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24 Nov 2009 00:17
, Nov 24 03:07, Nov 24 08:07, Nov 24 17:07China's Five Biggest Banks Said to Hand Capital-Raising Plans to Regulator China’s five largest banks submitted preliminary plans for raising capital to the industry regulator after they extended unprecedented amounts of new loans this year, according to four people with knowledge of the matter.
Asian Stocks Fall on Concern Banks to Increase Capital; Dollar, Yen Rally Asian stocks fell, led by Chinese and Japanese banks, on concern they will be forced to raise more capital. The dollar and the yen rose as investors pared bets on higher-yielding assets.
Fed Said to Ask Stress-Tested Banks to Submit Plans for Repaying U.S. Aid The Federal Reserve asked nine of the U.S. banks that were part of this year’s stress tests to submit plans for repaying the government’s capital injections, a person familiar with the situation said.
Gross Increases Total Return Fund Holdings of U.S. Debt to Five-Year High Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., increased his holdings of government-related debt to 63 percent, the highest proportion since July 2004.
Individuals Inundate Bear-Market Funds From JPMorgan to Pimco During 2009 JPMorgan Chase & Co. and Pacific Investment Management Co. are inundated with money from individuals attempting to mimic the performance of hedge funds speculating that the stock-market rally is over.
Israel 2017 Bond Yield Forecast to Rise to 4.8% on Fischer Rate Increases Israel’s benchmark bonds are poised to fall, pushing yields up as much as 0.4 percentage point, as the central bank persists in raising interest rates to curb inflation, according to Excellence Investments Ltd.
Obama Conducts Afghan War Strategy Session Before Decision on Extra Troops President Barack Obama conducted what may be his final strategy session on Afghanistan as he readies a decision on the next steps in the war that could come as early as next week, his spokesman said.
Philippines Declares State of Emergency After 22 Die in Political Violence Philippine President Gloria Arroyo declared a state of emergency in parts of the southern island of Mindanao a day after gunmen abducted and killed at least 22 people in an attack on supporters of a local politician.
Singh Vows Cooperation as White House State Dinner Marks India's Stature Indian Prime Minister Manmohan Singh pledged to work with the U.S. in securing Afghanistan and curbing the spread of nuclear weapons the day before he was to be welcomed by President Barack Obama to the White House at a state dinner.
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23 Nov 2009 06:59
, Nov 23 09:52, Nov 23 14:52, Nov 23 23:52Stocks, Commodities Gain on Economic Growth Outlook; Dollar, Yen Decline Stocks rose around the world, commodities advanced and the dollar and the yen fell on signs central banks will keep interest rates near record lows to underpin the global economic recovery.
Dollar Slump Persisting as Most Accurate Forecasters See No Bottom in 2010 The most accurate dollar forecasters predict the world’s reserve currency will continue sliding even when the Federal Reserve begins to raise interest rates, which policy makers say is an “extended period” away.
Bills Yielding Zero as Stocks Soar Give Investors Bernanke Moment of 1938 For the first time in seven decades, Treasury bills are paying no interest while stocks continue to appreciate -- a divergence in U.S. financial markets that might be perilous if Federal Reserve Chairman Ben S. Bernanke didn’t know all about 1938.
Goldman Quarterly Earnings Estimate Raised 15% by Hintz on Lower Pay Costs Goldman Sachs Group Inc.’s fourth- quarter earnings-per-share estimate was raised 15 percent by Sanford C. Bernstein & Co. analyst Brad Hintz, who said he expects the firm to reduce its compensation expense.
Eastern Europe Proving Too Good to Last as Runaway Debt Erodes 50% Returns Eastern Europe, where currencies and equities combined to produce total dollar-denominated returns of about 50 percent this year, is showing signs of unraveling as the continent’s favorite investment because of runaway debts.
People's United Financial Agrees to Buy Financial Federal for $738 Million People’s United Financial Inc., the Connecticut lender that had $2.5 billion earmarked for acquisitions, agreed to buy Financial Federal Corp. for $738 million in cash and stock to expand in equipment financing.
