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Feb 29, 2016

Dealbook P.M. Edition on February 29, 2016: Argentina Reaches Deal With Hedge Funds Over Debt, Could ending a 15 Year Battle.

 
Monday, February 29, 2016
TOP STORY
Daniel A. Pollack, the court-appointed mediator in a legal battle between Argentina and a group of investors.
Argentina Reaches Deal With Hedge Funds Over Debt The funds declared legal war on Argentina 12 years ago, refusing to partake in the country's restructurings after it defaulted on $100 billion of debt in 2001.
Graffiti in Buenos Aires depicting an American judge and
Argentina's Debt Settlement Ends 15-Year Battle Four hedge funds refused to accept a steep discount in two restructurings over the years. Here's a look at some crucial moments of the fight.

GATA | THE GATA DISPATCH - February 29, 2016: Mike Ballanger: Patiently Climbing Aboard the New Golden Bull.


Submitted by cpowell on February 29, 2016.
 February 29, 2016

Our friend Michael Ballanger, a Toronto-based broker specializing in the mining industry, writes today that while fundamentals for the monetary metals are strong, manipulation of their futures market by the biggest investment banks that double as bullion banks is likely to smash prices down again any day now. Ballanger's commentary is headlined "Patiently Climbing Aboard the New Golden Bull" and it's posted at the AU Report here:

https://www.theaureport.com/pub/na/patiently-climbing-aboard-the-new-gol...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org


WSJ | Forex Closing on February 29, 2016.

The Wall Street Journal Forex Closing
Major Currencies
Monday, February 29, 2016

WSJ | Major Indexes Closing on February 29, 2016.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:46 p.m. EST 02/29/16

WSJ | Most Actives Closing on February 29, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:46 pm ET 02/29/2016
NYSE

WSJ | Biggest Decliners Closing on February 29, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:31 pm ET 02/29/2016
NYSE

CMI Spot Prices as of Close of Trading in New York on February 29, 2016.

Spot Prices as of traditional New York closing times

Monday, February 29, 2016


 

Wall Street at Close Report on February 29, 2016: S&P, Nasdaq Post First 3-Months Losing Streak Since 2011.

cnbc.com
 
Evelyn Cheng


U.S. stocks closed lower Monday, despite gains in oil, as the S&P 500 and Nasdaq composite ended February with losses.
The S&P and Nasdaq posted their first three-straight months of losses since the five-month losing streak ended September 2011.

GATA | THE GATA DISPATCH - February 29, 2016: Eurozone Slides Back into Deflation.


Submitted by cpowell on February 29, 2016. By Peter Spence
The Telegraph, London
Monday, February 29, 2016

The eurozone lurched back into deflation this month, putting more pressure on the European Central Bank to ramp up stimulus when it meets next week.

European Markets at Close Report on February 29, 2016, by CNBC: Europe Ends Mostly Higher on Oil; Miners Jump; China eyed.

cnbc.com
 
Holly Ellyatt, Arjun Kharpal, Alexandra Gibbs
European equities closed slightly higher Monday despite a turbulent trading day as investors cheered on the jump in oil prices and mining stocks, and shook off the mixed news coming from China and individual businesses.

Bits | The Business of Technology - February 29, 2016: The Bumpy Road to New Technologies.

The New York Times
Monday, February 29, 2016


Daily Report

The Bumpy Road to New Technologies | The hype of a new technology is outpacing commercial success. Sound familiar?

FTC Press Release - February 29, 2016: Statement of FTC Chairwoman Edith Ramirez on EU-U.S. Privacy Shield Framework.



FTC@100 BannerFederal Trade Commission Chairwoman Edith Ramirez has issued the following statement regarding today’s release of the EU-U.S. Privacy Shield Framework in Brussels, Belgium.

U.S. Stock Market Future Indications Update - February 29, 2016, by MarketWatch: U. S. Stock Futures Turn Positive Ahead of Opening Bell

marketwatch.com
 
Ellie Ismailidou, Victor Reklaitis
U.S. stock futures wiped out early losses, turning positive ahead of the opening bell Monday as China’s decision to cut the reserve requirement for banks was seen as another move aimed at boosting the global economy.

Reuters | Business - February 29, 2016: Toshiba to Sell Entire Medical Unit, Deal May See Aggressive Bids: Sources.

reuters.com
 
By Junko Fujita and Emi Emoto
 
TOKYO Struggling Toshiba Corp (6502.T) plans to sell its entire medical equipment unit rather than just a controlling stake, people familiar with matter said, adding that aggressive bidding could value the business at much more than initial estimates of $3.5 billion.

