On Monday, Sept. 13, trades on the U.S. stock market is rising quotations. Upbeat news came from all directions: fears of tighter monetary policy in China did not materialize (the rapid economic growth continues in the country) in Europe have adopted new capital requirements for banks, while the U.S. maintained a high level of activity in mergers and acquisitions, which points to an optimistic assessment of economic prospects for the representatives of big business. Against this backdrop, the Dow Jones up a gap updated monthly maximum, while trying to "Bears" to reduce the early morning gains and were not successful: too great confidence of investors in the continuation of the rally.
Following the auction on September 13, the Dow Jones rose 81.36 points (0.78%) - to 10,544.13 points, NASDAQ rose 43.23 points (1.93%) - to 2285.71 points, S & P rose by 12.35 points (1.11%) - up to 1121.9 points.
Stronger than the market on Monday looked banking sector. Positive in the segment was associated with the announcement of the final formulation of new standards of bank capital and liquidity, dubbed "Basel III" and designed to make the financial system more resilient to shocks. The transition to the new standards will be smooth: it begins in January 2013. And finally bank capital will be formed by January 2019. Smooth transition eliminates fears that banks will have even more to reduce lending and raise capital to meet the new requirements. Against this backdrop, the leading U.S. financial institutions have added considerably to the price: JPMorgan Chase & Co. - 3,42%, Bank of America Corp. - 2,95%, The Goldman Sachs Group Inc. - 2,65%, Wells Fargo & Co. - 2,91%, Citigroup Inc. - 2,05%, U.S. Bancorp - 3,27%, The Bank of New York Mellon Corp. - 2,24%, PNC Financial Services Group Inc. - 2,89%, Morgan Stanley - 2,13%.
Prices for raw materials rose by a weaker dollar and expectations of preservation demand from China. However, investors are oil companies increase the cost of a barrel of Brent crude for more than 1% were ignored. By the end of the capitalization of ConocoPhillips rose only by 1,15%, Occidental Petroleum Corp. - On 0,52%, Anadarko Petroleum Corp. - At 0.77%, while Exxon Mobil Corp. - Went in a minus on 0,33%. But the steel companies in demand: Alcoa Inc. increased by 3,13%, United States Steel Corp. - On 1,81%, AK Steel Holding Corp. - On 2,94%, Southern Copper Corp. - On 2,32%, Freeport-McMoRan Copper & Gold Inc. - At 3.11%.
With regard to activity in mergers and acquisitions, it became known, the American manufacturer of computer equipment Hewlett-Packard (HP) buys developer of security software - the company ArcSight Inc. - For 1.5 billion dollars Absorption ArcSight will provide HP customers a higher level of security at a relatively lower cost. According to executive vice president of HP Software and Solutions Bill Veta, combining HP and ArcSight enables customers to better protect their applications against malicious programs, as well as to respond quickly to emerging threats. On Monday, the company reached a definitive agreement for the transaction, the entire amount is scheduled to pay in cash at the rate of U.S. $ 43.5 per share ArcSight. Not surprisingly, the value of securities last Sept. 13 soared by 25.1% - up to $ 43.91 HP meanwhile among manufacturers of computers showed the weakest results, adding only 0.21%. Quotes Dell Inc. and International Business Machines Corp. Meanwhile, increased by 2.07% and 1.27% respectively.
In demand on Monday, representatives of the car rental sector. Segment between the two leaders - Hertz Global Holdings Inc. 'S and Avis Budget Group Inc. - The struggle for Dollar Thrifty Automotive Group Inc., Companies represented in 70 countries with a total fleet of more than 300 thousand cars. Absorption will allow one of its competitors significantly strengthen its position. Sept. 13 Dollar Thrifty Automotive Group announced that the offer of Hertz Global Holdings, as the latter agreed to pay 1.43 billion dollars, or $ 50 per share, which is more than yet to offer Avis Budget Group. On Monday, quotes Dollar Thrifty jumped 5.35% - up to $ 50.58 Shareholders of any of the competing firms do not remain dissatisfied: Hertz capitalization soared to 7,86%, Avis - on 7,14%.
