This week is all about housing data.

Yesterday we got the latest homebuilder sentiment index, which was a disappointment, although not quite as bad when you looked under the hood.

Today, February housing starts.

Here’s a 10-second preview form Nomura:

Building permits increased by 1.6% in January and, according to the Census Bureau, a building permit results in a new start roughly within one month. This supports our expectation that housing starts increased by 1.0% to an annual rate of 706,000 units in February (Consensus: +0.1%). A jump in home builder sentiment in February also supports our forecast that building permits likely increased by 3.1% in February to an annual rate of 703,000 units (Consensus: +0.5%).

We’re still working off incredibly tiny numbers here, and the majority of Americans probably care more about the price of their homes, rather than the volume of new ones being built. But given the linkages between housing starts and jobs, and thus the overall direction of the economy, we’d argue this is a big deal.

One thing we’ve noted before is that the last time gas prices (blue line) became a major issue, in 2007, before the last recession, housing starts (red line) were already in the middle of a big downswing, so there was a slowdown in activity that made the economy particularly vulnerable. Now it’s the opposite.

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Below is what happened in search today, as reported on Search Engine Land and from other places across the web.

From Search Engine Land:

Microsoft has seemingly spared no expense on pushing its Bing search engine at star-studded entertainment events, such as the recent Sundance film festival. But those expenses seem key to news today that two Bing executives have been fired for “ mismanagement of company assets and vendor procurement,” according to Microsoft. Ad Age appears to have broken [...]

Time is running out! Super Early Bird rates for Search Marketing Expo – SMX Advanced expire this Saturday, March 24th. Register now to attend the only conference designed exclusively for experienced search marketers. Now in its sixth year, SMX Advanced is a fast paced, engaging, and intimate experience that emphasizes sharing ideas and networking with [...]

Bizible, a start-up that makes local marketing software for SMBs, approached me recently* to preview the results of a Google Places Ranking Factors study they had conducted and I was intrigued enough by their findings to share some of them here. Bizible’s team is made up of former Bing AdCenter guys and counts a PhD [...]

A core element of mobile SEO is to determine where the mobile content will reside in relation to that of the standard desktop orientated site. This debate was even broached a year ago. What Are The Mobile SEO URL Options? Same URL or One URL strategy An m. subdomain A third party site for mobile pages [...]

Technical SEO topics such as pagination are near and dear to my heart. This article will build upon and update my previous treatment of pagination and SEO. I’ve written and presented often on pagination for SEO. Why so much attention on this subject? The reason is simple: it can be a big, hairy deal for [...]

For many years, I’ve been participating in sessions/panels where I comment on PPC ad copy volunteered by an audience. As crowds tend to go wild for this type of session, in this article, I’ve decided to focus on some bad PPC ad copy and provide several fixes to improve it. Ad #1 In this ad, [...]

Earlier this week, I wrote about my disappointment that granular data (the number of URLs reported, the specifics of the errors…) was removed from Google webmaster tools. However, as I’ve been talking with Google, I’ve discovered that much of this detail is still available via the GData API. That this detail was available through the [...]

Susan Wojcicki, Google’s SVP of Advertising, spoke at our recent SMX West search marketing conference in a keynote conversation with Search Engine Land’s Danny Sullivan and Chris Sherman. The conversation covered many different topics — not just the advertising side of Google where Susan is most heavily involved — from privacy issues to mobile marketing [...]

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3/19/2012 11:09 PM ET
(RTTNews) – Indian shares are seen opening on a flat note Tuesday, as a lack of fresh triggers may prompt investors to remain on the sidelines amid mixed Asian cues.

Asian markets are trading mostly lower even as technology stocks gained ground following news that Apple will issue its first stock dividend in over a decade. The Japanese market remains closed for a national holiday.

Brent crude prices are trading down half a percent near $125 a barrel as rising production from Saudi Arabia and expectations that Libya would return to full pre-war export levels by April this year eased supply worries. The euro is edging lower against the greenback after climbing to a more than one-week high the previous day.

The major U.S. averages rose overnight as data showed confidence among U.S. homebuilders held in March at its best level since 2007 and tech giant Apple announced plans to initiate a dividend and a share repurchase program. The Dow edged up 0.1 percent, the tech-heavy Nasdaq climbed 0.8 percent and the S&P 500 rose 0.4 percent.

Closer home, Indian shares fell sharply on Monday on apprehensions whether the government will rein in spending and bring down fiscal deficit to 5.1 percent as announced in this year’s Budget. The benchmark 30-share Sensex ended the day down 193 points or 1.1 percent at 17,273, while the 50-share Nifty index fell by 61 points or 1.14 percent to 5,257.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

3/18/2012 8:32 PM ET
(RTTNews) – The Taiwan stock market has closed lower in consecutive trading days, dropping more than 70 points or 0.85 percent along the way. The Taiwan Stock Exchange finished just above the 8,050-point plateau, and now analysts are predicting a mixed start for the market at the opening of trade on Monday.

The global forecast for the Asian markets is flat with a hint of negativity in response to weaker than expected economic data from the United States following a report that industrial production unexpectedly was unchanged in February. Unexpected weakness in consumer sentiment adds to the overall caution. The European markets finished slightly higher and the U.S. bourses were mixed but little changed, and the Asian markets are expected to follow the latter lead.

The TSE finished modestly lower on Friday following losses from the plastics and chemicals.

For the day, the index lost 66.68 points or 0.8 percent to finish at the daily low of 8,054.94 after peaking at 8,130.52.

Among the actives, AU Optronics jumped 2 percent and Formosa Petrochemical plunged 2.2 percent.

The lead from Wall Street supplies little guidance as stocks showed a lack of direction throughout the trading session on Friday, with traders reluctant to make any significant moves following the recent rally. The markets eventually ended the choppy trading session nearly flat.

While stocks did not follow-through on the recent upward move, it is worth noting that traders did not cash in on the recent gains amid concerns about missing out on any further upside.

On the economic front, the Labor Department reported that its consumer price index rose by 0.4 percent in February following a 0.2 percent increase in January. Economists had expected the index to increase by about 0.5 percent. Excluding food and energy prices, the core consumer price index edged up 0.1 percent in February compared to a 0.2 percent increase in the previous month. Core prices had been expected to increase by about 0.2 percent.

