Financial Times
FEARS RISE OVER LOOMING COMMERZBANK AND MPS FISCAL PLANS
European regulators are convinced that two of the continent’s banks, Commerzbank (Other OTC: CRZBF.PK – news) and Monte dei Paschi (Milan: BMPS.MI – news) , will fail to produce credible plans to plug capital deficits by Friday’s deadline, exposing both to the risk of full or partial nationalisation. http://www.ft.com/cms/s/0/7e956578-4202-11e1-9506-00144feab49a.html#axzz1jYRS14J4
RBS PAY PLANS TEST RESOLVE ON REWARDS
David Cameron’s pledge to curb executive pay and stop “rewards for failure” is set to face its biggest test, as Royal Bank of Scotland prepares to offer a bonus of more than 1 million pound to its chief executive, even though the state-controlled bank’s share price has almost halved in a year. http://www.ft.com/cms/s/0/eb2aa428-41c1-11e1-a586-00144feab49a.html#axzz1jYRS14J4
CAIRN INVESTORS CRITICISE CHIEF’S BONUS
Some of the biggest shareholders in Cairn Energy (LSE: CNE.L – news) , the oil group, are marshalling support to vote down a pay award worth nearly 2.5 million pounds for the Edinburgh-based oil group’s chief executive-turned-chairman Bill Gammell. http://www.ft.com/cms/s/0/e499aca4-41e8-11e1-a586-00144feab49a.html#axzz1jYRS14J4
LSE IN U-TURN ON ITALIAN STOCKS
The London Stock Exchange plans to shift the trading system used for trading Italian stocks back to Milan after complaints from Italian banks and brokers that their trades had been slowed down by taking place in the UK capital. http://www.ft.com/cms/s/0/c0a28298-41f3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
WPP HOPING FOR US ELECTION BOOST
WPP (LSE: WPP.L – news) saw a stronger than expected finish to 2011, according to Martin Sorrell, chief executive, as the marketing services group looks forward to improving conditions in the U.S. ahead of a lucrative period of election campaign spending. http://www.ft.com/cms/s/0/eaeb582e-41fb-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
SEVEN CHARGED OVER WALL STREET INSIDER TRADING
Seven hedge fund portfolio managers and analysts have been charged in a $61.8 million insider trading scheme as U.S. authorities escalate their crackdown on Wall Street corruption. http://www.ft.com/cms/s/0/f8ef1b2c-41d3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
IMF REQUESTS $500 BILLION FOR BAIL OUT LOANS
The International Monetary Fund has asked its member countries for an extra $500bn in firepower to combat the world’s spreading fiscal emergencies, which it estimates will generate demand for bail out loans totalling $1 trillion over the next two years. http://www.ft.com/cms/s/0/b0d1a476-41e3-11e1-a586-00144feab49a.html#axzz1jYRS14J4
GERMANY’S CENTRAL BANK TO SELL LEHMAN LOANS
Germany’s central bank is set to sell almost 2 billion euros ($2.6 billion) of property loans left over from the collapse of Lehman Brothers, in a deal that marks the latest sign of the growing appetite for distressed real estate debt. http://www.ft.com/cms/s/0/55c10ddc-41e4-11e1-a586-00144feab49a.html#axzz1jYRS14J4
PAYPAL DRIVES EBAY’S GROWTH
Ebay (NasdaqGS: EBAY – news) reported strong revenue growth in the fourth quarter of 2011, driven mainly by its payment arm, PayPal, which the company expects to be at the centre of its innovation in the coming year. http://www.ft.com/cms/s/0/cbf677f0-422d-11e1-9506-00144feab49a.html#axzz1jYRS14J4
($1 = 0.6490 British pounds) (Reporting by Stephen Mangan)
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2012年1月19日星期四
Resource fuels Toronto market surge
The Toronto stock market was higher Wednesday on rising resource and financial sector stocks that benefited from word the International Monetary Fund is looking to bolster its financial firepower to help defuse a global economic crisis.
The S&P TSX Composite Index eased into noon hour Wednesday up 52.64 points to 12,285.47.
