TORONTO – The Toronto stock market was higher Wednesday morning on rising resource and financial sector stocks that benefited from word the International Monetary Fund is looking to bolster its financial firepower to help deal with a global economic crisis.
The S&P/TSX composite index gained 99.58 points to 12,332.41 while the TSX Venture Exchange climbed 5.69 points to 1,543.41. The Canadian dollar edged up 0.21 of a cent to 98.71 cents US.
The IMF said it aims to add US$500 billion to its resources so it can give out new loans to help mitigate a worsening financial crisis. The Washington-based institution said its staff estimates that countries around the world will need about $1 trillion in loans over the coming years. Most of the concerns centre on the 17-nation eurozone, which has been embroiled in a debt crisis for around two years.
Thanks to some $200 billion that European countries have recently promised to the IMF, it is already more than one third on its way to reaching its fundraising goal.
U.S. markets were higher after investment bank Goldman Sachs delivered quarterly earnings that beat expectations.
It said net income fell 58 per cent to US$1 billion or $1.84 a share because of lower investment banking fees in a quarter marked by choppy financial markets. But that easily beat expectations of $1.28 a share.
Goldman’s quarterly revenue fell 30 per cent to $6 billion and its shares were ahead $5.09 or 5.21 per cent to US$102.77.
The Dow Jones industrial index was ahead 56.69 points to 12,538.76. The Nasdaq composite index gained 22.57 points to 2,750.65 while the S&P 500 index climbed 7.29 points to 1,300.96.
Sentiment was also helped along by data out Wednesday showing that U.S. factory output surged in December by 0.9 per cent, the most in year. Stronger demand for business equipment, vehicles and energy offered the most visible evidence that manufacturing has roared back from the depths of the recession.
On the TSX, the financial sector rose 0.66 per cent while Royal Bank (TSX:RY) advanced 58 cents to $52.40 while Bank of Nova Scotia (TSX:BNS) gained 71 cents to $52.52.
Major dealmaking helped send the TSX industrials sector up 1.9. per cent. Shares in Finning International Inc. (TSX:FTT) climbed $1.35 or 5.53 per cent to $25.75 after it said it will acquire the Caterpillar distribution and support business formerly operated by Bucyrus in South America, the U.K., and Western Canada. The deal is worth US$465 million. Vancouver-based Finning is the world’s biggest Caterpillar dealer.
Canadian National Railways (TSX:CNR) advanced 97 cents to $78.89.
The energy sector ran up 1.13 per cent as the February crude contract on the New York Mercantile Exchange improved on Tuesday’s $2 jump, rising 53 cents to US$101.24. Traders had been encouraged by data showing that China, the world’s second largest economy, reported 8.9 per cent growth in the fourth quarter, slower than the previous quarter but strong enough to indicate it would avoid an abrupt slowdown.
And in the U.S., government data showed manufacturing in New York expanded at the fastest pace in nine months.
Analysts said higher oil was also supported by tension between Iran and Saudi Arabia, as well as a move by France to accelerate the EU’s implementation of an embargo on Iranian oil exports.
Saudi Oil Minister Ali al-Naimi has said Saudi Arabia was ready to pump more oil if needed to make up for a shortfall in Iranian exports. That came as Iran warned Gulf nations not to make up any shortfall and that it may shut the Strait of Hormuz, which is used to transport about a fifth of the world’s oil.
Suncor Energy (TSX:SU) gained 69 cents to $33.91 and Cenovus Energy (TSX:CVE) climbed 83 cents to $35.89.
The base metals sector gained 1.18 per cent as other commodity prices were weak with March copper ahead two cents at US$3.75 a pound after the Chinese economic report in particular sent the metal jumping nine cents Tuesday. China is the world’s biggest copper consumer. Teck Resources (TSX:TCK.B) was up 94 cents to $40.79 while HudBay Minerals (TSX:HBM) was ahead 26 cents to $10.96.
The gold sector was 0.34 per cent higher even as February gold on the Nymex dropped $3.10 to US$1,652.50 an ounce. Goldcorp Inc. (TSX:G) climbed 32 cents to $45.99.
The consumer discretionary sector provided lift with auto parts giant Magna International (TSX:MG) ahead 95 cents to $40.95.
Investors also digested analysis from The World Bank which warned Wednesday of a possible slump in global economic growth. It also urged developing countries to prepare for shocks that could be more severe than the 2008 crisis.
The bank cut its growth forecast for developing countries this year to 5.4 per cent from 6.2 per cent and for developed countries to 1.4 per cent from 2.7 per cent. For the 17 countries that use the euro currency, it forecast a contraction, with a growth outlook to be negative 0.3 per cent from growth of 1.8 per cent.
