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Nov 5, 2015

DealBook P.M. Edition on November 5, 2015: Two Former Traders Found Guilty in Libor Manipulation Case

 
Thursday, November 5, 2015
TOP STORY
Anthony Conti, center, is a British citizen and a former senior trader with Rabobank.
Two Former Traders Found Guilty in Libor Manipulation Case The verdict against the two former Rabobank traders, Anthony Allen and Anthony Conti, was a surprisingly quick win for the Justice Department.
  • NYT »
  •  
    DEALBOOK HIGHLIGHTS
    Forbes Sues Integrated Whale Media Over Deal Integrated Whale bought a majority stake in Forbes Media last year, but Forbes now says that Integrated has defaulted.

Wall Street at Close Report by CNBC on November 5, 2015: Stocks Close Mostly Lower As Street Awaits Big Jobs Friday.

cnbc.com

Stocks close mostly lower as Street awaits big jobs Friday

Evelyn Cheng
 
U.S. stocks closed mostly lower Thursday as investors awaited Friday's key jobs report that could shed light on the timing of a rate hike.
The major averages held mostly lower in choppy trade after struggling to hold opening gains. The indexes are still on track for gains of about 1 percent or more for the week.
Shares of Facebook held about 4.5 percent higher after briefly gaining more than 6 percent. The social media giant reported earnings after Wednesday's close that beat on both the top and bottom line.
Read MoreFacebook tops General Electric in market value
"I think people are just a little leery of tomorrow's employment report," said Robert Pavlik, chief market strategist at Boston Private Wealth. It "looks like the Federal Reserve is probably going to have to move on interest rates in December. At least that's the indication. They told us they're going to rely on the data and the data doesn't seem to support a rate increase."
He also noted some resistance near 2,104 and 2,105 on the S&P 500.
The S&P 500 briefly fell below the psychologically key level of 2,100 in intraday trade as utilities lagged.

NYT | Opinion | Editorial - November 5, 2015: In Houston, Hate Trumped Fairness

nytimes.com

In Houston, Hate Trumped Fairness

The Editorial Board
Opponents of the Houston Equal Rights Ordinance at a gathering on Tuesday. Brett Coomer/Houston Chronicle, via Associated Press
Sometime in the near future, a transgender teenager in Texas will attempt suicide — and maybe succeed — because vilifying people for their gender identity remains politically acceptable in America.
The hateful rhetoric of leaders like Gov. Greg Abbott of Texas and Lt. Gov. Dan Patrick is the latest, ugliest example. Mr. Patrick was ebullient on Tuesday night after it became clear that Houston voters had decidedly rejected a broad equal rights ordinance that opponents maliciously and misleadingly characterized as a boon for cross-dressing sex offenders.

FTC | Scam Alerts - November 5, 2015: Medicare "Open Enrollment" Scams.

Federal Trade Commission Consumer Information
by Colleen Tressler
Consumer Education Specialist, FTC


The 2015 Medicare open enrollment period runs from October 15 to December 7. It’s the time when Medicare recipients can comparison shop and make changes to their plans. It’s also a time when scammers take advantage of older consumers with ruses like these.
Read more >

FRB Press Release - November 5, 2015: Federal Reserve Announces New Study To Examine U.S. Payments Usage.


Financial Services Policy Committee
A Committee of the Conference of Presidents
Federal Reserve System
Laura LaBarbera

