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Jun 25, 2012

NYT | Global Update | Top News: Blocking Parts of Arizona Law, Justices Allow Its Centerpiece

Global Update


Blocking Parts of Arizona Law, Justices Allow Its Centerpiece

The Supreme Court on Monday rejected much of Arizona's immigration law but permitted the state's instruction to its police to check the immigration status of people they detain.

Defections and Downed Turkish Jet Worsen Syria Crisis

Syria defended shooting down a Turkish jet fighter but said that the action was not premeditated and that Syria bore "no hostility" to Turkey.

Cyprus Becomes 5th E.U. Member to Seek Rescue

The announcement came after weeks of concern that the crisis in Greece could bring down the Cypriot economy.

Video: TimesCast Politics

A look at the immigration decision, the impact on the border and more.

Op-Ed Contributor

Living With Nuclear Outliers

The best way of dealing with North Korea and Iran may lie in a new version of the Cold War-era containment strategy.

In Kashmir, the Killing Has Stopped, but the Killers Roam Free

After decades of war, Kashmir is blooming again, but a question remains about how to handle those who were behind much of the violence.

Iran and Syria Discussed in Putin's Visit to Israel

The visit to Israel by the Russian president showed both the progress of Israeli-Russian relations as well as the stark differences they have over Iran, Syria and the Palestinians.

With No Vote, Taxpayers Stuck With Tab on Bonds

Surprised taxpayers are finding themselves obligated for parking garages, hockey arenas and other enterprises that can no longer pay their debts.

Italy Poised to Pass Labor Laws Everyone Concedes Are Flawed

The proposal has been widely criticized by unions that say it goes too far and businesses groups that say it doesn't go far enough.

Microsoft to Buy Yammer for $1.2 Billion

Microsoft will buy the social network service for $1.2 billion in cash, as it seeks to strengthen its enterprise software business.

With Tablet, Microsoft Takes Aim at Hardware Missteps

Microsoft's plan to create its own tablet is the most striking evidence yet of the friction with its partners on the hardware side of the PC business.

Netherlands and European Commissioner in Standoff Over Mobile Rates

A new law was supposed to give Brussels greater leverage in imposing fee limits on telecommunications companies. But nothing seems to happen without a fight.

Online Appeals to the Male of the Species

The growth in men's wear sales is being bolstered by e-commerce models.

For Mardy Fish, a Season of Pulsing Events

The American tennis player has arrived in England to play at Wimbledon after numerous concerns about his health.

Saving the Best Quarterfinal for Last

Italy's victory over England in a penalty shootout was a sustained drama, with the right result, honorably decided.

Venus Williams Loses in First Round

Venus Williams, a five-time singles champion at the All England Club, was eliminated, 6-1, 6-3, by Elena Vesnina of Russia.

Helpful Hands on Life's Last Segregated Journey

When a black person dies in one of the rural counties around Madison, Ga., chances are the body will end up in the hands of Charles Menendez.

Supporters Slow to Grasp Health Law's Legal Risks

Early confidence in the law's constitutionality, based on Supreme Court precedents, proved to be a miscalculation that put the White House on the defensive as its legal strategy evolved over the last two years.

With Wild West Spirit, Tombstone Fights for Its Water

When the government placed restrictions on repairs to pipes on federal land, a volunteer posse set out to do the work by hand and make a point about a storied Arizona town.
Op-Ed Columnist

The Great Abdication

In Europe and America, those who have the power to contain the crisis refuse to act.
Op-Ed Contributor

A Cruel and Unusual Record

At a time when popular revolutions are sweeping the globe, the United States should be strengthening, not weakening, basic rules of law and principles of justice.
Op-Ed Contributor

Japan's Inept Guardians

The country is peaceful, safe and regimented not because of, but despite, the frequently disgraceful performance of its police force.

Standard & Poor's Latin America Highlights: Latin America And The Global Economic Slowdown: Why Next Time Will Be Different

Standard & Poor's LatinAmerica Highlights


CreditMatters TV
Un vistazo a los seis soberanos de América Latina calificados en la categoría 'BB'
English Version

Dinâmica do mercado pode levar a aumento de inadimplência em 2012
English Version

Qué detonó las acciones de calificación de Standard & Poor’s sobre Ecuador y Bolivia
English Version
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Latin America Product and Services

Top Stories

Latin America And The Global Economic Slowdown: Why Next Time Will Be Different

Europe's sovereign debt and banking problems, slower GDP growth in Asia, and a sluggish economic recovery in the U.S. have exacerbated the risk of a prolonged period of global economic uncertainty.

