EU bank calls for more Egypt, Tunisia funds
By GABRIELE STEINHAUSER, Associated Press
The European Investment Bank said Tuesday that it needs more money to support a transition to democracy in Tunisia, Egypt and other countries in the Arab region, though even the increase it requested from the EU would only allow it to keep investments at their current level.
http://jlne.ws/dF4xNw
George Soros: Obama Has “Lost Control” Of His Economic Agenda
By Bess Levin, DealBreaker
Apparently it’s now “in the hands of the Republican Party,” which will prove negative for the economy. Republicans “are going to pursue a very strong effort to cut services by refusing to have any tax increases,” Soros said in an interview with CNN’s “Fareed Zakaria GPS” program.
http://jlne.ws/hP80li
MENA causing risk aversion
MarkIt
Risk aversion permeated the markets today as investors grappled with the implications of turmoil in the Middle East
and North Africa. After the revolutions in neighbouring Tunisia and Egypt, it now seems that Libya is the next most
likely country to see a forced change in government... The unrest had a predictable effect on other MENA sovereign spreads, i.e. widening. Libya itself doesn’t trade in the CDS market (no debt outstanding) but Morocco, a more liberal North African country, does. Its spreads widened
beyond 200bp today, approaching the levels it reached at the peak of the “Jasmine Revolution” in Tunisia late last month.
http://jlne.ws/erTQ9L
Case-Shiller: US House Prices Are Closing In On the Post-Bubble Trough
Credit Writedowns
The S&P/Case Shiller Home Price Indices shows that house prices in the U.S. continue to decline this winter. For data through December 2010, the broad Composite-20 index is down 2.4% compared to December 2009. The Composite-10 index is down 1.2% in that time frame. While these numbers were in line with expectations, they point to a continuing double dip in housing.
http://jlne.ws/eayxKa
Fed Buys $7.24 Billion In POMO
Federal Reserve Bank of New York Release
The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system.
http://jlne.ws/dcRpcM
Experts: U.S. Fed Mishandled International Dimensions Of QE2
The Federal Reserve Board initially mishandled its controversial effort to boost the U.S. economy with government bond purchases, but has since taken some smart steps to make up for the mishap, according to senior economists.
http://jlne.ws/fjxm17
FSA fines Deutsche Bank mortgage division
FT.com
DB Mortgages, the lending arm of Deutsche Bank, has been fined £840,000 ($1.4m) and ordered to pay customers £1.5m by the Financial Services Authority for “irresponsible lending practises” in the years leading up to the financial crisis. The penalty imposed by the FSA is the first time the regulator has taken enforcement action against a firm for irresponsible mortgage lending.
http://jlne.ws/hUNVWt
US Consumer Confidence Rising
International Business Times
The US Consumer Confidence rose in February to 70.4; better than the predicted 65.0 and thr prior reading of 60.6.
http://jlne.ws/ft6mEP
Inflation and interest rates: Mervyn's dilemma
The Economist
FOR many years the job of the Bank of England’s monetary-policy committee (MPC) seemed straightforward. The knocks that from time to time pushed the economy off its path of steady growth tended to shove inflation downward, too.
http://jlne.ws/i4Ekn7
IOSCO identifies benefits of organised platform derivatives trading
Thaipr.net
The Technical Committee of the International Organisation of Securities Commissions (IOSCO) has published a Report on Trading of OTC Derivatives. The report analyses the benefits, costs, and challenge
http://jlne.ws/fR6lFm
Banks to Thwart CFTC Rule on Open Swap Trades, Oliver Wyman Says
By Matthew Leising, Bloomberg
A Commodity Futures Trading Commission plan to ensure open access to swap-trading systems will be thwarted by banks, who want to exclude customers and trade only among themselves in a part of the market, according to consulting firm Oliver Wyman.
http://jlne.ws/fxUvr3
Geithner Called Fannie Mae, Freddie Mac Biggest 'Moral Hazard'
Bloomberg
U.S. Treasury Secretary Timothy F. Geithner said government-sponsored mortgage giants Fannie Mae and Freddie Mac were the biggest sources of "moral hazard," leading investors to count on a bailout for risks gone wrong.
http://jlne.ws/gwiGNf
G-20 Statement By U.S. Treasury Secretary Timothy F. Geithner
Press Release
http://jlne.ws/g5L2OI
Weber sets Germany on collision course with EU
By Ralph Atkins, Financial Times
Axel Weber, Germany’s departing Bundesbank president, has put his country on a collision course with its eurozone partners by opposing a central part of proposals for resolving future sovereign debt crises.
