Why not just wait for the iPad 3?
Michael Babad
RTGAM






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Apple eats its young
By all accounts, the second version of the iPad is more than living up to the hype. It's thinner, faster, comes with cameras, and it's going on sale incredibly fast.

The thing about the folks at Apple Inc. , though, is how they eat their young. Just as the iPod Nano got progressively smaller and able to hold much more, so too comes the rollout of the iPad 2.

Why not wait for the iPad 3? Because then there will be an iPad 4.

While anyone who recently bought one of the tablet computers is already so last year, shareholders, as always with Apple, should applaud the speed with which the tech giant moves ahead of its competition.

While other tablets are on the market, Apple already now has its second version out there before the PlayBook from Research In Motion is on the shelves. Still, if you bought the first one, you might now be regretting not waiting a few months.

The iPad has been a wild success, selling triple the number forecast by analysts last year.

Almost as hot as the unveiling of the iPad 2 in San Francisco today was the reception to the surprise appearance of Steve Jobs, who's off on medical leave. He got a standing ovation and the company's stock climbed in response.

Globe and Mail technology writer Omar El Akkad is reporting live from San Francisco.



Libya warns of $130 oil
Oil prices climbed again today as a Libyan oil executive warned crude could hit $130 (U.S.) a barrel as the violence escalates.

Shokri Ghanem, chairman of the country's National Oil Corp., told Reuters in an interview that production has dropped in Libya to between 700,000 and 750,000 barrels a day from its normal 1.6 million. Companies have suspended operations and foreign workers have fled the country. Oil rises as Libya warns of $130 crude



Governments move against Gadhafi
Governments around the world are scrambling to freeze the billions of dollars of assets of the Gadhafi regime, and have ordered monetary authorities to be on the lookout for suspicious transactions as the violence in Libya escalates.

The U.S. Treasury Department, for example, said yesterday it has seized at least $30-billion (U.S.) in Libyan assets under an order issued by President Barack Obama to seize the holdings of Moammar Gadhafi and four of his children, and those of the government and agencies that include the central bank and the country's sovereign wealth funds.

"These U.S. efforts come alongside a series of recent actions by the international community," said David Cohen, the Acting Under Secretary for Terrorism and Financial Intelligence, citing a UN Security Council resolution to freeze such assets.

"We believe that substantial additional Libyan state-owned assets may be located outside the United States, particularly in Europe," Mr. Cohen added. "We further believe that Moammar Gadhafi and other family members designated by the United Nations Security Council may continue to exercise control over Libyan state-owned assets. Accordingly, as a matter of compliance with the UN Security Council's Resolution and as a means of preventing Gadhafi from diverting state assets towards illicit ends, we would urge global financial institutions to freeze all Government of Libya assets, including accounts held by the Central Bank of Libya and the Libyan Investment Authority."

In Canada, Ottawa also urged the banks to watch closely for transactions involving funds from Libya, Egypt and Tunisia. Canada has already frozen $2.3-billion (Canadian) in assets in the wake of the sanctions against the Gadhafi regime, The Globe and Mail's Campbell Clark, Tara Perkins and Grant Robertson report today. Banks told to scrutinize Egyptian, Tunisian and Libyan transactionsKleptocrats: The dictators' guide to amassing wealth



Egypt, Tunisia assets already frozen
What's the difference between a ruling despot and an ousted despot? Whether or not the Swiss freeze your money.

After Egyptian leader Hosni Mubarak was ousted, the Swiss froze his family assets.

Switzerland rightly froze the assets of the former Egyptian and Tunisian regimes to protect them for legitimate successor governments, but there remains something troubling about the fact that it takes a revolution against oppressive regimes before countries and bankers will take any steps.



Buffett orders big from Bombardier
Warren Buffett is giving a boost to Canada's Bombardier Inc. .

Mr. Buffett's NetJets Inc. has struck a deal to order up to 120 jets from Bombardier for $6.7-billion (U.S.) - that's a firm order for 50 and options on another 70 - in the biggest sale ever for the aircraft manufacturer.

