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Oct 15, 2012

Standard & Poor's Latin America Highlights Selected Reports -October 15, 2012-: How Chavez's Re-Election Could Affect Standard & Poor's Rating On Venezuela

Standard & Poor's LatinAmerica Highlights

Multimedia

Perspectivas para Venezuela

Roberto Sifón,
Managing Director,
Calilficaciones Soberanas y Finazas Públicas Internacionales
Standard & Poor's analyst Roberto Sifon Arevalo comenta sobre las perspectivas para la calificación de Venezuela luego de los resultados de las recientes elecciones presidenciales. Incluyendo el futuro de la oposición, y las posibles ramificaciones de un empeoramiento en la salud del presidente Chaves.

English version

A Slowing Economy Could Hamper Some Latin American Banks' Efforts To Expand Credit

José Pérez Gorospe,
Associate Director,
Financial Institutions Ratings
Standard & Poor's believes banks in Chile, Mexico, and Panama will likely face difficulties maintaining the brisk pace of credit expansion they have enjoyed over the past few years. In this segment of CreditMatters TV, Associate Director Jose Pérez outlines the obstacles to growth, including a slowing economy in fourth-quarter 2012 and 2013.

Top Stories

América Latina: Crece más lento, pero sigue creciendo

Las economías de América Latina, excepto por Argentina y Brasil, se han mostrado razonablemente
resistentes durante 2012, a pesar de la desaceleración económica mundial y el significativo nivel de
incertidumbre en todo el mundo.

English version

An Iron Ore Price Persisting At $100 Per Ton Could Trip Up Single-Commodity Miners

Iron ore prices have plummeted from its peak in 2011. A slowdown in China, the world's largest producer and consumer of steel, and a sluggish European economy have reduced demand for iron ore.
Latin America Monday Morning Roundup

Rating News

Argentina

Standard & Poor's mantiene sin cambio evaluación sobre el Riesgo de Transferencia y Convertibilidad en Argentina en 'B'

Buenos Aires, 11 de octubre de 2012.- A pesar de que la Provincia de Chaco en Argentina (no calificada) cubrió en pesos argentinos el pago de uno de su pasivos denominados en dólares emitido bajo la legislación argentina, la evaluación de Standard & Poor’s sobre el riesgo de Transferencia y Convertibilidad (T&C) para Argentina se mantiene sin cambio en ‘B’.

English version

Standard & Poor's asigna calificación 'raAc (Nuevo)' al fondo Compass Renta Fija III F.C.I.

Buenos Aires, 11 de octubre de 2012 – Standard & Poor’s asignó la calificación ‘raAc (Nuevo)’ al fondo Compass Renta Fija III F.C.I. administrado por Investis Asset Management S.A. S.G.F.C.I y su sociedad depositaria es el Banco de Valores S.A.

Standard & Poor's asigna calificación a las Obligaciones Negociables Clase I y II a ser emitidas por John Deere Credit Compañía Financiera S.A.

Buenos Aires, 2 de octubre de 2012.- Standard & Poor’s asignó calificación a la primera emisión de títulos, conformada por las Obligaciones Negociables Clase I y II, a ser emitida por John Deere Credit Compañía Financiera S.A. (JDCCFSA).

Brazil

Perspectiva dos ratings da Cosan alterada de estável para positiva pela projeção de fluxos de caixa mais estáveis; Ratings ‘BB’ reafirmados

O conglomerado brasileiro Cosan continua a se expandir e a diversificar seu perfil de negócios por meio de aquisições.

Ratings do BICBANCO 'BB+/B' na escala global e 'brAA' na Escala Nacional Brasil reafirmados; Perspectiva estável

A carteira de empréstimos do banco brasileiro BICBANCO se deteriorou nos últimos trimestres; no entanto, não esperamos que seus níveis de perdas de crédito aumentem de forma significativa.

Chile

Banco del Estado de Chile 'A+' Senior Unsecured Rating Remains Unchanged Following $1 Billion Add-On

MEXICO CITY (Standard & Poor's) Oct. 12, 2012--Standard & Poor's Ratings Services said today that its 'A+' issue-level rating on Banco del Estado de Chile's (A+/Positive/A-1) $1 billion medium-term notes program remains unchanged following a $1 billi...