Separately, the Federal Reserve said that industrial production unexpectedly came in unchanged in February after rising by a revised 0.4 percent in January, with a sharp drop in mining output offsetting continued growth in the manufacturing sector. Economist had expected production to increase by 0.5 percent after initial data showed that production was unchanged in the previous month.

Finally, Reuters and the University of Michigan also released their preliminary report on consumer sentiment in March, showing an unexpected deterioration. The consumer sentiment index fell to 74.3 in March from 75.3 in February, surprising economists, who had expected the index to increase to 76.0.

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WASHINGTON (AP) — The Federal Reserve said Monday that it plans to fine eight additional U.S. bank holding companies for improperly foreclosing on homeowners.

The financial firms — EverBank, Goldman Sachs Group, HSBC Holdings PLC, PNC Financial Services Group, MetLife, OneWest Bank, SunTrust Banks and U.S. Bancorp — were not part of last month’s settlement over alleged foreclosure abuses.

Suzanne G. Killian, a senior associate director at the Federal Reserve, called the fines “appropriate” during a congressional hearing in Brooklyn, N.Y.

Killian offered few details about the size of the fines or when they will be levied.

The nation’s five biggest lenders — Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial — last month agreed to a $25 billion settlement with state and federal government agencies last month after a 16-month probe.

As part of that settlement, the five banks agreed to reduce mortgages for about 1 million homeowners. They also will pay into a fund that will send $2,000 to 750,000 homeowners who were improperly foreclosed upon.

Separately, government regulators last April ordered 14 mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon. Since then, letters have been sent to 4.3 million borrowers who were at risk of foreclosure during 2009 and 2010.

The deadline for borrowers to seek money under the orders is July 31. So far, nearly 122,000 homeowners have asked for an auditor to review their foreclosures.

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3/18/2012 9:33 PM ET
(RTTNews) – The Australian stock market is trading notably higher on Monday with investors picking up stocks from across various sectors amid renewed optimism about the global economy.

Mining, financial, healthcare, industrial and information technology stocks are mostly trading higher. Energy and consumer discretionary stocks are also finding good support.

The benchmark S&P/ASX 200 index is up 28.7 points or 0.7 percent at 4,305. The broader All Ordinaries index is trading at 4,394, up 29.3 points or 0.7 percent over its previous close.

Among bank stocks, ANZ Bank, National Australia Bank and Westpac are up 1 to 1.2 percent and Commonwealth Bank of Australia is gaining about 0.3 percent. Bank of Queensland and Bendigo & Adelaide Bank are up 1.3 percent and 0.7 percent, respectively.

Miners BHP Billiton and Rio Tinto are trading stronger by 1.5 percent and 1.2 percent, respectively. Fortescue Metals is gaining about 3 percent, while Newcrest Mining is trading in negative territory with a loss of 0.6 percent.

In the energy sector, Santos, Oil Search and Origin Energy are up 0.7 to 1.3 percent. Caltex Australia is up nearly 2 percent, while Woodside Petroleum is down with a loss of 0.5 percent.

Aquarius Platinum is gaining as much as 7.5 percent. AGL Energy, Alumina, Oz Minerals and QBE Insurance Group are up 3 to 4 percent.

Downer EDI, Paladin Energy, Panaust and Myer Holdings are trading higher by 2.3 to 2.8 percent. Boart Longyear, Iluka Resources, Cochlear, CSL, Macquarie Group, Onesteel and Computershare are also up with strong gains.

Shares of Ten Network Holdings Ltd are up more than 2 percent on reports the company is planning to sell its outdoor advertising business.

In the currency market, the Australian dollar opened higher and was quoting at US$1.0591 in early trades, up 0.6 percent from Friday’s close of US$1.0528.

Among other markets in the Asia-Pacific region, Malaysia, Japan, Singapore, Taiwan and South Korea are trading firm, while New Zealand is down marginally. Markets across the region turned in another lackluster performance on Friday.

On Wall Street, stocks ended flat on Friday after a choppy session. The major averages bounced back and forth across the unchanged line before finishing the session mixed.

While the S&P 500 crept up 1.6 points or 0.1 percent to 1,404.2, the Dow ended down 20.1 points or 0.2 percent at 13,232.6 and the Nasdaq edged down 1.1 points or less than a tenth of a percent to 3,055.26.

Major European markets moved higher on Friday. The German DAX index edged up by 0.2 percent, while the U.K.’s FTSE 100 index and the French CAC 40 index both ended the day up by 0.4 percent.

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3/20/2012 6:15 AM ET
(RTTNews) – Indian shares snapped a three-day losing streak on Tuesday, defying a regional downward trend and a retreat in European shares for a second day, as a fall in oil prices from their highest levels in almost three weeks eased inflation worries.

Also, sentiment improved after amendments moved by the Opposition to the President’s address on the National Counter Terrorism Centre were defeated in the Rajya Sabha by 105 to 82 votes, with the BSP and Samajwadi party members voting in favor of the UPA government.

Brent crude futures were last trading weak near $124 a barrel, as Saudi Arabia, the world’s leading crude producer, vowed to help stabilize prices and a 6-7 percent fuel price hike in China sparked fears of lower energy demand from the top consumer. Libya is also ramping up production, with plans to export almost 1.4 million bpd of crude oil in April, easing concerns of a supply disruption arising from tensions over Iran’s nuclear program.

According to provisional data, the 30-share BSE Sensex ended up 43 points or 0.25 percent at 17,317, while the broader Nifty index rose 14 points or 0.26 percent to 5,271. Consumer durable, realty, FMCG, healthcare and banking stocks led the rebound, while auto stocks lost ground, limiting the upside.

On the global front, most Asian stocks edged lower on Tuesday, with markets in Hong Kong and China pacing the declines, as concerns about the strength of Chinese demand pulled down commodity prices and increased demand for the greenback.

A lack of fresh catalysts to trigger yet another wave of buying and a flat reading on U.S. home-builder sentiment following five straight increases also prompted investors to move to the sidelines ahead of Federal Reserve chairman Ben Bernanke’s speech tonight. The Japanese market was closed for a public holiday.

European shares also dropped further from 8-month highs reached last week, with miners bearing the brunt of the selling on concerns about Chinese growth outlook following downbeat comments on China’s demand from BHP Billiton. While reinforcing its confidence in the long-term demand outlook for iron ore, the company noted that China’s 2025 projections still lag behind current comparables in the U.S.

