The U.S. Commerce Department ruled that Chinese manufacturers sold cells in the U.S. at prices below the cost of production and announced preliminary antidumping duties ranging from 31 percent to 250 percent, depending on the manufacturer.

The decision is meant to provide a boost to the U.S. solar manufacturing industry, where four companies filed for bankruptcy in the past year. The tariffs will probably inflame trade tensions and drive up prices for solar projects in the U.S., according to Shyam Mehta, an analyst with GTM Research in Boston. The duties may prompt Chinese companies to shift production to other countries to evade the duties.

]]> http://mybusinesssurveys.com/us-solar-tariffs-on-chinese-cells-may-boost-prices-bloomberg/feed/ http://mybusinesssurveys.com/us-housing-starts-rose-to-717000-in-april/ http://mybusinesssurveys.com/us-housing-starts-rose-to-717000-in-april/#comments Wed, 16 May 2012 19:40:02 +0000 TheDoor http://mybusinesssurveys.com/us-housing-starts-rose-to-717000-in-april/ U.S. builders began work on more homes last month, evidence that the battered housing market is slowly healing.

The Commerce Department said Wednesday that builders broke ground at a seasonally adjusted annual pace of 717,000 homes in April from March. That’s 2.6 percent more than March’s total, which was revised higher. Construction rose for both single-family homes and apartments.

Building permits, a gauge of future construction, fell last month from a 3 1/2 year high to a seasonally adjusted annual rate of 715,000. But that was because of a 23 percent drop in the volatile apartment category. Permits for single-family homes rose almost 2 percent.

Even with the gains, the rate of construction and the level of permits requested remain roughly half the pace considered healthy. But the increase, along with rising builder confidence and stronger job growth, is a hopeful sign that the home market may finally be starting to recover nearly five years after the housing bubble burst.

Builders have grown more confident since last fall, in part because more people have expressed interest in buying a home. In May, builder optimism rose to the highest level in five years, according to the National Association of Home Builders/Wells Fargo builder sentiment index.

Homebuilders reported improving sales and higher traffic from prospective buyers, the survey showed. A gauge measuring confidence in sales over the next six months also rose to 34 from 31 bad credit unsecured personal loans.

Recent job gains have likely made it easier for more Americans to purchase a home. Employers have added 1 million jobs in the past five months. And unemployment has dropped a full percentage point since August, from 9.1 percent to 8.1 percent in April.

Mortgage rates, meanwhile, have fallen to record lows, making home-buying more affordable. Still, many would-be buyers are having difficulty qualifying for home loans or can’t afford larger down payments required by banks.

Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.

There are some hurdles to a smooth recovery: Builders are struggling to compete with deeply discounted foreclosures and short sales _ when lenders allow homes to be sold for less than what’s owed on the mortgage.

Another reason sales have fallen is that previously occupied homes have become a better deal than new homes. The median price of a new home is about 30 percent higher than the median price for a re-sale. That’s nearly twice the markup typical in a healthy housing market.

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Employment rose by 58,200 following a March jump of 82,300 that was the biggest since September 2008, Statistics Canada said today in Ottawa. The labor force grew by 72,500, lifting the jobless rate to 7.3 percent from 7.2 percent. Economists surveyed by Bloomberg News projected a 10,000 gain in jobs and 7.3 percent unemployment, according to the median forecasts.

Canada

The focus on growth comes after Socialist party leader Francois Hollande defeated incumbent Nicolas Sarkozy in France’s presidential election Sunday. In Greece, voters punished the two main political parties, raising concerns that a weak coalition government will backtrack on the nation’s bailout program.

At the same time, many European economies have tumbled into recession as austerity measures — budget cuts and tax hikes — take a toll on growth.

Hollande has said he would renegotiate the "fiscal compact" that most EU leaders signed late last year to incorporate a "growth dimension." The pact is designed to increase fiscal discipline and prevent a future crisis by ensuring that governments respect deficit rules and do not overspend.

Eurozone unemployment hits record 10.9%

But analysts say Hollande will probably back down on this issue to avoid a conflict with German Chancellor Angela Merkel, who has been the most vocal supporter of austerity.

