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Feb 22, 2016

GATA | THE GATA DISPATCH - February 22, 2016: Fed Official Warns on Rush to "Government-Only" U.S. Money Funds.


Submitted by cpowell on February 22, 2016By Jonathan Spicer
Reuters
Monday, February 22, 2016
NEW YORK -- The Federal Reserve's top markets official warned on Monday that a trend of U.S. money market firms converting funds from "prime" to "government-only" could be sharply reversed and harm the overall execution of policy when a new Fed tool is eventually dismantled.

WSJ | Most Actives Closing on February 22, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:46 pm ET 02/22/2016
NYSE

WSJ | Biggest Gainers Closing on February 22, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 02/22/2016
NYSE

WSJ | Biggest Decliners Closing on February 22, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:31 pm ET 02/22/2016
NYSE

DealBook P.M. Edition - February 22, 2016: Top Story: White Collar Watch: Apple Showdown Heightens Challenge of Encrypted Data.

 
Monday, February 22, 2016
TOP STORY
Timothy Cook, the chief of Apple, warned of a
White Collar Watch: Apple Showdown Heightens Challenge of Encrypted Data The question is how the courts will apply constitutional protections drafted in the 18th century to deal with the rapidly changing world of digital technology.

Wall Street at Close Report on February 22, 2016: Dow Closes Up Triple Digits as Oil Rises, UTX Jumps.

cnbc.com

Evelyn Cheng
 
U.S. stocks closed more than 1 percent higher Monday, building on their best weekly gain of 2016, as oil prices climbed.

FTC Press Release - February 22, 2016: FTC Approves Modified Consent Order for Mylan N.V.

FTC@100 Banner


The Federal Trade Commission has approved a modified final order settling charges that Mylan N.V.’s proposed hostile takeover of Perrigo Company plc would harm competition. Because Mylan failed to obtain the required threshold of Perrigo shares to succeed in its unsolicited offer, Mylan has abandoned the proposed acquisition.
Accordingly, the Commission has issued a modified final order in this matter that relieves the interim monitor that the Commission had appointed to ensure Mylan’s compliance with the order of his duties; and requires that Mylan submit annual compliance reports for three years, instead of ten years.
The Commission vote to approve the modified final order was 4-0. (FTC File No. 1510129; the staff contact is Jasmine Rosner, Bureau of Competition, 202-326-3558)
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint. Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.


Contact Information

MEDIA CONTACT:
Betsy Lordan
Office of Public Affairs
202-326-3707
More news from the FTC >>

Bits | The Business of Technology - February 22, 2016: Construction Begins on the 5G Wireless Dream.


The New York Times
Monday, February 22, 2016
Daily Report

Construction Begins on the 5G Wireless Dream | Most people think that trying to download an entire movie to a mobile device is the act of a madman. Or the act of someone with plenty of time and money to burn.

FDIC Weekly National Rates and Rate Caps Update - February 22, 2016.

FDIC

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 February 22, 2016

Non-Jumbo Deposits (< $100,000)

Deposit Products National Rate 1 Rate Cap 2
Savings 0.06 0.81
Interest Checking 0.04 0.79
Money Market 0.08 0.83
1 month CD 0.06 0.81
3 month CD 0.08 0.83
6 month CD 0.13 0.88
12 month CD 0.21 0.96
24 month CD 0.35 1.10
36 month CD 0.49 1.24
48 month CD 0.61 1.36
60 month CD 0.79 1.54

Jumbo Deposits (≥ $100,000)

Deposit Products National Rate 1 Rate Cap 2
Savings 0.06 0.81
Interest Checking 0.04 0.79
Money Market 0.12 0.87
1 month CD 0.07 0.82
3 month CD 0.09 0.84
6 month CD 0.14 0.89
12 month CD 0.22 0.97
24 month CD 0.38 1.13
36 month CD 0.51 1.26
48 month CD 0.63 1.38
60 month CD 0.81 1.56
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.

CMI Spot Prices as of Close of Trading in New York on February 22, 2016.

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Monday, February 22, 2016


EBRD News - February 22, 2016: EBRD President Calls on Investors to Boost Western Balkans' Economic Potential.

EBRD

ebrd.com

EBRD Western Balkans Investment Summit
Prime Ministers discuss regional prospects at second EBRD Western Balkans Investment Summit
EBRD President Sir Suma Chakrabarti said today the EBRD would continue to work to improve the investment climate in the Western Balkans and urged investors from the whole world to join the Bank in helping the region achieve its potential.