Reports quoting BHP’s iron ore division president Ian Ashby said the company sees a flattening of iron ore demand from China, and that demand growth would drop to single digits.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Prices for U.S. Treasury debt slumped for a ninth straight day Monday as the improving economic outlook made other investments more attractive.

The 10-year note is having its longest losing streak since 2006. Its yield is near a seven-month high. A bond’s yield rises as its price falls.

Traders’ faith in the economic recovery has strengthened on recent data about hiring, manufacturing and consumer spending. Bonds sold off last week after the Federal Reserve described the economy in more positive terms than it had used previously.

The Fed also said that 15 of the 19 biggest financial companies are strong enough to survive a deeper recession than the one that followed the collapse of Lehman Brothers in 2008. That boosted confidence that the financial system can withstand a shock, such as from the European debt crisis, without causing major economic harm.

The Fed’s announcements made it appear less likely that the central bank will launch another round of bond-buying or otherwise intervene to reduce interest rates and encourage investment. Speculation about more Fed action had fueled some of the speculative buying that kept the yield on the 10-year note extremely low all winter.

As investors gain confidence in the recovery, they trade in their bonds for higher-risk investments, such as stocks, that offer bigger potential returns in periods of growth. Under that scenario, demand for bonds sinks, sending their prices lower and their yields higher.

For the past week, the market has embraced riskier bets, pushing the Standard & Poor’s 500 index and the Dow Jones industrial average to gains in eight of the past nine trading sessions. The slide in Treasurys follows a historic rally that pushed the 10-year yield to a record low last year.

The price of the 10-year Treasury note fell 53 cents for every $100 invested as of 4 p.m. Eastern time, pushing its yield up to 2.36 percent from 2.30 percent late Friday. The 10-year yield last settled above that level on Oct. 27, when it hit 2.40 percent.

The yield touched that level briefly on Monday. It last settled higher on Aug. 5.

The price of the 30-year Treasury bond fell $1 for every $100 invested, pushing its yield up to 3.46 percent from 3.41 percent late Friday.

The yield on the 2-year Treasury note rose to 0.38 percent from 0.37 percent late Friday.

The yield on the three-month Treasury bill was unchanged at 0.08 percent.

The Tata Nano vehicle is displayed for the first time in the U.S. by Tata Technologies at the Science Center in Detroit, Michigan January 14, 2010.

Reuters Market Eye – Shares of auto companies were hit on Tuesday by worries about lower sales following a string of price hike announcements intended to factor in the higher excise taxes announced in the 2012/13 budget out on Friday.

Tata Motors on Monday became the latest auto maker to raise prices for passenger vehicles, offsetting an initially positive reaction for the auto sector after the budget included more positive budget measures such as keeping taxes on diesel cars on hold.

Shares in auto makers had also rallied leading up to the budget on a spike in sales from consumers anticipating higher car prices, leading to expectations the potential rise in earnings in fiscal Q4 will not be sustained.

“For car companies, price hikes on account of the excise hike would hurt volumes,” said an analyst tracking the sector at a foreign brokerage.

Tata shares were down 2.4 percent, hit as well by profit-taking after the stock hit a record high on Friday. Bajaj Auto (BAJA.NS) lost 1.9 percent.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

A broker monitors share prices at a brokerage firm in Mumbai August 9, 2011.

SINGAPORE | Tue Mar 20, 2012 2:37pm IST

SINGAPORE (Reuters) – Franklin Templeton is looking to raise $300 million for a fourth private equity fund that will provide growth capital to companies in emerging markets, the head of private equity at its emerging markets group said on Tuesday.

The fund, which will have a six-year lifespan like previous funds, will have a sub-tranche for Asia investments, Managing Director Ong Tek Khoan told Reuters.

About one-third of the Asian tranche is likely to be invested in China, with the balance split equally between India and Southeast Asia, he added.

The new fund, whose first closing is targeted for the end of April, will also look for investments in Central and Eastern Europe, which has been hit by the euro zone debt crisis.

“It’s very good for private equity to come in as the banks are not lending (as much),” said Ong.

Franklin Templeton has previously launched three private equity funds focused on emerging markets. The first two returned more than 100 percent at the end of their six years, while the Templeton Strategic Emerging Markets Fund III is fully invested.

The most successful investments of the funds include China High Speed Transmission Equipment Group (0658.HK), a maker of mechanical transmission equipment, and Estapar, which operates parking lots in Brazil.

(Reporting by Charmian Kok and Kevin Lim; Editing by John O’Callaghan)

“Today marks a milestone for Sabre and for the industry as we open the Sabre Red App Centre to the travel community,” said Darren Wickham, Managing Director – Customer Services, Sabre Travel Network Middle East. “By creating this new marketplace, our customers can now easily shop for, purchase and install specialised applications that further enhance and customise the Red Workspace to meet their individual business needs.”

Examples of Red Apps currently in the Sabre Red App Centre include:

• Quick Trip Quote: Lets agents easily quote an air, car and hotel trip in one single step. The Quick Trip Red App helps agents quickly and efficiently service customers who are simply looking for cost estimates for possible trips.
• Event Finder: Allows agents to plan a trip around the events and activities that interest the traveller by incorporating relevant event information into the Red Workspace. With the Event Finder Red App, agents can trigger a search for hotels around the event and, with one click, add the event information into the customers’ itinerary.
• Flight Explorer Express Edition: Incorporates real-time flight tracking and airport delay monitoring directly into the Sabre Red Workspace.
• Carbon Emission Calculator: Estimates the amount of carbon that will be burned during a trip including air, hotel and car, allowing agents to help travellers choose environmentally-sensitive travel options.
• To Do List: Brings an easy to use To Do List into the agent’s Workspace, helping them keep track of action items such as customer calls, emails and deadlines.

Several third-party developers are already working with Sabre to bring their applications to this global marketplace, including apps for flight and preferred seat monitoring, events-based travel planning, shopping and booking of ground transportation, and apps that leverage natural language technology.

“Sabre Red App Centre gives us the ability to reach our primary market in a way never before possible. Travel Automation is very excited to be among the first to participate and looks forward to providing beneficial, time saving applications to Sabre agencies for years to come,” said Dale Weston, senior vice president of Travel Automation, a travel software provider serving travel buyers around the world. “Our developers love it too. The plug-in framework provides for nearly limitless opportunities for development on the Sabre Red Workspace.”

