I thought Canadian’s were supposed to be civil. Or maybe the idiots rioting in Toronto at the G20 summit are tourists. Either way, if you have a point to make, isn’t it always better to rationally, calmly state your point and use debate, dialog, and discussion to reach agreement, or at least a point from which meaningful progress can be made.
In Toronto this week, hundreds of demonstrators protesting the G20 global economic summit in Toronto used the mature tactic of breaking windows and setting fire to police cars to get attention. Marchers have been complaining about everything from pay for public employees to expensive housing to the excesses of capitalism. Why are these people complaining about public pay when most of them are unemployed, otherwise they’d be at work. And as far as the excesses of capitalism go, ask the people of Cuba who have lived on food rations for the last 25 years how a dictatorship is working out for them.
It’s always easier to blame the government or some institution for your lot in life. It’s certainly a lot easier than getting a real education, working hard, starting a business, mentoring young people, volunteering at a retirement home or something crazy like serving your country in the Armed Forces or Peace Corp.
G20 organizers were so concerned about security that they have spent around $1 billion and brought in thousands of police from across Canada. Imagine to what wonderful ends that $1 billion could have been used. Or I guess they could have given it to the protestors to prevent them from burning the city down. Kind of like extortion, isn’t it?
Today’s Markets
Major stock indexes finished the day slightly lower as traders responded to G20′s pledge to cut deficits could negatively affect global growth. Investors grew concerned about a pledge by G20 nations to halve their deficits by 2013 and stabilize their debt by 2016 sends an important symbolic message that the days of endless stimulus for over. The move comes as investors have gotten worried that the pace of the economy recovery may be slowing, exacerbated by debt issues in Europe and China’s efforts to put the brakes on its growth.
The Dow Jones Industrial Average fell more than 50 points in the last hour of trading to end down 5.29 points, or 0.1%, at 10138.52. The Nasdaq Composite Index fell 0.1%. The S&P 500 fell 0.2%, led by declines of more than 1% each in its basic-materials and energy sectors.
The dollar strengthened against both the yen and the euro, which recently traded around $1.2274, down from $1.2386 late Friday in New York. The U.S. Dollar Index, which tracks the U.S. currency against a basket of six others, rose 0.5%. Demand for Treasuries climbed, with the 10-year note up to push its yield down to 3.032%, the lowest level in more than a year. Gold futures also rose. Meanwhile, crude-oil futures slipped.
Consumer-staples rose after the Supreme Court rejected an appeal by the government, which sought to revive a rejected attempt to get tobacco companies to forfeit up to $280 billion in profits and pay $10 billion for smoking-cessation programs. The tobacco companies had also filed an appeal. Reynolds American jumped 4.1%, Altria Group rose 3.3% and Lorillard climbed 2.5%.
Today’s Top Performers on the OTCBB
Monday’s Newsmakers:
Nu Horizons Electronics Corp. Completes $80 Million Global Financing Agreement Due 2014
Kurt Freudenberg, Executive Vice President and Chief Financial Officer, stated, “As we expand our international presence, we believe this ABL facility will provide the Company with global financing flexibility with less financial covenants and the necessary financing to meet our currently anticipated working capital requirements for our current growth initiatives. In addition, under certain circumstances we can exercise an accordion feature to increase the facility by $30,000,000 to a total of $110,000,000.”
About Nu Horizons Electronics Corp.
Cautionary Statement Regarding Forward-Looking Statements
Source: Business Wire (June 28, 2010 – 4:37 PM EDT)
Contact:
Ralph Sharp
[email protected]
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