Search This Blog


Search Tool

Sep 16, 2013

NYT | ALERT FGC BOLSA - FGC FINANCIAL MARKETS SEPTEMBER 16, 2013: Push for Yellen To Lead at Fed Gaining Steam

The New York Times | MY ALERTS


Compiled: September 16, 2013 09:07:46 PM

Push for Yellen To Lead at Fed Gaining Steam
After Lawrence H. Summers withdrew from consideration, Janet L. Yellen became the presumptive nominee for the top job at the Fed.

NFA | Notice to Members September 16, 2013: New Recordkeeping Requirements under NFA Compliance Rule 2-10(a) and CFTC Regulation 1.35(a) and Guidance for Relying on Other Commission Registrants for Complying with the New Recordkeeping Requirements.

BIV Today's Business News September 16, 2013: B.C. government wants input on changing liquor laws.

Politics and Policy

Craft beer

B.C. government wants input on changing liquor laws

Should B.C. brewers be allowed to sell craft beer in convenience stores and ... READ MORE


Liquor licensing branch hires new general manager

The British Columbia Liquor Control and Licensing Branch (LCLB) has hired a new general manger ... READ MORE

Real Estate and Development


August home sales evidence of turnaround: BCREA

Residential housing sales in B.C. were up 28.6% in August, compared with ... READ MORE

Economy and Finance


Move public sector to defined contribution pensions: Fraser Institute

Every time there is a shortfall in a public-sector pension fund, it's the taxpayer who must cover the shortfall, according to... READ MORE

More News...


Vancouver council wants to renegotiate new recycling contract terms

Anglo American pulls out of agreement with Vancouver’s Northern Dynasty

Kwantlen Polytechnic breaks enrolment record

This Week's Issue


Westport on road to profit, new boss says

In hopes of finally shedding its research-and-development skin and turning a profit, natural-gas engine technology company Westport Innovations has hired... READ MORE

CMI | Spot Prices as of Close of Trading in New York September 16, 2013.

CMI Gold and Silver

Spot Prices as of close of trading in New York
Monday, September 16, 2013
Updated 9/16/2013 Today Change Week Ago Month Ago Year Ago
GOLD $1,319.05 +$9.50 $1,388.35 $1,372.85 $1,771.80
SILVER $22.01 +$0.28 $23.79 $23.38 $34.67
PLATINUM $1,443.20 -$4.40 $1,488.20 $1,529.90 $1,716.50
PALLADIUM $709.10 +$16.60 $683.70 $766.00 $701.30

NYT | Global Update September 16, 2013: U.N. Report Confirms Rockets Loaded With Sarin in Aug. 21 Attack

The New York Times International Herald Tribune
September 16, 2013
Compiled 20:45 GMT

Global Update


U.N. Report Confirms Rockets Loaded With Sarin in Aug. 21 Attack

The report by weapons investigators was the first confirmation by independent scientific experts that chemical weapons were used in the attack outside Damascus.

U.S. and Allies Push for Strong U.N. Measure on Syria's Arms

France and Britain joined Secretary of State John Kerry in warning Damascus of "consequences" if it delays disarmament.

Gunman and 12 Victims Killed in Shooting at D.C. Navy Yard

A gunman was killed Monday morning after a shooting that left at least 12 people dead at a naval office building not far from Capitol Hill and the White House, officials said.

Video: Raising the Costa Concordia

Engineers in Giglio, Italy, worked all day Monday to pull up the Costa Concordia cruise liner, 20 months after a wreck that killed 32 people.

Op-Ed Contributor

The Next Fed Chairman's Global Clout

No matter who is chosen, there are big changes in store for central banks and financial markets the world over.

Turkey Says It Downed Syrian Helicopter in Its Airspace

A Russian-built military aircraft was repeatedly warned to turn back before being fired on by two warplanes, Turkish officials said.

Deal Represents Turn for Syria; Rebels Deflated

The accord on chemical arms is seen as a major turning point by both sides in Syria, leaving the rebels deflated and government supporters jubilant.

Brief Respite for President, but No Plan B on Syria

The Russian-American deal to destroy Syria's chemical weapons gives President Obama some breathing space, but the list of things that could still go wrong is daunting.

Obama Warns Congress Not to Imperil Economy

On the fifth anniversary of the 2008 financial collapse, the president warned that House Republicans would reverse the gains made with their stands on looming budget deadlines.

Summers Pulls Name From Consideration for Fed Chief

Facing growing opposition in Congress, Lawrence H. Summers, the former Treasury secretary and a top contender for Federal Reserve chairman, told President Obama that he didn't want to be considered for the job.

