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Portugal bond auction a success - finance minister - Reuters India
Portugal's Finance Minister Fernando Teixeira dos Santos gestures at the start of a European finance ministers meeting in Brussels, May 9, 2010. The minister said his country's bond auction on Wednesday was a success, reinforcing the country's strategy of continuing to finance itself in the debt markets.
Credit: Reuters/Thierry Roge/Filesrel="nofollow">View the original article here
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Big three to miss out on finance watchdog - Financial Times
By Nikki Tait in Brussels, James Wilson in Frankfurt and Brooke Mastersin London
Published: January 12 2011 23:33 | Last updated: January 12 2011 23:33
The top chairmanship positions of Europe’s new financial watchdogs are expected to go to officials from European Union countries with smaller financial centres, rather than the UK, France or Germany.
But the UK seems likely to fare relatively well in terms of influence, with officials from the Financial Services Authority likely to be represented on management boards of at least two of the authorities and in the running for a couple of other senior posts.
EDITOR’S CHOICEEditorial: The City has little to fear from EU - Dec-03Compromise on EU financial regulation attacked - Jan-27EU seeks pact on hedge funds - Dec-03High hopes for EU financial regulation deal - Sep-01
View the original article here
Published: January 12 2011 23:33 | Last updated: January 12 2011 23:33
The top chairmanship positions of Europe’s new financial watchdogs are expected to go to officials from European Union countries with smaller financial centres, rather than the UK, France or Germany.
But the UK seems likely to fare relatively well in terms of influence, with officials from the Financial Services Authority likely to be represented on management boards of at least two of the authorities and in the running for a couple of other senior posts.
EDITOR’S CHOICEEditorial: The City has little to fear from EU - Dec-03Compromise on EU financial regulation attacked - Jan-27EU seeks pact on hedge funds - Dec-03High hopes for EU financial regulation deal - Sep-01
View the original article here
Aetna's finance chief talks health reform - MarketWatch (blog)
With significant changes from the new health-reform law starting to take effect this year, diversification is a popular theme among health insurers presenting their 2011 business strategies to investors this week at the J.P. Morgan Healthcare Conference in San Francisco. Aetna proved no exception.
Aetna’s chief financial officer, Joseph Zubretsky, told conference attendees Tuesday that the company plans to increase its presence in the Medicaid market as that government-financed health program expands to cover more people.
“Medicaid is going to be a critical component of our business going forward in a post-reform world,” he said. Aetna started doing business with Medicaid in Pennsylvania and Florida last year, and is adding Illinois this year. Medicaid is the joint federal-state government health program for low-income people.
This year is the first that companies like Aetna will see the full annual costs of new benefit requirements under the Patient Protection and Affordable Care Act, Zubretsky said. That includes expenses associated with eliminating lifetime dollar limits on coverage and allowing kids to stay on their parents’ health plans until age 26, among several other changes, although many of these new costs get passed on to consumers.
Separately, Aetna is making a bigger play for health-information technology that promises to enable doctors to make better medical-treatment decisions and let customers access data wherever they travel.
“You will see us be a lot more active internationally and globally,” Zubretsky said.
Aetna recently acquired health-information exchange company Medicity, which he said lays the groundwork for reimbursement changes and the establishment of accountable care organizations — designed to give patients better-coordinated care that reflects best practices — that are called for in the health-overhaul law. Money from the 2009 economic stimulus package also is pushing more doctors and hospitals to adopt workable electronic health records to improve quality of care and reduce costs.
As health reform takes shape and starts to extend coverage to 30 million more Americans, insurers are licking their chops at the prospect of acquiring millions of new customers, a welcome departure from the membership declines that many including Aetna have seen since the recession began and unemployment began to swell. But companies also are bracing for much tighter regulations that will force them to spend about 80% of premium dollars they collect on actual medical care and prevent them from denying coverage to the sicker people who need it most.
The new rules on spending a certain amount of premium dollars on health care as opposed to administrative costs and profits have caused Aetna to cut broker commissions on sales of individual health insurance policies and change the structure of commissions generally, Zubretsky said.
He emphasized that brokers were “still very important” to Aetna, but he implied the commission change was inevitable. “Distribution costs in this business were far too high, and health-care reform was a good catalyst to change what we all knew needed to be changed.”
Premium-rate increases grabbed headlines last year among individual policyholders of other insurers in California and several other states. But Zubretsky said state regulators have accepted most of Aetna’s proposed rate hikes.
“We have been getting the rates we have been filing,” he said. “What regulators are beginning to understand is the trend [medical inflation] is so high because healthy people [that would otherwise be] in the pool have opted out of the pool.”
As Republicans seek to repeal the health-reform law that President Obama signed last March, Zubretsky said he’s confident that lawmakers understand the importance of keeping the “individual mandate” that will require people to buy health insurance, with government subsidies if they can’t afford it, starting in 2014.
The individual mandate promises to broaden the risk pool and prevent what’s known as an insurance death spiral, where premiums would rise higher and higher for the sick patients who remain in the coverage pool after the healthy ones decide they don’t want to pay for insurance. The mandate also would help offset the new requirement that insurers accept all applicants regardless of their age and health status, as opposed to being able to cherry-pick the best risks and reject people with preexisting conditions as they do now.
Still, it’s too early to know how the politics and legal challenges involving the use of the individual mandate will play out.
“Our view is the unintended consequence of repealing or replacing parts of the legislation without thinking of the entirety is the biggest risk,” Zubretsky said.
“We’d rather see an enforceable mandate that will pull in all the young, healthy lives not paying premiums to broaden the base and make premiums affordable.”
Aetna will report earnings on Feb. 4 and hold its investor day a month later on March 4.
For all the negativity and accusations of a “nanny state” that the individual mandate provokes among conservatives, many critics point out it’s a tactic consistent with an emphasis on personal responsibility. Check out Eliot Spitzer’s take on this seeming contradiction in his Slate column.
View the original article here
Aetna’s chief financial officer, Joseph Zubretsky, told conference attendees Tuesday that the company plans to increase its presence in the Medicaid market as that government-financed health program expands to cover more people.
“Medicaid is going to be a critical component of our business going forward in a post-reform world,” he said. Aetna started doing business with Medicaid in Pennsylvania and Florida last year, and is adding Illinois this year. Medicaid is the joint federal-state government health program for low-income people.
This year is the first that companies like Aetna will see the full annual costs of new benefit requirements under the Patient Protection and Affordable Care Act, Zubretsky said. That includes expenses associated with eliminating lifetime dollar limits on coverage and allowing kids to stay on their parents’ health plans until age 26, among several other changes, although many of these new costs get passed on to consumers.
Separately, Aetna is making a bigger play for health-information technology that promises to enable doctors to make better medical-treatment decisions and let customers access data wherever they travel.
“You will see us be a lot more active internationally and globally,” Zubretsky said.
Aetna recently acquired health-information exchange company Medicity, which he said lays the groundwork for reimbursement changes and the establishment of accountable care organizations — designed to give patients better-coordinated care that reflects best practices — that are called for in the health-overhaul law. Money from the 2009 economic stimulus package also is pushing more doctors and hospitals to adopt workable electronic health records to improve quality of care and reduce costs.
As health reform takes shape and starts to extend coverage to 30 million more Americans, insurers are licking their chops at the prospect of acquiring millions of new customers, a welcome departure from the membership declines that many including Aetna have seen since the recession began and unemployment began to swell. But companies also are bracing for much tighter regulations that will force them to spend about 80% of premium dollars they collect on actual medical care and prevent them from denying coverage to the sicker people who need it most.
The new rules on spending a certain amount of premium dollars on health care as opposed to administrative costs and profits have caused Aetna to cut broker commissions on sales of individual health insurance policies and change the structure of commissions generally, Zubretsky said.
He emphasized that brokers were “still very important” to Aetna, but he implied the commission change was inevitable. “Distribution costs in this business were far too high, and health-care reform was a good catalyst to change what we all knew needed to be changed.”
Premium-rate increases grabbed headlines last year among individual policyholders of other insurers in California and several other states. But Zubretsky said state regulators have accepted most of Aetna’s proposed rate hikes.
“We have been getting the rates we have been filing,” he said. “What regulators are beginning to understand is the trend [medical inflation] is so high because healthy people [that would otherwise be] in the pool have opted out of the pool.”
As Republicans seek to repeal the health-reform law that President Obama signed last March, Zubretsky said he’s confident that lawmakers understand the importance of keeping the “individual mandate” that will require people to buy health insurance, with government subsidies if they can’t afford it, starting in 2014.
The individual mandate promises to broaden the risk pool and prevent what’s known as an insurance death spiral, where premiums would rise higher and higher for the sick patients who remain in the coverage pool after the healthy ones decide they don’t want to pay for insurance. The mandate also would help offset the new requirement that insurers accept all applicants regardless of their age and health status, as opposed to being able to cherry-pick the best risks and reject people with preexisting conditions as they do now.
Still, it’s too early to know how the politics and legal challenges involving the use of the individual mandate will play out.
“Our view is the unintended consequence of repealing or replacing parts of the legislation without thinking of the entirety is the biggest risk,” Zubretsky said.
“We’d rather see an enforceable mandate that will pull in all the young, healthy lives not paying premiums to broaden the base and make premiums affordable.”
Aetna will report earnings on Feb. 4 and hold its investor day a month later on March 4.
For all the negativity and accusations of a “nanny state” that the individual mandate provokes among conservatives, many critics point out it’s a tactic consistent with an emphasis on personal responsibility. Check out Eliot Spitzer’s take on this seeming contradiction in his Slate column.
View the original article here
Neto ingresos conjuntos de registro del JPM en los lanzamientos de reserva
14 De enero de 2011, 5: 27 PM EST por Dawn Kopecki y el hijo de Hugo
(Las actualizaciones con el cierre de las acciones y los precios de los CDS en el párrafo 5).
