< Earlier Discussion  | PAGE 617 OF 617 |  Later Discussion > Dec-26-11    jpatlantic: (Reuters) - Bank of America Corp is lagging behind its major U.S. competitors in complying with new capital rules, leading the bank to consider even more asset sales, sources said. The bank's management is focused on not being an outlier compared to its peers and believes it has "viable alternatives" to increase its capital levels, a person familiar with the situation told Reuters. The bank, for example, could consider selling its Indian back-office processing operation, as other banks have, sources said. The bank has also said it is looking to shed real estate holdings and private-equity investments. But after about $50 billion of asset sales since January 2010, which include sales such as most of its shares in China Construction Bank Corp <0939.HK> <601939.SS>, the bank may not have many big-ticket items left. Dec-18-11    jpatlantic: Italy's austerity budget, vital to get Rome's accounts in order and help save the euro from collapse, enters its final stretch this week, with unions still mounting roadblocks to its path. The 33 billion euro (27 billion pounds) package of cost cuts and new taxes was passed by the Chamber of Deputies on Friday after Prime Minister Mario Monti's one-month-old government won a confidence vote earlier in the day. Nov-29-11    jpatlantic: United Continental Holdings Inc. and Delta Air Lines Inc. (DAL), the two largest U.S. carriers, stand to benefit from the bankruptcy filing by American Airlines parent AMR Corp. (AMR), analysts said. AMR filed for court protection today after failing to win cost-cutting labor accords and sitting out industry mergers that dropped it from the world's biggest airline to No. 3 in the U.S. American will continue normal operations as Fort Worth, Texas- based AMR restructures, while trimming jobs and other costs, new Chief Executive Officer Thomas Horton said on a conference call. United and Delta “are likely immediate and longer-term beneficiaries of today's actions by AMR on the capacity front and on the cost front,� Gary Chase, a Barclays Plc analyst in New York, said in a research note. Both contributed to this outcome for AMR by becoming more cost competitive and amassing larger, more powerful networks that eroded some of AMR's historical revenue premiums,” said Chase, who rates United and Delta overweight.� Nov-16-11    jpatlantic: U.S. banks face a “serious risk� that their creditworthiness will deteriorate if Europe debt crisis deepens and spreads beyond the five most-troubled nations, Fitch Ratings said. Unless the euro zone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen,� the New York-based rating company said yesterday in a statement. Even as U.S. banks have “manageable” exposure to stressed European markets, further contagion poses a serious risk,� Fitch said, without explaining what it meant by contagion. The exposure� of U.S. lenders to major European banks and the stressed nations of Greece, Ireland, Italy, Portugal and Spain, known as the GIIPS, are smaller than those to some of the continent larger countries, Fitch said. The six biggest U.S. banks -- JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. and Morgan Stanley (MS) -- had $50 billion in risk tied to the GIIPS on Sept. 30, Fitch said. So-called cross-border outstandings to France for all except Wells Fargo were $188 billion, including $114 billion to French banks. Risk to Britain and its banks was $225 billion and $51 billion, respectively. Oct-24-11    jpatlantic: FRANKFURT, Germany (AP) Markets want European leaders to find a convincing way to ease the eurozone debt crisis by the middle of the week. Fixes for the deeper problems that plague the monetary union, however, will remain on their to-do calendars for years to come. The turmoil over some eurozone governments' excessive debt has exposed flaws in Europe's 13-year-old monetary union that are more complicated than Greece's admittedly disastrous decisions to spend and borrow too much during good times. In the short run, officials must reduce Greece's crushing debt and cushion banks against the losses they would take on Greek bonds, measures they worked on over the weekend and are hoping to agree on by a second summit Wednesday. They also need to expand the financial firepower of their too-small bailout fund, so it can backstop countries such as Spain and Italy and reassure bond investors they can pay their debts. When those steps are taken, however, the broader issues that let so much debt pile up will remain and take years to solve. Oct-09-11    jpatlantic: Angela Merkel and Nicolas Sarkozy, racing to stamp out the euro debt crisis threatening to engulf the financial system, gave themselves three weeks to devise a plan to recapitalize