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Jan 25, 2013

ADVFN III Evening Euro Markets Bulletin (January 25, 2013).

Due to Technical Problems  we could not publish this report on time.
we apologize for the inconvenience this might have caused you.

Fernando Guzmán Cavero


ADVFN III Evening Euro Markets Bulletin
Daily world financial news Friday, 25 January 2013

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Markets shrug off poor GDP to finish higher

    Market Movers
    techMARK 2,254.98 +0.40%
    FTSE 100 6,284.45 +0.31%
    FTSE 250 13,136.10 +0.53%
The FTSE 100 managed to finish the last session of the weak with small gains as traders shrugged off this morning's disappointing UK growth figures.

"Weak UK GDP data for Q4 failed to temper enthusiasm for risk as the FTSE pushed on again, though end of week profit-taking has put a cap on gains this afternoon," said sales trader Matt Basi from CMC Markets.
UK GDP disappoints
It was revealed this morning that the UK economy contracted by 0.3% during the fourth quarter of 2012, worse then the 0.1% GDP decline forecasted. Market chatter is now speculating that a 'triple-dip' recession could be on the cards, after the economy pulled out of a small 'double-dip' in the third quarter of 2012.

"After the stunning albeit distorted Q3 GDP figures last year, today’s disappointing Q4 growth figures are a stark reminder of the poor condition of the UK’s economy and the difficulty it will have to find the path of sustainable growth in the years ahead," said Andrew Edwards, the Chief Executive Officer of ETX Capital.

Similarly, analyst Simon Hayes from Barclays Research said that, against a backdrop of a weak outlook for household incomes and subdued exports, fiscal austerity means that any recovery "is likely to prove painfully slow".
IFO survey provides some support
Markets across Europe managed to hold on to gains today after the German IFO business climate index for January came in at 104.2, above analysts' expectations of 103.

Meanwhile, US stocks opened in positive territory this afternoon after a number of corporate earnings from Wall Street heavyweights impressed, including those from Procter & Gamble, Halliburton and Starbucks.

"Next week will be the busiest week for European earnings and following on from the better-than-expected earnings we have seen Stateside, expectations are building from a similar showing from European blue-chips," said market strategist Ishaq Siddiqi.
FTSE 100: Miners drop but Polymetal bucks the trend
Miners tracked metal prices lower, with ENRC, Randgold, Evraz, Kazakhmys, Rio Tinto and BHP Billiton among the biggest fallers.

However, precious metals group Polymetal was bucking the trend, rising 2.02% on speculation that it could merge with smaller peer Polyus Gold. UBS upgraded Polymetal to 'buy' this morning, saying "now is the right moment to use weakness in the stock price as potential merger with Polyus Gold may be a strong driver".

Mining group Xstrata was also edging higher after saying that the definitive estimate for the Las Bambas project in southern Peru is $5.2bn.

Airline IAG was a high riser today after JPMorgan Cazenove raised its rating for the stock to 'overweight'.

TUI Travel, the tour operator, saw its shares recover after the stock plummeted earlier in the week following the news that it no longer intended to make a merger offer with TUI AG.
FTSE 250: Enterprise Inns gains ahead of trading update
Pubs group Enterprise Inns was making gains with Numis, Panmure Gordon and Deutsche Bank keeping their 'buy' ratings on the stock ahead of its trading update next week. Analysts pointed out yesterday's departure of Punch Taverns' CEO could also be a reason behind today's move.

Panmure Gordon noted that the shares continue to trade at a discount to sector peers Greene King, Fuller's, Punch Taverns and Young's.

Shares in budget airline easyJet were higher after UBS raised its rating to 'buy' after yesterday's better-than-expected first-quarter results. The broker said that growth is gaining momentum with the company "becoming more positive on 1H performance".

United Drug was higher, despite Investec initiating its coverage of healthcare services provide with a 'sell' rating. The said that the stock's 60% jump (since it announced its intention to seek a premium listing) is not based on business fundamentals. "We think this news […] has artificially driven up the share price".

Afren shares dropped as market chatter about the stock subsided. Speculators had been saying that Chinese oil firm Sinopec might possible make a move for the group.

