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Nov 12, 2015

The Guardian | Opinion | Banking Reform - November 12, 2015: Learning To Trust Bankers Again Is The Verry Worst Thing We Could Do | Giles Fraser: Loose Canon.

theguardian.com

Learning to trust bankers again is the very worst thing we could do | Giles Fraser: Loose canon

Giles Fraser
Nosegays are bunches of flowers that posh people used to carry to fend off the smell of commoners when travelling the streets. In a former life, it was a standard part of my kit when I used to dress up as chaplain to one of the sheriffs of the City of London, now the outgoing Lord Mayor. And nosegays will still be carried on Saturday’s Lord Mayor’s Day, when the mayors are rotated and the incoming one travels up to Westminster to swear loyalty to the crown.
This ceremony, now celebrating its 800th anniversary, was a part of the overall settlement of 1215 – the year of Magna Carta – when a deal was struck that the City could be granted the independence of having its own mayoral authority as long as that authority was subservient to the crown. In a constitutional monarchy, that settlement can be reasonably reinterpreted to mean that the City has relative freedom and independence, as long as it acknowledges its subservience to the common good as represented by the monarch. Or, to stretch it a bit more: markets are made for man, not man for markets.
On Wednesday, the Bank of England threw open its doors in an unprecedented gesture of transparency. With not a nosegay in sight, the governor of the Bank, Canadian Mark Carney, broke with centuries of well-guarded privacy and invited us commoners into the heart of the financial establishment, opening his institution to interrogation from those members of the public who had succeeded in getting a ticket through a public ballot. Even George Osborne was carried away by this spirit of openness, giving a speech about how he understood all the public anger at bankers, and then taking questions from the floor.

The Guardian | World | South China Sea - November 12, 2015: U.S. B-2 Bombers Flew Near Disputed Islands in South China Sea, Says Pentagon.

theguardian.com

US B-52 bombers flew near disputed islands in South China Sea, says Pentagon

Two US B-52 strategic bombers flew near artificial Chinese-built islands in the South China Sea this week and were contacted by Chinese ground controllers but continued their mission undeterred, the Pentagon has revealed.
The latest US patrol in the disputed South China Sea occurred in advance of President Barack Obama’s visit to the region next week to attend Asia-Pacific summits where he is expected the reassert Washington’s commitment to freedom of navigation and overflight in the area.
China claims most of the South China Sea, through which more than $5 trillion in global trade passes every year, and the United States has said it will continue conducting patrols to assure unimpeded passage. Vietnam, Malaysia, Brunei, the Philippines and Taiwan have rival claims in the region.
In the latest mission, which occurred overnight on 8-9 November, the bombers flew “in the area” of the Spratly Islands but did not come within the 12-nautical-mile zones that China claims as territory around islands it has built in the chain, said Commander Bill Urban, a Pentagon spokesman.
“The B-52s were on a routine mission in the SCS (South China Sea),” taking off from and returning to Guam, Urban said.
Chinese ground controllers contacted the bombers but the aircraft continued their mission unabated, Urban said.
“We conduct B-52 flights in international air space in that part of the world all the time,” Pentagon spokesman Peter Cook told a news briefing earlier on Thursday.
Last month, a US warship challenged territorial limits around one of China’s man-made islands in the Spratly archipelago with a so-called freedom-of-navigation patrol, the most significant US challenge yet to territorial limits China claims around its new islands. China reacted angrily to the patrol.
White House spokesman Josh Earnest said he did not know whether the South China Sea would be on the formal agenda at any of the three Asia summits that Obama will attend but added that it would be “on the minds and lips” of world leaders who gather there.
Obama’s first stop will be Manila for the Asia-Pacific Economic Cooperation forum summit, where Chinese President Xi Jinping will also be present. The US president will then go to Kuala Lumpur for ASEAN and East Asia summits.
“We are quite concerned about protecting freedom of navigation, the free flow of commerce in the South China Sea,” Earnest told reporters. “And we’re going to continue to encourage all parties, big and small, to resolve their differences diplomatically and to not try to use their comparative size and strength to intimidate their neighbors.“
In an apparent show of US resolve, Obama will take part in what the White House described as “an event that showcases U.S. maritime security assistance to the Philippines“. US officials did not elaborate.
But in September, Navy Admiral Harry Harris, head of the US Pacific Command, visited the National Coast Watch Center, a facility at the Philippines coast guard headquarters that Washington has helped Manila build to improve its ability to monitor developments in the South China Sea.

WSJ | Biggest Decliners Closing on November 12, 2015.