Given the shifting political winds, the most likely outcome will be a new "growth compact" to complement the fiscal treaty, according to James Goundry, an analyst at IHS Global Insight.

"This should be viewed as the opening salvo in negotiations over additional growth measures to be held with European leaders — most notably German chancellor Angela Merkel — over the coming weeks and months," he said.

Many EU officials have already called for measures to boost growth and create jobs.

Over the weekend, Olli Rhen, vice president of the European Commission, outlined his strategy for restoring economic growth in the eurozone.

The first step is to ensure that governments can consolidate debt "in a growth-friendly and differentiated way," Rhen said Saturday. He pointed to the existing EU framework and said governments need to have the flexibility to enact policies that are most relevant for their particular circumstances.

"The Stability and Growth Pact is not stupid," he said No teletrack payday loans.

Rhen also said policymakers need to address the "deeper origins" of the crisis and make targeted investments to increase economic competitiveness.

"While fiscal consolidation is unavoidable…active public policies to promote sustainable growth are equally important," said Rhen.

European Central Bank president Mario Draghi called for similar measures last week.

Meanwhile, European Council president Herman Van Rompuy has hinted that he may call an emergency EU summit later this month to discuss the growth compact, according to economists at Societe Generale.

The plan will reportedly be worth €200 billion, using a combination of public and private funds.

European markets take elections in stride

"Deployed quickly and focusing on the weaker periphery, this could ease the austerity trap now engulfing several economies," Societe Generale economists wrote in a note to clients.

The growth compact will also be discussed by euro area finance ministers next weekend at a planned meeting of the Eurogroup.

While the increasing emphasis on economic growth is a positive development, it remains to be seen how financially challenged European governments will fund their stimulus programs, said Gary Jenkins, an analyst at Swordfish Research.

"In order for the EU to promote growth they need to be able to convince the market that they will be repaid in full and on time," said Jenkins.

To do this, Jenkins said the ECB may need to step up its interventions in the bond market "with a touch more enthusiasm." In addition, the European Stability Mechanism, the €500 billion rescue fund set to come into force later this year, may also be used to restore confidence in the market, he added.

"So the key question is if there really is more of a growth push will the markets fund it," asked Jenkins. "All eyes will be on Italian, Spanish and French bonds over the next few weeks." 

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Europe

Prime Minister-designate Victor Ponta also said he will respect commitments to the International Monetary Fund, and increase public sector wages that were slashed by 25 percent in 2010 to meet the terms of a (EURO)20 billion($26 billion) IMF-led loan.

He also promised to reduce sales tax on bread from 24 to 9 percent, to better absorb European Union funds, and to reduce the level of political appointments in public institutions.

The measures are part of Ponta’s governing program, which was published Friday. Parliament is expected to approve Ponta’s Cabinet in a Monday vote.

The previous government which fell in a confidence vote last week, awarded U.S. petroleum company Chevron Corp. exploration rights of shale gas for large areas near the Black Sea in March, which drew criticism from environmentalists free online credit report.

Canada’s Rosia Montana Gold Corp. which has been waiting for permits to go ahead for 14 years for the gold mine in Transylvania, says it is believed to contain 300 tons of gold and 1,600 tons of silver.

President Traian Basescu, a strong supporter of the mine, urged the previous government to speed up the process to grant permits, saying the mine would provide vital foreign investment and jobs in an impoverished region.

The project, has been strongly criticized by environmentalists and historians because it uses cyanide in the extraction process and the mine is located in an area where there are Roman remains.

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MGM shares dropped 4 percent in trading Thursday before the opening bell.

The Las Vegas casino and hotel operator lost $217.3 million, or 44 cents per share, in the January-March quarter, compared with a loss of $89.9 million, or 18 cents per share, a year earlier. Analysts predicted a smaller loss of 17 cents per share, according to FactSet Payday advance.

Revenue jumped 51 percent to $2.29 billion. Room rates increased and revenue from MGM China rose 18 percent, driven by table games and slots. Analysts expected $2.26 billion in revenue.

Expenses rose 48 percent to $2.08 billion.

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