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Nov 27, 2013

Al Jazeera English Expelled from Parliament November 27, 2013.

Berlusconi expelled from parliament

DealBook P.M. Edition November 27, 2013: Thanksgivukkah Reading: A Lending Boom for 'the Devil Incarnate'

Thanksgivukkah Reading: A Lending Boom for 'the Devil Incarnate' To the dismay of regulators, investors are increasingly embracing to higher credit risk for the potential of higher returns.

"Covenant-lite" loans are growing rapidly after almost disappearing during the 2008 credit crisis. This can be a salve for smaller companies already burdened with debt. And it can leave investors blind to financial trouble that would be reported in other loans.

Lynnley Browning reported that banks have ceded their role in leverage loans to private equity firms. Those shadow banking players use leveraged loans to bankroll mergers and refinance debt. Investors are given little insight into how the loans to private companies are structured.

"Borrowers with less than stellar credit have been able to borrow galactic amounts of debt at down-to-earth rates," a panel from Carter Ledyward and Milburn said at a meeting of the Loan Syndications and Trading Association.
At the leveraged loan industry's annual conference on Oct. 17, nearly one in four participants voted to label cov-lite loans "the devil incarnate." A senior banker who sells leveraged loans said cov-lite loans were "more like purgatory, because you can watch your company degrade but not trip any covenants that allow you to call a default." Some 61 percent, the largest group of participants, said they "don't love them, but can live with them."

For the latest updates, go to »

A look back on our reporting of the past week's highs and lows in finance.
Brazil High Court Puts Off Depositor Ruling Until Next Year
Brazil High Court Puts Off Depositor Ruling Until Next Year Multiple class-action lawsuits over more than two-decade-old policies could together cost Brazil's $64.8 billion - more than a quarter of the banking system's equity.
Travelers checking in at American Airlines kiosks at Chicago's O'Hare International Airport. A bankruptcy court ruling on Wednesday puts an end to a rocky two-year period for the airline.
Airlines Clear Final Merger Obstacle The approval of American Airlines' reorganization plan by Judge Sean H. Lane puts an end to a rocky period for the proposed merger of American and US Airways.
Moncler Sets Price Range for I.P.O.
Moncler Sets Price Range for I.P.O. The Italian maker of luxury winter jackets plans to raise as much as $1.1 billion in its initial public offering on the Milan stock exchange.
The Overlooked Secret to Great Performance
Life@Work: The Overlooked Secret to Great Performance Few companies or leaders systematically focus on, and invest in, how their employees feel, even though doing so would serve their bottom line, writes Tony Schwartz.
CVS Caremark to Buy Infusion Business
CVS Caremark to Buy Infusion Business The $2.1 billion acquisition of Coram will not affect CVS Caremark's financial results in 2014 but is expected to add 3 to 5 cents to adjusted earnings per share in 2015.
Vivendi to Spin Off Its Internet and Mobile Unit
Vivendi to Spin Off Its Internet and Mobile Unit After the split, the new Vivendi would be a smaller company primarily focused on its Universal Music Group, television and other content development.
Reuters Breakingviews: A Prediction: Bitcoin Is Doomed to Fail The web currency appeals to right-wing thinkers. But private sector money is a fantasy. Currencies need political authority to raise taxes or to pass laws to unwind monetary excesses, writes Edward Hadas.
Men's Wearhouse has turned the tables on its rival, Jos. A. Bank.
Once Suitor, Jos. A. Bank Is a Target for Men's Wearhouse In a strategy that harks back to the Pac-Man defense, Men's Wearhouse bid $55 a share in cash to acquire its one-time suitor.
New Boom in Subprime Loans, for Smaller Businesses
New Boom in Subprime Loans, for Smaller BusinessesWall Street investors, private equity firms and hedge funds are buying up what would appear to be risky subprime loans from ever-smaller companies.
Analyst Seeks to Avoid Jail by Testifying in SAC Trial
Analyst Seeks to Avoid Jail by Testifying in SAC TrialThe Steinberg trial has lost a bit of its tension because it comes after SAC's guilty plea and the firm's agreement to stop managing money for outside investors.
Deal Professor: Risky Investment Vehicle With High Yields Gains Prominence Business development companies are publicly traded and return big dividends, making them attractive to small investors. But they also come with high risk, writes Steven M. Davidoff.
Elliott Management paid its nominees to the Hess Corporation board.
A Debate Over Paying Board Nominees of Activist Funds The dispute around director compensation is the latest front in the war of influence between activist hedge funds and corporate boards.
Andrew Ross Sorkin.
DealBook Column: Render Unto Caesar, but Who Backs Bitcoin? Bitcoin aspires to be a universal electronic currency. On that score, it is unlikely to succeed, writes Andrew Ross Sorkin.
Sergio Marchionne, Fiat's chief executive, wants full control of Chrysler.
Chrysler's Stock Sale Is Delayed Until 2014 Its parent company, Fiat, will have more time to negotiate the purchase of a 41.5 percent stake held by a union health care trust.
Lending Practices at R.B.S. Condemned in Two Reports
Lending Practices at R.B.S. Condemned in Two Reports The British bank principally owned by the government said that it had hired a law firm to examine its lending practices.
With growing acceptance from regulators, bitcoin is at the center of the virtual money universe.
In Bitcoin's Orbit: Rival Virtual Currencies Vie for Acceptance Despite mounting interest in Bitcoin from investors, the virtual universe has spawned a few dozen alternatives, with varying reserves, computer mining requirements and privacy.
John Malone, Liberty Media's chairman, is looking to shake up the cable industry, which has been losing pay-TV subscribers.
Former King of Cable Aims to Regain Crown John C. Malone, the chairman of Liberty Media, is working behind the scenes to gain control of Time Warner Cable, seeking a second act in an industry he once dominated.
For the latest updates, go to »