GATA | THE GATA DISPATCH - February 29, 2016: India Imposes Gold Sales Tax on Top of Reord Imprt Duty.


Submitted by cpowell on February 29, 2016. By Rejendra Jadhav
Reuters
Monday, February 29, 2016

MUMBAI -- India has reintroduced a local sales tax on gold jewellery after a gap of four years, on top of record import duty, in a move officials hope will dampen demand for the precious metal in the world's second biggest consumer.

Bloomberg View - February 29, 2016: The World Economy Needs Action, Not Words by The Editors.

bloombergview.com

The World Economy Needs Action, Not Words

The Editors
 
Finance ministers and central bank governors of the Group of 20 major economies ended their meeting in Shanghai this weekend with the usual promises to bolster the global economy. They resolved to take all appropriate measures (and no inappropriate ones).

NYT First Draft on Politics - February 29, 2016: One Day Until Super Tuesday, When Some Clarity (Maybe) Moves In by Maggie Haberman.

Monday, February 29, 2016

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Monday, February 29, 2016


From left, Lindsey Tucker, 10; Claire Horton, 13; and Ella Taylor, 12, all of Madison, Ala., at a rally for Donald J. Trump with Claire’s father, Joh Horton, on Sunday.
From left, Lindsey Tucker, 10; Claire Horton, 13; and Ella Taylor, 12, all of Madison, Ala., at a rally for Donald J. Trump with Claire’s father, Joh Horton, on Sunday. Kirsten Luce for The New York Times
One Day Until Super Tuesday, When Some Clarity (Maybe) Moves In
By MAGGIE HABERMAN

DealBook Today's Top Headlines - February 29, 2016: Buffett Rejects Activism and U.S. Decline | Overdraft Practices Gut Bank Accounts | G-20 Rejects Major Policy Shifts.

 
Monday, February 29, 2016
TODAY'S TOP HEADLINES
By AMIE TSANG
BUFFETT REJECTS ACTIVISM AND U.S. DECLINE "For 240 years it's been a terrible mistake to bet against America, and now is no time to start," was the message from Warren E. Buffett in his annual letter to shareholders.

The billionaire investor rejected the "negative drumbeat" of the presidential campaign and said that "the babies being born in America today are the luckiest crop in history," Leslie Picker reports in DealBook.

However, he did caution that the negative effects of innovation and greater efficiency tended to harm the worker, giving the example of his Dexter shoe operation, which was forced to fold under competition.

Mr. Buffett suggested providing safety nets for those who want to work but find their talents out of favor.

Mr. Buffett also said that Berkshire Hathaway would not engage in unfriendly takeovers, Leslie Picker writes in DealBook. "To be sure, certain hostile offers are justified: Some C.E.O.s forget that it is shareholders for whom they should be working, while other managers are woefully inept," he wrote. "We, though, will leave these 'opportunities' for others."

The annual letter was published with Berkshire's fourth-quarter and annual results. Its earnings rose to $24.08 billion last year, from $19.87 billion in 2014, while annual revenue increased by $16 billion, to $210.8 billion.

Mr. Buffett noted the effect that climate change could have on his business, particularly insurance, saying that climate change posed a major problem for the planet. But he said that because insurance policies were rewritten each year, Berkshire Hathaway should not be exposed to high losses.

He also defended the Clayton Homes subsidiary, which has come under scrutiny because its mortgages are aimed at lower-income homeowners.

Clayton, he said, keeps all of the mortgages it originates, rather than handing them off to banks that could structure them into new securities.

The one issue he did not touch on was that of who would succeed him - a vital question among investors and Berkshire enthusiasts.
OVERDRAFT PRACTICES GUT BANK ACCOUNTS Millions of Americans are being tripped up by overdraft practices that remain largely untouched by financial regulation, Michael Corkery and Jessica Silver-Greenberg report in DealBook.

Since 2008, regulators have required banks to clearly disclose and explain the terms of just about every financial product, but overdraft practices seemed to have escaped this. They still come with hidden costs and confusing terms, according to customers, lawyers and consumer advocates.

In one case, Angelina Lemus, a Citibank customer, found that as much as $96 was disappearing from her checking account every month. Citibank was taking out the money to pay a loan, with an interest rate of 18 percent, that was intended to cover the shortfall every time Ms. Lemus overdrew her checking account.