This June, Sabre will host the first Sabre Red Appys awards event during its Developer Conference and Technology and Marketing University in Las Vegas. The Sabre Red Appys will highlight the most creative and effective apps. From a group of 10 demonstrators, a panel of judges will determine the top Red App and award the Sabre Red Appy. Startup, emerging and established companies are all invited to apply to showcase their innovative solutions. More information on the Sabre Red Appys will be available at sabreredappcentre.com in the coming weeks.

“Launching the Red App Centre is simply the first step in establishing it as a robust and vibrant marketplace for travel buyers and developers,” said Wickham.

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

Rohan Shanker
Action Bahrain
+973 17234553

About Sabre Travel Network

Sabre Travel Network provides technology to the travel industry. It operates the world’s largest travel marketplace, connecting travel buyers and sellers through the Sabre global distribution system (GDS). Its innovative technology connects 350,000 travel agents to more than 400 airlines, 100,000 hotels, 25 car rental brands, 50 rail providers, 13 cruise lines and other global travel suppliers. More than $100 billion of travel is purchased through this channel annually.

Sabre Travel Network is part of Sabre Holdings, a global travel technology company serving the world’s largest industry- travel and tourism.

Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.

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TaxMasters, already the target of complaints from two state attorneys general, has filed for bankruptcy.

NEW YORK (CNNMoney) — TaxMasters, the Houston-based firm that advertises it can help consumers facing problems with taxes, filed for bankruptcy protection Sunday.

The firm, which had a prominent ad campaign featuring CEO Patrick Cox on numerous cable networks, has already been facing complaints from the attorneys general of Texas and Minnesota, which accused it of deceptive practices.

The complaint from Texas Attorney General Greg Abbott, first filed nearly two years ago, brought a slew of consumer accusations against TaxMasters (TAXS). The civil trial in that case finally got underway Monday afternoon when TaxMasters’ request for a continuance was denied.

The Texas charges included unlawfully misleading customers about their service contract terms, failing to disclose its no-refunds policy, and falsely claiming that the firm’s employees would immediately begin work on a case. Sometimes the fact that TaxMasters did not actually start to work on a case until customers paid in full meant that taxpayers missed significant IRS deadlines.

The complaint from Minnesota Attorney General Lori Swanson, filed in December 2010, alleges TaxMasters got customers to pay advance fees of $2,000 to $8,000 by misstating the help it would provide people with unpaid tax bills. In some cases, the company claimed it could reduce people’s tax bills by up to 90%, but then delivered little or no help, according to the complaint, pocketing the non-refundable deposits.

This complaint was settled in August of last year, with TaxMasters denying any wrongdoing but agreeing to reform its business practices in the state and pay $500,000.

In addition, the Better Business Bureau says it has received more than 1,000 complaints about TaxMasters over the course of the last three years.

The bankruptcy filing said TaxMasters owes creditors between $1 million and $10 million, and that its assets total only $50,000 or less. It did not list its creditors but it said it owes money to between 1,000 and 5,000 people and businesses.

Robert McKenzie, a tax attorney and partner with Chicago firm Arnstein & Lehr, said this is the third such tax settlement service to go bankrupt recently, following the demise of Roni Deutch and another firm, JK Harris. All three had been actively advertising their services.

“There are certainly reputable people doing this work,” said McKenzie. “The problem with the ones that are failing is they’ve budgeted large amounts for advertising, and the intake interviews are done not by tax professionals but by sales people working on commission, and thus making unrealistic promises.”

The company’s most recent financial reports show it spent nearly $16 million on advertising in 2010, eating up about 37% of its revenue. Among the networks TaxMasters advertised on was CNN, one of the parents of CNNMoney.

TaxMasters recently restated results to show a $4.7 million loss in 2010, and essentially break-even results in the first quarter of 2011, the most recent quarter for which it has reported results.

McKenzie said that the Internal Revenue Service is willing to settle cases for less than the taxes owed, but that in almost all the cases they end up taking the taxpayer’s home and other assets, in addition to payments out of future earnings. He said almost three-quarters of taxpayers who apply to pay less than they owe have those applications rejected by the IRS.

Calls to Taxmasters and its attorney for comments about the bankruptcy filing and complaints were not immediately returned.

The company’s Web site made no mention of the bankruptcy filing Monday, even though it had signaled a bankruptcy filing was planned in a filing with the Securities and Exchange Commission on Friday.

The bankruptcy filing was made in Houston. 

Wendy’s U.S. sales totaled $8.5 billion last year.

NEW YORK (CNNMoney) — Wendy’s is taking a bite out of Burger King in the fast food business.

Dave Thomas’s restaurants became the No. 2-selling hamburger chain in the country last year, industry research firm Technomic said Monday, pushing Burger King back to the No. 3 spot. Burger King had been No. 2 spot since at least 1972, the earliest year for which Technomic has data.

Wendy’s (WEN) U.S. sales totaled $8.5 billion last year, edging out Burger King and its $8.4 billion. Wendy’s has roughly 5,900 locations in the U.S. compared with Burger King’s 7,200.

McDonald’s (MCD, Fortune 500), meanwhile, dwarfed both with over $34 billion in sales last year at its 14,098 U.S. locations. It’s the largest restaurant chain in the country, followed by Subway, Starbucks (SBUX, Fortune 500), Wendy’s and Burger King. (McDonald’s phasing out tiny cages for pigs)

Five Guys Burgers and Fries ranked as the fastest-growing chain in the U.S. last year, Technomic said, followed by Chipotle Mexican Grill (CMG) and Jimmy John’s Gourmet Sandwich Shop. 

Apple’s release of the iPad on March 16 was the most successful iPad launch yet.

NEW YORK (CNNMoney) — Apple announced late Monday that it has sold more than 3 million new iPads since the new version’s March 16 launch, making this the most successful launch yet for Apple’s tablet.

On a conference call with analysts Monday morning, CEO Tim Cook touted the third-generation iPad’s “record” weekend, without offering specifics on its sales figures.

There are few significant differences between the new iPad and the second-generation iPad 2, but that didn’t stop thousands of Apple (AAPL, Fortune 500) fans from waiting hours in line to be among the first to get it Friday morning. In New York, the line at the flagship Apple Store on Fifth Avenue spanned more than a city block, and fans filled several corridors at the new Grand Central store.

