Markets slip as Geithner meets Draghi
NEW YORK, July 30 (UPI) -- U.S. stock indexes slipped a bit Monday as momentum from last week's upswing slowed to a crawl early, and then slid backward.
U.S. Treasury Secretary Timothy Geithner met with German Finance Minister Wolfgang Schauble and European Central Bank President Mario Draghi. Last week's Thursday and Friday rally was prompted by remarks from Draghi and others that the ailing euro would be preserved.
By close of trading on Wall Street, the Dow Jones industrial average, shed 2.88 points or 0.02 percent to 13,073.01. The Standard and Poor's 500 index, lost 0.67 points or 0.05 percent to 1,385.30. Tech-heavy Nasdaq composite index gave up 12.25 points or 0.41 percent to 2,945.84.
On the New York Stock Exchange, 1,479 stocks advanced and 1,550 declined on a volume of 3 billion shares traded.
The benchmark 10-year treasury note rose 16/32 to yield 1.497 percent.
The euro fell to $1.2254 from Friday's $1.232. Against the yen, the dollar fell to 78.19 yen from 78.45 yen.
In Tokyo, the Nikkei 225 index rose 0.8 percent, 68.80, to 8,635.44.
In London, the FTSE 100 index added 1.18 percent, 66.42, to 5,693.63.
Meat lobby wants corn-to-ethanol relief
WASHINGTON, July 30 (UPI) -- Livestock producers Monday called on the Obama administration to suspend ethanol requirements to prevent a spike in U.S. food prices due to the drought.
A coalition of beef, pork and poultry producers associations said the federal Renewable Fuels Standard mandated the use of a large chunk of the U.S. corn crop in gasoline at a time when corn prices have been on the upswing due to an ongoing drought in the Midwest.
"America's pork producers are extremely worried ... about having feed for their animals," Randy Spronk, president-elect of the National Pork Producers Council, said in a written statement. "Their anxiety is compounded knowing that the RFS requires corn ethanol to be produced no matter what. We're asking the EPA to give livestock and poultry producers and, ultimately, consumers a little help."
The NPPC and the other associations estimated the drought would reduce this year's crop to about 11.8 billion bushels compared to 14 billion last year. The RFS, they said, would divert four of every 10 bushels into ethanol production and likely push the cost of feed higher, which would no doubt raise meat prices down the road.
"I find it concerning to the viability of the livestock industry that these mandates are allowed to continue today in the worst drought I have seen in my lifetime," said J.D. Alexander, president of the National Cattlemen's Beef Association. "This isn't rocket science."
The ethanol industry fired back quickly with a statement contending the livestock industry would be in even tougher straights if not for ethanol since the fuel additive actually encourages farmers to plant more corn and provides them with a bit of a supply cushion in dry years.
"Just think, if we were taking the yield hit from this historic drought on 75 million acres instead of 95 million," said Monte Shaw, president of the Iowa Renewable Fuels Association. "There would be a much smaller corn harvest to allocate."
Shaw said the ethanol industry had been cutting back on corn consumption due to the drought and said the move to waive the RFS was actually a strategic step taken by livestock producers to cause corn prices to crater.
Apple vs. Samsung: Goliath vs. Goliath
SAN JOSE, Calif., July 30 (UPI) -- Apple's heavyweight patent dispute with Korean electronics giant Samsung lacks a silver bullet, an industry analyst said.
"There is not a single killer patent in this lawsuit," said Florian Mueller, who studies and writes about patents. "Apple cannot deal a knockout blow to Samsung."
A cornerstone to the case could be a "universal interface" patent owned by Apple that was the catalyst for Judge Lucy Koh's injunction in June ordering Samsung to cease U.S. sales of the Galaxy Nexus smartphone.
That alone shows the potential power of a patent battle. Despite the image of legal gladiators clanging about in a courtroom in a war of words, patent disputes can steer investors toward one company or another.
The "universal interface," The New York Times reported, is a jargon-oriented description of a question-answering application called Siri, which Apple bought in 2010.
Nevertheless, a smartphone is a complicated devise, so much so patent licensing firm RPX estimated 250,000 patents are associated with each phone.
A recent patent case in Chicago between Apple and Motorola Mobility, which is owned by Google, was tossed out by federal appeals Judge Richard Posner. The two were suing and counter-suing over broad-sweeping accusations.
Posner declared a "pox on both of your houses," scoffing at the legal frothing.
Anti-fracking rally targets Washington
WASHINGTON, July 30 (UPI) -- Anti-fracking protesters joined ranks for a march and rally in Washington, ending at the U.S. Capitol, calling their movement a "Stop the Frack Attack."
"I got involved in the rally because I feel very passionately that fracking is a risk to West Virginia, said Fiona Druge, one of the rally's organizers, WBOY.com of West Virginia reported.
CNN reported Monday that thousands, gathering at the West Lawn of the Capitol, showed a unified front against the controversial drilling technique for natural gas, that many say is a danger to underground water reserves.
John Krohn, a spokesman for Energy in Depth, which supports fracking, said police told them the crowd numbered about 1,500.
He said, "it seems there is a significant lack of support to limit this technology that is supporting the U.S. economy, creating millions of jobs and is enabling the U.S. to lead the world in carbon reductions."
Protesters for the weekend rally traveled from North Dakota, Montana, Idaho, Texas, Colorado, Wyoming, New Mexico, Ohio, North Carolina, West Virginia, Virginia, New York, Pennsylvania, Maryland, Vermont, Indiana, Illinois, New Jersey, California, and likely more, CNN reported.
"I've seen the effects. I've grown up with the effects. This started when I was in 6th grade and I just now graduated high school. I feel it's important I share the harmful effects that happened to me personally," said Kelly Humphreys, one of the speakers.
Her father, Ricky Humphreys, said the West Virginia Department of Environmental Protection granted permits for four wells on his property, despite his opposition to the drilling process.
"My opposition was overshadowed," he said.