El 14 de enero (Bloomberg)--JPMorgan Chase & Co., el segundo - banco más grande de Estados Unidos por el patrimonio, un récord de las reservas de beneficios de 4.830 millones de dólares, impulsado por 2 millones de dólares en añadidos a las ganancias como calidad de crédito y la economía estadounidense mejorado.Ingresos netos de cuarto trimestre, que aumentaron un 47%, fue de $1.12 una participación, en comparación con 3,28 millones de dólares, o 74 centavos, en el mismo período de 2009, la compañía basada en Nueva York dijo hoy en un comunicado. Los resultados en comparación con una estimación de promedio por acción de las ganancias ajustadas de 1 dólar, proyectado por 25 analistas encuestados por Bloomberg. Las acciones elevó hasta un 2,9 por ciento a un máximo de nueve meses.JPM, dirigido por el Director Ejecutivo Jamie Dimon, fue el único gran banco de Estados Unidos para mantener la rentabilidad a lo largo de la crisis financiera. Discográfica 17,4 millones la compañía de dólares en ingresos el año pasado fueron impulsados por unos 7 millones de dólares en reserva deducidos las versiones sobre el mejor pronóstico económico, una mejora que Dimon, 54, dijo que él no cuenta como ingresos reales".Dijo sólo tomamos hacia abajo de reservas prácticamente cuando tengamos que"debido a los requisitos de contabilidad, Dimon a los periodistas en una conferencia telefónica hoy. "No queremos. No es como lo estamos haciendo con las ganancias del informe. Lo no miro como ingresos."JPM aumentó 46 centavos, o 1%, a $44.91 en el comercio compuesto de New York Stock Exchange. El costo para proteger la deuda de la compañía declinó como enfoques sectoriales de crédito predeterminada cayeron 1,4 puntos de base con 79.1 puntos básicos, de acuerdo a agente de Phoenix socios Group.CDS los precios suben "cinco de las seis empresas están mostrando mejoras," dijo Richard Bove, analista de banco en Rochdale Securities en Lutz, Florida. "El impulso de los ingresos es positivo".Dimon reiteró su deseo de restaurar el dividendo trimestral de la compañía, que se redujo a 5 céntimos un recurso compartido en 2009, tan pronto como permitan a los reguladores. Para Bove, "estos son los factores que impulsará las acciones arriba o abajo en última instancia, no la contabilidad jerigonza con reservas."La División de tarjetas de crédito, que perdió dinero para todos de 2009, genera 27 por ciento de los ingresos netos del JPM para el trimestre. El Banco de inversiones representaron el 31 por ciento.Mientras Dimon llama a los Estados Unidos todavía "terrible" del mercado de la vivienda, dijo que es mejor de lo que era hace un año. El Banco puso a 1.500 millones de dólares en litigios se reserva para cubrir los costos relacionados con la compra de hipotecas nuevo defectuosas. También dejar de lado 2.100 millones de dólares más contra préstamos agria de Washington Mutual, el prestamista JPM compró en 2008.Private que labeldimon dijo que la mayoría de los litigios nuevas reservas destinados a ser llamadas etiqueta privada hipotecas, que no están aseguradas por el Gobierno federal o por el Gobierno Federal controla las compañías hipotecarias Fannie Mae y Freddie Mac Dijo tomará años para resolver las controversias y para determinar el coste final a JPM."Va a ser un desastre horrible durante mucho tiempo, pero no será vida-amenaza con JPM,"le dijo a analistas sobre una llamada independiente. "Nos hablará esto para cada trimestre en los próximos tres años."JPM es el primero de los bancos más grandes de U.S. con las ganancias del informe. Citigroup, el tercer mayor prestamista de U.S. detrás de JPMorgan y Banco de América Corp., puede informar de ganancias del cuarto trimestre de 2,19 millones de dólares cuando libera resultados el 18 de enero, la encuesta de analistas de espectáculos. Basado en Charlotte, Carolina del norte de Bank of America pueden informar de un beneficio de 2,61 millones de dólares en enero en JPM las ganancias 21.Fourth-trimestre aumentaron a 13 por ciento a 26,1 millones de dólares. Los ingresos de los mercados de renta fija y la equidad fueron de 4 millones de dólares, en comparación con 3,7 millones de dólares un año antes y 4,3 millones de dólares en el tercer trimestre.CardsWhile de crédito pérdidas de hogar y préstamos y tarjetas de crédito siguen pesando sobre las ganancias, la compañía establezca un lado menos provisiones para futuras en divisiones y liberados 2.000 millones de dólares en reservas contra préstamos de tarjetas de crédito.Menos de los consumidores cayeron en sus pagos de tarjeta de crédito en el cuarto trimestre. Las tasas de delincuencia de treinta días bajaron a 4.1% de 6,3 por ciento en el mismo trimestre en 2009 y 4,6 por ciento en el tercer trimestre. La tasa de tarjetas de crédito pagan según deuda incobrable también cayó al 7,8% del 9,3% el año anterior y un 8,9% en el trimestre anterior."Crédito al consumo sigue mejorando en todos los ámbitos,"dijo Paul Miller, un ex examinador para el Banco de Reserva Federal de Philadelphia y analista de banca de FBR Capital Markets.Retail, 708 millones de dólares, en comparación con 907 millones de dólares durante el tercer trimestre y una pérdida de 399 millones de dólares un año antes. La división que se benefician de una reducción de 1.800 millones de dólares en disposiciones a 2.500 millones de dólares, dijo JPM.Servicios de tarjetas de ServicesCredit de tarjeta obtuvo 1.300 millones de dólares, en comparación con 735 millones de dólares en los tres meses anteriores y una pérdida de 306 millones de dólares un año antes. JPM reducido disposiciones contra futuras pérdidas por valor de 3.500 millones de dólares.Ingresos netos en banca de inversión disminuyeron 21 por ciento, a 1,5 millones de dólares en el cuarto trimestre de 1.900 millones de dólares el año anterior, incluso después de que se benefician de la liberación de 271 millones de dólares en reservas en las ganancias, en comparación con un 181 millones de dólares el año anterior de ganar".Los números no mires casi tan fuertes como los titulares sugiere,"un grupo de estrategas liderado por Michael Reiner en Societe Generale SA escribió en una nota de hoy después del informe de ganancias. "Una gran parte de la pulsación de ingresos provenía de una gran caída en las disposiciones de la pérdida en el segmento de tarjetas de crédito del JPM".Margen de SqueezeJPMorgan y otros grandes bancos, que se han beneficiado de registros bajos costos de financiamiento de hipotecas y otros activos, enfrentan un apretón en los márgenes de intermediación--la diferencia entre lo que pagan a pedir dinero prestado y lo que llegar para préstamos y sobre los títulos.El rendimiento neto de obtención de interés activos--lo que el Banco recopila sobre el interés de los préstamos y valores menos de lo que paga de los depósitos y otras deudas financieras--cayó a 2,88% en el cuarto trimestre, de 3,01% en el tercer trimestre y 3.02% un año antes.Las compañías financieras han registrado pérdidas y logró de por lo menos 1,82 billones de dólares provenientes de la crisis de vivienda de Estados Unidos y de la más alta tasa de desempleo de U.S. en 26 años, de acuerdo con los datos compilados por Bloomberg. Recupera el ritmo de los nuevos préstamos de problema aliviado durante los últimos dos trimestres como la economía estadounidense, incluso después de que el Gobierno federal retiró el apoyo de los mercados financieros.
--Con la asistencia de Christine Harper, Michael Moore y Mary Childs en Nueva York. Editores: Steve Dickson, Dan Reichl
Ponerse en contacto con los reporteros en esta historia: Dawn Kopecki en Nueva York en dkopecki@bloomberg.com; Ponerse en contacto con los reporteros en esta historia: hijo de Hugo en Nueva York en hson1@bloomberg.net
Ponerse en contacto con el editor responsable de esta historia: David Scheer en dscheer@bloomberg.net
View the original article here
(Las actualizaciones con el cierre de las acciones y los precios de los CDS en el párrafo 5).
El 14 de enero (Bloomberg)--JPMorgan Chase & Co., el segundo - banco más grande de Estados Unidos por el patrimonio, un récord de las reservas de beneficios de 4.830 millones de dólares, impulsado por 2 millones de dólares en añadidos a las ganancias como calidad de crédito y la economía estadounidense mejorado.Ingresos netos de cuarto trimestre, que aumentaron un 47%, fue de $1.12 una participación, en comparación con 3,28 millones de dólares, o 74 centavos, en el mismo período de 2009, la compañía basada en Nueva York dijo hoy en un comunicado. Los resultados en comparación con una estimación de promedio por acción de las ganancias ajustadas de 1 dólar, proyectado por 25 analistas encuestados por Bloomberg. Las acciones elevó hasta un 2,9 por ciento a un máximo de nueve meses.JPM, dirigido por el Director Ejecutivo Jamie Dimon, fue el único gran banco de Estados Unidos para mantener la rentabilidad a lo largo de la crisis financiera. Discográfica 17,4 millones la compañía de dólares en ingresos el año pasado fueron impulsados por unos 7 millones de dólares en reserva deducidos las versiones sobre el mejor pronóstico económico, una mejora que Dimon, 54, dijo que él no cuenta como ingresos reales".Dijo sólo tomamos hacia abajo de reservas prácticamente cuando tengamos que"debido a los requisitos de contabilidad, Dimon a los periodistas en una conferencia telefónica hoy. "No queremos. No es como lo estamos haciendo con las ganancias del informe. Lo no miro como ingresos."JPM aumentó 46 centavos, o 1%, a $44.91 en el comercio compuesto de New York Stock Exchange. El costo para proteger la deuda de la compañía declinó como enfoques sectoriales de crédito predeterminada cayeron 1,4 puntos de base con 79.1 puntos básicos, de acuerdo a agente de Phoenix socios Group.CDS los precios suben "cinco de las seis empresas están mostrando mejoras," dijo Richard Bove, analista de banco en Rochdale Securities en Lutz, Florida. "El impulso de los ingresos es positivo".Dimon reiteró su deseo de restaurar el dividendo trimestral de la compañía, que se redujo a 5 céntimos un recurso compartido en 2009, tan pronto como permitan a los reguladores. Para Bove, "estos son los factores que impulsará las acciones arriba o abajo en última instancia, no la contabilidad jerigonza con reservas."La División de tarjetas de crédito, que perdió dinero para todos de 2009, genera 27 por ciento de los ingresos netos del JPM para el trimestre. El Banco de inversiones representaron el 31 por ciento.Mientras Dimon llama a los Estados Unidos todavía "terrible" del mercado de la vivienda, dijo que es mejor de lo que era hace un año. El Banco puso a 1.500 millones de dólares en litigios se reserva para cubrir los costos relacionados con la compra de hipotecas nuevo defectuosas. También dejar de lado 2.100 millones de dólares más contra préstamos agria de Washington Mutual, el prestamista JPM compró en 2008.Private que labeldimon dijo que la mayoría de los litigios nuevas reservas destinados a ser llamadas etiqueta privada hipotecas, que no están aseguradas por el Gobierno federal o por el Gobierno Federal controla las compañías hipotecarias Fannie Mae y Freddie Mac Dijo tomará años para resolver las controversias y para determinar el coste final a JPM."Va a ser un desastre horrible durante mucho tiempo, pero no será vida-amenaza con JPM,"le dijo a analistas sobre una llamada independiente. "Nos hablará esto para cada trimestre en los próximos tres años."JPM es el primero de los bancos más grandes de U.S. con las ganancias del informe. Citigroup, el tercer mayor prestamista de U.S. detrás de JPMorgan y Banco de América Corp., puede informar de ganancias del cuarto trimestre de 2,19 millones de dólares cuando libera resultados el 18 de enero, la encuesta de analistas de espectáculos. Basado en Charlotte, Carolina del norte de Bank of America pueden informar de un beneficio de 2,61 millones de dólares en enero en JPM las ganancias 21.Fourth-trimestre aumentaron a 13 por ciento a 26,1 millones de dólares. Los ingresos de los mercados de renta fija y la equidad fueron de 4 millones de dólares, en comparación con 3,7 millones de dólares un año antes y 4,3 millones de dólares en el tercer trimestre.CardsWhile de crédito pérdidas de hogar y préstamos y tarjetas de crédito siguen pesando sobre las ganancias, la compañía establezca un lado menos provisiones para futuras en divisiones y liberados 2.000 millones de dólares en reservas contra préstamos de tarjetas de crédito.Menos de los consumidores cayeron en sus pagos de tarjeta de crédito en el cuarto trimestre. Las tasas de delincuencia de treinta días bajaron a 4.1% de 6,3 por ciento en el mismo trimestre en 2009 y 4,6 por ciento en el tercer trimestre. La tasa de tarjetas de crédito pagan según deuda incobrable también cayó al 7,8% del 9,3% el año anterior y un 8,9% en el trimestre anterior."Crédito al consumo sigue mejorando en todos los ámbitos,"dijo Paul Miller, un ex examinador para el Banco de Reserva Federal de Philadelphia y analista de banca de FBR Capital Markets.Retail, 708 millones de dólares, en comparación con 907 millones de dólares durante el tercer trimestre y una pérdida de 399 millones de dólares un año antes. La división que se benefician de una reducción de 1.800 millones de dólares en disposiciones a 2.500 millones de dólares, dijo JPM.Servicios de tarjetas de ServicesCredit de tarjeta obtuvo 1.300 millones de dólares, en comparación con 735 millones de dólares en los tres meses anteriores y una pérdida de 306 millones de dólares un año antes. JPM reducido disposiciones contra futuras pérdidas por valor de 3.500 millones de dólares.Ingresos netos en banca de inversión disminuyeron 21 por ciento, a 1,5 millones de dólares en el cuarto trimestre de 1.900 millones de dólares el año anterior, incluso después de que se benefician de la liberación de 271 millones de dólares en reservas en las ganancias, en comparación con un 181 millones de dólares el año anterior de ganar".Los números no mires casi tan fuertes como los titulares sugiere,"un grupo de estrategas liderado por Michael Reiner en Societe Generale SA escribió en una nota de hoy después del informe de ganancias. "Una gran parte de la pulsación de ingresos provenía de una gran caída en las disposiciones de la pérdida en el segmento de tarjetas de crédito del JPM".Margen de SqueezeJPMorgan y otros grandes bancos, que se han beneficiado de registros bajos costos de financiamiento de hipotecas y otros activos, enfrentan un apretón en los márgenes de intermediación--la diferencia entre lo que pagan a pedir dinero prestado y lo que llegar para préstamos y sobre los títulos.El rendimiento neto de obtención de interés activos--lo que el Banco recopila sobre el interés de los préstamos y valores menos de lo que paga de los depósitos y otras deudas financieras--cayó a 2,88% en el cuarto trimestre, de 3,01% en el tercer trimestre y 3.02% un año antes.Las compañías financieras han registrado pérdidas y logró de por lo menos 1,82 billones de dólares provenientes de la crisis de vivienda de Estados Unidos y de la más alta tasa de desempleo de U.S. en 26 años, de acuerdo con los datos compilados por Bloomberg. Recupera el ritmo de los nuevos préstamos de problema aliviado durante los últimos dos trimestres como la economía estadounidense, incluso después de que el Gobierno federal retiró el apoyo de los mercados financieros.
--Con la asistencia de Christine Harper, Michael Moore y Mary Childs en Nueva York. Editores: Steve Dickson, Dan Reichl
Ponerse en contacto con los reporteros en esta historia: Dawn Kopecki en Nueva York en dkopecki@bloomberg.com; Ponerse en contacto con los reporteros en esta historia: hijo de Hugo en Nueva York en hson1@bloomberg.net
Ponerse en contacto con el editor responsable de esta historia: David Scheer en dscheer@bloomberg.net
View the original article here
Kan May Lure Yosano to Cabinet as Ex-Finance Minister Quits Sunrise Party - Bloomberg
Former Japanese Finance Minister Kaoru Yosano said he will leave the country’s newest opposition party and signaled he would be willing to join Prime Minister Naoto Kan’s Cabinet.
Yosano said he resigned from the Sunrise Party, which he formed in April. Kan tomorrow will replace Chief Cabinet Secretary Yoshito Sengoku with Yukio Edano and Yosano may join the Cabinet as a special minister in charge of tax reform, the Asahi newspaper said today, without citing anyone.
“Prime Minister Kan is pursuing fiscal restructuring, drastic tax reform and securing the social welfare system,” Yosano, 72, said at a press conference today in Tokyo. “These are issues Japan can’t afford to avoid. I’m ready to offer a helping hand.”
Kan said at a convention of his Democratic Party of Japan that he will reshuffle his cabinet and the party leadership after today’s gathering.
“I want to establish the strongest regime ahead of the parliament session,” he told party members meeting in Chiba city, southeast of Tokyo.
