Tag Archive | "tokyo-electric"

Solar: More Positive Nuke Newsflow

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There’s nothing to show it in early trading of First Solar (FSLR) or other solar energy technology providers, but yesterday brought some further positive headlines for alternative energy versus nukes.

Japan’s prime minister said the country would abandon plans to build more nuclear reactors, as Martin Fackler of The New York Times reports.

The company that owns the stricken Fukushima Daiichi nuclear power plant, Tokyo Electric Power, is expected to book losses of more than $12.4 billion as a result of March’s earthquake and Tsunami in Japan, according to Japan’s Nikkei news service.

Tokyo Electric may receive government bailout funds to help cover costs, which could result in the Japanese government getting “closely involved in the management of Tokyo Electric Power,” according to a write-up this morning by Dow Jones’s Mitsuru Obe.

Germany’s Green Party is demanding all 17 nuclear power plants be shut down by 2017, though the party is apparently working with other officials on a possible “nuclear consensus,” according to a Dow Jones Newswires report this morning.

Another DJ report, by Ryan Tracy, last night reported a nuclear plant in Browns Ferry, Alabama, which was recently shut down, was cited by the Nuclear Regulatory Commission for “an equipment failure of high significance,” involving “key safety systems.”

First Solar shares this morning are unchanged at $128.51.

Update: I spoke too soon. First Solar shares are actually down 92 cents, or 0.7%, at $127.59 in early trading.

Article courtesy of Tech Trader Daily

Opening Bell: 03.17.11

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BofA, Citi, UBS In LIBOR Probe (WSJ)
The investigation has been underway for at least a year. Last fall, regulators sent formal requests for information to the 16 banks that at the time were on the so-called Libor panel. The panel last month expanded the investigation to include 20 banks. More recently, the SEC has sent subpoenas to several banks, including Bank of America, Citigroup and UBS, the people said. The agency also has summoned officials from those three banks to testify to investigators as part of the probe. It isn’t clear how many other banks have received subpoenas or been asked to testify.

BoJ Injects Another 5 Trillion ($61 Billion) Yen To Calm The Market (Reuters)
That came on top of a total of 28 trillion yen already offered in same-day operations this week in the aftermath of last Friday’s devastating earthquake and tsunami.

Japan Churns Through ‘Heroic’ Workers Hitting Radiation Limits (Bloomberg)
More workers were drafted for the frontline of Japan’s biggest nuclear disaster as radiation limits forced Tokyo Electric Power Co. to replace members of its original team trying to avert a nuclear meltdown. The utility increased its workforce at the Fukushima Dai- Ichi plant to 322 today from 180 yesterday as it tried to douse water over exposed nuclear fuel rods to prevent melting and leaking lethal radiation. Levels beside the exposed rods would deliver a fatal dose in 16 seconds, said David Lochbaum, a nuclear physicist for the Union of Concerned Scientists and a former U.S. Nuclear Regulatory Commission safety instructor.

Groupon Is Said To Discuss IPO Valuation Of Up To $25 Billion (Bloomberg)
The two-year-old startup’s IPO may happen this year and is unlikely to assign Groupon a valuation of less than $15 billion, according to people.

U.S. Plans Japan Airlift as Authorities Battle Reactor Leaks (Bloomberg)
The U.S. plans to airlift citizens from Japan along with military and diplomatic families, reflecting widening skepticism that the authorities can contain leaks from the quake-stricken Fukushima nuclear plant. The U.S., U.K. and Australia raised their alert levels, telling nationals to keep at least 50 miles (80 kilometers) away from the Dai-Ichi facility. Blackstone Group LP and BNP Paribas SA were among companies that shifted operations from Tokyo, which lies about 135 miles to the south.

Inflation Keeps Edging Up; Jobless Claims Take Dip (Reuters)
New U.S. claims for unemployment benefits fell as expected last week, with the four-week moving average dropping to its lowest level in more than 2-1/2 years, pointing to a strengthening labor market. Initial claims for state unemployment benefits fell 16,000 to a seasonally adjusted 385,000, the Labor Department said. Economists polled by Reuters had forecast claims falling to 387,000. The prior week’s figure was revised up to 401,000 from the previously reported 397,000.

The Snooze Moment In The Galleon Trial (Dealbook)
At about 12:18 p.m., Juror No. 18, an alternate, started the patented juror head-bob as he began to doze off during a slow part of the testimony. Within minutes, he was in a full-on midday snooze.

Diet Coke Beats Pepsi (WSJ)
U.S. sales of Diet Coke overtook those of Pepsi-Cola for the first time in 2010, making the diet soda the No. 2 carbonated soft drink in the country behind Coca-Cola, industry data are expected to confirm Thursday. Occupying the top two rankings would mark a historic win for Coca-Cola Co. in its decades-old rivalry with PepsiCo Inc., which has seen its market share slip in recent years and is trying to retool its marketing.

FDIC’s Tab For Failed Banks Nears $8 Billion (WSJ)
As of Jan. 31, the latest month for which figures are available, the FDIC has paid out $8.89 billion to banks under the loss-share agreements. Such deals are in place at 236 financial institutions, with the FDIC agreeing to assume most future losses on $160 billion of assets.

