Draghi May Be Pushed Into Bigger Role for ECB
A day after European Central Bank President Mario Draghi damped expectations the bank would become more aggressive in supporting euro-zone debt markets, the ECB responded to a sharp rise in Italian yields by buying the country's bonds.
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Brown faces flak in damning RBS report
FT.com
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Europe’s New Budget Rigor, ECB’s Challenge
Bloomberg
European leaders’ blueprint for a closer fiscal union to save their single currency left the onus on central bankers to address investor concerns that Italy and Spain would succumb to the two-year-old financial crisis.
http://jlne.ws/vKFNW4
At European banks, the fire sale continues
Fortune
Even as European leaders convened this week an emergency summit to save the euro, European banks were busy trying to offload trillions of euros worth of assets in a bid to slim down. But while the banks may appear desperate to sell in order to fortify their balance sheets and comply with new capital restrictions, they don't seem willing to take a bath on their performing assets just yet, frustrating willing buyers hunting for an easy deal.
http://jlne.ws/sZT4HI
Euro breakup is inevitable
CNNMoney
As European leaders unveil their latest plan to solve the debt crisis, economists and market experts aren't convinced they'll actually be successful. At least one group says there are one too many obstacles and chances are, the currency union will break up, triggering an end of the euro as we know it.
http://jlne.ws/uUQ7Kx
Sovereign debt and the Basel rules - clearing up the confusion
Blog: Narrow Tranche
There seems to be some confusion around the Basel banking regulation with respect to sovereign debt. We want to take a quick look at two distinct concepts here: "risk weights" used to determine capital ratios and "liquidity ratio" used to make sure banks have sufficient short-term liquidity.
http://jlne.ws/saBCHE
China to create $300 billion FX investment vehicle
Reuters
China's central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world's largest stockpile of foreign exchange reserves, a source with knowledge of the matter told Reuters.
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Trade deficit shrinks again as oil price drops
USA Today
The U.S. trade deficit narrowed in October to its lowest point of the year after Americans bought fewer foreign cars and imported less oil.
http://jlne.ws/u7UnCB
Consumer Sentiment Improves to Best Level Since June
By Michael S. Derby, WSJ.com
Consumers’ view on the economy moved to its best level since June in mid-December. The preliminary Reuters/University of Michigan consumer sentiment index for December stood at 67.7 from 64.1 in November. It was expected by analysts to come in at 66.0, and it will be revised at the end of the month.
http://jlne.ws/tyAu2d
Banks to End 'Amend and Extend' in 2012
The Street
Banks will become very selective with credit in 2012, giving up on the "amend and extend" approach on loans of the past three years and forcing some businesses -- especially in retail and restaurants -- to restructure debt.
http://jlne.ws/tLUDmG
Mifid II sets up clash between voice trading and transparency
Risk
It took the Group of 20 (G-20) nations fewer than 100 words to unleash a sweeping – and speedy – overhaul of the over-the-counter derivatives market
http://jlne.ws/vQxemr
Japan urges FSA action against Citi, UBS
By Chris Oliver, MarketWatch
Japan’s securities surveillance unit said Friday it has asked the Financial Services Agency to take action against the Japanese units of Citigroup Inc. and UBS Securities for inappropriate actions in influencing three-month interest-rate benchmarks.
http://jlne.ws/tU1hG7
Moody's downgrades three French banks
By Adam Jones in London and Scheherazade Daneshkhu in Paris - Financial Times
The credit ratings of BNP Paribas, Société Générale and Crédit Agricole were downgraded by Moody’s Investor Services on Friday, increasing the pressure on EU leaders to craft a solution to the eurozone crisis.
http://jlne.ws/tJTBpk
Statement Of US Treasury Secretary Tim Geithner
Press Release
http://jlne.ws/ulqUeT
ECB Announces Measures To Support Bank Lending And Money Market Activity
Press Release
http://jlne.ws/sJBWmN
Statement By IMF Managing Director Christine Lagarde On The Eurozone Leaders' Summit
Press Release
http://jlne.ws/ta83T9
Scotiabank, CIBC Top Bonus Increases After Record Bank Profits
BusinessWeek
Bank of Nova Scotia and Canadian Imperial Bank of Commerce had the highest jump in incentive pay this year among Canada's six-biggest banks as record profits for the group led to a 6.9 percent increase in bonuses.
http://jlne.ws/vIJcgB
Osborne Warns of Regulation If Banks Don't Show Pay Restraint
BusinessWeek
U.K. Chancellor of the Exchequer George Osborne said he was ready to use regulation to force banks to boost their capital unless they exercise pay restraint.
http://jlne.ws/td0Wk4
EBA Asks Deutsche Bank, Commerzbank To Raise More Capital
RTT News
(RTTNews.com) - The European Banking Authority, or EBA, has said that German lender Deutsche Bank AG (DB) has a capital shortfall of 3.2 billion euros to achieve EBA's 9 percent Core Tier 1 capital ratio benchmark and it must be addressed by the end of June 2012. Domestic peer Commerzbank AG (CRZBY.PK) also has been asked to raise more capital.
http://jlne.ws/v6DOh4
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