Panorama crediticio estable para el sector de metales y minería en América Latina durante 2012

El panorama de Standard & Poor’s Ratings Services para las empresas del sector de metales y minería en América Latina es principalmente estable durante 2012, ya que 90% de las compañías que calificamos en ese segmento tiene perspectivas estables.

English Version

Latin American Forest Products Companies Aren't Out Of The Woods, But Their Expansion Programs Should Start Generating Cash Flows Soon

Softening and volatile demand from Asian economies and continuing challenges in European economies have recently pressured pulp prices.

Empresas de metales y minería en América Latina, de la más fuerte a la más débil

Standard & Poor’s Ratings Services califica 18 empresas en el sector de metales y minería de América Latina. Las calificaciones de grado de inversión representan 78% del total. Desde diciembre de 2011, hemos asignado solamente una nueva calificación, confirmado cuatro, subido las calificaciones de dos emisores y bajado las de un emisor.

English Version

Reporte Sectorial: Desempeño satisfactorio de bancos de América Latina continuó a pesar de incertidumbres económicas y de mercado a nivel mundial

En medio de un buen desempeño económico de los países de América Latina, 2011 fue un año favorable para los sistemas financieros de tales países y sus vulnerabilidades históricas siguieron reduciéndose.

Brasil corre para atender a demanda global por minério de ferro, mas novos projetos se atrasam

São Paulo (STANDARD & POOR'S) 12 de junho de 2012 – O Brasil se beneficia por possuir algumas das reservas mais prolíficas do mundo de minério de ferro de qualidade, o qual é a matéria-prima para a fabricação de aço.

Rating News


Standard & Poor's eleva calificaciones de los fondos AL Ahorro Plus F.C.I y AL Fondo Común de Inversión Abierto PYMES de Allaria Ledesma Fondos Administrados

Buenos Aires, 12 de junio de 2012 – Standard & Poor’s elevó la calificación del fondo AL Ahorro Plus F.C.I. a ‘raA+c’ desde ‘raAc’, y al fondo AL Fondo Común de Inversión Abierto PYMES a ‘raA+c’ desde ‘raAc’, donde Allaria Ledesma Fondos Administrados S.G.F.C.I.S.A. es la Sociedad Gerente, y Deutsche Bank S.A., la sociedad depositaria.

Electricidad Argentina Outlook Revised To Negative From Stable On Similar Action On Subsidiary, 'CCC'

On June 8, we downgraded EASA's subsidiary, EDENOR, to 'CCC' from 'CCC+' because of its weaker-than-expected performance in the first quarter of 2012 and our expectation that its credit metrics will continue to worsen for the remainder of the year.

Standard & Poor's eleva la calificación del fondo Performance Ahorro F.C.I.

Buenos Aires, 19 de junio de 2012 – Standard & Poor’s elevó la calificación al fondo Performance Ahorro F.C.I. a ‘raA+c’ desde ‘raAc’ administrado por RJ Delta Fund Management S.A. S.G.F.C.I. y que cuenta con el Banco de Valores como sociedad depositaria.


Standard & Poor's atribui rating 'brAA+' à 5ª emissão de debêntures da Lojas Renner S.A.

SÃO PAULO (Standard & Poor’s) 21 de junho de 2012 — A Standard & Poor’s Ratings Services atribuiu hoje em sua Escala Nacional Brasil o rating ‘brAA+’ à 5ª emissão de debêntures da Lojas Renner S.A. (“Renner”)

Standard & Poor's atribui ratings preliminares e finais às cotas seniores e subordinadas mezanino do Valor FIDC

A Standard & Poor’s atribuiu os ratings preliminares ‘brAAA (sf)’ à 4ª série de cotas seniores e ‘brA (sf)’ à 2ª série de cotas mezanino do Fundo de Investimento em Direitos Creditórios Multissetorial Valor (Valor FIDC).

Perspectiva dos ratings da Embraer alterada para positiva por resiliência no perfil financeiro e maior diversificação de vendas; Ratings ‘BBB-’ reafirmados

Esperamos que a Embraer mantenha seu sólido desempenho financeiro, incluindo uma posição de caixa líquida e fluxos de caixa robustos nos próximos anos.