The new iPad’s flashiest feature is a high-pixel-count “retina display,” previously available only on the iPhone. The new iPad’s screen has 3.1 million pixels, one million more than a 1080p high-definition screen of that size would. It also features a faster processor and a 4G radio.

The iPad launched in the United States, Australia, Canada, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore, Switzerland, and the United Kingdom on Friday. By comparison, the iPad 2 was only available in the United States last year during its launch weekend.

AT&T (T, Fortune 500) said it set a single-day iPad sales record on Friday. The new iPad will be available in 24 more countries this Friday.

Apple took in more than $20 billion in sales from the iPad last year, which means the tablet accounted for a fifth of the company’s overall revenue for 2011. The iPad commands nearly 60% of the tablet market, according to NPD Group. Gartner forecasts that overall tablet sales this year will top 100 million.

That’s a giant revenue stream for Apple from a device that didn’t exist until two years ago. 

Gold jewellery is on display at a jewellery showroom in Kolkata March 6, 2008.

MUMBAI | Tue Mar 20, 2012 3:17pm IST

MUMBAI (Reuters) – Gold traders in India stayed away from new deals on Tuesday as fourth day of jewellers’ strike hit retail demand in the world’s biggest consumer of bullion.

* “Buying is very slow as jewellers have extended their strike for another two days. We have hardly done fresh imports in the last two days,” said a dealer with a private bank, which imports gold for jewellery makers.

* The strike, which started on Saturday and will end on Wednesday, is in protest against two import duty increases since the start of the year.

* “We are idle since last week, and jewellers are in no mood to reopen stores,” said Harshad Ajmera, proprietor of JJ Gold House in Kolkata.

* Gold on the Multi Commodity Exchange was down 0.39 percent at 27,791 rupees per 10 grams. The additional duty will increase the cost of gold by more than 1,000 rupees per 10 grams.

* Silver futures fell more than a percent. Silver for May delivery was 0.84 percent lower at 57,024 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)

Customers shop at a Best Price Modern Wholesale store, a joint venture of Wal-Mart Stores Inc and Bharti Enterprises, at Zirakpur in Punjab November 24, 2011.

MUMBAI | Tue Mar 20, 2012 1:26pm IST

MUMBAI (Reuters) – Bharti Walmart is in talks with several banks such as Citigroup Inc (C.N), JP Morgan Chase (JPM.N), Deutsche Bank (DBKGn.DE) and BNP Paribas to raise loans to fund its local expansion plans, a company source said on Tuesday.

Bharti Walmart, a cash and carry joint venture between U.S. retail giant Walmart Stores Inc (WMT.N) and Bharti Enterprises which runs Indian telecom firm Bharti Airtel (BRTI.NS), will use the funds to roll-out stores in the country, the source added.

A company spokesperson confirmed that talks were on but refused to give any further details.

“The money is being raised for investing in building of an efficient back-end infrastructure and for our Best Price Modern Wholesale cash and carry store roll out program,” the spokesperson said.

The company had earlier said it plans to roll out 10-12 cash and carry or wholesale stores in India in 2012. It currently has 17 stores.

India currently allows 100 percent foreign ownership in wholesale operations and single brand retail.

In December, the government suspended plans to open India’s $450 billion supermarket sector to foreign firms such as Walmart France’s Carrefour (CARR.PA), U.K’s Tesco Plc (TSCO.L) in the face of huge political backlash.

However, India’s Finance Minister in his 2012 federal budget speech said talks were on with several Indian states in an effort to reach a consensus on the issue.

(Reporting by Nandita Bose; Editing by Subhadip Sircar)

3/19/2012 7:30 AM ET
(RTTNews) – Indian shares fell sharply on Monday on apprehensions whether the government will rein in spending and bring down fiscal deficit to 5.1 percent as announced in this year’s Budget.

Also weighing on sentiment to some extent, government data released today indicated an acceleration in price levels in February, with the headline retail index based on the Consumer Price Index rising to 8.83 percent from 7.65 percent in the previous month.

High dependence on corporate tax revenue to rein in a bloated deficit and vulnerability to commodity prices and exchange rates weakens the government’s credit profile, credit rating agency Moody’s said in a statement.

Meanwhile, underscoring the nature of political instability at the Centre, Prime Minister Manmohan Singh today informed Parliament that he has accepted Railway Minister Dinesh Trivedi’s resignation and forwarded the same to the President with a recommendation to accept it.

The benchmark 30-share Sensex ended the day down 193 points or 1.1 percent at 17,273, while the 50-share Nifty index fell by 61 points or 1.14 percent to 5,257. Second-line stocks reversed early losses, with the BSE mid-cap and small-cap indexes ending down about a percent each.

Lenders such as ICICI Bank, HDFC Bank and SBI lost 1-3 percent, realtor DLF fell 1.7 percent and mortgage lender HDFC shed 2.2 percent as high consumer price inflation and the recent spike in crude prices dashed hopes of an interest rate cut in the near term.

Union Bank of India fell 2.7 percent after Moody’s Investors Service downgraded its ratings by one notch, citing weak asset quality and insufficient loss-absorption.

Tata Consultancy Services, India’s largest software services exporter, tumbled almost 4 percent on worries over lower fourth-quarter earnings. Infosys fell 1.2 percent and Wipro edged down 0.3 percent as the Indian rupee rose further in early trading on Monday, boosted by strong capital inflows into federal and corporate debt.

Energy giant Reliance Industries lost 2.2 percent on worries over falling gas output at its KG-D6 fields. State-run oil explorer ONGC slipped 0.2 percent, extending Friday’s loss, after the government raised the cess on crude petroleum oil produced in India from 2500 per metric tonne to 4500 per metric tonne.

Auto major Tata Motors fell 1.1 percent after the nation’s largest automaker hiked passenger vehicle prices by up to Rs 35,000 with immediate effect. Power-equipment major BHEL plunged 4.8 percent, power producer Tata Power plummeted 3 percent, state-run miner Coal India lost 2.2 percent, engineering & construction giant Larsen & Toubro fell 1.8 percent, steelmaker Tata Steel declined 1.4 percent and carmaker Maruti Suzuki ended down 0.8 percent.