banks, get Greece on the right track and fix Europe’s economic governance. “By the end of the month, we will have responded to the crisis issue and to the vision issue,” the French president said in Berlin yesterday at a joint briefing with the German chancellor before they dined at her office. Under increasing pressure to defuse turmoil that has raged for 18 months and facing growing concern that Greece is headed to default, Merkel said European leaders will do “everything necessary” to ensure that banks have enough capital. Sarkozy said they would deliver a plan by the Nov. 3 Group of 20 summit. “Maybe they’re still running one step behind, but they are at least discussing the right things,” Carsten Brzeski, an economist at ING Group in Brussels, said in a phone interview. Sep-23-11    jpatlantic: Central banks in Asia and Latin America redoubled efforts to defend their currencies this week as fears of slower global growth spurred investors to pull money out of emerging markets. Anxiety rose after the Federal Reserve delivered a gloomy prognosis for the U.S. economy, spooking markets already on edge over a possible Greek default and euro zone bank crisis. Investors responded by seeking safety in Treasuries and snapping up dollars, a move that pushed currencies from India, Brazil and elsewhere to multi-year lows. South Korea stepped up its intervention to lift the won from its weakest level in a year Friday, though the currency was still headed for its biggest weekly loss since early 2009. Central banks in Thailand and the Philippines also waded into the market this week while Indonesia went further and bought long-term bonds. India said Friday it was merely trying to calm volatile trade by buying the rupee, which hit a 28-month low against the dollar. Earlier this year, emerging markets were fretting about excessive currency strength as investors seeking returns that were higher than what struggling developed markets could offer poured money into local currencies, stocks and bonds. Sep-09-11    jpatlantic: Germany pivoted to insulate its banks against the fallout of a possible Greek default as Juergen Starks resignation from the European Central Bank exposed the policy divisions aggravating the sovereign debt crisis. The sense of disarray in the euro area drew fire from Group of Seven finance chiefs meeting in Marseille, France, today with U.S. Treasury Secretary Timothy F. Geithner lobbying his European counterparts to get their act together for the good of the world economy. Canadian Finance Minister Jim Flaherty even suggested Greece may need to quit the euro. European authorities “need to do whatever they can do to calm these pressures, Geithner told Bloomberg Television. They have to demonstrate they have enough political will.� Concern policy makers are failing to fix the biggest threat to global growth since the collapse of Lehman Brothers Holdings Inc. prompted investors to sell stocks worldwide and push the euro to a six-month low against the dollar. European bank and sovereign credit risk reached all-time highs as 10-year Treasury and German bund yields fell to record lows on demand for a haven. Aug-29-11    jpatlantic: DETROIT (Reuters) - United Auto Workers President Bob King said on Monday that he was "upbeat" about reaching a contract deal with U.S. automakers that would keep them competitive against Asian and European rivals. "I'm upbeat because there is a real commitment to keep the companies successful," King said. King, who was speaking to reporters after a speech to the Detroit Economic Club, said it would be difficult to reach a deal with General Motors Co , Ford Motor Co and Chrysler Group LLC before the current four-year contracts expire on September 14. He said that while the UAW has no "sacred cows" in its bargaining proposals with the automakers, the union's priority was to win an agreement that would clear the way for second-tier workers making about $14 per hour to move toward full wages of about twice that amount. King said he would be disappointed if the talks did not end with a successful agreement at all three automakers. The union only has the power to call a strike at Ford under terms of the U.S. government bailout of GM and Chrysler. Aug-15-11    jpatlantic: BERLIN (Reuters) - One of Germany's leading economic associations came out in favor of joint euro zone bond issuance on Monday, raising pressure on Chancellor Angela Merkel to consider bolder crisis steps ahead of a meeting with the French president. Until now, the idea of so-called "Eurobonds" has been fiercely opposed by Berlin, which is fearful such a step would push up German borrowing costs and reduce incentives for weaker euro zone members like Greece to reform their economies. A German government spokesman was emphatic