Hershey Debt Risk Increases on Speculation It Is Preparing Bid for Cadbury The cost to protect against a default by Hershey Co. climbed to near a 12-month high on speculation that the maker of Reese’s Peanut Butter Cups will outbid Kraft Foods Inc. for Cadbury Plc.
Democrats Show Signs of Disunity on Health Care as Debate Looms in Senate Democrats who united last week to bring a sweeping health-care plan to the U.S. Senate floor still need to settle disagreement in their own ranks to pass President Barack Obama’s top domestic initiative.
Brown Clashes With Cameron on How to Narrow U.K. Budget Gap, End Stimulus British Prime Minister Gordon Brown and opposition Conservative Party leader David Cameron clashed on when to end the country’s fiscal stimulus, each accusing the other of putting the economic recovery at risk.
Antarctica Loses Ice From Larger Eastern Side as Well as West, Study Shows Antarctica is losing ice from its larger eastern side as well as the western part, an indication the southernmost continent may add “significantly more” to rising seas, researchers in Texas said.
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22 Nov 2009 14:16
, Nov 22 17:07, Nov 22 22:07, Nov 23 07:07Senate Begins Debate Next Month on $848 Billion U.S. Health-Care Overhaul Democrats united to bring a sweeping health-care plan to the U.S. Senate floor in a party-line vote that kept Republicans from blocking debate on President Barack Obama’s top domestic initiative.
Consumer Spending, Home Sales Probably Rose as U.S. Recovery Takes Root Consumer spending probably rebounded in October, showing that mounting unemployment is restraining, not derailing, the biggest part of the U.S. economy, analysts said before reports this week.
Reliance Industries Makes Offer for Bankrupt LyondellBasell to Grow Abroad Reliance Industries Ltd., India’s biggest company by market value, bid for bankrupt chemicals and fuels maker LyondellBasell Industries AF, as it seeks to take advantage of the global financial crisis to expand overseas.
Minsheng to Start Trading This Week as Sands China IPO Prices at Low End China Minsheng Banking Corp., the nation’s first privately owned lender, will begin trading this week in Hong Kong after raising HK$30.1 billion ($3.9 billion) in the territory’s biggest public share sale since April 2007.
Sheikh Mohammed Tightens Control of Dubai, Downgrades Key Company Aides Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum consolidated his hold on the debt-laden emirate, downgrading powerful figures behind the city-state’s boom that turned to a bust.
Peres Reports Progress in Talks to Free Abducted Israeli Soldier Shalit Israeli President Shimon Peres said progress is being made to free Gilad Shalit, a soldier held in the Gaza Strip for more than three years, his spokeswoman Ayelet Frish said in a phone interview.
Rhodes Trust Seeks More Funds for First Time After Investment Returns Sag The Rhodes Trust, established by the will of U.K. explorer, businessman and philanthropist Cecil Rhodes, is seeking additional funds for the first time amid poor investment returns and higher costs, an official said.
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21 Nov 2009 18:53
, Nov 21 21:37, Nov 22 02:37, Nov 22 11:37Senate Clears Way 60-39 for Floor Debate on $848 Billion Health-Care Plan Democrats united to bring sweeping health-care legislation to the U.S. Senate floor in a 60-39 party-line vote that kept Republicans from blocking debate on President Barack Obama’s top domestic initiative.
Bank of America May Name Stopgap CEO to Allow Board More Time for Search Bank of America Corp.’s board may extend its search for a new, permanent chief executive officer into 2010 if directors can’t settle on a candidate in the next four days, according to people familiar with the matter.
Nestle Said to Consider Options for Cadbury, May Challenge Kraft, Hershey Nestle SA is weighing options including a possible bid for Cadbury Plc that would challenge Kraft Foods Inc.’s offer and a potential move by Hershey Co., according to two people with knowledge of the matter.
Reliance Industries Makes an Offer for Control of Bankrupt LyondellBasell Reliance Industries Ltd., owner of the world’s largest oil-refining complex, made a cash offer yesterday to buy a controlling stake in closely held LyondellBasell Industries AF, the bankrupt chemicals and fuels maker.
