A historic deal agreed on Wednesday to end the wasteful practice of throwing away healthy fish in European waters was hailed as a "breakthrough" by campaigners and politicians – but it will not be enough in itself to save fish stocks?
The discards ban will be phased in over several years, and the move to a scientific basis for fishing – a so-called maximum sustainable yield – has been delayed to 2020, which some campaigners said was too late.
EU citizens have been urged to keep fighting on the issue, to try to strengthen the measures and prevent likely backsliding among some member states.
Pressure from the public was one of the biggest factors in securing the deal. People have been so appalled by the throwing back – dead – of millions of tonnes of edible fish while European fish stocks dwindle that politicians were forced to act.
Hugh Fearnley-Whittingstall, the food writer who spearheaded the FishFight campaign against discards, said the 800,000 people who had signed up to his campaign should be proud. "We have cleared a massive hurdle [in achieving agreement on a ban] and I've been really pleased with the way we've kept this in the public eye," he told the Guardian. "FishFighters should be feeling very upbeat."
But he called on people to keep up the pressure, because Wednesday's agreement will now be subject to months of backroom negotiating and debates in the European parliament. Despite the public support of some MEPs, several member states are against the ban and many MEPs vote in favour of fishing industry interests, so there is no guarantee that the parliament will pass the ban without strong public pressure.
"We are not home and dry," said Fearnley-Whittingstall. "But the outrage factor [among the public] is simply not going away."
There is also a danger that member states will try to backslide on some of the key dates agreed for phasing out discards, which many fishermen want to keep because the practice enables them to boost profits by throwing away lower value fish.
The compromise deal, which will mean discards of edible fish are phased out from 2014 to 2018, was clinched early on Wednesday morning after more than 18 hours of tough negotiations. Some nations held out until the last minute against a ban, before bowing to pressure. France was the fiercest opponent – the French minister was said to have agreed to the compromise only after phoning Francois Hollande, the new prime minister, close to dawn.
But the key dates for phasing out discards – 2014 for species such as mackerel and herring, a gradual phase out between 2015 and 2018 for cod, haddock and other white fish – are still in doubt. That is because they have been included in the agreement on a provisional basis only – they will be the subject of intense negotiations. If the dates survive intact, the European parliament is likely to vote on them in November.
Even if the dates are agreed, the measures will not be enough to guarantee the survival of key fish stocks, however. The delay of a move to a "maximum sustainable yield" until 2020 would result in the further destruction of EU fish stocks, warned Greenpeace. Saskia Richartz, Greenpeace fisheries policy director, said: "After decades of bad fisheries management that has devastated fish stocks, ministers are failing miserably on their promise of an overhaul of EU fisheries management. They want to leave reform hanging in the balance, condemning fish and fishermen to another decade of overfishing and stock decline, with dire consequences for species like cod, hake and tuna."
Xavier Pastor, executive director of the marine conservation group Oceana, said: "Although this result is highly disappointing, particularly with regards to the discard ban, it is realistically the best outcome we could have expected from the Fisheries council. Ministers did not question the need to change fisheries management, they just admitted that they are not ready to do it right now. It is now up to the parliament to lead and make the necessary and immediate changes required."
Unconventional Business Model Pays Off for Investor's Business Daily - and Its Readers - msnbc.com
LOS ANGELES, June 14, 2012 (GLOBE NEWSWIRE) -- At a time when the newspaper industry continues to struggle, Investor's Business Daily (IBD) is expanding its content, boosting revenue and growing one of the most dedicated readerships in the nation. It's done that by developing a business model focused on proactively training readers to be successful, while providing them with proprietary ratings and research in whatever format they prefer.
"IBD is not your typical newspaper," said Chris Gessel, Executive Editor and Chief Strategy Officer. "We don't just deliver news. We make sure our readers know how to use our stock lists and market insight to make money. By actively engaging and educating our readers, we empower them. That builds loyalty and has opened up previously untapped sources of revenue."
IBD Meetups
One way the company interacts with both subscribers and non-subscribers is the IBD Meetup program, now the largest and fastest-growing network of investing clubs in the country.
Groups meet monthly in cities all across America. IBD supports each group by training the leaders and regularly sending out speakers to give free workshops. IBD founder and Chairman, William J. O'Neil, also personally developed a 13-part Investor Education Series exclusively for Meetup members.
IBD Meetups are free and open to both subscribers and non-subscribers. Rather than being a cost center, the program has significantly boosted revenue. It's improved retention rates by helping members make more money in the market. IBD Meetups have also increased attendance at the company's wide range of paid workshops, where members go for more advanced training. The program has also proven to be a powerful word-of-mouth venue for bringing in new subscribers.