on Monday -- Merkel and France's Nicolas Sarkozy will not discuss common euro zone issuance in Paris on Tuesday because Berlin does not think it is a good idea Aug-08-11    jpatlantic: Funds trimmed bets on rising commodity prices for the first time in four weeks amid mounting concern that the global economy is faltering. Speculators cut their net-long positions in 18 commodities by 3.6 percent to 1.23 million futures and options contracts in the week ended Aug. 2, government data compiled by Bloomberg show. Bullish gold holdings climbed to the highest since at least June 2006 amid surging demand for an investment haven. Investors dumped equities and most raw materials for the perceived safety of Treasuries, the Swiss franc and gold last week amid escalating debt concerns in the U.S. and Europe. The Standard & Poors GSCI Spot Index of 24 raw materials dropped 5.9 percent, the most since May. The MSCI World (MXWO) Index of equities tumbled to a 10-month low. “People were just selling everything in a panic move,” Michael Pento, an economist at Euro Pacific Capital, said in a telephone interview on Aug. 5. We are very concerned with whats going on in the U.S. economy. We expect the market to continue to be bearish until the Federal Reserve comes in with another round of quantitative easing.� Aug-05-11    jpatlantic: Brazils benchmark stock index, the biggest decliner among the worlds 20 largest markets yesterday, is the most oversold since just after September 2001 terrorist attacks, according to an indicator used in technical analysis. For Auerbach Grayson & Co. Richard Ross, a chartered market technician with 18 years experience, thats a warning sign of further declines, not a signal to buy. When you get these oversold levels amidst the backdrop of a bear market it has to be viewed differently than when you get oversold readings in a bull market,� Ross, Auerbach Graysons global technical strategist in New York, said in a telephone interview. It almost confirms the sell signal rather than piques my contrarian instincts.� Jul-24-11    jpatlantic: President Barack Obama, running out of time to strike a deal to raise the U.S. debt ceiling, had some bad news for House Speaker John Boehner on July 20. The tax overhaul they had been discussing to raise $800 billion in revenue over a decade had to be bigger, Obama told Boehner and House Majority Leader Eric Cantor during an evening meeting in the Oval Office. Obamas new offer: $1.2 trillion. A new proposal by the Gang of Six,� a bipartisan group of senators who were calling for $3.7 trillion in budget savings over 10 years to slash the deficit, had changed the dynamics of the accord that Obama and Boehner had been negotiating for weeks, the president told the speaker. The group, praised by both senior Republicans and Democrats for its mix of spending cuts and tax increases, proposed a bigger revenue target than Obama and Boehner were considering, according to officials on Capitol Hill and at the White House who gave their accounts of the talks on condition of anonymity. And Obama, who had called for months for the sort of grand bargain the gang was offering, was going to have a hard time selling a deal that stopped short of that. The turnabout ultimately led Boehner to walk out of the talks, he said July 22, unraveling the progress that had been made toward a sweeping compromise to slice $3.5 trillion from the nation’s debt and raise the $14.3 trillion debt ceiling before a default threatened Aug. 2. Jul-17-11    jpatlantic: CARACAS (Reuters) - The front-runner to face Venezuela's President Hugo Chavez in an election next year said on Saturday a corruption investigation ordered by the country's top judge showed the government feared his growing popularity. Popular candidates have in the past been excluded from running in elections during Chavez's government, and some say the investigation against opposition leader Gov. Henrique Capriles could be intended to block his 2012 run. Recent polls give Capriles a wide lead over rivals for the opposition nomination, which will be decided in February primaries. At least one poll shows him with more support than Chavez, who has had to reduce early campaigning because of cancer. Jul-02-11    jpatlantic: Venezuelan bonds rallied, pushing yields on its benchmark bonds to a seven-month low, after President Hugo Chavez said he is being treated for cancer in Cuba. The yield on Venezuela dollar bonds due in 2027 fell 31 basis points, or 0.31 percentage point, to 12.74 percent at 4:25 p.m. in New York, according to data compiled by Bloomberg. The price on the bonds rose 1.68 cents to 76.25 cents on the dollar. Chavez announcement sparked speculation he may not seek re-election, opening the door for a new government that may reverse policies