Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 08, 2011

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Nov 8, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 08, 2011


Carney Says ECB Will Stop 'European Equivalent of Lehman'
BusinessWeek
The Canadian financial system that Carney helps oversee largely escaped the lastfinancial crisis and has been ranked the world's soundest by the Geneva-based WorldEconomic Forum for four years. Carney said today Canada's central bank almost doubled ...
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EU crisis damaging Britain's coalition
Oman Daily Observer
Italy wants to convince international ministers that eurozone's third-largest economycan shoulder its debt and avoid a financial rescue like Greece, Portugal — which is now demanding easier terms for its £57 billion bailout — and Ireland which is ...
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Weidmann Says ECB Can't Print Money to Finance Public Debt
San Francisco Chronicle
Irish Finance Minister Michael Noonan said yesterday the ECB must stand ready to provide a "firewall" as the debt crisis escalates. Weidmann welcomed the German government's opposition to using the central bank's gold and currency reserves to bolster ...
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EU to Start Rescue Fund Next Month, Press Greece
Bloomberg
8 (Bloomberg) -- Viktor Shvets, Hong Kong-based strategist at Samsung Securities Co., talks about the outlook for Europe's debt crisis, its implications for global financial markets and his investment strategy. Shvets speaks with Susan Li on Bloomberg ...
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Bloomberg
Gold Set to Test All-Time Highs as Global Financial Leaders Stumble on Ways to ...
International Business Times
Gold rallied strongly Monday mainly due to the European economic crisis. Italian 10 year bonds are now at 6.6% which is precariously close to the 7% level that prompted Greece to seek financial assistance from the ECB and IMF. ...
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Debt crisis: as it happened - November 7, 2011
Telegraph.co.uk
He called talks on using financial engineering to bulk up the rescue fund “insanely complicated”. 18.23 The US markets are still in negative territory. Dow is down 0.6pc, S&P500 is down 0.5pc and Nasdaq is down 0.9pc. 18.10 The Swiss National Bank ...
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Telegraph.co.uk
EU ministers wrangle over financial tax
San Francisco Chronicle
Turning away from immediate crisis management, European Union finance chiefs clashed Tuesday over whether a tax on financial transactions will rein in dangerous market speculation or further dent economic growth. France and Germany, together with ...
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IMF chief sees leading role for Russia
The Voice of Russia
It is impossible to overestimate Russia's role in the world economy, Christine Lagarde, the managing director of the International Monetary Fund said on Monday. Speaking at the State University of the RussianFinance Ministry in Moscow, ...
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The Voice of Russia
Prisoner of the euro crisis
MarketWatch
And you know you're in trouble when you're looking to Ireland for financial salvation. Still, Weidensteiner argues that the “positive shock” of imposed austerity has already led to improved economic performance among periphery countries, ...
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Treasury has Mervyn King's power in its sights
Telegraph.co.uk
The trouble is, his Treasury advisers tell him, doing so would jeopardise the hard-won perception of Bank independence. So he stays his hand. And we all know what happens next. Every post-mortem of the financial crisis comes to one unanimous conclusion ...
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Telegraph.co.uk
Europe Banks Selling Sovereign Bonds May Worsen Debt Crisis
BusinessWeek
European banking stocks rose 2.4 percent today as investors awaited a vote on Italy's budget that may show whether Prime Minister Silvio Berlusconi has enough support in parliament to stay in power. The Bloomberg Europe Banks and Financial Services ...
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Europe Needs A More Radical Fiscal And Economic Union
Business Insider
Financial history suggests that this governance structure is fragile. As evidence, we can look at the series of financial crises in the nineteenth century when banks, performing maturity-transformation services, operated without a central bank. ...
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Business Insider
No, Wall Street Bonuses Aren't Destroying the Economy
The Atlantic
Those equity losses didn't cause a financial crisis, however. The problems that caused the crisis stemmed from other firms having loaned it money and/or having derivatives exposure with the bank. Even if abank is a partnership, its bailout may still ...
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The Atlantic
The Treasury Select Committee questions Bank of England accountability: the ...
Telegraph.co.uk
In the years ahead, stronger capital and liquidity standards will help to ensure our financial system is more robust, leaving it less likely to succumb to a crisis. But in Basel we reaffirmed our collective view that it is important to implement the ...
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Telegraph.co.uk
Wonkbook: Why Daley didn't work out
Washington Post (blog)
Money market funds - traditionally viewed by US investors as a higher-yielding alternative to government-insured bank deposits - played a prominent role in thefinancial crisis when one popular fund, the Reserve Primary Fund, 'broke the buck' by...
