77 Bank http://so-l.ru/tags/show/77_bank Tue, 17 Jul 2018 22:51:15 +0300 <![CDATA[National › Sendai court upholds ruling bank not responsible for employees' tsunami deaths]]> http://so-l.ru/news/y/2015_04_24_national_sendai_court_upholds_ruling_b Fri, 24 Apr 2015 00:30:47 +0300 <![CDATA[National › Miyagi court rules bank not responsible for employees' deaths in tsunami]]> The Sendai District Court has ruled the Shichi-ju-shichi (77) Bank cannot be held responsible for the deaths of its employees in the March 11, 2011 disaster. The court handed down the ruling Tuesday in a damages suit brought by relatives of three bank employees. They were among 12 employees who…

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http://so-l.ru/news/y/2014_02_26_national_miyagi_court_rules_bank_not_r Wed, 26 Feb 2014 10:15:39 +0400
<![CDATA[Британия начинает продавать акции спасенного Lloyds]]> Британия начинает продавать акции спасенного Lloyds

Британское правительство продало 6% доли в Lloyds Banking Group по 75 пенни за акцию, выручив 3.21 миллиардов фунтов (5.1 миллиардов долларов) в пользу британского министерства финансов. Размещение акций было подтверждено во вторник, что ознаменовало начало длинного пути возвращения британским правительством спасенных банков в частные руки. Правительство спасло Lloyds в 2009 году после слияния с проблемным ипотечным кредитором, принимая 39% акций крупнейшего розничного британского банка.

Орган управления долями правительства в спасенных банках UK Financial Investment Ltd заявил во вторник о том, что акции будут размещены 20 сентября, у казначейства же останутся 33% Lloyds. Министерство финансов пообещало не продавать дополнительные акции в течение следующих 90 дней. По данным нашего источника, знакомого с вопросом, основная часть акций была продана британским и американским фондам, а также суверенным инвестиционным фондам. Семьдесят пять пенни за размещенную акцию представляет собой небольшой дисконт к цене закрытия в понедельник, которая составляла 77 пенни.

Канцлер британского казначейства Джордж Осборн заявил в Twitter во вторник о том, что распродажа акций означает, что налогоплательщики получат прибыль по своим инвестициям в Lloyds, что «можно считать важным шагом в плане по возвращению своих денег назад и восстановлению экономики». Он также добавил в заявлении, что прибыль от продажи будет использоваться для сокращения национального долга примерно на 500 миллионов фунтов.

Переведено новостным порталом о форекс FxTeam.ru

U.K. Begins Exit From Lloyds, The Wall Street Journal, Sep 16

 

Источник: FxTeam]]>
http://so-l.ru/news/y/2013_09_17_britaniya_nachinaet_prodavat_akcii_spasen Tue, 17 Sep 2013 13:37:00 +0400
<![CDATA[U.K. sells 6% of Lloyds shares for £3.2B]]>
  • The U.K. has raised £3.2B after selling a 6% stake in Lloyds (LYG) in a deal that marks the start of the government's privatization of its holding in a bank that received a £20.5B bailout during the financial crisis in 2008.
  • Government body UK Financial Investments (UKFI) sold the shares to unnamed institutions at 75 pence each, a 3% discount to Lloyds' close yesterday of 77.36 pence but above the state's average buy-in price of 73.6 pence.
  • The sale was 2.8 times covered by demand.
  • The government's holding in Lloyds fell to 32.7% from 38.7%; it will now refrain from selling any more shares for 90 days.
  • Lloyds' shares -2.2% to 75.67 pence in London.
  • Post your comment!]]>
    http://so-l.ru/news/y/2013_09_17_u_k_sells_6_of_lloyds_shares_for_3_2b Tue, 17 Sep 2013 11:59:16 +0400
    <![CDATA[Government kicks off Lloyds sale]]>

    Announcement after closure of stock exchange marks significant step in returning bailed out bank to private sector

    The government on Monday began to sell off its stake in Lloyds Banking Group in a move that marks a significant step in returning the bailed out bank to the private sector five years after the financial crisis began.

    The announcement was made just after the stock market closed when the banks advising the government started to approach major investors about buying chunks of the 4.2bn shares – currently valued at £3.3bn – being sold.

    About 6% of shares in the group are being sold, which would reduce the government's stake from 38.7% to 32.7%.

