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Feb 4, 2013

Osborne backs break-up of banks that fail to reform: BBC News | Business (February 4, 2013)..)

Osborne backs break-up of banks that fail to reform

The UK's big banks will be broken up if they fail to follow new rules to ring-fence risky investment operations from High Street outlets, Chancellor George Osborne has announced.
He has said taxpayers are angry at banks' behaviour and will never again be expected to bail them out.
His speech comes on the same day the government introduces its Banking Reform Bill in Parliament.
Customers will also be able to switch bank accounts to a rival within a week.

Mr Osborne also said the banking system was not working for its customers, particularly small businesses and individuals.

He pointed to the fact that large banking transactions could be done instantly, whereas small businesses could wait days for money to pass through the system.

Mr Osborne had previously warned against "unpicking the consensus" over structural reform of the sector.
But the chancellor appears now to have accepted a major recommendation of last year's Parliamentary Commission on Banking Standards which called for a reserve power to "electrify the ring-fence" if banks did not implement reforms.

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What the Banking Reform Bill does

  • The Ring-Fence: The High Street activities of each UK bank are to be put into a separate subsidiary from its riskier investment banking.
  • Electrification: Regulators will be given the power to split up an individual bank altogether, subject to certain conditions, if the regulator deems that bank to be undermining the purpose of the ring-fence. Regulators will also review the entire UK banking industry each year to determine whether the ring-fence is proving effective.
  • Deposit Guarantees: The Financial Services Compensation Scheme currently guarantees up to £85,000 of every deposit in a UK bank. Under the bill, if a bank goes bust, the FSCS will be paid out ahead of other people owed money by the bank. It means that the FSCS will be better able to recover the money it has guaranteed, which should reduce the potential bill for taxpayers if there is a shortfall.
  • Loss Absorbency: The bill gives the Treasury the power to impose tougher requirements on banks to increase their ability to absorb losses, in particular by requiring a bank to borrow money from markets in a form that allows the bank to impose losses on the lenders if it gets into trouble.

Bloomberg Latin America News (February 4, 2013).: Pacific Is Confident of Keeping Colombia Field Operations

Latin America News

  • Pacific Rubiales Energy Corp., Latin America’s most valuable non-state oil producer, is confident of retaining the right to operate Colombia’s biggest field, Chief Executive Officer Ronald Pantin said.
  • Venezuela’s central bank is considering ways to expand the supply of bolivars at the weaker of two official exchange rates in a bid to attract more dollars into the economy and avoid a full-blown devaluation that economists say is needed to narrow its budget deficit, said a government official with direct knowledge of matter.

NYT | Politics (February 4, 2013).: In Minneapolis, Obama Presses Case for Tougher Gun Laws

The New York Times

February 4, 2013


In Minneapolis, Obama Presses Case for Tougher Gun Laws

President Obama cited the city's successful gun violence prevention efforts, even as evidence mounted that expanded background checks on sales may emerge as a compromise.
Solicitor General Donald B. Verrilli Jr.  spoke outside the Supreme Court building in 2008. He will argue before the court in a pair of momentous same-sex marriage cases in March.

Obama's Shifts May Affect U.S. Legal Plan on Gay Marriage

After advocating a state-by-state approach to the issue, President Obama seems now be thinking nationally, complicating the strategy in a pivotal case in California.

More Politics

Justice Sonia Sotomayor hugged Tabbie Major, 7, at a question-and-answer session in Chicago.

On Book-Tour Circuit, Sotomayor Sees a New Niche for a Justice

The release of her memoir, "My Beloved World," suggests Sonia Sotomayor wants to play a larger and more personal role on the public stage than her colleagues.

Tax Loopholes May Be Next, Obama Says

President Obama said the focus of a budget deal in Congress should now be on targeted spending cuts and changes to the tax code.

MarketWatch | Wall Street at Close Report (February 4, 2013). : Stocks’ worst day of year sends Dow below 14,000

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) U.S. stocks fell about 1% Monday in their worst drop of the year, as uncertainty over Europe rattled investors and pushed Spanish bond yields higher.

