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By Frances Schwartzkopff
Central bankers across the globe need to plan for monetary tightening to avoid feeding asset bubbles, Danish central bank Governor Lars Rohde said.
2/28/13
Regulators looking at a Heinz derivatives deal in London: NY Times
(Reuters) - U.S. authorities investigating possible insider trading in ketchup maker H.J. Heinz Co (HNZ) are studying a derivatives bet that was routed through London, the New York Times reported, citing two people briefed on the matter.
Mikitani to Sell $328 Million Worth of Shares in Rakuten
By Taku Kato
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Rakuten Inc. (4755) President Hiroshi Mikitani and his wife Haruko, who own 43 percent ofJapan’s biggest online retailer, plan to sell 36 million shares worth $328 million at yesterday’s price.
Sumitomo Mitsui Trust Bank Ltd. was hired to make the transaction, according to a filing with Japan’s Finance Ministry yesterday. The contract with the bank runs from Feb. 21 to Dec. 27, according to the filing, which didn’t say why the shares would be sold. A companyspokeswoman declined to comment on the filing. Rakuten had surged 24 percent in 2013 before today, the fourth best performer on the 60-member MSCI World Retail Index (MXWO0RT) during the period, giving it a market value of 1.1 trillion yen ($12 billion). Mikitani is the largest stockholder with a 32.5 percent stake. He holds the shares directly and through his Tokyo-based consulting company Crimson Group. Haruko Mikitani owns about 11 percent, according to data compiled by Bloomberg.
The online retailer and Internet mall operator dropped 4.1 percent to 801 yen, the lowest in a month, as of the close in Tokyo trading today.
Mikitani is Japan’s third-richest individual with a net worth of $5.3 billion, according to theBloomberg Billionaires Index. The 36 million shares the couple intend to sell would be worth about 30 billion yen at yesterday’s closing price.
Japan’s benchmark Nikkei 225 (NKY) Stock Average has gained 10 percent this year, partly because a depreciating yen has boosted the value of exporters’ overseas earnings.
To contact the reporter on this story: Taku Kato in Tokyo at tkato6@bloomberg.net
To contact the editors responsible for this story: Anjali Cordeiro at acordeiro2@bloomberg.net; Gearoid Reidy at greidy1@bloomberg.net
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European Union caps bankers' bonuses
By Alex Barker, FT.com
(Financial Times) -- Bankers' bonuses are to be capped at two times bankers' salaries and banks will be subject to a strict transparency regime, under a provisional EU deal that includes minimal concessions to cushion the most severe pay crackdown since the 2008 financial crisis.
Google Stock a ‘Buy’ at $800: Weiss
As Google stock broke above $800 per share Wednesday, Stephen Weiss of Short Hills Capital said that it was still worth buying.
Wal-Mart's U.S. administrative chief to step down: WSJ
(Reuters) - Wal-Mart Stores Inc's (WMT) U.S. Chief Administrative Officer Tom Mars will step down in March after more than a decade with the company, in which he also served as general counsel, the Wall Street Journal reported.
Analysis: Cuts unlikely to deliver promised U.S. budget savings
By Andy Sullivan
WASHINGTON (Reuters) - On paper, there's one thing to like about the ugly spending cuts due to kick in on Friday: $85 billion in budget savings at a time when Washington continues to bleed red ink.
2/27/13
StanChart Said in Talks for Morgan Stanley India Unit
By Anto Antony & George Smith Alexander
Standard Chartered Plc (STAN), the U.K bank that earns most of its profit in Asia, is in talks to buy Morgan Stanley (MS)’s Indian wealth management unit, two people familiar with the discussions said.
Risk assets rise on Fed stimulus vow, Italy debt sale
By Chikako Mogi
TOKYO (Reuters) - Asian shares, commodity currencies and oil rose on Thursday as sentiment improved after U.S. Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to strong stimulus measures, while a smooth debt sale calmed nerves jangled by Italy's political deadlock.
Market Close Report: NASDAQ Composite index closes at 3,162.26 up 32.61 points
Wednesday's session closes with the NASDAQ Composite Index at 3,162.26. The total shares traded for the NASDAQ was over 1.69 billion.
uropean Stocks Advance Before Italian Debt Auction
European (SXXP) stocks rose, rebounding from yesterday’s selloff, before Italy auctions as much as $5 billion worth of long-term debt today. U.S. futures were little changed while Asian shares fell.
Hong Kong Economic Growth Picks Up to Fastest Pace in Year
By Stephanie Tong & Simon Lee
Hong Kong’s economic growth accelerated to the fastest pace in a year last quarter, signaling that the deepest slowdown since the 2009 global recession is abating.
State firms win airport expansion project
A consortium of state and private companies have won the tender for the expansion of Terminal 3 at Soekarno-Hatta International Airport in a contract valued at Rp 4.7 trillion (US$484 million).