    The timing, in the midst of the Liberal Democrat party conference, means the Lloyds shares will be sold ahead of the £3bn privatisation of Royal Mail, although the size of the stake being sold is smaller than some City analysts had expected.

    After conducting a daily analysis of the Lloyds' share price throughout the summer, UK Financial Investments (UKFI), the body set up to look after the stakes in the bailed out banks, advised George Osborne earlier on Monday afternoon that it is now time to kickstart the privatisation.

    Osborne said on Monday night: "Five years ago the previous government used taxpayers' money to bail out the banks and I've been absolutely determined to get that money back for taxpayers so we can pay down debt. Today we have started to do that and it is another step in the long journey to repair what went so badly wrong in the British economy."

    The exact price at which the shares are sold was expected to be announced on Tuesday, as the fifth anniversary approaches of the rescue of HBOS by Lloyds TSB to create the enlarged Lloyds Banking Group. The bank was eventually bailed out with £20bn of taxpayer money.

    The government is expected to be able to claim it has made a profit – albeit a small one – on the sale which has been the subject of much speculation since the chancellor's Mansion House speech in June when he signalled preparations for the privatisation of Lloyds but played down the prospect of a quick sale of bailed out Royal Bank of Scotland.

    In that speech, Osborne signalled that after a sale of Lloyds shares to major institutions, retail investors would be given the chance to buy shares. This option has not been ruled out, and the Policy Exchange thinktank is recommending a sale of the remaining stake through a mass distribution to taxpayers.

    Since the speech, major investors have been sounded out by UKFI and its advisers about buying the shares and have already signalled their willingness to buy the stock, which has rallied sharply – in part helped by the government's housing schemes, which have bolstered the mortgage market.

    "We want to get the best value for the taxpayer, maximise support for the economy and restore them to private ownership. The government will only conclude a sale if these objectives are met," a Treasury spokesman said.

    But Chris Leslie, shadow financial secretary to the Treasury, said Osborne was continuing to duck "serious reform of our banking sector".

    "It's vital that taxpayers get their money back and this must be the prime consideration in the sale of the government's stakes in the banks. And as Labour has consistently said any profits from the sale should be used to repay the national debt," Leslie said.

    The shares closed on Monday night at 77.3p – above the 73.6p average price at which the government spent £20bn buying the stake. The shares are likely to be sold at a slight discount to that price but still higher than the average price at which they were bought and well above the 61p stated in the national accounts.

    The 61p level represents the average price at which the shares were trading on the days the government bought the shares, rather than the actual price paid.

    The government had already indicated it regards 61p as its benchmark for the sale and this is the price to which it has linked the £1.5m bonus of the chief executive of Lloyds, António Horta-Osório. He can receive his bonus if a third of its stake is sold above 61p.

    Horta-Osório said the sale "reflects the hard work undertaken over the last two years to make Lloyds a safe and profitable bank that is focused on supporting the UK economy".

    UKFI – which also announced that James Leigh-Pemberton, son of former Bank of England governor Robin Leigh-Pemberton, is to be its new boss – said it would not place any more shares for 90 days.

    Paras Anand, head of European equities at Fidelity Worldwide Investment, said the placing was "a clear sign of confidence that the bank is well on the road to recovery".

     

    RBS sale must wait

    The launch of the Lloyds shares sale puts its prospects in stark contrast to those of Royal Bank of Scotland, the other financial institution rescued with taxpayer money.

    While Lloyds embarks on its path back into private hands, a sale of RBS – which is 81%-owned by the taxpayer – is clearly further away. Its share price is still well below the level where taxpayers stepped in and George Osborne has commissioned a review by investment bankers at Rothschild into whether it should be broken up into a good bank and a bad bank.

    The rescued bank's boss Stephen Hester resigned in June in a move intended to speed up a sell-off of the taxpayer stake, bought for £45bn in 2008 and 2009 to stop the Edinburgh-based bank collapsing.

    RBS managementrs have said it could be ready for sale from the middle of 2014 – or even earlier. But the Rothschild review process delays any potential privatisation and the chancellor has said selling the government's stake is "some way off".

    The results of the Rothschild review are expected later this month and in the meantime support for a split has been growing.Shares in RBS closed at 366.5p last night, a level that represents a £12bn loss on the money ploughed in by the taxpayer, at an average price of around 500p.