(312) 322-2387

Federal Reserve Announces Sixth Triennial Study to Examine U.S. Payments Usage

Minneapolis, November 5, 2015--The Federal Reserve today announced plans to conduct its sixth triennial study to determine the current aggregate volume and composition of electronic and check payments in the United States. The study builds upon research begun by the Federal Reserve in 2001 to provide the public and the payments industry with estimates and trend information about the evolving nature of the nation's payments system. A public report containing initial topline estimates is expected to be published in December 2016.
"Over the 15-year life of the study, the survey instruments have been adapted and updated to keep pace with the dynamic change in the U.S. payments system," said Mary Kepler, senior vice president of the Federal Reserve Bank of Atlanta and the study's executive sponsor. "Not surprisingly, the 2016 study will incorporate a number of significant enhancements, including an expansion of fraud-related information and an increase in the number of depository and financial institutions sampled. These improvements will strengthen the value of the trend information and insights to be presented with the study's findings," Kepler said.
The 2016 Federal Reserve Payments Study consists of three complimentary survey efforts commissioned to estimate the number, dollar value and composition of retail noncash payments in the United States for calendar year 2015. The study will request full-year 2015 payments data for various payment types from respondents to two of the three survey components; the third component involves a random sampling of checks processed in 2015 to determine distribution of party, counterparty and purpose. Results from all three survey components will be used to estimate current trends in the use of payment instruments by U.S. consumers and businesses. Previous studies have revealed significant changes in the U.S. payments system over time, most recently the increasing preference for debit, credit and stored-value cards among consumers and a leveling in growth of other electronic payment types such as the Automated Clearing House network. The Federal Reserve will work with McKinsey & Company and Blueflame Consulting, LLC to conduct this research study.
Additionally, the Federal Reserve plans to supplement its triennial research with two smaller annual research efforts to provide key payments volume and trends estimates in 2017 and 2018. "The industry's participation and willingness to provide the full scope of the data requested is paramount to our ability to publish the timely and relevant results the industry has come to rely on to help objectively evaluate changes in the nation's payments landscape," Kepler said.
More information about Federal Reserve Financial Services can be found at www.frbservices.org. The website also contains links to the five previous Payments Studies.
The Financial Services Policy Committee (FSPC) is responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks, as well as for providing Federal Reserve leadership in dealing with the evolving U.S. payments system. The FSPC is composed of three Reserve Bank presidents and two Reserve Bank first vice presidents.
Last update: November 5, 2015

GATA | THE GATA DISPATCH - November 5, 2015: China's Gold Investment at Risk as Beijin Frees Yuan.

China's gold investment at risk as Beijing frees yuan

Submitted by cpowell on Thursday, November 5, 2015By Clara Denina
Reuters
Thursday, November 5, 2015

LONDON -- Appetite for gold in China, which accounts for one fifth of global investment demand, could fall in the long term as the country moves to free the yuan, enabling savers to gain direct access to foreign stocks or bonds.
In its latest five-year plan last month, a blueprint for China's economic and social development, Beijing committed to liberalise its capital account in the Shanghai free trade zone, as part of efforts to making the yuan more convertible. It also plans to expand its role in international trade and investment.
Freer capital flows eventually would involve freedom of movement of cash and by implication freedom of movement of gold. ...

... For the remainder of the report:
http://www.reuters.com/article/2015/11/05/gold-china-exports-idUSL8N1303...

GATA | THE GATA DISPATCH - November 5, 2015: Indian Government Tells Peaople: Deposit Your Gold With Us So We Can Drive Its Price Down.

Indian govt. tells people: Deposit your gold with us so we can drive its price down

Submitted by cpowell on , November 5, 2015India's Gold Stash Dwarfs Fort Knox Hoard and Modi Wants It
By Swansy Afonso and Vrishti Beniwal
Bloomberg News
Thursday, November 5, 2015

There's about 20,000 metric tons of gold stashed away in India's temples and households -- more than four times the amount held in Fort Knox in Kentucky -- and Narendra Modi wants to get his hands on it.
India's prime minister today unveiled three state-backed plans to try to tap the stockpiles of the precious metal to trim physical demand and reduce imports by providing people with alternative avenues for investment. At an event in New Delhi, Modi announced the formal start of a gold-deposit plan, a sovereign-bond program linked to the metal's price and introduction of locally minted coins, some bearing the face of Mahatma Gandhi. ...

... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-11-05/india-has-four-fort-kn...

CMI Spot Prices as of Close of Trading in New York on November 5, 2015.



