Meet The IMF's New Leader, Christine Lagarde
By Yuki Noguchi, NPR
Christine Lagarde, France's finance minister, secured the top job at the International Monetary Fund — the first woman to ever do so. She'll fill a spot vacated by former managing director Dominique Strauss-Kahn, who was arrested in May on charges of attempted rape.
http://jlne.ws/ko1hY8
France's Lagarde faces policy dilemmas as IMF chief
By Catherine Bremer, Reuters
Christine Lagarde's determination as a negotiator and experience working on the euro zone debt crisis are likely to ensure she settles smoothly into leadership of the International Monetary Fund, as the global lender faces some of the toughest economic challenges in its history.
http://jlne.ws/mg2VDB
U.S. backs Largarde for IMF’s top job
KEVIN CARMICHAEL, The Globe And Mail
The U.S. government is backing Christine Lagarde to lead the International Monetary Fund, sealing victory for the French finance minister in her contest with Mexican central bank chief Agustin Carstens.
http://jlne.ws/m1Q6ca
Eric Cantor Is Short Treasurys (Sort Of)
By Mark Gongloff, WSJ.com
What do Bill Gross, Evan Newmark and Rep. Eric Cantor have in common? They’re all betting against Treasury debt!
http://jlne.ws/mCoWdc
Greek police clash with austerity protesters
By Renee Maltezou and Harry Papachristou, Reuters
Greek riot police fought hooded youths with teargas and batons near parliament on Tuesday as violence broke out at a rally against anti-austerity measures international lenders have demanded from the Athens government.
http://jlne.ws/mRQOdw
Nomura Announces Top Management Appointments
Press Release
Tokyo, June 28, 2011—Nomura Holdings, Inc. today announced that its shareholders elected fourteen directors to the company’s Board of Directors (including eight Outside Directors) and the newly appointed Board appointed five Executive Managing Directors.
http://jlne.ws/ifmJA2
When is default not a default? When it's Greece
By Satyajit Das, The Globe And Mail
Satyajit Das is a global risk consultant and author. His latest book, Extreme Money: The Masters of the Universe and the Cult of Risk, will be published in August. The European Union’s linguistic gymnastics, redefining default as "restructuring" or "re-profiling" and the structure of any final deal on Greek debt has "real" implications for the arcane workings of the CDS market.
http://jlne.ws/j8GQMT
Dodd-Frank: Comment on list of enforceable rules to come under Consumer Financial Protection Bureau
The CFPB invites public comment on a list of rules under enumerated consumer laws that will come under its authority on July 21, 2011. The list is comprised of rules currently enforced by the following seven agencies: (1) FRS, (2) FDIC, (3) OCC, (4) OTS, (5) NCUA, (6) FTC, and (7) HUD.
http://jlne.ws/jhBSRD
The strong-dollar rhetoric contrasts with a weak-dollar reality
VOX
The strong-dollar rhetoric of the US government contrasts with a weak-dollar reality. This column argues that talking a strong-dollar talk while walking a weak-dollar walk has damaged the reputational capital of the US monetary and fiscal authorities. That has reduced their ability to use statements of intent or announcements of future policy actions to influence markets.
http://jlne.ws/kiBoVB
Low Production Capacity Drags Down Mexico's Growth
Moody's Analytics
The Mexican economy has begun a more remarkable deceleration in the second quarter, mainly as a result of a convergence of its low production capacity and the weakness in the U.S. recovery.
http://jlne.ws/jqjN8r
Richmond Fed: Service Sector Weakens
By Gary Siegel, The Bond Buyer
Service sector activity slowed in June, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday, “Retail sales dipped overall and big-ticket sales suffered another drop, despite an uptick in shopper traffic. Inventories declined in June, according to retail merchants.
http://jlne.ws/kDLYo0
Noel Donohoe Appointed DTCC’s New Group Chief Risk Officer
Press Release
The Depository Trust & Clearing Corporation (DTCC) today announced that it has named Noel Donohoe to a newly created position as Executive Managing Director and Group Chief Risk Officer.
http://jlne.ws/leYNgm
Money Matters: Why Germany Wants to Keep the EU Together
EconomyWatch
With Greece heading towards an inevitable default, despite the recent announcement of a second bailout in just over a year, the word on the street is not about whether the other Euro-zone countries would once again leap to Greece's rescue when this happens but rather on whether Greece would eventually be kicked out of the Euro-zone – a potential precursor to a dissolution of the Euro-zone.
http://jlne.ws/jUmHOQ
June Conference Bd consumer confidence 58.5
Forex Live
June Conference Bd consumer confidence 58.5 vs 61.7 May, reflecting labor mkt and income concerns. Survey closed Jun 16, before gas prices dropped further. Present Situation 37.6 vs 39.3 and Expectations 72.4 vs 76.7, so all components fell. Conference Bd says consumers are likely to “continue weighing their spending decisions carefully.”
http://jlne.ws/jjZ7pH
Ex-Central Banker's Unconventional Climb to the Top
BY NINA KOEPPEN AND BRIAN BLACKSTONE, WSJ.com
From his rapid rise seven years ago to his stunning departure from the global economic scene two months ago, Germany's Axel Weber was anything but a conventional European central banker.
http://jlne.ws/jxPYpp
Trichet studying French plan for Greece, flags July rate rise
Reuters
European Central Bank President Jean-Claude Trichet said on Tuesday he was looking at a French proposal for rolling over Greek debt but signaled the debt crisis had not derailed plans for a July interest rate rise.
http://jlne.ws/mDOEwA
Up to 15 of 91 European banks are set fail stress tests [Video]
http://jlne.ws/lLLxWr
Home Prices Rise, But Seasonal Factors Played Big Role
by Mark Memmott, NPR
Home prices have risen in major U.S. cities for the first time in more than half a year, according to the widely watched S&P/Case-Shiller Home Price Indices.
http://jlne.ws/jWr6L3
SIFMA states MSRB Rule G-44 should hold all muni advisers engaging in same activities to the same standard
SIFMA
SIFMA and other broker-dealer groups criticized a proposal from the Municipal Securities Rulemaking Board, saying that Rule G-44 would subject them to tougher standards than those imposed on other municipal advisers. "To ensure a level playing field, all market participants engaging in the same activity should be subject to the same standards," said David Cohen, a managing director and associate general counsel at SIFMA.
http://jlne.ws/m9MB2a
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