    Katie Allen

     

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    http://so-l.ru/news/y/2013_09_16_government_kicks_off_lloyds_sale Mon, 16 Sep 2013 20:31:23 +0400
    <![CDATA[Near-Record 20% of Americans Struggle to Afford Food and Basic Necessities; Who's to Blame?]]> The latest Gallup survey shows Near-Record Number of Americans Struggle to Afford Food.

     

    More Americans are struggling to afford food -- nearly as many as did during the recent recession. The 20.0% who reported in August that they have, at times, lacked enough money to buy the food that they or their families needed during the past year, is up from 17.7% in June, and is the highest percentage recorded since October 2011. The percentage who struggle to afford food now is close to the peak of 20.4% measured in November 2008, as the global economic crisis unfolded.

     

    Question: Have there been times in the past 12 months that you did not have enough money to buy food that you or your family needed?

     

     

    This is only the third time in 68 successive months of Gallup and Healthways' tracking, which began in January 2008, that at least 20% of Americans said they struggled to afford food in the past year.

     

    Americans' Access to Basic Needs Hovers Near Record-Low

     

    Americans remain as likely to have access to basic necessities in general now as they were in October 2011, when it was at its lowest point. The Basic Access Index, which includes 13 questions about topics including Americans' ability to afford food, housing, and healthcare, was 81.4 in August, on par with the all-time low of 81.2 recorded in October 2011.

     

    Who Does Gallup Blame?

     

    Citing the Wall Street Journal, Gallup blames stagnant wages.

     

    According to an August 2013 Wall Street Journal analysis of Labor Department data, "the average hourly pay for a nongovernment, non-supervisory worker, adjusted for price increases, declined to $8.77 [in July 2013] from $8.85 at the end of the recession in June 2009." Depressed wages are likely negatively affecting the economic recovery by reducing consumer spending, but another serious and costly implication may be that fewer Americans are able to consistently afford food and meet other basic needs.
    Gallup also blames Republicans.

     

    Federal government programs also play a role in addressing this issue. As food stamp (SNAP) enrollment increases, Republicans in Congress are proposing substantial cuts and reforms to the program, while Democrats are resisting such reductions. Regardless, food stamp benefits are set to be reduced in November after a provision of the 2009 fiscal stimulus program expires. Therefore, it is possible that even more Americans may struggle to afford food in the immediate future.
    Who is Really to Blame?

     

    1. The Fed
    2. Fractional Reserve Lending (Central banks in general for sloshing money around). 
    3. Lack of a Gold Standard
    4. Congress (for throwing money at numerous programs)
    5. War-mongers

     

    Raising the minimum wage does not fix the problem. And wasting money waging wars we cannot afford is counterproductive.

     

    The two primary reasons are: fractional reserve lending and the Fed (central banks in general). Combined, the Fed, FRL, and lack of a gold standard enable Congress and the war-mongers to waste money.

     

    Fantasyland Price Stability

     

    The Fed and the ECB praise themselves as  "defenders against inflation". One look at health-care or education costs is enough to prove they are in Fantasyland.

     

    Here are some charts to consider.

     

    Milk

     

     

    Crude

     

     

    Cattle

     

     

    Soybeans

     

     

    Lean Hogs

     

     

    Price Stability? Where?

     

    Does any of that remotely look like "price stability"? Of course it doesn't.

     

    And it's no wonder people are struggling. But throwing more money at aid programs is not the answer. Huge wage growth, especially the seriously misguided strike effort at McDonald's for $15 wages is not the answer either.

     

    Symptoms of the Problem

     

    1. Decline in real wages
    2. People struggling to buy food and basic necessities

     

    The decline in real wages is a symptom of the problem. So is the struggle to buy food and other necessities.

     

    You do not cure problems by throwing more money at symptoms, especially when throwing money around is the essentially the problem in the first place.

     

    The problem and the solution can never be the same, no matter how loud the socialists and the Keynesian clowns scream for more wealth distribution schemes and minimum wage hikes.

     

    Who Benefits From Printing Money?

     

    Printing money never solved anything but it sure does make life great for those with first access to it. Who is that? The already wealthy, the banks, and government bodies via taxation.

     

    For further discussion, please see ...