Kan, whose popularity has fallen by two-thirds since taking office in June, is gearing up for a national debate on raising the 5 percent consumption tax to cope with rising social welfare costs and the world’s largest public debt. Yosano advocated raising the sales levy in his failed 2008 race to lead Liberal Democratic Party, which he left last year.
‘Experienced Adviser’
“With Sengoku leaving the Cabinet, Kan wants an experienced adviser nearby,” said Minoru Morita, a Tokyo-based independent political commentator. “Yosano will become his counselor and instruct him on fiscal consolidation.”
Kan is under pressure to shuffle his Cabinet after two ministers, including Sengoku, were censured in November in the Upper House of parliament, which isn’t controlled by the DPJ. He needs opposition support to ease passage of his record 92.4 trillion yen ($1.1 trillion) budget for the fiscal year beginning April 1.
While Yosano said he hadn’t heard from Kan’s office, he added that “I will consider things” if contacted.
Kan’s wife, Nobuko, told reporters yesterday her husband is trying “by any means” to rebuild the country’s social welfare system as the population ages. Social-security costs have increased 60 percent since 2000 and will account for 53 percent of government spending next year.
Falling Ratings
Kan’s approval rating fell to 21 percent in an Asahi newspaper survey published Dec. 13, from 60 percent in June. Kan on Nov. 27 said he wouldn’t quit even if his rating falls to 1 percent, the Asahi reported.
Campaigning for the LDP’s party leadership in 2008, Yosano pledged to increase Japan’s consumption tax and balance the budget by 2011. He finished second on the ballot, losing to Taro Aso, who became premier and led the party to its historic defeat.
Before the DPJ-led government came to power in 2009, Yosano criticized the party’s fiscal policies, arguing it would need to raise the sales tax to 25 percent to honor its pledges to lower corporate and gas taxes as well as supporting families with children with payments and eliminating highway tolls. The DPJ has since pared some of those promises due to budget constraints.
He had also said it was a “tragedy” former Prime Minister Yukio Hatoyama was avoiding attempts to reduce the debt.
Yosano, formed the Sunrise Party with five former legislators from the LDP, which governed Japan for more than five decades of almost unbroken rule until September 2009. He served as LDP finance minister, economy and fiscal policy minister and chief cabinet secretary.
To contact the reporters on this story: Sachiko Sakamaki in Tokyo at Ssakamaki1@bloomberg.net; Takashi Hirokawa in Tokyo at thirokawa@bloomberg.net
To contact the editor responsible for this story: Peter Hirschberg in Hong Kong at phirschberg@bloomberg.net
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Top Stories: Business and Finance - Bloomberg
The following are the day's top business stories:
1. World Bank Sees Capital-Flow Risks, Global Growth Slowing to 3.3% in 2011 2. China Turning to Seller of Kan's Debt as Yen Strength Fades: Japan Credit 3. Topix Gains for Fifth Day on Commodities, Easing Concern Over Europe Debt 4. Gold Buying Shows RBI Losing `Never Ending' Inflation Battle: India Credit 5. Australian Employers Added 2,300 Workers in December, Less Than Estimated 6. Lundin, Inmet Mining Agree to Merge to Create Company Valued at $9 Billion 7. AIG Warrants to Be Issued Next Week as Insurer Works to Repay U.S. Rescue 8. Trichet Faces `Annus Horribilis' as Crisis Tests One-Size-Fits-All Policy 9. Nissan Forecasts Decline in Europe Market Share After Micra Move to India 10.U.S. Coal Producers to Gain From Australia's Record Floods: Chart of Day 11 Australia Price Risk Seen in 20% Tomato Jump as RBA Forced to Extend Pause 12.Ultrathin Piaget Watches for $200,000 Tackle Chunky Pre-Crisis Timepieces
1. World Bank Sees Capital-Flow Risks, Global Growth Slowing to 3.3% in 2011
Capital inflows, a driving force of the recovery in emerging countries, now pose risks to global growth as they can trigger abrupt currency fluctuations that may do "lasting damage" to some nations, the World Bank said. The Washington-based institution today left a growth forecast for the world´s economy this year unchanged at 3.3 percent, from a revised 3.9 percent in 2010. It predicted that the slowdown, which reflects capacity constraints in developing nations and restructuring in developed economies, will be followed by faster growth of 3.6 percent in 2012. "The pickup in international capital flows reinforced the recovery in most developing countries," Hans Timmer, the World Bank´s director of development prospects, said in a press release today. "However, heavy inflows to certain middle-income economies may carry risks and threaten medium-term recovery, especially if currency values rise suddenly or if asset bubbles emerge." While the recovery is "broad-based" and "solid," the growth rates "are not strong enough to undo the damage that was done during the crisis in all parts of the world," Timmer said on a conference call today.
2. China Turning to Seller of Kan's Debt as Yen Strength Fades: Japan Credit
China went from scooping up the most Japanese debt in a year to selling the most, exiting the world´s lowest yields as forecasters expect the yen to retreat further from the 15-year high seen in November. The country sold a net 81.3 billion yen ($979 million) of Japanese bonds in November, Japan´s Ministry of Finance said yesterday. China had been set for the biggest yearly increase since at least 2005 before unwinding with net sales in three of the four months through November. "With China´s currency likely to appreciate against the yen, there is little incentive for China to buy Japanese debt," said Masaru Hamasaki, chief strategist at Toyota Asset Management Co. in Tokyo, which manages about $17 billion. "Because of low yields and currency risk, I think China won´t buy Japanese debt that much this year." China, holder of the world´s largest foreign-exchange reserves, is shifting attention from Japan to Europe as a credit crisis pushes the trading bloc to seek outside help, according to Susumu Kato, chief economist for Japan in Tokyo at Credit Agricole CIB and CLSA. Chinese Vice Premier Li Keqiang last week expressed confidence in Spain´s financial markets and pledged more purchases of that country´s debt.
3. Topix Gains for Fifth Day on Commodities, Easing Concern Over Europe Debt
Japanese stocks rose, sending the Topix index to a fifth straight gain, after commodity prices climbed, Wells Fargo & Co. boosted ratings on U.S. banks and speculation mounted that Europe will step up efforts to control its debt crisis. Canon Inc., the world´s largest camera maker, climbed 1 percent as the euro soared, boosting the outlook for export earnings. Honda Motor Co., a Japanese carmaker that gets about 80 percent of its sales abroad, rose 1.4 percent. Mitsui & Co., a trading company that counts commodities as its biggest source of profit, gained 1.8 percent. Mitsubishi UFJ Financial Group Inc., Japan´s biggest publicly traded bank, jumped 2 percent. "Uncertainty remains about the situation in Europe, but excessive pessimism is easing," said Mitsushige Akino, who oversees about $450 million in assets in Tokyo at Ichiyoshi Investment Management Co. The Nikkei 225 Stock Average rose 1 percent to 10,617.73 as of 9:06 a.m. in Tokyo. The broader Topix gained 1 percent to 939.26, with almost eight times as many shares advancing as declining.
4. Gold Buying Shows RBI Losing `Never Ending' Inflation Battle: India Credit
Record imports of gold by India show the central bank may be losing the battle to tame inflation, spurring investors to sell government bonds. Shipments into Asia´s third-biggest economy may have increased to 800 metric tons from 557 tons in 2009 and exceeding the previous all-time high of 769 in 2007, according to Ajay Mitra, managing director for India and the Middle East at the World Gold Council. Mumbai-based brokerage Nirmal Bang Commodities Pvt. forecasts purchases from overseas markets may rise to as much as 810 tons this year. "Gold is being used as a store of value to protect against never-ending inflation," Ritesh Jain, the Mumbai-based head of fixed income at Canara Robeco Asset Management Ltd. who oversees $1.5 billion, said in an interview on Jan. 7. "Inflation is the biggest concern in the minds of investors and savers." India´s government bonds have lost 0.5 percent this month, Asia´s worst performance after Indonesia, according to indexes compiled by HSBC Holdings Plc. Annual inflation in December was probably 8.40 percent, accelerating for the first time in three months, according to the median forecast of 30 economists in a Bloomberg survey ahead of official data tomorrow.
5. Lundin, Inmet Mining Agree to Merge to Create Company Valued at $9 Billion
Lundin Mining Corp. and Inmet Mining Corp. agreed to combine to create a Canadian copper producer with a market value of about C$9 billion ($9.1 billion) as the metal traded close to a record. Inmet investors will get 3.4918 shares of Symterra Corp., as the new company will be called, for each of their shares and Lundin investors will receive 0.3333 of a Symterra share for each of their shares, the Toronto-based companies said today in a statement. The deal is a "merger of equals," they said. "The long-term fundamentals of copper are compelling," Lukas Lundin, chairman of Lundin, said in the statement. "Symterra provides one of the best growth profiles for copper amongst major mining companies." Inmet is developing the Cobre Panama copper mine in the Central American country and Lundin has a stake in the Tenke Fungurume copper and cobalt project in the Democratic Republic of Congo.
6. AIG Warrants to Be Issued Next Week as Insurer Works to Repay U.S. Rescue
American International Group Inc., the insurer bailed out by the U.S. government, said it is set to issue 75 million warrants to shareholders by Jan. 19 as it works to repay the $182.3 billion rescue. The U.S. Treasury Department and Federal Reserve Bank of New York agreed the insurer´s recapitalization can move forward, New York-based AIG said today in a statement. AIG said it expects to pay about $21 billion to the New York Fed to settle a credit line. It also plans to issue common stock to the Treasury in exchange for preferred shares, leaving the government with a stake of about 92 percent. Treasury would sell its shares over time, AIG said. "With today´s announcement, we anticipate that we will be able to deliver on our promise to the American people to repay the extraordinary assistance they provided to AIG during the financial crisis of 2008," Chief Executive Officer Robert Benmosche said in the statement.
7. Trichet Faces `Annus Horribilis' as Crisis Tests One-Size-Fits-All Policy
Jean-Claude Trichet´s final year at the helm of the European Central Bank may be his toughest yet as widening economic divergences within the euro area strain the bank´s one-size-fits all monetary policy. With the sovereign debt crisis threatening to engulf Portugal and bond yields in debt-strapped nations near euro-era highs, Trichet must decide when to stop buying government assets, withdraw unlimited liquidity provision for banks and possibly even raise interest rates to stem inflation risks. His response to those challenges may shape his legacy by helping to determine the euro´s future. "2011 could be another annus horribilis for the ECB," said Ken Wattret, chief euro-area economist at BNP Paribas in London. "Stress in debt markets hasn´t diminished and the divergence between euro-area countries is getting bigger. It´ll be a big challenge for the ECB and a tough job for its president to negotiate an appropriate path for monetary policy." Trichet, who chairs an ECB policy meeting today, has been forced to take unprecedented steps to buy time for the euro as governments struggle to agree on how best to shore up confidence in the monetary union. The decision to buy government bonds split the ECB´s Governing Council, and some policy makers have warned that price stability, the bank´s primary goal, could be compromised if emergency measures are left in place too long.
8. Nissan Forecasts Decline in Europe Market Share After Micra Move to India
Nissan Motor Co.´s European sales expansion may encounter a setback this quarter, after the transfer of Micra small-car production to India created supply shortages, a regional sales executive said. "Market share will be a little bit challenged," Pierre Boutin, western Europe managing director, said yesterday in an interview. "I ran out of Micra stock completely in November." Japan´s third-largest carmaker halted Micra production in Sunderland, England, in July after building inventory to cover the transition to a revamped model assembled in India. Those stocks were exhausted earlier than expected as European incentives fueled demand for small cars, Boutin said at the regional sales division´s headquarters outside Paris. Supplies of the new model won´t reach normal levels until March, he said. The loss of market share will be worst in France, the executive predicted. Because of the Micra shortage, Nissan missed out on a December sales surge before the expiry of the country´s scrapping bonus, he said. The 500-euro ($650) subsidy continues to apply to 2010 orders delivered by March 31.
9. U.S. Coal Producers to Gain From Australia's Record Floods: Chart of Day
U.S. coal companies including Patriot Coal Corp. are set to benefit from higher prices and sales as record rainfall crimps exports from Australia, the world´s biggest exporter, according to MF Global Australia Ltd. The CHART OF THE DAY shows Australia´s coking coal exports and prices, based on data compiled by Bloomberg from the government and McCloskey Group Ltd. Flooding in the state of Queensland, which Citigroup Inc. estimates supplies more than half of the global seaborne trade for the steelmaking fuel, has disrupted mines, cut transport and caused prices to surge. "Some of the funds we speak to with global mandates have been buying U.S. coal producers to take advantage of the recent spike in the spot coal price, which is expected to be ongoing," said Nick Burmester, head of hedge fund sales at MF Global in Sydney. "Patriot has recently sold coking coal into Asia." Contract prices, which reached a record $300 a metric ton in 2008, may rise to $330, compared with $225 in this quarter, and a cash price of $280, Bank of America Merrill Lynch said Jan. 12 in a report. BHP Billiton Ltd., partner in the world´s biggest coking coal exporter, and Xstrata Plc are among miners who´ve warned they may miss deliveries because of the floods that have inundated an area the size of France and Germany. They are the worst in 100 years, Nomura Australia Ltd. said yesterday.