DealBook P.M. Edition (January 4, 2013).: U.S. and States Prepare to Sue S.&P. Over Mortgage Ratings

U.S. and States Prepare to Sue S.&P. Over Mortgage Ratings The Justice Department and state prosecutors plan to file civil charges against Standard & Poor's Ratings Service, accusing the firm of fraudulently rating of mortgage bonds that led to the financial crisis, people briefed on the plan said.
    White Collar Watch: Despite Expectations, Corporations Could Face More Cases of Criminal Liability Peter J. Henning says that Mary Jo White, the nominee to be chairwoman of the Securities and Exchange Commission, expressed disdain for corporate criminal liability while she was in private practice. But that does not mean companies under investigation can expect an easy ride under her reign.
    Moody's Warns Jefferies on 'Excessive' Executive Pay The credit rating agency said in a note on Monday that it regarded the large compensation packages awarded to top executives as a potentially ominous event for bondholders.

BIV | Today's Business News (February 4, 2013).: Canadians: prepare to bid adieu to the penny.

Economy and Finance

Canadians: prepare to bid adieu to the penny

As of today, the Royal Canadian Mint will no longer be distributing pennies to banks and other financial institutions and will begin ... READ MORE

Canada failing to close income inequality gap: report

Canada is failing to reverse the increasing income inequality that began in the 1990s, and with this comes ... READ MORE


New app helps NHL players, fans kiss and make up

A Vancouver startup has developed a new app that may help NHL players win back the ... READ MORE

More News ...

Three Vancouver tech startups admitted to Waterloo incubator

Vancouver real-estate lawyer admits fraud, resigns

Local icon commemorated on a stamp

Investors Daily Alert (February 4, 2013).; The Cloud Rules Again This Year


The Daily Guru
Jim Jubak on

MarketWatch Bulletin (February 4, 2013).: Justice Depart. may sue S&P over mortgages: WSJ

By Laura Mandaro

SAN FRANCISCO (MarketWatch) -- The Justice Department and state prosecutors intend to file civil charges alleging wrongdoing by Standard & Poor's Ratings Services in its rating of mortgage bonds before the 2008 financial crisis, said the Wall Street Journal in an online report Monday. It cited people familiar with the matter. Shares of McGraw-Hill Cos. MHP -2.30% , parent of S&P Ratings, hit an intraday low of $56.79 after the WSJ ran the news on its site. The stock recently traded down 2.1%. The alleged wrongdoing centers on the model used by S&P to rate mortgage bonds, according to the WSJ report.

Several state attorneys general are expected to join the case. It wasn't immediately clear why S&P Ratings rivals Moody's Corp. MCO -1.07% and Fitch Ratings, which is a unit of Fimilac SA and Hearst Corp., aren't part of the action, said the report. Moody's shares fell 1%

ADVFN III Evening Euro Markets Bulletin (February 4, 2013).

ADVFN III Evening Euro Markets Bulletin
Daily world financial news

London Market Report
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London close: Footsie drops 100 points on political uncertainty in Europe
Market Movers
  • techMARK 2,273.92 -0.73%
  • FTSE 100 6,246.84 -1.58%
  • FTSE 250 13,177.02 -0.74%
Increased political risk in the Eurozone presented a good opportunity for traders to take profits on Monday, as investors made the most of the recent surge on stock markets worldwide.

The FTSE 100 dropped 100 points today, a fall of around 1.6%. This follows the impressive 6.4% gain seen last month, the index's best January performance since 1989.

"Last night's power failure at the US Super Bowl appears to have manifested itself into European equity markets today as the sentiment that had fed the strong rally of recent weeks appears to have come to a shuddering halt," said senior market analyst Michael Hewson from CMC Markets.

"Investors are once again being spooked by political uncertainty from both Spain and Italy as both countries deal with local political difficulties that could derail ongoing and future reform programmes."
Peripheral bond yields rise on political risk
Spanish 10-year bond yields were at their highest levels of 2013 today, up 22 basis points at 5.43%, as markets digest rumours over corruption scandals at Prime Minister (PM) Mariano Rajoy's governing People's Party.

