| New Exchange Traded Fund Tracks Domini 400 Social Index
Barclays Global Investors launches the iShares KLD 400 Social Index ETF. SocialFunds.com -- Last week, Barclays Global Investors (BGI) launched the iShares KLD 400 Social Index Fund (ticker: DSI), the first exchange traded fund (ETF) to track the Domini 400 Social Index. The index has long been considered the premier socially responsible investing (SRI) benchmark. However, for over a decade-and-a-half an exclusive licensing agreement allowed Domini Social Investments to be the only SRI firm to offer mutual funds that tracked the index. The recent vote by Domini Social Equity Fund (ticker: DSEFX) shareowners to shift from passive to active management has opened to door for others to manage funds based on the Domini 400 Social Index.
In related news, Green Century Equity Fund (GCEQX) shareowners voted to keep tracking the Domini 400 Social Index, making it now the only mutual fund to do so.
Will 'Amnesty' Sink McCain?
The perennial controversy over what to call McCain's amnesty is silly. Every program in the world that has allowed illegal immigrants to stay has been called an "amnesty." McCain himself called it "amnesty" as recently as May 2003, when he told the Tucson Citizen "I think we can set up a program where amnesty is extended to a certain number of people who are eligible … Amnesty has to be an important part ..." But once the focus-group results were in, "amnesty" became a four-letter word. ...[snip] Real Straight Talk would be to say "Sure, it's an amnesty, but we don't really have any choice" ... P.S.: The McCain, post-focus-group argument is that it can't be "amnesty" if it has some requirements--e.g., to pay a fine, learn English, etc. But it turns out that Ronald Reagan's 1986 "comprehensive" reform, which he and everyone else called an "amnesty," had requirements too, including payment of fees.
Sensex dips 612 points
Indian markets opened positive and after first two hours of volatile trade came crashing down and the benchmark BSE Sensex closed the day with 612.56 points loss at 17,526.93. The broader 50 share Nifty closed 3.56 per cent lower at 5133.25 amidst talk of a large chunk of selling in the Nifty Futures. Though domestic market sentiment could have been affected by the warning that India would grow slower at the rate of 8.7 in 2007/2008, market participants said it was basket selling in frontline, large cap stocks that triggered the crash. The situation in the primary markets too worsened as Wockhardt Hospitals had received only 20 per cent of subscriptions to its IPO by 5 pm on the closing day, even after cutting its issue price once and extending the subscription date. The provisional figures from the National Stock Exchange indicated foreign institutional investors were net sellers to the extent of 860 crore while domestic funds net buyers of Rs 230 crore.
Exim Bank upgrades Pakistan’s rating
Despite the payment of Rs 8 billion to Oil Marketing Companies (OMCs) the price differential claims would reach Rs 52 billion by the end of current fortnight, sources told Daily Times on Monday. Sources said that though government has paid differential claims...
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US futures decline on Amazon, Merrill
US stock futures fell today as Merrill Lynch reported its first quarterly net loss in nearly six years and as earnings by Amazon disappointed some investors. The world's largest brokerage reported write-downs of $7.9 billion from leveraged loans from corporate takeovers and bad bets on mortgage securities. It had a net loss of $2.3 billion. Merrill's shares fell 1.1 per cent to $66.40 before the open. "I don't think the Merrill's number going to do too much even, though it's a significantly larger write-off," Owen Fitzpatrick, head of US Equity Group at Deutsche Bank Private Wealth Management, in New York, said."This is a sector that has been reporting some pretty poor numbers, so this isn't too big of a surprise." S&P 500 futures were down 8.10 points and below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Treasurys Climb as Services Weakness Spurs Recession Fears
Tuesday's report pushed two-year yields back below 2 percent, heading toward their lowest level since early 2004. The bearish economic figures solidified the argument that the United States may have already fallen into recession, despite a slew of Federal Reserve interest rate cuts and plans in Washington to spend billions to stimulate the economy. "All signs point to a recession that started in the first quarter of this year. Appropriately, the Treasury market is rallying," said Carl Lantz, U.S. interest rate strategist at Credit Suisse in New York. The benchmark 10-year note climbed 23/32 in price, which pushed the yield down to 3.56 percent from 3.64 percent late Monday. The two-year note was 8/32 higher in price for a yield of 1.94 percent from 2.07 percent.
Cost of corn pinches plants
High corn prices have created a cash-flow problem for a South Dakota ethanol plant.
Poet Biorefining in Chancellor has borrowed $6.3 million from its partner, Poet, in response to an increase in the price of corn futures that shows little sign of abating.
On Jan. 14, the Chancellor ethanol company and Poet agreed to a short-term loan to be repaid Feb. 13, including interest at an annual rate of 9.25 percent. According to a filing with the Securities and Exchange Commission, the money was needed to cover margin calls triggered by a price increase in the corn futures market at the Chicago Board of Trade. "We did not have the necessary funds from operations to cover the margin calls," General Manager Rick Serie wrote in the filing.
The plant, which produced about 51 million gallons of ethanol last year, was securing grain with plans to distill 100 million gallons this year.
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