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Aug 18, 2014

FDIC Weekly National Rates and Rate Caps Update -August 18m, 2014:



On May 29, 2009, the FDIC Board of Directors approved a final rule making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the "national rate" as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. The national rates and rate caps for various deposit maturities and sizes are provided below.
For more information. see Financial Institution Letter FIL-25-2009
Rates updated August 18, 2014

Non-Jumbo Deposits (< $100,000)

Deposit ProductsNational Rate 1Rate Cap 2
Savings0.060.81
Interest Checking0.040.79
Money Market0.080.83
1 month CD0.060.81
3 month CD0.080.83
6 month CD0.120.87
12 month CD0.200.95
24 month CD0.331.08
36 month CD0.461.21
48 month CD0.591.34
60 month CD0.771.52

Jumbo Deposits (≥ $100,000)

Deposit ProductsNational Rate 1Rate Cap 2
Savings0.060.81
Interest Checking0.040.79
Money Market0.130.88
1 month CD0.060.81
3 month CD0.090.84
6 month CD0.130.88
12 month CD0.210.96
24 month CD0.351.10
36 month CD0.491.24
48 month CD0.621.37
60 month CD0.781.53
The FDIC began posting the National Rate and Rate Cap on May 18, 2009. Data is not available prior to May 18, 2009. This historical data can be accessed at Previous Rates
1 National rates are calculated based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Data used to calculate the national rates are gathered by RateWatch. Savings and interest checking account rates are based on the $2,500 product tier while money market and certificate of deposit are based on the $10,000 and $100,000 product tiers for non-jumbo and jumbo accounts, respectively. Account types and maturities published in these tables are those most commonly offered by the banks and branches for which we have data - no fewer than 49,000 locations and as many as 81,000 locations reported. The deposit rates of credit unions are not included in the calculation.
2 The rate cap is determined by adding 75 basis points to the national rate. To determine conformance with the regulation, compare rates offered by the institution, based on size and maturity of the deposit, to the rate caps. For accounts less than $100,000 use the applicable rate cap under the non-jumbo column, and for accounts $100,000 and over, use the rate caps under the jumbo column. Interpolation should be used for deposits with maturities not listed above.

GATA | THE GATA DISPATCHES - August 18, 2014: U.S. doesn't really still have the gold it leased, Kaye tells KWN | AngloGold to discontinue London listing to cut costs | Gold price suppression covered in USA Watchdog's interview of 'Turd Ferguson'.

U.S. doesn't really still have the gold it leased, Kaye tells KWN

Submitted by cpowell on  Monday, August 18, 2014.  Monday, August 18, 2014:
Dear Friend of GATA and Gold:
Hong Kong fund manager William Kaye, apparently replying to recent comments by fund manager and geopolitical analyst James G. Rickards --
-- today tells King World News that he doesn't believe that the U.S. government still has custody of the gold it has leased into the market. Rather, Kaye says, the gold has been shipped largely to Asia. An excerpt from his interview is posted at the KWN blog here:

AngloGold to discontinue London listing to cut costs

Submitted by cpowell on  Monday, August 18, 2014.
From the Financial Times, London
Monday, August 18, 2014
The cost-cutting in the gold mining industry has reached London.
AngloGold Ashanti, Africa's gold miner, said it intends to cancel the listing of its shares on the London Stock Exchange to cut costs.
Gold miners have been squeezing costs to cope with a decline in the price of the yellow metal, which has dropped 32 percent since touching $1,900 in September 2011.
AngloGold says the bulk of the trading of its shares is on the Johannesburg Stock Exchange and the New York Stock Exchange. The company added that it "wishes to streamline its administrative procedures and reduce costs arising from listings on multiple stock exchanges."
The miner's shares will stop trading in London on September 22.

Reuters | Deals Today -August 18, 2014-.



Hyundai plans two new car plants in China, instead of one: report
SEOUL (Reuters) - Hyundai Motor Co plans to remodel a car assembly plant belonging to a Chinese partner, a newspaper reported, a move which could help pave the way for the South Korean automaker to build a separate factory in western China.