The Canadian dollar recovered 0.14 cents to 98.62 cents U.S.
On the TSX, the financial sector rose while Royal Bank advanced 58 cents to $52.40 while Bank of Nova Scotia gained 71 cents to $52.52.
Major deal making helped send the TSX industrials sector up sharply. Shares in Finning International Inc. climbed $1.35, or 5.53%, 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 $465 million U.S. Vancouver-based Finning is the world’s biggest Caterpillar dealer.
Canadian National Railways advanced 97 cents to $78.89.
The energy sector ran up as the February crude contract on the New York Mercantile Exchange improved on Tuesday’s $2 jump (see below). Suncor Energy gained 69 cents to $33.91 and Cenovus Energy climbed 83 cents to $35.89.
The base metals sector gained as other commodity prices were weak with March copper ahead two cents at $3.75 U.S. 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 was up 94 cents to $40.79 while HudBay Minerals was ahead 26 cents to $10.96.
The gold sector was higher as Goldcorp Inc. climbed 32 cents to $45.99.
The consumer discretionary sector provided lift with auto parts giant Magna International ahead 95 cents to $40.95.
The IMF said it aims to add $500 billion U.S. 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 U.S. in loans over the coming years.
Most of the concerns centre on the 17-nation euro-zone, which has been embroiled in a debt crisis for around two years.
Thanks to some $200 billion U.S. that European countries have recently promised to the IMF, it is already more than one third on its way to reaching its fundraising goal.
ON BAYSTREET
The TSX Venture Exchange rallied 4.90 points to 1,542.62, while the Nasdaq Canada index sifted off 0.39 points to 403.03
All but one of the 14 Toronto subgroups gained by lunch hour. Industrials progressed 1.5%, global base metals gained 1.4%, and the metals and mining group was 0.9% stronger.
The lone laggard was in information technology, down 0.2%.
ON WALLSTREET
In New York, equities edged higher Wednesday, as investors welcomed the International Monetary Fund plan to boost its bailout fund to contain Europe’s debt crisis.
The Dow Jones Industrials gained 49.01 points midday to 12,531.10
The S&P 500 added 5.66 points to 1,299.33, while the Nasdaq Composite picked up 21.96 points to 2,750.04.
Investors also had the latest bank earnings report to mull over, with Goldman Sachs reporting fourth-quarter earnings that beat forecasts but revenue well below expectations. Goldman shares spiked 5% as CEO Lloyd Blankfein said in a statement that he was seeing “encouraging” signs of improvement in the markets and economy.
Goldman’s mixed results came a day after Citigroup missed earnings estimates, while results from Wells Fargo were in line with expectations. Bank of America and Morgan Stanley are scheduled to release their results on Thursday.
Yahoo shares rose after the Web portal announced late Tuesday that co-founder Jerry Yang has resigned from the board of directors and all other positions at the company.
Shares of Carnival rose modestly, after falling 14% the day before. The cruise line operator said it may suffer a more than $100 million U.S. hit to its profit from the grounding of the Costa Concordia off the coast of Italy.
The euro firmed above $1.28 against the U.S. dollar on the news.
While the IMF’s beefed up lending capacity is good news, obstacles remain on the path toward a resolution to Europe’s debt crisis.
Greek government officials and the group representing private sector investors and banks are resuming talks Wednesday to try to nail down how big a writedown private investors are willing to take on the country’s bonds.
Economically speaking, producer prices fell 0.1% in December, the government reported Wednesday. Economists surveyed by Briefing.com expected a rise of 0.1% during the month.
A report from the Federal Reserve showed that industrial production rose 0.4% in December, slightly below expectations, while capacity utilization rose to 78.1%, in line with economist expectations.
Treasury prices for the 10-year note dipped, pushing yields up to 1.86% from Tuesday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained another 23 cents to $100.94 U.S. a barrel.
Gold futures for February delivery fell $7.00 to $1,648.60 U.S. an ounce.
http://tourism9.com/ http://vkins.com/
The S&P TSX Composite Index eased into noon hour Wednesday up 52.64 points to 12,285.47.