Oracle $7.4 Billion Sun Takeover May Be Blocked by EU on Competition Issue Oracle Corp.’s planned $7.4 billion purchase of Sun Microsystems Inc. may be blocked by European Union regulators because of concerns Oracle might be able to eliminate Sun’s MySQL database product as a competitor, according to an EU document.
Summit's `New Moon' Earns $72.7 Million for One-Day U.S. Box-Office Record Summit Entertainment LLC’s “The Twilight Saga: New Moon” earned an estimated $72.7 million in receipts on its opening day, a box-office record, researcher Hollywood.com Box-Office said today.
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21 Nov 2009 01:22
, Nov 21 04:07, Nov 21 09:07, Nov 21 18:07Sands China Raises $2.5 Billion in Hong Kong Offering at Low End of Range Sands China Ltd. and its parent Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, raised HK$19.4 billion ($2.5 billion) in a Hong Kong share sale conducted at the low end of the offered range.
Rajaratnam's Request to Unseal Accuser Khan's Criminal Case Is Postponed A court hearing to determine whether a 2001 criminal case against the chief accuser of Galleon Group founder Raj Rajaratnam will be unsealed was delayed for two weeks.
Dollar Strengthens as Equities Drop, Investors Buy Short-Term Treasuries The dollar rose against most of its major counterparts and posted its first weekly gain versus the euro in November as investors sold shares and bought short-term Treasuries to guard against losses before year-end.
U.S. Two-Year Treasury Yields Fall to Lowest This Year on Refuge Buying Treasury two-year note yields fell to the lowest level this year on concern the rally in risk assets has outpaced growth prospects and as Federal Reserve officials signaled interest rates will remain near zero.
Malaysian Economy Shrinks Less Than Estimated as Asia Recovery Strengthens Malaysia’s economy shrank the least in three quarters as government stimulus boosted consumption and the global recession eased, strengthening an Asian recovery.
Asia's Stocks Post Biggest Decline in Three Weeks Amid Japan Share Sales Asian stocks fell this week, dragging the MSCI Asia Pacific Index to its biggest weekly decline in three amid Japanese share sales, while companies including Sony Corp. fueled profit concerns.
Hershey's Controlling Trust Pushes $17 Billion Offer for Cadbury, WSJ Says Hershey Co.’s controlling trust wants the candy company to make a $17 billion bid for British confectioner Cadbury Plc, the Wall Street Journal reported, citing unidentified people familiar with the matter.
Reid, Democrats Face First Big Test on Senate Health Bill With Debate Vote Senate Majority Leader Harry Reid tonight faces the first big test of whether he can keep his Democratic colleagues united behind health-care legislation.
Circuit City Business Jet Crash in 2005 Prompts FAA De-Icing Regulation The Federal Aviation Administration is proposing a rule that would require quicker activation of wing de-icing systems in response to the crash of a Circuit City Stores Inc. business jet in 2005.
Tax on Upper-Bracket Incomes May Be Needed for Afghan War Cost, Levin Says Higher-income Americans should be taxed to pay for more troops sent to Afghanistan and NATO should provide half of the new soldiers, said Carl Levin, chairman of the Senate Armed Services Committee.
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20 Nov 2009 07:01
, Nov 20 09:52, Nov 20 14:52, Nov 20 23:52Fed Makes Monitoring Capital Adequacy Foremost Concern Amid Talk of Bubble Federal Reserve officials are stepping up scrutiny of the biggest U.S. banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter.
Housing Recovery in U.S. Is Set Back to 2010 With Market on `Life Support' A recovery in U.S. housing will have to wait at least until next year.
Capital Controls in Asia to Limit `Hot Money' Inflow May Threaten Recovery Asian policy makers are studying capital controls to limit “hot money” inflows that may stoke asset bubbles and force their currencies to appreciate.
Buffett Taps JPMorgan, Wells Fargo for $8 Billion Loan in Burlington Deal JPMorgan Chase & Co. and Wells Fargo & Co. are arranging an $8 billion loan for Warren Buffett’s Berkshire Hathaway Inc. to help finance the takeover of railroad Burlington Northern Santa Fe Corp.
