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Feb 13, 2013

NYT | Global Update February 13, 2013.: News Analysis In Age of Spending Cuts, Making a Case for Government by Richard W. Stevenson.

The New York Times International Herald Tribune
February 13, 2013
Compiled 21:45 GMT

Global Update

News Analysis

In Age of Spending Cuts, Making a Case for Government

President Obama suggested Tuesday night that it was time to close out the politics of austerity and move to a more balanced approach on fiscal issues.

A Running Start for a U.S.-Europe Trade Pact

Officials from Washington and Brussels say they have already resolved some of the stickiest issues, but concede that the details could hit snags.

Pope Says Exit Is for 'Good of the Church'

In his first public appearance since the announcement of his resignation, Pope Benedict XVI said he no longer had the strength needed to carry out the duties of the papacy.

Photographs: Cash for Guns in Mexico City

The gun-buyback program at the Basilica of St. Mary of Guadalupe in Mexico City has drawn an array of people. These are some of the 3,500 weapons turned in thus far to a tent outside the holy shrine.

Op-Ed Contributor

Giants, but Not Hegemons

There is no need for conflict between America and China now that global dominance is no longer achievable.

'Constant Drumbeat' Sped the Pope's Exit

"It wasn't one thing, but a whole combination of them" that caused Pope Benedict XVI to resign, an expert said. Scandals have battered the papacy relentlessly.

Incoming South Korean President Steps Up Criticism of North Korea

The incoming President Park Geun-hye of South Korea warned on Wednesday that North Korea's pursuit of nuclear weapons would bring its regime "self-destruction."

China Looms Over Response to Nuclear Test by North Korea

China will almost certainly join the United States in supporting tougher sanctions for Pyongyang over Tuesday's test, accompanied by sterner reprimands from Beijing.
Tool Kit

Blogging With Video, and a Shot at Going Viral

The first rule for would-be video bloggers: Don't let your ego get between the camera and the audience.
Media Decoder Blog

Time Warner in Talks to Sell Off Majority of Magazines

The media company could retain flagship titles like Time, Sports Illustrated and Fortune but sell the rest.

Treasury Nominee Stresses His Bipartisan Skills

Jacob J. Lew, President Obama's pick to lead the Treasury Department, faced questions about his approach and his work on Wall Street.

Silicon Valley and Immigrant Groups Find Common Cause

Silicon Valley executives, who have long pushed for more visas for foreign-born experts in math and science, are joining forces with immigration advocates.

Obama Order Gives Firms Cyberthreat Information

The measures considered most important by cybersecurity experts were not included in the executive order because they require Congressional approval.

Europol Takes Down Cybercrime Gang in Spain

Europol, the European police agency, said that it had dismantled a successful cybercrime organization led by Russians who extorted money from computer users.

Italian Flair, but With a Really Rough Edge

Juventus crushed Celtic in Glasgow in their Champions League match, and the Scottish club's manager was quite vocal afterward over how his players were roughed up near the goalmouth.

Bowlers Steal Spotlight in South Africa-Pakistan Test

The pacemen of South Africa are blowing away their opponents at a rate rarely seen, while Pakistan's Saeed Ajmal is the greatest active spinner.

The Storylines in Madrid Overshadow a Marquee Match

Manchester United plays at Real Madrid on Wednesday in a tantalizing Champions League Round of 16 game.

Tests to Show if Fugitive Died in California Cabin

Officials will begin forensic tests to determine if charred human remains in a burned-out cabin are those of Christopher J. Dorner.

College Health Plans Respond as Transgender Students Gain Visibility

Administrators at several campuses said it was students who brought the issue to their attention, part of a push to accommodate transgender students.

Hemp Growing Finds Allies of a New Stripe in Kentucky

Proponents see hemp as a source of agricultural jobs, an alternative for struggling farmers and a wonder plant with uses from bluejeans to building materials.
Op-Ed Columnist

When E.T. and I.T. Meet ID

Innovation is alive and well in India. Just look at these start-ups.
Op-Ed Contributor

North Korea's Lesson: Nukes for Sale

Testing a uranium-based bomb would announce to the world that North Korea is now operating a new, undiscovered production line for weapons-usable material.