     

    Top 1% Received 121% of Income Gains During the Recovery, Bottom 99% Lose .4%; How, Why, Solutions

     

    Reader Asks Me to Prove "Inflation Benefits the Wealthy" (At the Expense of Everyone Else)

     

    Mike "Mish" Shedlock

     

    http://globaleconomicanalysis.blogspot.com
    Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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    http://so-l.ru/news/y/2013_09_12_near_record_20_of_americans_struggle_to Thu, 12 Sep 2013 23:45:00 +0400
    <![CDATA[Record number of estate agent workers signals UK house price bubble]]>

    Vince Cable sounds warning over 'serious housing inflationary pressures' as 77,000 people join industry in a year

    A record number of people work in estate agents offices and the sector is growing so fast that it amounted to the fastest growing part of the national workforce in the three months ending in June, according to official figures published on Wednesday.

    The Office for National Statistics said that 562,000 people are employed in real estate in the UK, the largest number since records began in 1978, with 77,000 joining the industry over the last year – data that added to fears that the country is heading for a house price bubble.

    "We're no longer a nation of shopkeepers – we're becoming a nation of estate agents," said Danny Gabay, director of economics consultancy Fathom. "I would certainly agree that the economy has turned a corner; my concern is about how sustainable this recovery will be, given that it is based on using government subsidies to encourage already over-extended households to take on even more debt to finance their consumption."

    Concerns about the state of the housing market were also voiced by the business secretary, Vince Cable, who called for an urgent rethink of George Osborne's flagship Help to Buy scheme, which aims to provide government guarantees for low-deposit mortgages from next January.

    The Lib Dem cabinet minister said there were signs of "serious housing inflationary pressures" developing in parts of the country. "We should certainly think about how [Help to Buy] should come into effect; indeed whether it should come into effect, in the light of changing market conditions. We don't want a new housing bubble," Cable told Sky News.

    Shortly after, Downing Street was forced to insist the government will go ahead with the scheme, with the prime minister's spokesman adding that many would-be home-owners are facing substantial obstacles because of caps on loan to value mortgages.

    "It will be launched. We are faced with a situation – because of the fall in availability of 90% to 95% loan-to-value mortgages – where many first-time buyers are faced with a real obstacle to making a home of their own. It is important we address this issue," the spokesman said.

    Growing confidence in the outlook for the housing market has been a key component of the economic upturn that led Osborne, to claim in a speech on Monday that the UK is turning a corner. But the swelling army of estate agents led some commentators to warn that the recovery was too reliant on debt-fuelled growth. "If you wanted any clearer signal of the hollowness of the so-called economic recovery, you couldn't make it up," said Andrew Simms, a fellow of the New Economics Foundation thinktank.

    Cable's remarks also fuelled fears that the economic recovery could simply be based on a consumer boom and a housing bubble. He made his political reputation by criticising the Labour government's economic boom for being based on a bubble and has often warned the recovery must be sustained.

    Following pressure from the Treasury, the business secretary did, however, tone down a keynote speech, dropping a warning of the dangers of complacency over the economy. Addressing business leaders at a joint government/CBI industrial strategy conference in Warwick , he said "The point I am trying to make is that this is a long-term haul. We have got a marathon not a sprint here."

    Help to Buy was the centrepiece of Osborne's March budget, but has drawn criticism from a broad range of groups, ranging from homelessness charity Shelter to the rightwing Adam Smith Institute, which fear it will simply drive up prices without boosting housing supply. The second, more controversial, leg of Help to Buy will offer taxpayer-backed guarantees on mortgages worth up to £600,000, for buyers with a deposit worth 20% or less of the price of their property.

    Mark Clare, the chief executive of housebuilder Barratt Developments, said that the housing upturn is now spreading well beyond London and the south-east, as the company reported a 74% increase in pre-tax profits. "We are seeing some very, very strong interest on new sites that we're launching around the country, even to the point where we're starting to see queues … which is not something we have seen for many, many years," he said.

    Fears of a housing bubble have intensified since the Bank of England governor, Mark Carney, introduced the policy of forward guidance, under which the Bank's monetary policy committee has sent a strong message that it expects to keep interest rates at their record low of 0.5% for at least the next three years.

    News of the healthy demand for estate agents came as part of the ONS's monthly snapshot of the labour market, which showed that the unemployment rate has fallen to 7.7%, in the first tentative step towards the 7% target that Carney says may signal an economy strong enough to withstand a rise in interest rates.