10.Australia Price Risk Seen in 20% Tomato Jump as RBA Forced to Extend Pause
Reserve Bank of Australia Governor Glenn Stevens can glimpse the inflation threat he faces from the nation´s floods at the produce shop near his suburban Sydney home in Sylvania Waters. Tomato prices soared 20 percent in the past week and bananas, grapes and sweet potatoes are up 10 percent, said Maurice Sorace, owner of Sylvania Best Fresh, who gets about a third of his fruit and vegetables from flood-ravaged Queensland state. "Prices will be higher in the next week" as the deluge drowns more crops and clogs roads, he said. The crisis may force the RBA to accept higher inflation in coming months as the floods spur food and commodity costs and slow growth in a disaster zone the size of Egypt. Australian inflation-linked bonds rallied the most in more than five years as the damage, along with future rebuilding in a country already near full employment, risked stoking consumer prices. "At a time when the economy does not have a lot of spare capacity and a mining and energy-investment boom is also expected over the next few years, the RBA will face an even greater challenge to manage medium-term inflation pressures," said Paul Brennan, an economist at Citigroup Inc. in Sydney.
11.Ultrathin Piaget Watches for $200,000 Tackle Chunky Pre-Crisis Timepieces
When it comes to watches, Piaget is banking on the adage: one can never be too rich or too thin. Piaget aims for record sales in the next fiscal year as more shoppers in Asia buy its Altiplano watches. The collection includes the world´s thinnest automatic watch, which starts at 18,800 Swiss francs ($19,337). It´s also introducing a model for about 200,000 francs that includes a tourbillon, a spinning mechanism considered one of the most difficult features to make. "Ultrathin is our religion," Chief Executive Officer Philippe Leopold-Metzger said in an interview in his office in Plan-les-Ouates, near Geneva. "People are returning to elegance. For a long time, there was a premium for bad taste." Watches are becoming thinner again after a trend toward flashier, thicker timepieces before the credit crunch, the executive said. Piaget, a unit of Cie. Financiere Richemont SA since 1988, anticipates sales growth of more than 10 percent in the year ending March 2012 after the tourbillon watch is introduced.
-0- Jan/13/2011 00:35 GMT
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1. World Bank Sees Capital-Flow Risks, Global Growth Slowing to 3.3% in 2011 2. China Turning to Seller of Kan's Debt as Yen Strength Fades: Japan Credit 3. Topix Gains for Fifth Day on Commodities, Easing Concern Over Europe Debt 4. Gold Buying Shows RBI Losing `Never Ending' Inflation Battle: India Credit 5. Australian Employers Added 2,300 Workers in December, Less Than Estimated 6. Lundin, Inmet Mining Agree to Merge to Create Company Valued at $9 Billion 7. AIG Warrants to Be Issued Next Week as Insurer Works to Repay U.S. Rescue 8. Trichet Faces `Annus Horribilis' as Crisis Tests One-Size-Fits-All Policy 9. Nissan Forecasts Decline in Europe Market Share After Micra Move to India 10.U.S. Coal Producers to Gain From Australia's Record Floods: Chart of Day 11 Australia Price Risk Seen in 20% Tomato Jump as RBA Forced to Extend Pause 12.Ultrathin Piaget Watches for $200,000 Tackle Chunky Pre-Crisis Timepieces
1. World Bank Sees Capital-Flow Risks, Global Growth Slowing to 3.3% in 2011
Capital inflows, a driving force of the recovery in emerging countries, now pose risks to global growth as they can trigger abrupt currency fluctuations that may do "lasting damage" to some nations, the World Bank said. The Washington-based institution today left a growth forecast for the world´s economy this year unchanged at 3.3 percent, from a revised 3.9 percent in 2010. It predicted that the slowdown, which reflects capacity constraints in developing nations and restructuring in developed economies, will be followed by faster growth of 3.6 percent in 2012. "The pickup in international capital flows reinforced the recovery in most developing countries," Hans Timmer, the World Bank´s director of development prospects, said in a press release today. "However, heavy inflows to certain middle-income economies may carry risks and threaten medium-term recovery, especially if currency values rise suddenly or if asset bubbles emerge." While the recovery is "broad-based" and "solid," the growth rates "are not strong enough to undo the damage that was done during the crisis in all parts of the world," Timmer said on a conference call today.
2. China Turning to Seller of Kan's Debt as Yen Strength Fades: Japan Credit
China went from scooping up the most Japanese debt in a year to selling the most, exiting the world´s lowest yields as forecasters expect the yen to retreat further from the 15-year high seen in November. The country sold a net 81.3 billion yen ($979 million) of Japanese bonds in November, Japan´s Ministry of Finance said yesterday. China had been set for the biggest yearly increase since at least 2005 before unwinding with net sales in three of the four months through November. "With China´s currency likely to appreciate against the yen, there is little incentive for China to buy Japanese debt," said Masaru Hamasaki, chief strategist at Toyota Asset Management Co. in Tokyo, which manages about $17 billion. "Because of low yields and currency risk, I think China won´t buy Japanese debt that much this year." China, holder of the world´s largest foreign-exchange reserves, is shifting attention from Japan to Europe as a credit crisis pushes the trading bloc to seek outside help, according to Susumu Kato, chief economist for Japan in Tokyo at Credit Agricole CIB and CLSA. Chinese Vice Premier Li Keqiang last week expressed confidence in Spain´s financial markets and pledged more purchases of that country´s debt.
3. Topix Gains for Fifth Day on Commodities, Easing Concern Over Europe Debt
Japanese stocks rose, sending the Topix index to a fifth straight gain, after commodity prices climbed, Wells Fargo & Co. boosted ratings on U.S. banks and speculation mounted that Europe will step up efforts to control its debt crisis. Canon Inc., the world´s largest camera maker, climbed 1 percent as the euro soared, boosting the outlook for export earnings. Honda Motor Co., a Japanese carmaker that gets about 80 percent of its sales abroad, rose 1.4 percent. Mitsui & Co., a trading company that counts commodities as its biggest source of profit, gained 1.8 percent. Mitsubishi UFJ Financial Group Inc., Japan´s biggest publicly traded bank, jumped 2 percent. "Uncertainty remains about the situation in Europe, but excessive pessimism is easing," said Mitsushige Akino, who oversees about $450 million in assets in Tokyo at Ichiyoshi Investment Management Co. The Nikkei 225 Stock Average rose 1 percent to 10,617.73 as of 9:06 a.m. in Tokyo. The broader Topix gained 1 percent to 939.26, with almost eight times as many shares advancing as declining.
4. Gold Buying Shows RBI Losing `Never Ending' Inflation Battle: India Credit
Record imports of gold by India show the central bank may be losing the battle to tame inflation, spurring investors to sell government bonds. Shipments into Asia´s third-biggest economy may have increased to 800 metric tons from 557 tons in 2009 and exceeding the previous all-time high of 769 in 2007, according to Ajay Mitra, managing director for India and the Middle East at the World Gold Council. Mumbai-based brokerage Nirmal Bang Commodities Pvt. forecasts purchases from overseas markets may rise to as much as 810 tons this year. "Gold is being used as a store of value to protect against never-ending inflation," Ritesh Jain, the Mumbai-based head of fixed income at Canara Robeco Asset Management Ltd. who oversees $1.5 billion, said in an interview on Jan. 7. "Inflation is the biggest concern in the minds of investors and savers." India´s government bonds have lost 0.5 percent this month, Asia´s worst performance after Indonesia, according to indexes compiled by HSBC Holdings Plc. Annual inflation in December was probably 8.40 percent, accelerating for the first time in three months, according to the median forecast of 30 economists in a Bloomberg survey ahead of official data tomorrow.
5. Lundin, Inmet Mining Agree to Merge to Create Company Valued at $9 Billion
Lundin Mining Corp. and Inmet Mining Corp. agreed to combine to create a Canadian copper producer with a market value of about C$9 billion ($9.1 billion) as the metal traded close to a record. Inmet investors will get 3.4918 shares of Symterra Corp., as the new company will be called, for each of their shares and Lundin investors will receive 0.3333 of a Symterra share for each of their shares, the Toronto-based companies said today in a statement. The deal is a "merger of equals," they said. "The long-term fundamentals of copper are compelling," Lukas Lundin, chairman of Lundin, said in the statement. "Symterra provides one of the best growth profiles for copper amongst major mining companies." Inmet is developing the Cobre Panama copper mine in the Central American country and Lundin has a stake in the Tenke Fungurume copper and cobalt project in the Democratic Republic of Congo.
6. AIG Warrants to Be Issued Next Week as Insurer Works to Repay U.S. Rescue
American International Group Inc., the insurer bailed out by the U.S. government, said it is set to issue 75 million warrants to shareholders by Jan. 19 as it works to repay the $182.3 billion rescue. The U.S. Treasury Department and Federal Reserve Bank of New York agreed the insurer´s recapitalization can move forward, New York-based AIG said today in a statement. AIG said it expects to pay about $21 billion to the New York Fed to settle a credit line. It also plans to issue common stock to the Treasury in exchange for preferred shares, leaving the government with a stake of about 92 percent. Treasury would sell its shares over time, AIG said. "With today´s announcement, we anticipate that we will be able to deliver on our promise to the American people to repay the extraordinary assistance they provided to AIG during the financial crisis of 2008," Chief Executive Officer Robert Benmosche said in the statement.
7. Trichet Faces `Annus Horribilis' as Crisis Tests One-Size-Fits-All Policy
Jean-Claude Trichet´s final year at the helm of the European Central Bank may be his toughest yet as widening economic divergences within the euro area strain the bank´s one-size-fits all monetary policy. With the sovereign debt crisis threatening to engulf Portugal and bond yields in debt-strapped nations near euro-era highs, Trichet must decide when to stop buying government assets, withdraw unlimited liquidity provision for banks and possibly even raise interest rates to stem inflation risks. His response to those challenges may shape his legacy by helping to determine the euro´s future. "2011 could be another annus horribilis for the ECB," said Ken Wattret, chief euro-area economist at BNP Paribas in London. "Stress in debt markets hasn´t diminished and the divergence between euro-area countries is getting bigger. It´ll be a big challenge for the ECB and a tough job for its president to negotiate an appropriate path for monetary policy." Trichet, who chairs an ECB policy meeting today, has been forced to take unprecedented steps to buy time for the euro as governments struggle to agree on how best to shore up confidence in the monetary union. The decision to buy government bonds split the ECB´s Governing Council, and some policy makers have warned that price stability, the bank´s primary goal, could be compromised if emergency measures are left in place too long.
8. Nissan Forecasts Decline in Europe Market Share After Micra Move to India
Nissan Motor Co.´s European sales expansion may encounter a setback this quarter, after the transfer of Micra small-car production to India created supply shortages, a regional sales executive said. "Market share will be a little bit challenged," Pierre Boutin, western Europe managing director, said yesterday in an interview. "I ran out of Micra stock completely in November." Japan´s third-largest carmaker halted Micra production in Sunderland, England, in July after building inventory to cover the transition to a revamped model assembled in India. Those stocks were exhausted earlier than expected as European incentives fueled demand for small cars, Boutin said at the regional sales division´s headquarters outside Paris. Supplies of the new model won´t reach normal levels until March, he said. The loss of market share will be worst in France, the executive predicted. Because of the Micra shortage, Nissan missed out on a December sales surge before the expiry of the country´s scrapping bonus, he said. The 500-euro ($650) subsidy continues to apply to 2010 orders delivered by March 31.
9. U.S. Coal Producers to Gain From Australia's Record Floods: Chart of Day
U.S. coal companies including Patriot Coal Corp. are set to benefit from higher prices and sales as record rainfall crimps exports from Australia, the world´s biggest exporter, according to MF Global Australia Ltd. The CHART OF THE DAY shows Australia´s coking coal exports and prices, based on data compiled by Bloomberg from the government and McCloskey Group Ltd. Flooding in the state of Queensland, which Citigroup Inc. estimates supplies more than half of the global seaborne trade for the steelmaking fuel, has disrupted mines, cut transport and caused prices to surge. "Some of the funds we speak to with global mandates have been buying U.S. coal producers to take advantage of the recent spike in the spot coal price, which is expected to be ongoing," said Nick Burmester, head of hedge fund sales at MF Global in Sydney. "Patriot has recently sold coking coal into Asia." Contract prices, which reached a record $300 a metric ton in 2008, may rise to $330, compared with $225 in this quarter, and a cash price of $280, Bank of America Merrill Lynch said Jan. 12 in a report. BHP Billiton Ltd., partner in the world´s biggest coking coal exporter, and Xstrata Plc are among miners who´ve warned they may miss deliveries because of the floods that have inundated an area the size of France and Germany. They are the worst in 100 years, Nomura Australia Ltd. said yesterday.
10.Australia Price Risk Seen in 20% Tomato Jump as RBA Forced to Extend Pause
Reserve Bank of Australia Governor Glenn Stevens can glimpse the inflation threat he faces from the nation´s floods at the produce shop near his suburban Sydney home in Sylvania Waters. Tomato prices soared 20 percent in the past week and bananas, grapes and sweet potatoes are up 10 percent, said Maurice Sorace, owner of Sylvania Best Fresh, who gets about a third of his fruit and vegetables from flood-ravaged Queensland state. "Prices will be higher in the next week" as the deluge drowns more crops and clogs roads, he said. The crisis may force the RBA to accept higher inflation in coming months as the floods spur food and commodity costs and slow growth in a disaster zone the size of Egypt. Australian inflation-linked bonds rallied the most in more than five years as the damage, along with future rebuilding in a country already near full employment, risked stoking consumer prices. "At a time when the economy does not have a lot of spare capacity and a mining and energy-investment boom is also expected over the next few years, the RBA will face an even greater challenge to manage medium-term inflation pressures," said Paul Brennan, an economist at Citigroup Inc. in Sydney.