AIM/Small Cap Report
FTSE 100 - Risers
TUI Travel (TT.) 293.10p +3.94%
Aberdeen Asset Management (ADN) 415.40p +2.44%
Sage Group (SGE) 325.70p +2.39%
Polymetal International (POLY) 1,116.00p +2.39%
International Consolidated Airlines Group SA (CDI) (IAG) 223.00p +2.11%
IMI (IMI) 1,193.00p +2.05%
Associated British Foods (ABF) 1,708.00p +1.97%
Reckitt Benckiser Group (RB.) 4,195.00p +1.89%
Johnson Matthey (JMAT) 2,390.00p +1.57%
BT Group (BT.A) 253.10p +1.56%

FTSE 100 - Fallers
Eurasian Natural Resources Corp. (ENRC) 331.10p -2.39%
Randgold Resources Ltd. (RRS) 6,020.00p -2.35%
Evraz (EVR) 300.00p -2.25%
Hargreaves Lansdown (HL.) 710.00p -2.14%
Kazakhmys (KAZ) 753.50p -2.14%
BHP Billiton (BLT) 2,104.00p -1.61%
Rio Tinto (RIO) 3,518.00p -1.59%
Antofagasta (ANTO) 1,257.00p -1.41%
Tullow Oil (TLW) 1,183.00p -1.17%
Aviva (AV.) 370.50p -1.07%

FTSE 250 - Risers
Enterprise Inns (ETI) 101.80p +7.16%
United Drug (UDG) 281.20p +6.11%
easyJet (EZJ) 945.00p +5.18%
New World Resources A Shares (NWR) 312.90p +4.51%
IP Group (IPO) 130.60p +4.23%
Daejan Holdings (DJAN) 3,124.00p +4.17%
Spirent Communications (SPT) 157.10p +4.04%
Go-Ahead Group (GOG) 1,341.00p +3.95%
Synthomer (SYNT) 202.00p +3.86%
St. Modwen Properties (SMP) 234.80p +3.76%

FTSE 250 - Fallers
Afren (AFR) 143.10p -5.48%
Petropavlovsk (POG) 369.80p -4.96%
ITE Group (ITE) 262.70p -3.91%
Euromoney Institutional Investor (ERM) 920.00p -3.31%
London & Stamford Property (LSP) 113.50p -3.07%
Hochschild Mining (HOC) 427.20p -2.60%
PayPoint (PAY) 838.00p -2.56%
Ophir Energy (OPHR) 540.00p -1.91%
Imagination Technologies Group (IMG) 450.10p -1.53%
RIT Capital Partners (RCP) 1,178.00p -1.34%

Europe Market Report
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European Markets Climbed On Draghi Comments & LTRO News

The European markets ended Friday's session in positive territory. The stronger than expected increase in German business sentiment and the news regarding bank repayment of LTROs were viewed positively. Comments from ECB President Mario Draghi also provided a boost to investor sentiment. The markets were largely able to shrug off the bigger than expected decline in British GDP.

The Eurozone economy is set to start recovering in the second half of this year, though the positive contagion on financial markets has not yet started reflecting on the wider European market, European Central Bank president Mario Draghi said on Friday.

Addressing the World Economic Forum in Davos, Draghi said that 2013 started with economic conditions showing a marked improvement, and financial markets experiencing a "relative tranquility".

The ECB chief, however, warned that the region's economic troubles are far from over, and much needs to be done to sustain the growth momentum as the current stabilization is at very low levels.

The European Central Bank announced on Friday that banks next week will make more-than-forecast repayments of the three-year emergency aid provided to them in late 2011.

According to the central bank, 278 financial institutions will return EUR 137.2 billion in 3-year loans at the first opportunity, which is on January 30. Economists had expected repayments in the range of EUR 60 billion to EUR 100 billion. In December 2011, a total 523 banks took EUR 489 billion in three-year loans.

The ECB had provided three-year loans to banks under a facility known as long-term refinancing operations or LTROs. The bank had carried out the first LTRO in December 2011 and a second one in February 2012, giving out more than EUR 1 trillion in total.

The Euro Stoxx 50 index of eurozone bluechip stocks increased by 0.61 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.07 percent.

The DAX of Germany climbed by 1.42 percent and the CAC 40 of France gained 0.69 percent. The FTSE 100 of the U.K. rose by 0.31 percent and the SMI of Switzerland advanced by 0.01 percent.