    Unemployment on the International Labour Organisation measure tracked by the Bank stood at 2.49 million from May to July, down by 24,000 from three months earlier. That took the unemployment rate to 7.7%, from 7.8% over the previous three-month period, driven by a larger-than-expected 80,000 increase in employment.

    On the more timely claimant count measure, which just includes people receiving out-of-work benefits, unemployment also fell, by 32,600 in August to 1.4m.

    • This article was amended on Thursday 12 September 2013 to correct the name of the Barratt Developments chief executive to Mark Clare

     

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    http://so-l.ru/news/y/2013_09_12_record_number_of_estate_agent_workers_si Thu, 12 Sep 2013 00:59:46 +0400
    <![CDATA[UK unemployment rate falls to 7.7%]]>

    Closely watched indicator takes tentative step towards 7% that could trigger rise in interest rates from Bank of England

    Britain's unemployment rate has fallen to 7.7%, in the first tentative step towards the 7% target Bank of England governor Mark Carney says may signal an economy strong enough to withstand a rise in interest rates.

    The jobless rate has become a closely watched indicator in the City since the Bank's monetary policy committee introduced its policy of forward guidance, promising to leave borrowing costs on hold at their record low of 0.5% at least until unemployment falls to 7%.

    Unemployment on the broad International Labour Organisation measure tracked by the Bank stood at 2.49 million from May to July, down by 24,000 from three months earlier, according to the Office for National Statistics (ONS).

    That took the unemployment rate to 7.7%, from 7.8% over the previous three-month period, driven by a larger-than-expected 80,000 increase in employment.

    On the more timely claimant count measure, which just includes people receiving out-of-work benefits, unemployment also fell, by 32,600 in August to 1.4m.

    Sterling surged to a seven-month high against both the euro and the dollar after the news, as investors continued to bet on a stronger recovery than the MPC expects. "Markets are clearly ignoring Carney's 'low rates for longer' pledge and driving sterling higher in currency markets," said Nawaz Ali, market analyst at Western Union.

    Carney used his first set-piece speech as governor to set out the reasons why he doesn't expect unemployment to fall sharply over the next two years; and stress that the 7% threshold was a "staging post", which need not trigger an automatic rate rise.

    Chris Williamson, chief economist at data provider Markit, said: "The upturn in the labour market bodes well for the sustainability of the wider recovery, as more people in employment and rising wages should help boost economic growth further. The improvement also increases the possibility that unemployment could fall faster than the Bank of England expects, meaning an earlier hike in interest rates than 2016, as currently envisaged under the Bank's 'forward guidance'."

    There were 334,000 new jobs created in the economy between June and a year earlier, the ONS said – the latest period for which figures are available – with the largest increase, of 117,000, coming in health and social work, within the private sector. With the housing market starting to show signs of life, there was a 77,000 rise in the number of people employed in "real estate activities".

    Despite the improving picture, there was also evidence in the detail of the figures that conditions in the labour market remain tough for many.

    Average pay rose at an annual rate of just 1%, or 1.1% including bonuses – well below the 2.8% rate of inflation – suggesting that living standards are still being squeezed.

    The ONS also highlighted the fact that much of the increase in employment – almost all of it, for women – has been in part-time work, in many cases taken up by employees who would prefer a full-time job if they could find one.

    Almost a third of men, and 13.5% of women, in part-time work or self-employment would prefer to be in a full-time role, according to the ONS.

    Long-term unemployment has also remained stubbornly high: while overall unemployment has fallen by 105,000 over the past 12 months, the number of people unemployed for more than a year is little changed, at just below 900,000.

    Young people are also failing to feel the benefit of the upturn, with youth unemployment 9,000 higher in May to July than three months earlier, at 960,000.

     

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    http://so-l.ru/news/y/2013_09_11_uk_unemployment_rate_falls_to_7_7 Wed, 11 Sep 2013 13:26:23 +0400
    <![CDATA[Norway's new centre-right government faces tough coalition talks]]>

    Erna Solberg's Conservatives and allies on course to win election – but now have to examine immigration and spending

    Norway's centre-right opposition, promising tax cuts and smaller government, is set to win Monday's election, but faces tough talks on forming a coalition with a populist party that wants to spend more of the nation's vast oil wealth.

