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Feb 10, 2013

Venezuelan Devaluation Sparks Panic Buying: GATA | THE GATA DISPATCH February 10, 2013.

Venezuelan devaluation sparks panic buying

Submitted by cpowell on 04:41PM ET Sunday, February 10, 2013. Section: Daily Dispatches
By Benedict Mander
Financial Times, London
Sunday, February 10, 2013
CARACAS, Venezuela -- Panic buyers thronged Venezuelan shops over the carnival weekend after the government of Hugo Chavez announced a surprise devaluation that analysts said was overdue but would only partly right the listing economy.
Domestic appliances such as fridges and cookers were in particularly high demand as Venezuelans snapped up goods imported at the now-defunct exchange rate of 4.3 bolvars per dollar. From now on they will be imported at 6.3 bolvars per dollar.

TWP February 10, 2013.:This week's market outlook videos by Nick McDonald.

Nick McDonald discuss what he expects to happen on stock and currency markets for the week ahead.

NYT | Global Update February 10, 2013.: TOP NEWS News Analysis Obama's Turn in Bush's Bind by Peter Baker.

The New York Times International Herald Tribune
February 10, 2013
Compiled 21:45 GMT

Global Update

News Analysis

Obama's Turn in Bush's Bind

A onetime critic of his predecessor, President Obama finds himself justifying muscular defense policies while detractors complain that he has sacrificed core values.

Militants Battle Malian and French Troops in Liberated Town

Gunfire rang out in the streets of the strategic town of Gao in northern Mali two weeks after French forces appeared to have chased radical Islamists out of the town.

American and US Airways Are Expected to Announce Merger This Week

The match would probably by the last in the consolidation that has swept the industry in recent years.
Fashion & Style

Interactive Feature: Instagramming Fashion Week

A continuously updated selection of your Instagram photos from New York Fashion Week.


An Assassination in Tunisia

Hopes of a democratic future are shaken after the murder of an outspoken critic of the governing party.

10 reasons why SBA is sweet on small Business: News

Ten Reasons Why SBA is Sweet on Small Business

We heart small biz
As Valentine’s day approaches, the U.S. Small Business Administration wants to make sure that America knows how much we care about the millions of small businesses that help strengthen the American economy year-round. Here are the top ten ways the SBA is sweet on small business.

RFP-EZ Makes Selling to the Government Easier

Interested in selling to the government? The process just got easier with RFP-EZ, an online platform to help small businesses discover and compete for federal opportunities. Find out how to get started today.

Online Tools to Help You Find and Price Small Business Health Care Insurance Options

Have questions about the Affordable Care Act and what it means for your small business operations? SBA's health care web page is dedicated to educating small business owners about the Affordable Care Act. is another valuable resource to help individuals and employers understand how the Affordable Care Act will impact them.

The Economist Business this week: Highlights of news coverage from February 2nd - 8th 2013

The EconomistBusiness this week

» Dell, the world's third-largest computer-maker, gave details of its plan to take itself private. Michael Dell, who started the company 30 years ago from his college room in Texas, is heading a buy-out consortium that includes Silver Lake, a private-equity firm, and Microsoft. If the $24.4 billion deal is successful it will be the biggest leveraged buy-out since the start of the financial crisis in 2007. Dell's share price has fallen by half over the past five years as the firm has struggled to make its mark in smartphones and tablets. See article».

One to watch
Click Here!
» Liberty Global, the international cable-television part of John Malone's media empire, agreed to buy Britain's Virgin Media in a merger they valued at $23.3 billion. The deal puts Mr Malone in direct competition with Rupert Murdoch, whose BSkyB is the biggest pay-TV broadcaster in Britain. See article».
» America brought a $5 billion civil lawsuit against Standard & Poor's for dragging its feet over changes to its models before the financial crisis, which led to over-optimistic ratings of mortgage-backed securities. The government maintains that S&P was concerned about losing business. S&P says the case has no legal merit, and that "hindsight is no basis to take legal action against the good-faith opinions of professionals." See article».
» The Irish government rushed through a bill to liquidate Anglo Irish Bank. It did this to pave the way for a deal it is trying to strike with the ECB to cut the cost of state support it has provided for the defunct bank in the form of promissory notes. The €3.1 billion ($4.2 billion) annual repayments on the notes are almost equivalent to Ireland's austerity cuts.
» The governor of the Bank of Japan, Masaaki Shirakawa, said he would step down on March 19th, nearly three weeks before his term in office is due to end. Mr Shirakawa has been under intense pressure from the new government to do more to tackle deflation and the strong yen. A new governor is expected to be named by the end of February. See article».
» The People's Bank of China pumped 450 billion yuan ($72 billion) into money markets to hold down interbank lending rates ahead of the Chinese new year, when large amounts of cash are withdrawn by savers to buy gifts. It was the largest-ever one-day liquidity action conducted by the central bank.
» The Royal Bank of Scotland settled with regulators in America and Britain over the LIBOR rate-rigging scandal and will fork out £390m ($610m) in penalties. A subsidiary in Japan pleaded guilty to a criminal charge. RBS is recouping some of the money for the fines from staff bonuses. See article».
» Meanwhile, George Osborne, Britain's chancellor of the exchequer, sent a bill to Parliament to bring in most of the sweeping banking reforms recommended by the Vickers commission. In a fiery speech Mr Osborne said the message is clear: "If a bank flouts the rules, the regulator and the Treasury will have the power to break it up altogether, full separation, not just a ring fence."
» UBS reported a net loss of SFr1.9 billion ($2.1 billion) for the last quarter of 2012, as it set aside cash to pay fines related to its part in the LIBOR scandal (it settled with the authorities late last year). The Swiss bank also introduced a new bonus system that is intended to reduce risky behaviour by including payouts in bonds linked to its own capital levels.

