Tax Scam Alert: IRS Warns of Fake Communications, Phishing

The IRS is calling for taxpayers to be alert for scammers who may try to contact them by e-mail, phone, fax or regular letter, pretending to be from the IRS, according to an announcement on Wednesday.

The IRS warns that, “Many of these scams fraudulently use the Internal Revenue Service name or logo as a lure to make the communication more authentic and enticing." In the form of fake IRS e-mail, this is known as phishing.

The goal of these scams is to trick clients into revealing information such as numbers for bank or investment accounts, Social Security, credit card or PIN numbers, or other confidential information. Scammers use the information to commit identity theft, or to steal money from clients, the IRS said.

What to Do: Verify 

Make sure clients know not to supply any personal information until they are sure a request is legitimate. The IRS wants taxpayers to know how to respond if they receive a suspicious call, email, fax or letter, and said this in its announcement: 

1. The IRS doesn’t ask for detailed personal and financial information like PIN numbers, passwords or similar secret access information for credit card, bank or other financial accounts.
2. The IRS does not initiate taxpayer communications through e-mail and won’t send a message about your tax account. If you receive an e-mail from someone claiming to be the IRS or directing you to an IRS site:
   
   • Do not reply to the message.
   • Do not open any attachments. Attachments may contain malicious code that will infect your computer.
   • Do not click on any links. If you clicked on links in a suspicious e-mail or phishing website and entered confidential information, visit the IRS website and enter the search term 'identity theft' for more information and resources to help.
3. The address of the official IRS website is http://www.irs.gov. Do not be confused or misled by sites claiming to be the IRS but ending in .com, .net, .org or other designations instead of .gov. If you discover a website that claims to be the IRS but you suspect it is bogus, do not provide any personal information on the suspicious site and report it to the IRS.
4. If you receive a phone call, fax or letter in the mail from an individual claiming to be from the IRS but you suspect they are not an IRS employee, contact the IRS at 1-800-829-1040 to determine if the IRS has a legitimate need to contact you. Report any bogus correspondence.
5. You can help shut down these schemes and prevent others from being victimized. Details on how to report specific types of scams and what to do if you’ve been victimized are available at http://www.irs.gov, keyword ‘phishing.’

If a client suspects that they have been contacted by a scammer, they can report them to phishing@irs.gov, or go to Instructions for submitting phishing e-mails to IRS.

For the full announcement with details from the IRS website, please go to: http://www.irs.gov/newsroom/article/0,,id=202394,00.html

Newmont Mining hit on fiscal 2012 guidance

Gold, silver and stock markets were in a positive mind-set early Tuesday, shrugging off eurozone debt concerns, as well as France and Austria losing their AAA credit ratings from Standard & Poor’s. Investors and traders were focused on positive reports on German and northeast regional U.S. manufacturing, a healthy auction of French treasury bills and China reporting slightly higher-than-expected Q4 GDP.

Spot gold was trading 1% higher Tuesday morning, with a bid price of $1,659.20 per ounce and an ask price of $1,660.20. Spot gold traded as high as $1,665.90 and as low as $1,655.20. The London afternoon reference price fix came in at $1,656, $21.50 per ounce higher than last Friday’s reference price, according to Kitco market data.

Newmont Mining (NYSE:NEM) shares were down more than 3% following management’s latest guidance on 2012 production of gold and copper.

Spot silver was up over 1.55%, bid at $30.44 per ounce with an ask price of $30.54. The morning high as of time of writing was $30.69 and the low was $30.07. Friday’s reference price was set at $30.41 in the London a.m., 77 cents per ounce higher than last Friday’s price fix.

Market participants were prone to downplay S&P’s latest credit rating downgrades and negative watch outlooks. Boosting optimism was a smooth auction of French T-bills and a strong KZW report on economic sentiment, which jumped 32.2 points to -21.6 in January, its highest level since July 2011, according to a Wall Street Journal report. Also, although China reported that year-to-year Q4 GDP growth fell to its lowest level in more than two years, the 8.9% print was better than expected.