"You'll have to wait until May to see it, but the new order book for Canadian manufacturing will advance on today's news that Montreal-based Bombardier is the winner behind an order for up to 120 plans by NetJets Inc.," said Scotia Capital economists Derek Holt and Gorica Djeric.

National Bank Financial analyst Cameron Doerksen boosted his stock price target to $7.50 from $7 after the deal was announced.

"This is the first time NetJets, the largest fractional jet operator in the world with a fleet of over 800 planes, has ever ordered jets from Bombardier," he said. "It is a strong endorsement of Bombardier's global family of high-end business jets." Bombardier lands its biggest business jet order with Warren Buffett's NetJets



Analysts boost BMO
Analysts are boosting their price target on shares of Bank of Montreal after its first-quarter earnings yesterday and its decision to scale back an equity issue to $400-million from $800-million related to its proposed acquisition of U.S. bank Marshall & Ilsley Corp.

Desjardins Securities analyst Michael Goldberg pushed up his target to $70 from $68, while UBS Securities Canada analyst Peter Rozenberg boosted his to $66 from $65.

"We see BMO making good progress in its current operations and view the MI acquisition as a positive, significantly strengthening its U.S. P&C banking franchise," Mr. Goldberg said.

Added Mr. Rozenberg: "Overall, we viewed the results positively consistent with moderate growth, improving credit trends, and higher, but more uncertain capital market revenues, due to a cyclical rebound." BMO to slash share offering in half



Rosenberg praises the loonie
David Rosenberg, the notably bearish chief economist of Gluskin Sheff + Associates, is happy about something: The Canadian dollar . He points out today that he couldn't stop at 10, so he cites 15 reasons to love the loonie: Better economic growth in Canada than in the U.S., without the need for stimulus.A responsible Bank of Canada that is "limiting growth in its balance sheet."A better fiscal backdrop.A "more conservative political environment."Triple the exposure to raw material than the U.S."Investors get 115 basis points premium over Treasuries at the front end of the government yield curve."Canada is in the top 15 of global oil exporters, while the U.S. is the top importer.The divident yield on the S&P/TSX is 2.36 per cent, compared to 1.82 per cent for the S&P 500 .Canada's housing market is "in balance" in most major areas, with no foreclosure sales in the pipeline."Inflation is low and stable with minimal risk of deflation."Business spending is the large driver of the recovery.Corporate tax rates are on a "sliding scale down."Immigration and capital flows are at record levels.Vancouver is rated the top city in the world to live.Canada boasts a "stable banking system with consistent dividend growth."



Boyd Erman's Morning Meeting
GMP Capital Inc. reported a 39-per-cent jump in fourth-quarter revenue as capital markets set a record. Profit almost doubled, enabling GMP to boost its dividend by a third to 8 cents a share per quarter, Streetwise columnist Boyd Erman reports today. GMP boosts dividend



In Economy Lab today

Want to get in on the hottest economic story in the industrial world? Then start loading up on Swedish krona, Brian Milner reports today. How Sweden emerged as Europe's big winner

What investors and firms need is access to well-regulated capital markets; the location of the head office of a stock exchange only matters to the people who work there, economist Stephen Gordon writes. What's a true strategic asset? A stable regulatory regime

ADP's February employment report shows another big gain in hiring: 217,000 positions on a seasonably adjusted basis, compared with an upwardly revised 189,000 in January, Globe and Mail Washington correspondent Kevin Carmichael reports. A number above 200,000 is what is needed to outpace increases in the labour force, and therefore lower the unemployment rate. Is the U.S. finally on the cusp of a jobs surge?



In Personal Finance today

In this week's Cash Clash, a Calgary playwright and grad student want to start a family and buy their first home, but can they afford it? Financial expert Kelley Keehn weighs in. We're living in a basement. Should I get a full-time job?

If you're in the market for a new card and have good credit, the potential benefits have never been better. Five new ways credit card companies are wooing new car holders

Insurance is a necessary expense. Learn the top tricks for saving money on your policies. Six ways to save on insurance



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