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Oct 22, 2013

RTAmerica October 22, 2013: Fox News Used Undercover PR Staff to Refute Negative Publicity.

GATA | THE GATA DISPATCH OCTOBER 22, 2013: Talk Shifts Away From "Tapering" and Toward Increase Bond Buying.

Talk shifts away from 'tapering' and toward increased bond buying

Fed Likely to Delay Taper After Disappointing US Jobs Data
By Katherine Rushton
The Telegraph, London
Tuesday, October 22, 2013

American employers created fewer jobs in September than forecast, raising expectations that the US Federal Reserve will keep pumping money into the world's largest economy at the same rate for several months yet.

Stock markets rose on Tuesday as investors bet that the central bank would keep on buying bonds at the rate of $85 billion a month until next year, and potentially even increase that figure to help fuel America's still-fragile economic recovery.

America added 148,000 jobs in September, according to delayed figures from the US Labour Department -- far short of analysts' forecasts of 180,000 jobs, and the 193,000 extra jobs created in August. The increase was also well below the average increase of 181,000 jobs a month which America has seen since the start of the year.

The country's labour market is expected to grow even more slowly in the last few months of 2013, as the US absorbs the impact of the political standoff which forced the government to shut down earlier this month.

"The October payrolls number will be bad due to the government shutdown. I think this might [delay] tapering to March," said Craig Dismuke, chief economic strategist at the US analysis firm, Vining Sparks.

Joseph Trevisani, chief market strategist at WorldWideMarkets, added that "another weak payroll" could push the Fed to increase its quantitative easing programme rather than scale it back.

The Fed has said it will start weaning the US economy off its fiscal stimulus scheme only after America's employment situation shows sustained improvement.

The country's unemployment rate fell to 7.2 percent in September, the lowest since November 2008, but the central bank has made it clear that it needs to see a sustained improvement in other factors, including job creation, before tapering begins.

It had been expected to start reducing its bond buying habit in the autumn, and surprised markets last month when it decided to keep the taps on full. The employment situation is just one of a number of factors which now appear to be kicking it into the long grass.

In addition to the weak jobs data, the government shutdown is expected to have forced a delay. Standard & Poor's, the ratings agency, estimated that the episode has sucked $24bn out of the US economy, shaving around 0.6 of a percentage point of its fourth quarter growth.

Chris Williamson, an analyst at Markit, said that tapering looks unlikely to happen before March and could be kicked back even further if it turns out that the US budget standoff had a major impact on business confidence. March "is by no means assured," he said.

The Fed is likely to ally its tapering decision to jobs growth even more closely under Janet Yellen, who will replace Ben Bernanke as chairman in January next year. Ms Yellen was one of the architects of the Fed's policy of linking fiscal stimulus measures to America's jobs situation, and is expected to be very vocal about ensuring the labour market is in good health before it starts pulling back on QE.
"I think it's reinforcing Yellen's hand as the dove on the committee," said Aaron Kohli, an interest rate strategist at, BNP Paribas.

The Dow Jones Industrial Average was up 119 points, or 0.8pc, to 15,511 in mid-morning trading in New York, whilst the S&P 500 index rose 14.1 points, or 0.8pc, to 1759. In London, the FTSE 100 had risen 53.4 points, or 0.9pc, to 6,713, by mid-afternoon.

* * *

GATA | THE GATA DISPATCH OCTOBER 22, 2013: China Makes Reinmibi-Trading Agreement With Siggapore.

China makes renminbi-trading agreement with Singapore

By Jeremy Grant and Josh Noble
Financial Times, London
Tuesday, October 22, 2013

China is to further internationalise its currency by allowing Singapore-based investors to buy renminbi-denominated securities, paving the way for direct trading between the two countries' currencies.

The accord follows last week's announcement from George Osborne, Britain's chancellor -- or finance minister -- who touted a similar agreement as a breakthrough for London as a global hub for renminbi trading.

The deals highlight how China has been carefully handling the granting of trading privileges to financial centres jostling to win status as offshore renminbi hubs as use of the Chinese currency outside the country grows.

 In the latest agreement, China will extend its so-called renminbi qualified foreign institutional investors (RFQII) programme to Singapore, allowing Singapore-based banks and asset managers a quota of Rmb50 billion ($8.2 billion) to invest in Chinese securities, the Monetary Authority of Singapore said.

Under a similar arrangement struck last week with Britain, that quota was set at Rmb80 billion for financial institutions based in that country. Hong Kong is the only territory with an existing RFQII arrangement.

Under RQFII, those holding renminbi offshore are able to invest directly in mainland Chinese assets -- from stocks to bonds to money market funds. By widening the investment options for renminbi sitting outside China, the system is partly designed to encourage the use of the currency for trade settlement.