Exclusive: Clark was all LNG, all the time on Hong Kong, China mission: BIV Today's Business News February 13, 2013

Politics and Policy

Exclusive: Clark was all LNG, all the time on Hong Kong, China mission

Premier Christy Clark's September 10, 2012, meeting in Hong Kong with tycoon Li Ka-shing was all about liquefied natural gas – despite ... READ MORE

Mining and Energy


B.C. to tap LNG industry for new tax revenue

Premier Christy Clark announced in Tuesday’s throne speech plans to ... READ MORE

Ports and Shipping


Port Metro seeks PR help over controversial coal expansion

Weeks after okaying a controversial coal-handling expansion at Neptune Terminals, Port Metro Vancouver (PMV) is seeking ... 

DealBook P.M. Edition February 13, 2013.: Meet the Morgan Stanley C.F.O. Candidates

If you have trouble reading this e-mail, please click here Home |Business Day| Video The New York Times

Wednesday, February 13, 2013
Meet the Morgan Stanley C.F.O. Candidates Among the leading internal candidates are said to be Paul Wirth, Jonathan Pruzan, Dan Simkowitz and James A. Rosenthal.

In First Disclosure, Getco Reveals Years of Sagging Revenue and Profit Getco, the privately held high-frequency trading firm, released its financial results for the first time as part of its impending purchase of Knight Capital Group.
Regulator Explains Decision to End Flawed Foreclosure Review Thomas J. Curry, the comptroller of the currency, shed light on the recent decision to scuttle an independent review of bank foreclosures, portraying the flawed process as a boon to outside consultants and a barren maze for homeowners.
Breakingviews: Comcast's Prime-Time Deal Jeffrey Goldfarb says that Comcast is valuing NBCUniversal at about nine times earnings before interest, taxes, depreciation and amortization, assuming growth continues at a similar pace, roughly where Barclays analysts peg Disney.
ING to Cut 2,400 Jobs as Quarterly Profit Misses Estimates The ING Group, based in Amsterdam, posted a fourth-quarter profit of $1.9 billion, up 21 percent from the period a year earlier, on one-time gains from asset sales.
In Frothy Real Estate Market, Switzerland Tightens Capital Rules on Banks The government said on Wednesday that Swiss banks would be required to hold additional capital for residential mortgages amid concerns that the country's booming property market was overheating.
Lux Capital Closes 3rd Fund at $245 Million The venture capital firm Lux Capital said on Wednesday that it had closed its third fund at $245 million, the biggest pool of capital it has raised to date.
Societe Generale to Restructure After 4th-Quarter Loss The French bank posted a net loss of $640 million in the last three months of 2012, and announced a restructuring plan to cut costs and simplify its operations.
Economic Reports Data to be released on Thursday includes weekly jobless claims.
Corporate Earnings Companies scheduled to report results on Thursday include CBS, DirecTV, General Motors, Molson Coors, Nestlé and PepsiCo.
In the United States On Thursday, a House Energy and Commerce subcommittee will conduct a hearing about a Medicare physician payment system, and the Senate Banking Committee will conduct a hearing about reform on Wall Street and oversight of financial stability and consumer and investor protections. Also on Thursday, Transocean, the owner of the rig involved in the 2010 BP oil spill in the Gulf of Mexico, plans to plead guilty in New Orleans as part of a $1.4 billion settlement with the United States.
Overseas On Thursday, the Bank of Japan will issue a statement on monetary policy, and Japan will report fourth-quarter gross domestic product. Also on Thursday, the euro zone statistics agency will report fourth-quarter gross domestic product, and the European Commission will introduce its proposal for a financial-transaction tax in 11 euro-area countries.

Quotation of the Day
"It just doesn't make sense for these servicers to continue funneling money to consultants that could be better used to help distressed borrowers who have lost their homes."
Thomas J. Curry, the comptroller of the currency, on independent foreclosure reviews.

MarketWatch | Wall Street at Close Report February 13,2013.: U.S. stocks finish higher; Dow stalls :

By Wallace Witkowski and Polya Lesova, MarketWatch 

SAN FRANCISCO (MarketWatch)Most U.S. stocks closed fractionally higher Wednesday, while blue chips declined, as positive market momentum mixed with investor anticipation of an overdue correction. 

The Dow Jones Industrial Average DJIA -0.26% fell 35.79 points, or 0.3%, to close at 13,982.81, below its five-year closing high of 14,018.70 on Tuesday. 