Shares in Japan's Chugai surge on report of Roche buyout offer
TOKYO (Reuters) - Shares in Japan's Chugai Pharmaceutical Co Ltd jumped 15 percent on Monday on a media report that its 60-percent shareholder, Roche Holding AG , was in talks to buy the rest of the company for about $10 billion.

YouTube | VOAvideo has uploaded Iran Looks to Maintain Influence in Baghdad With New Shia PM. -August 18, 2014-.



VOAvideo has uploaded Iran Looks to Maintain Influence in Baghdad With New Shia PM


Iran Looks to Maintain Influence in Baghdad With New Shia PM
VOAvideo
Washington and Tehran share the goal of stopping Syrian-based militants in Iraq. But experts say it's Iran, not the United States, that will most influence how the new government in Baghdad approaches internal reforms and the war in Syria. VOA State Department Correspondent Scott Stearns has the story.
Originally published at - http://www.voanews.com/media/video/iran-influence-iraq-shia-prime-minister/2417872.html

CMI | Spot Prices as of Close of Trading in New York on August 18, 2014.

CMI Gold & Sliver

Spot Prices as of close of trading in New York

Monday, August 18, 2014

GOLD

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$1,299.45-$7.40$1,310.85$1,310.15$1,366.80

SILVER

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$19.66+$0.12$20.10$20.93$23.21

PLATINUM

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$1,449.10-$10.40$1,474.80$1,493.00$1,511.70

PALLADIUM

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$896.70+0.10$877.70$884.30$755.70

GOLD/SILVER RATIO

66.10

NYT Video -August 18, 2014-.

The New York TimesNYTIMES.COM/VIDEO »
The Times Video
Monday, August 18, 2014

Times Documentaries

Germany's biggest folk hero is an Apache who fights for justice three hours north of Berlin and has inspired spiritual seekers. But some parts of Native American culture get lost in translation.
VideoIconWatch »

U.S. & Politics

Protesters angered over the police shooting of Michael Brown, 18, squared off with law enforcement in the streets of Ferguson, Mo., again, looting some stores.
VideoIconWatch »

Business

In 2012, DreamWorks Animation acquired the rights to Lassie. The studio is slowly reintroducing the character, once a big Hollywood star, through public media appearances.
VideoIconWatch »

U.S. & Politics

With comprehensive immigration reform on hold in Congress, Nancy Paredo's family is waiting on a promise from President Obama to take executive action. Here's a look at some steps he might take.
VideoIconWatch »

DealBook Today's Top Headlines and P.M. Edition -August 18, 2014-

For the latest updates, go to dealbook.nytimes.com »
MONDAY, AUGUST 18, 2014
TODAY'S TOP HEADLINES
BY SYDNEY EMBER
DOLLAR GENERAL MAKES RIVAL BID FOR FAMILY DOLLARDollar General said on Monday that it was offering $8.9 billion to buy Family Dollar Stores in an effort to break up its rival's planned merger with Dollar Tree, DealBook's Michael J. de la Merced writes. Under the terms of the deal, Dollar General would pay $78.50 a share in cash, significantly higher than the $74.50 a share that Dollar Tree's original cash-and-stock bid was worth when it was announced last month. Including debt, Dollar General's offer is valued at $9.7 billion.

The emergence of the unsolicited takeover bid sets up a potential battle over the fate of Family Dollar, which has been under pressure from the activist investors Carl C. Icahn and Nelson Peltz. A combined Dollar General-Family Dollar would have almost 20,000 stores and more than $28 billion in revenue. Dollar General also expects to generate $550 million to $600 million of cost savings.
BANK CONSULTANT FACES PENALTY The giant consulting firm PricewaterhouseCoopers, entrusted with acting as a shadow regulator of some of the world's biggest banks, has now landed in the regulatory spotlight for obscuring some of the same misconduct it was supposed to unearth, DealBook's Ben Protess and Jessica Silver-Greenberg write. Benjamin M. Lawsky, New York State's top financial regulator, is set to announce a settlement with PricewaterhouseCoopers, which involves the firm's work for the Japanese banking giant Bank of Tokyo-Mitsubishi UFJ.