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3/19/2012 7:59 PM ET
(RTTNews) – The Malaysian stock market bounced right back to the upside again on Monday, one session after it had ended the modest two-day winning streak in which it had collected more than 15 points or 1 percent. The Kuala Lumpur Composite Index finished just below the 1,575-point plateau, and now traders are looking at continued if very mild upside when the market opens on Tuesday.

The global forecast for the Asian markets is mixed with a slight upside bias on support from the technology stocks after Apple announced plans to initiate a dividend and a share repurchase program. Steel and airlines also are expected to move higher, while gold stocks may see mild selling pressure. The European markets finished slightly lower and the U.S. bourses were slightly higher, and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Monday as gains from the plantation stocks and industrial issues were dented by weakness from the financial shares.

For the day, the index gained 2.20 points or 0.14 percent to finish at 1,573.60 after trading between 1,570.88 and 1,578.51. Volume was 1.8 billion shares worth 1.51 billion ringgit. There were 434 decliners and 319 gainers, with 329 stocks finishing unchanged.

Among the actives, Maybank, CIMB Group, Petronas Chemicals, Sime Darby and Naim Indah all finished lower, while Ariantec Global, Pan Malaysian and Metronic Global ended higher.

The lead from Wall Street is cautiously optimistic as stocks moved slightly higher on Monday, extending the strong upward move seen last week. The markets continued to benefit from optimism about the economic outlook as well as some upbeat corporate news.

The early support followed tech giant Apple’s (AAPL) announcement of plans to initiate a quarterly dividend of $2.65 per share sometime in the fourth quarter of fiscal 2012. The company’s board also authorized a $10 billion share repurchase program commencing in fiscal 2013. Shares of Apple rose 2.7 percent on the news, climbing to a record closing high above $600 per share.

UPS (UPS) also jumped after the delivery giant announced it will acquire TNT Express N.V. for 9.50 euros per share. The transaction values TNT Express at approximately 5.16 billion euros, or $6.8 billion. The transaction, the largest ever by UPS, would give UPS an even greater advantage over its rival FedEx (FDX) in Europe. Shares of UPS ended up by 3.4 percent.

Traders largely shrugged off a report from the National Association of Home Builders showing that its homebuilder confidence index came in at 28 in March, unchanged from the downwardly revised reading for February. Economists had expected the index to edge up to 30 from the 29 originally reported for the previous month. While the index came in below estimates, it is still holding at its best level since a matching reading in June of 2007.

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NEW YORK (CNNMoney) — Apple on Monday announced plans for much of the $97.6 billion in cash it has accumulated from massive iPod, iPhone, iPad and Macintosh sales.

The company said it would begin giving shareholders a quarterly dividend of $2.65 per share sometime its fiscal fourth quarter, which begins in July. Apple last offered a dividend in 1995.

Apple (AAPL, Fortune 500) will also buy back $10 billion of its own shares over three years, beginning in October.

“We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure,” Tim Cook, Apple’s CEO, said in a prepared statement.

“Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program,” he added.

Stock repurchases generally help companies inflate their earnings per share because it reduces the number of shares outstanding. But profit growth has rarely been a problem for Apple, which routinely blows past Wall Street analysts’ quarterly earnings forecasts.

Apple said the share buybacks will help stave off earnings-per-share dilution from future employee stock grants and purchase programs.

The company said it expects the dividend to cost the company $2.5 billion per quarter, making it one of the largest dividend payers in the United States. Combined with the repurchase program, Apple said it will likely utilize $45 billion of its domestic cash through 2015.

It’s significant that Apple is using its domestic cash, rather than the much heftier stockpiles it holds overseas, because foreign cash would be subject to a sizable “repatriation tax” if brought back into the United States. Cook said the company didn’t want to pay that tax.

Shares of Apple rose just less than 3% to close at an all-time high of $601.10.

Growth at Apple has not been a problem: The company is on pace to become the largest technology company in the world by revenue, and during the holiday season it posted the second-most profitable quarter by any corporation in U.S. history.

Nevertheless, Apple is actively looking for new investors. Some fund managers have stopped buying shares as Apple’s stock price has soared. But many funds require a dividend from the stocks they invest in, so they have had to stay away from Apple.

“Investors have been wresting with the question of, ‘Who is left to buy the stock?’” said Alex Gauna, tech analyst at JMP Securities.

Cook said he hopes the dividend will open up Apple’s stock to a new investor base.

Apple’s dividend yield — the percentage of a company’s share price that it pays out in annual dividends — is currently 1.8%. That’s higher than the dividend yields of other technology giants, such as IBM (IBM, Fortune 500), Cisco (CSCO, Fortune 500) and Oracle (ORCL, Fortune 500), but it’s lower than the yields of more direct rivals like Microsoft (MSFT, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500).

Apple’s dividend yield is nearly twice the average for the tech companies in the S&P 500, but a bit less than the 2.1% average for the overall S&P 500. 

Microsoft will finish work on its newest operating system in the summer, setting itself up for an October release, reports Bloomberg.

The OS will land on PCs and tablets alike that make use of Intel or ARM chips, fulfilling the software company’s promise to support both standards.

Why the push to make the delivery in this time frame?

According to Michael Gartenberg, an analyst at Garter, Inc., “If they miss the September-October time frame, they’re going to be stuck without being able to ship anything in 2012. The last thing Microsoft wants to have is a situation where there are no compelling Windows tablets at a time when the new iPad looks like it’s going to be a good seller for the holidays.”

Microsoft will reveal more information at an April event for its partners to share information on timing and marketing.

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Last week, PNC Financial Services Group Inc. (NYSE:PNC – News) got the nod from the Federal Reserve to hike its common stock dividend. In the latest round of stress tests, the Fed reviewed the company’s capital plan and did not object to any of the capital actions proposed by the company.

In its capital actions, PNC Financial proposed an increase in its quarterly common stock dividend in the second quarter of 2012. Moreover, the company also projected a moderate share buyback program under its existing common stock repurchase authorization.

While these capital actions were approved by the Fed, in its next planned meeting on April 5, 2012, PNC Financial’s Board of Directors is expected to consider a hike in its quarterly common stock dividend.

Our Take

The clearance of the stress test is a testimony of PNC Financial’s solid capital position. With its proven cash generating capacities, the company remains committed to increasing shareholders’ wealth through dividend increases and share buybacks. Its cash and due from banks, standing at $4.1 billion as of December 31, 2011, position it well to increase its dividend come April.