"The fear for investors is that these allegations, though denied by PM Rajoy, will prompt bouts of civil unrest and the removal of the current government which would pave the way for general elections," explained Joe Rundle, head of trading at ETX Capital.

Over in Italy, the borrowing rate on the Italian benchmark note rose 14 basis points to 4.47% as the support gains for former PM Silvio Berlusconi in the public opinion polls. With just a few weeks to go before parliamentary elections, markets are fearing a political deadlock post-election.

Meanwhile, back in London, economic data was doing its bit to dampen sentiment. Markit's UK construction purchasing managers' index (PMI) was unchanged at a six-month low of 48.7 in January. Consensus forecasts were for a small up-tick to 49.
FTSE 100: Randgold bucks the trend in mining sector
Gold miner Randgold surged after saying it achieved record production and profit levels in 2012. Production is expected to increase by at least 13% in 2013 also.

However, the wider mining sector didn't fare as well, with resource giants Kazakhmys, ENRC and Glencore suffering steep falls as risk appetite slipped.

The cyclical banking sector was also under the weather today after UK Chancellor George Osborne warned lenders that the government could separate retail operations from riskier activities if they break the rules. RBS, Standard Chartered, HSBC, Lloyds and Barclays were all lower.

Barclays was also being weighed down after announcing that its long-running Finance Director, Chris Lucas, has stepped down ahead of the group's conclusion of its strategic review in the coming weeks

Johnson Matthey was a heavy faller after Citi cut the precious metals and chemicals group from 'buy' to 'neutral'. Meanwhile, telecoms giant Vodafone was also taken down a peg by Citi, which cut its rating for the stock to 'neutral'.
FTSE 250: Salamander surges after oil find
Oil and gas exploration and production company Salamander Energy rocketed after saying it has discovered oil at the first well in its multi-well programme in the North Kutei Basin. The well, known technically as the South Kecapi-1 DIR/ST exploration well, discovered a combined 40 metres of net oil and gas pay in high quality stacked Pliocene channel sandstones, the group reported.

Gold miner Centamin was a high riser on market chatter that a decision over the validity of its flagship Sukari mine contract is imminent. Centamin plummeted in late-October on concerns that it could lose the mining contract. Risk Thakrar, the risk manager and senior dealer at Spread Co, said in an e-mail today: "Despite there being no official announcements, rumours have provided enough momentum to push the stock through [technical] resistance barriers."

Transport firm Go-Ahead was advancing after HSBC upgraded the stock to 'overweight and raised its target from 1,180p to 1,415p.

FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 6,275.00p +3.12%
Shire Plc (SHP) 2,153.00p +0.84%
Burberry Group (BRBY) 1,397.00p +0.72%
Rolls-Royce Holdings (RR.) 972.50p +0.15%
Next (NXT) 4,103.00p +0.12%
IMI (IMI) 1,185.00p +0.08%
TUI Travel (TT.) 297.20p +0.07%

FTSE 100 - Fallers
Aviva (AV.) 351.90p -4.40%
CRH (CRH) 1,310.00p -4.31%
Johnson Matthey (JMAT) 2,243.00p -3.57%
Kazakhmys (KAZ) 727.50p -3.51%
Royal Bank of Scotland Group (RBS) 328.60p -3.49%
Prudential (PRU) 934.50p -3.16%
Standard Life (SL.) 337.70p -3.13%
Schroders (SDR) 1,913.00p -2.94%
Barclays (BARC) 291.50p -2.83%
Antofagasta (ANTO) 1,127.00p -2.76%

FTSE 250 - Risers
Salamander Energy (SMDR) 208.00p +11.83%
Centamin (DI) (CEY) 64.15p +6.21%
Perform Group (PER) 390.00p +3.17%
Regus (RGU) 124.40p +2.81%
Euromoney Institutional Investor (ERM) 920.00p +2.79%
Essar Energy (ESSR) 144.00p +2.71%
Sports Direct International (SPD) 413.00p +2.51%
Cranswick (CWK) 995.00p +2.47%
Oxford Instruments (OXIG) 1,752.00p +2.16%
Telecom Plus (TEP) 985.50p +2.12%