The load weighi! ng on ma rkets was lifted further with the release of the New York Federal Reserve’s January Empire State Manufacturing Survey, which indicated that manufacturing activity expanded in the state. The general business conditions index rose five points to 13.5 on a monthly basis, while employment indices were positive and higher.

Gold bullion prices rose to a five-week high in London morning trading Tuesday, and silver bullion rose to last week’s two-month high above $30.50, BullionVault reported in its London Gold Market Report.

“Gold price action is becoming increasingly indifferent to physical trade and far more susceptible to broader market headwinds,” says a note from Japanese trading house Mitsui’s London office.

Gold and silver trusts were showing strong gains on U.S. exchanges.

• The SPDR Gold Trust (NYSE:GLD) was showing gains of around 1.4%.
• The iShares Gold Trust (NYSE:IAU) also was up nearly 1.4%.
• The iShares Silver Trust (NYSE:SLV) was up more than 2.4%.

The junior gold and silver mining ETFs also were moving higher, though the Market Vectors Gold Miners ETF (NYSE:GDX) was showing losses.

• The Market Vectors Gold Miners ETF was down about 0.6%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up around 1.6%.
• The Global X Silver Miners ETF (NYSE:SIL) was up over 2%.

Gains in gold mining shares were muted, and shares of Newmont Mining were down sharply based on its latest fiscal 2012 guidance on gold and copper production.

• Agnico-Eagle Mines (NYSE:AEM) was showing losses of some 1.1%.
• Barrick Gold (NYSE:ABX) was down around 0.15%.
• Eldorado Gold (NYSE:EGO) was up 1.5%.
• Goldcorp (NYSE:GG) was up more than 0.6%.
• Newmont Mining was down more than 3%.
• Nov aGold Resources (AMEX:NG) was up about 0.3%.
• Yamana Gold (NYSE:AUY) was trading flatly.

Silver mining shares were up Tuesday.

• Coeur d’Alene Mines (NYSE:CDE) was moving higher, up some 1.35%.
• Hecla Mining (NYSE:HL) was up around 2.35%.
• Pan American Silver (NASDAQ:PAAS) was up around 2.5%.
• Silver Wheaton (NYSE:SLW) was showing gains of 1.5%.
• Silver Standard Resources (NASDAQ:SSRI) was up 1.35%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

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According to several media accounts former Hewlett-Packard (NYSE: HPQ) Mark Hurd has settled sexual harassment charges brought by a former contractor with the company. The amount of the settlement was not disclosed. HP paid no money.

Hurd’s associates also said he did nothing wrong because he met the woman in the normal course of business and one of his assistants filed expenses for these meetings often not knowing who was in attendance.

It sounds thin.

Douglas A. McIntyre

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How to Buy 43 "Off Limits" Chinese Dividend Stocks

Chinese stocks have soared this year on the wave of upbeat news coming out of the country, which has also boosted the benchmark Shanghai Composite Index by +48.3% since the start of the year. That's more than three times the +15% rise for the S&P 500.

After such a huge run up, the index may be ready for a breather. And a short-term pullback may provide just the entry opportunity long-term income investors have been waiting for.

But there's one not-so-small problem...

Foreign investors like you and me can't invest in most of the companies listed on either of mainland China's two main stock exchanges -- the Shanghai or the Shenzhen. Only domestic Chinese investors and some select foreign institutions can.

 

However, there is a loophole whereby foreign investors can access the normally "off limits" market and 43 of its most steady dividend payers.

"H" Shares for Mainland China Dividend Payers
The key to capturing yields from China lies with an island only one-third the size of Rhode Island: Hong Kong. Unlike the Shanghai and Shenzhen, the Hong Kong Exchange is open to foreigners. Moreover, a class of so-called "H" shares that trade on this exchange give foreign and U.S. investors access to mainland Chinese companies.