European markets were mainly higher as London’s FTSE 100 index inched up 0.07 per cent, Frankfurt’s DAX was up 0.37 per cent while the Paris CAC 40 lost 0.23 per cent.
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2012年1月6日星期五
Quid Pro Quo: IMF Cash For Europe In Exchange for Iran Oil Ban?
By Ian Talley
Europe may have just traded a U.S.-pushed Iranian oil embargo in exchange for Washington’s support of International Monetary Fund bailout loans to Italy and Spain, if one economist’s speculation is right.Jacob Kirkegaard, a fellow at the Peterson Institute for International Economics, speculates the timing Europe’s newly-proposed ban on Iranian oil imports is too fortuitous to be purely coincidental.
Greece, Spain and Italy–in that order–heavily depend on Iranian crude and have been the most resistant to an embargo. They are now no longer fighting a ban–Italy has stated it would support it in principle while the others have signaled they wouldn’t stand in the way. [The agreement in principle is subject to substantial negotiations on timing or exemptions for long-term deals.]
Each of those countries are also the current epicenters of Europe’s sovereign debt crisis. Athens is in the middle of negotiating an agreement with bondholders on a debt deal that will pave the way for a near doubling of emergency loans, including from the IMF. Italy has to roll over nearly $340 billion in debt this year, but the cost of borrowing has soared beyond levels economists say is sustainable. Rome late last year turned down an offer for an IMF loan, but many economists say Italy will need IMF credit to pull itself out of its financial mire. And Spain’s banks are facing a housing bubble that could very well mean Madrid must soon ask for IMF assistance.
Meanwhile, each time the possibility of new IMF loans to Italy or Spain has been raised among members of the Group of 20 nations, Washington has pushed back. U.S. Treasury officials have so far insisted that Europe use its own resources to build a firewall against the contagion engulfing Italy and Spain. Any further lending to Europe from the IMF, the officials have said, would be purely supplementary.
Europe said it planned to lend EUR150 billion to EUR200 billion to the IMF as seed money for a bigger fund. Europe expects that cash to be matched by China, Japan and perhaps sovereign wealth funds such as that owned by oil-rich Saudi Arabia, which would ostensibly provide alternative crude supplies to Europe.
If that plan gains traction–and so far it hasn’t–it could create a new funding pool at the IMF worth roughly EUR500 billion.
Washington has largely been opposed to boosting IMF coffers for big European bailouts.
But rather than maintaining such opposition, Kirkegaard said he sees it as entirely rational horse-trading for U.S. Treasury Secretary Timothy Geithner to now give reluctant consent for the fund to help play savior in Europe in exchange for Europe supporting an oil embargo. [The U.S. is the only country with veto power on the IMF's executive board.]
The European Central Bank has already oiled the gears. The ECB has stepped up its liquidity provision to banks and bond buying for beleaguered euro zone members to levels that, if maintained through the year, top more than the EUR1 trillion Washington says is an effective firewall.
That will make it much easier for the U.S. to back IMF loans that give its lending members protected seniority while requiring the structural and fiscal reforms needed to return the euro zone back to health.
Spokesmen from the U.S. Treasury and International Monetary Fund weren’t immediately able to comment.
(Benoit Faucon in London contributed to this piece)
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2011年12月29日星期四
U.S. considering travel request from Yemen’s Saleh
HONOLULU (Reuters) – The U.S. government is trying to decide whether to let Yemeni President Ali Abdullah Saleh travel to the United States for medical treatment, White House spokesman Josh Earnest said on Monday.
Saleh was injured in a June assassination attempt that forced him into a hospital in Saudi Arabia, and transferred power to his vice president last month after months of protests that brought the Gulf country to the brink of civil war.
Earnest declined to say when a decision on whether to allow Saleh into the United States would be made, and denied a New York Times report that the embattled Yemeni president’s petition was accepted and he could arrive at New York-Presbyterian Hospital as soon as the end of this week.
“U.S. officials are continuing to consider President Saleh‘s request to enter the country for the sole purpose of seeking medical treatment, but initial reports that permission has already been granted are not true,” Earnest said in Hawaii, where President Barack Obama is vacationing.
Earlier on Monday, an Obama administration official said Saleh’s office had contacted the U.S. Embassy in Sanaa to say the Yemeni leader wanted to get specialized care in the United States to treat injuries sustained in the assassination attempt.
The attempt on Saleh’s life came after he tried to duck the power-transfer accord brokered by Gulf Arab nations, sparking street battles that devastated parts of the capital.
HUNDREDS KILLED
Hundreds of people were killed during months of protests seeking Saleh’s ouster. The political deadlock reignited simmering conflicts with separatists and militants, raising fears that Yemen‘s al Qaeda wing could take a foothold on the borders of Saudi Arabia, the world’s top oil exporter.