Shares of fast-food giant McDonald’s Corp. MCD -1.16% were a significant drag on the price-weighted index. Shares dropped 1.2% to $94.00. While there was some speculation that a call from President Barack Obama to raise the federal minimum wage to $9 an hour from $7.25 weighed on McDonald’s shares, analysts generally dismissed it as being a factor. Read more on McDonald's weighing on the Dow. 
General Electric Co. GE +3.59% was the biggest gainer on the Dow, with shares up 3.6% to $23.39, following an announcement it would sell the rest of its stake in NBCUniversal for $16.7 billion to Comcast Corp. CMCSA +2.98% . Comcast, which closed up 3%, and GE were among the top gainers in the S&P 500. Read: Comcast to buy out GE’s stake in NBCUniversal. 
Following a 6% run-up in markets in January, stocks over the past week have traded mostly sideways, as investors anticipate some sort of correction. 

The intraday high-low spread on the Dow over the previous 13 trading days is the tightest it has been in 25 years, according to Bespoke Investment Group. Over the past 13 days, the difference between the Dow’s intraday high and low has been 1.35%, the lowest spread since December 1986, Bespoke said. The spread on the Dow Wednesday was 0.6%. Read more on Bespoke chart showing Dow flatness. 


Markets bracing for budget battle
WSJ's Paul Vigna reports traders have a worrisome eye on the horizon as severe budget cuts scheduled for March 1 loom. 

The investors who are most looking for a pullback are likely the ones who missed out on the December-January rally following a surprisingly positive earnings season, said Brian Belski, chief investment strategist at BMO Capital Markets.

ADVFN III Evening Euro Markets Bulletin February 13, 2013.

ADVFN III Evening Euro Markets Bulletin
Daily world financial news Wednesday, 13 February 2013

London Market Report
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Footsie hits new five-year high

    Market Movers
    techMARK 2,315.39 +0.59%
    FTSE 100 6,359.11 +0.33%
    FTSE 250 13,602.99 +0.94%
After a subdued start, London’s FTSE 100 index finished with decent gains on Wednesday to set a new five-year high with analysts putting the strong performance down to the weaker pound.

Sterling slumped today - down 0.82% against the dollar at 1,5534 – after the Bank of England said that inflation would likely stay above its 2.0% target until early 2016.

In its three-monthly inflation report, Governor Sir Mervyn King admitted that output has been broadly flat for the last two years, he said the underlying picture is "more encouraging".

"The UK economy is set for recovery, that is not to say that the road ahead will be smooth. It hasn’t been a normal recession and it won’t be normal recovery," he said. However, he said that gross domestic product (GDP) growth is "likely to remain below its pre-crisis level until 2015".

Senior market analyst Michael Hewson from CMC Markets said today that the FTSE 100 today hit its highest levels since early 2008.

“These recent gains have no doubt been helped by the current weakness in sterling as investors start to look at the UK index through the same lens as the weak yen, strong NIKKEI trade, helped by the number of companies in the UK index who generate the majority of their earnings in US dollars,” he said.
FTSE 100: Tullow and CRH surge in afternoon trade
Oil and gas group Tullow rose strongly today after posting a four per cent rise in annual pre-tax profits on the back for strong sales and output. Pre-tax profits in 2012 totalled 1.11bn dollars, ahead of analysts' expectations.

Irish building materials group CRH was one of the best performers after President Barack Obama called for more investment in US infrastructure. Boosting the stock further was the news that Irish industrial production rose 8.5% in December, compared with the 0.7% increase across the Eurozone. Furthermore, CRH notified the market that asset management giant BlackRock had increased its stake in the firm to over 5.0% in a transaction over a year ago, buying up 7.0m shares.

Mining groups were performing well too, with ENRC, EVRAZ, Xstrata, Fresnillo and Rio Tinto making decent gains.

Consumer products giant Reckitt Benckiser managed to narrowly beat consensus expectations with its 2012 results, as a strong performance in the Health & Hygiene division - responsible for brands such as Durex, Gaviscon and Dettol – helped drive growth.

Among the worst performers were Sage Group, AstraZeneca, Shell and BP which were all lower after going ex-dividend.