11.Ultrathin Piaget Watches for $200,000 Tackle Chunky Pre-Crisis Timepieces
When it comes to watches, Piaget is banking on the adage: one can never be too rich or too thin. Piaget aims for record sales in the next fiscal year as more shoppers in Asia buy its Altiplano watches. The collection includes the world´s thinnest automatic watch, which starts at 18,800 Swiss francs ($19,337). It´s also introducing a model for about 200,000 francs that includes a tourbillon, a spinning mechanism considered one of the most difficult features to make. "Ultrathin is our religion," Chief Executive Officer Philippe Leopold-Metzger said in an interview in his office in Plan-les-Ouates, near Geneva. "People are returning to elegance. For a long time, there was a premium for bad taste." Watches are becoming thinner again after a trend toward flashier, thicker timepieces before the credit crunch, the executive said. Piaget, a unit of Cie. Financiere Richemont SA since 1988, anticipates sales growth of more than 10 percent in the year ending March 2012 after the tourbillon watch is introduced.
-0- Jan/13/2011 00:35 GMT
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Axis Bank, Britannia, Power Finance: India Equity Preview - Bloomberg
The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 116.36, or 0.6 percent, to 20,184.74. The S&P CNX Nifty Index on the National Stock Exchange lost 0.5 percent to 6,048.25. The BSE 200 Index decreased 0.8 percent to 2,494.58.
SGX S&P CNX Nifty Index futures for January were little changed at 6,071.5 as of 10:42 a.m. in Singapore.
Axis Bank Ltd. (AXSB IN): India’s fourth-largest lender by market value was lowered to “sell” from “hold” by Jatinder Agarwal, an analyst at RBS Equities India Ltd. The shares lost 0.4 percent to 1,305.85 rupees.
Bank of India (BOI IN): The state-controlled lender was raised to “overweight” from “neutral” by Adarsh Parasrampuria, an analyst at JPMorgan, with a 12-month price estimate of 590 rupees a share. The stock added 0.8 percent to 443.15 rupees.
Britannia Industries Ltd. (BRIT IN): A court asked Britannia Industries Ltd. to respond by Jan. 25 to an injunction suit filed by Kraft Foods Inc. for allegedly infringing the trademark and copyrights of its Oreo cookies, Kraft’s lawyer Chandra Mohan Lall said in New Delhi. The shares declined 2 percent to 401.65 rupees.
Power Finance Corp. (POWF IN): The state-owned lender to utilities may begin a share sale around May 15, the Press Trust of India reported, citing an unidentified power ministry official. The government, which owns 89.78 percent in Power Finance, plans to sell a 5 percent stake and the company will offer new stock equivalent to 15 percent of the current share. The shares fell 1.1 percent to 298.15 rupees.
Reliance Communications Ltd. (RCOM IN): The nation’s second-largest mobile-phone operator was raised to “buy” from “reduce” at BNP Paribas. The brokerage increased its share- price estimate to 200 rupees from 160 rupees, according to a report by analysts including Sameer Naringrekar. The shares declined 0.2 percent to 139.75 rupees.
To contact the reporter on this story: Siddharth Philip in Mumbai at sphilip3@bloomberg.net; Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.
To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net
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Top Stories: Business and Finance - Bloomberg
The following are the day's top business stories:
1. Dollar Rallies on Optimism Over Stronger Job Market; Oil, Stocks Retreat 2. Hedge Funds Return 1.7% in December to Reach Two-Year Peak on Stock Rally 3. North Korean Shells May Boost Woori Samurai Borrowing Costs: Japan Credit 4. Japanese Stocks Fluctuate; Trading Companies Retreat, Automakers Advance 5. Resona Said to Sell $7.2 Billion Shares This Month to Help Repay Bailout 6. Samsung Profit Falls More Than Estimated After Television Prices Decline 7. Goldman Questioned by SEC Over Private Offer of Facebook Stock, NYT Says 8. Australia's Central Bank May Extend Rate Pause as Floods Restrain Growth 9. India Phone Call Prices Crash as Potential License Losses Fuel Desperation 10.HSBC Global Picks Chinese, Korean Stocks as Asia's `Nowhere Near' a Bubble 11.Atheros CEO Barratt Outlasts Intel's Barrett in Prelude to Qualcomm Deal 12.Pentagon's Paul Brinkley Plays Matchmaker in Afghanistan for IBM, JPMorgan
1. Dollar Rallies on Optimism Over Stronger Job Market; Oil, Stocks Retreat
The dollar rallied, sending U.S. equities and oil lower, amid speculation an improving American labor market will fuel demand for the American currency. Bonds slid in Spain, Portugal and Belgium on concern Europe´s most- indebted nations will struggle to fund deficits. The dollar strengthened to a one-month high against the European shared currency, rising 1 percent to $1.3016 per euro at 4 p.m. in New York. Oil sank below $89 a barrel and copper slid 1.8 percent. Ten-year Treasury yields lost six basis points to 3.41 percent. The Standard & Poor´s 500 Index fell from its highest level since September 2008, losing 0.2 percent to 1,273.85. Brazil´s real weakened after the central bank introduced reserve requirements to stem the currency´s gain. The Dollar Index, a gauge of the currency against six major peers, advanced to the highest level on a closing basis since November as a decrease in jobless claims over the past month added to signs the labor market is strengthening. Economists raised forecasts for U.S. jobs growth this week, with the median estimate calling for tomorrow´s report to show a gain of 150,000 in December and a drop in the unemployment rate to 9.7 percent. "The dollar is really in demand," said Kathy Lien, director of currency research with online trader GFT Forex in New York. "Non-farm payrolls are still going to be very good and the risk of an upside surprise is much more significant than a shortfall. A lot of people are positioning for a stronger number."
2. Hedge Funds Return 1.7% in December to Reach Two-Year Peak on Stock Rally
Hedge funds returned 1.7 percent in December, bouncing back from a November loss and ending 2010 at the highest level in more than two years as global equity markets rallied, according to data compiled by Bloomberg. The Bloomberg aggregate hedge-fund index rose to 120.34, the loftiest point since August 2008, amid optimism for economic growth. The gauge tracking the $1.8 trillion industry peaked at 130.38 in July 2007. The December gain brought last year´s return to 7 percent on average, compared with a 7.4 percent rally in global stocks, as measured by the MSCI World Index, with dividends. The Standard & Poor´s 500 Index climbed 6.7 percent, the most for the U.S. benchmark in December since 1991. Long-short equity funds, whose managers can bet on rising and falling stocks, increased 2 percent last month and 9.3 percent in 2010. "December was a strong month for hedge funds, fueled by positive economic news," said Don Steinbrugge, managing partner of Agecroft Partners LLC, a Richmond, Virginia-based consulting firm that advises hedge funds and investors.
3. North Korean Shells May Boost Woori Samurai Borrowing Costs: Japan Credit
South Korean borrowers may be forced to pay higher relative yields than last year when they return to Japan´s Samurai bond market this month after North Korean artillery attacks brought record sales to a halt in November. Woori Bank, KT Corp. and Busan Bank plan to sell yen- denominated notes in Japan, according to people familiar with the transactions. The gap between yields on two-year Japanese government debt and similar-maturity notes sold by Industrial Bank of Korea in July, last year´s biggest Korean Samurai offering, widened 21 basis points since the shelling to 121 basis points, Royal Bank of Scotland Group Plc prices show. "If Woori or KT are selling bonds now they need to pay persuasive spreads," Toshiaki Takahashi, who manages 370 billion yen ($4.44 billion) at Meiji Yasuda Life Insurance Co. in Tokyo, said in a telephone interview. "We´ve stopped buying Korean debt until the situation calms down." Sales of Samurai bonds by South Korean borrowers tripled to 171 billion yen last year, the biggest increase since Bloomberg began collecting the data in 1999. South Korean companies´ share of the Samurai market more than doubled to 9.8 percent in 2010, making them the fourth-biggest sellers behind the U.K., Australia and the Netherlands, the data show. The yen was second only to the dollar for Korean companies borrowing abroad.
4. Japanese Stocks Fluctuate; Trading Companies Retreat, Automakers Advance
Japanese stocks fluctuated as trading houses declined after prices for oil and metals dropped while carmakers gained on the outlook for U.S. demand. Mitsubishi Corp., Japan´s biggest commodities trader, lost 0.8 percent and Inpex Corp., the nation´s largest oil and gas explorer, sank 1 percent after crude and metal prices fell. Toyota Motor Corp., the world´s biggest carmaker, jumped 1.2 percent after an analyst said car assembly in North America may increase 5 percent this year. "Investors will likely be in a wait-and-see stance ahead of the jobs data," said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. "Investors are getting concerned about overheating in the short-term." Economists expect a U.S. Labor Department report today to show employment improved in December in the world´s largest economy.
5. Resona Said to Sell $7.2 Billion Shares This Month to Help Repay Bailout
Resona Holdings Inc., Japan´s fourth largest bank, will sell about 600 billion yen ($7.2 billion) of shares in a public offering this month to help repay government bailout funds, a person familiar with the situation said. Resona will approve the plan at a board member meeting and announce the details for the share sale today, the person said. Nomura Holdings Inc. and Bank of America Corp.´s Merrill Lynch Japan Securities Co. unit will underwrite the offering, the bank said in November when it registered to sell the shares. Resona is planning to raise as much as 600 billion yen in the sale and to use its cash reserves to repay 900 billion yen in government debt, the bank said in November. Resona rose 14 percent to 545 yen yesterday on the Tokyo Stock Exchange amid speculation that short sellers are buying the stock. The shares were untraded as of 9:03 a.m. today. "Nothing has been decided," on the share sale, the bank said in a statement filed to the Tokyo Stock Exchange today. The Nikkei newspaper reported the share sale plan earlier today.
6. Samsung Profit Falls More Than Estimated After Television Prices Decline
Samsung Electronics Co., the world´s largest maker of televisions and flat screens, posted a steeper profit decline than analysts estimated after TV prices dropped during the year-end shopping season. Operating income fell 13 percent to 3 trillion won ($2.7 billion) from 3.44 trillion won a year ago, the Suwon, South Korea-based company said in a statement today. The preliminary results lagged behind the 3.3 trillion won average of 13 analyst estimates compiled by Bloomberg in the past 28 days. Sales rose 4.5 percent to 41 trillion won. Samsung´s TV division probably posted a loss and the display unit´s profit fell 60 percent on weaker demand from U.S. and European consumers, analysts said. The world´s second- largest maker of mobile phones and semiconductors aims to revive earnings growth on demand for flash memory chips and the Galaxy mobile phone and tablet, which competes against Apple Inc.´s iPad. "Chip and communication units will drive overall earnings" this year, Shin Hyun Joon, a Seoul-based analyst at Tong Yang Securities Inc. said before today´s announcement.
7. Goldman Questioned by SEC Over Private Offer of Facebook Stock, NYT Says
Breaking news, story to follow
8. Australia's Central Bank May Extend Rate Pause as Floods Restrain Growth
Northeastern Australia´s worst floods in half a century are likely to slow the nation´s economy and prompt the central bank to refrain from raising interest rates as inundated coal mines reduce export income. Disruption to mining and damage to crops in Queensland will damp national growth by 0.2 percentage point this quarter, according to the median of eight estimates in a Bloomberg survey. The Reserve Bank of Australia, which meets Feb. 1, may discuss what could prove to be a "significant impact" on the economy, board member Donald McGauchie said this week. "The RBA is likely to tread more carefully than it otherwise might have," said Stephen Walters, chief economist for Australia at JPMorgan Chase & Co. in Sydney, who abandoned his call for a February rate increase and now sees no move until May. "It´s tough to hike when one of your states is suffering a natural disaster." A delay in increasing borrowing costs may restrain the Australian dollar, which last year surpassed parity with its U.S. counterpart and on Dec. 31 touched the highest level since being floated in 1983. Dennis Gartman, an economist and editor of the Gartman Letter in Suffolk, Virginia, recommended selling the local currency against the euro as the hit to it will be "as real as the damage wrought by the flooding."
9. India Phone Call Prices Crash as Potential License Losses Fuel Desperation
A mobile-phone licensing scandal that may have cost India´s government $31 billion has become a boon for people buying SIM cards at Vijay Singh´s Mumbai storefront. Two companies that may lose their licenses for second- generation airwaves -- Videocon Telecommunications Ltd. and Telenor ASA´s India unit -- now offer domestic long-distance rates of a half-cent a minute. That´s half the prevailing rate in the world´s fastest-growing major mobile-phone market, where the number of subscribers surged 45 percent in 12 months, according to the latest government data. Prices are dropping as the government considers forcing companies to surrender at least 69 licenses that it says were sold for as little as a tenth of their value. The regulatory uncertainty is discouraging consolidation and curbing foreign investment in the industry, forcing companies to emphasize pricing to gain subscribers, according to Kunal Bajaj, head of Analysys Mason India Pvt. in New Delhi. "As desperation increases, we´ll see some last salvos," Bajaj said. "The only thing that´s going to slow down competition is when consolidation actually starts happening, and that´s now, unfortunately, further delayed."