Paid Content, Free Training
For years, newspapers have struggled to charge readers for online content. IBD's solution was simple; require a paid subscription for proprietary ratings and research not available anywhere else, while providing free access to training and more general news.
As a result, 45% of IBD's subscription revenue is now generated online through eIBD™, Leaderboard™, eTables and other digital products. In terms of total company revenue, 37% is currently derived from online products and online advertising.
"The fact is, people will pay for indispensable content," said Gessel. "The trick is to make sure they understand the value of that content and how to use it to make money. That's where IBD Meetups, online investing courses and other free training comes in. It's a win-win business model. Readers become more successful and IBD's business grows."
A Growth Story in theNewspaperIndustry?
The latest numbers show Investor's Business Daily is bucking industry trends. Subscription and advertising revenue are up.
According to the latest numbers for IBD and its website, Investors.com:
- Subscription revenues are up.
- Print ad revenues are up 8% YOY
- Digital RPMs are up over 5% YOY
- Digital ad revenues are up over 6%
- Unique Visitors to Investors.com up 42% YOY
An Avid Readership Advertisers Love
There's another benefit to IBD's emphasis on training readers to be successful investors: the creation of one of the most active and loyal investing communities anywhere.
Readers spend an average of 12+ minutes per visit on Investors.com, with nearly 85% of the traffic bookmarked or typed-in directly, resulting in an engaged and loyal audience. That commitment and engagement continues offline as well through local IBD Meetup groups that get together each month around the country.
"Advertisers know IBD offers a uniquely affluent, proactive and very engaged audience," said Jerry Ferrara, Vice President of Advertising Sales. "They're eager to get their brands in front of these readers online, in print and via face-to-face social interactions.
"We're in the Success Business"
Whenever an industry goes through a transitional period, companies need to step back and ask what business they're really in. IBD realized early on it wasn't just in the "printed news" business. It was in the business of helping readers make money in the stock market, and subsequently help advertisers effectively engage with these readers. That required a commitment to train people so they have the skills to succeed and to make sure they have access to tools and research whenever and wherever needed.
"When you boil it down, we're in the success business," said Gessel. "Our job is to give readers the skills and information they need to make money in the stock market. As the latest results show, when we do that right, everyone wins."
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Investor's Business Daily provides investors of all levels with the ratings, research and tools they need to make money in stocks. Since 1984, IBD has established a proven record of highlighting winning stocks as they emerge and of alerting readers to major shifts in market direction.
IBD's analysis is based on the CAN SLIM®Investing System; the number one growth strategy over the last14 years.* Developed by IBD founder and Chairman William J. O'Neil, the CAN SLIM System is built on O'Neil's unique study of every market cycle and top-performing stock since 1880.
OPEC calls for stronger financial regulation - Vanguard
By Clara Nwachukwu, Vienna, Austria
The Organisation of Petroleum Exporting Countries, OPEC, has called for better regulation of the international financial sector.
This, the organisation hopes, will contain current price volatility being experienced in the international oil market.
The call was made by the President of the conference, Mr. Abdul-Kareem Luaibi Bahedh, in an opening address presented at the 161st meeting of the OPEC Conference, yesterday, at the organisation’s Secretariat in Vienna, Austria.
Bahedh, who is also the Iraqi Minister of Oil, said oil price volatility had become a matter of great concern for OPEC, adding: “There is still a disturbing level of price volatility … This volatility is matter of much concern to us.”
The conference president observed that in the recent time, oil price had become “extremely volatile,” so much that the OPEC Basket price lost $9.65/barrel within just four days.
Before now, he recalled that the OPEC reference basket has been experiencing some price swings, moving from $109/b as at the time of its last meeting to $124/b half way through to June and then falling again.
Consequently, OPEC has repeated the call “for better regulation of the international financial sector,” while it struggles to stabilise prices.
The OPEC conference president argued that it was the collective responsibility of all industry stakeholders to achieve price stability, particularly the industry operators, associated partners as well as the financial institutions.
He opined: “We all stand to benefit from price stability, and so, we must all be prepared to contribute to it in a meaningful, solid and sustainable manner.”
Current production output
Meanwhile, the leader of the Nigerian delegation to the conference, Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, told Vanguard before the start of the meeting that delegates might retain current production output at 30 million barrels per day.
She also said the conference might likely take a decision on who succeeds the outgoing Secretary General, Mr. Abdalla Salem El Badri, whose tenure ends at year end, adding: “We are going to look at all the candidates for the job and decide on the most qualified.”