Britain to Sell 6% of Lloyds Banking Group

The decision comes five years after Lloyds received a multibillion-dollar bailout from taxpayers and is an effort to take advantage of the firm's improving fortunes since the financial crisis.
Bits Digital Diary

The iPhone 5C and the Allure of Shownership

For better or worse, getting Apple's new line of iPhones isn't just about ownership - it's about inspiring desire and jealousy in those around you that you've got the latest device.
Bits Blog

When Tech Turns Nouns Into Verbs

Cars, cameras, thermostats and computers are changing their look and functionality on a near-constant basis, making a world where objects cater experiences to the moment.
Bits Blog

Box Adds Document Writing to Its Cloud

Box, the online storage service, has announced it is getting into the content-creation business with a product that is a stripped-down, word-processing program.

'Like a Hurricane in the Air'

Mark McMorris, a 19-year-old from the Canada prairies, has the kind of airborne moves in snowboarding that could translate to Olympic gold.

An Unassuming Stenson Leads a Summer Surge by Swedish Golfers

Led by Henrik Stenson, first in the European Tour's Race to Dubai and the PGA Tour's FedEx Cup standings, Swedish golfers, male and female, have surged.
On Soccer

A Winter World Cup? Gulati Says Not So Fast

Sunil Gulati of the United States says three weeks is too soon to have an educated vote on whether to change the dates of the 2022 World Cup in Qatar.

Weather Grounds Copters in Colorado Rescue

Officials waited to get helicopters grounded by rain and fog back into the air to rescue hundreds of people who remain cut off by floodwaters.

C.D.C. Report Finds 23,000 Deaths a Year From Antibiotic-Resistant Infections

At least two million people also fall ill each year, officials found in research that was the first to quantify a growing public health problem.

The Syrian Pact

Aiming to destroy chemical weapons, the process might open the way to a broader settlement.
Op-Ed Columnist

The Missing Partner

If you really want peace in Syria, talk to Iran.
Op-Ed Columnist

Give Jobs a Chance

It's not time for the Federal Reserve to take its foot off the gas pedal.

DealBook P.M. Edition September 16, 2013: JPMorgan Set to Pay Fines for Whale Trading Losses.

Monday, September 16, 2013
JPMorgan Set to Pay Fines for Whale Trading Losses Global authorities are preparing to levy more than $700 million in fines against JPMorgan Chase over the bank's huge trading loss in London last year.
    Morgan Creek Starts Mutual Fund The new fund will allow average stock and bond investors to get a taste of the exclusive world of hedge funds, traditionally reserved for pension funds, charities, big institutions and the ultra wealthy.
    China Insider: Twitter's Plans May Run Into China's Attitudes Toward the Internet Twitter has opportunities to sell advertising to Chinese enterprises, but it may do well to pay attention to the Chinese government's efforts to win allies for its approach to managing the Internet, says Bill Bishop.
    Antonio Horta-Osorio is the chief executive of the LLoyds Banking Group.
    Britain to Sell 6% of Lloyds Banking Group The decision comes five years after Lloyds received a multibillion-dollar bailout from taxpayers and is an effort to take advantage of the firm's improving fortunes since the financial crisis.
    Questions Swirl After Summers Drops Out of Consideration for Fed Economists and pundits weighed in on the news, and on social media, about the president's next move.
    Barclays Faces Fine in Qatar Deal Barclays said on Monday that Britain's financial regulator had concluded the bank acted "recklessly" when it raised emergency money from Qatari investors during the financial crisis and could be fined $79 million.
    Since Lehman's Collapse, Companies More Forthcoming on Compliance Since the collapse of Lehman Brothers, companies are committing a lot more time, money and resources to comply with a host of regulatory requirements.
    KPN Books Loss on Sale of German Unit The Dutch cellphone operator KPN announced on Monday that it would book a $4.9 billion loss on the sale of its German unit E-Plus to the Spanish giant Telefónica, possibly making KPN more valuable to América Móvil, which is seeking to acquire it.
    British Agency Appoints New Chief to Oversee Bailout Investments The British government agency in charge of managing the holdings in the country's bailed-out banks has appointed James Leigh Pemberton, a former Credit Suisse banker, as its new chief executive.
    Reuters Breakingviews: Marchionne Still Low-Balling Chrysler A Chrysler initial public offering would cost Fiat time and money better spent on integrating the companies. It's time for the chief executive, Sergio Marchionne, to increase his offer for the remaining stake, says Olaf Storbeck.
    DealBook Video
    The Financial Crisis, Five Years Later Andrew Ross Sorkin remembers the day the economic collapse began and offers answers to three tough, lingering questions.

