Nowotny Says S&P Favors Fed
European Central Bank Governing Council member Ewald Nowotny said Standard & Poor
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January 16, 2012
January 9, 2012
Banks Can Breach Basel Liquid-Assets Rule During Crises - Bloomberg
Banks will be allowed go below minimum liquidity levels set by global regulators during financial crises to avoid cash-flow difficulties.
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January 4, 2012
January 3, 2012
December 27, 2011
Labor to launch attacks on Republicans in benefits fight
Labor unions on Wednesday ramped up the pressure on Republican lawmakers to approve a Senate plan that would extend jobless benefits for millions of unemployed Americans.
Congress is deadlocked over how to provide the relief after Republicans in the House of Representatives on Tuesday scuttled a short-term measure that had been approved in the Senate with overwhelming Republican and Democratic support.
Most House Republicans voted against the Senate bill, which would extend by two months long-term jobless benefits and a payroll tax cut for 160 million Americans.
“We’ll be hitting them in the media in their home districts,” said labor union umbrella group AFL-CIO spokeswoman Amaya Tune. “We’ll continue to look at what ways we can shame Republicans for this horrible vote,” she said.
Republicans refused to approve the Senate bill, saying they wanted to work on a full-year extension — a plan Democrats support but have failed to broker because the sides disagree on how to cover the costs.
If Congress fails to extend jobless benefits, nearly 700,000 people would lose them by the second week of January and nearly 2.2 million would be cut off by mid-February, according to the Labor Department. Some 13 million Americans are unemployed, of whom nearly 6 million have been without a job for more than a year cash advance loans.
The AFL-CIO, the largest U.S. labor group, and other advocacy groups such as Working America, the Philadelphia Unemployment Project and the National Employment Law Project are gearing up to push Republicans to vote on the two-month deal.
“We are going to challenge those representatives to get back to work and put these fixes in,” said Mark MacKenzie, president of the AFL-CIO’s New Hampshire office.
The National Employment Law Project is mobilizing thousands of its constituents from unemployed Americans to community advocates to call Republican lawmakers.
“This is pressure on leadership first and foremost but really it is on everybody. Get back here and pass the bill,” said Judy Conti, the federal advocacy coordinator for the project.
Other labor organizers are planning a protest outside Republican House Speaker John Boehner’s office in Ohio later this week.
It was unclear how lawmakers would resolve their differences before the December 31 deadline. Democrats have refused to start negotiating a full-year extension until Republicans pass the Senate’s short-term measure. Republicans have proposed cutting long term benefits from 99 weeks to 59.
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November 21, 2011
Big payouts from startups excite Silicon Valley
Everyone dreams of striking it rich _ and what they would do with such a windfall. A new house? A fancy car? Maybe designer clothes selected by a personal shopper.
For some in Silicon Valley, those wishes may soon come true.
As restrictions on selling stock are lifted at a handful of sizzling startups, early investors and employees are preparing for big payouts.
What they do with their riches is anyone’s guess, but luxury retailers and wealth managers say they’re expecting a bump in business and have been preparing for this new crop of Internet millionaires.
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November 8, 2011
Stocks push higher; Dow regains the 12,000 mark
A late rally pushed the Dow Jones industrial average back above 12,000 Monday as investors responded to the latest twists in Europe’s efforts to control its debt crisis.
U.S. indexes were down for much of the day on worries that Italy could become the next country to run into trouble. Stocks turned higher after 2 p.m. Eastern on news that Greece would receive the latest installment of emergency aid as long as the country’s two main parties commit to implementing economic reforms agreed to by the country’s previous government.
Investors again reacted to whatever was the latest headline out of Europe. The region’s problems have been offsetting optimism about strong corporate earnings in the U.S. and signs of improvement in the economy.
“Every day it seems like it’s the butting of heads between whatever the latest rumor is out of Europe with good economic data and corporate earnings,” said Karyn Cavanaugh, a market strategist with ING Investment Management. “It’s overshadowing the fact that earnings are on track to be the best year ever.”
The Dow rose 85.15 points, or 0.7 percent, to close at 12,068.39. The Dow closed near its highest point of the day and had been down as many as 102 points shortly after midday. Hewlett-Packard Co. rose 3.4 percent, the most of the 30 stocks in the Dow.
The Standard & Poor’s 500 index rose 7.89, or 0.6 percent, to 1,261.12. Last week the S&P had its first down week since September. The Nasdaq rose 9.10, or 0.3 percent, to 2,695.25.
Worries that Italy could become the next victim of Europe’s debt crisis kept investors uneasy.
Italy’s borrowing rates spiked Monday to the highest level since the country adopted the euro. Unlike Greece, Portugal or Ireland _ all of which received financial lifelines _ Italy has too much debt to be rescued by its European neighbors. Prime Minister Silvio Berlusconi has rejected suggestions that he resign to make way for more cost-cutting.
In Greece, the two main political parties agreed over the weekend to share power in a new government after George Papandreou said he would step aside as prime minister. European finance officials agreed to release the next slice of bailout money to Greece as long as leaders of the parties agree in writing to carry out austerity measures required by international lenders.
The payment has been delayed by two months and is needed to avoid a potentially disastrous default on the country’s debt, which would roil financial markets and cause losses for European banks.
