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B4 The Bell Thursday July 29


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Imperial Schrade shuts down and lays off 260

 

It came as a shock to the employees and the community today when officials at Imperial Schrade, the world-famous knife manufacturing company in Ellenville announced it was closing its doors.

 

Management cited a poor showing in the market since the September 11, 2001 terrorist attacks.

 

Workers at the facility number about 260 and they were all given their pink slips this morning.

 

http://www.midhudsonnews.com/News/Imperial...ade-29Jul04.htm

I ask anyone of you in stoolville: which would you rather be:The small horde of newly unemployed, or the member of management assigned the task of firing 300 enraged knife wielding employees???

 

beardrech :ph34r: :cry: I can assure you Sir not only chariity but Heroism also begins at home---

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DJ Census Gives Homeland Security Data On Arab-Americans-NYT

 

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NEW YORK (Dow Jones)--The Census Bureau has provided specially tabulated population statistics on Arab-Americans to the Department of Homeland Security, including detailed information on how many people of Arab backgrounds live in certain ZIP codes, The New York Times reported in its Friday editions.

 

The tabulations were produced in August 2002 and December 2003 in response to requests from what is now the Customs and Border Protection division of the Department of Homeland Security. One set listed cities with more than 1,000 Arab-Americans. The second provided ZIP-code-level breakdowns of Arab-American populations, sorted by country of origin. The categories provided were Egyptian, Iraqi, Jordanian, Lebanese, Moroccan, Palestinian, Syrian and two general categories, "Arab/Arabic" and "Other Arab," the paper reported.

 

Dow Jones Newswires

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U.S. authorities didn't keep track of Iraq reconstruction spending, audit says

By Matt Kelley, Associated Press, 7/29/2004 17:51

 

WASHINGTON (AP) U.S. civilian authorities in Baghdad failed to keep good track of nearly $1 billion in Iraqi money spent for reconstruction projects and can't produce records to show whether they got some services and products they paid for, anew audit concludes.

 

The former Coalition Provisional Authority paid nearly $200,000 for 15 police trucks without confirming they were delivered, and auditors have not located them, the report from the CPA's Inspector General said. Officials also didn't have records to justify the $24.7 million pricetag for replacing Iraqi currency which used to carry Saddam Hussein's portrait, the report said.

 

The report, released in Iraq late Wednesday, is the first formal audit of contracting procedures under the CPA, which oversaw billions in reconstruction spending that critics say was doled out without proper controls. The agency's defenders say it did the best it could given the pressure of operating in a war zone and trying to get reconstruction going quickly

http://www.boston.com/dailynews/211/wash/U..._keep_tr:.shtml

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UPDATE 1-Fed's McTeer slams euro, says may hurt growth

Wed Jul 28, 2004 08:47 PM ET

(Updates with more McTeer quotes, euro background)

SANTIAGO, Chile, July 28 (Reuters) - In a rare blast of public euro-skepticism, a top U.S. Federal Reserve official criticized the euro on Wednesday, calling it a politically motivated project that may slow growth.

 

"Regarding the European Union, it was never obvious to me that that was an ideal currency area in the first place," Dallas Federal Reserve Bank President Robert McTeer told the Latin American meeting of the Econometric Society in Santiago, Chile, in response to a question after a speech on globalization.

http://www.reuters.com/financeNewsArticle....storyID=5805592

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Economists: Fed rise at 2% or higher

Heather Bandur

2004-07-30 06:09

 

 

 

A growing number of Wall Street's biggest bond trading firms say the Federal Reserve by year-end will lift its target overnight lending rate between banks to at least 2 per cent, the highest level since 2001.

 

Fed Chairman Alan Greenspan told Congress last week that an economic slowdown in June would be "short lived." His testimony persuaded more economists that the central bank would continue to raise interest rates at what it calls a "measured" pace, or 25 basis points at each of four remaining meetings this year starting August 10. A basis point is 0.01 percentage point.

 

Economists at 18 of the 22 primary US Government securities dealers that trade with the Fed's New York branch predict the interest-rate target will rise to 2 per cent or more from the current 1.25 per cent, according to a Bloomberg News survey. In mid-June, 14 of the then 23 primary dealers anticipated a federal funds rate of 2 per cent by year-end.

 

http://www.chinadaily.com.cn/english/doc/2...tent_353138.htm

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U.S. GDP expected to slow to 3.6%

 

By Rex Nutting, CBS.MarketWatch.com

Last Update: 6:15 PM ET July 29, 2004

WASHINGTON (CBS.MW) - Views of the U.S. economy have gone from doom to boom to somewhere in between in the past nine months, but the actual performance of the economy has been remarkably even over that time.