10.HSBC Global Picks Chinese, Korean Stocks as Asia's `Nowhere Near' a Bubble
HSBC Global Asset Management is betting that stocks in China, South Korea and Taiwan will outperform as earnings increase and central banks globally keep interest rates low. Asian valuations are "nowhere near bubble territory," while corporate profits are poised to rise about 14 percent this year, said Ayaz Ebrahim, Asia Pacific chief investment officer for HSBC Global. He favors emerging markets to developed counterparts, citing the pace of economic growth. The MSCI Asia Pacific Index has climbed 0.2 percent since the start of the year, following a two-year, 54 percent rebound from a record slump in 2008. The gauge is valued at 14 times estimated earnings, lower than its five-year average of 18 times. Benchmark indexes tracking Hong Kong-traded Chinese shares and equities in Korea are valued at 11 times while the Taiex index for Taiwan has a multiple of 13 times. "We certainly have become more positive on the cheaper markets of Korea, Taiwan and China," Ebrahim said in an interview in Singapore yesterday. "Given that you´ve got the earnings growth, valuations and low interest rates, that´s all positive for asset prices."
11.Atheros CEO Barratt Outlasts Intel's Barrett in Prelude to Qualcomm Deal
If conventional wisdom had its way, Atheros Communications Inc. would have ended up as yet another mound of chip startup roadkill. Not only did it seek to do something new, risky and expensive with its wireless chip offerings, it brushed up against Intel Corp. and its near-endless coffers. Far from going on life support, Atheros and Chief Executive Officer Craig H. Barratt survived -- and did well enough to tempt Qualcomm Inc. into acquiring it for $3.1 billion in cash, Bloomberg Businessweek reports in its Jan. 10 issue. After a day of rumors, Qualcomm confirmed the purchase on Jan. 5. It paid $45 a share, a 29 percent premium over Atheros´s average trading price during the last month. The deal is San Diego-based Qualcomm´s biggest ever and gives the mobile technology giant a direct path to expansion in a number of growing markets, including Wi-Fi, Bluetooth, GPS and systems that let Internet data flow through home electrical networks, known as powerline networking.
12.Pentagon's Paul Brinkley Plays Matchmaker in Afghanistan for IBM, JPMorgan
The skyline of the city of Herat, in the westernmost corner of Afghanistan, is dominated by the Qala Ikhtyaruddin, a 700-year-old stone citadel. On a chilly December afternoon, as the sun begins to dip, the citadel´s grounds are largely unoccupied. The general public isn´t allowed in until renovations to the time-ravaged site are finished. Paid for in part by a $725,000 grant from the U.S. government, the project is scheduled to be completed at the end of 2011. Paul A. Brinkley isn´t the general public. As a U.S. Defense Department deputy undersecretary, he moves freely behind the barricades, ushering a handful of American visitors, including Silicon Valley executives Atul Vashistha of Neo Group Inc. and Mike Faith of Headsets.com Inc., through dark corridors and up steep stairways to the highest reaches of the fortress, Bloomberg Businessweek reports in its Jan. 10 edition. The tour comes after a morning of meetings with the provincial governor and the local university´s chancellor and students, all of them pushing, along with Brinkley, for the executives to consider a noble and dangerous proposition: opening up shop in Afghanistan. "I´ve never regretted taking a businessperson to the theater," Brinkley says. "This is about getting their eyes on the problem."
-0- Jan/07/2011 00:35 GMT
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Apple Is Said to Have Approached Tosi About CFO Job - Bloomberg
Apple Inc. approached Blackstone Group LP Chief Financial Officer Laurence Tosi to become its finance chief, three people with knowledge of the matter said.
Tosi told Blackstone Chief Executive Officer Stephen Schwarzman that he plans to stay put, said two of the people, who asked not to be identified because the talks were private. Steve Dowling, a spokesman for Apple, said the company is "not conducting a CFO search." Current CFO Peter Oppenheimer "loves the company and is extremely happy in his role," Dowling said.
A change in Apple’s CFO post would be the first since 2004, when CEO Steve Jobs, 55, appointed Oppenheimer, now 48, to replace Fred Anderson, who later co-founded private equity firm Elevation Partners. Since then, Cupertino, California-based Apple has become the world’s second-largest company by market value as its stock has surged more than 20-fold. None of the 55 Apple analysts tracked by Bloomberg rates the shares “sell.”
"They have been managing the balance sheet well," said Giri Cherukuri, a portfolio manager at Oakbrook Investments LLC in Lisle, Illinois, which holds Apple shares. "They have had a lot of products and the cash position has growth and they are being smart about spending that money wisely."
Oppenheimer, who has been with Apple since 1996, didn’t respond to a request for comment. Christine Anderson, a spokeswoman for New York-based Blackstone, declined to comment.
‘Money to Spend’
Apple’s holdings of cash and short-term investments climbed to $25.6 billion as of Sept. 30 from $15.4 billion three years earlier. Investors and analysts including Toni Sacconaghi of Sanford C. Bernstein & Co. have called on Apple to return some of its cash to investors in the form of a buyback or dividend.
In October, Jobs said that the company has a good track record of using its cash and is reserving it for one or more “strategic opportunities.”
A new CFO would have "a lot of money to spend," Cherukuri said. "They have a big cash pile that you need to decide what do with."
Brian Marshall, an analyst at Gleacher & Co. in San Francisco, called Apple’s approach to Tosi a “head scratcher” because the CFO needs to manage the finances of the company’s manufacturing supply chain. That skill set comes from experience at another technology hardware company, he said.
‘Different Mindset’
“It’s just a different mindset,” said Marshall, who has interviewed Oppenheimer as part of his work for Gleacher, an investment bank. “This is certainly a surprising development considering the financial performance of him and his team.”
Marshall said Oppenheimer is considered a long shot to take over as CEO if Jobs were to step aside. The position is more likely to go to Chief Operating Officer Tim Cook, who took over as CEO on an interim basis when Jobs was on health leave, Marshall said.
Tosi, 42, would have brought Apple more experience with corporate acquisitions. Blackstone, the world’s largest private equity firm, made more than 30 purchases last year, according to Bloomberg data. Apple made four, the data show. Tosi previously worked for Merrill Lynch & Co. and the business channel CNBC. He’s been Blackstone’s CFO since September 2008.
Apple fell 27 cents to $333.73 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares rose 53 percent last year.
Apple’s Growth
With a market value of $306.1 billion, Apple is second only to Exxon Mobil Corp. among the world’s largest publicly traded companies. Blackstone has a market value of $16.4 billion, after a 7.9 percent increase in its stock price last year.
At New York-based Merrill Lynch, which was the largest brokerage and third-biggest U.S. securities firm before its 2009 acquisition by Bank of America Corp., Tosi served as chief operating officer of the trading and investment-banking division. A graduate of Georgetown University with a law degree and an MBA, Tosi joined Merrill in 1999 from CNBC, where he was head of business development.
Oppenheimer joined Apple from Automatic Data Processing Inc., where he was CFO of one of four strategic business units. Before that, he was a consultant at Coopers & Lybrand LLP. He holds a bachelor’s from California Polytechnic University, San Luis Obispo, and an MBA from the University of Santa Clara.
To contact the reporters on this story: Bradley Keoun in New York at bkeoun@bloomberg.net; Jason Kelly in New York at Jkelly14@bloomberg.net; Adam Satariano in San Francisco at asatariano1@bloomberg.net.
To contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net; David Scheer at dscheer@bloomberg.net.
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Pingree reassigns finance director duties - Chicago Sun-Times
By Ryan klassy For The Courier-News Jan 6, 2011 07:04PM PINGREE GROVE — Finance Director Laura Pisarcik worked her last day on the job Wednesday. She has accepted the position of finance director for the city of DeKalb. According to Village President Clint Carey, Pisarcik’s departure after 3½ years on the job was very amicable and he and the village trustees recognize that she is leaving for good reasons.“We know that she is moving on to a position that is a great opportunity, with more staff under her and better pay, so we wish her the best,” Carey said. “Laura also stuck around for two weeks to make sure the transition went well.”To fill Pisarcik’s shoes, trustees this week approved hiring Sikich CPA consultants to provide accounting and financial reporting services on an interim basis at a cost of $1,890 per week. Sikich has previous experience working with Pingree Grove as its auditing firm.In addition, trustees granted interim Village Administrator Bill Barlow permission to increase his allotted hours by five per week to handle budgetary and policy-related items formerly handled by the finance director.According to Carey, trustees did not seem concerned that Pisarcik’s departure bodes poorly for the village, even with the firing of its village manager and the resignations of a trustee and their village clerk.“I think trustees were happy to see Laura have this opportunity,” Carey said. “Laura and Bill put together a solid proposal as to how her duties could be handled, and the village will be looking at whether this position needs to be filled as a full-time job moving forward or whether it could be part-time.”According to Carey, budgetary decisions and other “large items” that need to be addressed will make village government interesting, given that there will be a large turnover in trustees after this spring’s elections, as well as a new village president because of his decision not to seek re-election.
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Facebook Finds New Friends in the World of Private Finance - Voice of America
Facebook is the world's biggest social network -- and the subject of the movie "Social Network."
(SOUND)
The real Mark Zuckerberg and his friends at Harvard University launched the site in two thousand four. Facebook says it reached five hundred million users last July.
Now, the American bank Goldman Sachs and the Russian company Digital Sky Technologies have friended Facebook. They are investing a total of five hundred million dollars in the company. The deal values Facebook at fifty billion dollars -- more than many publicly traded Internet companies.
Goldman Sachs is expected to raise a billion and a half dollars more by selling shares of ownership in Facebook to rich investors. The plan does not include a public stock offering -- at least not right now.
ThomsonReuters, Facebook, eBizMBA
For now, Facebook would remain a private company -- meaning a company that does not sell shares to the public. The plan has brought new attention to the largely secretive world of private financing and the rules for private companies in the United States.
The idea is that investors in public companies have protections that investors in private companies do not. The Securities and Exchange Commission says a private company must report financial information if it has five hundred shareholders or more.
A new business, a startup company, is usually considered too risky for average investors. But a promising startup may find a small number of private investors, often known as "angels." These investors are willing to lose everything for a chance at big returns.
Rikki Tahta has been involved in raising money for startups. He is now chairman of his own investment company, Covestor, with offices in New York and London.
Mr. Tahta compares the difference between public and private companies to the difference between marriage and dating. When people are dating, he says, there are understandings but few rules. In marriage, the rules are more clear and well-defined.
In his opinion, the only real benefit for a private company is lower administrative and record-keeping costs. Yet he tells us Covestor remains a private company after a few years because it is still too risky for most investors.
(SOUND)
Now, the American bank Goldman Sachs and the Russian company Digital Sky Technologies have friended Facebook. They are investing a total of five hundred million dollars in the company. The deal values Facebook at fifty billion dollars -- more than many publicly traded Internet companies.
Goldman Sachs is expected to raise a billion and a half dollars more by selling shares of ownership in Facebook to rich investors. The plan does not include a public stock offering -- at least not right now.
ThomsonReuters, Facebook, eBizMBA
For now, Facebook would remain a private company -- meaning a company that does not sell shares to the public. The plan has brought new attention to the largely secretive world of private financing and the rules for private companies in the United States.
The idea is that investors in public companies have protections that investors in private companies do not. The Securities and Exchange Commission says a private company must report financial information if it has five hundred shareholders or more.
Rikki Tahta has been involved in raising money for startups. He is now chairman of his own investment company, Covestor, with offices in New York and London.
Mr. Tahta compares the difference between public and private companies to the difference between marriage and dating. When people are dating, he says, there are understandings but few rules. In marriage, the rules are more clear and well-defined.
In his opinion, the only real benefit for a private company is lower administrative and record-keeping costs. Yet he tells us Covestor remains a private company after a few years because it is still too risky for most investors.
Los canadienses como locos Gastan mas que los estadounidenses
Por Teófilo Argitis y Greg Quinn
¿Canadá derrochadores? Muchos estadounidenses podrían encontrar difícil de creer. A lo largo de la crisis subprime que sacudió a los Estados Unidos, el de Canadá economía y sólido de rock permaneció de la industria de la banca.
Sin embargo a mediados de diciembre, el Gobierno canadiense lanzado estadísticas que muestran que el endeudamiento de los canadienses superó los niveles de la U.S. por primera vez en 12 años. Deuda doméstica como una parte de la renta fue un 148% en el tercer trimestre, de acuerdo a la Agencia gubernamental Statistics Canada, supere el nivel de U.S. de 147 por ciento.
Los canadienses, resulta, han ido adquiriendo grandes hipotecas, demasiado, como la demanda de condujo de prosperidad recientes del país de vivienda más grande y mejor. Bajas tasas de interés han alentado a los consumidores canadienses a tomar sobre la deuda, mientras que los bancos, en gran medida intactos por la crisis financiera, han continuado a prestar. El tamaño promedio de una hipoteca en Canadá ha crecido de C$ 120.000 en 2004 a 170.000 dólares como de la primavera pasada, de acuerdo con CIBC World Markets, una casa de inversión canadiense.
El aumento de la deuda familiar pone el Gobierno y el Banco central en una esquina. La respuesta normal es enfriar préstamos fuera por tasas de interés. Banco de Canadá gobernador Mark J. Carney ha impulsado la tasa de referencia tres veces desde junio y el 1 por ciento.
