| New post |
| | | | | | Post name : | Chinese Economy: Heading Towards Brighter Horizons! | | | Post Contents : | | | | Giving momentum to the economic recovery, Chinese manufacturing indicator has expanded in the last m more. | | | Posted Date: | 4/1/2013 11:02:32 AM | | © 2008 Mercantile Exchange Nepal Limited. All Rights Reserved |
| Technical Analysis, April 1st — April 5th, 2013 Posted: 30 Mar 2013 12:05 PM PDT The technical analysis, that includes the indicators' data and major pivot points for Brent Oil, Gold, Silver and Copper as traded on spot market as of March 30th, 2013: Indicators Moving Averages RSI Parabolic SAR CCI Oil Short Neutral Long Long Gold Short Neutral Long Neutral Silver Short Neutral Short Short Copper Short Neutral Short Neutral Floor Pivot Points 3rd Sup 2nd Sup 1st [...] |
 | | | Weekly Roundup MARCH 29, 2013 MarketWatch's top 10 stories, March 25 - 29 By MarketWatch SAN FRANCISCO (MarketWatch) — Well, U.S. stocks finally did it. During a shortened trading week, the Standard & Poor's 500 Index, which is probably the most closely followed, broad index of equities in the country, if not the world, hit a record. Eclipsing a five-year-old high by just four points, the S&P 500 (SPX) closed on Thursday at 1569.19, a gain of 6.34 points or 0.4% on the day. The Dow Jones Industrial Average (DJIA) also set a record on Thursday, advancing 52.38 points or 0.4% to close at 14,578.54. The Nasdaq Composite Index (COMP) added 11 points, or 0.3%, to close at 3,267.52. Markets were closed on Friday for Good Friday.Click through to MarketWatch over the weekend, where we'll have all the news you need to keep track of what's important for your portfolio and your life.— Christopher Noble , assistant managing editor.Momentum test After a month of teasing investors, the S&P 500 closed at a record high on Thursday. Time to take the money and run? Maybe not, but keep in mind some technical strategists say they expect a pullback of 2% to 3% before the index of large-cap U.S. stocks pushes to higher highs by year-end. S&P 500 record to test market momentum. Bond break Bond investors are sweating out the most challenging climate in years, as managers eked out modest first-quarter gains by adding riskier corporate debt and avoiding government bonds. A tougher road likely lies ahead for U.S. bond mutual funds and index-tracking exchange traded funds. Why bond funds and ETFs are breaking. Most dangerous Money-market funds, thought to be one of the safest investments, are actually some of the most dangerous, says Rex Nutting. They are still vulnerable to the same kind of bank run that nearly pushed the global economy over the brink in 2008, and there's no plan by the industry or by its regulators to fix that vulnerability. Money-market funds are a most dangerous investment. Transformed Investors are celebrating the 10th anniversary of the world's first exchange-traded fund backed by physical gold, and they're in awe over how much the investment vehicle has altered the landscape for the precious-metals market forever. How gold ETFs have transformed market in 10 years. Good news, bad news BlackBerry Inc. (BBRY) reported a surprise operating profit for its fourth fiscal quarter thanks to cost reductions and solid shipments of its new handset. On the negative side, the company lost about 3 million subscribers during the period. And that's not all. BlackBerry profit surprises; subscriber loss grows. There's a new market in town This past week, investors and talking heads looking for something to worry about looked to Cyprus, where a banking crisis threatened to unravel the euro zone. But in the end, investors responded with a gigantic ho-hum as European markets rallied Thursday, writes Howard Gold. Welcome to the new market. Retirement rescue Burton Malkiel and Charley Ellis are interested in your money. They don't want it. In fact these two respected investing experts want you to spend less on the mutual funds and other retail products that Wall Street peddles to Main Street investors. 3 investing rules to rescue your retirement. Euro depression ahead The Cyprus debacle will deepen the depression now starting to grip the European economy. This is no longer a financial crisis — it is an economic crisis. And the collapse of Cyprus will make that a whole lot worse, says Matthew Lynn. After Cyprus, euro zone will slip into depression. McGraw to retire McGraw-Hill Cos. (M) Chief Executive Harold "Terry" McGraw is quietly planning his retirement and Doug Peterson, president of the company's Standard & Poor's Ratings Services, is the top contender for the job, according to sources familiar with the matter. S&P chief likely to succeed McGraw-Hill CEO. Madoff says the banks knew Bernard Madoff, speaking out from prison, says the banks knew of his fraudulent activities all along. The perpetrator of a history-making $50 billion Ponzi scheme wrote in a letter to MarketWatch from jail that he is now telling government committees the story. Madoff email to MarketWatch: Banks knew all along. 