In Frankfurt, Deutsche Bank advanced by 0.80 percent and Commerzbank added 0.18 percent. Hugo Boss rose by 1.33 percent, after HSBC upgraded its rating on the stock.

SolarWorld plunged by 31.25 percent, after it said serious adjustments on the debt side are necessary. Salzgitter dropped by 3.22 percent, following a broker downgrade.

In Paris, STMicroelectronics surged by 4.25 percent. Exane BNP Paribas upgraded its rating on the stock to "Outperform" from "Neutral."

ArcelorMittal declined by 1.86 percent. The steel giant was downgraded to ''Neutral'' from ''Buy'' at UBS. Societe Generale climbed by 1.57 percent, Credit Agricole added 2.24 percent and BNP Paribas gained 1.32 percent.

In London, International Consolidated Air Group gained 2.11 percent. JPMorgan upgraded the stock to ''Overweight'' from ''Neutral.''

Royal Dutch Shell increased by 1.14 percent, after Societe Generale upgraded its rating on the stock to "Buy" from "Hold."

Low-cost airline EasyJet climbed by 5.29 percent and tour operator Thomas Cook added 7.24 percent. UBS raised both stocks to ''Buy'' from ''Neutral.''

Clariant finished higher by 1.79 percent in Zurich, after it was upgraded by Morgan Stanley.

US Market Report
Stocks Holding On To Modest Gains After Early Upward Move

After moving notably higher in early trading, stocks have continued to perform well over the course of the trading day on Friday. While buying interest has waned from earlier in the session, the major averages have remained in positive territory.

The major averages have moved roughly sideways in recent trading, holding on to modest gains. The Dow is up 34.76 points or 0.3 percent at 13,860.09, the Nasdaq is up 9.90 points or 0.3 percent at 3,140.28 and the S&P 500 is up 3.46 points or 0.2 percent at 1,498.28.

The modest strength on Wall Street comes amid a positive reaction to the latest batch of earnings news, with Procter & Gamble (PG) posting a notable gain after releasing it fiscal second quarter results.

P&G reported adjusted earnings of $1.22 per share on revenues of $22.2 billion, while analysts had expected earnings of $1.11 per share on revenues of $21.9 billion. The consumer products giant also raised its guidance for 2013.

Starbucks (SBUX) is also seeing considerable strength after reporting fiscal first quarter earnings that rose year-over-year and came in line with analyst estimates. The company also reaffirmed its full-year guidance.

Shares of Microsoft (MSFT) are posting a more modest gain after the software giant reported fiscal second quarter earnings that fell compared to the year-ago period but exceeded analyst estimates.

Nonetheless, disappointing housing data has helped to limit the upside for the markets, with a report from the Commerce Department showing an unexpected drop in new home sales.

The report showed that new home sales fell 7.3 percent to a seasonally adjusted annual rate of 369,000 in December from the revised November rate of 398,000.

While the drop came as a surprise to economists, the unexpected decrease came from a November level that was significantly upwardly revised.

Economists had expected new home sales to climb to 388,000 from the 377,000 originally reported for the previous month.

Sector News

Extending the strong upward move seen in the previous session, internet stocks are seeing considerable strength on the day. The NYSE Arca Internet Index has advanced by 1.5 percent, reaching its best intraday level in twelve years.

Netflix (NFLX) is helping to lead the internet sector higher once again, with the online video service provider up by 12.9 percent after jumping 42.2 percent on Thursday.

Software stocks are also turning in a strong performance on the heels of the news from Microsoft (MSFT). After reaching a four-month high in early trading, the Dow Jones Software Index has given back some ground but remains up by 1.1 percent.

Networking and semiconductor stocks are also seeing notable strength on the day, while gold stocks have come under significant selling pressure amid a decrease by the price of the precious metal.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Friday. While Japan's Nikkei 225 Index surged up by 2.8 percent, China's Shanghai Composite Index fell by 0.5 percent.

In the bond market, treasuries are seeing considerable weakness after ending the previous session modestly lower. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 7.1 basis points at 1.915 percent.

Broker tips
Polymetal, United Drug, Mitchells & Butlers
UBS has raised its rating for precious metals miner Polymetal from 'neutral' to 'buy' and hiked its price target for the stock from 1,170p to 1,300p, saying that it's 'a golden time to buy'.