Japan Uses Helicopters, Water Cannons, Troops to Quell Meltdown (Bloomberg)
Helicopters doused 30 metric tons of water on pools used to cool spent fuel rods. No change in radiation was reported after four bombing runs by the aircraft, Kyodo News said citing plant operator Tokyo Electric Power Co. A plan to have police shoot a high-pressure stream of water at the reactor structure was called off tonight. Tokyo Electric has connected a power cable to the plant, Kyodo reported. “We are still reviewing the result of water spraying by helicopters,” said Akiteru Kobayashi, head of nuclear facility management.

Berlusconi: I’m Too Old For Sex With 33 Women (AP)
“Even though I am a little mischievous … 33 girls in two months seems like too much even for a 30 year old,” the premier said in an interview published Wednesday in La Repubblica, a leftist newspaper that has led a campaign for his resignation in the wake of the scandal. “It’s too much for anybody,” Berlusconi is quoted as saying. He insisted he has a girlfriend, whose identity is secret, who was always with him and would not have allowed what the prosecutors allege. “She would have ripped my eyes out,” he said.

Article courtesy of Dealbreaker

Opening Bell: 03.14.11

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Hacker group releases BofA employee correspondence (Reuters)
Anonymous, a hacker group sympathetic to WikiLeaks, released on Monday emails that it obtained from someone who said he is a former Bank of America Corp employee. In the emails dating from November 2010, people that appear to be employees of a Balboa Insurance, a Bank of America insurance unit, discuss removing documents from loan files for a group of insured properties. A BofA spokesman said on Sunday the documents were clerical and administrative documents stolen by a former Balboa Insurance employee, and were not related to foreclosures. “We are confident that his extravagant assertions are untrue,” the spokesman said.

Quake Toll May Top 10,000 as Japan Fights Nuclear Accident (Bloomberg)
“The situation at the Fukushima nuclear plant continues to be a concern,” Prime Minister Naoto Kan said at a meeting of the government’s crisis response team in Tokyo. “Everyone connected with this is working with all their might, without regard to day or night, to prevent further damage.” The cooling system failed at Fukushima Dai-Ichi station’s No. 1 and No. 3 reactors after the earthquake, and it stopped working today at the No. 2 reactor, the Yomiuri newspaper reported, citing information received by Fukushima prefecture.

Japan Adds $183 Billion to Economy, Doubles Asset Purchases (Bloomberg)
The central bank pumped 15 trillion yen ($183 billion) into money markets today to assure financial stability amid a plunge in stocks and surge in credit risk. Governor Masaaki Shirakawa and his board also enlarged a program buying assets from government bonds to exchange-traded funds to 10 trillion yen.

Berkshire Hathaway To Buy Lubrizol (WSJ)
Berkshire is buying specialty-chemicals company Lubrizol Corp. for about $9 billion in cash, making it one of the biggest acquisitions in Berkshire’s history. The companies said Monday that the transaction also includes about $700 million in net debt. Berkshire will pay $135 a share, a 28% premium to Lubrizol’s Friday closing stock price of $105.44.

Moody’s: Insurers Face Heavy Losses (WSJ)
The ratings agency said the sectors and market participants that will be most affected are Japanese domestic insurers, Japan Earthquake Reinsurance Co. Ltd., international insurers, global reinsurers, retrocessionaires and catastrophe bonds. A retrocessionaire is a reinsurer of a reinsurer.

Tarantino sues neighbor over noisy birds (ABC)
Tarantino filed a lawsuit last week in Los Angeles Superior Court against “True Blood” screenwriter Alan Ball. The lawsuit alleges Tarantino is fed up with Ball’s exotic birds. He claims the birds’ screams are making it difficult for him to work at home. Tarantino says he tried to talk with ball about the noisy birds but nothing was resolved.

GE Vows to Help Japan on Nuclear Crisis (WSJ)
“Over the coming weeks and months, we will be doing whatever we can do to help with the energy needs of Japan,” Mr. Immelt said at a news conference. He didn’t elaborate on the technical support that GE will offer to its customer Tokyo Electric Power Co., partner Hitachi and the Japanese government.

Irish `Bad Boys’ Vow to Keep Tax Rate After Sarkozy Summit Spat (Bloomberg)
“Ireland is now seen as the bad boys and girls of the euro area because they are trying to block this,” said Dermot O’Leary, chief economist at Goodbody Stockbrokers in Dublin. “If we agree on the corporate tax issue, we’re shooting ourselves in the foot.”

SEC May Charge Former Fannie Mae Head (AP)
The SEC may pursue civil charges against Fannie Mae’s former chief executive, Daniel Mudd, over the mortgage giant’s disclosure of exposure to risky loans.

Moody’s: Bank Compensation Reforms Positive, Just In Short Term (Moody’s)
“While many banks have made changes in line with new global compensation standards and more are expected, in the long term we expect to see erosion in pay discipline,” says Vice President and author of the report Christian Plath. Such weakness, Plath notes, could constrain ratings upgrades or contribute to downward ratings pressure.

Article courtesy of Dealbreaker