MarketWatch | Wall Street at Close Report September 16, 2013: S&P 500, Dow rise; Apple hits Nasdaq Composite

By Kate Gibson, MarketWatch 
NEW YORK (MarketWatch)U.S. stocks mostly rose on Monday, lifting the S&P 500 index to within reach of its record after Larry Summers took his name out of the running to head the Federal Reserve. 

Summers had been a critic of quantitative easing, and global markets are thrilled he will not be in charge of taking away their ‘fix’ too quickly,” wrote Nick Raich, chief executive officer at the Earnings Scout, in emailed commentary. 

Equities were also bolstered by a weekend agreement between the U.S. and Russia on a plan to get rid of Syria’s chemical weapons. 

“After the initial shock of the Summers announcement begins to wear off, we expect the stock market to consolidate recent gains, as it digests Fed news and waits to see how developments in Syria progress,” noted Fred Dickson, chief investment strategist at Davidson Companies. 

The S&P 500 index SPX +0.57%  on Monday came within five points of its record of 1,709.67 hit on Aug. 2. It finished at 1,697.60, up 9.61 points, or 0.6%. Industrials paced gains among its 10 major sectors, only one of which — technology — landed in negative turf. 

While the S&P 500 on Monday flirted with its first close above 1,700 in six weeks, a Citi Research analyst said he sees the index climbing to 1,900 by the end of 2014.
Shares of Packaging Corp. of America PKG +11.27% leapt nearly 11% after the maker of corrugated shipping boxes said it would acquire Boise Inc. BZ -0.08% for about $1.27 billion. Boise rallied 26%.
Apple Inc. AAPL -0.68%  fell 3.2%, making the consumer technology company the top decliner on the S&P 500, and adding to losses that have had its shares knocked four out of five sessions since the introduction of a lower-cost iPhone. 

Summers exit cheers markets
Paul Vigna and PineBridge chief economist Markus Schomer discuss Larry Summers's withdrawal from Fed chairman consideration, and Nick Timiraos looks at housing prices. 

Allegheny Technologies Inc.’s ATI +0.74%  shares rose 8.1% after the metal processor agreed to sell its tungsten materials unit to Kennametal Inc. KMT +0.85% for $605 million. 

After a 174-point rise, the Dow Jones Industrial Average DJIA +0.77% gained 118.72 points, or 0.8%, to end at 15,494.78. 

After hitting a 13-year high of 3,756.24, the Nasdaq Composite COMP -0.12%  fell 4.34 points, or 0.1%, to end at 3,717.85, hit by the losses for Apple. 

For every stock falling, more than two rose on the New York Stock Exchange, where 655 million shares traded. Composite volume neared 3.1 billion. 

The dollar DXY -0.30%  declined against the currencies of major U.S. trading partners and the yield on the 10-year Treasury note 10_YEAR -0.17%  dropped 1 basis point to 2.879%. 

On the New York Mercantile Exchange, oil futures CLV3 -0.45%  fell $1.62, or 1.5%, to $106.59 a barrel, a three-week low. 

The price of gold GCZ3 -0.48%  rose $9.20, or 0.7%, to $1,317.80 an ounce, settling higher for the first session in five.

Bloomberg Enlarge Image
Stocks rally after Larry Summers, above, says he is taking his name out of consideration to be the next Fed chief.
The exit by Summers, a former Treasury secretary and economic adviser to President Barack Obama, came as some Democrats on the Senate Banking Committee voiced opposition to his potential nomination, which had not been announced. 

His exit comes just ahead of a two-day Fed meeting that begins Tuesday, with the central bank expected to start cutting its $85 billion in monthly bond purchases, which are otherwise known as quantitative easing. That stimulus has helped the S&P 500 surge more than 150% from its March 2009 low. 

A critic of quantitative easing, Summers was viewed as more likely to tighten monetary policy than Janet Yellen, the current Fed vice chair now considered the most likely person to replace Ben Bernanke as Fed chief. 

Monday’s economic reports included manufacturing in the New York region expanding less than expected this month, despite a pickup in orders and shipments.

The Federal Reserve said industrial production climbed in August.

On Friday, Wall Street knocked out a second week of gains as worries about Syria ebbed and as investors looked to this week’s monetary-policy decision by the Fed. 

On Monday, a United Nations report found “convincing evidence” that poison sarin gas was used in an Aug. 21 attack that killed more than 1,400 people near the Syrian capital of Damascus.
Kate Gibson is a reporter for MarketWatch, based in New York.