China Sidesteps Yuan Criticism as Zhou Says Government `Passive' on Dollar China is “passive” on the value of the U.S. dollar, central bank Governor Zhou Xiaochuan said, signaling that policy makers aren’t yet prepared to loosen controls on the yuan.
Sands China IPO Seeking $3.4 Billion at Highest Casino Valuation Worldwide Sands China Ltd., the Macau casino unit controlled by billionaire Sheldon Adelson, is set to raise as much as HK$26 billion ($3.4 billion) in Hong Kong’s biggest initial public offering this year at a higher valuation than investors pay for any casino resort in the world.
Commodities to Attract Record $60 Billion Inflows This Year, Barclays Says Commodities will likely attract a record $60 billion this year as investors seek to diversify their assets, Barclays Capital said.
Europeans Tussle for Regulatory Posts as Van Rompuy, Ashton Get Top Jobs The European Union’s major powers began maneuvering to win jobs to regulate their $15 trillion economy after leaders named Herman Van Rompuy as the EU’s first president and Catherine Ashton as top diplomat.
Afghanistan Suicide Bomber Kills 15, Injures 31 in Western Farah Province At least 15 people died in a suicide bombing in western Afghanistan, a day after President Hamid Karzai marked the start of his second term with a promise to bolster the fight against the country’s Taliban-led insurgency.
Floods in Northern Britain Force Hundreds From Homes as More Rain Forecast Heavy rains in northwest England and southwest Scotland triggered the region’s worst floods on record, forcing the evacuation of hundreds of residents and leaving one police officer missing and presumed dead.
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19 Nov 2009 11:22
, Nov 19 14:07, Nov 19 19:07, Nov 20 04:07U.S. Stocks Extend Global Decline on Chipmaker Downgrade; Treasuries Gain U.S. stocks extended a global drop as concern grew that the rally has outpaced the prospects for economic growth and Bank of America Corp. downgraded chipmakers. The yen and the dollar strengthened, oil and metals tumbled and yields on six-month Treasury bills reached a 50-year low.
Leading Economic Indicators in U.S. Rise, Pointing to Sustained Expansion The U.S. economic recovery will extend into next year as manufacturing expands and the pace of firings abates, reports today indicated.
Executives Were Paid $350 Million Prior to Takeover of Pensions, GAO Says UAL Corp., US Airways Group Inc. and eight other companies paid executives $350 million in the five years before the U.S. was forced to take over their under-funded employee pension plans, a government report said.
FHA, Prime Mortgage Defaults Rise to Record Highs as U.S. Job Losses Mount Foreclosures on prime mortgages and home loans insured by the Federal Housing Administration rose to three-decade highs in the third quarter, driven by the biggest job losses since the Great Depression.
Whitney Calls Banks `Grossly' Overvalued, Sees $2.7 Trillion Cut in Credit Meredith Whitney, the analyst who has no “buy” recommendations on U.S. banks, said valuations on lender stocks are too high and what “scares” her most is the government stepping away from buying mortgage-backed securities.
Black's Apollo, Butler May Take CMA Stakes as French Shipper Reworks Debt Leon Black’s Apollo Management LP is among at least three investors considering buying a stake in CMA CGM SA, the world’s third-largest container shipper, said four people familiar with the talks.
Former McKesson Chairman McCall Convicted of Fraud That Led to Share Drop Former McKesson Corp. Chairman Charles McCall was convicted in a second trial over whether he took part in a fraud 10 years ago that cost investors $8.6 billion in losses.
Gates Says Pentagon Will Investigate Fort Hood Shootings That Killed 13 Defense Secretary Robert Gates said the U.S. military will investigate the shootings at Fort Hood that killed 13 persons and injured 43.
Obama Health-Care Overhaul Battle in Congress Is Prelude to Fight in Court President Barack Obama’s drive to expand the health-insurance system may survive the legislative gauntlet. After that, the litigation gauntlet begins.