FTSE 250 - Fallers
National Express Group (NEX) 203.00p -3.70%
Lonmin (LMI) 366.40p -3.60%
Carpetright (CPR) 676.50p -3.36%
Ferrexpo (FXPO) 261.60p -3.36%
Carillion (CLLN) 298.90p -3.30%
IP Group (IPO) 124.00p -3.12%
Laird (LRD) 226.60p -3.08%
Barratt Developments (BDEV) 217.50p -3.07%
Ocado Group (OCDO) 103.00p -2.83%
Taylor Wimpey (TW.) 71.85p -2.77%

Europe Market Report 

MarketWatch | Europe Markets at Close Report (February 4, 2013).: Italy, Spain jitters spook Europe markets

By Sara Sjolin, MarketWatch 

LONDON (MarketWatch)Political jitters in Spain and Italy hammered European stocks Monday, with sovereign-bond yields rallying in those countries, while investors also digested mixed data from China and the United States. 

The Stoxx Europe 600 index XX:SXXP -1.49%  slumped 1.5% to 283.90, closing at its lowest level in 2013. 

The Bill Gross recipe for profits
The manager of the world's largest bond fund explains why he likes inflation-protected securities and bonds from two nations south of the border. 

“European markets had a tremendous run in the last few weeks and you would expect some sort of correction,” said Alastair Winter, chief economist at Daniel Stewart Securities in London. “There are so many problems in Europe and I suspect that other people are starting to see that too. 

“German bond yields are falling and that suggests that people are getting scared. They kicked the can down road with the problems in Europe, but they haven’t fixed it. I think it’s very scary to be heavily involved” in Spain and Italy. “They have great companies, but to buy a whole market or bonds in those countries is pretty scary,” he added. 

Shares of Royal Imtech NV NL:IM -48.09% sank 48% in Amsterdam after the infrastructure company said it would take a write-down of at least 100 million euros ($135.7 million) on its Polish projects as it investigates ”possible irregularities.” It also said that its 2012 earnings statement scheduled for tomorrow would be delayed. 

Shares of heavyweight Vodafone Group PLC UK:VOD -1.70%   VOD -1.15% shaved off 1.7%. Citigroup cut the wireless-telecom carrier’s rating to neutral from buy, highlighting near-term revenue pressure and elevated acquisition risks. 

On a more upbeat note, shares of Swatch Group AG CH:UHR +5.02%  picked up 5% after the world’s largest watchmaker reported a 26% increase in full-year profit and said it had gotten off to a healthy start in 2013. See: Swatch 2012 net up 26%; Growth seen continuing. 
Investors also looked to China, where weekend data showed the services sector expanded for a fourth straight month in January. The nonmanufacturing Purchasing Managers’ Index edged to 56.2 from 56.1 in the final month of 2012. A reading above 50 signals expansion. See: China’s services sector expands in January.

Shares of UniCredit drop after a broker downgrade.
Most Asia markets closed in positive territory. Read more about Asia markets. 
U.S. stocks traded lower on Wall Street, retreating after the Dow Jones Industrial Average DJIA -0.94%  last week topped 14,000 for the first time in more than five years. See: U.S. stocks retreat from five-year highs. 
On the data front in the States, the Commerce Department said factory orders rose 1.8% in December, below expectations of a 2.3% improvement. See: U.S. factory orders advance 1.8% in December.

Italy, Spain jitters

Back in Europe, Italian shares came under heavy selling pressure as Silvio Berlusconi gained in opinion polls after he vowed to reduce taxes if the former prime minister’s coalition wins elections later this month, stoking fears that the country will diverge from its current reformist drive. 

“Berlusconi is the complete death for other European leaders and the thought of him spoiling a clean result in Italy scares people,” according to Winter from Daniel Stewart Securities. “The other thing is that he has let the genie out of the bottle and asked why Italy should stay in the euro.” 

