“The thinking is mid- to late-November,” the spokesman said of the timing of the long-awaited announcement. “The new regime is government policy and we still expect it to happen.”The move, which will require cabinet approval and come at a cost to the federal budget, was contained in a 2009 report prepared for the government and aimed at boosting Australia’s hopes of becoming a financial centre for Asia.Under the change, income from investments of a foreign fund deemed to have a ‘permanent establishment’ in Australia, will be exempt from income tax. The change will align Australia’s tax regime with international practice, such as the United Kingdom’s Investment Manager Exemption.The shift covers income, gains and losses from investments by foreign managed funds in companies, unit trusts and bonds, unless the investment gives rise to a withholding tax liability.It will also cover complex derivatives and foreign exchange transactions, unless they are in an underlying taxable interest like Australian property.The report by government adviser Mark Johnson said Australia had arguably the most efficient and competitive financial sector in the Asia-Pacific region, but there were opportunities to boost exports and imports of financial services.The so-called Johnson report recommended the introduction of an investment manager regime. It also said the local market would be more internationally competitive if the withholding tax on the interest paid to foreign banks earned from local branches was removed.Australia’s funds management industry, the world’s fourth largest with A$1.3 trillion held in pension savings, has warned Canberra could miss out on billions of dollars in overseas investment unless changes are made, preferably ahead of next year’s May budget.But Treasurer Wayne Swan has warned that further spending cuts lay ahead as the worsening financial turmoil overseas put pressure on the government’s pledge to deliver a small budget surplus in fiscal year 2012-13.”There is already an impact in terms of global growth. Global growth is slowing, that impacts upon growth in Australia, that has a subsequent impact particularly on budget revenues,” Swan told Australian television on Monday after meeting Group of 20 major economies finance ministers in Paris.”We’re already seeing an impact flow through to Australia but of course, our fundamentals are strong,” he said.Swan, emerging from talks with Bank of England Governor Mervyn King, said Australia’s economy — now into its 20th year of expansion — could experience a slump if Europe’s cascading debt crisis was not addressed.

Inspired by the Occupy Wall Street movement, protests on Saturday started in Asia and rippled through Europe back to the United States and Canada. Protesters fed up with economic inequality took to the streets in cities from Washington, Boston and Chicago to Los Angeles, Miami and Toronto.After weeks of intense media coverage, the size of the U.S. protests on Saturday have been smaller than G20 meetings or political conventions have yielded in recent years. Such events often draw tens of thousands of demonstrators.In New York, where the movement began when protesters set up camp in a Lower Manhattan park on September 17, organizers said the protest grew to at least 5,000 people as they marched to Times Square from their makeshift outdoor headquarters.”These protests are already making a difference,” said Jordan Smith, 25, a former substance abuse counselor from San Francisco, who joined the New York protest. “The dialogue is now happening all over the world.”The protesters chanted, “We got sold out, banks got bailed out” and “All day, all week, occupy Wall Street.” They arrived in Times Square at a time when the area is already crowded with tourists and Broadway theatergoers.”This is disgusting” said Anatoly Lapushner, who was shopping with his family at Toys R Us in Times Square. “Why aren’t they marching on Washington and the politicians. Instead they go after the economic lifeblood of the city.”BAILOUT FURYAnother five thousand people marched through the streets of Los Angeles and gathered peacefully outside City Hall.New York police said 24 people were arrested at a Citibank branch in Manhattan’s Greenwich Village neighborhood, mostly for trespassing. Protesters said those arrested were trying to close their accounts. A Reuters reporters saw another five people arrested as the protest neared Times Square.Citibank was not immediately available for comment.The Occupy Wall Street movement has been gathering steam over the past month, culminating with Saturday’s action. The protests worldwide were mostly peaceful apart from Rome, where the demonstration sparked riots.But it was unclear whether the movement, which has been driven using social media, would sustain momentum beyond Saturday. Critics have accused the group of not having a clear message about what they want to achieve.The protesters say they are upset that the billions of dollars in bank bailouts doled out during the recession allowed banks to resume earning huge profits while average Americans have had no relief from high unemployment and job insecurity.They also believe the richest 1 percent of Americans do not pay their fair share in taxes.In Toronto, a couple of thousand people gathered peacefully and started to set up a camp in one of the city’s parks, while in Washington D.C. protesters marched through the streets.”I am going to start my life as an adult in debt and that’s not fair,” student Nathaniel Brown told Reuters Television. “Millions of teenagers across the country are going to start their futures in debt, while all of these corporations are getting money fed all the time and none of us can get any.”