Reid's $848 Billion Health-Care Plan Widens Coverage, Raises Payroll Taxes Senate Majority Leader Harry Reid unveiled an $848 billion health-care plan that would create new government competition for private insurers, cover almost all Americans and raise a payroll tax on the highest earners.
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18 Nov 2009 16:35
, Nov 18 19:22, Nov 19 00:22, Nov 19 09:22Obama's Seoul Stop Gives Opening to Revive Trade Deal Stalled by Auto Spat President Barack Obama is in Seoul today, where discussions on a free-trade agreement will give him a last chance on his four-nation Asia trip to show the region’s leaders he is committed to fighting protectionism.
Stocks in U.S. Fall as Autodesk, Salesforce.com Outlooks Hurt Tech Shares U.S. stocks slipped, pulling the Standard & Poor’s 500 Index down from a 13-month high, as technology companies slid after profit forecasts at Autodesk Inc. and Salesforce.com Inc. trailed some analyst estimates.
Singapore Economy May Expand 3%-5% in 2010 After Emerging From Recession Singapore said its economy will expand next year after exiting the deepest recession since independence in 1965, adding to evidence of a regional recovery that’s prompted some policy makers to start removing stimulus.
Mitsubishi UFJ's Planned Sale Spells `Harsh World' for Japan Bank Rivals Mitsubishi UFJ Financial Group Inc. may beat Japanese banking rivals to market with its planned sale of as much as 1 trillion yen ($11.2 billion) in stock as regulators demand bigger capital cushions.
E*Trade Shares Rise on Report Ameritrade Is Interested in Acquiring Rival E*Trade Financial Corp. shares surged the most since August after TD Ameritrade Holding Corp.’s chief executive officer told Reuters he would consider buying the rival online brokerage at the right price.
Vietnam to Offer $1 Billion of Bonds for Energy, First Sale in Four Years Vietnam plans to fund energy projects with a $1 billion bond, its first since an inaugural sale in 2005, Deputy Prime Minister Nguyen Sinh Hung said.
Senate Health Bill Estimated by CBO to Cut Deficit $127 Billion, Aide Says Senate Majority Leader Harry Reid got the blessing needed to move ahead on health-care legislation when the U.S. Congressional Budget Office found that his plan would cut the federal budget deficit, a leadership aide said.
Clinton Presses Karzai to Take On Afghan Graft in Second Presidential Term Secretary of State Hillary Clinton, in Kabul for today’s inauguration of Afghan President Hamid Karzai, said he has a “window of opportunity” to crack down on corruption and respond to Afghan and international concerns.
Anybody-But-Blair Resonates as EU Approaches a Decision on First President Belgian Prime Minister Herman Van Rompuy, Luxembourg Prime Minister Jean-Claude Juncker and former Latvian President Vaira Vike-Freiberga are in the running as European Union leaders struggle to pick the bloc’s first president today.
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18 Nov 2009 00:04
, Nov 18 02:52, Nov 18 07:52, Nov 18 16:52Oil Rises for Third Day as U.S. Supplies Drop; Asia Stocks Decline on HSBC Crude oil gained for a third day as an industry report showed U.S. stockpiles declined after a Gulf of Mexico hurricane. Most Asian stocks fell, as concern banks and property developers will sell shares overshadowed advances among telecommunications companies.
GE, Dexia Units Said to Be Unnamed Firms in Rubin Muni Bid-Rig Indictment A unit of General Electric Co. and a former subsidiary of Belgian bank Dexia SA were the two unnamed companies that allegedly conspired with a financial adviser charged by the U.S. with rigging auctions on municipal investment transactions, people familiar with the matter said.
China Faces Dangers of Asset Bubbles as Economy Expands, PBOC Adviser Says China is among the emerging markets facing risks of property and commodity market bubbles, central bank adviser Fan Gang said, joining officials from the region in expressing concern about surging asset prices.
Orbis Opposes Canon's $1.1 Billion Oce Bid 6 Years After Battling Buffett Orbis Funds, the asset manager that opposed takeover offers by Warren Buffett and Citigroup Inc., rejected Canon Inc.’s 730 million euro ($1.1 billion) bid to buy unprofitable Dutch printer maker Oce NV as too low.
