Archive for June 3rd, 2010

03
Jun
10

Stocks show small gains

NEWS
Stocks show small gains

Thursday, June 3, 2010

U.S. stocks eked out minor gains on Thursday as investors mulled mixed signals on the U.S. economic recovery ahead of a highly awaited May jobs report.

After opening with modest gains, the major indices slid lower but clawed their way back to close in positive territory.

The Dow Jones Industrial Average rose a scant 4.99 points (0.05 percent) to 10,254.07 at the market close, extending Wednesday’s sharp rally.

The tech-rich Nasdaq index outperformed, up 21.96 points (0.96 percent) at 2,303.03, while the broad-market SP 500 index advanced 4.37 points (0.40 percent) to a provisional 1,102.75.

‘Investors appear cautious ahead of tomorrow’s key jobs report,’ said Scott Marcouiller at Wells Fargo Advisors.

Most analysts expected the Labor Department on Friday would report 500,000 nonfarm jobs were created last month, up from 290,000 in April, and the unemployment rate slipped a notch to 9.8 percent from 9.9 percent.
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03
Jun
10

BP maneuvers cap toward pipe’s jagged top

NEWS
BP maneuvers cap toward pipe’s jagged top

Thursday, June 3, 2010

Earth

••• BP has successfully cut an underwater well pipe using hydraulic shears and will now work to place a containment cap over the leak, the senior U.S. official overseeing the response says.

‘For the first time in a couple of days I have some good news for you – we just cut the riser pipe off the lower marine package,’ Coast Guard Admiral Thad Allen told reporters on Thursday, calling the operation ‘a significant step forward’.

So far, BP has met failure at every turn in its attempts to stem the flow of oil from the spewing well 1600 metres down in the Gulf.

About 20 million gallons of crude have gushed into the sea since April, after an explosion rocked the Deepwater Horizon rig, killing 11 workers and sending the platform sinking to the sea floor.

Shears were used to cut off the pipe at the top of the blow-out preventer stack after an attempt to saw off the riser with a precision diamond saw failed on Wednesday when the saw got stuck in the pipe.

‘We don’t have as clean a cut but we do have a cut now… The challenge now is to seat that containment cap over it,’ Allen said.
Once the containment cap is set and sealed, oil will be sucked up a riser pipe from the unit to a drillship on the surface.

Because the cut is irregular, a ‘very, very solid seal’ will be placed around the containment cap to reduce the amount of oil that could leak out of the device once it is set up, Allen said.

‘This is an irregular cut, so it will be a little more challenging to get the seal all around,’ said Allen.

The flow of oil from the pipe was expected to increase between the time the pipe was cut and the cap is placed over the leaking well head, but Allen had no immediate information on whether the flow had increased.

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03
Jun
10

Michael Jackson Museum Plans Announced in Singer’s Hometown

NEWS
Michael Jackson Museum Plans Announced in Singer’s Hometown

Thursday, June 3, 2010

Michael Jackson’s hometown is moving ahead with plans for a museum and arts centre dedicated to its famous resident.

Mayor Rudy Clay says the Jackson Family Museum and Hotel and the Michael Jackson Performing Arts and Cultural Center and Theaters in Gary, Indiana, will cost about $300 million.

The mayor says the money will come from investors and donations but the city is donating 120 hectares of land for the project.
Michael Jackson’s father, Joe Jackson, attended a Wednesday news conference in Gary. He says he’s carrying on his son’s legacy by making sure the project comes to fruition.

Michael Jackson was last in Gary in 2003 to talk about the project but nothing had happened since then.

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