El problema es que alzas de la tasa de aumentan aún más el costo del servicio de hipotecas, que estirar hogares de carga de la deuda. Tasas más altas también podrían atraer a inversores extranjeros, buscando el mayor rendimiento de bonos. Que reforzaría el loonie aún más: es básicamente en paridad con el DOLAR, que ha debilitado contra la mayoría de las monedas en el último año, como la Reserva Federal persigue una política monetaria sueltos.
Un dólar canadiense más fuerte haría más caritos las exportaciones — especialmente a los Estados Unidos, Canadá del mayor socio comercial y poner el crecimiento en peligro. "El Banco de Canadá en un poco de un cuadro, habida cuenta de la Reserva Federal es y donde el dólar canadiense es," dice Douglas Porter, economista en jefe adjunto con BMO Capital Markets en Toronto.
Ministro de finanzas James M. Flaherty está tratando de enfriar el mercado, demasiado. El Gobierno ha endurecido las normas sobre la refinanciación y el pago inicial y hizo más difícil calificar para las hipotecas de Gobierno-asegurado. Flaherty dice que "Todo el mundo sabe, creo, las tasas de interés tendrá que subir con el tiempo,". "Por lo que la gente tiene que asegurarse de que pueden pagar sus pagos de hipoteca cuando las tasas de interés aumentan."
El Banco central tendrá que sopesar todas estas cuestiones antes de su próximo anuncio de tasa de interés el 18 de enero. Mientras que en diciembre mantendrá los tipos constante, está aumentando la presión para educarlos y ralentizar el consumidor por intereses. "El nivel de vulnerabilidad de los hogares sigue siendo elevado," Carney del Banco de Canadá dijo en una Conferencia de prensa el 13 de diciembre. "Sin un cambio significativo en el comportamiento, la proporción de hogares sean susceptibles a grave estrés financiero continuará creciendo."
La línea de fondo: Los residentes de Canadá tienen tanta deuda doméstica que los funcionarios están tratando de reducir sus préstamos sin fortalecer su dólar.
Argitis es un reportero de noticias Bloomberg. Quinn es un reportero de noticias Bloomberg.
View the original article here
¿Canadá derrochadores? Muchos estadounidenses podrían encontrar difícil de creer. A lo largo de la crisis subprime que sacudió a los Estados Unidos, el de Canadá economía y sólido de rock permaneció de la industria de la banca.
Sin embargo a mediados de diciembre, el Gobierno canadiense lanzado estadísticas que muestran que el endeudamiento de los canadienses superó los niveles de la U.S. por primera vez en 12 años. Deuda doméstica como una parte de la renta fue un 148% en el tercer trimestre, de acuerdo a la Agencia gubernamental Statistics Canada, supere el nivel de U.S. de 147 por ciento.
Los canadienses, resulta, han ido adquiriendo grandes hipotecas, demasiado, como la demanda de condujo de prosperidad recientes del país de vivienda más grande y mejor. Bajas tasas de interés han alentado a los consumidores canadienses a tomar sobre la deuda, mientras que los bancos, en gran medida intactos por la crisis financiera, han continuado a prestar. El tamaño promedio de una hipoteca en Canadá ha crecido de C$ 120.000 en 2004 a 170.000 dólares como de la primavera pasada, de acuerdo con CIBC World Markets, una casa de inversión canadiense.
El aumento de la deuda familiar pone el Gobierno y el Banco central en una esquina. La respuesta normal es enfriar préstamos fuera por tasas de interés. Banco de Canadá gobernador Mark J. Carney ha impulsado la tasa de referencia tres veces desde junio y el 1 por ciento.
El problema es que alzas de la tasa de aumentan aún más el costo del servicio de hipotecas, que estirar hogares de carga de la deuda. Tasas más altas también podrían atraer a inversores extranjeros, buscando el mayor rendimiento de bonos. Que reforzaría el loonie aún más: es básicamente en paridad con el DOLAR, que ha debilitado contra la mayoría de las monedas en el último año, como la Reserva Federal persigue una política monetaria sueltos.
Un dólar canadiense más fuerte haría más caritos las exportaciones — especialmente a los Estados Unidos, Canadá del mayor socio comercial y poner el crecimiento en peligro. "El Banco de Canadá en un poco de un cuadro, habida cuenta de la Reserva Federal es y donde el dólar canadiense es," dice Douglas Porter, economista en jefe adjunto con BMO Capital Markets en Toronto.
Ministro de finanzas James M. Flaherty está tratando de enfriar el mercado, demasiado. El Gobierno ha endurecido las normas sobre la refinanciación y el pago inicial y hizo más difícil calificar para las hipotecas de Gobierno-asegurado. Flaherty dice que "Todo el mundo sabe, creo, las tasas de interés tendrá que subir con el tiempo,". "Por lo que la gente tiene que asegurarse de que pueden pagar sus pagos de hipoteca cuando las tasas de interés aumentan."
El Banco central tendrá que sopesar todas estas cuestiones antes de su próximo anuncio de tasa de interés el 18 de enero. Mientras que en diciembre mantendrá los tipos constante, está aumentando la presión para educarlos y ralentizar el consumidor por intereses. "El nivel de vulnerabilidad de los hogares sigue siendo elevado," Carney del Banco de Canadá dijo en una Conferencia de prensa el 13 de diciembre. "Sin un cambio significativo en el comportamiento, la proporción de hogares sean susceptibles a grave estrés financiero continuará creciendo."
La línea de fondo: Los residentes de Canadá tienen tanta deuda doméstica que los funcionarios están tratando de reducir sus préstamos sin fortalecer su dólar.
Argitis es un reportero de noticias Bloomberg. Quinn es un reportero de noticias Bloomberg.
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<cite>Random Walk de Malkiel</cite> Goes Global
Por Ben Steverman
En circunstancias normales, un nuevo, 10ª edición de A Random Walk Down Wall Street, la Guía de inversión clásica por el profesor de economía de la Universidad de Princeton Malkiel de Burton, podría haber sido un trabajo de actualización de rutina.
Después de todo, el asesoramiento de Malkiel no ha cambiado desde la primera edición, publicada en 1973: dispersión de sus inversiones entre diversas clases de activos y países; mantener las tasas bajas; y favorecer los fondos de índice sobre los administradores de activos que afirman que pueden batir el mercado.
Sin embargo los tres años transcurridos desde la novena edición de Random Walk, en 2007, se han sentido como toda una vida para muchos inversores, consistente en una profunda recesión, una caída de la bolsa y rebote, un busto de vivienda, registro de precios, una crisis de la deuda Europea, rápido crecimiento en las economías emergentes y una proliferación de nuevos productos de inversión, incluyendo cientos de nuevos fondos negociables o ETFs. A finales de diciembre, Bloomberg BusinessWeek.com entrevistados Malkiel, 78, acerca de cómo su última edición, a ser lanzado el 10 de enero, mantiene ritmo con tiempos de cambio. Editado extractos del conversación de seguimiento:
P: su nueva edición tiene mucho más acerca de invertir en el extranjero. ¿Por qué?
Burton Malkiel: Cuando ese libro fue publicado por primera vez, los Estados Unidos fue casi la mitad de la economía mundial. Las economías emergentes están casi la mitad de la economía mundial. China es ahora la segunda mayor economía del mundo. Personas están insuficientemente diversificadas y necesitan diversificar mucho más internacionalmente.
Ha sido durante mucho tiempo un defensor de los fondos de índice, pero sigo escuchando a gente decir ahora se trata de un "mercado de stockpicker" que favorece a los administradores de activos. Dicen que el concepto de compra y espera invertir está obsoleto.
No creo que los datos demuestran que. Dos terceras partes a las tres cuartas partes de los administradores de activos son golpeados por un fondo de índice de bajo costo. Y el tercio o por lo que puede ganar en un año no son los que han ganado en el año que viene. Las lecciones antiguas no están muertas. Cuando se intenta tiempo el mercado, que mucha gente hace, eres más probable que hacerlo mal que derecho. Si se diversificaron con las clases de activos que recomendé, realmente casi duplicó su dinero incluso en esta década perdida horrible.
Todo el mundo dice que sabemos no funciona la diversificación. Cuando todos infierno rompe sueltos — como lo hizo a finales de 2007 y 2008: todo lo que cae juntos. Todavía no invalida la idea de que usted es mejor ser diversificado. En 2008, este año horrible cuando todo el mundo perdió dinero — realizados entre 5% y un 6 por ciento en un índice de mercado total de bonos.
Por lo tanto no han cambiado los argumentos claves de Random Walk. Pero, ¿cuáles son las novedades de la 10a edición del libro?
Nadie puede tiempo de mercado, pero una vez al año propongo un reequilibrio. [Reequilibrio es ajustar la mezcla de una cartera a ciertos parámetros preestablecidos, a menudo mediante la venta de activos que han adquirido valor al comprarlos que han quedado.] I tienes una mayor apreciación de reequilibrio y han hecho un gran trabajo en ella. No siempre le dará una vuelta extra, pero en mercados volátiles mantendrá su riesgo bajo o conformidad con [el nivel adecuado para usted]. Y en mercados muy volátiles, tienden a aumentar sus devoluciones.
Futuros oro alcanzó un récord de $1,432.50 una onza el 7 de diciembre. Sin embargo en el libro es recomendable cierto grado de exposición de oro y de los productos básicos a los inversores.
Yo no soy un goldbug, pero no estoy anti-gold. Una astilla poco de oro no va a le duele a todos. Pero sería más bien poseerla a través de las existencias de Freeport-McMoRan Copper & Gold (FCX), o acciones de uno de los mineros de oro, que el metal de sí mismo. Businessweek de Bloomberg ha hecho algunos muy buena presentación de informes sobre los mercados de productos básicos y por qué algunos de estos fondos de los productos básicos no han hecho hecho bien para los inversionistas, incluso durante un período cuando los productos básicos han sido muy fuertes. Mi preferencia es que [exposición de los productos básicos] a través de acciones de empresas que se beneficiarán de los precios de los productos básicos subiendo. Y creo que subirán los precios de los productos básicos.
Hay mucho más en la nueva edición sobre China, acerca de su voraz apetito de las materias primas. Así que yo no me opongo a tener ese tipo de exposición en la cartera, pero seguro que no salir y comprar una cartera de oro ETFs.
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Zanja su billetera y pagar por teléfono
Por Rachael King
Wells Fargo (WFC) una vez más está tratando de hacer pagos móviles en restaurantes y minoristas incorporación, tres años después de un intento anterior perdió vapor.
Peter Ho, director de producto de los servicios de la tarjeta en el Banco, condujo una prueba hace varios años que permiten a los ejecutivos utilizar un teléfono de Nokia, en lugar de una tarjeta de crédito o débito para pagar por la comida rápida y otros elementos. Mientras que le gustaba la comodidad, Wells Fargo no terminan ofreciendo el servicio a clientes, en parte porque sólo el uno auricular era capaz de transmitir la información de pago en el momento.
Este mes, Ho obtiene otra oportunidad como el Banco inicia un juicio de pago móvil con 200 empleados en San Francisco usando una tecnología que puede insertarse en los teléfonos existentes con tarjetas microSD. Para hacer pagos en tiendas participantes, empleados será simplemente abrir la aplicación bancaria de Wells Fargo Mobile, seleccione el botón de pago con el teléfono. y el teléfono de especiales pago móvil de lectores de onda.
"Hemos hecho una inversión en esta tecnología, y esperamos que esta inversión paga," dice Ho, quien se negó a dar a la cantidad de la inversión en tecnología de comunicaciones de cerca de campo llamado (NFC) que utiliza corto alcance las conexiones inalámbricas en pago por transferencia u otra información entre dispositivos.
Mientras que los terminales móviles con chips NFC han sido, en definitiva, suministro, que trata de cambiar. Envíos de teléfonos habilitados en la NFC se proyectan a elevarse a más de un 50 por ciento este año, a partir de 52,6 millones en 2010, de acuerdo con el investigador ISuppli. Envíos en todo el mundo aumentará a 220.1 millones de unidades en 2014. Estos dispositivos móviles impulsarán más de 22 millones de dólares en transacciones de pago en el año 2015, hasta de prácticamente ninguno, el año pasado, de acuerdo con un informe de noviembre por hacía Group, una empresa de investigación en Boston. "Estamos empezando la evolución lejos de tarjetas de crédito de plásticas en el teléfono móvil," dice el proyecto de ley Gajda, cabeza de la innovación móvil en Visa (V).
Empresas de investigación, incluyendo hacía, decir que el 2012 será el año cuando estos pagos se empiezan a rampa ascendente, porque los teléfonos con NFC estará ampliamente disponibles y los minoristas más va a estar dando a los clientes la opción de pagar con ellos. Los fabricantes de teléfonos móviles y proveedores de servicios están moviendo en una dirección que dejaría los consumidores efectuar pagos con sus dispositivos.
Nokia, por ejemplo, ha dicho que apoyará a la NFC, en todos los nuevos modelos de teléfono inteligente introducidos en 2011. El 16 de noviembre, movilidad de AT&T (T), Verizon Wireless y T-Mobile (DTEGY) anunciaron una asociación llamada Isis para crear una red nacional en los próximos 18 meses que utiliza la tecnología de la NFC en los teléfonos móviles para permitir que los consumidores a hacer compras.