OPEC maintains output level
Meanwhile, after almost six hours of deliberation on market and economic issues, OPEC, yesterday, maintained current output level at 30 million barrels per day.
The 14-member organisation attributed current oil price volatility to “geopolitical tensions and increased levels of speculation in the commodities markets, rather than solely a consequence of supply/demand fundamentals.”
Although OPEC envisioned a slight increase in global oil demand in the second half of the year, it is, however convinced that this would be “mostly offset by the projected increase in non-OPEC supply.”
Fatal Los Angeles gas cylinder explosion leaves cops wondering about business in workshop - CBS News
(AP) LOS ANGELES - Authorities are trying to determine the type of business operating in an industrial workshop south of downtown Los Angeles where one person was killed and three injured in an explosion.
Authorities confirmed that a gas cylinder exploded in a building tucked behind a meat market and a bakery at about 6:30 p.m. Wednesday, said Mario Rueda, deputy captain of the LA fire department.
One person died after being taken from the scene, said Police Capt. William Hayes. The three others were taken to hospitals, one of them in critical condition and two in fair condition.
Scroll down for a video report from CBS News affiliate KCAL
Rueda said he could not say what kind of business it was or what type of gas was in the tank, and said both pieces of information were the subject of their joint investigation with police.
The manager of a neighboring business shrugged when asked what sort of business operated there. Bermis Meat Market manager Ayman Eldik said he didn't pry and wasn't sure.
Eldik says moments after the loud blast, two women pounded on the back door of the meat market, located off a shared alleyway with the other business, which doesn't have a storefront or signage.
"They were covered in blood," said Eldik, gesturing up and down his torso.
One woman had severe foot injuries and Eldik said he grabbed bags of ice to help her and had a coworker call 911.
A large delivery of the cylinders had arrived at the business around noon Wednesday, blocking part of his driveway, Eldik said.
The blast was in a largely vacant industrial zone about a mile northeast of the University of Southern California campus.
Stocks rise on hope of Fed action - USA Today
The Reuters report said major central banks were preparing for coordinated action if the results of Greek elections on Sunday strain global financial markets.
The Dow Jones industrial average rose 155 points to 12,652. The Standard & Poor's 500 index rose 14 points to 1,329. The Nasdaq composite index rose 17 points to 2,836.
MORE: Most active stocks
MORE: World stocks
More than two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was lighter than average at 3.6 billion shares.
The stock market shook off a shaky start and headed higher Thursday after a tame inflation reading and another weak jobs report raised expectations that the Federal Reserve is closer to offering more support for the U.S. economy.
Applications for unemployment benefits rose last week. The four-week average increased for a third straight week, another sign that the jobs market remains weak.
However, many economists believe that employers hired people earlier than they typically would this year because of the warm winter. If so, the U.S. is simply in a lull and hiring will accelerate in coming months.
Unemployment benefit applications measure the pace of layoffs and for economists to see that late hiring trend play out, they will be looking for weekly claims lower than 375,000 over several weeks.
If there is a plus for consumers, it's falling prices.
The government also reported that the main measure of U.S. consumer prices fell in May by 0.3%, the biggest drop since December 2008. Analysts said the slowdown in price increases could make it more likely that the Fed will announce new steps to boost the economy when it meets next week. Low inflation gives the Fed more leeway to inject money into the financial system, keep interest rates low and encourage borrowing.
Over the past 12 months ending in May, consumer prices rose 1.7%, much less than the pace for the 12 months that ended in April. Core prices have risen 2.3% in the past year, the same as for the 12 months ending in March and April. That's comfortably close to the Federal Reserve's 2% target for inflation.
Whether prices are subdued enough to keep consumers active is far from certain.
Average hourly earnings for workers have risen just 1.7% in the past 12 months, less than the pace of inflation over that same period.
That balance is critical for any U.S. recovery, with consumers powering 70% of the economy.
"The markets are higher, I think, because there are enough investors who believe that this morning's data on prices and jobless claims increase the case for more Fed easing as soon as next week's meeting," said Clark Yingst, chief market analyst at the securities and banking firm Joseph Gunnar.
Just the whiff of another round of help from the Fed has been enough to shoot stocks higher in recent weeks, but the gains often disappear as quickly as they arrive. Last Wednesday, the Dow posted its best day this year, surging 286 points. Comments from a Fed official that hinted at more stimulus helped launch the rally.
The rally fizzled the next day, however, after Fed Chairman Ben Bernanke told a closely watched Congressional hearing that no new steps were being contemplated at the moment.