The worries over Europe’s debt problems lifted the prices of assets seen as safe havens. The yield on the 10-year Treasury note fell to 2.01 percent from 2.04 percent late Friday. Bond yields fall when their prices rise, reflecting an increase in demand. Gold rose 2 percent.
In corporate news:
_ Amgen Inc. rose 5.9 percent to $58.43, the most in the S&P 500 index, after the biotech drugmaker said it would buy back up to $5 billion of its stock.
_ Dish Network Corp. rose 5 percent to $24.66 after the satellite TV provider announced a special $2 per share dividend and a 30 percent increase in net income.
_ Home Depot Inc. rose 2.6 percent to $37.34 after getting upgraded by analysts.
Rising stocks slightly outnumbered falling ones on the New York Stock Exchange. Volume was lighter than average at 3.4 billion shares.
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October 27, 2011
Contracts to buy homes fell 4.6 percent in Sept.
The number of Americans who signed contracts to buy homes fell for the third straight month in September after the spring-and-summer peak buying season failed to entice new buyers.
The National Association of Realtors says its index of sales agreements fell 4.6 percent last month to a reading of 84.5.
A reading of 100 is considered healthy. The last time the index reached that high was in April 2010, the final month that buyers could qualify for a federal tax credit that has since expired cash advance no fax.
Contract signings are usually a reliable indicator of where the housing market is headed. There’s typically a one- to two-month lag between a contract and a completed deal.
But the Realtors group said a growing number of buyers have canceled contracts.
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October 24, 2011
World stocks jump as Asian data shows resilience
World stock markets jumped Monday, buoyed by resilient economic indicators from Asia’s two biggest economies and hopes of progress in resolving Europe’s debt crisis.
Oil prices rose above $88 a barrel. The dollar fell against the euro but rose against the yen.
European shares advanced in early trading. Britain’s FTSE 100 gained 0.4 percent to 5,512.34 and Germany’s DAX added 0.9 percent to 6,021.92. France’s CAC-40 rose 0.5 percent to 3,188.44. Wall Street was headed for another day of gains, with the Dow Jones industrial average 0.3 percent higher at 11,795 and S&P 500 futures gaining 0.3 percent to 1,238.30
Asian shares posted solid gains earlier in the day as economic data from Japan and China showed a measure of strength.
Japan’s Nikkei 225 index added 1.9 percent to close at 8,843.98 after the government said exports grew for a second straight month in September. The country’s trade suffered a five-month decline in the wake of the March 11 earthquake and tsunami that devastated northeast Japan.
Mainland Chinese shares rose after HSBC said its preliminary China Manufacturing Purchasing Managers Index, which measures industrial production, rose to 51.1 in October from 49.9 in September. A result above 50 indicates expansion but the preliminary indicator is often subject to substantial revision.
The Shanghai Composite Index was 2.3 percent higher at 2,370.33 and the smaller Shenzhen Composite Index climbed 1.9 percent to 977.03.
Hong Kong’s Hang Seng soared 4.1 percent to 18,771.82 and South Korea’s Kospi shot up 3.3 percent to 1,898.32. Benchmarks in Singapore, Taiwan, Australia, India, Indonesia and the Philippines were also higher.
In Europe, leaders are to meet Wednesday to hammer out a concrete resolution to the region’s debt problems, including ways to fortify the euro 440 billion ($600 billion) bailout fund to help prevent larger economies that use the euro common currency, such as Italy, from being dragged into the crisis.
Weeks of intensive discussions by European leaders have so far failed to produce a decisive outcome.
“Markets will remain nervous ahead of Wednesday’s EU summit, hoping that officials can settle their differences and emerge with a concrete solution credit report. In this respect, the risk of disappointment is high,” Credit Agricole CIB said in a research note.
South Korean constructions shares rose on expectations that the death of Libyan leader Moammar Gadhafi would lead to the resumption of construction projects in the North African country, Yonhap News Agency reported. Daewoo surged 5.5 percent. Hyundai Heavy Industries jumped 7.3 percent.
Chinese banking shares soared ahead of earnings reports to be released this week, analysts said. Hong Kong-listed Agricultural Bank of China jumped 8.5 percent, and Industrial and Commercial Bank of China, the world’s largest bank by market value, gained 5.5 percent.
Linus Yip, strategist at First Shanghai Securities in Hong Kong, said speculative investors appeared to be scooping up what were thought to be bargain-priced Hong Kong stocks.
“Today, there is some bargain-hunting for sectors like the Chinese insurance sector and Hong Kong property,” he said. Hong Kong-listed Ping An Insurance gained 6.9 percent. China Overseas Land & Investment Ltd. was up 9.3 percent.
In the U.S. on Friday, enthusiasm for stocks was on the upswing amid some positive third-quarter earnings reports from U.S. companies, which come despite a weak economy. Among S&P 500 companies reporting so far, seven out of ten have posted higher profits than expected.
The Dow Jones industrial average jumped 267.01 points, or 2.3 percent, to 11,808.79. The Dow is now up 2 percent from where it started 2011. Before Friday’s surge, it was down for the year. The Dow has risen for four weeks straight, the first time that has happened since January.
In currencies, the euro rose to $1.3889 from $1.3864 Friday in New York. The dollar rose to 76.22 yen from 76.12 yen.
Benchmark crude for December delivery was up 96 cents at $88.35 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.33 to settle at $87.40 in New York on Friday.
Brent crude was up 74 cents at $110.30 a barrel on the ICE Futures Exchange in London.
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