Last Friday, the U.S. stock market closed at the maximum level in almost a month, which was a good "bullish signal. At the beginning of a new week to take a positive external background was in full, resulting in growth indices rose. The advantage is still on the side of the bulls: the market is aimed upward, and the index of Dow Jones, seems to still be able to reach their summer peak, which is located at 1,5% higher. Of course, we can expect that buyers will cool the ardor of a weak macroeconomic statistics, but, firstly, is currently on the market none of it prefers not to think, and secondly, in recent times players tend to ignore weak statistical data.
понедельник, 27 сентября 2010 г.
FT: One of the complaints the U.S. to China in the WTO is related to discrimination Visa
One of the complaints directed at the U.S. China into the World Trade Organization (WTO) concerning discrimination in respect of U.S. operator of credit cards Visa. Conflict with the local monopolist China Unionpay company does not develop in China, reports The Financial Time citing informed sources.
On the eve of the U.S. representative to the WTO, Ron Kirk, said Washington has asked the organization to hold consultations to settle the dispute with Beijing about U.S. exports to China ploskokatanoy electrical steels, as well as on cases of discrimination against U.S. companies that provide services to the electronic payment market. According to the U.S., the People's Bank of China Unionpay granted monopoly rights to conduct most transactions with credit and debit cards of Chinese consumers, it's unfair to deprive foreign companies access to Chinese markets, and violate the obligations of Beijing to open financial services market.
According to the FT, Visa for almost a year can not run any business project in China due to a conflict with Unionpay. He came about a year ago, when Visa demanded that Unionpay stopped processing international transactions Cobranding cards through its own billing system. Visa raises a similar claim when working with partners around the world. The conflict between the partners developed a creeping form until June, when Unionpay, under the auspices of the Chinese Central Bank, in a rigid form has rejected demands by Visa and he became known to the public. Visa and Unionpay does not comment.
As a result Unionpay refused to consider any new lines of business with Visa. At the same time Unionpay continues to gradually expand its cooperation with its rivals MasterCard and American Express, which apparently took less confrontational approach. On the eve of MasterCard announced the signing of a memorandum of understanding with Unionpay, aimed at "a mutually beneficial business cooperation."
On the eve of the U.S. representative to the WTO, Ron Kirk, said Washington has asked the organization to hold consultations to settle the dispute with Beijing about U.S. exports to China ploskokatanoy electrical steels, as well as on cases of discrimination against U.S. companies that provide services to the electronic payment market. According to the U.S., the People's Bank of China Unionpay granted monopoly rights to conduct most transactions with credit and debit cards of Chinese consumers, it's unfair to deprive foreign companies access to Chinese markets, and violate the obligations of Beijing to open financial services market.
According to the FT, Visa for almost a year can not run any business project in China due to a conflict with Unionpay. He came about a year ago, when Visa demanded that Unionpay stopped processing international transactions Cobranding cards through its own billing system. Visa raises a similar claim when working with partners around the world. The conflict between the partners developed a creeping form until June, when Unionpay, under the auspices of the Chinese Central Bank, in a rigid form has rejected demands by Visa and he became known to the public. Visa and Unionpay does not comment.
As a result Unionpay refused to consider any new lines of business with Visa. At the same time Unionpay continues to gradually expand its cooperation with its rivals MasterCard and American Express, which apparently took less confrontational approach. On the eve of MasterCard announced the signing of a memorandum of understanding with Unionpay, aimed at "a mutually beneficial business cooperation."
U.S. imposes sanctions against the European-Iranian bank
Großansicht des Bildes mit der Bildunterschrift: Hamburg bank accused of funding military programs of Iran
In the framework of existing sanctions against Iran, the U.S. had to blacklist the European-Iranian Trade Bank (EIH), located in Hamburg. Bank accused of involvement in the funding of military programs of Tehran.
The United States has imposed sanctions against the European-Iranian Trade Bank (EIH), whose headquarters is in Hamburg. As reported on Wednesday, September 8, the web-site channel n-tv referring to the representative of the Ministry of the Treasury Stuart Levey, the Hamburg bank has worked closely with Iranian financial institutions and exercised on their behalf by the numerous translations. EIH was the seventeenth to the foreign bank account made by Washington in the black list.
According to the U.S. Treasury, Bank of Hamburg in cooperation with Iranian financial institutions in 2007 contributed to the acquisition of materials and equipment for the implementation of missile programs totaling more than $ 3 million. Last year, EIH, interacting with the Iranian Bank Mellat, participated in the financing of contracts for the procurement of arms, worth about 350 thousand dollars.