It also helps to increase foreign participation in China's domestic markets, something the authorities have been keen to do in an attempt to attract more long-term investment.

For Singapore, a tiny island nation of only 5.3 million people, the agreement with China marks another significant step in building itself up as the renminbi hub for southeast Asia.
One of China's biggest state-owned banks, Industrial & Commercial Bank of China, in May started clearing services for renminbi transactions in Singapore.

In September, Singapore overtook Japan as Asia's biggest foreign exchange centre for the first time, making it the third-largest such hub in the world after London and New York.

Currency strategists say that Singapore is not likely to rival Hong Kong as an offshore renminbi centre, and is seen as a future renminbi hub for business done in the Chinese currency across the Association of Southeast Asian Nations.

"Singapore is a significant foreign exchange hub, meaning the market structure is already in place, and its position as a regional manufacturing and trading centre will ensure there is real and growing demand around renminbi," said Loh Boon Chye, deputy president for Asia Pacific at Bank of America Merrill Lynch in Singapore.

However, use of the currency for trade settlement generally has failed to keep pace with trading.
While the renminbi was the eighth most popular trading currency in August this year -- the most recent month for which figures are available -- it was only the 12th most used payments currency, according to Swift, the payments system.

The MAS said Singapore would also be "given consideration" as one of the investment destinations under a separate "renminbi qualified domestic institutional investor" scheme. This would allow Chinese investors to use the renminbi to invest in Singapore's capital markets.

In addition SGX, the Singapore exchange, and the Shanghai Futures Exchange signed an initial agreement to jointly develop commodity derivatives.

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NYT | Asian Morning Today's Headlines October 22, 2013: Civilian Deaths in Drone Strikes Cited in Report

The New York Times

Tuesday, October 22, 2013

Top News
A car dealer's lot in Miram Shah, Pakistan. The town, in North Waziristan, is near the Afghan border and has been a target of American drone strikes meant to kill leaders of militant groups.
Civilian Deaths in Drone Strikes Cited in Report


The study asserts that the C.I.A. drone campaign in Pakistan has at times killed civilians indiscriminately. In interviews, residents spoke of terror and strain within a society caught between militants and the drones.
. Graphic  Graphic: The Drone Strike Capital of the World
Several people filled out job applications at a job fair this month in Sunrise, Fla.
Weak Job Data May Weigh on Fed's Decision on Stimulus


A Labor Department report showing lackluster hiring in September - 148,000 jobs - is expected to further put off the Federal Reserve's decision to reduce its stimulus efforts.
Abdulla Darrat, an urban planner from Queens, said he has been singled out for repeated searches by airport security.
Security Check Now Starts Long Before You Fly


The T.S.A. has at its fingertips a large range of personal records to prescreen passengers, including past travel, property records and vehicle registrations. 

Editors' Picks


Video Video: Soaring to the Stratosphere
The Perlan Project is building a carbon-fiber glider to carry two pilots to 90,000 feet. Its mission is to set an altitude record and to explore the high reaches of atmosphere.
A still from the film ''Captain Phillips.'' The complex relationship between Islamists and the pirates is poorly understood in the West.

OPINION | Op-Ed Contributor

Al Shabab Fights the Pirates


Somali piracy has all but vanished, but not because of multinational naval action off the Horn of Africa.
A Syrian man mourned over a victim of a poison gas attack in Douma, a city on the outskirts of Damascus, in August.
In Syria, Doctors Risk Life and Juggle Ethics


As Syria moves toward destroying its chemical stockpile, some say the credit lies with doctors who risked their lives - and confronted questions of medical ethics - to expose the weapons' use.
U.S. Secretary of State John Kerry with British Foreign Secretary William Hague in London on Tuesday.
Kerry Says Syrian Opposition Still Undecided on Peace Conference Next Month


Secretary of State John Kerry joined with 10 allies in expressing support for a peace conference, although the opposition hasn't yet committed.
Taliban to Fight During Winter Lull, U.S. Military Officer Says


Insurgents are expected to carry out an aggressive campaign of violence in Afghanistan this winter, a senior American military official warned.
Timothy D. Cook, Apple's chief, discussing the company's new iPads.

Bits Blog

Highlights and Analysis From Apple's iPad Event


Apple announced an iPad Air, a faster and thinner tablet, and a new Mini that comes with a higher resolution "retina" display.
. Bits: Nokia Introduces First Windows Tablet
The Lumia 2520 by Nokia.

