Dollar Slides After China Calls for ‘Super-Sovereign’ Currency –

Dollar Slides After China Calls for ‘Super-Sovereign’ Currency – “The dollar dropped against all of its most-traded counterparts after China repeated its call for a “super-sovereign” currency.

The greenback headed for its biggest weekly loss against the euro in a month after the People’s Bank of China said the International Monetary Fund should manage part of members’ foreign-exchange reserves. China is the biggest foreign holder of U.S. Treasuries, with $763.5 billion in April.” “An amazing series of images show the final moments before Japan’s Kaguya probe slammed into the moon as planned June 11, 2009, its mission ending with one last flourish designed to allow scientists on Earth to observe the lunar material kicked up by the crash.”

Toronto civic strike prompts warning against garbage dumping

This was just awful last time, will be ok for a week, then the trouble starts…

Toronto civic strike prompts warning against garbage dumping: “The City of Toronto had little to offer frustrated citizens on Monday afternoon except pleas for more patience, as the strike by the city’s civic workers looked headed for a second day.

Twenty-four thousand inside and outside workers — virtually the entire municipal civil service — walked off the job just after midnight, frustrated by six months of negotiations that they say have gone nowhere.

With temperatures rising and the city about to miss its first day of residential garbage pickup, officials took the step of forewarning residents not to even think about illegally dumping their garbage.”

U.S. to issue new Wall Street pay curbs – The Globe and Mail

U.S. to issue new Wall Street pay curbs – The Globe and Mail: “Those overarching guidelines for the industry come as the administration prepares to issue new, more specific regulations governing pay at financial institutions that have received infusions from the $700-billion (U.S.) Troubled Asset Relief Program. The regulations, prompted by legislation passed by Congress earlier this year, would limit top executives to bonuses no greater than one-third of their annual salaries.” – U.S. banks can repay bailout cash – U.S. banks can repay bailout cash: “NEW YORK — Washington signalled a turning point Tuesday in its long-running battle to stabilize Wall Street, telling 10 of the country’s largest banks they are healthy enough to begin repaying $68-billion (U.S.) in government aid.

J.P. Morgan Chase, Goldman Sachs and Morgan Stanley are among the financial institutions that will be allowed to exit the Troubled Asset Relief Program, and in the process free themselves from onerous government oversight and restrictions on executive pay.

Only eight months ago, amid the collapse of Lehman Brothers and the near failure of insurance giant American International Group, there was widespread panic about a meltdown of the U.S. financial system.

But the apparent reversal of fortune for many of these big financial firms has happened faster than expected: Indeed, the Treasury Department initially predicted it would recoup only about $25-billion this year of the emergency TARP funds it has handed out.

Yet even with this latest green shoot, there are lingering concerns about the banking industry’s strength. President Barack Obama cautioned against attaching too much significance to the TARP repayments, and said the country still faces a struggle to overcome the worst economic downturn in generations.”