Empresas Copec S.A. Downgraded To 'BBB' From 'BBB+' On The Lower Credit Quality Of Its Fuel Subsidiary

We recently downgraded Chile-based energy and forestry company Empresas Copec S.A. (E-Copec)'s fuel distribution subsidiary, Compania de Petroleos de Chile COPEC S.A. (Copec), to 'BBB' from 'BBB+'.

S&P sube clasificación de contraparte largo plazo y confirma clasificación de corto plazo de Banco de Chile; la tendencia es estable

La suba de las clasificaciones refleja nuestra opinión de la posición de riesgo ‘sólida’ de Banco de Chile. Las pérdidas crediticias del banco son mucho más bajas que el promedio de la industria y de sus pares en la misma clasificación de riesgo de ...

English Version

Standard & Poor’s sube clasificación de corto plazo de Banco de Crédito e Inversiones a 'A-1' de 'A-2' por liquidez adecuada; la tendencia es estable

Standard & Poor’s subió su clasificación crediticia de emisor de corto plazo del Banco de Crédito e Inversiones (BCI) a 'A-1' de 'A-2' debido a su adecuada liquidez. Al mismo tiempo, afirmamos nuestra clasificación de largo plazo de 'A' del banco.

English Version

S&P afirma clasificación de Sociedad de Inversiones Pampa Calichera en ‘BB-’ y la retira de CreditWatch tras presentación de resultados financieros

Buenos Aires, 12 de junio de 2012.- Standard & Poor’s Ratings Services afirmó su clasificación de riesgo crediticio en la escala global de ‘BB-’ de Sociedad de Inversiones Pampa Calichera S.A. (Pampa).

English Version

Boletín: Clasificaciones de Celulosa Arauco y Constitución S.A. sin impacto por potencial compra de Flakeboard Co. Ltd.

Clasificaciones de Celulosa Arauco y Constitución S.A. sin impacto por potencial compra de Flakeboard Co. Ltd.

English Version


Standard & Poor’s asigna calificaciones de 'BBB' a bonos senior no garantizados de PEMEX por US$1,750 millones

México, D.F., 21 de junio de 2012.- Standard & Poor’s Ratings Services asignó hoy su calificación en escala global de ‘BBB’ a la emisión de bonos senior no garantizados de Petróleos Mexicanos (PEMEX) por US$1,750 millones al 5.50%, con vencimiento en 2044.

Standard & Poor’s revisa perspectiva de Grupo Bimbo a estable de negativa; confirma calificaciones

La perspectiva estable refleja nuestra expectativa de que Bimbo integrará con éxito sus recientes adquisiciones, y alcanzará las sinergias esperadas en los próximos dos años, al tiempo que sigue reduciendo sus niveles de deuda...


Standard & Poor's asigna calificación de 'BB-' a notas senior por US$200 millones de Banco Continental S.A.E.C.A.

Buenos Aires, 12 de junio de 2012.- Standard & Poor’s Ratings Services asignó su calificación de deuda senior no garantizada de ‘BB-’ a la emisión propuesta de notas senior 144A por hasta US$200 millones de Banco Continental S.A.E.C.A., con un plazo ...


Corporacion Electrica Nacional S.A. Rated 'B', C.A. La Electricidad de Caracas 'B-' Rating Withdrawn

We are assigning a 'B' corporate credit rating to Venezuela-based electric utility CORPOELEC. We are withdrawing the 'B-' ratings on EDC following its merger into CORPOELEC. The ratings on CORPOELEC reflect the extremely high likelihood of extraordin...

Key Contacts

Pedro A. Hernandez
Head of Latin America Client Business Management Team
Alejandro Serrano
Client Business Manager (Mexico)
Joao Scuracchio
Client Business Manager (Brazil)
Roberto Gateno
Client Business Manager (Brazil)
Lorena Rossi
Client Business Manager (Argentina)

Stocks and Markets in the News | After Hours - MarketWatch

By Carla Mozee, MarketWatch 

LOS ANGELES (MarketWatch) — Apollo Group Inc. shares jumped Monday evening, with the for-profit educator’s quarterly adjusted earnings outstripping Wall Street’s projections. 

10 things Amazon won't tell you Quentin Fottrell discusses on digits what every shopper should know about the world's largest online retailer. 

Apollo shares APOL +3.51%  recently climbed 10% to $35.70 as the company, whose institutions include the University of Phoenix, said its fiscal third-quarter earnings excluding special items were $1.20 a share, better than the 97 cents a share analysts polled by FactSet had expected. Revenue was $1.13 billion, down from $1.24 billion in the year-ago period. Analysts had been looking for $1.12 billion. 