Ms. Lemus, a home health care worker from Queens, said she never signed up for the line of credit and was unaware she was borrowing from it.

She amassed $3,400 in debt - a tangle of interest, principal and other fees that have damaged her credit.

These sometimes harmful practices are proliferating, although this is by no means a novel problem.

In a series of class-action lawsuits against more than a dozen big banks, customers accused banks of hiding a practice known as reordering. This practice involved deliberately processing large transactions like mortgage payments first before taking out smaller charges to maximize the number of overdrafts they charged.

The lawsuits resulted in more than $1.1 billion in settlements.

The Consumer Financial Protection Bureau is hashing out rules that could limit reordering, but the regulation will not address the lines of credit, which are considered loans.

The credit lines are supposed to be cheaper than traditional overdrafts. If customers pay off the loans quickly, the charges amount to only a few dollars. But some customers have no idea that they signed up for them.

Bank customers say it is an easy mistake to make - the credit lines are often tucked into checking account agreements and do not require a separate signature to be approved.
ON THE AGENDA Warren E. Buffett will be on CNBC's Squawk Box answering questions live from 6 to 9 a.m.
G-20 REJECTS MAJOR POLICY SHIFTS The finance ministers of 20 of the world's largest economies decided over the weekend that the markets worry too much and eschewed any radical changes in policy, Keith Bradsher reports in The New York Times.

The ministers tried to convince investors around the world that they were missing the basic strengths of the global economy and backed a stepped-up combination of monetary policies, government spending and structural changes.

"The magnitude of the recent market volatility has not reflected the underlying fundamentals of the global economy," said Lou Jiwei, China's finance minister.

Led by China, the Group of 20 finance ministers agreed to inform one another of all major changes in currency policies to avoid surprises that could shake up global financial markets.

They also renewed their commitment to not devaluing to obtain a competitive advantage for their exporters.

China has taken steps in recent days to become more open about its financial policies. It held a rare news conference with Zhou Xiaochuan, the governor of the People's Bank of China, in which Mr. Zhou sought to reassure financial markets that China has plans to handle a deceleration in growth.

Investors, however, appeared to be disappointed that more concrete measures to bolster growth were not announced. The Shanghai composite index dropped as much as 4.6 percent during Monday trading, Bloomberg News reports. It did pare its losses, though, and closed down 2.9 percent.

After markets closed, China's central bank said that it would lower its reserve-requirement ratio for all banks by half a percentage point, effective Tuesday. It said the move was intended to provide banks with liquidity and keep credit growth stable, The Wall Street Journal reports.
MERGERS & ACQUISITIONS »
Foxconn and Sharp Said to Consider Revising Deal It is too early to tell whether Foxconn will lower the value of its offer for Sharp or change its bid in some other way, Bloomberg News reports, citing people familiar with the matter.
How China Inc. Plans to Pay for Its Biggest Overseas Deal ChemChina is contacting a clutch of global and Chinese banks for a lending package set to be completed by April, The Wall Street Journal reports, citing people familiar with the situation. It is also tapping a consortium of Chinese sovereign funds to buy stakes in the deal.
INVESTMENT BANKING »
Kensho's office in Cambridge, Mass.
The Robots Are Coming for Wall Street Hundreds of financial analysts are being replaced with software. What office jobs are next?
JPMorgan Traders Fired Over Compliance JPMorgan Chase fired two employees, including the head of its government debt trading desk, who were accused of circumventing the bank's compliance procedures after a disagreement in valuing certain trades, The Financial Times reports, citing people familiar with the matter.
Anshu Jain to Join Online Lender Anshu Jain, the former co-chief executive of Deutsche Bank, is to become an adviser to SoFi, a San Francisco-based company best known for refinancing student loans.
For the latest updates, go to NYTimes.com/DealBook
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U.S. Stock Market Future Indications - February 29, 2015 by MarketWatch: U.S. Stock Futures Pare Losses After China Move.

marketwatch.com
 
Victor Reklaitis
 
U.S. stock futures pointed to a lower open Monday, joining in a global slump and making it tougher for the market to stay in the green for February.

Asian Markets at Close Report on February 29, 2016, by MarketWatch: China Stocks Drop Sharply as Yuan Dips 3-Week Low.

marketwatch.com
 
Chao Deng
Shares in China dropped sharply Monday as China’s central bank guided the yuan to its weakest level in three weeks, just after Chinese officials at a meeting in Shanghai worked hard to dispel worries about China’s economic strategy.