    The Conservatives, led by likely future prime minister Erna Solberg and three potential allies, were on course to collect 96 seats in parliament, 11 more than needed for a majority, leaving prime minister Jens Stoltenberg's Labour and its allies with just 73 seats, government projections showed.

    Norway has enjoyed rare economic success thanks to its booming offshore oil sector boosting per capita GDP to $100,000 (£64,000). But growth is slowing, the government's record on critical social services is mixed and voters accuse Stoltenberg of wasting a once-in-a-lifetime economic boom.

    "If all goes right, the Conservatives will reduce the public sector, stimulate growth within the private sector, increase exports, make us less dependent on the oil and gas industry and create new types of jobs in Norway," said Oslo teacher Daniel Gaim, 37, who supported the government four years ago.

    Labour could remain the biggest party in parliament with around 30% of the vote, exit polls showed, followed by the Conservatives with 26% and the populist, anti-immigration and anti-tax Progress party with 16%.

    The trickiest task for Solberg, nicknamed "Iron Erna" for her tough stances when she served in cabinet between 2001 and 2005, will be to negotiate a coalition deal with Progress while maintaining the support of two smaller centrist parties.

    Although Progress has toned down its rhetoric, it is seen by some as too radical for government, and once had among its members Anders Behring Breivik, who killed 77 people in 2011 in a gun and bomb attack targeting Labour.

    The small Christian Democrats and Liberals, one of which will be needed for a majority, are not keen on teaming up with Progress, objecting to its policies on immigration and spending, raising the prospect that Solberg may lead a minority cabinet.

    "A majority government isn't necessarily the norm in Norway and it's slightly more likely we'll get a minority," said Elisabeth Ivarsflaten, a political science professor at the University of Bergen. "Norway has had many minority governments and they tend to work."

    Bringing Progress into government could force Solberg to make concessions on spending, taxes and perhaps even a symbolic gesture on immigration. But any shift is likely to be mild.

    "We expect a moderate increase in public spending combined with a reduction in taxes," Danske Bank said. "We expect the magnitude of the changes in aggregate to be marginal in the short run, as the market impact is likely to be."

    The incoming government has immediate spending leeway since Stoltenberg's administration has spent less oil revenue than the annual cap set by parliament of 4 percent of the country's $750bn oil fund.

    "We can expect revisions to the budget put forward by the current government of the order of 5bn to 15bn crowns ($0.8-$2.5bn), which is 0.22-0.66% of mainland GDP," Danske said.

    With a budget surplus of 12% of GDP this year and the sovereign wealth fund worth $750 billion, Norway can afford just about any spending. But economists argue the state is already big, crowding out the private sector. Parties are expected to explore coalition possibilities this week but real negotiations will not start until next week.

     

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    http://so-l.ru/news/y/2013_09_10_norway_s_new_centre_right_government_fac Tue, 10 Sep 2013 04:16:23 +0400
    <![CDATA[Russia Loans to Private Sector]]> http://so-l.ru/news/y/2013_09_06_russia_loans_to_private_sector Fri, 06 Sep 2013 19:41:59 +0400 <![CDATA[Analyst: Worst case MBS scenario for banks is manageable]]>
  • Worst-case estimates of legal losses stemming from pre-crisis mortgage sales at the three largest U.S. banks "are clearly manageable," says Drexel Hamilton's David Hilder. His conclusion comes after studying "reasonably possible losses" in the Q2 filings of BAC, C, JPM, and WFC.
  • "Initial estimates of mortgage-related losses and litigation settlement costs were too low ... at this point, more than 5 years since the mortgage-driven parts of the crisis began to explode ... we believe the banks' estimates ... are likely to be more accurate than externally-derived estimates."
  • Hilder's view is the consensus one, but (surprise) CLSA's Mike Mayo says Bank of American faces billions more in potential losses owing to the challenge to its $8.5B settlement to resolve $107B in investor losses. The Article 77 hearing over that matter resumes on September 9 following a summer recess.
  • Post your comment!]]>
    http://so-l.ru/news/y/2013_09_03_analyst_worst_case_mbs_scenario_for_ban Tue, 03 Sep 2013 22:10:55 +0400
    <![CDATA[Uruguay GDP per capita]]> http://so-l.ru/news/y/2013_09_03_uruguay_gdp_per_capita Tue, 03 Sep 2013 19:11:48 +0400 <![CDATA[Hong Kong GDP per capita]]> http://so-l.ru/news/y/2013_09_03_hong_kong_gdp_per_capita Tue, 03 Sep 2013 14:51:47 +0400 <![CDATA[Bank's profit surges 31% as net interest margin gains]]> CHINA Everbright Bank Co Ltd said yesterday that its 2012 net profit surged 30.61 percent to 23.62 billion yuan (US$3.77 billion) due to improved net interest margin and higher intermediary income.