Bits Blog

Nokia Tablet Introduced Before Microsoft Deal Closes


Microsoft will soon have to integrate Nokia's devices business, but for now, Nokia is forging ahead with a Windows tablet similar to Microsoft's Surface 2, which goes on sale today.
Judge Orders Goldman to Pay Programmer's Legal Bills


Judge Orders Goldman to Pay Programmer's Legal Bills


Goldman Sachs has been ordered to pay the legal fees of a former computer programmer accused of stealing code, a decision that wades into a hot-button issue as more and more Wall Street employees find themselves ensnared in lawsuits and investigations.
Timothy D. Cook, Apple's chief, discussing the company's new iPads.
With New Apple iPads, Tablets Move Closer to Passing PCs in Sales


At a company event, Mac computers took a back seat as Apple unveiled tablets with faster processors and Internet connections.
. Bits Blog: Highlights and Analysis From Apple's iPad Event
. Bits Blog: Nokia Tablet Introduced Before Microsoft Deal Closes
An Amazon warehouse in Swansea, Wales. The company is expected to have around $75 billion in revenue this year.
Sales Are Colossal, Shares Are Soaring. All Amazon Is Missing Is a Profit


With gargantuan revenue, Amazon's recent profits have been slim to nonexistent. In its quest to become the world's bazaar, are earnings beside the point?
. Bits Blog: Amazon Tightens Shipping Requirements tightened the requirements for one of its most popular shipping methods, Super Saver Shipping, which for a over a decade mailed items for free as long as the order met a $25 threshold.

Bits Blog

Amazon Raises Threshold for Free Shipping

By DAVID STREITFELD is expected to generate $75 billion in revenue this year by putting its customers first. Tuesday, in a very rare move, it put its bottom line first.
Lance Armstrong, left, and George Hincapie, during the Tour de France in 2004. Hincapie was one of four riders who confessed to doping and testified against Armstrong.

Sports of The Times

Anti-Doping Agency Exposed Armstrong, but What About Others?


Dozens of people were mentioned in the report that exposed Lance Armstrong's lies, but a year after the report, we still do not know the identities of most of them.
Cristiano Ronaldo, center, will lead Portugal against Sweden in the World Cup playoff round next month, but his club team, Real Madrid, is focusing on the Champions League.
In European Soccer, World Cup Is One of Many Priorities


The World Cup playoff draw for European teams was made Monday, but by Tuesday some of the players on those teams had other, more urgent, priorities.
Cristiano Ronaldo, center, and Portugal will face Sweden. Among other pairings, Ukraine will play France, the 1998 Cup champion.
Matchups Set for Europe's Last Cup Spots


Portugal will play Sweden and France will face a tough home-and-home against Ukraine when eight teams square off for the continent's final four places in next summer's World Cup in Brazil.
U.S. News
A Front-Yard Burial, No Matter What


Ever since James Davis laid his wife to rest just off his front porch, he and the City of Stevenson, Ala., have been at odds.
Gov. John R. Kasich at the Cleveland Clinic on Friday, making a case for expansion.
Medicaid Expansion Is Set for Ohioans


Defying the Republican majorities in both houses of the General Assembly, Gov. John R. Kasich, a Republican, pushed through the expansion under the health care law.
President Obama spoke Monday in the Rose Garden about the technical problems on the Web site, declaring that
Obama Admits Web Site Flaws on Health Law


President Obama offered an impassioned defense of the Affordable Care Act, acknowledging the technical failures of the Web site, but providing little new information about the problems.
. Video  Video: Obama on Health Site Glitches
. Contractors See Weeks of Work on Health Site

Op-Ed | Ali Jarbawi

Mapping a Palestinian Strategy


The Palestinians should approach the talks from a tactical rather than a strategic perspective.

Op-Ed Contributor

An Incomplete Democracy


Pakistan's military isn't itching for another coup, but it continues to wield a lot of influence, often with impunity.

NFA | Enforcement Actions on October 15. 2013 to INTERBANK FX LLC: NFA issued a Complaint charging Interbank with failing to maintain complete and accurate records and failing to timely report trade data and other required information to NFA.

Case Summary


Respondent/Effective Date Summary
 NFA IDRespondentEffective Date
 0326091INTERBANK FX LLC10/30/2013

Rule Summary
 NFA IDRespondentRule Type

Committee Summary
 NFA IDRespondentCommittee

Action Summary
 NFA IDRespondentAction Types

Penalty/Event Summary
 NFA IDRespondentPenalty/EventEvent Date
 0326091INTERBANK FX LLC• FINE $60000010/15/2013

Narrative Summary
Narrative for 0326091 - INTERBANK FX LLC
On October 15, 2013, NFA issued a Complaint charging Interbank with failing to maintain complete and accurate records and failing to timely report trade data and other required information to NFA.
On October 15, 2013, pursuant to a settlement offer submitted by Interbank, the firm was ordered to pay a $600,000 fine.

Case Documents Summary
 NFA IDRespondentDocument Type