Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 02, 2011

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Nov 2, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 02, 2011


EU Bank Recapitalization Plan Has 'Serious Problems,' IIF Says
BusinessWeek
2 (Bloomberg) -- The European Union's plan for recapitalizing banks has “serious problems” that will hurt economic growth and make it harder for some nations to borrow, the Institute of International Finance said. There is a “clear need” to restore ...
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Follow European Financial Crisis
Salon
European leaders reached an agreement Thursday aimed at shoring up the region'sbanks and preventing a severe debt crunch in Greece from bringing down Europe'sfinancial system. But the European debt crisis is still far from fixed. ...
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Euro Crisis Threatens Banking System
New York Times
By JACK EWING FRANKFURT — In March 2009 about 40 bankers and government officials crowded into a classroom at an economic institute in Vienna to talk about how they might save Eastern Europe from financial Armageddon. The Erste Group headquarters in ...
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The dragon is no white knight
Asia Times Online
Moreover, a Europe deep in financial crisis would reduce its investment in China, and with the debt crisis-caused devaluation of euro, hot money previously invested in Europe would seek new destinations, and China as a stable economy would inevitably...
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G-20: PM in Cannes to join global financial discourse
Firstpost
“This is an issue of importance to India, and we will work with others to develop effective and representative global governance mechanisms and carry forward the process of reform of the international monetary andfinancial system,” he said. PTI.
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Firstpost
Banks Spell Out Deep Cost Cuts
Wall Street Journal
After growing to unprecedented size before the financial crisis and shrinking only slightly during a deep downturn, the global financeindustry is undertaking a massive retrenchment. Nomura Holdings Inc. tripled its annual cost-cutting target to $1.2 ...
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Wall Street Journal
UAE near immune to financial crisis, says Al Habtoor
ArabianBusiness.com
Sultan Nasser Al Suweidi, the governor of the UAE's central bank, on Monday said he expected a slowdown in the Gulf state. “We will see a slowdown of business due to an expected economic downturn [globally], due to effects of the European crisis and ...
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ArabianBusiness.com
Rand firmer as euro rallies
Fin24
The government has only met 57.5% of its goal in installing solar water heaters due tofinancial constraints, says the energy minister. Sales of new vehicles were up 18.9% in October partly boosted by consumers taking advantage of low interest rates, ...
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Follow Occupy Wall Street
Salon
A financial crisis that should have inspired a grand new set of rules for Wall Street instead delivered a hopelessly compromised reform package — and even that weak sauce is under daily withering assault from thebanking industry. ...
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Salon
Leaders call crisis talks as euro hangs in the balance
TVNZ
But according to everything we hear from Greece, there is no urgent need for the payout until mid-December, more or less," finance ministry spokesman Martin Kotthaus said. EU leaders endorsed the disbursement of the money last week, but the IMF board ...
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China's Stocks Rebound on Policy Speculation, Fiscal Support
San Francisco Chronicle
... to bolster the economy as Europe's debt crisis and slumping manufacturing in China and the US threaten global growth. China Minsheng Banking Corp. and Poly Real Estate Group Co. led gains for financial companies as money rates declined on prospects ...
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Jon Corzine firm admits using clients' money as financial troubles mounted ...
Daily Mail
He hoped to turn it into a major investment bank and restore his stature in the financial world. After taking over MF Global last year, Corzine led MF Global to make more trades for the company's own profits, a practice known as proprietary trading. ...
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Daily Mail
Media Call: G20 Summit
Carnegie Endowment for International Peace
One point that I wanted to stress to complement Uri's point is about the financial – thefinancial sector and there, there are two issues that are quite important: One is how to treat banks and the link between the value, you know, of the sovereign ...
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Eurozone crisis to divert leaders at G20
Financial Times
Last November's G20 heads of government meeting in Seoul, for all the valiant attempts of the organisers to concentrate on promoting different models of economic development and harmonising financial regulation, largely served as an arena for the ...
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Financial Times
Gold set to rally to new record by March
Financial Post (blog)
Some forecasters expect the dollar's rally to fade because of concern that a slowing global economy may force the Federal Reserve to pump more money into thefinancial system. The US currency will end next year at US$1.40 a euro, compared with ...
