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Frontrunning: January 11
- Europe’s $39T Pension Threat Grows as Economy Sputters (Bloomberg)
- Monti Warns of Italy Protests as He Meets Merkel (Bloomberg)
- Bernanke Doubling Down on Housing Bet Asks Government to Help: Mortgages (Bloomberg)
- Europe Banks Resist Draghi Bid to Avoid Crunch by Hoarding Cash (Bloomberg)
- Europe Fears Rising Greek Cost (WSJ)
- ECB’s Nowotny Sees Risk of Mild Recession in Euro Region (Bloomberg)
- Republican Senators Criticize Fed Recommendations on Housing (Bloomberg)
- Spanish Banks Try to Build Their Way Out of Home Glut (WSJ)
- Europe Stocks Fluctuate After German Auction (Bloomberg)
- India opens part of its retail sector (BBC)
- NYSE-Deutsche Boerse in Balance as Francioni Visits Niederauer (Bloomberg)
- Seoul, Beijing Move Cautiously to Deepen Ties (WSJ)
- Romney Wins New Hampshire Primary (WSJ)
Press Digest via Reuters:
WSJ
* Romney won the New Hampshire primary, giving him significant momentum as he seeks to consolidate his claim to the Republican presidential nomination.
* Spanish banks, which played a big role in the country's housing bust, are continuing to fund new real-estate projects despite a huge glut in unsold homes.
* Dozens of Continental Airlines trans-Atlantic flights have been forced to make unexpected stops in Canada and elsewhere to take on fuel after running into unusually strong headwinds.
* The Fed turned $76.9 billion over to the U.S. Treasury last year, close to the 2010 record, amid a strong profit generated from its expanding portfolio of securities.
* The Los Angeles Dodgers and News Corp.'s Fox unit settled a lawsuit Tuesday that could have crippled the sale of the team.
* European antitrust regulators urged rejection of the proposed merger of the owner of the New York Stock Exchange and Deutsche Börse.
* Fannie Mae Chief Executive Michael J. Williams resigned Tuesday, saying he will depart as soon as the mortgage-finance giant's board names a successor.
* Asian stock markets were mixed on Wednesday, with resources plays rising sharply in Sydney on strong copper imports from China, though exporters in Seoul and Tokyo pulled back as sentiment remained fragile amid continued caution over the euro-zone debt crisis.
* The market for orange juice futures received another jolt after the federal government said some Brazilian imports contained a potentially harmful fungicide.
* The ex-Lehman Brothers Inc. banker who was to salvage Nomura Holdings Inc.'s ambitious global expansion resigned after he was unable to garner support for a more radical overhaul of the global wholesale-banking operations, people familiar with the matter said.
* Bank of New York Mellon Corp. is close to settling part of a lawsuit filed by federal prosecutors that accused the bank of fraudulently overcharging clients for currency trades, according to a court filing and people familiar with the matter.
* Eastman Kodak Co. filed patent lawsuits Tuesday against Apple Inc. and HTC Corp. as the struggling imaging company continued trying to mine its intellectual-property portfolio for much-needed cash.
FT:
EU TO BLOCK DB-NYSE LINK
European competition officials have recommended blocking the tie-up between Deutsche Boerse and NYSE Euronext , the German and U.S. exchange operators, setting in motion three weeks of frantic lobbying to salvage the deal.http://www.ft.com/cms/s/0/248a2374-3baa-11e1-a09a-00144feabdc0.html#axzz...
FBI TO PROBE HACKING OF US-CHINA GROUP
The FBI is investigating the hacking of emails sent and received by members of a Congressionally appointed group that issues reports on the economic and military relationship between the U.S. and China.http://www.ft.com/cms/s/0/9efa67ea-3b9b-11e1-bb39-00144feabdc0.html?ftca...
CITIBANK HEAD URGES GREATER TRANSPARENCY
The chief executive of Citigroup has said banks should be forced to publicise how they measure risk so that investors can "punish" institutions that are too optimistic about the quality of their assets.http://www.ft.com/cms/s/0/35fefc26-3b99-11e1-bb39-00144feabdc0.html#axzz...
EVERYTHING EVERYWHERE TO SELL WAVELENGTH SPECTRUM
Everything Everywhere, the combined UK operations of France Telecom and Deutsche Telekom, will in the next month begin a rare auction of spectrum that can be used for next generation mobile services in a process that could raise as much as 400 million pounds ($619 million).http://www.ft.com/cms/s/0/424d1540-3ba7-11e1-bb39-00144feabdc0.html#axzz...
HILDEBRAND EMAIL NOT SEEN BY INVESTIGATION
A key email between Philipp Hildebrand, the former chairman of the Swiss National Bank, and his financial adviser was seen by neither the central bank's governing council nor auditors investigating his financial dealings.http://www.ft.com/cms/s/0/92f2657a-3bb3-11e1-82d3-00144feabdc0.html#axzz...