The question of will or won't the Fed act again is top of mind for investors. The Fed's latest round of bond purchases is scheduled to wind down at the end of this month, and market players are wondering whether a third is on the way, or if the current program might be extended. By making trillions of dollars' worth of bond purchases, the Fed helps keep interest rates ultra-low and encourages investors to put money into other assets, like stocks.
"Ultimately, all that matters for investors right now is whether these developments mean the Federal Reserve is more or less likely to ease policy in order to support what they may see as an insufficiently strong economic recovery," said Dan Greenhaus, chief global strategist at the brokerage BTIG, in a note to clients.
In Europe, borrowing rates for Spain touched a record high Thursday after the rating agency Moody's cut its credit rating to one notch above junk status. Spain's benchmark 10-year bond hit 6.96% before pulling back. That is the level of borrowing that floored Greece, Ireland and Portugal, all three of which were forced to seek massive bailouts.
Meanwhile, Greece will hold national elections Sunday that could determine if the financially crippled nation exits the euro. The election heralds a close race between the conservative New Democracy party, which has supported the nation's bailout, and the radical left Syriza party, which wants to scrap Greece's austerity commitments and potentially leave the eurozone.
Euro, stocks jump as cenbanks ready to act - Reuters
NEW YORK |
NEW YORK (Reuters) - Wall Street stocks rose and the euro strengthened against the U.S. dollar on Thursday after Reuters reported major central banks are ready to coordinate moves to keep markets operating smoothly by providing liquidity in case of turmoil following Sunday's elections in Greece.
Markets have been volatile this week as investors struggled for insights on the likely outcome of the pivotal vote that could determine whether Greece stays in the euro zone.
Central bankers stand ready to act to prevent a credit squeeze if market strains emerge after an unusual confluence of three elections this weekend, with important polls in France and Egypt as well.
U.S. stocks closed just off the session highs hit after the report while the euro extended gains against the greenback.
With the backdrop of coordinated action from central banks, "any reaction to what Wall Street would consider to be an adverse vote (in Greece) would be over fairly quickly," said John Manley, chief equity strategist at Wells Fargo Funds Management in New York.
Manley, however, said rising yields in Spain and Italy will still keep markets under pressure. "I can't imagine it as the start of the big move up because there are still many issues out there."
Spain's 10-year yield was near 6.96 percent after it briefly topped the 7.0 percent mark, the level at which other highly indebted euro zone nations were forced to seek bailouts. Italian yields also rose as investors worried that Spain's financial problems would contaminate Italy as well.
Adding to the market bullishness, Britain and the Bank of England will flood banks with cheap long-term funding to encourage lending to businesses and consumers, and the British central bank will activate an emergency liquidity tool, BoE governor Mervyn King said in an annual speech to London financiers.
The Dow Jones industrial average .DJI gained 155.53 points, or 1.24 percent, to 12,651.91. The Standard & Poor's 500 Index .SPX gained 14.22 points, or 1.08 percent, to 1,329.10. The Nasdaq Composite Index .IXIC gained 17.72 points, or 0.63 percent, to 2,836.33. The MSCI world equity index .MIWD00000PUS added 0.35 percent.
The U.S. benchmark 10-year Treasury note was down 12/32 in price, while the yield rose to 1.6386 percent. <US/>
Greek banking stocks .FTATBNK jumped more than 23 percent amid market talk that secret opinion polls showed a bailout-friendly government was likely to emerge after the election. Greek law forbids the publication of opinion polls in the two weeks ahead of a vote.
U.S. oil futures jumped 2 percent, extending the rally late on the report about central banks' preparedness. Oil rose earlier after the Organization of the Petroleum Exporting Countries agreed to keep its collective oil output ceiling unchanged. <O/R>
(Reporting by Rodrigo Campos, Editing by Gary Crosse)
US STOCKS-Wall St rises on news central banks primed to act - Reuters UK
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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Financial Gurus Bullish On Gold - marketoracle.co.uk
By: GoldCore
Today's AM fix was USD 1,619.00, EUR 1,289.83, and GBP 1,044.65 per ounce.
Yesterday’s AM fix was USD 1,612.75, EUR 1,286.19, and GBP 1,034.94 per ounce.
Silver is trading at $28.86/oz, €22.93/oz and £18.57/oz. Platinum is trading at $1,479.00/oz, palladium at $622.00/oz and rhodium at $1,225/oz.
Gold climbed $7.20 or 0.45% yesterday in New York and closed at $1,618.80/oz. Gold traded sideways in Asia prior to a sudden buying bout which saw gold rise from $1,618/oz to $1,625/oz. Those gains have gradually been given up in European trading where gold is now trading near yesterday’s close.