Mr. Lawsky will impose a $25 million penalty against PricewaterhouseCoopers and prevent one of its consulting units from taking on certain assignments from New York-regulated banks for two years. The firm, which is accused of lacking the objectivity and integrity expected of consultants but not actually breaking the law, agreed to pay the fine and accept the two-year sidelining of its regulatory consulting unit, Mr. Protess and Ms. Silver-Greenberg write. Regulators had long suspected Bank of Tokyo-Mitsubishi of routing money through its New York branches on behalf of nations blacklisted by the Untied States. The bank hired PricewaterhouseCoopers in 2007 to quantify its improper transactions with Iran and other sanctioned countries.

The firm's initial draft of the report about the bank's transactions acknowledged certain limitations of its examination and highlighted how the bank had stripped out the names of Iranian clients to avoid detection.But the firm then modified the draft, deleting some of the harshest characterizations and diluting others. The bank's effort to sanitize the report "offers a lens into Wall Street's multibillion-dollar consulting industry and the conflicts of interest that plague it," Mr. Protess and Ms. Silver-Greenberg write. "Conflicts are inherent to its business model: Consultants are handpicked and paid by the same banks they are supposed to examine."
SILICON VALLEY TAKES DEALS IN-HOUSE Silicon Valley's biggest corporate acquirers, like Google, Facebook and Cisco Systems, are increasingly leaning on their internal development teams to handle deals instead of relying on Wall Street's investment banks, DealBook's David Gelles writes. The acquiring company did not use an investment bank in 69 percent of American technology acquisitions worth more than $100 million this year, up from 27 percent 10 years ago. Such recent transactions include Apple's $3 billion deal for Beats Electronics and Facebook's $2.3 billion purchase of the virtual reality company Oculus VR.

"The diminished reliance on investment banks comes as technology deal-making is booming," Mr. Gelles writes. "At the heart of the disconnect between technology companies and banks is the belief among many tech executives that some advisers simply do not know what companies like Google and Facebook are looking for." For example, Facebook uses acquisitions to make big bets on the future and plug technical holes. And the same was true for Google's $3.2 billion deal for Nest, the home monitoring company, which gave Google an entry to a potentially huge new market.

Mr. Gelles writes: "While traditional investment banks might not be comfortable suggesting that clients pay such startling prices for relative unknowns, many big tech companies have built up robust corporate development departments designed to do just that. The teams are largely staffed by former bankers who have abandoned pinstripes and wingtips for T-shirts and sneakers."
ON THE AGENDA The National Association of Home Builders housing market index is out at 10 a.m.
ALIBABA'S DEAL-MAKING UNDER SCRUTINY The Chinese e-commerce giant Alibaba Group has been on a buying spree since the start of last year, but the company may have bitten off more than it can chew,Neil Gough writes in DealBook. On Friday, Alibaba announced that it had discovered suspicious accounting at one of its recent acquisitions, a Hong Kong film company that it bought control of for about $800 million two months ago. Among the main concerns is whether Alibaba fully vetted the acquisition, an issue that could complicate Alibaba's efforts to attract investors for its highly anticipated initial.