that made the country’s debt the riskiest in emerging markets. Chavez, in a videotaped message read yesterday from Havana, said he was recovering favorably after doctors removed a tumor in a second, previously undisclosed operation since arriving in Cuba on June 8. The self-declared 21st century socialist revolutionary gave no date for his return, saying only that his treatment cant be rushed. Jun-21-11    jpatlantic: ATHENS, Greece (AP) Greece's embattled prime minister faced a crucial confidence vote in parliament Tuesday over the new cabinet he formed to help pass the unpopular austerity measures needed to avoid a national default. If Prime Minister George Papandreou's new government fails to get the necessary Parliamentary support in a midnight vote Tuesday, it would throw into question whether it can pass a new austerity bill by the end of the month as demanded by international creditors. Expectations that Papandreou would win lifted world markets. His Socialist party holds a five-seat majority in the 300-member legislature, and a simple majority is needed to pass. Jun-13-11    jpatlantic: -- Greece was downgraded close to default on Monday, sending yields on its 10-year bonds near to fresh euro-era highs and stoking fears over the eurozone debt crisis. Standard & Poor's cut Greece's long-term sovereign credit rating by three notches to triple C, a sign the rating agency thinks it will be forced to downgrade Athens to default -- or D -- as private creditors are likely to be involved in the country's next bail-out. Greece is now the lowest-rated sovereign in the world, below Ecuador, Jamaica, Pakistan and Grenada. The agency said: "In our view, Greece is increasingly likely to restructure its debt in a manner that, under the conditions of any package of additional funding provided by Greece's official creditors, would result in one or more defaults under our criteria." Jun-01-11    jpatlantic: Manufacturing in the U.S. expanded in May at the slowest pace in more than a year, reflecting higher costs of commodities and an interruption in the supply of parts after Japan’s earthquake. The Institute for Supply Management’s factory index fell more than projected to 53.5 last month, the lowest level since September 2009, from 60.4 in April, the Tempe, Arizona-based group said today. Economists projected the gauge would drop to 57.1, according to the median forecast in a Bloomberg News survey. Bonds rose and stocks slid as the report, combined with recent data on consumer spending, housing and jobs, added to concern the economy is struggling to overcome a first-quarter slowdown. Deere & Co. (DE), the worlds largest farm-equipment maker, raised its 2011 earnings forecast less than analysts estimated as disruptions from Japan and costlier inputs lowered profit. May-22-11    Barney: Expertos de inversión observan que la caída de los precios del petróleo y la recuperación del dólar en el mercado internacional pone a "los bonos venezolanos a las puertas de sufrir una importante corrección técnica". Analistas de Banctrust, indican en un informe que "existen razones técnicas para pensar que los bonos venezolanos pueden experimentar una corrección cercana al 7%", por lo que recomiendan comprar protección. http://www.americaeconomia.com/econ... May-16-11    jpatlantic: Funds cut their bets on higher commodity prices by 15 percent in a week after the worst rout in two years, reducing positions in everything from copper to oil on mounting concern that global growth is slowing. The funds held a net 1.23 million contracts across 18 U.S. commodity futures as of May 10, the lowest since July, data from the U.S. Commodity Futures Trading Commission show. The net-long position in crude oil slumped 13 percent in a week, while for copper it fell 59 percent and in silver 23 percent. The Standard & Poors GSCI Index of 24 commodities fell 11 percent in the week ended May 6, the biggest drop since December 2008, as investors fretted about the end of monetary stimulus in the U.S., higher interest rates worldwide and Europe sovereign debt crises. At least two dozen nations and the European Central Bank raised rates this year, data compiled by Bloomberg show. < Earlier Discussion  | PAGE 617 OF 617 |  Later Discussion > NOTE: You need to pick a username and password to post a comment. Getting your account takes less than a minute, totally anonymous, and 100% free--plus, it entitles you to features otherwise unavailable. Pick your username now and join the Shibui community!   If you already have an account, you should login now.   Please observe our posting guidelines: No obscene, racist, or profane language. No spamming, advertising, or duplicating posts. No personal attacks against other users. 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