"Operadores de telefonía móvil están posicionando a ser el equivalente de una red de la tarjeta,", dice Nick Holland, analista senior de Yankee Group, una empresa de investigación de mercado de las telecomunicaciones.
Mientras tanto, las redes de tarjetas tradicionales, tales como Visa y MasterCard (MA), han estado trabajando en sus propias iniciativas de la NFC. El 7 de diciembre, Visa dice que apoya la comercialización de una tecnología de DeviceFidelity que pone la capacidad de la NFC en tarjetas microSD, que pueden insertarse en ciertos smartphones existentes. Visa había probado la tecnología durante 18 meses con estos bancos como Wells Fargo, JPMorgan Chase (JPM), US Bancorp (USB) y Banco de América (BAC). Se trata de la tecnología que se Wells Fargo planea probar con sus empleados en los primeros seis meses de este año. "Pretendemos ser comercialmente listos para lanzar a finales de la primera mitad del año 2011," dice Gajda de Visa.
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Mishkin: QE3 'Menos probable'
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Ganancia de Yuan a lento en ' 11, principales de pronosticadores de Say: crédito de China
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January 04, 2011, 3:31 AM EST By Patricia Lui
January 04, 2011, 3:31 AM EST By Patricia Lui
Jan. 4 (Bloomberg) -- The yuan’s appreciation may slow this year after the currency strengthened beyond 6.6 per dollar for the first time in 17 years, as China seeks to stem inflows that may fuel inflation, the most-accurate forecasters for 2010 said.
The yuan will advance 4.6 percent to 6.3 per dollar, after climbing 3.6 percent in just over six months, said Yen Ping Ho, the head of Asian foreign-exchange strategy for JPMorgan Chase & Co. in Singapore, whose 6.58 forecast was closest to the Dec. 31 close among 21 analysts surveyed by Bloomberg a year ago. ING Groep NV and HSBC Holdings Plc, whose predictions were the next most accurate, say the yuan will advance 3.8 percent from its year-end rate to 6.35.“The authorities have tended to favor gradual appreciation,” Ho said. “Some of the appreciation may be front-loaded in the first half to anchor inflation. But they won’t move too fast as they are worried about the impact on the economy. Rapid appreciation may also promote more speculative inflows which they don’t welcome.”Chinese executives including officials at China Merchants Bank Co. and Jiangsu Shagang Group Co. are reducing support for a stronger yuan on concern economic growth may slow as the central bank raises interest rates to cool the fastest inflation since 2008. The yuan is still likely to outperform currencies from the other so-called BRIC nations as the median estimate of economists surveyed by Bloomberg forecast a 5.1 percent advance this year compared with predictions of a 2.4 percent drop for Brazil’s real, 0.7 percent increase for Russia’s ruble and 4.1 percent rise for India’s rupee.The yuan climbed 0.17 percent to 6.5897 per dollar on Dec. 31 in Shanghai, after earlier touching 6.5896, according to the China Foreign Exchange Trade System. It fell 0.3 percent today.State VisitContracts that fix rates to exchange the yuan in the future show traders are betting the currency will decline before Chinese President Hu Jintao’s state visit to Washington this month and climb 2.6 percent in the coming year. One-month non- deliverable forwards traded at 6.5960 per dollar today in Hong Kong, compared with today’s spot rate of 6.6090. Twelve-month contracts are stronger at 6.4405.“The Chinese authorities are digging in their heels and refusing to budge much as they don’t want to be seen as caving in to U.S. pressure,” said Tim Condon, the head of Asian research in Singapore at ING, the largest Dutch financial services company.‘Token’ GainsMa Weihua, chief executive officer of China Merchants Bank and a former central bank official, said in an interview last month that the U.S. shouldn’t push for a rapid appreciation of the yuan after announcing plans to buy $600 billion of Treasuries. Shen Wenrong, chairman of Jiangsu Shagang Group, the nation’s biggest private steelmaker, said in a December interview that China should allow only a “token” appreciation while the U.S. is “printing money to stoke inflation.”China allowed the yuan to climb 21 percent over three years after a currency peg ended in July 2005, before halting the appreciation for almost two years to help exporters cope with the global financial crisis. While the currency has risen 3.3 percent since June, its 2010 gain was the least among emerging Asian currencies after South Korea’s won and Hong Kong’s dollar.“The yuan falls outside our top three currency picks for the year,” JPMorgan’s Ho said. “The appreciation will ultimately be quite modest.”BRIC ‘Priority’Brazilian President Dilma Rousseff plans to make a “priority” of holding talks with China over its yuan and trade policies, Trade Minister Fernando Pimentel said today. Rousseff will raise the issue during an April visit to China for a meeting of the BRIC nations, Pimentel said yesterday.“Exchange rate and trade defense will be priority issues with China,” Pimentel said. “This is an issue not only for Brazil but for all emerging countries.”ING’s Condon, a former World Bank economist who has spent the last 18 years in Asia, said China would rather impose price controls and administrative measures to curb inflation. Most of the yuan’s gains will take place in the second half as policy makers favor stability while inflation is accelerating, he said.“Until inflation is behind them, they won’t entertain any other policies and will be very cautious,” said Condon.Chinese consumer prices rose 5.1 percent in November, the fastest pace in 28 months and above the official target of 3 percent. Gross domestic product grew 9.6 percent in the third quarter from a year earlier, after expanding 10.3 percent in the second quarter and 11.9 percent in the first.The Commerce Ministry said on Dec. 15 that it will “closely monitor” prices in the next three months.The People’s Bank of China boosted banks’ reserves requirements six times last year. Policy makers raised the one- year lending and deposit rates by 25 basis points, or 0.25 percentage point, on Dec. 25, after lifting borrowing costs for the first time since 2007 in October.Rate SwapsThe 12-month interest-rate swap, the fixed cost needed to receive the floating seven-day repurchase rate, climbed 106 basis points last year to 3.19 percent in Shanghai. The seven- day repurchase rate, which measures lending costs between banks, jumped 314 basis points to 4.70 percent.The yield on the 3.29 percent government bond due in September 2020 increased 27 basis points in the year to 3.91 percent. The premium of the yield over similar maturity U.S. Treasuries widened to 62 basis points from a discount of 20 basis points at the start of last year.Credit-default swaps tied to China’s sovereign debt for five years closed last year at 68 basis points, up from a 2 1/2- year low of 52 basis points on Oct. 13, according to CMA prices. The contracts pay the buyer face value in exchange for the underlying securities or the cash equivalent should a government or company fail to adhere to its debt agreements.Hot MoneyThe State Administration of Foreign Exchange said in November it will introduce new rules on provisioning and foreign-debt quotas to curb inflows of speculative investment seeking to profit from the rate advantage and currency gains.The yuan’s appreciation will be tempered in 2011 as China’s inflation cools and Europe’s debt crisis damps demand for high- yielding assets, said Richard Yetsenga, Hong Kong-based global head of emerging-markets currency strategy at HSBC.Nine of Asia’s 10 most-traded currencies excluding the yen fell against the dollar in the past month as Ireland joined Greece in seeking financial aid from the European Union.“We are looking for another year of modest appreciation as the euro will be quite weak, especially in the first half and that will limit the yuan’s ability to appreciate,” Yetsenga said. “China’s inflation will peak in the first quarter and this will relieve pressure on the central bank to use the yuan to fight inflation.”--Editors: Sandy Hendry, James Regan
To contact the reporter on this story: Patricia Lui in Singapore at plui4@bloomberg.net
To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net
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Ansip de Estonia en euro
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La decisión financiera más grande en el año 2011 es Europea: Matthew Lynn
04 De enero de 2011, 3: 29 AM EST por Matthew Lynn
El 4 de enero (Bloomberg)--¿qué es la decisión financiera más grande que enfrenta Europa en 2011? Fácil. La elección de un nuevo Presidente del Banco Central Europeo.
Cuando Jean-Claude Trichet pasos hacia abajo desde el puesto en octubre, los principales candidatos para sucederle será Presidente del Bundesbank, Axel Weber, y el gobernador del Banco de Italia, Mario Draghi.Neither es la persona adecuada. Weber sería intolerable para los países periféricos euro, si bien podría bien Draghi provocar los alemanes en salir de la currency.For solo los líderes de la zona del euro, hay sólo tres soluciones para esta revisión. Podrían tomar la forma tradicional de una decisión difícil y dar trabajo a un oscuro holandés, que es lo que hicieron cuando Wim Duisenberg se convirtió en el primer Presidente del BCE. Podría ampliar el término de Trichet para dirigir el euro a través de una situación de emergencia. O podría optar a un candidate.Most de wild-card grandes puestos de trabajo europeos son títulos grandes sin mucho poder. Los dirigentes nacionales, como la Canciller alemana Angela Merkel, el Presidente francés Nicolas Sarkozy y U.K. Primer Ministro David Cameron, hacer la decisions.Job real en CloutBut el Presidente del BCE es diferente. Él es el creador de la clave de la política económica de los 17 países que comparten la moneda única. Dentro de la zona del euro, los bancos centrales nacionales tienen poco verdadera influencia de la izquierda. Junto con el Presidente de la Reserva Federal, es uno de los dos funcionarios monetarios más importantes en el mundo. Es un trabajo con el año de la clout.This real, es incluso más importante. Con el busto de Grecia e Irlanda, no es una exageración decir que el euro está en peligro mortal. Su supervivencia depende de las decisiones tomadas en los próximos años. Hay mucho descansando sobre los hombros de la persona instalado en la sede del BCE en problemas de Frankfurt.The es, ninguno de los dos principales candidatos es adecuado. Eso no es causa de quiénes son. Weber y Draghi son hombres inteligentes y bien preparadas. Normalmente, podría hacer un buen trabajo. Pero no este año. ¿Por qué? Debido a su nationalities.Draghi ha impresionado a los mercados durante su hechizo en el Banco de Italia. Pero imaginar el impacto que un italiano en el BCE tendría sobre la opinión pública alemana, que ya ha agrió sobre el euro. Poner a un italiano en cargo confirmaría los peores temores alemán. Él podría ser visto como el candidato de los países altamente endeudados. Su nombramiento puede convencer a los alemanes ordinarios que el euro no era para ellos, provocando el país para salir. Austria y los Países Bajos seguiría suit.Hard Weber MoneyBundesbank Presidente sería sólo como provocación a las Naciones periféricas. Él podría ser visto como el candidato de austeridad de disco duro-dinero. Su nombramiento podría obligar a Portugal o Grecia para salir--con España e Italia a continuación en línea. Si deja tres o cuatro países, sería mucho sentido continuar con monetaria experiment.So nuestra cuál es la solución? hay tres possibilities.One, simplemente hacer lo que la Unión Europea por lo general hace cuando no coinciden en que debe obtener un trabajo grande: tomar la opción de oscuro-holandés. Esta vez, darle a algunos figura poco conocida de uno de los países de menor importancia. Gobernador de banco central de Austria, Ewald Nowotny, ha sido mencionado como una posibilidad. También lo han Erkki Liikanen de Finlandia y Guy Quaden de Bélgica. Todos ellos serían opciones seguras, en gran parte debido a que pocas personas han escuchado de ellos. Si tienen la experiencia de alto nivel para hacer el trabajo es otro matter.Safe HandsAlternatively, ampliar el plazo de Trichet, incluso si esto significa cambiar las reglas sobre la renovación de su mandato de ocho años. Es sólo de 68 años, por ningún medio una edad razonable y ha manejado la crisis, así como cualquier persona podía esperarse. Él podría presentarse como un seguro par de manos para dirigir la moneda a través de un periodo peligroso. El único problema sería que no sería un solution.Or de largo plazo, en tercer lugar, ¿qué una elección de wild-card? quién dice que el BCE debe ejecutarse por una de las personas a cargo de los bancos centrales nacionales? ¿Qué Ministro de Finanzas francés Christine Lagarde? Ya ha desempeñado un papel crucial en reunir juntos los paquetes de rescate para Grecia e Irlanda. Esto va a ser un trabajo en gran medida político para los próximos años. Se trata de vender paquetes de rescate y negociación de compromisos. Sería buena en that.Or tal vez Emilio Botín, Presidente del Banco Santander SA? Probablemente es más exitoso banquero comercial de Europa, habiendo convertido a Santander en uno de los prestamistas más grandes del mundo. Lo dirigió a través de la contracción del crédito en gran medida ilesa. Él puede ser de una nación endeudada, pero su experiencia internacional con las fusiones bancarias le tendría en buen lugar en el ECB.There son argumentos a favor y en contra de cualquiera de esas soluciones. Tal vez las sugerencias de wild-card no son graves. Pero el punto es la siguiente: la Unión Europea debe ir para otra cosa que los candidatos actuales. No cabe duda alguna de las alternativas sería mejor que un nuevo Presidente de BCE y divisivo que sería profundamente impopular en una mitad del continente o el otro--y fácilmente podría acabar de presidir el desmembramiento de la moneda.(Matthew Lynn es un columnista de Bloomberg News y el autor de "Busto", un libro sobre la crisis de la deuda griego. Las opiniones expresadas son sus propia).--Editores: David Henry, Charles W. Stevens.
En la visualización de la barra lateral para enviar una carta al editor, haga clic en "Enviar comentario".
Ponerse en contacto con el autor de esta columna: Matthew Lynn en Londres en matthewlynn@bloomberg.net
Ponerse en contacto con el editor responsable de esta columna: James Greiff en jgreiff@bloomberg.net
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