DOUBTS OVER VALUE OF UK'S HIGH-SPEED RAIL UPGRADE
The economic case for the first stage of the government's 32.7 billion pound high speed rail line has weakened so much over the past year that the London to Birmingham section is now considered "low" value for money, according to its own calculations.http://www.ft.com/cms/s/0/f5735892-3bc4-11e1-82d3-00144feabdc0.html#axzz...
BTA CREDITORS GEAR UP FOR RESTRUCTURING BATTLE
Creditors of BTA, the stricken Kazakh bank controlled by the country's sovereign wealth fund, have started to organise into informal groups, preparing the ground for what could be a combative multibillion-dollar restructuring battle.http://www.ft.com/cms/s/0/e8d17b3c-3ba6-11e1-a09a-00144feabdc0.html#axzz...
HANDS' PLEA FOR EMI DATA REJECTED BY COURT
Guy Hands has been dealt a blow in his legal dispute with Citigroup over the U.S. bank's seizure of EMI. A UK court has thrown out his application demanding that PwC, the music group's administrators, and other advisers disclose valuation documents.http://www.ft.com/cms/s/0/d4e7093c-3ba3-11e1-a09a-00144feabdc0.html#axzz...
NYT Business
* The private equity industry has come under scrutiny as Mitt Romney's Republican rivals have attacked his record at the investment firm Bain Capital.
* A growing number of investors are loading up on Greek government securities that mature in March, betting on a rescue that would provide them with a huge profit.
* If analysts' forecasts come true, higher dividend payouts will continue in 2012, as companies release more cash and try to win over investors.
* New York State is investigating whether several banks fraudulently steered homeowners into overpriced policies.
* In what it says is one of the biggest changes to its search results, Google will begin showing posts, photos, profiles and conversations from Google+, its social network, in search results.
* The Federal Reserve said it transferred $76.9 billion in profits to the Treasury Department last year, slightly less than its 2010 transfer but much more than in any other previous year.
* The aluminum company Alcoa posted revenue that topped expectations, and Chinese imports of copper helped buoy the rest of the sector.
* Treasury Secretary Timothy F. Geithner hopes to enlist China in a campaign to use sanctions to pressure Iran and convince Beijing to change its economic policies to American liking.
* The government said it would allow foreign retailers who sell just one brand of products to open wholly-owned stores in India, up from a maximum of 51 percent ownership now.
* Olympus said on Tuesday that it was suing 19 current and former executives and board members, including its current president, for around $50 million over an accounting scheme to hide losses going back more than a decade.
* The executive who was appointed to lead the mortgage giant Fannie Mae in 2009 after the federal government seized it plans to step down as its chief executive.
* MetLife, the nation's largest life insurer, announced Tuesday that it would close its home mortgage-origination operation, costing the company at least $90 million. Most of the 4,300 employees at the unit will lose their jobs.
European Economic News
- German Budget (Maastricht) -1.0% Previous -3.50%
- Germany GDP 3.0% Consensus 3.00% Previous 3.60%
- Italy Deficit to GDP for Q3 4.3% Previous 5.3% y/y
- UK Visible Trade Balance (GBP/Mln) for November -£8,644 – lower than expected. Consensus -£8,400. Previous -£7,557. Revised -£7,868.
- UK Trade Balance Non EU (GBP/Mln) for November -£5,021 – lower than expected. Consensus -£5,000. Previous -£4,554. Revised -£4,556.
- UK Total Trade Balance (GBP/Mln) for November -£2,566 – lower than expected. Consensus -£2,400. Previous -£1552 m/m. Revised -£1,861
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Low carbs Bitchez
Any truth to the rumour circulating that Russia has agreed to cover any Iranian oil shortfall? If so, I give the over/under on Iran 10 days.
Fannie and Feddie need to be shut down and the Fed needs to shut the fuck up. The Fed is always willing to spend taxpayer money to help bail out their banks. Fannie and Freddie are buying people off to get their support a la Newt Gingrich. Read "All the Devils are Here" and be disgusted more than you already are.
Greek Pharmacists cannot get even asprin for their customers (usual outcome of price controls); meanwhile, bailout money used for military spending.
http://globaleconomicanalysis.blogspot.com/2012/01/greek-crisis-has-pharmacists-pleading.html
In support of Jody Shenn's aricle in Bloomberg on Bernanke wanting to do more for mortgages/housing, look at the charts of what has happened since 1997 when Clinton/Cuomo started really pushing home ownership. Then ask how effective any gov't policy can be. MBA Applications Rise 4.5%, But Still Low By Historic Standards
http://confoundedinterest.wordpress.com/2012/01/11/mba-applications/
I saw what you said and it is not a big amount! I will follow your tips. yacht charter
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