European Markets at Close Report on February 22, 2016, By CNBC: Europe Shares Rally as Miners Soar; HSBC Drps 1%

cnbc.com

Holly Ellyatt
 
European equities enjoyed an ebullient Monday, buoyed by a positive trend set in Asia and a rebound in commodity prices.

Reuters | Business - February 22, 2016: Exclusive: Up to 90 Million More Takata Airbag Inflators may face U.S. Recalls.

reuters.com

By Paul Lienert and David Shepardson
 
DETROIT/WASHINGTON U.S. auto safety regulators are examining whether an additional 70 million to 90 million Takata Corp (7312.T) airbag inflators should be recalled because they may endanger drivers, according to a person with knowledge of the matter.

Reuters | Business - February 22, 2016: Allergan Reports Higher-Than-Expected Q4 Revenu

reuters.com
 
Allergan Plc (AGN.N), which is being bought by Pfizer Inc (PFE.N), reported better-than-expected revenue, helped by strong performance in its U.S. brands segment, which sells products like Botox and Restasis eye drops.

U.S. Stock Market Future Indications Update - February 22, 2016: Dow Futures Leap 200 Points as Oil Soars 5%.

marketwatch.com
 
Anora Mahmudova, Barbara Kollmeyer
U.S. stock futures pointed to sharp gains for Wall Street later Monday, as oil prices climbed above $30 a barrel.

NYT | First Draft on Politics - Feruary 22, 2016: Trump Hopes to Follow Clinton's Lead in Nevada, by Maggie Haberman

Monday, February 22, 2016

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Monday, February 22, 2016

Hillary Clinton thanked supporters during a speech at Caesars Palace in Las Vegas on Saturday, after her victory in the Nevada caucuses.
Hillary Clinton thanked supporters during a speech at Caesars Palace in Las Vegas on Saturday, after her victory in the Nevada caucuses. Ruth Fremson/The New York Times
Trump Hopes to Follow Clinton’s Lead in Nevada
By MAGGIE HABERMAN

Bloomberg View - February 22, 2016: Market Calm May Be Short -Lived.

bloombergview.com
 
Mohamed A. El-Erian
 
Last week, global equity investors got a much-needed reprieve from volatile, loss-inflicting markets. But rather than signaling the start of a calmer market phase, this may well prove a prelude to renewed volatility in the weeks ahead.

Reuters | Technology - February 22, 2016: Samsung, LG Unveil New Devises in Bid For Smartphones Recovery.

reuters.com

By Paul Sandle and Harro Ten Wolde
 
BARCELONA Samsung Electronics Co Ltd (005930.KS) and LG Electronics Inc (066570.KS) unveiled their latest smartphones at the Mobile World Congress industry show in Barcelona on Sunday, seeking to buck the slowdown in industry growth.

The Guardian | UK | Media | Media - Briefing on February 22, 2016: Today's Media Stories From The Papers.

theguardian.com

Top story on MediaGuardian

It’s The New Day - first look at Trinity Mirror’s new newspaper
Publishing chief Simon Fox says ‘revitalising print’ is a core part of his company’s strategy alongside its commitment to digital innovation

DealBook Today's Top Headlines - February 22, 2016: HSBC's Fourth-Quarter Losses | In Nursing Home Suit, Who Signed the Contract? | Low-Income Buyers Trapped in Fixer-Uppers | London Mayor Joins Campaign for Britain to Leave E.U..

 
Monday, February 22, 2016
TODAY'S TOP HEADLINES
By AMIE TSANG
HSBC'S FOURTH-QUARTER LOSSES HSBC, Britain's largest bank by assets, posted a loss of $1.33 billion for the three months ending Dec. 31, Chad Bray reports in DealBook. It had posted a profit of $511 million in the fourth quarter of 2014. Before taxes, the bank posted a loss of $858 million.

U.S. Stock Market Future Indications, Februery 22, 2016, by MarketWatch; Dow Industrials Poised for a More-Than-1% gain as Oil Roras Ahead

marketwatch.com
 
Barbara Kollmeyer
 
U.S. stock futures pointed to sharp gains for Wall Street later Monday, as oil prices climbed above $30 a barrel and investors looked set to start the week with a renewed appetite for risk.

Asian Markets At Close Report on February 22, 2015, by Marketwatch: Shanghai stocks Rise After China Replaces Securities Chief

marketwatch.com

Chao Deng 
 
Chinese shares led gains across most of Asia on Monday in the wake of news that authorities were replacing China’s beleaguered securities chief.