Allowing Saleh, who ruled Yemen for more than three decades, to get treatment in the United States could undercut Obama’s message of supporting pro-democracy movements across the Arab world and condemning crackdowns on protests like those seen recently in Syria.
Embattled world leaders often travel to politically neutral Switzerland for medical care.
On Saturday, just hours after his forces killed nine people who had demanded he be tried for the killings of demonstrators over the past year, Saleh said he would leave Yemen and give way to a successor. He did not say when he would go.
Saleh suggested he would undergo medical tests in the United States but characterized the trip as one of temporary exile.
“I will go to the United States. Not for treatment, because I’m fine, but to get away from attention, cameras, and allow the unity government to prepare properly for elections,” Saleh said. “I’ll be there for several days, but I’ll return because I won’t leave my people and comrades who have been steadfast for 11 months.”
Obama’s top counterterrorism official, John Brennan, called Yemen’s acting leader on Sunday to stress the need for Yemeni forces “to show maximum restraint” with protests, Earnest said.
In his phone conversation with Yemeni Vice President Abd-Rabbu Mansour Hadi, Brennan also appealed for all sides of Yemen’s political transition to avoid “provocative acts that could spur further violence.”
Hadi told Brennan he would do his utmost to prevent further bloodshed, Earnest said, adding both officials agreed it was important to stick to the transition path leading to Yemen’s February 21, 2012, presidential election.
“Mr. Brennan told Vice President Hadi that the United States remains a strong and fervent supporter of the Yemeni people in their quest to realize their richly deserved aspirations for security, political stability, representative government, and economic prosperity,” Earnest said.
Hadi has urged Saleh’s foes and loyalists to commit to a truce.
(Editing by Doina Chiacu)
This article is from http://tourism9.com/
Saleh was injured in a June assassination attempt that forced him into a hospital in Saudi Arabia, and transferred power to his vice president last month after months of protests that brought the Gulf country to the brink of civil war.
Earnest declined to say when a decision on whether to allow Saleh into the United States would be made, and denied a New York Times report that the embattled Yemeni president’s petition was accepted and he could arrive at New York-Presbyterian Hospital as soon as the end of this week.
“U.S. officials are continuing to consider President Saleh‘s request to enter the country for the sole purpose of seeking medical treatment, but initial reports that permission has already been granted are not true,” Earnest said in Hawaii, where President Barack Obama is vacationing.
Earlier on Monday, an Obama administration official said Saleh’s office had contacted the U.S. Embassy in Sanaa to say the Yemeni leader wanted to get specialized care in the United States to treat injuries sustained in the assassination attempt.
The attempt on Saleh’s life came after he tried to duck the power-transfer accord brokered by Gulf Arab nations, sparking street battles that devastated parts of the capital.
HUNDREDS KILLED
Hundreds of people were killed during months of protests seeking Saleh’s ouster. The political deadlock reignited simmering conflicts with separatists and militants, raising fears that Yemen‘s al Qaeda wing could take a foothold on the borders of Saudi Arabia, the world’s top oil exporter.
Allowing Saleh, who ruled Yemen for more than three decades, to get treatment in the United States could undercut Obama’s message of supporting pro-democracy movements across the Arab world and condemning crackdowns on protests like those seen recently in Syria.
Embattled world leaders often travel to politically neutral Switzerland for medical care.
On Saturday, just hours after his forces killed nine people who had demanded he be tried for the killings of demonstrators over the past year, Saleh said he would leave Yemen and give way to a successor. He did not say when he would go.
Saleh suggested he would undergo medical tests in the United States but characterized the trip as one of temporary exile.
“I will go to the United States. Not for treatment, because I’m fine, but to get away from attention, cameras, and allow the unity government to prepare properly for elections,” Saleh said. “I’ll be there for several days, but I’ll return because I won’t leave my people and comrades who have been steadfast for 11 months.”
Obama’s top counterterrorism official, John Brennan, called Yemen’s acting leader on Sunday to stress the need for Yemeni forces “to show maximum restraint” with protests, Earnest said.
In his phone conversation with Yemeni Vice President Abd-Rabbu Mansour Hadi, Brennan also appealed for all sides of Yemen’s political transition to avoid “provocative acts that could spur further violence.”
Hadi told Brennan he would do his utmost to prevent further bloodshed, Earnest said, adding both officials agreed it was important to stick to the transition path leading to Yemen’s February 21, 2012, presidential election.
“Mr. Brennan told Vice President Hadi that the United States remains a strong and fervent supporter of the Yemeni people in their quest to realize their richly deserved aspirations for security, political stability, representative government, and economic prosperity,” Earnest said.
Hadi has urged Saleh’s foes and loyalists to commit to a truce.