Telefonica And Three Subsidiaries 'BBB/A-2' Ratings On CreditWatch Negative On Spain Downgrade

We lowered our sovereign ratings on Spain to 'BBB-/A-3' from 'BBB+/A-2' and assigned a negative outlook to the long-term rating on Oct. 10, 2012.

S&P coloca clasificaciones de Corpbanca e Inversiones CorpGroup Interhold en Revisión Especial con implicancias negativas tras acordar adquisición de Helm Bank

Sao Paulo, 10 de octubre de 2012.- Standard & Poor's Ratings Services colocó las clasificaciones en escala global de ‘BBB+’ de Corpbanca y de ‘BB’ de Inversiones CorpGroup Interhold en Revisión Especial con implicancias negativas.

English version

Telefonica Moviles Chile S.A. 'BBB' Ratings Affirmed, Outlook Negative

MEXICO CITY (Standard & Poor's) Oct. 3, 2012--Standard & Poor's Ratings Services affirmed its 'BBB' ratings, including the corporate credit.

Jamaica

Research Update: Jamaica 'B-/B' Ratings Affirmed; Outlook Remains Negative

Our ratings on Jamaica reflect its high general government debt and interest burden; limited fiscal, monetary, and external flexibility; and low growth prospects.

Mexico

S&P califica con ‘mxAA-’ la primera emisión de certificados bursátiles respaldada por ingresos derivados de la operación de una flota autobuses de pasajeros (SIPYTCB 12)

Los certificados bursátiles SIPYTCB 12 serán emitidos por el fideicomiso irrevocable de emisión F/1563, constituido en Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria (Deutsche Bank; mxAAA/Estable/mxA-1+).

S&P coloca calificaciones de 'mxAA+' de los certificados bursátiles de Telefónica Finanzas México en Revisión Especial tras acción similar sobre Telefónica S.A.

La colocación de las calificaciones en Revisión Especial con implicaciones negativas sigue a una acción similar tomada por Standard & Poor´s sobre la proveedora de servicios de telecomunicaciones española Telefónica S.A. (BBB/Rev. Esp. Negativa/A-2)

Análisis Detallado: Banco Nacional de Comercio Exterior S.N.C.

Las calificaciones de crédito de contraparte de Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) reflejan nuestra evaluación sobre la probabilidad ‘casi cierta’ de apoyo extraordinario por parte del gobierno, con base en nuestro criterio de...

Venezuela

Credit FAQ: What Does President Chavez's Victory Mean For The Rating On Venezuela?

Venezuela's incumbent President Hugo Chavez won a fourth term on October 7 with 54.66% of the votes. Opposition candidate Henrique Capriles Radonski, governor of the state of Miranda, got 44.73%.

DealBook | Afternoon Edition -October 15, 2012-: Clearwire Investors Wager on Inevitability of a Deal With Sprint.