The Canadian dollar recovered 0.14 cents to 98.62 cents U.S.
On the TSX, the financial sector rose while Royal Bank advanced 58 cents to $52.40 while Bank of Nova Scotia gained 71 cents to $52.52.
Major deal making helped send the TSX industrials sector up sharply. Shares in Finning International Inc. climbed $1.35, or 5.53%, 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 $465 million U.S. Vancouver-based Finning is the world’s biggest Caterpillar dealer.
Canadian National Railways advanced 97 cents to $78.89.
The energy sector ran up as the February crude contract on the New York Mercantile Exchange improved on Tuesday’s $2 jump (see below). Suncor Energy gained 69 cents to $33.91 and Cenovus Energy climbed 83 cents to $35.89.
The base metals sector gained as other commodity prices were weak with March copper ahead two cents at $3.75 U.S. 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 was up 94 cents to $40.79 while HudBay Minerals was ahead 26 cents to $10.96.
The gold sector was higher as Goldcorp Inc. climbed 32 cents to $45.99.
The consumer discretionary sector provided lift with auto parts giant Magna International ahead 95 cents to $40.95.
The IMF said it aims to add $500 billion U.S. 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 U.S. in loans over the coming years.
Most of the concerns centre on the 17-nation euro-zone, which has been embroiled in a debt crisis for around two years.
Thanks to some $200 billion U.S. that European countries have recently promised to the IMF, it is already more than one third on its way to reaching its fundraising goal.
ON BAYSTREET
The TSX Venture Exchange rallied 4.90 points to 1,542.62, while the Nasdaq Canada index sifted off 0.39 points to 403.03
All but one of the 14 Toronto subgroups gained by lunch hour. Industrials progressed 1.5%, global base metals gained 1.4%, and the metals and mining group was 0.9% stronger.
The lone laggard was in information technology, down 0.2%.
ON WALLSTREET
In New York, equities edged higher Wednesday, as investors welcomed the International Monetary Fund plan to boost its bailout fund to contain Europe’s debt crisis.
The Dow Jones Industrials gained 49.01 points midday to 12,531.10
The S&P 500 added 5.66 points to 1,299.33, while the Nasdaq Composite picked up 21.96 points to 2,750.04.
Investors also had the latest bank earnings report to mull over, with Goldman Sachs reporting fourth-quarter earnings that beat forecasts but revenue well below expectations. Goldman shares spiked 5% as CEO Lloyd Blankfein said in a statement that he was seeing “encouraging” signs of improvement in the markets and economy.
Goldman’s mixed results came a day after Citigroup missed earnings estimates, while results from Wells Fargo were in line with expectations. Bank of America and Morgan Stanley are scheduled to release their results on Thursday.
Yahoo shares rose after the Web portal announced late Tuesday that co-founder Jerry Yang has resigned from the board of directors and all other positions at the company.
Shares of Carnival rose modestly, after falling 14% the day before. The cruise line operator said it may suffer a more than $100 million U.S. hit to its profit from the grounding of the Costa Concordia off the coast of Italy.
The euro firmed above $1.28 against the U.S. dollar on the news.
While the IMF’s beefed up lending capacity is good news, obstacles remain on the path toward a resolution to Europe’s debt crisis.
Greek government officials and the group representing private sector investors and banks are resuming talks Wednesday to try to nail down how big a writedown private investors are willing to take on the country’s bonds.
Economically speaking, producer prices fell 0.1% in December, the government reported Wednesday. Economists surveyed by Briefing.com expected a rise of 0.1% during the month.
A report from the Federal Reserve showed that industrial production rose 0.4% in December, slightly below expectations, while capacity utilization rose to 78.1%, in line with economist expectations.
Treasury prices for the 10-year note dipped, pushing yields up to 1.86% from Tuesday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained another 23 cents to $100.94 U.S. a barrel.
Gold futures for February delivery fell $7.00 to $1,648.60 U.S. an ounce.
http://tourism9.com/ http://vkins.com/
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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