(Editing by Doina Chiacu)
This article is from http://tourism9.com/
U.S. mulling Yemen’s Saleh travel request: official
HONOLULU (Reuters) – The U.S. government would only allow Yemeni President Ali Abdullah Saleh to travel to the United States for “legitimate” medical treatment, and is now considering the request, a senior Obama administration official said on Monday.
The official said Saleh’s office recently contacted the U.S. embassy in Sanaa to say the president plans to leave Yemen soon and wants to get specialized care in the United States related to injuries he sustained in a June assassination attempt that forced him into hospital in Saudi Arabia.
“The request for approval for President Saleh to travel to the United States is currently under consideration. The only reason that travel to the United States by President Saleh would be approved would be for legitimate medical treatment,” the official said.
On Saturday, just hours after his forces killed nine people who had demanded he be tried for the killings of demonstrators over the past year, Saleh said he would leave for the United States and give way to a successor. He did not say when he would depart.
The Yemeni leader said he would undergo some medical tests but characterized his intended trip as one of temporary exile.
“I will go to the United States. Not for treatment, because I’m fine, but to get away from attention, cameras, and allow the unity government to prepare properly for elections,” he said.
“I’ll be there for several days, but I’ll return because I won’t leave my people and comrades who have been steadfast for 11 months,” Saleh said.
Increasing bloodshed and political uncertainty in Yemen is a major concern to its neighbor Saudi Arabia and Saleh’s former supporters in Washington, who worry the country’s al Qaeda wing could gain control of key oil shipping routes in the chaos.
President Barack Obama‘s top counter-terrorism official John Brennan called Yemen’s acting leader on Sunday to emphasize the need for Yemeni forces “to show maximum restraint” when dealing with demonstrations, White House spokesman Josh Earnest said in a statement issued in Hawaii where Obama is vacationing.
In his phone conversation with Yemeni Vice President Abd-Rabbu Mansour Hadi, Brennan also called for all sides in Yemen’s political transition to avoid “provocative acts that could spur further violence.”
Hadi told Brennan he has launched an investigation into the deaths and injuries that occurred and said he would do his utmost to prevent further bloodshed, Earnest said, adding both officials agreed it was important to stick to the transition path leading to the February 21, 2012, presidential election.
“Mr. Brennan told Vice President Hadi that the United States remains a strong and fervent supporter of the Yemeni people in their quest to realize their richly deserved aspirations for security, political stability, representative government, and economic prosperity,” Earnest said.
Hadi on Sunday urged Saleh’s foes and loyalists to commit to a truce.
(Reporting by Laura MacInnis; editing by Anthony Boadle)
This article is from http://tourism9.com/
The official said Saleh’s office recently contacted the U.S. embassy in Sanaa to say the president plans to leave Yemen soon and wants to get specialized care in the United States related to injuries he sustained in a June assassination attempt that forced him into hospital in Saudi Arabia.
“The request for approval for President Saleh to travel to the United States is currently under consideration. The only reason that travel to the United States by President Saleh would be approved would be for legitimate medical treatment,” the official said.
On Saturday, just hours after his forces killed nine people who had demanded he be tried for the killings of demonstrators over the past year, Saleh said he would leave for the United States and give way to a successor. He did not say when he would depart.
The Yemeni leader said he would undergo some medical tests but characterized his intended trip as one of temporary exile.
“I will go to the United States. Not for treatment, because I’m fine, but to get away from attention, cameras, and allow the unity government to prepare properly for elections,” he said.
“I’ll be there for several days, but I’ll return because I won’t leave my people and comrades who have been steadfast for 11 months,” Saleh said.
Increasing bloodshed and political uncertainty in Yemen is a major concern to its neighbor Saudi Arabia and Saleh’s former supporters in Washington, who worry the country’s al Qaeda wing could gain control of key oil shipping routes in the chaos.
President Barack Obama‘s top counter-terrorism official John Brennan called Yemen’s acting leader on Sunday to emphasize the need for Yemeni forces “to show maximum restraint” when dealing with demonstrations, White House spokesman Josh Earnest said in a statement issued in Hawaii where Obama is vacationing.
In his phone conversation with Yemeni Vice President Abd-Rabbu Mansour Hadi, Brennan also called for all sides in Yemen’s political transition to avoid “provocative acts that could spur further violence.”
Hadi told Brennan he has launched an investigation into the deaths and injuries that occurred and said he would do his utmost to prevent further bloodshed, Earnest said, adding both officials agreed it was important to stick to the transition path leading to the February 21, 2012, presidential election.
“Mr. Brennan told Vice President Hadi that the United States remains a strong and fervent supporter of the Yemeni people in their quest to realize their richly deserved aspirations for security, political stability, representative government, and economic prosperity,” Earnest said.
Hadi on Sunday urged Saleh’s foes and loyalists to commit to a truce.
(Reporting by Laura MacInnis; editing by Anthony Boadle)
This article is from http://tourism9.com/
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