"We think that now is the right moment to use weakness in the stock price as potential merger with Polyus Gold may be a strong driver."

Investec has initiated coverage of healthcare services provide United Drug with a 'sell' rating and 240p target, labelling the group's recent share price rise as 'artificial'.

"United Drug's share price has risen by c.60% since it announced its intention to seek a sole Premium Listing in the UK. We think this news, and not business fundamentals, has artificially driven up the share price."

Panmure Gordon has reiterated its 'sell' rating for pubs group Mitchells & Butlers ahead of the company's first-quarter trading statement next week.

The broker expects M&B to have traded "solidly" over the Christmas and New Year period but said that it would have continued to lag the peer group in terms of like-for-like (LFL) sales growth.

The broker has a 225p target for the stock, implying a downside potential of around 27% from today's prices.

GATA | THE GATA DISPATCH (January 25, 2013).: Jim Sinclair: Gold is the ultimate battle between good and evil

Jim Sinclair: Gold is the ultimate battle between good and evil

Submitted by cpowell on 01:51PM ET Friday, January 25, 2013. Section: Daily Dispatches
4:50p ET Friday, January 25, 2013

Jim Sinclair today offers his most stirring and eloquent call to gold investors to have the courage of their convictions and to stand firm against the market riggers and tape painters. If gold investors do stand firm, Sinclair writes, they will win.
"Gold," Sinclair writes, "is the ultimate battle between good and evil. It is the ultimate battle between deficits and surpluses. Gold is the battle between paper currency backed by nothing and guaranteed by nothing versus sound money. This period of the market is the deciding battle of the Mahabharata. This period, today, is an attempt to drive you out of your wits, which is in my opinion the last and largest attack you will see perpetrated on us before gold closes over $3,500. This period of pain will not be measured in months, but counted in history as days."
Sinclair's commentary is headlined "Defend Yourself by Not Giving in, Day 2" and it's posted at JSMineSet here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT | Global Update (January 25, 2013).: Stocks Near New Heights as Small Investors Regain Faith

The New York Times International Herald Tribune
January 25, 2013
Compiled 21:45 GMT

Global Update


Stocks Near New Heights as Small Investors Regain Faith

Money pouring into stocks in the last three weeks through mutual funds has helped push the S. & P. 500 over 1,500, close to its highest level ever.

Chinese Officials Fired Over Sex Scandal

The state news media reported details of a sex extortion ring in Chongqing that has led to the dismissals of at least 11 officials of the Communist Party, government or state-owned companies.

North Korea Turns Its Combativeness Toward the South

North Korea threatened on Friday to take "physical countermeasures" against South Korea if it takes part in enforcing sanctions against the besieged North.

Video: A Slump for Japanese Sumo Wrestlers

With sumo now dominated by foreign-born athletes, it's been years since a Japanese wrestler won a grand championship.

Op-Ed Contributor

India's Next Revolution

The fate of India's women will rely on the uniting of rural and urban activism - and there are signs of hope that this is happening.

Deadly Riots Mark Anniversary of Egyptian Revolt

Egyptians in Tahrir Square protested against the Muslim Brotherhood, and there were minor clashes between protesters and security forces in Cairo, Alexandria and elsewhere.
The Education Revolution

Chinese Graduates Say No Thanks to Factory Jobs

Millions of Chinese graduate from college every year, but they struggle to find jobs in an economy that is still dominated by blue-collar industries.

Chinese Leader Takes Conciliatory Tone in Meeting With Japanese Politician

Xi Jinping, the Chinese leader, met with the lawmaker in an effort to cool tensions with Japan over islands in the East China Sea claimed by both nations.

Court Rejects Recess Appointments to Labor Board

President Obama violated the Constitution when he bypassed the Senate last year to fill vacancies on the National Labor Relations Board, a federal appeals court panel ruled on Friday.

Despite Calm, Draghi Raises Economic Concerns

Calling 2012 the year the euro was re-launched, the president of the European Central Bank expressed concern in Davos that renewed calm on financial markets had not yet led to growth.

Rumble on Basic Cable, as Ackman Takes On Icahn Live

Years of bad blood between the two hedge fund magnates spilled publicly onto CNBC's airwaves on Friday, as Mr. Icahn derided his younger counterpart as a "crybaby," and Mr. Ackman declared the veteran investor a "bully."