The FTSE MIB index XX:FTSEMIB -4.50%  tanked 4.5% to 16,539.00, while the yield on 10-year government bonds IT:10YR_ITA +0.05%  rose 15 basis points to 4.47%, according to electronic-trading platform Tradeweb. 

Shares of UniCredit SpA IT:UCG -8.29%  dropped 8.3% as UBS cut the Italian bank to neutral from buy. On Friday, the bank’s shares lost 2.6% after Reuters reported that bank employees were being investigated for fraud related to derivatives contracts. 

In Spain, the IBEX 35 index XX:IBEX -3.77%  erased 3.8% at 7,919.60, also on the back of political concerns. Minister Mariano Rajoy sought to contain political fallout amid allegations of a corruption scandal involving secret payments, while a poll showed support for his center-right People’s Party dropped to 23.9%, the lowest in its history. 

The yield on 10-year Spanish government bonds ES:10YR_ESP +0.05%  rose 24 basis points to 5.42%, according to electronic-trading platform Tradeweb. See: Spain yields rise as Rajoy aims to contain scandal.


In Germany, Commerzbank AG shares DE:CBK -7.00%  sank 5.9% after the bank said it would post a loss of around €720 million in the fourth quarter. See: Commerzbank to post €720 mln fourth-quarter loss.
Deutsche Post AG DE:DPW -3.51%  fell 3.1% after HSBC lowered its rating to underweight from neutral.
The DAX 30 index DX:DAX -2.49%  closed 2.5% lower at 7,638.23, marking the worst daily performance since July 2012. 

In France, the CAC 40 index FR:PX1 -3.01%  dropped 3% at 3,659.91. Shares of Renault SA FR:RNO -3.28%  gave up 3.3%, as HSBC cut the car maker to neutral from overweight. 

Credit Agricole SA FR:ACA -5.42%  slid 5.4% and Société Générale SA FR:GLE -4.79%  lost 4.8%.
In the United Kingdom, shares of Johnson Matthey PLC UK:JMAT -3.57%  tripped 3.6% after Citigroup downgraded the chemicals firm to neutral from buy. 

Barclays PLC shares UK:BARC -2.83% BCS -3.07% fell 2.8%. The bank said Chris Lucas plans to retire as group finance director, but agreed to stay on until successors have been appointed. See: Barclays finance director Chris Lucas to retire. 
Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

ADVFN III World Daily Markets Bulletin (February 4, 2013).

ADVFN III World Daily Markets Bulletin
Daily world financial news Monday, 04 February 2013

US Market
Stocks Seeing Continued Weakness After Initial Downward Move
After moving notably lower at the open, stocks have seen continued weakness over the course of morning trading on Monday. The major averages have remained stuck in negative territory, partly offsetting last Friday's standout gains.
The weakness on Wall Street comes as some traders look to cash in on the recent strength in the , which lifted the Dow and the S&P 500 to five-year highs.
The Dow ended Fridays' trading above 14,000 for the first time since October of 2007, although some analysts have suggested that the markets have become overbought.
Traders have also expressed some uncertainty about the political situation in Europe, as opposition leaders have called on Spanish Prime Minister Mariano Rajoy to resign amid allegations of corruption.
Steel stocks continue to turn in some of the market's worst performances in late morning trading, with the NYSE Arca Steel Index down by 1.8 percent. ArcelorMittal and Universal Stainless are posting notable losses.
Considerable weakness has also emerged among care provider stocks, as reflected by the 1.2 percent loss being posted by the Morgan Stanley Healthcare Provider Index. The loss by the index comes after it ended the previous session at a record closing high.
Oil, banking, and software stocks have also come under pressure, while most of the other major sectors are showing more modest moves to the downside.
The major averages are currently lingering near their worst levels of the day. The Dow is down 116.27 points or 0.8 percent at 13,893.52, the Nasdaq is down 21.47 points or 0.7 percent at 3,157.63 and the S&P 500 is down 11.80 points or 0.8 percent at 1,501.37.