"H" shares are shares of a company incorporated in the Chinese mainland but listed on the Hong Kong Exchange. Many of these companies also trade as "A" shares on Shanghai or Shenzhen, which are off limits to foreigners, so the "H" shares are one way you can play the mainland.
If steady income is what you're after, some of these "H" shares are likely your cup of tea. The Hang Seng China Enterprises Index, or H-Share Index, includes some of mainland China's biggest banks, oil companies, and telecom providers that churn out steady cash flow and dividend payouts. These name! s includ e Industrial and Commercial Bank of China, PetroChina, and China Life Insurance -- about 43 companies in all.

Like all shares that trade on the Hong Kong Exchange, "H" shares trade in Hong Kong dollars. You can trade "H" shares directly on the Hong Kong exchange if you open an international account with a broker with an international desk. Interactive Brokers and E-Trade are two brokers that offer international trading desks for easy access to Hong Kong markets.

How to Invest Directly in China Without an International Account
Some of these 43 companies also trade as American depository receipts (ADRs) on the Big Board.

But if you limit yourself to a major U.S. stock exchange, you'll miss out on some of the leading players in China's growth story -- companies like Industrial and Commercial Bank of China (ICBC) (Hong Kong: 1398), one of the world's largest banks by market cap.

Conversely, there are a number of U.S.-traded funds that buy the "H" shares directly, so you get the best of both worlds. I brought one of these funds to the attention of my High-Yield International readers last month when it yielded 11.9%. (I understand many investors have some apprehension about buying stocks on foreign exchanges, so whenever possible I do my best to offer international high-yield ideas that also trade in the U.S.)

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European Stocks Gain for Fourth Straight Week on Spain, Italy Debt Sales

European stocks rose for a fourthweek, the longest winning streak since October, as decliningborrowing costs at sales of Italian and Spanish debt outweighedworse-than-forecast data on U.S. jobs and retail sales.

Royal Bank of Scotland Group Plc climbed the most in twoyears, leading gains in financial shares. UniCredit SpA, Italy��sbiggest bank, advanced 11 percent, rebounding from the previousweek��s 38 percent tumble. ING Groep NV, the largest Dutchfinancial-services company, rallied 11 percent. Retail stockssank the most since August as Tesco (TSCO) Plc plunged after reportingChristmas sales that missed analyst estimates.

The benchmark Stoxx Europe 600 Index increased 0.7 percentto 249.18 this past week, even after falling 0.1 percentyesterday on concern that rating companies may downgrade severaleuro-area countries. The gauge has advanced 1.9 percent in 2012as declining bond yields across Europe��s peripheral nationstempered concern that the region��s debt crisis is worsening.

��For all the talk of debt downgrades, the truth is thatbond auctions have shown that the most worrisome countries canaccess credit,�� said Francisco Salvador, a strategist at FGA/MGValores in Madrid. ��This has comforted investors.��

National benchmark indexes rose in 13 of the 18 westernEuropean markets. France��s CAC 40 climbed 1.9 percent andGermany��s DAX advanced 1.4 percent, while the U.K.��s FTSE 100Index fell 0.2 percent.

Debt Sales

Spain auctioned 10 billion euros ($12.7 billion) of bondsmaturing in 2015 and 2016 on Jan. 12, twice the maximum targetset for the sale. The yield on the three-year notes was 3.384percent, compared with 5.187 percent when the nation soldsimilar securities in December.

Italy issued 12 billion euros of Treasury bills, meetingits target as its borrowing costs plunged. The Rome-basedTreasury auctioned 8.5 billion euros one-year bills at a rate of2.735 percent, down from 5.952 percent at the last auction.

U.S. reports this week showed j! obless-b enefit claimsclimbed more than forecast while retail sales in December roseless than economists had projected. Germany, Europe��s largesteconomy, may be on the brink of recession after the economycontracted in the final quarter of 2011, according to anunofficial estimate from the Federal Statistics Office.