Paulson & Co. Bets Bank of America Stock Will Almost Double by End of 2011 Paulson & Co., the hedge fund firm run by billionaire John Paulson, told investors Bank of America Corp.’s stock will almost double in the next two years as writedowns ease.
China Investors Open More Stock Accounts on Rally, Yuan Appreciation Bets Investors opened more accounts to trade local and foreign-currency shares in China as benchmark indexes extended a rally and regulators relaxed restrictions on buying dollars.
Obama, Hu Vow Cooperation Amid Divisions Over Yuan Value, Trade Imbalance President Barack Obama and Chinese President Hu Jintao concluded their formal meetings in Beijing yesterday with promises of increased cooperation amid lingering friction over currency, trade and human rights.
Iran Says Saudi Arabian Air Attacks on Yemeni Rebels Are State `Terrorism' Iran’s top general denounced Saudi Arabia’s air strikes against rebels in Yemen as the start of “state terrorism” that may have consequences throughout the Middle East.
Brown Puts U.K. Bank Bonus Curbs at Heart of Labour's Election-Year Agenda Prime Minister Gordon Brown’s government today will put a crackdown on U.K. banker bonuses at the heart of his Labour Party’s election-year agenda.
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17 Nov 2009 08:09
, Nov 17 11:07, Nov 17 16:07, Nov 18 01:07Fed Will Cut Maturity of Discount Window Loans to 28 Days as Banks Recover The Federal Reserve will reduce the maximum maturity on discount window loans to 28 days from 90 days in January, the Board of Governors announced today.
Industrial Production in U.S. Rose 0.1% in October, Weaker Than Estimated Industrial production in the U.S. rose less than forecast in October, restrained by a reduction in auto manufacturing as the effects of trade-in incentives dissipated and a decline in demand for business equipment.
U.S. Stocks Decline as Industrial Output Trails Estimates; Boeing Retreats Most U.S. stocks declined, pulling benchmark indexes down from 13-month highs, after industrial production increased less than forecast and declines in metal prices weighed on commodity producers. The dollar strengthened for the first time in three days.
Obama Urges Hu to Keep Promises on Yuan Appreciation as Trade Gap Widens President Barack Obama called on Chinese counterpart Hu Jintao to make good on a commitment to allow the yuan to appreciate to help prevent trade imbalances that exacerbated the global economic crisis.
Buffett's Berkshire Discloses Holdings in Exxon Mobil, Nestle, Travelers Warren Buffett’s Berkshire Hathaway Inc. took stakes in Exxon Mobil Corp. and Nestle SA, betting on the world’s biggest producers of oil and food.
GMAC's Carpenter Plans to Build Auto Finance, Find a `Solution' for ResCap GMAC Inc., the lender seeking a third taxpayer bailout, must focus on auto financing and find a “solution” to its money-losing mortgage business, newly appointed Chief Executive Officer Michael Carpenter said.
Wall Street Lost Fewer Jobs Than Forecast, New York State Comptroller Says Wall Street is recovering faster than the national economy, with New York City’s four largest investment firms reaping profits of $22.6 billion through Sept. 30 after losing more than $40.3 billion last year, state Comptroller Thomas DiNapoli reported.
IRS Amnesty Draws 14,700 to Disclose Secret Offshore Accounts, U.S. Says More than 14,700 Americans voluntarily disclosed secret offshore bank accounts to the Internal Revenue Service during a partial amnesty program that ended Oct. 15, Commissioner Doug Shulman said.
Obama, Hu Pledge to Cooperate on Iran, Curbing North Korea's Nuclear Plans President Barack Obama said China plays a critical role with the U.S. in dealing with strategic global challenges from curbing the nuclear ambitions of Iran and North Korea to combating climate change.
Reducing Long-Term Budget Deficit `Foremost' in Obama's Mind, Emanuel Says A plan for reducing America’s long- term federal budget deficits will be “a key component” of President Barack Obama’s annual State of the Union address in January, according to White House Chief of Staff Rahm Emanuel.
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