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    http://so-l.ru/news/y/2013_04_01_bank_s_profit_surges_31_as_net_interest Mon, 01 Apr 2013 21:11:00 +0400
    <![CDATA[EUR: на злобу дня... EUR: до margin call'ов рукой подать...]]> EUR: на злобу дня... Резюмируя все происходящее сейчас в Европе, вновь отмечаю, что театр абсурда продолжается. Последнее при этом, что наложило на меня наибольшее впечатление - это Италия, где Пьер Луиджи Берсани, похоже, так и не сумеет сформировать полноценное коалиционное правительство на этой неделе (10-year Italy +20 б.п. до 4.77%, аукцион по 5-леткам в четверг оставляет желать лучшего). Если учесть, что рынок Forex как будто забыл про Апеннины в последние две недели, данная тема или неспособность Берсани уложиться в крайний срок, вполне может стать в четверг-понедельник новой историей для игры на понижение в EUR/USD с уже знакомой целью 1.2660-1.27 и на фондовых рынках. Далее хочется отметить заявления министра финансов Кипра Михалис Сарриса, который подтвердил наши негативные ожидания, отметив, что потери вкладчиков по средствам в Laiki Bank могут составить уже даже не 40%, а все 80%, и то эти деньги, похоже, удастся вытащить только через 6-7 лет.

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    http://so-l.ru/news/y/2013_03_28_eur_na_zlobu_dnya_eur_do_margin_call Thu, 28 Mar 2013 10:01:36 +0400
    <![CDATA[P.M. Kitco Metals Roundup: Gold Ends Weaker, but Up from Daily Low, on Profit Taking]]> (Kitco News) - Gold prices ended the U.S. day session with modest losses Monday, but did close up from the daily low scored in early trading. A last-minute Cyprus bank bailout package was agreed upon early Monday, which saw investor risk appetite initially uptick to start the new trading week. The Cyprus bailout news also put some downside price pressure on the safe-haven gold market, some of which was profit-taking from recent gains. April Comex gold last traded down $3.80 at $1,602.30 an ounce. Spot gold was last quoted down $5.90 at $1,603.75.  May Comex silver last traded up $0.072 at $28.77 an ounce.

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    http://so-l.ru/news/y/2013_03_25_p_m_kitco_metals_roundup_gold_ends_wea Mon, 25 Mar 2013 22:23:50 +0400
    <![CDATA[Сингапур/Индонезия: DBS может получить разрешение регулятивных органов на покупку Danamon за $6,77 м]]> По сообщению экономического советника президента Индонезии, предложение крупнейшего в Юго-Восточной Азии кредитора DBS Group Holdings по приобретении банка PT Bank Danamon Indonesia за $6,77 млрд может уже в текущем месяце быть одобрено сингапурскими и индонезийскими регуляторами. Следует отметить, что стороны ожидали получения разрешения на проведение сделки в течение года.

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    http://so-l.ru/news/y/2013_03_22_singapur_indoneziya_dbs_mozhet_poluchit_r Fri, 22 Mar 2013 11:03:54 +0400
    <![CDATA[Credit Suisse CEO pay jump to fuel banker bonus debate]]> Credit Suisse upped the remuneration of Chief Executive Brady Dougan by one third in 2012, likely adding to public and political dismay over the scale of banker pay in a year when the Swiss bank's stock ...