Carnival shares also took a hit on reports of serious problems on one of its cruise liners, which is now being slowly dragged to Alabama after losing power following a small on-board fire.
FTSE 250: Bumi announces agreement with Bakries
Bumi plc shares rose after it announced that it has signed an agreement that will allow Indonesia’s Bakrie Group to divest its interest in the coal miner. Bakrie will cancel its indirect 23.8% stake in exchange for Bumi plc’s 10.3% holding in Asia’s biggest thermal coal exporter PT Bumi Resources.

Data centre operator Telecity gained after seeing adjusted EBITDA rise 22% in 2012 and saying it enters 2013 with a strong recurring revenue base.

African Barrick Gold's shares plunged after saying it was working to reduce costs following a drop in annual net profits. The gold miner reported net profits of $48.2m for 2012 – down from $284.7m the year before.

Oil and gas firm SOCO was also a heavy faller despite reporting a whopping 170% increase in production in 2012. Stocks slumped as investors compared this to the 400% growth seen during the first three quarters of the year.

AIM/Small Cap Report
FTSE 100 - Risers
Tullow Oil (TLW) 1,260.00p +6.78%
CRH (CRH) 1,420.00p +4.72%
Wolseley (WOS) 3,084.00p +3.28%
Amec (AMEC) 1,124.00p +3.02%
Eurasian Natural Resources Corp. (ENRC) 409.60p +2.99%
Rexam (REX) 468.60p +2.67%
Glencore International (GLEN) 394.45p +2.60%
Admiral Group (ADM) 1,277.00p +2.49%
Xstrata (XTA) 1,183.50p +2.47%
Vedanta Resources (VED) 1,296.00p +2.45%

FTSE 100 - Fallers
Sage Group (SGE) 333.30p -2.88%
AstraZeneca (AZN) 2,950.00p -2.27%
Carnival (CCL) 2,575.00p -2.02%
BP (BP.) 453.60p -1.40%
Royal Dutch Shell 'B' (RDSB) 2,186.00p -1.31%
Morrison (Wm) Supermarkets (MRW) 259.80p -1.07%
Vodafone Group (VOD) 171.65p -1.07%
Royal Dutch Shell 'A' (RDSA) 2,140.50p -0.99%
IMI (IMI) 1,179.00p -0.84%
Aviva (AV.) 364.70p -0.76%

FTSE 250 - Risers
Bumi (BUMI) 444.80p +10.10%
Fidessa Group (FDSA) 1,800.00p +8.76%
Telecity Group (TCY) 893.50p +8.30%
Ferrexpo (FXPO) 290.20p +5.14%
New World Resources A Shares (NWR) 304.80p +5.10%
Galliford Try (GFRD) 892.00p +4.57%
Synthomer (SYNT) 210.00p +4.12%
Tullett Prebon (TLPR) 301.50p +3.97%
RPS Group (RPS) 240.80p +3.93%
Domino Printing Sciences (DNO) 684.00p +3.79%

FTSE 250 - Fallers
African Barrick Gold (ABG) 302.00p -11.44%
Britvic (BVIC) 420.00p -8.70%
Barr (A.G.) (BAG) 515.50p -7.12%
Soco International (SIA) 380.80p -3.96%
Ocado Group (OCDO) 132.30p -3.50%
UK Commercial Property Trust (UKCM) 68.90p -2.82%
Workspace Group (WKP) 337.00p -2.29%
Computacenter (CCC) 495.50p -2.27%
Big Yellow Group (BYG) 371.50p -1.98%
Dunelm Group (DNLM) 773.00p -1.90%

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European Markets Climbed On Economic Data

The European markets finished in positive territory on Wednesday. Investors were encouraged by the slower pace of decline in Eurozone industrial production and by retail sales data from the United States. Some better than expected earnings data also provided a boost to investor sentiment.

The Bank of England lifted its inflation forecast despite subdued real pay growth, citing the weakness in sterling and higher tuition fees. Further, the bank expressed readiness to provide more stimulus if needed to underpin recovery that is set to be slow.

Inflation is likely to increase further and stay above the 2 percent target for the next two years, the bank said in its quarterly Inflation Report published on Wednesday.

Nonetheless, it is forecast to fall back to the target thereafter. In two years time, inflation is seen at around 2.3 percent compared to the 1.8 percent projected in November.

The Confederation of British Industry (CBI) on Wednesday lowered its growth forecast for the economy this year and said that the weak economic developments abroad, particularly in Eurozone, are expected to restrict growth in exports and business investment.