* Os ministros das Finanças e governadores dos bancos centrais do G20 estão reunidos, hoje e amanhã em Paris, para discutirem a questão da dívida, antes do Conselho Europeu de 23 de Outubro.* Ontem, a S&P anunciou um downgrade em um nível para AA- ao rating da vizinha Espanha, devido aos riscos ao crescimento económico, ao perfil do seu sistema bancário e à improbabilidade do país cumprir as metas orçamentais previstas para 2011.”Apesar do corte da S&P, os mercados mostram-se optimistas quanto à acção das autoridades europeias para resolverem a crise de dívida. A travar maiores ganhos está novamente o sector da banca, após os cortes da Fitch”, salientou Luís Gonçalves, trader da GoBulling, no Porto.* Esta manhã, a Fitch cortou o rating do suiço UBS e colocou outros sete bancos norte-americanos e europeus sob análise para possível ‘downgrade’.* Nos EUA, o Nasdaq sobe 0,70 pct e o do Dow Jones DJc1 ganha 0,60 pct, com o optimismo na Europa a alastrar-se aos EUA onde as vendas a retalho tiveram, em Setembro, o crescimento mais alto dos últimos 7 meses.* O índice PSI20 valorizou 1,09 pct para 6.086,82 pontos, com 9 títulos em alta, 9 em queda e 2 inalterados, tendo-se negociado 42,5 milhões de acções ou 72,8 ME, na NYSE Euronext Lisbon .Os analistas técnicos do BPI assinalam os 6.175 pontos como próximo nível de resistência e o próximo suporte nos 5.921 pontos, explicando que “o recente dinamismo comprador de curto prazo levou à aproximação de uma importante zona de resistência”.”Perante sinais de tomada de proveitos nos actuais níveis, seja vendedor se os valores de resistência apontados não forem postos em causa”, acrescentaram.* A Galp Energia ganhou 3,33 pct para 14,91 euros, em linha com os ganhos das petrolíferas europeias, apesar da quebra de 2,4 pct nas suas vendas de produtos petrolíferos refinados para 4,3 milhões de toneladas, entre Julho e Setembro últimos.Os analistas realçaram que a cotação da Galp deverá ficar imune a este ‘trading update’ “ligeiramente negativo, já que os investidores continuam entusiasmados com a prevista venda de activos no Brasil.* A Jerónimo Martins valorizou 2,03 pct para 12,82 euros, a beneficiar de recomendações favoráveis, a antecipar mais um conjunto positivo de resultados e com os investidores à espera do Investor Day onde deverá divulgado o terceiro país de expansão para o grupo.* A Brisa subiu 2,24 pct para 2,557 euros, a Portugal Telecom ganhou 0,38 pct para 5,31 euros enquanto a EDP caiu 0,16 pct para 2,464 euros.* A banca nacional impediu maiores ganhos do índice, com o BPI a descer 1,51 pct para 0,653 euros, o Banco Espírito Santo (BES) a perder 0,53 pct para 1,89 euros, o Banif caiu 1,06 pct para 0,373 euros e o Millennium bcp fechou inalterado nos 0,17 euros. O índice europeu DJ Stoxx para o sector cai 0,53 pct.* O euro ganha 0,52 pct para 1,3844 dólares, suportado na expectativa que os líderes europeus estejam prestes a acordar um plano de combate à crise da dívida.* O contrato do barril de brent para Novembro LCOc1 sobe 2,8 pct para 114,22 dólares e o de crude CLc1 ganha 2,78 pct para 86,57 dólares, a beneficiar também de uma resolução para a dívida europeia e do aumento das vendas a retalho nos EUA. (Por Patrícia Vicente Rua)