Notably, in April 2011, the company increased its quarterly common stock dividend to 35 cents per share from 10 cents following its capital plan approval by the Fed. We believe such a shareholder-friendly approach will inspire investors’ confidence in the stock.

Moreover, we believe that its strengthening of balance sheet, with focus on risk and expense management, should propel the company’s earnings ahead. PNC Financial recently completed the purchase of RBC Bank (:USA), the U.S. retail banking subsidiary of Royal Bank of Canada (NYSE:RY – News).

The acquisition facilitated PNC Financial to expand its footprint in the Southeast markets by adding over 400 branches to its network. It marked PNC Financial’s seventh successful acquisition in the past eight years. PNC Financial expects the acquisition to be immediately accretive to earnings (excluding integration costs).

Yet, the top-line headwind is expected to remain in the near term, with the sluggish economic recovery and a low interest rate environment. Alongside, the regulatory issues also remain a concern.

PNC shares maintain a Zacks #3 Rank, which translates into a short-term Hold recommendation. Considering its fundamentals, we also have a Neutral recommendation on the stock.

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3/19/2012 9:44 PM ET
(RTTNews) – The Indonesia stock market has closed lower now in three straight sessions, falling almost 30 points or 0.75 percent in that span. The Jakarta Composite Index finished just below the 4,025-point plateau, and now investors are anticipating a measure of traction when the market kicks off trade on Tuesday.

The global forecast for the Asian markets is mixed with a slight upside bias on support from the technology stocks after Apple announced plans to initiate a dividend and a share repurchase program. Steel and airlines also are expected to move higher, while gold stocks may see mild selling pressure. The European markets finished slightly lower and the U.S. bourses were slightly higher, and the Asian markets figure to split the difference.

The JCI finished barely lower again on Monday following losses from the property stocks and automobile producers.

For the day, the index fell 3.80 points or 0.1 percent to finish at 4,024.73 after trading between 4,012.54 and 4,043.19. Volume was 2.58 billion shares worth 2.95 trillion rupiah. There were 156 decliners and 92 gainers.

Among the decliners, Astra International shed 0.7 percent, while Indomobil Sukses Internasional plunged 4.7 percent, Bumi Serpong Damai lost 0.6 percent and Bank Danamon dropped 1.7 percent.

The lead from Wall Street is cautiously optimistic as stocks moved slightly higher on Monday, extending the strong upward move seen last week. The markets continued to benefit from optimism about the economic outlook as well as some upbeat corporate news.

The early support followed tech giant Apple’s (AAPL) announcement of plans to initiate a quarterly dividend of $2.65 per share sometime in the fourth quarter of fiscal 2012. The company’s board also authorized a $10 billion share repurchase program commencing in fiscal 2013. Shares of Apple rose 2.7 percent on the news, climbing to a record closing high above $600 per share.

UPS (UPS) also jumped after the delivery giant announced it will acquire TNT Express N.V. for 9.50 euros per share. The transaction values TNT Express at approximately 5.16 billion euros, or $6.8 billion. The transaction, the largest ever by UPS, would give UPS an even greater advantage over its rival FedEx (FDX) in Europe. Shares of UPS ended up by 3.4 percent.

Traders largely shrugged off a report from the National Association of Home Builders showing that its homebuilder confidence index came in at 28 in March, unchanged from the downwardly revised reading for February. Economists had expected the index to edge up to 30 from the 29 originally reported for the previous month. While the index came in below estimates, it is still holding at its best level since a matching reading in June of 2007.

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3/18/2012 10:00 PM ET
(RTTNews) – The Japanese market is trading higher on Monday with investors indulging in some brisk buying amid hopes that the yen will continue to drift lower against the U.S. dollar.

Shares from oil, shipbuilding, services, warehousing and textiles sectors are mostly trading higher. Financial and chemicals stocks are also finding support. Electric Power, insurance, automobile and real estate stocks are trading mixed.

The benchmark Nikkei 225 index is currently trading at 10,170, up 40.2 points or 0.4 percent over its previous close.

Unitika, up nearly 4 percent, is the top gainer in the Nikkei index. Aozora Bank, Tokyo Dome, Dainippon Screen and UNY Co. shares are up 3 to 3.5 percent.

Shares of Marubeni Corp rose more than 3 percent on reports of a likely acquisition of a wind-farm company for about US$850 million.

Komatsu, Takashimaya, Ricoh, Fanuc Corp, Sumitomo Chemicals, Kawasaki Kisen, Nitto Boseki, Kawasaki Heavy Industries, Minebea, Toyobo Co, Resona Holdings and Sumitom Heavy Industries are up 1.5 to 2.8 percent.

Chugai Pharma, JFE Holdings, Mizuho Financial, Kobe Steel, Trend Micro, Mitsui Engineering & Shipbuilding, Credit Saison, Konica Minolta, Yokohama Rubber, TDK Corp and Isuzu Motors are also trading notably higher.

Kansai Electric Power Co. shares are down over 2.5 percent following a rating downgrade of the stock by Citigroup because of uncertainty on dividend payments for the next fiscal year.

Tokyo Electric Power, Tokyo Tatemono, Sumco Corp, Kirin Holdings, Nippon Electric Glass, Hitachi Zosen, Pacific Metals, Softbank and Nippon Steel are also trading notably lower.

In the currency market, the U.S. dollar traded in the mid-83 yen range in early deals in Tokyo. The yen is currently trading at 83.45 to the U.S. dollar.

Among other markets in the Asia-Pacific region, Australia, Hong Kong and Singapore are trading notably higher. Malaysia, South Korea and Taiwan are up marginally, while Shanghai and New Zealand are down with modest losses. Markets across the region turned in a lackluster performance on Friday.

On Wall Street, stocks ended flat on Friday after a choppy session. The major averages bounced back and forth across the unchanged line before finishing the session mixed.

While the S&P 500 crept up 1.6 points or 0.1 percent to 1,404.2, the Dow ended down 20.1 points or 0.2 percent at 13,232.6 and the Nasdaq edged down 1.1 points or less than a tenth of a percent to 3,055.26.

Major European markets moved higher on Friday. The German DAX index edged up by 0.2 percent, while the U.K.’s FTSE 100 index and the French CAC 40 index both ended the day up by 0.4 percent.