Russia Stocks Rise From Lowest This Year as Rosneft Gains on Oil
By Ksenia Galouchko
Russian stocks climbed from the lowest level this year as rising crude prices lifted OAO Rosneft, the country’s biggest oil producer.
Sriboga expects to raise $72m from IPO to finance expansion
Linda Yulisman, The Jakarta Post, Jakarta
Major flour producer and food chain operator PT Sriboga Raturaya plans to float its shares on the bourse this year, aiming to generate up to Rp 700 billion (US$72.11 million) to support its expansion plans.
Major flour producer and food chain operator PT Sriboga Raturaya plans to float its shares on the bourse this year, aiming to generate up to Rp 700 billion (US$72.11 million) to support its expansion plans.
China Stocks Rise Most in 3 Weeks on Government Support Outlook
By Bloomberg News
China’s stocks rose the most in three weeks, led by financial and commodity companies, on speculation the government will take steps to bolster equities.
JPMorgan to cut up to 17,000 jobs by end of 2014
By David Henry
NEW YORK (Reuters) - JPMorgan Chase & Co (JPM) said on Tuesday that it plans to cut 17,000 jobs by the end of 2014, representing about 6.6 percent of the company's overall workforce, as the bank sheds staff that helped it deal with bad home loans.
The bank is optimistic that it can generate record income this year and is planning to add 4,000 employees in commercial and investment banking and credit cards to help it win business, bank executives said at an investor conference.
That hiring will be more than offset by job cuts in areas like mortgage servicing and retail banking, where the bank is positioning for a recovering housing market and new forms of branch banking. The net impact of the additions and cuts will be 17,000 fewer employees on the bank's payrolls.
The job cuts reflect the pressure that banks are under, even as the U.S. housing market and overall economy show signs of recovery. Many banks are looking to automate more of their businesses to make their staff more productive and improve profits.
For example, at JPMorgan's branches, where it plans to cut about 6,000 tellers and other employees, the bank hopes customers will use automated teller machines for every day transactions and that remaining staff can focus on higher-margin activities like selling wealth management services.
JPMorgan is one of the few big U.S. banks that is still adding branches to its network, but it is hoping to staff the branches with fewer workers. The bank's 5,614 branches have 63,500 employees, representing about a quarter of JPMorgan Chase's total. Chase's branch network is second to Wells Fargo & Co's (WFC.N) in size.
For overall staffing levels, JPMorgan Chase had 258,965 employees globally at the end of 2012. Its headcount rose following the financial crisis to 262,882 in the second quarter of 2012 from 219,569 in the first quarter of 2009. Since last year's second quarter, staffing levels have drifted lower.
JPMorgan Chase overall earned $21.9 billion last year, excluding accounting charges linked to changes in the value of its debt. The bank said it has the potential to earn about $27.5 billion, thanks in part to efficiency gains. It aims to cut overall expenses by $1 billion in 2013.
To reach the $27.5 billion profit figure, the bank is also counting on costs for lawsuits to fall as disputes over bad mortgages are resolved, as well as seeing a one percentage point rise in interest rates, said Chief Financial Officer Marianne Lake.
The profit scenario also depends on the bank not being hit by another trading debacle like the $6.2 billion loss last year on derivatives trades placed by the London Whale, the nickname given a London-based JPMorgan trader for the size of the positions.
Chief Executive Jamie Dimon acknowledged that many of his top lieutenants who spoke to investors on Tuesday were in new jobs after changes he made last year in his management team and the bank's divisions.
"It is a little bit too much change in one year," Dimon said. "Some of it was the Whale. Some of it was the re-org" to better align product divisions with customer interests, he said.
All of the top executives, however, have been at the company several years and know its businesses, Dimon said.
JPMorgan Chase shares were down 0.2 percent at $47.60 at the close of trading on Tuesday on the New York Stock Exchange.
(Reporting By David Henry; Additional reporting by Rick Rothacker in Charlotte, North Carolina; Writing by Dan Wilchins; Editing by Gerald E. McCormick, John Wallace and Matthew Lewis)
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2/26/13
Standard Chartered Fined by Taiwan After Employee’s Embezzlement
By Andrea Wong & Stephanie Tong
Standard Chartered Plc (STAN) was fined NT$5 million ($168,500) for inadequate internal controls after an employee in Taiwan embezzled funds through a credit card business-related loophole.
Gold Miners Come Clean on Costs After Lost 6 Years: Commodities
By Liezel Hill
The gold-mining industry, which has underperformed the precious metal for each of the past six years, is pledging to report costs more accurately as part of its efforts to win back investor confidence.
Analysis: Jumbo mortgages are back, but at far from 2007 levels
By Linda Stern
WASHINGTON (Reuters) - Home sales and prices are rising briskly in those neighborhoods where the well-heeled like to plant their mailboxes: along Chicago's north shore, in the San Francisco Bay area and in the haute Hamptons.