The CBI is forecasting GDP growth of 1 percent in 2013, slightly below its previous forecast of 1.4 percent. This reflects the weaker-than-expected growth rate in the fourth quarter of 2012.

The group expects the quarter-on-quarter growth to be marginally positive at 0.3 percent in the first quarter of the year, and stay between 0.3-0.4 percent for the rest of 2013.

The Euro Stoxx 50 index of eurozone bluechip stocks increased by 0.23 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.08 percent.

The DAX of Germany climbed by 0.67 percent and the CAC 40 of France advanced by 0.32 percent. The FTSE 100 of the U.K. rose by 0.29 percent and the SMI of Switzerland gained 0.74 percent.

In Frankfurt, Hochtief surged by 6.67 percent. The builder's Australian unit Leighton Holdings returned to profitability following a couple of disastrous years of losses.

In Paris, Societe Generale dropped by 3.57 percent, after the lender reported a loss for the fourth quarter compared to a profit last year, weighed down by one-off charges. Total climbed by 0.38 percent, following its fourth quarter earnings report.

In London, Rio Tinto increased by 2.37 percent. The mining giant announced it will continue operating Gove alumina refinery as the gas to Gove project progresses.

Vodafone declined by 1.07 percent. There were rumors that the Company is considering an acquisition of Kabel Deutschland. Kabel Deutschland surged by 9.01 percent in Germany.

Tullow Oil gained 6.69 percent, after announcing test results from wells in Kenya. Reckitt Benckiser Group rose by 1.51 percent, after increasing its dividend by 11 percent. Petrofac climbed by 2.03 percent, after UBS upgraded the stock to "Buy.

US Market Report
Stocks Extend Lackluster Performance In Mid-Day Trading

Stocks have wavered over the course of the trading day on Wednesday, as traders express uncertainty about the near-term outlook for the markets. An unimpressive retail sales report has contributed to the choppy trading on Wall Street.

The major averages have moved to the downside in recent trading and are currently mixed. While the Nasdaq is up 1.02 points or less than a tenth of a percent at 3,187.51, the Dow is down 60.63 points or 0.4 percent at 13,958.07 and the S&P 500 is down 1.32 points or 0.1 percent at 1,518.11.

The lackluster performance by stocks comes on the heels of the release of the Commerce Department's closely watched monthly retail sales report.

The report showed that retail sales edged up by just 0.1 percent in January, although economists noted that it could have been worse in light of the recent increase in payroll taxes.

A separate report from the Labor Department showed that import prices rebounded by less than expected in January, while export prices rose in line with estimates.

Traders are also digesting President Barack Obama's State of the Union address from last night, although it remains to be seen how much progress the president can make on his policy goals in light of the recent gridlock in Washington.

Obama called for an increase in the minimum wage as well as a boost to investment in infrastructure. The president also continued to push his proposals on immigration, gun control, and climate change.

Sector News

Most of the major sectors continue to show only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.

Nonetheless, notable weakness has emerged among gold stocks, as reflected by the 1.2 percent loss being posted by the NYSE Arca Gold Bugs Index. Coeur d'Alene Mines (CDE) is posting a steep loss after announcing an offer to acquire Orko Silver Corp. for $383 million.

Networking and telecom stocks are also seeing some weakness on the day, although selling pressure remains relatively subdued.

On the other hand, some strength is also visible among tobacco stocks, with Lorillard (LO) posting a standout gain after the cigarette maker reported better than expected fourth quarter results and raised its dividend. healthcare provider and airline stocks have also moved to the upside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Wednesday. Australia's All Ordinaries Index advanced by 0.9 percent, while South Korea's KOSPI Index surged up by 1.6 percent. However, Japan's Nikkei 225 Index bucked the uptrend and fell by 1 percent.

In the bond market, treasuries have climbed off their worst levels of the day but continue to see modest weakness. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.2 basis points at 2.004 percent.

Thursday preview
Mining heavyweight Rio Tinto will on Thursday reveal its first set of full-year earnings since Sam Walsh took the helm as Chief Executive Officer.

Analysts at JP Morgan expect the group to report 2012 underlying earnings of $48.9bn along with further details on its recently announced cost cutting target of circa $3.0bn.