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FINAL LEG: The U.S. Treasury Department has sold off the final portion of $225 billion in mortgage-backed securities it purchased during the height of the financial crisis.

THE DETAILS: Treasury said Monday that the sales of securities issued primarily by troubled mortgage companies Fannie Mae and Freddie Mac have netted the government $25 billion in interest. The final sales were completed last week.

THE DOWNSIDE: Even with the sales, the government still has heavy losses from the rescue of the two mortgage giants in September 2008. Taxpayers have spent more than $150 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis, and may be on the hook for billions more.

Templeton Asset Management’s Mark Mobius is reflected in a mirror on a door as he speaks to a journalist after delivering a conference in Beirut, May 28, 2010.

SINGAPORE | Tue Mar 20, 2012 2:06pm IST

SINGAPORE (Reuters) – Franklin Templeton funds that focus on developing economies are heavily invested in energy stocks as the firm believes oil prices have room to increase further, the head of its emerging markets group Mark Mobius said on Tuesday.

“If you look at inflation and the oil price over the long term, you’ll find that the oil prices have not kept up with inflation, so there’s some catch-up to do,” Mobius told a news conference.

So long as oil does not spike rapidly from current levels of around $120 a barrel, the impact on the global economy will be manageable as slower growth among oil importing countries will be offset by gains in Russia and other oil producers, he added.

Franklin Templeton, whose emerging markets group manages about $50 billion in equity, counts several oil companies among its top holdings.

Its flagship $17 billion Templeton Asian Growth Fund, which was 36 percent invested in energy as of end-January, has PetroChina Co (0857.HK) (601857.SS) and Thailand’s PTT PCL PTT.BK as its first- and third-largest holding.

The global emerging markets fund owns Lukoil Holdings and Gazprom (GAZP.MM), and Mobius told reporters Templeton funds also have stakes in Singapore rig builder Keppel Corp (KPLM.SI).

Fund managers and analysts from Franklin Templeton’s emerging markets group are currently in Singapore to discuss the firm’s investment plans in coming months.

AFRICA, CHINA

Mobius said the firm also sees opportunities in Africa and other so-called frontier markets that are not only rich in natural resources but also have fast-growing middle classes.

“These countries are at a very early stage of development,” said Mobius. For instance, although Africa represents 17 percent of the world’s population, it only accounts for six percent of global GDP.

Nine out of the world’s 10 fastest growing countries over the last decade were frontier markets, six of them in Africa, he added.

Mobius’ Templeton Frontier Markets Fund, which has just under $1.2 billion, is heavily invested in banks and telecommunications, with energy ranking third by industry sector. Nigeria represents the fund’s largest holding by country.

Frontier markets refer to countries such as Kazakhstan and Vietnam and the newly emerging economies in Africa and the Middle East, which currently receive very little investments through the stock markets.

Mobius said avenues to invest in these markets had grown in recent years and he was confident of deploying capital efficiently even if the size of his frontier fund had rapidly tripled to more than $3 billion.

As for China, he said he was confident about its continued prospects despite signs of slowing economic growth and worries among some investors that the world’s second-largest economy is headed for a hard landing.

“People ask me if China is going to have a hard or soft landing. I tell them China is not landing, they are going to continue flying,” he said.

(Reporting by Kevin Lim and Charmian Kok; Editing by Jacqueline Wong)

3/18/2012 8:52 PM ET
(RTTNews) – The China stock market on Friday wrote an emphatic finish to the two-day slide in which it had retreated more than 80 points or 3.4 percent. The Shanghai Composite Index finished just above the 2,400-point plateau, and now investors may continue to pick up bargains on Monday following heavy losses last week.

The global forecast for the Asian markets is flat with a hint of negativity in response to weaker than expected economic data from the United States following a report that industrial production unexpectedly was unchanged in February. Unexpected weakness in consumer sentiment adds to the overall caution. The European markets finished slightly higher and the U.S. bourses were mixed but little changed, and the Asian markets are expected to follow the latter lead.

The SCI finished sharply higher on Friday following gains from the battered oil companies and property stocks.

For the day, the index surged 30.97 points or 1.30 percent to finish at 2,404.74 after trading between 2,368.31 and 2,406.15. The Shenzhen Composite Index spiked 21.89 points or 2.3 percent to end at 982.85.

Among the gainers, Sinopec climbed 1.3 percent, while Sinopec Shanghai Petrochemical jumped 1.6 percent, Sinopec Shandong Taishan Petroleum surged 4.9 percent, Cofco Property soared 4.7 percent and Gemdale collected 2.9 percent.

The lead from Wall Street supplies little guidance as stocks showed a lack of direction throughout the trading session on Friday, with traders reluctant to make any significant moves following the recent rally. The markets eventually ended the choppy trading session nearly flat.

While stocks did not follow-through on the recent upward move, it is worth noting that traders did not cash in on the recent gains amid concerns about missing out on any further upside.

On the economic front, the Labor Department reported that its consumer price index rose by 0.4 percent in February following a 0.2 percent increase in January. Economists had expected the index to increase by about 0.5 percent. Excluding food and energy prices, the core consumer price index edged up 0.1 percent in February compared to a 0.2 percent increase in the previous month. Core prices had been expected to increase by about 0.2 percent.

Separately, the Federal Reserve said that industrial production unexpectedly came in unchanged in February after rising by a revised 0.4 percent in January, with a sharp drop in mining output offsetting continued growth in the manufacturing sector. Economist had expected production to increase by 0.5 percent after initial data showed that production was unchanged in the previous month.

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Ian Ashby, President of Iron Ore for BHP Billiton just gave a presentation at the AJM Global Iron Ore & Steel Forecast Conference in Australia.

And investors weren’t too thrilled to hear what he had to say about China.

From The Sydney Morning Herald:

“Growth is going to flatten off,” BHP’s iron ore division president, Ian Ashby said ahead of the Global Iron Ore & Steel Forecast Conference in Perth, adding that demand growth was seen falling into single digits.

”Growth will be less than what it has been, those times have been exceptional,” he said. ”There is still tremendous opportunity to grow our iron ore business.”

Weak iron ore demand from China isn’t just bad news for BHP Billiton.  It could be a sign that China’s economy is slowing by more than most think, which would have significant implications for the global economy.

Ashby’s 21-slide presentation included 5 that addressed China’s economy.

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