Bernanke: Top job is to get unemployment down
By Greg Robb, MarketWatch
Federal Reserve Board Chairman Ben Bernanke said Tuesday that job creation was the most important issue facing the country. "Getting new jobs, getting unemployment down is of incredible importance," Bernanke said during a panel discussion at The Ohio State University. The pace of growth has not been fast enough to bring down the high unemployment rate, he said. Bernanke said he was especially worried by the fact that more than 40% of those who are currently unemployed have been out of work for six months or more.
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How do Michigan Retailers feel about prospects for the 2010 holiday season?
Federal Reserve Bank of Chicago Release
"Michigan retailers are looking forward to this season with enthusiasm and expect it to be the best in several years,” said James P. Hallan, MRA president and chief executive officer. “They’re coming off three months of relatively good sales and seeing some improvement in the economy.”
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Worry in Europe Sweeps Into More Secure Countries
By LANDON THOMAS Jr., The New York Times
The concerns in the bond markets are further straining the decade-old monetary union
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Fed buys $6.81 billion in Treasurys
By Wallace Witkowski, MarketWatch
The Federal Reserve Bank of New York bought $6.81 billion in Treasury debt on Tuesday, the latest operation of the Fed's second round of quantitative easing to support lending and spending. Dealers offered to sell the Fed $23.53 billion in debt maturing from 2014 to 2016. Yields on 10-year notes /quotes/comstock/31*!ust10y (UST10Y 2.80, -0.03, -1.03%) fell 7 basis points to 2.75%
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The Urge to Splurge Is Creeping Back
Newsweek
"No interest until 2014," read the massive red sign outside Big’s Furniture in Henderson, Nev. It beckoned Diane Lewis to the store’s year-end liquidation sale. “I had to pull in,” she said as her sons frolicked on mattresses nearby. “We really need to get us a new bedroom set; their old one is kinda beat up. If we can get that financing deal, we can make it work.” As with most in this hard-hit region, the economy hasn’t been good to Lewis, whose husband just got a new job after being laid off for eight months.
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U.S. body wants identifiers for financial firms
Reuters
The U.S. Office of Financial Research, created to help improve financial market data gathering, wants to establish a universal system for identifying financial firms and market transactions.
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U.S. Airlines Get Citigroup's Calio to Lead Lobbying
BusinessWeek
Nicholas Calio, who led Citigroup Inc.'s efforts to shape financial regulations and served as top congressional liaison for U.S. presidents George H.W. Bush and George W. Bush, will become chief Washington lobbyist for the nation's major airlines.
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Standard Bank plans to spin off buyout arm
eFinancial News
Standard Bank Group, the largest bank in South Africa, is set to become the latest institution to spin off its private equity business following growing regulatory pressure concerning banks' investments in alternative assets.
http://jlne.ws/huqEvX
Investment Banking's New Frontier
Asia Sentinel
Gold is expensive. So too is palm oil, bond yields nearly nothing, bank deposits are a sure way to lose money. Major stock markets have rebounded and buyers are now bored with BRICS. The shine has even gone off the China market and its currency is going nowhere. Japan's market remains out of favor, not least with the Japanese themselves and in Europe the ragged tails, Ireland and Portugal, are wagging the dog into a Euro tizzy. But brokers must have something to sell. So what better to move on from Emerging Markets like Turkey, Colombia, Chile, Indonesia, which have become old news, to the "new frontier" - the so-called Frontier Markets.
http://jlne.ws/faNaGi
HK bankers lobbying for yuan business boost
The Standard
The local banking industry is seeking a larger yuan quota amount for cross- border trade settlement from the central government to further expand the scope of its yuan business.
http://jlne.ws/9kLhcA
US bank implicated in WikiLeaks trove
By Alan Rappeport in New York
FT.com / World
A trove of documents to be released early next year by WikiLeaks will show a big US bank engaging in "flagrant violations" and "unethical practices," according to Julian Assange, founder of the whistleblower website.
http://jlne.ws/gAYgtf
HSBC rises to the top as it is hailed a 'safe port in a storm'
Evening Standard
With financial stocks hogging the index's winners' list after the Irish bailout, HSBC jumped 10.2p to 661.3p. But Ian Gordon , Exane BNP Paribas 's banking guru, said revenues are falling across four of the lender's six regions and has lowered his rating on the stock from "neutral" to "underperform".
http://jlne.ws/dT1wCD
TD Ameritrade Expands Fixed Income Platform
Business Wire
OMAHA, Neb.--(BUSINESS WIRE)--TD Ameritrade Expands Fixed Income Platform Firm offers retail investors and independent registered investment advisors access to new issue municipal market through M.R. Beal
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Barclays exploited toxic debt ratings, court told
Reuters UK Focus via Yahoo! UK & Ireland Finance
British bank Barclays was accused on Monday of selling derivatives it knew were far riskier than the triple-A credit rating they had been given.
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Fed's Bullard `Concerned' About Funding for New Consumer Protection Bureau
By Steve Matthews, Bloomberg
Federal Reserve Bank of St. Louis President James Bullard said the funding level for the Consumer Financial Protection Bureau to be housed within the Fed appears arbitrary and not necessarily suited to the agency's needs.
http://jlne.ws/gMdOZr
Forged Comment Letters Sent to Regulators Writing Swaps Rules
By Silla Brush and Clea Benson, Bloomberg
Forged comment letters purportedly from an H.J. Heinz Co. executive, a Burger King Co. franchise and at least five other Arkansas-based officials or businesses were sent to the Commodity Futures Trading Commission. Some of the letters to the agency, which is writing rules for derivatives trading, contain identical passages criticizing banks for their "cartel-like control" of the $583 trillion swaps market. They include signatures from a circuit court judge, a county sheriff and a mental health counselor. All were forgeries, according to interviews conducted by Bloomberg News.
http://jlne.ws/i3960r
CQG Adds US Treasury Trading Access through GovEx
Denver, CO, November 30, 2010 - CQG, Inc., the industry-leading order execution, charting, and analytics provider for global, electronically-traded securities, today announced its connection to GovEx, a matching platform offered by Currenex, a wholly owned subsidiary of State Street Corporation. GovEx offers traders a centrally-cleared, high performance trading platform for US Treasury securities, providing anonymity, diverse liquidity, and a technologically-advanced matching environment for the fixed income markets.
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