The Commerce Department will provide its first estimate of second-quarter gross domestic product on Friday at 8:30 a.m.

 

Economists surveyed by CBS MarketWatch expect, on average, that GDP increased at a 3.6 percent rate in the quarter, nearly identical to the 3.9 percent recorded in the first quarter and 4.1 percent in the fourth quarter. Estimates of the 39 economists surveyed range from 2.9 percent to 4.2 percent. See Economic Calendar.

 

"The more important takeaway from recent U.S. GDP data is the surprisingly solid underlying growth trend," said Mike Englund, chief economist for Action Economics, who is forecasting a 4 percent annual growth rate in the quarter and 5 percent for the current quarter.

 

The GDP release on Friday will also include the annual revisions to past data, going back to 2001.

 

http://cbs.marketwatch.com/news/story.asp?...gle&dist=google

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Yen Heads for Monthly Loss as Spending, Consumer Prices Decline

July 30 (Bloomberg) -- The yen headed for its first losing month since April against the dollar in Asia as a report showed Japan's consumer prices fell in June, adding to signs an export- led recovery isn't spreading to the domestic economy.

 

Japanese households cut spending for a second month in June as wages slid, a separate release showed, underscoring concern consumer demand may be faltering. Retail sales fell for a third month in June, according to data Wednesday, and a measure of service industries also slid, a report last week showed.

 

``Some of the weaker-than-expected data out of Japan and the consumer report suggesting there's no upward pressure on prices is contributing to negative sentiment for the yen,'' said Satoru Ogasawara, currency strategist in Tokyo at Credit Suisse First Boston.

 

As at 11:35 a.m. in Tokyo, the yen was at 112.02 per dollar from 111.99 late yesterday in New York, taking losses on the month to 3 percent, according to EBS, an electronic foreign- exchange dealing system. The Japanese currency traded at 134.89 per euro from 134.89, a drop of 1.7 percent in July

http://quote.bloomberg.com/apps/news?pid=1...5gE0&refer=asia

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Oil prices rise in Asian trading

July 30, 2004 - 3:44PM

 

Oil prices are higher in Asian trade as concerns persist over potential supply disruptions amid rising demand, dealers say.

 

At 1340 AEST the benchmark New York light, sweet crude contract for September delivery was at $US42.90, up from its closing price of $US42.75 in New York on Thursday.

http://www.smh.com.au/articles/2004/07/30/...l?oneclick=true

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EUR/USD yesterday once again took a run at 1.2000 from above, and once again it failed to break through. The low this week, and for this recent up move by Uncle Buck, remains exactly at 1.2000. Yesterday's run at support, not surprisingly, corresponded with a 5:30 a.m. slapdown, that turned out to be pretty weak. I ended up stopped out of the second part of my position, and with the two halves averaged netted +28 pips.

 

Buck weakened throughout the rest of the morning, with EUR/USD near 1.2100 at one point, before suddenly dropping back a little below 1.2050. What time was this? 12:30 p.m., pretty much on the dot. Ahhh! The Comex Crush (though a weak one).

 

From that point, EUR/USD has just hovered pretty close to 1.2050, like it has most of this week. By now, the ST trend / high frequency cycles are only now mildly pointing down, if at all. In my time frame, I see neither up nor down. I'm only going to look for a trade around 1.2000 and 1.2100, either a breakout or back into the channel. I've been watching for about an hour and a half now. The paint hasn't gotten any dryer at all. Most likely, I will call it a session today without entering a trade. I'll give it another hour or so.

post-20-1091175526_thumb.jpg

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Hearing Al Qesadilla capture rumor.? Any intel out there?

Reuters:Pakistan captured a "most wanted" al Qaeda suspect with $25M bounty

Confirmed by Interior MInister

 

 

*******

Click Here

 

Just-in-time-production?

 

See CNN's Breaking News Alert: "Security forces have captured a high-level al Qaeda operative in a raid in central Pakistan, Interior Minister Faisal Saleh Hayat said."

 

Then, after you see that, remember that we noted in May and then The New Republic reported out extensively early this month, that this White House has been telling the Pakistanis for months that they wanted to see a big-time al Qaida leader -- hopefully bin Laden -- produced during the Democratic convention.

 

Reuters is reporting that the guy they've served up may be a Tanzanian involved in the 1998 African embassy bombings. So apparently they couldn't come up with bin Laden himself.

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