http://jlne.ws/h9VCla
Europe’s reforms may come at a high price
By Axel Weber, Financial Times
In the coming weeks, European policymakers will have to decide on an overhaul of governance of the European monetary union. As a guiding principle the European Council has clearly – and, in my view, rightly – stated that the main foundations of EMU and the European Union treaty have to be respected. This means the principles of subsidiarity, responsibility of individual member countries and no-bail-out remain essential for the EU. In this context, what cornerstones are to be considered in the matter of reforming EMU governance?
http://jlne.ws/h5pw3s
JPMorgan Says It Was Tricked Into Keeping Lehman's `Goat Poo' Collateral
By David McLaughlin, Bloomberg
Lehman Brothers Holdings Inc. tricked JPMorgan Chase & Co. into holding onto collateral that the bankrupt investment firm internally described as “goat poo,” according to a court filing by JPMorgan.
http://jlne.ws/gurCfx
ZFS in LatAm insurance tie-up with Santander
By FT reporters
Zurich Financial Services has bought a 51 per cent stake in the Latin American insurance operations of Spain’s Santander, the Swiss insurer said on Tuesday.
http://jlne.ws/i7X5Fb
Bank of America restates card unit results
By Justin Baer in New York, Financial Times
Bank of America has revised the results of its international credit card business for the last two years, adding a $20.3bn non-cash goodwill writedown in 2009 while reversing a $10.4bn charge made last year.
http://jlne.ws/fY2DEU
RBS to sell £1.6 billion of unwanted loans - report
Interactive Investor
Royal Bank of Scotland ( RBS.L ) is planning to sell 1.6 billion pounds of unwanted loans from the boom years of the commercial real estate sector, the Financial Times said on Monday.
http://jlne.ws/aGJ9oq
RBS chief: I won't bow to pay pressure
Scotland on Sunday
ROYAL Bank of Scotland chief executive Stephen Hester has become embroiled in an internal dispute with advisers over remuneration, telling them he will not commit the bank to being at the bottom of the pay league.
http://jlne.ws/g3FDDJ
Citigroup pays top execs bonuses
The Star
NEW YORK: Citigroup, recovering after a series of government bailouts, will pay some top executives millions of dollars of cash bonuses if its core operations earn at least US$12bil before taxes over the next two years.
http://jlne.ws/eOtDI3
Barclays' corporation tax bill blunts Bob Diamond's sparkling words
AFP Telegraph Finance News via Yahoo! UK & Ireland Finance
Push Bob Diamond hard enough and he comes up with this sort of stuff: "I think payment of tax is an important responsibility of businesses, yes." That's what the £9m-a-year Barclays (LSE: BARC.L - news) chief executive said to the Treasury Select Committee on January 11, when he had a little mental block over how much corporation tax the bank paid in 2009.
http://jlne.ws/faXpyf
Barclays criticised over UK tax bill
Yahoo! Finance
Barclays bank has revealed it paid STG113 million ($A180 million) in corporation tax in Britain in 2009, about 2.45 per cent of its profits that year, sparking strong criticism on Saturday.Opposition lawmaker ...
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US arrests Swiss banker in tax probe
By Kara Scannell and Justin Baer in New York and Haig Simonian in Zurich, Financial Times
A Credit Suisse banker has been arrested in connection with a long-running US tax evasion investigation and could be one of several individuals likely to face charges this week as prosecutors turn their focus from institutions to bankers and wealthy clients, said people familiar with the matter.
http://jlne.ws/hSFtJP
HSBC Amanah is Euromoney's Best International Islamic Bank for second year
Zawya
HSBC Amanah HSBC Amanah has again been named Best International Islamic Bank by Euromoney magazine, in its Islamic Finance Awards 2011. The awards are widely considered to be the most high profile accolades in the Islamic finance industry and annually recognise outstanding performance, quality, service, and innovation in the sector.
http://jlne.ws/fYH95m
Banking titan J. Christopher Flowers describes financial meltdown from the inside
Naples Daily News
Cautious optimism was on the agenda at Friday afternoon's Forum Club lecture, given by finance industry veteran J. Christopher Flowers. The full house that packed Naples Beach Hotel's ballroom listened with rapt attention as Flowers described the September 2008 financial meltdown - a meltdown he saw from the inside while actively trying to save some of America's largest financial institutions.
http://jlne.ws/fDfTtu
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