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The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
Personal income increased $143.2 billion, or 1.1 percent, and disposable personal income (DPI) increased $127.8 billion, or 1.1 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $77.2 billion, or 0.7 percent. In January, personal income decreased $513.5 billion, or 3.7 percent, DPI decreased $498.3 billion, or 4.0 percent, and PCE increased $40.8 billion, or 0.4 percent, based on revised estimates.
The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/national/pi/pinewsrelease.htm The Bureau of Economic Analysis provides this service to you at no charge. Visit us on the Web at www.bea.gov. All you will need is your e-mail address. If you have questions or need assistance, please e-mail subscribe@bea.gov.  If you would rather not receive future communications from Bureau of Economic Analysis, let us know by clicking here.Bureau of Economic Analysis, 1441 L Street, NW, Washington, DC 20230 United States
| Grains Tumble After USDA Report Posted: 28 Mar 2013 06:37 PM PDT Corn dropped, posting the biggest decline since May, followed by soybeans and wheat after official data showed that reserves of the grain were higher than analysts have expected. The US Department of Agriculture reported that US inventories of corn totaled 5.399 billion bushels by the beginning of the month. The stockpiles declined 10 percent from the previous year, but still were above the experts’ estimate of 4.995 billion bushels. Corn dropped [...] |
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| | | | | | Post name : | Foreign Aid in Third World: Necessity vs. Lumbered | | | Post Contents : | | | | The history suggests that it is not the developed countries who started to give aid and loan; it's t more. | | | Posted Date: | 3/29/2013 11:37:47 AM | | © 2008 Mercantile Exchange Nepal Limited. All Rights Reserved |
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| From UK-Analyst.com: Thursday 28th March 2013
IMPORTANT: Are your UK-Analyst emails being delayed? Add UK-Analyst@news.t1ps.com to your safe senders/contact list to help resolve the problem The Markets At the London close the Dow Jones was up by 52.38 points at 14,578.54 and the Nasdaq was up by 8.71 at 2,818.69. In London the FTSE 100 closed up by 24.18 points at 6,411.74; the FTSE 250 finished 60.68 points higher at 13,923.04; the FTSE All-Share gained 13.31 points to 3,380.64; and the FTSE AIM Index rose by 2.80 points to 731.11. 
Blue-Chips Shares in sugar producer Tate & Lyle (TATE) finished 25p ahead at 850p after the firm announced that it has continued to perform in line with expectations since February. In the Speciality Food Ingredients business, " solid sales growth" is expected for the full year, with the volume growth rate in the second half slightly ahead of the first half. In Bulk Ingredients, a good underlying performance from sweeteners in both the US and Europe is expected to more than offset the impact of costs associated with handling higher levels of aflatoxin 2 (a fungus impacting corn) following severe drought in the US and continued challenging market conditions in US ethanol. Broker Shore Capital has a "hold" stance on the shares, saying that it struggles to see upside ahead of greater evidence on delivery of a sustained acceleration in Speciality Food growth. Power infrastructure giant National Grid (NG.) saw its shares close up by 14p at 765p after it announced that its dividend will rise at least in line with the rate of RPI inflation each year for the foreseeable future. The firm also revealed that the 2012/13 financial year is finishing well, with earnings forecast to be modestly ahead of previous expectations. This is due to a strong UK Transmission business performance and lower net finance costs. Earnings are also expected to benefit from a lower effective tax rate. Speciality chemicals firm Johnson Matthey (JMAT) has completed the purchase of Formox AB for 1.05 billion Swedish Krona (107 million pounds) in cash from Perstorp Specialty Chemicals. The acquired company is a provider of catalysts, plant designs and licences for the manufacture of the chemical intermediate formaldehyde. In 2012 the business made sales of SEK 492 million (50.1 million pounds) and adjusted EBITDA of SEK 124 million (12.6 million pounds). It employs around 90 people and has manufacturing, R&D, engineering and sales facilities in Sweden, along with sales offices in the USA, Singapore and China. The shares gained 50p to 2,300p. Mid Caps Shares in Electrocomponents (ECM) added 4.8p to 251p after the distributor of electronics and maintenance products said that final quarter underlying sales growth is expected to be around 1%. Headline pre-tax profits are expected to be in line with market expectations for the full year (consensus of 98 million pounds), these benefitting from actions to improve the gross margin and to control operating costs. Despite the update broker Panmure Gordon has a "sell" stance and 175p target price for the shares, arguing that concerns about the global industrial outlook could have a negative impact on margins. In a trading statement for the 11 months to February the London Stock Exchange (LSE) said it is upbeat about a resurgence in the London IPO market going into the rest of 2013. While total equity capital raised on the markets for the period was only 14.8 billion pounds, down from 32.4 billion in 2012, with 107 new issues down from 144, issuance was strong in the third quarter and there is "an encouraging pipeline" of new issues for the new financial year. Elsewhere, the exchange saw average daily UK equity value down by 15% for the period and Italian average daily volumes down by 14%. The shares lost 19p to 1,306p. QinetiQ (QQ.), the aerospace, defence and security firm, expects to meet forecasts for the financial year ending 31st March 2013. The UK Services division continues to perform well, benefiting from a more competitive cost base, better project execution and improved alignment with customer needs. However, in the US, market conditions remain challenging with order flow and visibility much lower than usual as customers defer decisions due to continued budget uncertainty. As a result, management is managing its cost base, focused on cutting property and infrastructure costs, as well as reducing management layers mainly in the US Services business. This will result in an exceptional charge of around $25 million being booked for this financial year. The shares added 1.4p to 207.4p.