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Euro Worries Drag TSX Lower - Canadian Commentary
Canadian stocks were lingering in the red Monday morning, with commodities struggling to move higher on renewed concerns over the euro zone financial situation as yields on Spanish and Italian bonds climbed amid political uncertainty in Spain.
However, hopes of further improvement in the of the U.S. were supporting stocks. Data on Friday showed U.S. employment rose modestly in January, reaffirming expectations the Federal Reserve will maintain its ultra-easy monetary policy for the foreseeable future.
The S&P/TSX Composite Index lost 44.84 points or 0.35 percent to 12,723.99.
The financial index was down about 1 percent, with TD Bank , National Bank , CIBC and Royal Bank losing around 1 percent each.
The price of Crude oil was lingering near its one-week low Monday morning, with the U.S. dollar trading higher versus a basket of currencies amid a recent batch of upbeat macroeconomic data. Traders booked profits amid speculation of possible negotiations between the U.S. and Iran on nuclear issues
Crude for March shed $0.93 to $96.84 a barrel.
In the oil patch, Ecopetrol S.A. lost over 3 percent.
Challenger Deep Resources lost 4 percent after announcing that, through its wholly owned subsidiary, PT Bestindo Energy, it has entered into an exclusivity agreement relating to the right to mine and market coal from the KEM coal project in Central Kalimantan, Indonesia.
Suncor Energy was down 0.50 percent, while Niko Resources was adding about 1 percent
lululemon athletica inc. eased 1 percent after announcing that Robert Bensoussan has been appointed to the company's Board of Directors.
The price of gold was moving lower Monday morning amid a recent batch of upbeat economic data out of the U.S., Europe and China. gold for April delivery was down $2.90 to $1,667.70 an ounce.
Among gold plays, Kirkland Lake gold surged over 6 percent after announcing that it is on track to meet its previously announced guidance for Fiscal Year 2013 of 90,000 to 110,000 ounces of gold sold.
BlackBerry maker Research In Motion gained over 8 percent.
In economic news from the U.S., the Commerce Department said that factory orders surged up by 1.8 percent in December following a revised 0.3 percent decrease in November. Economists had expected orders to jump by 2.4 percent compared to the marginal increase originally reported for the previous month.
From Europe, the annual increase in euro zone producer prices remained unchanged at 2.1 percent in December, data published by Eurostat showed. Economists had forecast the rate to edge up to 2.2 percent. The industrial producer price index was down 0.2 percent month-on-month, the same rate of fall as seen in November and in line with economists' expectations.
Meanwhile, euro zone investor confidence improved for the sixth consecutive month in February, data released by the think-tank Sentix showed. The index rose to -3.9 from -7 in January, but slightly below the expected level of -3.3. The assessment of current situation among 984 survey participants improved in February.
Elsewhere, China's services sector expanded for a fourth consecutive month in January, as higher retail spending ahead of the Spring Festival lifted overall activity, a survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics revealed. The purchasing managers' index, that measures the performance of the non-manufacturing sector, rose to 56.2 in January from 56.1 in December.

What you need to know about tax season (February 4, 2013).: Team :

When it comes to tax season, every year is a little different. Laws change, some benefits kick in while others end, and natural disasters can have an impact on your tax return.

The deadline for filing your taxes is April 15, 2013. While this is the normal deadline, there are some important new things you should know about for the 2013 tax season.

Money Show Traders Daily Alert (February 4, 2013).: Coming Soon: Final Bottom in Gold Stocks?

Traders Daily Alert

Tips for Traders

Options Idea

Reuters Deals Today (February 4, 2013).: Third Point sells 11 million Yahoo shares to maintain stake level

Third Point sells 11 million Yahoo shares to maintain stake level (Reuters) - Daniel Loeb's Third Point LLC sold 11 million of its Yahoo shares on Thursday and Friday, according to a filing with the U.S. Securities and Exchange Commission.