White – XAU/EUR, Orange – XAU/USD, Yellow – XAU/GBP, Green – XAU/CHF, Red – XAU/NOK – (Bloomberg)
Gold appears to be consolidating after hitting its 4th session of gains, when weak US economic data, in the form of poor retail sales, led to renewed QE chatter.
Gold is likely also being supported by real concern about the outcome of Greece’s elections on Sunday. This has led to one major foreign exchange provider suspending all trading in the hours around the announcement of the results of the Greek election.
Cash gold has gained 1% this week and appears to be reasserting its safe haven status due to the deepening debt crisis and near term risk of contagion.
Spain’s sovereign debt rating was cut 3 notches by Moody’s and market watchers feel they will need a ‘bailout’ soon even though they just received eurozone financing to bail out their troubled banks.
While superficial analysis has recently again questioned whether gold is a safe haven and has suggested it is not due to its recent performance, gold is again acting as a safe haven for those who need a safe haven.
Gold has risen by more than 6.3% in euro terms so far in 2012, while FTSE and CAC are down by 2.4% and 4.9% year to date. While the DAX has risen by 3.3%, most European indices are down sharply.
Therefore, European holders of gold are again being protected from the market and monetary volatility.
Anthony Robbins Bullish On Gold - Faber and Bass His Financial Gurus
Tony Robbins (Anthony Robbins), one of the world's leading performance coaches and motivational speakers has recently warned about the risk of dollar devaluation and spoke about the opportunities in gold which is "exploding" and "is in a bull market".
At Robbins, recent event in London (May 18th to 21st), he spoke about the importance of getting good financial advice from the people who predicted this crisis and have made money for their clients in recent years.
Cross Currency Table – (Bloomberg)
He spoke about investment experts who he respects and specifically mentioned Marc Faber and Kyle Bass.
Robbins is one of most positive and optimistic people in the world. Nevertheless, he recently produced a YouTube video warning of an impending economic collapse.
Faber and Bass are extremely bearish on paper currencies and government debt and are very bullish on gold and silver bullion due to the euro zone debt crisis and looming global debt crisis due to the appalling fiscal state of Japan, the UK and the US.
Dr Marc Faber is a Swiss financier who predicted the Wall Street Crash in 1987. He is the editor and publisher of the “Gloom, Boom & Doom Report,” author of many books including the best selling 'Tomorrow's Gold: Asia's Age of Discovery'.
Faber advised investors to buy gold in 2001 and he is still extremely bullish on gold and silver and believes that gold will rise in all economic circumstances - a global inflationary economic boom, stagflationary environment or even in a global deflationary recession or Depression.
Kyle Bass is the erudite Texan investor who saw the financial crisis coming and made a fortune in the sub-prime collapse - first from America's sub-prime mortgage crisis and then from betting that Greece would default. Now he’s positioned and ready for the collapse of entire countries, having bought credit default swaps on Greece, Ireland, Italy, Spain, Portugal and, interestingly, Switzerland.
Robbins shares the concerns of Faber and Bass regarding sovereign defaults and Robbins is very concerned about the risks of a US debt crisis and the risks that it poses to the US dollar.
A recent video 'The National Debt and Federal Budget Deficit Deconstructed' by Robbins is well worth a watch: www.youtube.com/GoldCoreLimited
Gold and indeed those who own it are often accused of being 'barbaric', 'uncivilised' and 'bugs.'
Indeed, there is often a suggestion that those who own gold are negative ‘doom and gloom merchants’ who hope that the world financial and monetary system will collapse so that their gold holdings will surge in value and they will be 'rich as Croesus.'
Anthony Robbins and indeed most who are positive about and advise owning gold very much contradict this silly view. Indeed, many of them have been warning about these fiscal challenges for years in an effort to protect family, friends, clients and the public.
The majority of people who buy gold are rational economic people who realise that there is macroeconomic, geopolitical, monetary and systemic risk in the world and they buy gold as a store of value.
They buy gold as they simply wish to protect themselves and their families from these risks by owning the financial insurance that is gold.
Robbins has a massive following internationally – especially amongst business owners but also in the sporting, media, music and entertainment industries and his endorsement of the importance of owning gold is significant
For the latest news and commentary on financial markets and gold please follow us on Twitter.
GOLDNOMICS - CASH OR GOLD BULLION?
'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:
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This update can be found on the GoldCore blog here.
Yours sincerely,
Mark O'Byrne
Exective Director
WINNERS MoneyMate and Investor Magazine Financial Analysts 2006
Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.
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