France and Austria face downgrades at Standard & Poor��s,government officials and people familiar with the matter saidyesterday. France will lose its AAA rating for the first time,Agence France-Presse reported. Italy��s credit rating was cut twolevels by S&P, a European Union official said.

Greek Talks

Talks between Greece and its creditor banks were put onhold after negotiations in Athens failed to yield an agreement.A proposal put forward by the steering committee representingfinancial firms has ��not produced a constructive consolidatedresponse by all parties,�� the Institute of InternationalFinance said.

The Stoxx 600 finished the week higher even after decliningon four of the five days. The gauge jumped 1.8 percent on Jan.10, the most in three weeks.

RBS rallied 18 percent this week. Britain��s biggestgovernment-owned lender is to cut about 4,800 jobs including3,500 at the investment bank as it jettisons unprofitable units,citing volatile markets and the cost of new U.K. regulation.

UniCredit rose 11 percent. Analysts at UBS AG and CitigroupInc. recommended buying the shares after they fell to a recordlow on Jan. 9. Banca Popolare di Milano Scarl gained 15 percent,the most since September, and ING increased 11 percent.

Commerzbank Climbs

Commerzbank surged 16 percent. Germany��s second-largestlender plans to raise capital to levels required by the EuropeanBanking Authority without asking taxpayers for aid, said twopeople with knowledge of the matter.

The EBA may this year postpone the annual stress test forbanks usually published in July, Handelsblatt reported.

Rio Tinto Group led mining companies higher as copperadv! anced. T he shares added 7.5 percent, the most in more than amonth. Vedanta Resources Plc climbed 7.9 percent.

Retail stocks posted the biggest decline on the Stoxx 600this week. Tesco plunged 19 percent in London trading as theU.K.��s biggest supermarket chain canceled predictions for 10percent earnings growth in the 2013 financial year. Smallerrival J Sainsbury Plc dropped 4.9 percent.

Home Retail Group slid 7.8 percent after the owner of theArgos and Homebase chains forecast a drop in annual profit andsaid it plans a ��significant�� dividend cut.

Delhaize Group fell 7.7 percent in Brussels trading, themost since August. The Belgian owner of the U.S. Food Lionsupermarkets reported sales that missed analysts�� estimates andsaid it will close 146 unprofitable stores.

Metro AG, Germany��s largest retailer, declined 6 percentafter UBS cut the stock to ��sell�� from ��neutral��.

Elsewhere, Repsol YPF SA sank 6.2 percent after Spain��sbiggest oil company sold 1.39 billion euros of shares at the lowend of a pricing range.

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U.S., Overseas Stocks Rise, Gold Slips

On tonight’s MAD MONEY on CNBC, Jim Cramer came out calling for a move toward being ultra-defensive in what he said is a bear market and fed-mandated recession (here’s our own 2008 defensive stocks with a value mix, although these aren’t all stocks you can just buy and hold) in a brutal market where you main goal has to be capital preservation.  Cramer said this is a vicious overreaction to the downside on Intel in after-hours trading.

One sector that Cramer said is very defensive that can still work is a diagnostics company.  One company that has no government reimbursement risk is in pet care and was up today.  IDEXX Laboratories (NASDAQ:IDXX) is his pick.  He thinks you should wait for a pullback and not buy it tomorrow, but it is a buy according to him.  It also has coming catalysts as a replacement for its blood and urine testing and its sales seem stable.  It has come down from highs and he thinks there could be some estimate bump ups on the stock.  IDEXX Labs (IDXX) shares closed up 1.56% today at

Last night on MAD MONEY Cramer also came out and said he was evaluatingEMC Corp. (NYSE: EMC) as his oversold and overlooked tech pick.  Here was his 2007 active list that is still active for 2008 and still has relevance to his calls today.