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Greek cabinet backs European bailout referendum plan
CTV.ca
(AP / Richard Drew) Governor of the Bank of Canada, Mark Carney, appears before the House of Commons Standing Committee on Financein Ottawa on Tuesday, Nov. 1, 2011. (Sean Kilpatrick / THE CANADIAN PRESS) Traders react at the stock market in Frankfurt ...
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CTV.ca
Exclusive - Poor nations a ray of hope for crisis-weary G20
Reuters UK
The need for private sector investment will become all the more acute as western governments cut back on spending and cash-strapped banks pull down the shutters on project finance. Much of what Thiam is proposing is not revolutionary. ...
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Reuters UK
What is a Tobin Tax?
BBC News
His concern was rapid international financial flows, putting constraints on the ability of governments and central banks to pursue the right policies for their national economies. Exchange rate speculation, he wrote (in 1978), "can frequently have ...
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BBC News
Two Financial Nukes Explode
International Business Times
It's a global financial crash. Two weeks ago, I wrote, “When European banks start failing, there is no way US banks will be able to avoid being sucked into a vortex of default. For anyone who thinks this crisis can be resolved with a pain free ...
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Russia Offers $10 Billion For Eurozone Bailout - Analysis
Eurasia Review
This ambition could also be achieved by expanding its presence in international organizations that control financial flows. China's growing role in the IMF and otherfinancial groupings was one of the most discussed topics at the first G-20 summits, ...
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Markets wait to hear how far Draghi will go to rescue indebted governments as ...
Washington Post
A disorderly default could collapse banks and choke off credit to the wider economy, leading to recession and financial chaos. A plan agreed by eurozone leaders last week to halt the crisis is already being viewed as not enough, and a Greek decision to ...
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Dutch Systemically Important Banks Face Tougher Rules
Wall Street Journal
Big banks will have to their core Tier 1 capital ratio, a measure of financial strength, by 1 to 3 percentage points, depending on their relevance to the financial system, a spokeswoman said. The measure, which will be gradually phased in between 2016 ...
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The IMF Will Wing it for Greece, Just Like They Did for Citigroup
Business Insider
Since the beginning of the financial crisis all sorts of rules have been suspended in all sorts of different contexts. For example, when the crisis was at its peak in September of 2008 the FDIC suspended mark to market accounting, allowing banks to ...
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What to expect from the Fed
Financial Post (blog)
By Pedro Nicolaci da Costa WASHINGTON — The US Federal Reserve looks set to take a breather from monetary stimulus measures Wednesday, even if financialmarket turbulence heightens the chances of action later. The US central bank's debate over the ...
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S&P: No immediate ratings implications for EFSF
Reuters
The ratings of highly-indebted euro zone countries have tumbled over the last few years as the financial crisis has seen tax revenues slump and forced governments to prop up weak banks and faltering economies. On Tuesday Fitch, another of the big three ...
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Market trend: Should FIIS be trusted?
Business Today
India also has a strong central bank, which has managed to keep theeconomy out of global financial troubles. Espirito's Paulson says that given the extent of the current global uncertainties, India's domestic exposure will come back into focus. ...
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Business Today
Is the Rising Bond Market Your Friend or Foe?
Forbes
In fact, long term government bonds were one of the only types of investments that actually did well during the 2008 financial crisis. That's how diversification works, assuming you owned some bonds BEFORE you needed them. ...
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Bank of England alarm goes off
The Guardian (blog)
The Treasury select committee is up in arms because the Bank has refused to disclose information detailing the way it handled the financial crisis. On Tuesday, Britain's bank bosses opened a second front. They're worried about how much power will be ...
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The Guardian (blog)
Bank of America scraps debit card fee after consumer backlash
Washington Post
Though not affiliated with the Occupy protests, the letter tapped into the same vein of populist anger, recounting the bank's role in the financial crisis and calling the fee “despicable.” On Oct. 1, 100 people signed Katchpole's petition. ...
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Asian Stocks Slide as Greece Concerns Temper China Speculation
BusinessWeek
Mitsubishi UFJ Financial Group Inc., Japan's largest publicly traded bank, decreased 2.3 percent to 334 yen. Rival Sumitomo Mitsui Financial Group Inc. fell 2.2 percent to 2144 yen. “People were naturally skeptical that the resolution agreed last week ...
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China Inflation Cooling Leaves Room for Wen to Loosen Credit
BusinessWeek
The threat from Europe's crisis was highlighted as global equities sank after Greek Prime Minister George Papandreou said a financial rescue plan for his nation would be put to the vote by citizens. The Shanghai Composite Index reversed a decline of as ...