Net earnings were $134 million, or $1.13 a share, compared with $212.4 million, or $1.51 a share, in the year-ago period. The company also said it expects 2012 net revenue of $4.2 billion to $4.3 billion. Wall Street currently expects $4.28 billion. 

Apollo’s shares ahead of the quarterly results fell 3.2%, bringing their loss over the past year to about 23%.

In the regular session, U.S. stocks sank as hope dimmed for European leaders to rein in the region’s debt trouble. The Dow Jones Industrial Average DJIA -1.09%  fell 138 points, or 1.1%, to 12,502.66. The S&P 500 Index SPX -1.60%  lost 21 points, or 1.6%, to 1,313.72. The Nasdaq Composite Index COMP -1.95%  dropped 56 points, or 2%, to 2,836.16. 

Carla Mozee is a reporter for MarketWatch, based in Los Angeles.

DealBooK | DealB%K Afternoon Edition: Microsoft's Big Bet on 'Social Enterprise'

Monday, June 25, 2012

Microsoft's Big Bet on 'Social Enterprise': Microsoft announced on Monday that it would buy Yammer, a social network service for businesses, for $1.2 billion in cash, as it seeks to strengthen its enterprise software business and compete more directly with Yammer, which calls itself "the enterprise social network," is a sort of Facebook for business. Its Web-based service allows companies to create private social networks, where employees can privately chat, shares files and collaborate on projects. Though Microsoft's suite of software has become ubiquitous in homes and offices, the company has fallen behind on social networking applications for businesses. The company offers SharePoint, a collaboration platform, but the service is primarily used to share and manage documents. With Yammer, Microsoft will be able to pin its applications to a social graph flush with communication tools. "Microsoft has been a bit slow to social game," said Rob Koplowitz, a Forrester Research analyst. "Social enterprise is taking off, and Microsoft needs a strong position."
    Quest Receives Fresh Offer of $2.3 Billion From Strategic Bidder: The bidding war for Quest Software continued on Monday, as the corporate software maker said that it has received a new $2.3 billion takeover offer from an unnamed strategic bidder. The new bid of $27.50 a share tops one of $25.75 a share from Insight Venture Partners and Vector Capital that Quest accepted last week. While Quest did not disclose the identity of the unnamed bidder, a person briefed on the matter identified the company as Dell.
    Pondering a Breakup of the BlackBerry Maker: Despite a report that Research in Motion is considering breaking off its handset business or selling a significant stake in the company, a deal would have to overcome significant hurdles.
    The Litigation That Haunts Goldman Sachs: A decision by Judge Paul A. Crotty of Federal District Court in Manhattan will put the firm's 2007 sales of collateralized debt obligations tied to subprime mortgages back under the microscope, writes Peter J. Henning in the White Collar Watch column for DealBook.
    Linn Energy to Buy BP Property in Wyoming for $1 Billion: Linn Energy has agreed to buy property in Wyoming's Jonah Field from BP for more than $1 billion, in its second deal with the British oil giant this year.
    Supreme Court Declines to Review Madoff Payout Plan: Without comment, the Supreme Court declined to hear an appeal from lawyers for investors who got back all the cash they had invested with Bernard L. Madoff before his December 2008 arrest.
    Goldman Executive to Join Bank of America: Diego de Giorgi is set to become the co-head of global corporate and investment banking for Europe at Bank of America.
    Morgan Stanley to Expand Access to Social Media: The firm plans to give the roughly 17,000 financial advisers at Morgan Stanley Smith Barney partial access to Twitter and LinkedIn over the next several months, stepping up its social media presence after a yearlong trial with a group of 600 employees.
    Greenhill Hires Bankruptcy Veteran From Lazard: Greenhill & Company announced on Monday that it had hired Eric Mendelsohn, a longtime restructuring banker for Lazard. Mr. Mendelsohn was one of the first members of Lazard's current restructuring team, having moved over from BT Alex Brown in 1999. Greenhill said the move was part of an effort to build out its bankruptcy practice.
    The Case-Shiller home price index for April tops the economic calendar on Tuesday. The Senate Banking Committee holds a hearing on "Empowering and Protecting Servicemembers, Veterans and their Families in the Consumer Financial Marketplace: A Status Update." 