In a French Case, a Battle to Unmask Twitter Users

In yet another struggle over speech on the Internet, a French court told Twitter to identify people who had posted anti-Semitic and racist entries on the social network.

Compuware Rejects Elliott's $2.3 Billion Bid

The business software maker said that it was focused on its own corporate turnaround blueprint, including cost cuts and a spinoff of a communications products arm.

Goldman Overcomes Its Latest Headache

A case brought by the founders of Dragon Systems was among a spate of legal problems and public relations difficulties for Goldman in recent years.

Skiers' Skills Will Be Challenged at Kitzbühel Downhill

Rock-hard ice, knee-rattling bumps and speeds in excess of 140 kilometers, or 87 miles, per hour give the course a danger element unlike any other course in the world.

Murray Outduels Federer and Heads to Australian Open Final

Andy Murray finally outduels Roger Federer in a major event and heads to men's final of the Australian Open in Melbourne.

A Timeout Jeered Round the World

A 10-minute break by Victoria Azarenka during her match with Sloane Stephens at the Australian Open shifted momentum and added fuel to a debate over the legitimacy of medical timeouts.

When the Bullets Flew, 'They Didn't Care That I Was a Woman'

Although women have routinely shown bravery under fire, the question facing the Pentagon is whether they can perform ground combat tasks day in and day out.

Military Chiefs' Personal Encounters Influenced Lifting Women's Combat Ban

Defense Secretary Leon E. Panetta and Gen. Martin E. Dempsey said that not every woman would become a combat soldier but that every woman deserved the chance to try.

Armed Forces in Canada Resolved Issue Long Ago

More than two decades later, the debate in Canada over the suitability of women as combat troops has all but faded from the nation's collective memory.
Op-Ed Contributors

An Afghanistan Write-Off Isn't an Option

A responsible international approach is the best defense against a repeat of history.
Op-Ed Columnist

Deficit Hawks Down

President Obama barely mentioned the budget deficit in his Inaugural Address, and that's a very good thing.
Op-Ed Columnist

The Great Migration

As the winners of our meritocracy hold the reins of progressive power, they may struggle to mitigate the inequality their own ascendance has helped produce.

DealBook P.M. Edition (January 25, 2013).: Week in Review: Rumble on Basic Cable

Friday, January 25, 2013
Week in Review: Rumble on Basic Cable Hedge fund magnates take their feud to CNBC. | A sign to Wall St. in Obama's picks for regulators. | Goldman overcomes its latest headache. | Jesse Eisinger of ProPublica on a suit that hints at behavior by bankers in a bubble. | Microsoft may back a Dell buyout. | Andrew Ross Sorkin says that prophecies made in Davos don't always come true. | Its tax edge on thin ice, private equity is regrouping. | Looking skyward in Asia.