Monday, October 15, 2012
TOP STORY
Clearwire Investors Wager on Inevitability of a Deal With Sprint It appears that Clearwire investors think Monday's deal bodes well for the future of their company, despite an explicit warning that Sprint's pact with Softbank doesn't require any takeover of the wireless network operator.
SoftBank's Deal for Sprint Is One for the Books The agreement by SoftBank to take control of Sprint Nextel is the biggest deal by a Japanese company in the United States since at least 1980, according to Thomson Reuters.
A Corporate Boss With a Taste for Risk Makes His Latest Big Bet By buying majority control of Sprint Nextel, SoftBank is making an enormous bet that it can turn around a flailing company beset by larger rivals. It is not the first time the Japanese company and its chief executive, Masayoshi Son, have taken on a daunting gamble.
A Sprint store on the Upper East Side of Manhattan.
Sprint Agrees to Sell Majority Stake to SoftBank The $20 billion deal to sell most of itself to SoftBank of Japan is Sprint's boldest move yet to revive its fortunes.
  • DEALBOOK » | CommentPost a Comment | Read
  •  
  • DEALBOOK HIGHLIGHTS
    Tax Proposal in Mongolia Threatens Rio Tinto Project Mongolia's new government is in the process of passing a 2013 budget whose draft proposal includes increasing taxes and royalties on a huge copper mine by $300 million. If Rio Tinto seeks international arbitration to resolve the issue, it could delay the start date for the mine.
    Wall Street's Fund-Raising Push for Romney An invitation for a fund-raiser featuring Paul D. Ryan lists a number of prominent hedge fund and private equity executives, underscoring the support that the Romney campaign is receiving from the upper echelons of Wall Street.
    Rothschild Resigns from Board of Mining Company The British financier Nathaniel Rothschild said he regretted having partnered with the Bakrie family, an Indonesian dynastic family who helped him build the London-listed mining company Bumi.
    China Insider: American Politics and Chinese Data Bill Bishop says that in the midst of increasingly heated election rhetoric about China, Beijing has released some important economic data as its currency hits record highs. What DealBook readers need to know about China this week.
    CNH Rejects Merger Deal From Fiat Industrial Fiat Industrial, which manufactures capital goods like trucks and commercial vehicles, had hoped the deal would allow it to obtain a listing in the United States.
    Royal Bank of Scotland Faces Tough Market in Branch Sale The Royal Bank of Scotland is expected to settle for a lower price as it looks to sell a number of its bank branches in Britain after Santander of Spain pulled out of a deal to buy them for $2.7 billion.
    Citigroup Earnings Plummeted in Quarter on Write-Down The nation's third-largest bank reported a decline in net income because of a $4.7 billion loss related to the joint venture brokerage business Morgan Stanley Smith Barney.
    German Retailer Douglas in $1.9 Billion Buyout Deal The buyout firm Advent International has offered to buy the German retailer Douglas Holding for about $1.9 billion.
    Buzz Tracker
    Qatar Is Liking Xstrata-Glencore Merger Glencore International's planned acquisition of the mining company Xstrata got a big boost on Monday. "We are looking in favor of a merger between the two companies," Sheik Hamad bin Jassim Jabr al-Thani, the prime minister of Qatar, told reporters on Monday, Reuters reports. Qatar's sovereign wealth fund is the second-biggest investor in Xstrata.
    LOOKING AHEAD
    Economic Reports Data to be released on Tuesday include the Consumer Price Index for September and industrial production for September.
    Corporate Earnings Companies scheduled to report quarterly results on Tuesday include Coca-Cola, Goldman Sachs, Johnson & Johnson, Mattel, State Street, UnitedHealth, I.B.M. and Intel.
    In the United States On Tuesday, News Corporation will have its annual meeting in Los Angeles. 
    DealBook Video
    Business Day Live: A Risky Financial Lifeline
    Business Day Live: A Risky Financial Lifeline Why reverse mortgages are costing some older Americans their homes. | Sprint to sell a controlling stake to SoftBank of Japan. | A swift reversal in fortunes for high-speed trading firms.




     

The New York Times Afternnon Update -October 15, 2012-: Romney Raises $170 Million to Finance Late Push in Race

The New York Times
October 15, 2012

Afternoon Update



TOP NEWS
The Caucus

Romney Raises $170 Million to Finance Late Push in Race

By ASHLEY PARKER and NICHOLAS CONFESSORE
Mitt Romney and the Republican Party have begun a final push to raise cash that will pay for a last-minute barrage of advertising that Mr. Romney's aides believe is critical to beating President Obama.

Obama's Prep Session Goal: Don't Repeat Mistakes of Last Debate

By HELENE COOPER
The president huddled with advisers in Virginia not to study facts, but to work on delivering a performance that doesn't repeat mistakes he made in his first debate with Mitt Romney.
FiveThirtyEight

Oct. 14: Breaking the State-National Poll Stalemate

By NATE SILVER
If the current polls hold, predicting the election outcome will boil down to making a series of educated guesses about the relationship between state and national polls.

European Union Intensifies Sanctions on Iran

By JAMES KANTER and THOMAS ERDBRINK
The union's foreign ministers agreed to measures banning trade in sectors like finance, metals and natural gas.