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Europe leaders summon Greek PM to explain himself
Atlanta Journal Constitution
... financial markets and threatens to derail a debt crisis plan that's not even a week old. A "no" vote in the referendum could lead to a disorderly Greek default and force Greece from the euro, toppling fragile banks and sending the global economy ...
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Atlanta Journal Constitution
Abdulhakeem Alkhayyat calls for more Sharia compliant short-term liquidity ...
AME Info
The seminar discussed several topics including the impact of recent events on thebanks in Bahrain; the effects of economic regulations to manage the crisis; how Bahrain can maintain its lead role as the premier financial centre of the region; ...
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Ireland's Noonan Says ECB Only Backstop to Prevent Contagion
BusinessWeek
2 (Bloomberg) -- The European Central Bank is now the only backstop in the region's debt crisis and it should use a “wall” of money to continue to buy bonds to stop contagion spreading to Italy and Spain, Ireland's finance minister said. ...
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Michael Bloomberg: 'It Was Not The Banks That Created The Mortgage Crisis' [WATCH]
Huffington Post
Former New York Mayor Ed Koch, who was also at the breakfast, took issue with Bloomberg's claim, saying that he wants a major corporate executive to receive a criminal punishment for their actions during the financial crisis, according to The ...
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China Money Rate Drops Most in Three Weeks on Cash Injection
BusinessWeek
“The central bank is trying to prevent a cash shortage as data points to a slowdown,” said Wang in Jinan, the capital city of eastern Shandong province. “The withdrawals and the bond issuance in October took too much capital from the financial market. ...
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Britain, Watching Europe, Seeks to Preserve Influence
New York Times
In some ways, analysts say, Britain has more at stake in the crisis than the other nine members that do not share the euro. Britain, after all, is home to Europe's largestfinancial center, a crucial part of its domestic economy. At the same time, ...
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"Move Your Money" and Support the Local Economy
truthout
Bank Transfer Day is significant because it targets one of the many culprits of thefinancial crisis. Banks will feel the pinch of this collective action since they rely on y(our) deposit account balances to have the capital to make loans which in turn ...
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Business Highlights
msnbc.com
Analysts said the bond action reflected fears that the turmoil in Greece would tear at the fabric of Europe's financial system and create a crisis that could engulf the entire European Union, which together forms the world's largest economy. ...
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Starbucks Takes on US Jobs Woes with Loans, Bracelets
DailyFinance
In 2008, the Opportunity Finance Network estimates that these financial institutions loaned out $5.53 billion to small businesses. While banks claim the demand for small business loans has fallen significantly, Schultz said the numbers on the ground ...
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Economic weakness creeps into Midlands
Omaha World-Herald
Analysts said the bond action reflected fears that the turmoil in Greece would tear at the fabric of Europe's financial system and create a crisis that could engulf the entire European Union. For the first time in almost two years, an economic ...
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Euro-Area Seeking Crisis-Fighting Cash Faces G-20 Resistance
“Euro-zone leaders may be too confident they will receive financial ... One idea is to use the Washington-based IMF as a channel for money for the enlarged ...
www.businessweek.com/.../euro-area-seeking-crisis-fighting-c...
Financial crisis II, in theatres now
In the crisis of late 2008 and early 2009, central banks and finance ... They slashed interest rates, pumped money into weak banks, reduced taxes, ...
www.smh.com.au/.../financial-crisis-ii-in-theatres-now-201110...
Debt crisis: live - Telegraph
http://www.telegraph.co.uk/finance/financialcrisis/8846201/Debt-crisis-live.html? service= ... Even if it won, it's difficult to see if the IMF will disburse payment [for its ...Andrew Roberts, head of European rates strategy at Royal Bank of Scotland .... 09.50 Away from the eurozone gloom, there's some good economic news for the ...
www.telegraph.co.uk/finance/.../8846201/Debt-crisis-live.html
The eurozone financial crisis explained – USATODAY.com
Among the 17 nations that use the euro, financial bailouts are having a ripple effect. ...not sought bailout loans, but their increasingly severe economic troubles raise that likelihood. Sources: AP, IMF, Eurostat; State Department, European Central Bank and.... For the latest Money news, follow USATODAYMONEY On Twitter. ...
www.usatoday.com/money/world/story/2011-10-26/.../1
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