“We expect saving to be exceeded in future years [we model $4.4bn of cuts off the calendar year 2015 cost base with circa 75% from the iron ore and aluminium divisions],” the broker said.

A full year dividend of $1.525 and a final of $0.80 were anticipated by the broker for the year, with no significant rebasing of the dividend until Feb 2014.

JP expects the Iron Ore division to generate 85% ($8.85bn) of the 2012 product group earnings and forecasts cash expenditure of $14.5bn, higher than the company’s guidance of $13.6bn due to timing and currency impacts.

“We do not expect any further project approvals and therefore no change to the calendar year 2014 capital expenditure guidance of circa $13bn,” it said.

“The company should reiterate its +15% average returns across its major growth projects.”

Ahead of the results, Rio said it would continue operating its Gove alumina refinery in Australia’s Northern Territory after the government offered 10 years' worth of its domestic gas supply.

The company had warned it would have to mothball the refinery, operated by Rio Tinto subsidiary Pacific Aluminium, if it could not secure a cheap gas supply to run its energy-intensive operations at Gove, east of Darwin.

In other news, Rio was said to have proposed initial terms on a $4.0bn project financing for the Oyu Tolgoi copper-gold mine in Mongolia as it tussles with the government over profits.

ECB Report (EU) (09:00)
Gross Domestic Product (GER) (07:00)

Amec, Coca-Cola HBC S.A., Electric Word, Hrvatske Telekom D.D GDR (Reg S), Morgan Crucible Co, Rio Tinto, Rolls-Royce Holdings, Shire Plc

Henderson Diversified Income Ltd.

Halma, Helical Bar, Norcros

Bajaj Hindusthan Ltd. GDR (Reg S), Noble Investments (UK)

BlackRock New Energy Inv Trust, Euromoney Institutional Investor

MarketWatch | European stocks rise after finding support on Europe and US data:Europe Markets at Close Report February 13, 2013.

By Sara Sjolin, MarketWatch 

LONDON (MarketWatch)European stocks rose Wednesday, finding support in euro-zone industrial data and a U.S. retail-sales report, while earnings reports from majors Société Générale SA and Heineken NV also drew attention. 

The Stoxx Europe 600 index XX:SXXP +0.42% gained 0.4% to close at 288.27, adding to a 0.5% gain from Tuesday. 

Peugeot may be overly optimistic
The French car maker's management is upbeat despite a $6.74 billion loss last year. But the future isn't entirely in Peugeot's control. (Photo: Getty Images) 

“At the moment, the rally seems to be built on early signs of a recovery and investors have moved back into risk assets fairly rapidly,” said Victoria Clarke, economist at Investec Securities. 

“It’s difficult to see what will stop this run with things a lot quieter in Europe. There’s the Italian election [on Feb. 24-25], which could be a little blip, but I don’t see it as a show stopper,” she said. 

Among notable movers in Europe, shares of Heineken NV NL:HEIA +5.74% jumped 5.7% after the brewer said 2012 revenue and profit were boosted by emerging markets and that it expects volume and revenue growth to continue in 2013. See: Heineken upbeat on volume, sales for 2013 .

GATA | THE GATA DISPATCH February 13, 2013.

World Gold Council to teach central bankers how to trade gold

10:44a ET Wednesday, February 13, 2013

Central bankers will be taught how to trade gold at a three-day seminar on "gold reserves management" to be held in March at the University of California at Berkeley and co-sponsored by the World Gold Council.

Apparently modern "gold reserves management" involves a lot more than making sure that the metal is safe in a vault, even if whether and how a central bank should account to the public for its gold trading do not seem to be subjects for discussion at the seminar.

But at least one of the seminar's lecturers may know something about how a central bank can keep the public ignorant of its market interventions: Kenneth Sullivan, senior financial sector expert with the International Monetary Fund, the organization whose secret March 1999 staff report found that Western central banks conceal their gold loans and swaps to facilitate surreptitious market intervention:

Sullivan, the seminar's announcement says, is the IMF's representative on the International Financial Reporting Standards Advisory Council and chairs central bank accounting study groups addressing issues of transparency in central bank financial reporting. That must be a frustrating job for anyone really pursuing transparency.

To Exit or Not Exit a Trade, Michael Bellafiore: Money Show Traders Daily Alert February 13, 2013.

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