Rebel Arms Flow Is Said to Benefit Jihadists in Syria

By DAVID E. SANGER
In a blow to the White House's strategy of minimal and indirect intervention in the Syrian conflict, Washington-backed secular rebel groups are lagging behind hard-line Islamists in weapons acquisition.
Business

Video: TimesCast Media + Tech | Oct. 15, 2012

The debates' influence on the broadcasters. | Cory Doctorow, digital activist and novelist. | Social media meets spoken word poetry.
Opinion

Opinionator | Anxiety

Anxiety Art: This Mortal Coil

By DAVID SANDLIN
History, ghosts and a body that fails. A full-color depiction of the fears we'd rather not pass on to our children.
BUSINESS

Spain May Pay Price for Delaying Aid Request

By LANDON THOMAS Jr.
Economists are warning that waiting to seek aid, and the uncertainty the delay engenders, threatens to push the economy deeper into recession.
DealBook

Sprint Agrees to Sell Majority Stake to SoftBank

By MICHAEL J. DE LA MERCED and NEIL GOUGH
The $20 billion deal to sell most of itself to SoftBank of Japan is Sprint's boldest move yet to revive its fortunes.
DealBook

Citigroup Earnings Plummeted in Quarter on Write-Down

By JESSICA SILVER-GREENBERG
The nation's third-largest bank reported a decline in net income because of a $4.7 billion loss related to the joint venture brokerage business Morgan Stanley Smith Barney.

2 From U.S. Win Nobel in Economics

By CATHERINE RAMPELL
Alvin Roth and Lloyd Shapley were given the award for their work on market design and matching theory, and how to help make markets work better.

At Trade Fair, Chinese Exporters a Bit More Optimistic

By KEITH BRADSHER
With only a few exceptions, exporters at the opening day of the Canton Fair, China's main export show, said that demand from emerging markets and the United States was beginning to recover.

Money Show Investors Daily Alert -October 15, 2012-: Volatility Is Rising: Set Your Hedge

Investors Daily Alert


The Daily Guru

Jim Jubak on MoneyShow.com

Today's Top Pros' Top Picks
2 Top Global Income Funds, Richard Lehmann

Today's Gurus' Views & Strategies

Today's Charts in Play

SavageMoney Blog

Ideas from Around the World

Today's Featured Videos & Exclusive Interviews
Two Wide-Moat Picks, Paul Larson

Wall Street Market at Close Report | MarketWatch -October 15, 2012-: Stocks rise, buoyed by health-care, bank sectors.

By Wallace Witkowski and Polya Lesova, MarketWatch 

SAN FRANCISCO (MarketWatch) U.S. stocks closed higher on Monday, buoyed by strength in the health-care and bank sectors after data showed some improvement in the economy and Citigroup Inc. reported core earnings that topped analyst expectations. 

The Dow Jones Industrial Average DJIA +0.72%  climbed 95.38 points, or 0.7%, to 13,424.23, posting its second daily gain in a row, with 25 of its 30 components trading higher. 

Shares of Bank of America Corp. BAC +3.51%  led the index with a 3.5% gain, followed by Merck & Co. MRK +2.13%  with a 2.1% gain. AT&T Inc. T -1.18% , which closed down 1.2%, was the biggest weight on the Dow 30. 

Health-care stocks led gains in the S&P 500, with shares of Eli Lilly & Co. LLY +4.12%  rallying 4.1%. The drugmaker released positive results for a late-stage study of a gastric cancer drug. Read more on Eli Lilly. 
 
Leerink Swann also raised its rating on Lilly to outperform from market perform. Other positive moves in big pharma came from Abbott Laboratories ABT +4.00% , with shares closing up 4%, and Bristol-Myers Squibb Co. BMY +2.54% , with shares up 2.5%. Biotech giant Amgen Inc. AMGN +2.64%  saw its shares close up 2.6%. 

Why Softbank wants Sprint Softbank takes over Sprint for $20 billion. 

The S&P 500 Index SPX +0.81%  rose 11.54 points, or 0.8%, to 1,440.13, with health care the best performing sector and telecom the worst. 

After a wobbly start at the opening bell, gains in the market started to stick once pressure on energy stocks started easing, said Dan Greenhaus, chief global strategist at BTIG. Read more on energy stocks.
“The better question is why commodities are down in general,” Greenhaus said, noting the release of decent retail sales data and strong Chinese export data over the weekend. 

Oil for November delivery CLX2 -0.17% , which had dipped below $90 a barrel at one point during the session, settled down 1 cent at $91.85 a barrel on the New York Mercantile Exchange. Read more on oil.
Gold for December delivery GCZ2 -1.24%  settled down 1.3% at $1,737.60 an ounce. Read more on gold.Commodity prices weakened as the U.S. dollar rose. The ICE dollar index DXY +0.05% , which measures the greenback against six currencies, rose 0.1% in recent activity. Read more on the U.S. dollar.
Stocks were buoyed by Commerce Department data showing that retail sales rose a seasonally adjusted 1.1% in September, which was slightly more than economists had expected. See: U.S. retail sales jump 1.1% in September
Manufacturing activity in the New York region, while not rebounding as much as expected, still improved from September. Read more on the Empire state index. 
 