Asian Stocks Outside Japan Advance on U.S. Economic Data
Asian stocks outside Japan gained after U.S. housing and consumer confidence data beat estimates. Japanese shares fell as the yen rose ahead of an Italian bond sale, with yields surging after the nation’s deadlocked election stoked debt crisis concern.
Bernanke says Fed stimulus benefits clear, downplays risks
By Pedro da Costa and Alister Bull
WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke strongly defended the U.S. central bank's monetary stimulus before Congress on Tuesday, easing financial market worries over a possible early retreat from bond buys.
Market Close Report: NASDAQ Composite index closes at 3,129.65 up 13.40 points
Tuesday's session closes with the NASDAQ Composite Index at 3,129.65. The total shares traded for the NASDAQ was over 1.81 billion.
Wall Street rebounds on Bernanke comments, data
By Chuck Mikolajczak
NEW YORK (Reuters) - U.S. stocks rebounded from their worst decline since November on Tuesday after Federal Reserve Chairman Ben Bernanke defended the Fed's bond-buying stimulus and sales of new homes hit a 4 1/2-year high.
2/25/13
India’s Bond Yields at 31-Month Low Before RBI Debt Purchase
By V. Ramakrishnan
India’s bonds gained, sending the 10-year yield to a 31-month low, on optimism a central bank plan to buy debt this week will ease a cash shortage and spur demand.
Singapore to Raise Property Tax Rates for Luxury Homeowners
By Pooja Thakur & Sharon Chen
Singapore plans to raise property levies for luxury homeowners as it seeks to tax wealthy residents in the island-state after the government imposed more measures to curb property speculation last month.
Market Close Report: NASDAQ Composite index closes at 3,116.25 down -45.57 points
Monday's session closes with the NASDAQ Composite Index at 3,116.25. The total shares traded for the NASDAQ was over 1.87 billion.
Exclusive: Goldman to begin fresh round of job cuts
By Lauren Tara LaCapra and Katya Wachtel
(Reuters) - Goldman Sachs Group Inc will begin its annual job cutting process as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading.
Gold’s Cycle Seen as Turned by Goldman as ETP Holdings Slump
By Glenys Sim
Gold’s price cycle has probably turned as the recovery in the U.S. economy gathers momentum and investment holdings collapse, according to Goldman Sachs Group Inc., which reduced forecasts for the metal.
Wall Street trips and falls on cloudy Italian election
By Chuck Mikolajczak
NEW YORK (Reuters) - Stocks on Monday suffered their biggest drop since November after a strong showing in Italian elections by groups opposed to the country's economic reforms triggered worry that Europe's debt problems could once again destabilize the global economy.
2/24/13
Consumer Stocks Reflect Skepticism About U.S. Spending
By Anna-Louise Jackson & Anthony Feld
Chris Carlson/AP Photo
A shopping center in Newport Beach, Calif.
Investors are skeptical that U.S. retail spending will exceed forecasts this year, as some consumer-discretionary stock indexes have yet to reach new multiyear highs relative to their defensive counterparts.
Saudi Arabian Shares Advance as Banks, Petrochemicals Climb
By Deema Almashab
Saudi Arabian stocks added 0.1 percent to 7,041.58 by the close in Riyadh today, boosted by banks and petrochemical companies.
China’s New Leaders Plan First Government Overhaul in Five Years
By Bloomberg News
The new leaders of China’s Communist Party will this week discuss plans to restructure ministries and state institutions, paving the way for the first overhaul of the central government in five years.
Bernanke Said to Minimize Asset-Bubble Concern at Meeting
By Rich Miller
Federal Reserve Chairman Ben S. Bernanke minimized concerns that the central bank’s easy monetary policy has spawned economically-risky asset bubbles in comments at a meeting with dealers and investors this month, according to three people with knowledge of the discussions.
Major Banks Aid in Payday Loans Banned by States
By JESSICA SILVER-GREENBERG
Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. With 15 states banning payday loans, a growing number of the lenders have set up online operations in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps on interest rates.
Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. With 15 states banning payday loans, a growing number of the lenders have set up online operations in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps on interest rates.
2/23/13
Apple Loss to Einhorn Raises Pressure for Investor Payout
By Christie Smythe
Scott Eells/Bloomberg
David Einhorn, president and co-founder of Greenlight Capital Inc., on Bloomberg Television in New York, on Feb. 7, 2013. Einhorn and Greenlight have urged Apple to issue high-yielding preferred stock in order to help shift the value of a $137 billion stockpile of Apple's cash to investors.
David Einhorn’s Greenlight Capital Inc. winning a court order blocking an upcoming Apple Inc. (AAPL) shareholder vote increases pressure on the iPhone maker to return some of its growing cash hoard to investors.