DealBook Emails DealBook's morning and afternoon emails will return on Monday. DealBook will continue to be updated throughout the holiday weekend.
Devil Inside INXS provides a theme song for the resurgence in subprime loans.
Thanksgiving Song Adam Sandler celebrates the holiday.
Hannukah Song Adam Sandler celebrates the other holiday.

GATA | THE GATA DISPATCH November 27, 2013: Bron Suchecki on the liars, cartel apologists, and the Perth Mint

Bron Suchecki on the liars, cartel apologists, and the Perth Mint

8:15p ET Wednesday, November 27, 2013

The Perth Mint's Bron Suchecki replies tonight to the complaint two weeks ago by the TF Metals Report's Turd Ferguson about the gold cartel's liars and apologists, commentary called to your attention by GATA here:
Perhaps more interestingly, Suchecki describes the Perth Mint's unusual position in the gold market as a government institution that does better with a rising gold price than a declining one but that can't do the sort of agitation that gold needs to fend off its enemies in government. Suchechki's commentary is headlined "So Who Are the Liars and Cartel Apologists?" and it's posted at his blog, Gold Chat, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Food Prices Near Historical Peaks: World Bank Group Weekly Update November 27, 2013.

World Bank Group Logo  

World Bank Group Weekly Update
Food Prices Near Historical PeaksFood Prices Near Historical Peaks
On World AIDS Day, Prevention is Still KeyOnly 3% of Penalties in Bribery Cases Returned to CountriesPicturing Financial InclusionDelivering Sustainable Energy for All
On World AIDS Day, Prevention is Still Key Only 3% of Penalties in Bribery Cases Returned to Countries Picturing Financial Inclusion Delivering Sustainable Energy for All
In Vietnam, peer educators and social marketing have been key to keeping Vietnam's HIV/AIDS prevalence below 0.3% The effort was aided by strong political commitment to reduce HIV transmission and to make prevention services more accessible to ethnic minorities. A new report by the Stolen Asset Recovery Initiative, "Left out of the Bargain," illustrates how little money has been returned or ordered returned to the countries whose officials were alleged to have been bribed — only 3%, or $197 million out of $5.8 billion. Truong Minh Dien of Vietnam won the 2013 Consultative Group to Assist the Poor Photo Contest, which highlights professional and amateur photographers depicting financial inclusion around the world. This year's contest received a record 3,890 entries from 91 countries. UN Secretary-General Ban Ki-moon and World Bank Group President Jim Yong Kim outlined plans Nov. 27 to mobilize financing for universal access to modern energy services. The two leaders co-chaired a meeting of the Sustainable Energy for All Initiative, where they announced that energy assessments will help guide energy investments in 42 countries.
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CMI Gold & Silver | Spot Prices as of Close of Trading Day in New York November 27, 2013.

CMI Gold and Silver
Spot Prices as of close of trading in New York
Wednesday, November 27, 2013

Updated 11/27/2013TodayChangeWeek AgoMonth AgoYear Ago

MoneyShow Investors Daily Alert November 27, 2013: Bargain Hunting in Gold, Brien Lundin

                                                      INVESTORS DAILY ALERT
M&T: Judicious Buy, Jack Adamo
Priceline's Gains Aren't Over, Chris Umiastowski

BIV | Today's Business News November 27, 2013: Sears laying off 79 employees in Vancouver, 800 employees across Canada.

Retail and Manufacturing

Sears laying off 79 employees in Vancouver, 800 employees across Canada

Sears Canada (TSX:SCC) is laying off 79 employees at its Vancouver service centre and a total of 800 employees nationwide over ... READ MORE



Canfor planning wood joint venture in China

A new Chinese sawmill Canfor (TSX:CFP) plans to invest in will make some of the same products that are currently cut in the company's ... READ MORE

Economy and Finance


British Columbians earning – and working – less than Canadian average: StatsCan

Employees in British Columbia earned an average of $877 per week in September – more than 8% below ... READ MORE



British Columbians remain top Internet users in Canada: StatsCan

British Columbia has the country's highest percentage of ... READ MORE

More News...


Surrey council approves 2014 budget

Vancouver biotech files patent for Lou Gehrig's Disease drug

This Week's Issue


Investment uptick, boardroom raids sparked by B.C. craft beer sales boom

Central City set to nearly quadruple production next year ... READ MORE