NYSE Biggest Percentage Decliners | Nasdaq | Arca | Composite
Thursday, November 12, 2015 - 4:46 pm ET
Issue(Roll over for charts and headlines) Price Chg % Chg Volume
1 Fairmount Santrol Holdings (FMSA) $2.34 -0.66 -22.00 1,759,336
2 Maximus (MMS) 53.61 -15.03 -21.90 4,146,493
3 Advance Auto Parts (AAP) 164.64 -30.03 -15.43 6,929,864
4 International Shipholding (ISH) 1.83 -0.27 -12.85 153,425
5 Daqo New Energy ADR (DQ) 13.23 -1.88 -12.44 148,210
6 LSB Industries (LXU) 6.24 -0.88 -12.36 1,330,015
7 Avon Products (AVP) 2.66 -0.37 -12.21 19,829,481
8 Flowers Foods (FLO) 23.52 -3.12 -11.71 7,097,994
9 Aegon ADR (AEG) 5.45 -0.70 -11.38 2,704,341
10 Diana Shipping (DSX) 5.30 -0.67 -11.22 1,120,023

WSJ | Biggest Gainers Closing on November 12, 2015.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 11/12/2015
NYSE
Issue Volume Price Chg % Chg
Constellium Cl A (CSTM) 5,139,085 $8.52 1.32 18.33
First Acceptance (FAC) 62,693 2.69 0.38 16.45
Neff Cl A (NEFF) 174,780 6.88 0.89 14.86
Semiconductor Manufacturing International ADR (SMI) 380,687 5.53 0.65 13.32
Smart&Final Stores (SFS) 921,355 16.33 1.73 11.85
Sally Beauty Holdings (SBH) 7,890,306 24.40 2.27 10.26
Flotek Industries (FTK) 5,964,143 9.59 0.87 9.98
Fortress Transportation&Infrastructure Investors (FTAI) 115,339 12.80 1.05 8.94
MagnaChip Semiconductor (MX) 702,744 5.69 0.44 8.38
Eros International (EROS) 5,045,153 8.90 0.65 7.88
GTT Communications (GTT) 704,274 21.37 1.47 7.39
Teladoc (TDOC) 221,513 17.36 1.11 6.83
Demand Media (DMD) 75,256 5.70 0.35 6.54
International Game Technology (IGT) 2,173,996 16.39 0.95 6.15
Kohl's (KSS) 19,048,920 45.79 2.63 6.09
Ruby Tuesday (RT) 494,383 5.47 0.28 5.39
SunCoke Energy (SXC) 1,359,268 4.22 0.20 4.98
TransDigm Group (TDG) 1,251,062 229.50 10.62 4.85
Qihoo 360 Technology (QIHU) 2,979,810 63.37 2.91 4.81
Manchester United Cl A (MANU) 121,025 18.99 0.86 4.74
Quotient Technology (QUOT) 389,075 6.64 0.30 4.73
Gildan Activewear (GIL) 1,939,992 28.84 1.29 4.68
Sotheby's (BID) 3,029,237 30.01 1.30 4.53
Kate Spade (KATE) 3,718,673 21.02 0.87 4.32
Weight Watchers International (WTW) 4,644,138 24.19 0.98 4.22
 
Nasdaq

WSJ | Most Actives Closing on November 12, 2015.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 11/12/2015
NYSE
Issue Volume Price Chg % Chg
General Electric (GE) 283,414,722 $30.16 -0.51 -1.66
SunEdison (SUNE) 102,301,112 4.54 -0.36 -7.35
Bank of America (BAC) 72,899,533 17.37 -0.38 -2.14
Freeport-McMoRan (FCX) 46,876,852 8.77 -0.54 -5.80
Synchrony Financial (SYF) 40,853,789 30.79 -0.14 -0.45
Alcoa (AA) 38,720,946 7.82 -0.26 -3.22
Sprint (S) 29,455,091 4.14 0.14 3.50
National Bank of Greece ADR (NBG) 28,405,801 0.51 -0.02 -3.95
Synchrony Financial Wi (SYF@) 26,753,573 30.67 -0.14 -0.45
Kinder Morgan (KMI) 25,938,604 23.46 -0.94 -3.85
Petroleo Brasileiro ADR (PBR) 22,657,012 4.71 -0.15 -3.09
Vale ADR (VALE) 21,358,718 3.93 -0.11 -2.72
J.C. Penney (JCP) 21,297,501 8.79 0.27 3.17
HP (HPQ) 20,262,607 13.31 -0.61 -4.38
Hewlett Packard Enterprise (HPE) 20,064,870 13.70 -0.41 -2.91
Avon Products (AVP) 19,829,481 2.66 -0.37 -12.21
Ford Motor (F) 19,773,782 14.04 -0.27 -1.89
Barrick Gold (ABX) 19,283,456 7.55 0.27 3.71
Chesapeake Energy (CHK) 19,054,162 6.32 -0.22 -3.36
Kohl's (KSS) 19,048,920 45.79 2.63 6.09
Encana (ECA) 18,994,916 7.60 0.15 2.01
KeyCorp (KEY) 18,908,779 12.98 -0.18 -1.37
Alibaba Group Holding ADR (BABA) 18,670,471 78.76 -1.09 -1.37
Ambev ADR (ABEV) 18,091,559 4.95 -0.07 -1.39
Valeant Pharmaceuticals International (VRX) 17,355,939 73.77 -5.13 -6.50
 
Nasdaq