U.S. Sanctions virtually make it impossible for EIH to cooperate with other international banks, like agency Reuters. In the framework of sanctions is also closed access to the U.S. banking system. U.S. authorities have agreed on actions against the Bank of Hamburg with the German government. For its part, in Berlin are also planning to take action against the EIH. Hamburg Bank in June accused of violating sanctions imposed against Iran. Guide EIH denied the allegations, stressing that no violation occurred.
In the framework of existing sanctions against Iran, the U.S. had to blacklist the European-Iranian Trade Bank (EIH), located in Hamburg. Bank accused of involvement in the funding of military programs of Tehran.
The United States has imposed sanctions against the European-Iranian Trade Bank (EIH), whose headquarters is in Hamburg. As reported on Wednesday, September 8, the web-site channel n-tv referring to the representative of the Ministry of the Treasury Stuart Levey, the Hamburg bank has worked closely with Iranian financial institutions and exercised on their behalf by the numerous translations. EIH was the seventeenth to the foreign bank account made by Washington in the black list.
According to the U.S. Treasury, Bank of Hamburg in cooperation with Iranian financial institutions in 2007 contributed to the acquisition of materials and equipment for the implementation of missile programs totaling more than $ 3 million. Last year, EIH, interacting with the Iranian Bank Mellat, participated in the financing of contracts for the procurement of arms, worth about 350 thousand dollars.
U.S. Sanctions virtually make it impossible for EIH to cooperate with other international banks, like agency Reuters. In the framework of sanctions is also closed access to the U.S. banking system. U.S. authorities have agreed on actions against the Bank of Hamburg with the German government. For its part, in Berlin are also planning to take action against the EIH. Hamburg Bank in June accused of violating sanctions imposed against Iran. Guide EIH denied the allegations, stressing that no violation occurred.
Former head of the bank, Richard Fuld blamed the U.S. government in inaction
Lehman Brothers ghost is haunting the United States, without giving no peace to financial regulators nor market participants. Both the former and the latter can not possibly put an end to the dispute that still has the once mighty bank to collapse - their own mistakes or omissions of the authorities. Former head of Lehman, Richard Fuld this week openly declared that the catastrophe contributed to the policy of U.S. authorities.
Richard Fuld on Wednesday, delivered at a regular meeting of the committee to investigate the causes of the financial crisis, which has been invited is not the first time. Veteran Wall Street has not missed a chance to accuse the authorities in absolute inaction on the eve of the loud bankruptcy. «Lehman was forced to begin bankruptcy proceedings, not because he was unable to responsibly approach the problem or find ways to get out of the crisis, but because the authorities decided not to give him assistance, which was subsequently provided to all competitors of the bank. This decision was based on an inferior amount of information that was in their possession, "- said Mr. Fuld.
The bankruptcy of Lehman in 2008 really looked strange against the background of the provision of large-scale state support other members of the sector. So, six months before the collapse of the Bank of the U.S. government took an active part in the fate of bank Bear Stearns, assisted him in finding a buyer (JP Morgan Chase received from the government a loan of 29 billion dollars for this transaction). The very next day after the bankruptcy of Lehman Government has provided 85 billion dollars of insurance company AIG.
Participated in the meeting of the committee representatives of the Federal Reserve System (Fed) did not agree with Mr. Faldo. In their view, the authorities did their utmost to rescue the bank, however, all prospective buyers refused to buy Lehman. To lend to distressed company, the authorities themselves decided not to. "If the Fed lent Lehman money on that fateful Monday, but now we have discussed with you then, as the authorities tolerate the loss of this amount of taxpayers' money," - said the representative of the Federal Reserve Board Scott Alvarez.
Despite the veneer of rigor and uncompromising representatives of the Federal Reserve, the government still regrets his inaction, experts say. "If the Fed was in this situation now, then there would know about the future consequences of their decisions, her leadership there would be no doubt on account of Lehman. Bank would be at the moment given all the necessary liquidity. True, the government is unlikely to ever accept "- said an analyst with RBC daily Economist Intelligence Unit Jason Kereyan.
