The safest bonds in the world
By Brett Arends, MarketWatch
Wall Street will tell you that government bonds issued by advanced Western countries are the safest investments money can buy. But recent events have made a mockery of that idea. If it weren’t for international rescue packages, Greece, Ireland and Portugal surely would have defaulted on their bonds.
http://jlne.ws/f113cs
JPMorgan Quarterly Profit Rises 67%
By Eric Dash, DealBook
JPMorgan Chase kicked off bank earnings season on Wednesday, reporting that first quarter profit surged 67 percent even as problems in its mortgage lending business continued to mount.
http://jlne.ws/hbKz1B
Report Criticizes Banks for Handling of Mortgages
By David Streitfeld, The New York Times
Banks were unprepared for a flood of foreclosures and did a poor job of handling them, in some cases moving ahead with evictions when they should not have, according to a long-awaited report released Wednesday by federal regulators.
http://jlne.ws/hDenB7
Dodd-Frank Swaps Rules Help the ‘Real Economy,’ Gensler Says
By Asjylyn Loder and Silla Brush, Bloomberg
Regulation of the $583 trillion over-the-counter derivatives market will “bring tangible benefits to the real economy,” Gary Gensler, chairman of the Commodity Futures Trading Commission, said today in New York.
http://jlne.ws/dTYwXr
Text of Obama’s deficit-plan speech
Following is the full text, as prepared for delivery, of President Barack Obama’s speech on Wednesday about cutting the deficit by $4 trillion in 12 years or less.
http://jlne.ws/dG1XJx
Consumers, Data Diverge on Labor Market Strength
By Kathleen Madigan, WSJ.com
The U.S. labor market is improving, say recent data. No, it isn’t, say U.S. consumers. The disconnect poses a challenge to the outlook. Consumers suffering from job jitters are more reluctant to spend, and consumer spending remains the key engine to U.S. growth.
http://jlne.ws/hrO8gz
Japan turmoil disrupting U.S. activity: Beige Book
By Greg Robb, MarketWatch
The Japanese earthquake may be having more of an impact on the U.S. economy than previously believed, according to the Federal Reserve's latest Beige Book survey of current economic conditions released on Wednesday. A majority of the Fed's 12 regional districts reported "actual or expected disruptions to sales and production" as a result of the Japan earthquake
http://jlne.ws/ieKthF
Qatar Islamic Bank's Q1 net profit up 7% to QR321m
AME info.com
Qatar Islamic Bank (QIB) announced a net profit of QR321m up 7% over Q1 2010. The core business of the bank has grown strongly in Q1, leading to a 26% increase in Operating income which reached QR648m in the first quarter of 2011 compared to QR515m in the corresponding period last year.
http://jlne.ws/gnBmdq
Obama Is About To Call For $4 Trillion In Debt Reduction
Joe Weisenthal, Business Insider
The Obama speech is coming at 1:30.
According to Reuters, the President will call for $4 trillion in debt reductions over 12 years. Unlike with the Ryan plan, much of this will certainly come from tax hikes, rather than just cuts.
http://jlne.ws/eOrLNp
Retail sales rose 0.4 percent in March, just below expectations
Federal Reserve Bank of Cleveland
Retail sales rose 0.4 percent in March, just below expectations of a 0.5 percent gain. The modest increase in March follows a slight upward revision to February’s increase—from 1.0 percent to 1.1 percent. On a year-over-year basis, retail sales are up 7.1 percent. “Core” retail sales—sales excluding autos, building supplies, and gas stations—rose 0.4 percent in March.
http://jlne.ws/fo9Zey
Opening Statement, Thirteenth Series of Proposed Rulemakings Under the Dodd-Frank Act: Commissioner Scott O’Malia
Press Release
Today we are voting on similar, but not identical margin rules as the prudential regulators.1 Despite endless attempts to conform the rules, the treatment of end-users couldn’t be further apart. The rules proposed by the prudential regulators will require that end-users pay initial and variation margin to banks. Alternatively, the Commission’s rule requires transactions between a swap dealer and an end-user to simply include a credit support agreement and nothing more. Unfortunately, this isn’t the only inconsistency between the rulemakings.
http://jlne.ws/dQHoFl
ISDA Names New Chairman As Swaps Regulation Looms
By Katy Burne, DOW JONES NEWSWIRES
The International Swaps and Derivatives Association, Inc., a trade group for the $583 trillion over-the-counter derivatives market, has named a new chairman. Stephen O'Connor, incoming chairman and managing director at Morgan Stanley (MS), will be elected at the association's board meeting Thursday in Prague, where ISDA kicks off its annual general meeting this week.
http://jlne.ws/i3JgN3
Swaps Regulation Battle At Forefront As Trade Group Meets
By Katy Burne, Of DOW JONES NEWSWIRES
It's crunch time for the $583 trillion global swaps market, and nowhere will the battle lines between market participants and regulators be clearer than at the annual meeting this week of the International Swaps and Derivatives Association, a trade group for buyers and sellers of over- the-counter derivatives.
http://jlne.ws/fe58Y5
FDIC expects insurance fund to recover
By Suzanne Kapner in New York, Financial Times
The Federal Deposit Insurance Corporation expects its insurance fund to swing into the black this year for the first time since the financial crisis led to hundreds of bank failures.
http://jlne.ws/eiktca
Africa investment banking fees double
Pretoria News
Sub-Saharan Africa investment banking fees doubled in the first quarter of 2011 from a year ago, with equity market operations posting their strongest first quarter performance since a 2007 regional boom.
http://jlne.ws/fMPccv
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