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    http://so-l.ru/news/y/2013_03_22_credit_suisse_ceo_pay_jump_to_fuel_banke Fri, 22 Mar 2013 10:25:13 +0400
    <![CDATA[HSBC Facing Money Laundering Allegations AGAIN]]>



    BUENOS AIRES, March 18 (Reuters) - Argentina's tax agency said on Monday it has uncovered 392 million pesos ($77 million) in fraudulent transactions by HSBC Holdings Plc and said it has asked the judicial system to probe the European bank for alleged tax evasion and money laundering.
    HSBC, Europe's largest bank, was fined $1.9 billion last year for similar irregularities in Mexico and the United States.
    The AFIP tax agency filed the complaint in February over alleged irregularities detected over the last three years, Ricardo Echegaray, head of the agency, said.
    "On the basis of what's been investigated so far, in six months we've recorded 392 million pesos in fraudulent transactions, generated by evasion and money laundering," Echegaray told a news conference.
    Echegaray said HSBC executives had secured fake receipts from local businesses, allowing illicit transactions to be made.
    "We hope to recover what is due and see the courts apply an appropriate penalty," he said.
    HSBC said the AFIP's allegations were of "great concern."
    "We are committed to working cooperatively with authorities to ensure a thorough review and appropriate resolution of the matter," the bank added in a statement.
    HSBC Chief Executive Stuart Gulliver said last month that the bank's complex structure and wide geographical spread had made it attractive to criminals.
    After taking the bank's helm at the start of 2011, Gulliver centralized control and created global business operations, taking much of the control out of the hands of country managers.

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    http://so-l.ru/news/y/2013_03_19_hsbc_facing_money_laundering_allegations Tue, 19 Mar 2013 00:58:36 +0400
    <![CDATA[Unofficial Problem Bank list declines to 801 Institutions]]>

    Here is the unofficial problem bank list for Mar 15, 2013.

    This is an unofficial list of Problem Banks compiled only from public sources.

    Changes and comments from surferdude808:

    As anticipated, the OCC released its recent actions this week, which contributed to several change to the Unofficial Problem Bank List. In all, there were seven removals and three additions that leave the list at 801 institutions with assets of $295.6 billion. A year ago, the list held 952 institutions with assets of $379.1 billion.

    Actions were terminated against Winona National Bank, Winona, MN ($258 million); Amfirst Bank, National Association, McCook, NE ($237 million); The First National Bank of Wahoo, Wahoo, NE ($206 million); The University National Bank of Lawrence, Lawrence, KS ($71 million); and The First National Bank of Germantown, Germantown, OH ($52 million). The other removals were Pacific International Bank, Seattle, WA ($182 million) and Borrego Springs Bank, National Association, La Mesa, CA ($142 million), which merged on an unassisted basis.

    The additions this week were Illinois-Service Federal Savings and Loan Association, Chicago, IL ($136 million); Home Federal Savings and Loan Association of Collinsville, Collinsville, IL ($97 million); and Community Savings, Caldwell, OH ($77 million).

    Next week will likely be quiet one for the list.
    CR Note: The first unofficial problem bank list was published in August 2009 with 389 institutions. The number of unofficial problem banks grew steadily and peaked at 1,002 institutions on June 10, 2011. The list has been declining since then.]]>
    http://so-l.ru/news/y/2013_03_16_unofficial_problem_bank_list_declines_to Sat, 16 Mar 2013 05:49:00 +0400
    <![CDATA[Surge In Trading Leverage Triggers Bank Of America Contrarian Sell Signal]]>

    Leverage, as measured by NYSE Margin Debt, rose a huge 31.6% year-on-year (YOY) and 10.2% month-over-month (MOM) to $364bn in January, compared to the July 2007 peak of $381bn. Net Free Credits at -$77.2mm (essentially cash balances in margin accounts) have plunged to levels (and at a rate) that BofAML believes generates a sell signal and typically result in market correction. The last time a (2-standard-deviation) sell signal like this was generated was on April 2010 and the S&P 500 subsequently corrected by 16% in two months. While the US equity market has not responded to at or near overbought or contrarian bearish sentiment levels very recently (remaining overbought for weeks) BofAML also notes a tactical sell signal was just triggered that is similar to those from September 14 and April 27, 2012 – both preceded market pullbacks.

     

    Margin Debt is soaring (as NYSE Cash balances collapse)...

     

    at a rate that has trigger contrarian sell signals as its rapidity is a 2-standard-deviation rise...

     

    Short-term Sentiment has also shifted bearish...

     

    So if you were wondering where the 'money on the sidelines' is - it's all-in - again!

     

    Charts: BofAML



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    http://so-l.ru/news/y/2013_03_12_surge_in_trading_leverage_triggers_bank Tue, 12 Mar 2013 23:04:56 +0400