Richard Fuld on Wednesday, delivered at a regular meeting of the committee to investigate the causes of the financial crisis, which has been invited is not the first time. Veteran Wall Street has not missed a chance to accuse the authorities in absolute inaction on the eve of the loud bankruptcy. «Lehman was forced to begin bankruptcy proceedings, not because he was unable to responsibly approach the problem or find ways to get out of the crisis, but because the authorities decided not to give him assistance, which was subsequently provided to all competitors of the bank. This decision was based on an inferior amount of information that was in their possession, "- said Mr. Fuld.
The bankruptcy of Lehman in 2008 really looked strange against the background of the provision of large-scale state support other members of the sector. So, six months before the collapse of the Bank of the U.S. government took an active part in the fate of bank Bear Stearns, assisted him in finding a buyer (JP Morgan Chase received from the government a loan of 29 billion dollars for this transaction). The very next day after the bankruptcy of Lehman Government has provided 85 billion dollars of insurance company AIG.
Participated in the meeting of the committee representatives of the Federal Reserve System (Fed) did not agree with Mr. Faldo. In their view, the authorities did their utmost to rescue the bank, however, all prospective buyers refused to buy Lehman. To lend to distressed company, the authorities themselves decided not to. "If the Fed lent Lehman money on that fateful Monday, but now we have discussed with you then, as the authorities tolerate the loss of this amount of taxpayers' money," - said the representative of the Federal Reserve Board Scott Alvarez.
Despite the veneer of rigor and uncompromising representatives of the Federal Reserve, the government still regrets his inaction, experts say. "If the Fed was in this situation now, then there would know about the future consequences of their decisions, her leadership there would be no doubt on account of Lehman. Bank would be at the moment given all the necessary liquidity. True, the government is unlikely to ever accept "- said an analyst with RBC daily Economist Intelligence Unit Jason Kereyan.
U.S. authorities have obliged companies to disclose the amount of debt
Commission on the Securities and Exchange Commission (SEC) the U.S. will require companies to disclose information about the average and total short-term debt for the entire reporting period, not just in the last quarter.
New measures for the adoption of which voted on Friday SEC, aimed at combating window dressing - the practice of temporary sharp decline in debt shortly before the publication of statements followed by reduction of the volume to its previous level. Arrangements have been made investors will have more complete data about the level of liquidity and leverage of the company, Interfax reported.
For more information on average and full-level short-term debt during the reporting period, and also used by companies financial schemes will be included in annual and quarterly reports of companies.
Measures will be taken by the SEC finally approved after studying the explanations and comments received during the two months.
Conducted previously by the newspaper The Wall Street Journal survey showed that the 18 largest banks in the U.S. has reduced the level of debt immediately before the promulgation of accounting at the end of each of the last six quarters. In this case, the average bank reduces the amount of debt by 42%.
In March the SEC is investigating the 24 largest U.S. financial companies, is subject to the financial reporting violations, such as those noted in the bank Lehman Brothers. The study of the circumstances of the collapse of Lehman Brothers revealed that the bank's management approves of misleading financial statements and applied the tricks to leveling quarterly.
Fraud included the use of the repo, which allowed Lehman Brothers to reduce the apparent level of loan debt, look better in the eyes of the market and have higher ratings. In 2008, the bank did not disclose details of financial transactions that allowed him to keep $ 50 billion in debt off-balance accounts.
New measures for the adoption of which voted on Friday SEC, aimed at combating window dressing - the practice of temporary sharp decline in debt shortly before the publication of statements followed by reduction of the volume to its previous level. Arrangements have been made investors will have more complete data about the level of liquidity and leverage of the company, Interfax reported.
For more information on average and full-level short-term debt during the reporting period, and also used by companies financial schemes will be included in annual and quarterly reports of companies.
Measures will be taken by the SEC finally approved after studying the explanations and comments received during the two months.
Conducted previously by the newspaper The Wall Street Journal survey showed that the 18 largest banks in the U.S. has reduced the level of debt immediately before the promulgation of accounting at the end of each of the last six quarters. In this case, the average bank reduces the amount of debt by 42%.
In March the SEC is investigating the 24 largest U.S. financial companies, is subject to the financial reporting violations, such as those noted in the bank Lehman Brothers. The study of the circumstances of the collapse of Lehman Brothers revealed that the bank's management approves of misleading financial statements and applied the tricks to leveling quarterly.
Fraud included the use of the repo, which allowed Lehman Brothers to reduce the apparent level of loan debt, look better in the eyes of the market and have higher ratings. In 2008, the bank did not disclose details of financial transactions that allowed him to keep $ 50 billion in debt off-balance accounts.