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Ups and downs of fiscal machismo
The Australian
Swan abandoned planned spending cuts in the lead-up to the 2008 budget because he was concerned about the potential for the Australian economy to be hit by a financial crisis. Richardson's concern is that pressing ahead with cuts now may be an error ...
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Greek debt crisis: Shades of Argentina
CNNMoney
But in late 2001, after years of recession, Argentines lost confidence in their financialsystem and staged a run on their banks. The government was forced to severely restrict cash withdrawals and transfers of money out of the country, policies known ...
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Commodity trade finance feels the pinch
Risk.net
However, as the crisis in the debt markets is slowly filtering into allfinancial services, the commodity finance departments in banks are preparing themselves for the implications. Ohl says: “The new situation in the interbank market, the higher cost ...
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Risk.net
A Look At The Reported Growth In Wall Street Profits
NPR
Guy Raz talks to Zachary Goldfarb, reporter for the Washington Post, about the growth in Wall Street profits since the financial crisis. According to Goldfarb, Wall Street has made more money during the Obama administration's first term than in the ...
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Does Italy need to be saved?
Channel 4 News
France has been pressing for the European Central Bank to become involved, but Germany opposes this. The advantage of having the backing of a central bank was that the markets "don't tend to test their financialcapacity because if they intervene, ...
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Channel 4 News
Nordic Banks Beat European Rivals as Corporate Lending Grows
BusinessWeek
“Investors have come to view them as a relative haven during the sovereign-debt crisis.”Banks in the Nordics, where the 1990s financial crisis prompted an overhaul that left the Swedish government an owner in Nordea Bank AB, now boast some of the ...
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'A Strong Dependence': The Potential Downside to China's Investments in Latin ...
Knowledge@Wharton
Despite the global financial crisis, the economies of Latin America have remained strong in recent years. Moreover, analysts predict that their growth rates will continue to be solid. The International Monetary Fund (IMF) estimates that the region's ...
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Knowledge@Wharton
Analysis: Pressure mounts on SNB to move franc cap
Reuters
"Political support is essential to maintaining the credibility of this minimum exchange rate," Swiss Finance Minister Eveline Widmer-Schlumpf said on Monday, adding it was up to the central bank alone to decide on any further measures. ...
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Reuters
Stalling German Economy Will Throw Gasoline on Eurozone Debt Fire
Money Morning
Worse, such a decline will make it even tougher for Germany, which has supplied the bulk of the bailout money that's prevented the Greek debt crisis from triggering a globalfinancial meltdown, to play the role of hero in the European debt crisis. ...
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Talks to speed up EU bailout plans
The Australian
Germany's refusal effectively ensured the summit ended without any real progress on the issue of Europe's debt crisis. Luxembourg's Finance Minister, Luc Frieden, yesterday said the IMF investing in the EFSF "is one of the options". ...
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5 Financial Stocks Under $10 A Share Rated 'Buy'
Seeking Alpha
Investors have shied away from financial stocks lately. Many are a little gun-shy after the financial crises of 2008, Europe's debt crisis, and all the uncertainty in the world'seconomies, but that doesn't mean they are right. ...
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Financial world needs more transparency: Citigroup's Chief Executive Vikram Pandit
Economic Times
... the firm's money on European sovereign debt. Pandit said the current economicenvironment is still feeling the effects of the last crisis in 2008, as the world continues to work through the leverage that built up and caused the financial crash. ...
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Debt crisis shakes up Europe: Greece to get new PM, Italy's Berlusconi resists ...
Minneapolis Star Tribune
Eurozone finance ministers are working on ways to strengthen their euro440 billion bailout fund and give it effective lending power of over euro1 trillion through financialleverage and attracting money from private investors. ...
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Commentary: Italy has a lot of debt, and a lifeless economy
MarketWatch
Matthew Lynn is chief executive of Strategy Economics, a London-based consultancy. His most recent book is 'Bust: Greece, The Euro and The Sovereign Debt Crisis' published by Wiley Matthew Lynn is a financial journalist based in London. ...
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Printing money won't solve a global depression
Christian Science Monitor
By Bill Bonner, Guest blogger / November 7, 2011 Euro notes are spread out at a bank branch in Madrid in this file photo. Bonner argues that the worsening global economy will lead to the printing of more money, and that will lead to dangerous ...