The Guardian | UK | Media Briefing: The Guardian's Media Stories From The Papers - February 29, 2016.

theguardian.com

Top story on MediaGuardian

New Day will be profitable this year if it attracts readers, says Trinity Mirror
Publisher voices high hopes for newly launched paper, but reports that pre-tax profits for its existing products fell by more than 17% last year

More on MediaGuardian

Tony Blackburn thanks fans for support after BBC sacking
Broadcaster hosts show on Kent-based KMFM, after saying BBC offered him option to quit and return within months

Today’s headlines

The Guardian
Trinity Mirror launches New Day. P3
The reader’s editor on challenging stereotypes about Tourette syndrome. P24
The BBC’s Carrie Gracie: ‘China is difficult – a giant piece of history rising’. P28
BBC3 film puts trans community centre stage. P29
Obituary: Father Ted star Frank Kelly. P31
Daily Telegraph
David Cameron agrees to TV debate before EU referendum. P4
Interview with TV chef Lorraine Pascale. P23
Obituary: Father Ted star Frank Kelly. P27
Institute of Directors calls for BT to face more competition. Business P1
Profile of WPP. Business P2
Financial Times
Jonathan Ford: Microsoft’s job is to sweat its assets, not be another Apple. P18
The TimesInstitute of Directors calls for BT to face more competition. P7
Father Ted star Frank Kelly dies. P17
BBC’s George Alagiah says cancer fight made him a ‘richer person’. P18
Chris Evans drove out Top Gear producer Lisa Clark, say BBC insiders. P21
Sky lends support to Three’s O2 takeover. P35
Giles Coren on his failed novel. Times2 P6-7
The Independent
Joan Bakewell: the BBC needs ‘huge reforms’. P11
Father Ted star Frank Kelly dies. P15
Film industry ‘geared for women to fail’, says former Sony chief Amy Pascal. P17
The Independent’s Pierre Perrone dies. P20
Ian Burrell: EU referendum testing the ideological certainties of the press. P40-41
New York Times still bucks the trends. P41
BBC axes What the Papers Say. P41
Obituary: Father Ted star Frank Kelly. P51
iEmilia Clarke teases out Game of Thrones storyline. P15
Joan Bakewell says too many managers spoil the BBC. P17
Father Ted actor Frank Kelly dies. P20
Turkish president has ‘no respect’ for ruling on jailing of journalists. P22
EU referendum is blurring battle lines for Britain’s newspapers. P41
PR and advertising: the best commercial director since sliced bread. P41
David Carr’s spirit kept alive at the New York Times. P41
Radio 4 pulls the plug on What the Papers Say. P41
Bragging rights expected at ITV. P42
The New DayFather Ted star Frank Kelly dies. P2
Wall Street Journal
China shuts down blogger’s accounts. B2
Court throws out patent verdict for Apple. B3
Daily MailJudge says he did interview Tony Blackburn over girl of 15, but didn’t think he was guilty of abuse. P4
Ethnic minority TV viewers most likely to watch the Queen’s speech. P6
Father Ted actor Frank Kelly dies. P22
BBC newsmen set up a ‘survivors’ club’. P30
Daily ExpressTony Blackburn says BBC said he could return when sex storm had died down. P9
Terry Gilliam takes a swipe at BBC for remaking old shows. P16
Father Ted actor Frank Kelly dies. P18
ITV hoping profits have the X Factor. P44
The SunAxed DJ Tony Blackburn thanks his fans. P17
Father Ted actor Frank Kelly dies. P18
Simon Cowell’s show to stay on TV until 2019. P23
And and Dec slammed for giving ‘fraudster’ a free cruise holiday. P33
Heather Mills quits The Jump due to injury. P33
Daily MirrorFirst new newspaper in 30 years launches. P2
Louis Walsh looks set to return to The X Factor. P3
Capital Cup final filmed with new technology including drone camera. P10
Father Ted actor Frank Kelly dies. P18
Tony Blackburn demands apology for Tony Hall’s ‘slur’. P17
Daily StarBenefits Street star White Dee set to star in Benidorm. P8
Heather Mills quits The Jump due to injury. P9
Father Ted actor Frank Kelly dies. P11
New BBC drama to star black actors in all the leading roles. P19

Go to MediaGuardian