* Q3 rev $403.2 mln vs est $404.2 mln* Sees Q4 rev $350-$370 mln vs est $397 mlnOct 13 (Reuters) - Fairchild Semiconductor posted weaker-than-expected third-quarter sales, hurt by soft demand at its computing and consumer markets and forecast fourth-quarter revenue well below expectations.Last month, the company, which makes analog chips for PCs, mobile phones and automobiles, had lowered its third-quarter sales expectations, citing slowing orders for consumer and computing chips.In the last few months, technology companies have raised concerns about weak consumer spending, especially in the personal computer market, hurt by a global economic slowdown and rising unemployment.According to Gartner, PC shipments grew 3.2 percent in the third quarter, well below the 5.1 percent projected by the research firm earlier.For Oct-Dec, Fairchild expects revenue of $350-$370 million. Analysts were looking for sales of about $397 million, according to Thomson Reuters I/B/E/S.Third-quarter net profit was flat at $35.8 million, or 28 cents a share.Excluding items, Fairchild earned 34 cents a share, above estimates of 32 cents a share.Adjusted gross margin fell 50 basis points to 36 percent.July-Sept revenue fell 3 percent to $403.2 million, compared with expectations of $404.2 million.Shares of the company closed at $12.24 on Wednesday on the New York Stock Exchange.

* Lawmakers in Slovakia struck a deal on Wednesday to ratify a plan to bolster the euro zone’s rescue fund by Friday, effectively ending a crisis that had threatened the currency’s main safety net. Slovakia is the only country in the 17-nation bloc left to approve the revamp of the fund.* Adding to the sense of urgency, the President of the European Commission, Jose Manuel Barroso, said Europe needed to take decisive action on Greece and outlined a broad plan to contain the debt crisis.* Ten-year notes nudged up 3/32 in price to yield 2.047 percent , barely changed from late U.S. levels. The 10-year yield was not far from a six-week high of 2.2710 percent marked at one point on Wednesday.* The improvement in risk sentiment diminished the appeal of benchmark 10-year Treasury notes at Wednesday’s $21 billion auction, attracting weak demand with the yield above pre-auction rates. The bid-to-cover ratio, a gauge of demand which compares total bids with the amount offered, was 2.86, the weakest since November 2010.* Support for 10-year Treasuries lies at roughly 2.3 percent, near a series of daily peaks hit in late August to early September. In addition, the 38.2 percent retracement of a July to September rally in 10-year notes lies near 2.266 percent.* The Treasury department will sell 30-year bonds at 1700 GMT. It will announce weekly 3- and 6-month bill sales, along with 52-week bill and 30-year TIPS sales, at 1500 GMT.* Traders said they did not want to take more aggressive bets ahead of a major EU summit on Oct. 23, where hopes are mounting that euro zone authorities will unveil a comprehensive strategy to fight the region’s debt crisis.

“Lion knows that Burkle isn’t going to be a passive debt holder like BofA — he’s an aggressive investor who is ultimately looking for control,” the NY Post quoted a source briefed on the talks as saying.American Apparel has been dealing with a long-running sales slump.The Los Angeles-based clothing chain is in talks to raise money from several parties, Bloomberg has reported. The company owes Lion Capital about $83.8 million in debt, Women’s Wear Daily has reported.

Weather data showed available wind power on Wednesday will drop from around a maximum 8,000 MW of capacity usage — the installed total wind power is 27,000 MW — toward around 3,000 MW at the end of the day and to very low output on Thursday, Friday and Saturday.Thermal output in Germany was also curbed by some problems at RWE’s brown-coal and gas-fired generation blocks at the Frimmersdorf and Weisweiler sites, according to notices on its website.At the same time, temperatures are dropping in Germany, boosting demand in Europe’s largest economy. Temperatures in France remain warm for the time of year in Southern France and mild in the northern part of the country for the time being.There was no impact from a French strike on electricity prices after the CGT union said there had been no power capacity cuts and a limited number of strikers taking part in a national day of protest against austerity measures.The CGT union said workers from the electricity and power sectors would stage their own day of action on November 17. In the previous sector strike on September 22, the impact was also minimal.”If the CGT continues to call for strikes that have no impact, they will soon lose their credibility,” one trader said.French power grid RTE said the 900-MW Saint-Laurent 2 nuclear reactor, which stopped late on Monday for an unplanned outage, would restart on Wednesday.Along the curve, Germany’s Cal ‘12 baseload was steady at 56.10 euros, having mainly traded in a narrow range of 55.90 to 56.20 throughout the day and failed to break out higher. The French contract was up 35 cents at 55.00 euros.Oil was slightly lower near $109 amid cautious optimism that European banks may avert a financial crisis after leaders promised a plan to resolve the region’s debt woes.