The Economist Politics this week: Highlights of news Coverage from February 2nd - 8th 2013.

The EconomistPolitics this week

Mariano Rajoy, Spain's prime minister, fiercely denied corruption allegations after a newspaper published images of documents allegedly showing secret payments to members of his Popular Party. Mr Rajoy rejected opposition calls for his resignation. See article.
The European Parliament voted for a wide-ranging reform of Europe's Common Fisheries Policy, which includes protecting stocks that are at risk and stopping the "discard" policy of dumping dead fish into the sea. The reforms could become law by next year.
A bill to legalise gay marriage in England and Wales easily passed its first big vote in Parliament, but without the backing of most Conservative MPs. David Cameron, the Conservative prime minister, supports the legislation.
Russia agreed in principle to end its ban on imports of wine and mineral water from Georgia, which was imposed in 2006 when the two countries fell out. Georgia's new prime minister, Bidzina Ivanishvili, has made the restoration of trade with Russia a priority.

Political figures Click Here!
The IMF censured Argentina for failing to produce proper inflation statistics, and said that if they did not improve by September the country would face escalating punishments and, eventually, expulsion. Argentina's government promised to introduce a new inflation index in October; it also announced a two-month price freeze in supermarkets. See article.
Argentina's foreign minister, speaking in London, predicted that the Falkland (Malvinas) Islands would be under his country's control within 20 years. He also warned that Argentina would respect the "interests" but not the wishes of the islanders, who are expected to vote to remain a British overseas territory in a referendum next month.
Mexican officials said that an explosion in the headquarters of Pemex, the state oil company, which killed 37 people and injured more than a hundred, was caused by a build-up of gas.

NYT | Today's Headlines | February 10, 2013.: Storm Leaves Northeast Reeling and Digging by N. R. Kleinfield and Marc Santora

The New York Times
February 10, 2013

Today's Headlines


Storm Leaves Northeast Reeling and Digging

A midwinter storm buried several states in snow, leaving behind a debilitated region digging through plump white drifts and reeling from gale-force winds.
News Analysis

Obama's Turn in Bush's Bind

A onetime critic of his predecessor, President Obama finds himself justifying muscular defense policies while detractors complain that he has sacrificed core values.

Mali War Shifts as Rebels Hide in High Sahara

Expelling the Islamist militants may have been the easy part of retaking Malian towns. Now French forces are focusing on a harsh mountain range where many of those militants are hiding.
"I think it is fair to say we were very lucky."
MAYOR MICHAEL R. BLOOMBERG, on the storm's effect on New York City.


Your Taxes

The tax rules have grown even more complex this year, and gay couples face extra hurdles. A guide with news, tips and musings.

Relax! You'll Be More Productive

To be at your peak, don't work so much.

Giffords Eases Steadily Into New Life, and Cause

Gabrielle Giffords, the former Democratic congresswoman from Arizona, is settling into the third act of her public life as she shifts to dedicate her career to reducing gun violence.

In Address, President Will Focus on the Middle Class

In his State of the Union address, President Obama will define a second term built around restoring economic prosperity while unveiling education, infrastructure, clean energy and manufacturing initiatives.

Florida Republicans Brace for a Fraud Trial, and an Airing of Old Grudges

The long-awaited trial of Jim Greer, 50, a flamboyant former chairman of the Florida Republican Party who is accused of diverting campaign money for personal use, promises to further shake up the party.
Degrees of Debt

Battling College Costs, a Paycheck at a Time

The modern realities of soaring tuition and other expenses are testing, but not defeating, the tradition of working one's way through school.
Fair Game

On the Waiting List at the Debt-Rating Club

Legislators have tried to open the world of credit-ratings agencies to more competition. But for one small firm, it's been tough to gain federal recognition.
Economic View

Give Me Your Tired, Your Poor and Your Economists, Too

Many economists are receptive to the concept of immigration, partly because they tend to have a libertarian streak. But immigration has also benefited economists' own profession.

Spying on Law-Abiding Muslims

Once again, the courts may need to stop the New York Police Department from illegal surveillance activities.
Editorial | Sunday Observer

The Gradual Selling of America the Beautiful

It's a big country, but commercial interests have been chipping away at it. So far, President Obama hasn't done enough to protect the public's land.

India in the Slow Lane

Reviving the economy requires New Delhi to make hard regulatory reforms.
Capital Ideas

It's Not Easy Being Green

The strongest argument for a major government response to climate change is the obvious argument: climate change.
On Feb. 10, 1962, the Soviet Union exchanged the captured American U-2 pilot Francis Gary Powers for Rudolph Ivanovich Abel, a Soviet spy held by the United States.

NYT: ALERT FGC BOLSA - FGC FINANCIAL MARKETS February 10, 2013.: It’s Not Easy Being Green by David leonhard

February 10, 2013 Compiled: 12:35 AM

The strongest argument for a major government response to climate change is the obvious argument: climate change.

According to new research, money actually does buy happiness — with one notable exception.

Many economists are receptive to the concept of immigration, partly because they tend to have a libertarian streak. But immigration has also benefited economists’ own profession.