Jon C. Ogg
January 15, 2008

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Chinese oil producer CNOOC Ltd. (NYSE:CEO) reported annual profits for 2008 of $6.5 billion, up 42% from 2007. EPS was about $0.15. Production was up 14%, to 195.4 million barrels of oil equivalent.? CNOOC noted that it’s all-in per barrel costs for 2008 equaled $19.78, and that the company’s average selling price for crude was $89.39/barrel.

The company’s cost reflect the cost advantages of drilling in the shallow (less than 500 feet) of waters of China’s Bohai Bay.

The company noted that its reserves replacement ratio fell to 60% in 2008, but that its “organic” replacement ratio was 111%. CNOOC has benefitted from new discoveries this year [http://247wallst.com/2009/03/19/chinese-expand-oil-drilling-ceo-cop/], but how these replacement ratio numbers work out is somewhat mysterious.

Still, compared to rival Chinese oil company China Petroleum & Chemical Corporation (NYSE:SNP), or Sinopec, CNOOC’s annual earnings look good. CNOOC does no refining, while Sinopec is China’s largest refiner. That’s what made the difference. Refining in China is a losing game because the government sets the retail price. E&P companies, like CNOOC, avoid that.

CNOOC shares are off about 52% from a 52-week high of $206.79. There’s been no pre-open action on the shares this morning.

Paul Ausick
March 31, 2009

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Non-gold miner stocks boost Canadian market

Canadian stocks rose Friday as strength in the non-gold mining and industrial sectors overcame lower gold prices and weak jobs data.

Shares of Teck Resources Ltd. CA:TCK.B ?closed up 2.1% and Ivanhoe Mines Ltd. CA:IVN ? shares rose 3.5%. Shares of Lundin Mining Corp. CA:LUN ?rose 3.3% following reports that it acquired a 15.4% stake in Salazar Resources Ltd.

The S&P/TSX Composite Index CA:$ISPTX ?rose 0.2% with the heavily-weighted S&P/TSX Capped Diversified Metals and Mining Index XX:TTMN ?up 2%.

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U.S. companies posting higher profits, paying little

U.S. companies are booking higher profits than ever. Yet corporate tax receipts as a share of profits are at their lowest level in at least 40 years. Damien Paletta report. Photo: AFP.

Just behind that, the S&P/TSX Capped Industrials Index XX:TTIN ?rose 1.2% as shares of Canadian National Railway Co. CA:CNR ?gained 0.9% and Canada Pacific Railway Ltd. CA:CP shares advanced 2.3%.

!

The broader market managed to keep its head above water after the Canadian government said the unemployment rate rose to 7.6% from 7.5%, and fewer than expected jobs were added to the economy.

��January��s dismal employment gain and rise in the unemployment rate are further signs that the economy ended last year on a weaker footing,�� David Madani, an economist with Capital Economics, wrote in a research note. ��Given the headwinds confronting Canada��s economy, we doubt economic growth is about to rebound significantly anytime soon. As such, we think more monetary policy stimulus will soon be needed.��

In comparison, the U.S. added 243,000 jobs in January and unemployment fell to 8.3% from 8.5%. The Canadian dollar USDCAD ?rose against its U.S. counterpart with the greenback buying 99.30 Canadian cents, compared with 99.93 Canadian cents late Thursday.

Canada��s three largest banks also closed in positive territory, with shares of Royal Bank of Canada CA:RY , Toronto-Dominion Bank CA:TD ?and Bank of Nova Scotia CA:BNS ?all finishing up 0.5% or more.

The major drag on the broader market was gold mining stocks as gold prices for April delivery GC2J ?settled down 1.8% at $1,727.90 an ounce on the New York Mercantile Exchange.

Shares of Barrick Gold Corp. CA:ABX ?dropped 2.3%, Goldcorp Inc. CA:G shares shed 2.9%, Yamana Gold Inc. CA:YRI ?shares fell 3.4%, and shares of Kinross Gold Corp. CA:K ?shed 1.7%.

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