The accounting issues at the film company, the Alibaba Pictures Group, may raise concerns about whether Alibaba has been conducting enough research on potential takeover targets. Mr. Gough writes: "The broader issue highlighted by the accounting disclosure is the ability of Alibaba ‒ and several of its peers that are also on acquisition binges ‒ to successfully execute deals, from thoroughly scrutinizing targets to making them a financial and operational fit with the rest of the group after they are bought."
Contact: @melbournecoal | E-mail
MERGERS & ACQUISITIONS »
Rival Bidders Ask Chiquita Shareholders to Reject Fyffes Deal The two spurned bidders, the Cutrale Group and the Safra Group, both of Brazil, did not ask Chiquita shareholders to support their own offer, though ‒ at least for now.
Carillion Clarifies Statement on Estimated Merger Savings The British construction and support services company Carillion said its estimate of how much could be saved in a merger with Balfour Beatty had not been audited in the "technical sense," but that the company had been advised by an accounting firm.
Monster Energy drinks for sale.
Coke Finds Right Formula in Monster Deal Buying a piece of Monster Beverage is a capitulation of sorts, though Coca-Cola hasn't caved in financially, Kevin Allison of Reuters Breakingviews writes.
INVESTMENT BANKING »
In a Bank Settlement, Don't Forget the Bulldozers If it provides hard cash for demolishing abandoned homes, an impending settlement by Bank of America could help many forgotten victims of the mortgage crisis, Gretchen Morgenson writes in the Fair Game column.
Pieces of Lehman Brothers, including its signs, were sold after its collapse.
Lehman's Unsecured Creditors to Receive $4.6 BillionThe planned distribution for unsecured creditors, which include former employees, banks, asset-management firms and pension funds, represents 17 percent of the value of their claims.
The Mystery of Lofty Stock Market Elevations By one measure, stock prices have been lofty for years. But that doesn't mean they will stay there, Robert J. Shiller, a professor of economics at Yale, writes on The Upshot.
For the latest updates, go to dealbook.nytimes.com »
PRIVATE EQUITY »
Gulf Capital Said to Hire Bank of America for I.P.O. The private equity firm Gulf Capital, based in Abu Dhabi, is said to have hired Bank of America as the main financial adviser on its planned initial public offering, Bloomberg News writes, citing unidentified people familiar with the situation. The listing would be the first of a buyout firm in the United Arab Emirates.
Supervalu Discloses a Data Breach Supervalu, a food retailer based in Minnesota, said on Thursday that its cash register system had been breached by hackers, possibly resulting in the theft of credit and debit card information from its supermarkets and liquor stores, The New York Times writes. Supervalu added that a related intrusion had reached the chain stores it sold to the private equity firm Cerberus Capital Management in March 2013.
HEDGE FUNDS »
Former Top SAC Capital Trader Names New Hedge Fund Gabriel Plotkin, once a top trader for Steven A. Cohen, named his hedge fund Melvin Capital after his grandfather.
Valeant Extends Tender Offer for Allergan to Dec. 31 Valeant Pharmaceuticals said it had extended its offer to purchase Allergan, the maker of Botox, until the end of the year, Bloomberg News writes. Valeant has teamed up with Pershing Square Capital Management, the hedge fund led by the activist investor William A. Ackman, on a $53 billion takeover bid for Allergan, which was to expire on Friday.
I.P.O./OFFERINGS »
Lines over a city block long regularly form at Shake Shack's New York locations.
Shake Shack Owner Weighs an I.P.O. The majority owner of Shake Shack, the Union Square Hospitality Group, has been interviewing banks to potentially run an initial public offering of the gourmet burger chain.
Online Retailer Wayfair Files to Go Public The online home goods retailer Wayfair is planning to raise $350 million in an initial public offering but disclosed increasing losses driven by mounting expenses, The Wall Street Journal writes, citing a regulatory filing.
VENTURE CAPITAL »
In the Sharing Economy, Workers Find Freedom and UncertaintyWorkers are their own bosses in the so-called sharing economy, but that flexibility also brings much uncertainty ‒ and few of the protections of full-time work, The New York Times writes. Venture capital firms appear convinced that the sharing economy provides a good deal for customers.
Tech Service Workers Are a Growing Underclass Service workers who work at technology companies, including janitors, cooks and security guards, are not reaping any of the industry's rewards, USA Today reports.
LEGAL/REGULATORY »
Fears of Renewed Instability as Fed Ends Stimulus As the Federal Reserve feels its way, a former member of the Fed board said that investors may have to prepare for greater volatility, James B. Stewart writes in the Common Sense column.
Draghi's Cheap Cash Offer to Banks May Lack Appeal A promise by Mario Draghi, the president of European Central Bank, of cheap cash for banks betting on a revival in the eurozone may be losing its luster, driven by concern that the outlook for the region may be too weak to drive demand for loans, Bloomberg News writes.
A Critical New Role for the World Bank The World Bank should rise to the challenges posed by remittances ‒ a critical tool in the fight against world poverty, a New York Timed editorial states.