Stocks and Markets in the News | Wall Street at Close: U.S. stocks derailed by European concerns , MarketWatch

U.S. Markets Headlines 



Traders work on the floor of the New York Stock Exchange in New York, June 7, 2012. U.S. stocks jumped at the open on Thursday after China's central bank cut bank lending and deposit rates, fueling hopes of simultaneous action to aid a flagging global economy. REUTERS/Keith Bedford (UNITED STATES - Tags: BUSINESS) - Reuters
U.S. stocks derailed by European concerns U.S. stocks decline, with Wall Street pessimism growing on prospects of concrete results from a meeting of European leaders later in the week.

A BlackBerry handset is displayed in Washington, December 15, 2011. Research In Motion releases its financial results on Thursday, as investors await news on whether RIM will stand by its current timetable to switch its smartphones to the new QNX operating system by early next year. REUTERS/Jonathan Ernst (UNITED STATES - Tags: SCIENCE TECHNOLOGY BUSINESS TELECOMS) - Reuters
Techs fall hard; RIM slides on downgrade Technology shares fall hard on Monday’s broad selloff. RIM cut to sell by Morgan Stanley. Quest Software gains on latest takeover bid.

Chesapeake leads energy stock retreat Chesapeake falls on fresh Reuters report on possible antitrust violations at the firm; oil drops under $80, casting a cloud over energy stocks. Helmerich & Payne weighs on oil service firms.

U.S. stocks down again on Europe worries NEW YORK (MarketWatch) -- U.S. stocks fell hard Monday as hope dimmed for European leaders to get the upper hand on the region's debt trouble. "Unfortunately as we vacillate between cynicism and optimism about European leaders getting anything done, cynicism seems to be ruling the day," said Art Hogan, market strategist at Lazard Capital Markets. Down for a third session in four, the Dow Jones Industrial Average lost 138.12 points, or 1.1%, to 12,502.66. Also down for a third in four sessions, the S&P 500 Index shed 21.3 points, or 1.6%, to 1,313.72. The Nasdaq Composite dropped 56.26 points, or 2%, to 2,836.16.

Dollar gains on fading EU summit hopes The greenback strengthens, pushing the euro under $1.25, as investors pull back expectations for a summit of European leaders this week.

NYT Afternoon Business News A Look at How Some IPO Stocks Have Fared

Latest Business News

Facebook Adds Sandberg to Board of Directors
A Look at How Some IPO Stocks Have Fared
Prices of Facebook Stock Since Long-Awaited IPO


Surprised Taxpayers Are Paying for Bonds They Did Not Vote On

Local officials have signed them up unknowingly to backstop the bonds of independent authorities, those special government bodies that run projects like toll roads and power plants.

Cyprus Becomes 5th E.U. Member to Seek Rescue

The announcement came after weeks of concern that the crisis in Greece could bring down the Cypriot economy.

Italy Poised to Pass Labor Laws Everyone Concedes Are Flawed

The proposal has been widely criticized by unions that say it goes too far and businesses groups that say it doesn't go far enough.

CBS NEWS | Political Hotsheet Top Stories: Supreme Court doubles down on "Citizens United"

 The CBS News Political Hotsheet newsletter


With Montana ruling, conservative justices stand by controversial decision allowing unlimited corporate money to flow into elections
Read full story
Supreme Court doubles down on

Romney: Arizona immigration ruling underscores Obama failure The presumptive GOP nominee gives no opinion on the merits of the Supreme Court's decision to uphold most of the controversial law

Video: Politics week-in-review Five newsy, political videos from this past week you shouldn't miss

Battleground states shift this campaign Missouri not expected to see big spending by candidates, while Michigan and Iowa are getting more attention than usual

Four health care questions the Supreme Court is asking A rundown of the four key questions the Supreme Court will address when it hands down its ruling on the Affordable Care Act

The Economist | Selected New Articles: Syria, Pakistan and the Miami Heat

Syria and NATO: Talking Turkey
Why did Syria shoot down a Turkish fighter jet?
read more »
Prospero: Work like a man
What jobs in romantic comedies say about the characters and about viewers
read more »
Democracy in America: Background reading
A primer on SCOTUS and Obamacare
read more »

Feast and famine: Still stalled
Fertility finally falls in Uganda, a demographic outlier
read more »
Game theory: Blame the cap
The Miami Heat owe their title to the NBA's maximum individual contract
read more »
Banyan: First days of the Raja
Pakistan's supreme court makes America's look like a presidential lapdog
read more »
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