CMI Gold & Sliver


Spot Prices as of traditional New York closing times

Thursday, November 05, 2015


Gold

Today Change Week Ago Month Ago Year Ago
$1,105.60 -$2.20 $1,149.00 $1,139.30 $1,142.45

Silver

Today Change Week Ago Month Ago Year Ago
$15.01 -$0.08 $15.57 $15.75 $15.42

Platinum

Today Change Week Ago Month Ago Year Ago
$955.30 -$0.70 $995.20 $913.40 $1,199.20

Palladium

Today Change Week Ago Month Ago Year Ago
$611.10 -$14.70 $672.75 $690.95 $753.50

Gold/Silver Ratio

73.66

European Markets at Close Report by CNBC on November 5, 2015: Europe markets End Mixed Afer Dovish BoE; Adeco Tanks 10%.

cnbc.com

Europe shares end mixed after dovish BoE; Adecco tanks 10%

Holly Ellyatt, Jenny Cosgrave
 
European equities finished mixed on Thursday as investors reacted to a stronger dollar, a fresh round of corporate earnings and a rate decision by the Bank of England.

BoE dovish




 


FTSE FTSE 100 Index 6365.13
-47.75 -0.74% 542731287
DAX DAX Index 10895.47
50.23 0.46% 76539474
CAC 40 CAC 40 Index 4986.44
38.15 0.77% 147445244
IBEX 35 IBEX 35 Idx 10441.50
-32.00 -0.31% 172739558
The pan-European STOXX Europe 600 index pared gains to end around 0.4 percent lower with major bourses pointing in different directions.
London's FTSE index closed lower, provisionally ending 0.75 percent lower, while the German DAX and the French CAC closed around 0.7 percent and 0.4 percent higher respectively, down from earlier gains.

BEA News Release - November 5, 2015: Finance And Insurance; Professional, Scientific, And Technical Services; And Wholesale Trade Were The Leading Contributors To The Increase In U.S. Economic Growth In The Second Quarter Of 2015.


The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
Finance and insurance; professional, scientific, and technical services; and wholesale trade were the leading contributors to the increase in U.S. economic growth in the second quarter of 2015, according to statistics on the breakout of gross domestic product (GDP) by industry released today by the Bureau of Economic Analysis (BEA). Overall, 18 of 22 industry groups contributed to the 3.9 percent increase in real GDP in the second quarter.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/industry/gdpindustry/gdpindnewsrelease.htm

Mineweb Gold - November 5, 2015: Randgold Sees A Wave Of 'Survival Mergers' Coming.

Mineweb
Gold  -  5 November 2015
Nick Holland CEO Goldfields 1 (Large)

INTERVIEW: Gold Fields CEO Nick Holland on the mines of the future
Amcu-Joseph-Mntunjwa-19-Large-500x333Speaking at an event held at GIBS.

AMCU: We’ll continue negotiating with Sibanye next year
But bullion producer denies any scheduled talks.
Mark Bristow, chief executive officer of Randgold Resources Ltd., speaks during the 20th annual Investing in African Mining Indaba in Cape Town, South Africa, on Tuesday, Feb. 10, 2015. Mining companies in South Africa risk missing output targets because of the largest power-plant breakdowns in three years, the biggest mines lobby said in Jan. Photographer: Dean Hutton/Bloomberg *** Local Caption *** Mark Bristow

Randgold sees more merger deals as industry fights to survive
‘Survival mergers on the cards’ – Bristow.
The sun sets behind a headgear of the number 2 shaft of the Gold Fields owned Driefontein mine, south west of Johannesburg, South Africa,Monday, November 8, 2004. Harmony Gold Mining Co. Ltd.'s bid to buy larger rival Gold Fields Ltd., may damage South Africa's gold mining industry if successful, Gold Fields said in an e-mailed statement. Photographer: Naashon Zalk/Bloomberg News

Harmony fights back
‘Harmony is proving all of its critics wrong’ – CEO.
MORE NEWS
»
The rise and fall of a mining company that tried to buy Harrods Lonmin risks entering its final act.

»
Coal isn’t going away anytime soon Its a problematic trade-off between climate change and economic development.

»
INTERVIEW: Ludivine Wouters from Latitude Five On the opportunities of investing in Francophone West Africa.