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Christian Science Monitor
UniCredit's $10 Billion Fundraising Jeapordized as Contagion Strikes Italy
Bloomberg
The bank has a market value of about 15.8 billion euros and trades at 60 percent less than its tangible book value, about half the average valuation of the 46 firms tracked by the Bloomberg Europe Banks and FinancialServices Index. The bank said today ...
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Bloomberg
Ex-central banker front-runner to become Greek PM
Reuters
A source at the opposition conservatives said they accepted socialist Finance Minister Evangelos Venizelos could stay in his job at a time of national crisis, but said nothing had been agreed yet on who should lead the unity government. ...
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Wall St. Pay Expected to Fall 20% to 30%
New York Times
It would be the weakest bonus season since the financial crisis and a reflection of the leaner times confronting the industry. Those who work in trading and investment banking — usually Wall Street's most profitable businesses, although struggling ...
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New York Times
Walmart's Dirty Little Banking Secret
The Atlantic Wire
GE Capital, however, epitomizes the too-big-to-fail model and nearly brought down its parent company, General Election, during the financial crisis. Just like Bank of America and Citi, GE Capital is back on a bull run. As The Wall Street Journal ...
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The 3 Biggest Reasons To Stay Out Of Bank Stocks
Seeking Alpha
Sure, these financial institutions are extremely hated universally, but tangible damage is being done to these banks on a daily basis. While the Greek crisis seems to have a pretty good fix for the time being (if it holds), there is reason to believe ...
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Gov't shifts way of selling some company warrants
Sacramento Bee
The government received the warrants after giving banks money from the bailout fund during the 2008 financial crisis. Reader comments on Sacbee.com are the opinions of the writer, not The Sacramento Bee. If you see an objectionable comment, ...
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Latvia Fails to Reach Agreement With Lenders on 2012 Budget
BusinessWeek
Eastern Europe may face a credit squeeze as western European banks mired in the euro-area debt crisis withdraw liquidity from the region, the IMF's Managing Director Christine Lagarde warned in Moscow yesterday. “If the storm strengthens further in the...
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FastPencil PREMIERE Launches New Book "Conversations with Wall Street"
MarketWatch (press release)
"Conversations with Wall Street" takes a rare behind-the-scenes look at how Wall Street makes money and answers the questions millions of people affected by thefinancial crisis are asking from Occupy Wall Street encampments to the hard hit communities ...
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As Wall Street woos brightest minds, alternatives struggle for notice
Kansas City Star
Many end up staying in the financial industry for life. There are already indications that university students are drifting away from jobs on Wall Street, in part because of the shrinking of the financial sector after the 2008 financial crisis and ...
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Germany and the European Debt Crisis
Motley Fool
Or George Soros, who was dubbed "the man who broke the Bank of England" when he shorted the British pound in 1992. And you can bet that many hedge funds are doing similar things in Europe right now, fostering financial chaos on the one hand and ...
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Brazil, China and other markets trail U.S.
eTaiwan News
Analysts say it's because people have been worried about the European debt crisis and a possible recession in the US It may seem unfair, but when fear of another financial crisis strikes money managers, they tend to flee emerging markets and stay ...
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Central Pacific Financial Corp. Reports Operating Results (10-Q)
GuruFocus.com
Material Trends The global and US economies continue to stabilize following theeconomic downturn caused by disruptions in the financial system in 2008. Signs of stabilization of the financial markets and growth in the US economy were partly ...
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Biz2Credit Small Business Lending Index Reports Loan Approval Rates Rose ...
Small Business Trends
Small business loan approvals at big banks have not risen above the 10% rate since April. “Big banks continue their reluctance to lend money. The causes of this cautiousness include the continuing global financial crisis, as well as US policy ...
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Speech by FS on "HK: A Global Financial Hub: Your Offshore Renminbi Centre" in ...
7thSpace Interactive (press release)
I believe this notion also sums up the trials, tribulations and frustrations of the globalfinancial crisis so far.Just when the path ahead of us seems to be clearing, another curve appears in the long road to recovery. Many believe that The Beatles ...
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Harper says no Canadian money for European bailout - World ...
Major StoriesIn The News ... The financial crisis facing Greece and other countries, including Italy, was the key issue at the meeting. ... to pump more money into theInternational Monetary Fund that could, in turn, be used to fund the ... remains critical to restoring confidence and growth in the global economy," Harper added. ...
www.cbc.ca/news/world/.../g20-imf-italy-greece-financial.html

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