 Etihad due diligence on India's Jet seen within week: CEO ABU DHABI (Reuters) - Abu Dhabi's Etihad Airways, close to a tie-up with India's Jet Airways , expects to complete due diligence on the deal in the next week, the Gulf carrier's chief executive said on Monday.

December 2012 new orders for manufactured durable goods increased 1.8 percent, Shipments up 0.4%, Unfilled orders up 0.8%, and inventories up 0.1%: ESA | Manufacturers' Shipments Inventories and Orders (December 2012).pdf

Economics and Statistics Administration Logo

December 2012 new orders for manufactured durable goods increased 1.8 percent, to $484.8 billion. Shipments rose 0.4 percent, to $484.9 billion. Unfilled orders increased 0.8 percent, to $991.7 billion. And inventories rose 0.1 percent, to $615.5 billion.

CBS News | Daily News Summary (February 4, 2013).: NYPD spying violates civil rights rules, lawyers argue

CBS - Daily News Summary
February 04, 2013 | DAILY NEWS SUMMARY

Civil rights attorneys call police surveillance of Muslims "widespread and intense," say they violate established limits
Read full story
NYPD spying violates civil rights rules, lawyers argue
Boy held captive may celebrate birthday as hostage Former FBI assistant director says captor seems to be taking care of boy in underground bunker, will form bond with boy, negotiators

Motive still unclear in ex-Navy SEAL's murder Police say Marine Eddie Ray Routh allegedly killed renowned sniper Chris Kyle, his friend at a shooting range near Fort Worth, Texas

ETF Trends | New Selected Article (February 4, 2013).: BlackRock’s iShares Sued Over ETF Securities Lending: Reports:


BlackRock’s iShares Sued Over ETF Securities Lending: Reports

February 4th at 8:30am by John Spence
A pair of U.S. pension funds have sued BlackRock (NYSE: BLK), alleging the company’s iShares ETF business improperly kept revenue from securities lending, according to media reports.
The suit also alleges the firm breached its fiduciary duties.

“The pension plans seek to recover funds rightfully owed to them as iShares shareholders, which were improperly spent by iShares’ management on grossly excessive compensation to securities lending agents affiliated with iShares and certain of their affiliates,” according to the compliant, reports.

RTTNews Morning Market Briefing (February 4, 2013).

Commentary February 4, 2013

After moving higher in each of the past five weeks, stocks are likely to give back some ground in early trading on Monday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 68 points. (Feb 4, 2013) Full Article

Economic News

The total number of building permits issued in Australia was down a seasonally adjusted 4.4 percent on month in December, the Australian Bureau of Statistics said on Monday, standing at 12,767. (Feb 4, 2013) Full Article

Spain's bond yields rose to their highest level in six weeks on Monday amid increasing investor concern over the recent political uncertainty. The Spanish 10-year benchmark yield climbed above 5.30 percent today to its highest level since mid-December. Spanish Prime Minister Mariano Rajoy is facing calls to resign over a corruption scandal. The premier has denied any involvement. (Feb 4, 2013) Full Article

Corrected: Gold Mineweb Daily News (February 4, 2013).: Gold reclaiming historic role as official financial asset – Murenbeeld

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TOP STORIES | Monday , 04 Feb 2013                                                     

Gold reclaiming historic role as official financial asset – Murenbeeld

Dundee Wealth economist Marti Murenbeeld forecasts central bank gold purchases “will continue for many years to come.”    Monday , 04 Feb 2013

Futures market retreat good for gold in the long term

"The 'weak hands' are further retreating from the gold market, which is a good thing in terms of the long-term price prospects," says Commerzbank.    Monday , 04 Feb 2013

Harmony Gold building benchmarks and bucking trends

Higher grades for three consecutive quarters and positive moves from the negotiating table at Kusasalethu leaves Harmony optimistic.    Monday , 04 Feb 2013

Fund managers' ardour for gold cooling

Commodity fund managers say they currently favour industrial metals such as copper and iron ore, as well as platinum and palladium, over gold.    Monday , 04 Feb 2013