»
Rubicon botches gold mine start-up Canadian junior goes back to drawing board on deposit.


Mineweb Daily - November - November 5, 2015: Harmony fights back

Mineweb


  Daily -
 5 November 2015
Harmony fights back

Harmony fights back
'Harmony is proving all of its critics wrong' - CEO.
 
The rise and fall of a mining company that tried to buy Harrods

The rise and fall of a mining company that tried to buy Harrods
Lonmin risks entering its final act.
 
Coal isn’t going away anytime soon

Coal isn’t going away anytime soon
Its a problematic trade-off between climate change and economic development.
 

 

INTERVIEW: Ludivine Wouters from Latitude Five

INTERVIEW: Ludivine Wouters from Latitude Five
On the opportunities of investing in Francophone West Africa.
MORE NEWS
»
AMCU: We’ll continue negotiating with Sibanye next year But bullion producer denies any scheduled talks.

»
Randgold sees more merger deals as industry fights to survive ‘Survival mergers on the cards’ – Bristow.

»
Elon Musk’s Hyperloop takes a step forward But how much will the energy component cost?

»
Diamonds aren’t forever for Botswana as mining boom fades away The honeymoon is over in Botswana, where the diamond industry that led the world has fallen on hard times.


U.S. Stock Market Future Indications by MarketWatch - November 5, 2015.

marketwatch.com

U.S. stock futures get a lift from Facebook

Victor Reklaitis
 
U.S. stock futures edged higher early Thursday, scoring a boost in part from Facebook Inc.’s rise following its earnings report.
But shares of Qualcomm Inc. and Whole Foods Market Inc. eyed drops after their results, as investors awaited more Federal Reserve speeches on the heels of Chairwoman Janet Yellen’s signal on Wednesday of a possible rate hike as early as December.
S&P 500 futures ESZ5, +0.44%  edged up 8.55 points, or 0.3%, to 2,101.75, while Dow Jones Industrial Average futures YMZ5, +0.40%  gained 66 points, or 0.4%, to 17,853. Nasdaq-100 futures NQZ5, +0.32% inched up by 14.50 points, or 0.3%, to 4,723.50.
On Wednesday, the main indexes closed lower as Yellen and New York Fed President William Dudley both said a December hike is “a live possibility.” The S&P 500 SPX, -0.35% finished down 0.4% at 2,102.31, paring its week-to-date gain to 1.1% and leaving the benchmark about 1.3% below its May record close.
The S&P is “paused near 2,105 for now,” said Colin Cieszynski, chief market strategist at CMC Markets, in a note late Wednesday. “A run at its July high near 2,135 remains possible if initial resistance near 2,115 can be overcome,” he added, but that may be difficult given indications that it’s “overbought.” He sees support near 2,100 as the index’s “uptrend continues.”

NYT Politics First Draft - November 5, 2015: On the Trail, Scrutiny Often Follows Success.

Thursday, November 5, 2015

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Thursday, November 5, 2015

Senator Marco Rubio of Florida greeted potential supporters after an event at the New Hampshire Institute of Politics at Saint Anselm College in Manchester, on Wednesday.
Senator Marco Rubio of Florida greeted potential supporters after an event at the New Hampshire Institute of Politics at Saint Anselm College in Manchester, on Wednesday. Ian Thomas Jansen-Lonnquist for The New York Times
On the Trail, Scrutiny Often Follows Success
By MAGGIE HABERMAN
Senator Marco Rubio of Florida is riding high after a well-regarded debate performance and rising poll numbers, but the increased attention brings with it new challenges for Mr. Rubio.
Mr. Rubio is about to face his first major test on the national stage.
Not the debate stage, where he ably, and with a practiced hand, outshined Jeb Bush in an exchange over how many votes Mr. Rubio has missed in the Senate.
But on the grander, more expansive, and far more perilous stage of a national election in which he is suddenly seeing his stock, and his profile, rise.
Mr. Rubio is facing scrutiny for his use of a state Republican Party credit card while he was in the Florida House, signaling a turning point in his quest for the party’s presidential nomination.