Gulf of Mexico deep drillingoperation after spilling 319 barrels of contaminated fluids.

Japan Approves Record Budget Despite Debt Woes

TOKYO – The Japanese cabinet Saturday approved a budget blueprint that includes record-high spending and bond issuance for the next fiscal year, aggravating an already-outsized government debt problem, and raising pressure to boost taxes.
The ¥90-trillion ($1.15 trillion) package also includes some modest new plans to try and stimulate the slumping economy. And, in a sign of the difficulties of containing spending, it restores funding for a controversial dam project that the ruling Democratic Party of Japan had tried to kill as an example of excessive pork-barrel spending when it first took power just over two years ago. In one proposed spending cut, officials agreed to slash funding for a plan to transfer U.S. Marines out of Japan — a move that could further undermine that long-troubled project.
“I think that Japan’s budget-Moncler Outlet Online making processes and its reliance on public debt have reached their limits,” Finance Minister Jun Azumi said at a news conference announcing the budget. He called on the Japanese public “to allow us to raise the consumption tax and overhaul the tax-revenue structure” to prepare for a budget situation expected to get only more difficult in coming years amid “a continuously aging society.”
While global financial markets have been rocked by investor concerns about heavy government debt loads in Europe, traders have so far remained calm about Japanese government borrowing, even though Tokyo’s debt is significantly larger than any European nation’s — roughly twice the size of the Japanese economy. But there are growing signs of concern about Japan’s fiscal situation, most recently this past Wednesday, when Rating and Investment Information Inc. lowered Japan’s sovereign debt rating to AA+, the first time a Japanese firm has said the country’s debt isn’t of triple-A caliber. Other credit raters are expected to follow in coming weeks with their own downgrades.
The latest budget — which requires parliamentary approval — underscores the challenges faced by Prime Minister Yoshihiko Noda’s administration. Credit ratings firms and the International Monetary Fund say raising the sales tax is essential, and the government has vowed to prepare a detailed plan by the end of December to double the tax in about five years. But worried about hostile voters and a fragile economy, http://es5y.com/ many of the ruling and opposition lawmakers remain opposed to the move.
To gain political approval for higher sales taxes, the government has avoided proposing big spending cuts in the latest budget, and employed a variety of accounting gimmicks to create an impression of fiscal discipline.
For example, officials said they held spending for the fiscal year beginning April 1 to ¥90.334 trillion, slightly below this fiscal year’s spending. But analysts say the real total is ¥94.109 trillion because the government will spend new money worth ¥3.775 trillion through a separately managed sub-budget for post-March earthquake reconstruction next fiscal year.
In addition, the government plans to issue a special ¥2.6 trillion IOU to the country’s public pension fund. In return, it will have the fund temporarily cover a ¥2.6 trillion cash payment the government is supposed to make to pensioners next fiscal year. The government doesn’t count the fund’s payments as its own spending, helping lower the formal budget total.
The IOU also helped the government hold planned total new debt issuance at ¥44.244 trillion next fiscal year, below a self-imposed ¥44.3-trillion cap. Although analysts consider the two very similar in practice, the government insists the IOU is different from ordinary government bonds and thus should be counted separately.
The government also kept outside the debt figure ¥2.682 trillion in reconstruction bonds to be sold next fiscal year to raise money for reconstruction, saying they are different because they’re backed by already-enacted future tax hikes.
Overall, Japanese government bond issuance, including reconstruction bonds as well as bonds issued to roll over existing debt, will hit ¥174.231 trillion in the next fiscal year under the new plan. That compares with ¥169.594 trillion this fiscal year, and marks a new record high.
Government borrowing will exceed tax revenue for the third consecutive year for the main budget — excluding supplementary budgets — a situation many call unsustainable. The government will finance 49% of the main budget through bond issuance, a ratio higher than any other main budget compiled in the post-World War II era, the Finance Ministry said.
In order to help boost the economy from its long deflationary funk, the budget includes what the government calls “Priority Measures To Revive Japan,” totaling ¥1.058 trillion. Officials say those measures represent government efforts to balance the need of fiscal reforms and the need of economic stimulus, because the money was made available by scrapping existing budget items they deemed less meaningful.
The measures include ¥144.0 billion to build highway networks, ¥3.5 billion to foster a “new sports culture,” ¥77.3 billion to boost growth in the Okinawa economy, and Y84.5 billion for disaster planning, among other things.
But the total amount is so small that few analysts expect much impact from those measures.
The budget also has a small but politically risky proposal to restart a project to build a local dam that the ruling DPJ had just two years ago singled out as a symbol of the wasteful pork-barrel spending that had been fostered by the previously long-ruling Liberal Democratic Party — a heavy reliance on public works that critics say helped create Japan’s big debt problem in the first place. When the DPJ first took office, officials cut funds for the dam, trying to signal a new direction for Japanese economic policy. The new budget blueprint includes ¥5.6 billion for the project.
“It was a tough decision,” Mr. Noda was quoted by local media firms as saying, though he didn’t elaborate.
In a move likely to draw attention in Washington, the budget proposal also cuts sharply funding for a plan to transfer thousands of Marines from the southern island of Okinawa to Guam — a key part of a complex, contentious plan to transfer the Marines remaining in Japan to a new base that would be built in another part of Okinawa. The plan has long faced difficulties, amid staunch local opposition. It received another blow earlier this month, when the U.S. Congress voted to freeze what the U.S. has pledged to spend for the Guam transfer, pending a more detailed explanation from the U.S. Defense Department explaining the plan. The cuts in the U.S. funding prompted Japan to follow suit, putting spending on hold until the American government signals that it will go forward.
Specifically, the Japanese government blueprint cuts funding for the Marine transfer to ¥7.38 billion from ¥51.86 billion this year. The government does propose maintaining ¥670 million in designing and planning expenses, to allow the project to move forward quickly if the U.S. ends up restoring funds.
To address Japan’s ongoing nuclear crisis, the budget includes ¥451.3 billion for decontamination and waste disposal in the areas surrounding crippled reactors in Fukushima prefecture, ¥76.2 billion for financial aid for victims, and ¥482.7 billion for disaster planning.
Mr. Noda now faces the challenge of pushing the budget through Japan’s divided parliament. While his DPJ has a lower-chamber majority needed to enact the main budget bill, it will need help from the opposition-controlled upper chamber to pass other key budget-related legislation, such as bills to issue bonds as well as the pension IOU. The opposition parties had blocked the passage of a bond bill linked to this fiscal year’s budget until late August, forcing the government to delay various spending plans.
—Megumi Fujikawa contributed to this article.