A look back on our reporting of the past week's highs and lows in finance.
Mergers & Acquisitions
A Dell Sx2210t touch monitor running Windows 7 in 2009.
Microsoft May Back Dell Buyout The software giant is in talks to help finance a takeover bid that would exceed $20 billion, Michael J. de la Merced and Nick Wingfield reported. Microsoft is expected to contribute up to several billion dollars.
Allergan Is Buying MAP Pharmaceuticals The maker of Botox has agreed to pay nearly $1 billion to gain full control of a new experimental treatment for migraine headaches, Andrew Pollack reported.
An Airbus A320 jetliner at the company's facility in Tianjin, China.
China Looks to the Sky As Beijing tries to find new ways to invest $3 trillion of foreign reserves, the country has been aggressively expanding in aerospace, Keith Bradsher reports.
Investment Banking
Morgan Chief's Pay Is Cut for 2nd Consecutive Year While the firm has made progress in building out its wealth management operation, its fixed-income department continues to struggle, Susanne Craig reported.
Private Equity
Its Tax Edge on Thin Ice, Private Equity Is Regrouping As Washington grapples with the country's fiscal woes, Jane Sassen reports that the private equity industry is grudgingly facing a new reality: its long-held tax advantages are likely to disappear.
Hedge Funds
Rumble on Basic Cable, as Ackman Takes On Icahn Live Years of bad blood between the two hedge fund magnates spilled publicly onto CNBC's airwaves, Mr. de la Merced reported. Mr. Icahn derided his younger counterpart as a "crybaby," and Mr. Ackman declared the veteran investor a "bully."
Venture Capital
Olga Vidisheva, left, chief of Shoptiques, and Chelsea Sun, the company's director.
Moving From Wall Street to the Tech Sector Proves Tricky As more financiers jump to the technology sector, some find that big investors are skeptical that they have what it takes to nurture a young company, William Alden reported.
World Economic Forum in Davos
Mario Draghi, the president of the European Central Bank, at the World Economic Forum in the Swiss resort of Davos on Friday.
Despite Calm, Draghi Raises Economic Concerns The president of the European Central Bank expressed concern that calm on financial markets had not yet led to better lives for European citizens, Jack Ewing reported.
Amid Criticism, Global Rule Maker Defends Regulatory Efforts The head of a panel that writes the global financial rulebook answered criticism that the so-called Basel Committee has gone soft on banks, Mr. Ewing reported.
Angela Merkel, the chancellor of Germany, said recent moves had calmed markets but had not solved the euro zone's underlying economic problems.
In Davos, Merkel Presses European Leaders to Stay Focused on Economic Revival Angela Merkel, the German chancellor, gave voice to widespread concern that a tentative European recovery could be undercut by political complacency, Mr. Ewing reported.
Reports Reveal Financial Challenges, but Few Solutions
Deal Professor: Required Reading for Davos From the Fed and JPMorgan Steven M. Davidoff says that a JPMorgan report on trading losses and transcripts of the 2007 Federal Reserve meetings are reminders that we are light years from understanding or preventing financial crises.
Critical Stance on Europeans May Jeopardize Britain's Influence Can Britain play a more limited role in Brussels and still retain significant influence there, asks Stephen Castle.
Prophecies Made in Davos Don't Always Come True
DealBook Column: Prophecies Made in Davos Don't Always Come True Andrew Ross Sorkin says that "if you're looking to the Alps for the wisdom of crowds, the wisdom of this crowd of the global elite may not be the most accurate."
Mario Draghi, the president of the European Central Bank, with the German chancellor, Angela Merkel, at an E.U. summit meeting in Brussels in June.
Despite Signs of Progress in the Euro Zone, Fears of Complacency Linger The biggest concern is that leaders might become less vigilant now that the heat is off, Liz Alderman and Mr. Ewing reported.
In Davos, a Chance to Rub Shoulders With the Elite of Business and Politics After the minimum $20,000 entry fee has been paid, some personalities will command more attention than others, Ms. Alderman reported.
In Davos, Atmosphere for Bankers Improves Among the government overseers who will also be in attendance, there appears to be a growing sentiment that the banks have taken enough abuse, Mr. Ewing reported.
Mary Jo White is a former U.S. Attorney for the Southern District of New York.
Sign to Wall St. in Obama's Picks for Regulators The White House took the unusual step of choosing two former prosecutors as top financial regulators. But translating that resolve into action will not be easy, Ben Protess and Benjamin Weiser reported.
James and Janet Baker founded Dragon Systems, a pioneering voice-recognition technology. 
Goldman Overcomes Its Latest Headache A case brought by the founders of Dragon Systems was among a spate of legal problems and public relations headaches for Goldman in recent years, Peter Lattman reported.
The headquarters of Morgan Stanley in Manhattan.
The Trade: Suit Hints at Behavior by Bankers in Bubble Jesse Eisinger of ProPublica says that documents released as part of a suit against Morgan Stanley shed new light on what bankers knew at the height of the housing bubble and what they did with that secret knowledge.
In China, Veneer of Consensus Is Breaking Down Internal divisions in the Communist Party and in Chinese society at large could have hard-to-predict consequences for the country's economic expansion, and for the world's, Keith Bradsher reported.
Egan-Jones Barred for 18 Months on Some Ratings
S.E.C. Disciplines a Credit Ratings Firm Egan-Jones, the upstart credit ratings firm run by Sean Egan, was barred for 18 months from issuing certain government-recognized ratings after the firm made misstatements on an application with the government, William Alden reported.
DealBook Video
Week in Verse: Beat It Michael Jackson has a timely message for William A. Ackman and Carl C. Icahn.