Number of problem banks in the U.S. is growing rapidly
Number of problem banks in the U.S., which threatens to bankrupt, in II quarter has increased to 829, representing 11% of the total number of U.S. banks. Assets of troubled banks is estimated at $ 403 billion
This was stated by the Federal Deposit Insurance Corporation U.S. (Federal Deposit Insurance Corporation, FDIC). According to the FDIC, in I quarter in the U.S. totaled 775 troubled banks.
U.S. authorities shut bank at the fastest pace since 1992. Since 2010 the U.S. closed 118 banks in the past year - 140, Interfax reported. The fact that the amount of assets of troubled banks in II quarter has decreased, says the worsening financial situation of small and medium-sized banks are working directly with the public.
Lending in the banking sector of the U.S. declined in II quarter on 1,4%.
The volume of bank reserves for possible loan losses decreased relative to II quarter 2009 on 40,5% - to $ 40.3 billion, and it happened at a time when American officials strenuously to "pump up" the banks and the financial system with liquidity. In this regard, experts believe that measures taken to maintain the banks did not work.
FDIC - the banking regulator, insures deposits of 7,830 financial institutions whose assets are estimated at $ 13.2 trillion.
This was stated by the Federal Deposit Insurance Corporation U.S. (Federal Deposit Insurance Corporation, FDIC). According to the FDIC, in I quarter in the U.S. totaled 775 troubled banks.
U.S. authorities shut bank at the fastest pace since 1992. Since 2010 the U.S. closed 118 banks in the past year - 140, Interfax reported. The fact that the amount of assets of troubled banks in II quarter has decreased, says the worsening financial situation of small and medium-sized banks are working directly with the public.
Lending in the banking sector of the U.S. declined in II quarter on 1,4%.
The volume of bank reserves for possible loan losses decreased relative to II quarter 2009 on 40,5% - to $ 40.3 billion, and it happened at a time when American officials strenuously to "pump up" the banks and the financial system with liquidity. In this regard, experts believe that measures taken to maintain the banks did not work.
FDIC - the banking regulator, insures deposits of 7,830 financial institutions whose assets are estimated at $ 13.2 trillion.
In the United States set a new record number of houses seized for debt
U.S. banks were seized in August, 95.4 thousand housing units for borrowers with overdue payments on mortgage loans. This figure is 2% above the previous absolute record set in May this year, writes Prian.ru.
Compared with July, the number of excluded sites grew by 3% and about August 2009 - 25%. For comparison, the entire pre-crisis in 2005 has registered about 100,000 mortgage exemptions.
It is reported that in August this year were appointed auctions for the sale of 147,000 objects foreclosure. This figure exceeded the July to 9%, reports Reuters referring to the research firm RealtyTrac.
According to the vice-president Rick Sharga, a positive sign is to reduce the number of notices of foreclosure by 1% from July to August. This suggests that in future the number of actual seizures may be reduced.
In addition, the April abolition of state incentives for the purchase of first home buyers in the U.S. force to draw their attention to mortgage auctions, where prices are usually much lower than the market in general. Ultimately, this may increase sales of residential property in the country. However, in order to sell all of the excluded items that are on the banks' balance sheets will need at least two years, said Sharga.
The overall situation in the U.S. housing market remains extremely fragile. The unemployment rate is still high, raising concerns both domestically and abroad.
Compared with July, the number of excluded sites grew by 3% and about August 2009 - 25%. For comparison, the entire pre-crisis in 2005 has registered about 100,000 mortgage exemptions.
It is reported that in August this year were appointed auctions for the sale of 147,000 objects foreclosure. This figure exceeded the July to 9%, reports Reuters referring to the research firm RealtyTrac.
According to the vice-president Rick Sharga, a positive sign is to reduce the number of notices of foreclosure by 1% from July to August. This suggests that in future the number of actual seizures may be reduced.
In addition, the April abolition of state incentives for the purchase of first home buyers in the U.S. force to draw their attention to mortgage auctions, where prices are usually much lower than the market in general. Ultimately, this may increase sales of residential property in the country. However, in order to sell all of the excluded items that are on the banks' balance sheets will need at least two years, said Sharga.
The overall situation in the U.S. housing market remains extremely fragile. The unemployment rate is still high, raising concerns both domestically and abroad.
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