Reuters Enlarge Image
Retail sales jumped 1.1% in September.
“Those economic reports don’t knock your socks off but they’re indicative of positive economic growth,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. 

Financial stocks were the second-best performing sector on the S&P 500. Shares of Citigroup Inc. C +5.50%  closed up 5.5%, making the bank the top gainer in the S&P 500. The bank said its third-quarter profit slumped 88% to $468 million, but its core earnings of $1.06 a share topped estimates, with analysts polled by Thomson Reuters forecasting 96 cents a share. See: Citigroup’s results buoy financial stocks 
 
In deal news, Japan’s Softbank Corp. JP:9984 -5.30%  said Monday it will buy 70% of Sprint Nextel Corp. S -0.70%  in a deal valued at around $20 billion. Shares of Sprint fell 0.7%. Read: Sprint deal drives Clearwire, tower stocks. 
 
The Nasdaq Composite Index COMP +0.66%  rose 20.07 points, or 0.7%, to close at 3,064.18, snapping its six-day losing streak. Shares of Texas Instruments Inc. TXN +0.46%  and Microsoft Corp. MSFT -0.10%  closed up 3.5% and 1.1%, respectively. Read more on tech stocks. 
 
For every one stock declining on the New York Stock Exchange two advanced. Volume on the exchange was just over 618 million shares by the close. Advancers also outnumbered decliners two to one on the Nasdaq. 

Wallace Witkowski is a MarketWatch news editor in San Francisco. Polya Lesova is MarketWatch's New York deputy bureau chief.

Business in Vancouver | BIV Today's Business News -October 15, 2012-: Smallest condos in Canada being built in Surrey


Real Estate and Development

Smallest condos in Canada being built in Surrey

Richmond-based developer Tien Sher has announced that its newest project, a four-storey building in Surrey, will be home to the country’s smallest condos.
 

Downtown Vancouver has country’s highest commercial-to-residential tax ratios

Vancouver’s downtown area has Canada’s highest commercial-to-residential property tax ratios, followed by Toronto and Montreal, according to a survey released today by the Altus Group for the Real Property Association of Canada (REALpac).

Sports and Leisure

 

Hockey lockout helps fuel local concert sector

A comparatively robust local economy and the National Hockey League lockout makes Vancouver a prime destination on the concert circuit for major recording artists.

Technology

Mason Capital wins right to hold Telus shareholder vote

Telus Corp.’s largest shareholder announced October 12 that it had won a BC Court of Appeal decision that enables it to hold a meeting of the telecommunications company’s shareholders, overturning a BC Supreme Court decision last month.
 

Vancouver software firm to cash in on Windows 8 rollout

Vancouver software developer Faronics is set to capitalize on Microsoft Corp.’s October 26 rollout of the Windows 8 operating system.

Mining and Energy

Turquoise Hill rejects Mongolia’s request to renegotiate mine deal

Turquoise Hill Resources (TSX: TRQ), formerly Ivanhoe Mines, along with Rio Tinto and Oyu Tolgoi LLC, has rejected a request from the Mongolian government to renegotiate an investment deal over its Oyu Tolgoi project, it announced this morning.

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The Economist | New Selected Articles -October 15, 2012-: Arlen Specter, nitrogen cars and presidential metaphors




Democracy in America: Death of a moderate
Arlen Specter had a rare gift: the ability to annoy both Republicans and Democrats
read more »
Babbage: Difference Engine
The nitrogen car challenges both battery and fuel-cell vehicles
read more »

Schumpeter: Everybody wants to rule the world
If Masayoshi Son can repeat his success in Japan on the other side of the Pacific, he will be the world's Mr Wireless
read more »

Buttonwood: The next step
Might central banks write off the debts that governments owe them?
read more »
Prospero: Full circle
The 50th anniversary Bond film is fresh, nostalgic and funny too
read more »
Johnson: Invest here
On Rwanda's switch from Francophonie to English speaking
read more »
 
Daily chart: Figures of speech
The use of language in the first round of America's presidential debates
read more »