Small Caps & AIM Shares in iodine extractor Iofina (IOF) flowed 2p higher to 187p after the firm revealed that its water application permit has been received by the Montana Department of Natural Resources & Conservation. The company applied for a maximum flow rate of 1,500 Cubic Feet Per Second (cfs) and a maximum water marketing volume of 10,000 Acre-Foot (ac-ft) from the Missouri river in Roosevelt County Montana. This equates to c.200,000 barrels per day for the purpose of industrial use. Meanwhile, the company has secured the sites for the outtake water depot, multiple truck distribution terminals and potential waste water disposal sites in Montana. These terminals will have the ability to fill and receive multiple trucks simultaneously. Iofina also anticipates filing a similar application in the state of North Dakota "in short order". The project represents an interesting sideline to the upside case for the company given that water is currently selling for $1 per barrel.
Baobab Resources (BAO) unveiled positive results from a Pre-Feasibility Study (PFS) completed on its 85%-owned flagship Tete pig iron project in Mozambique. The PFS outlined a 37-year 1Mtpa (million tonne per annum) pig iron operation based on open-pit mining 21.3% of the Tenge-Ruoni resource. Initial capex was estimated at $1.14 billion. Assuming pig iron prices of $450 per tonne, the net present value using a 10% discount rate is $1.26 billion. Notably, Baobab did not include post-tax figures as the company is to enter negotiations with the Mozambican government on project tax structure. It is believed that there have been unofficial indications that favourable investment incentives might be granted, which broker Shore Capital expects would be along similar lines to that enjoyed by Kenmare's Moma mineral sands project and BHP's Mozal aluminium smelter (which pay turnover tax of just 1% and are exempt from other taxes). Baobab shares tumbled by 4.625p to 21p as recent profit-taking continued.
Shares in security services provider Westminster Group (WSG) rose by 1.5p to 37.75p after it unveiled a restructuring of its businesses into two new divisions. The company said a managed services division and technology division have been established so it can focus on its growing international opportunities. The managed services division will look after long-term managed services contracts such as security in airports and ports, while the technology division will focus on providing technology-led security services - including surveillance, detection, tracking and interception technologies - to the security, defence, fire protection and safety markets. As part of the restructuring, the firm is also disposing of its two UK focused subsidiaries, RMS Integrated Systems, including CTAC and International Monitoring Services Ltd, via a management buyout.
Ubisense (UBI), the location based smart technology provider, announced a deal with a large US steel manufacturer for its Ubisense Smart Factory System for process tracking around the firm's steel manufacturing plant. The system provides visibility of the industrial process at critical process steps such as weighing stations and discharge. Any temperature, quality or weight distribution problems can be identified in real-time, thus allowing operators to be alerted and corrective action to be taken in a safe and timely fashion. Ubisense Smart Factory systems are widely used in automotive and aerospace manufacturing, and can be applied to any manufacturing activity where precise, reliable location can be used to provide production process visibility and control. Ubisense shares finished flat at 202p. | | | | | If you do not wish to receive such emails please use the following link to unsubscribe. UK-Analyst.com is owned by t1ps.com Ltd, which is authorised and regulated by the Financial Services Authority The share tips given here are of necessity, general. They cannot relate to the individual circumstances of investors. Anyone considering following the share tips contained here should seek independent advice from a Financial Services Authority authorised Stockbroker or Financial Adviser. So, while we would not wish to reduce our liability under the FSA regulatory regime, we cannot otherwise be held liable if individuals suffer losses through following share tips contained on this site or emailed out as free share tips. The value of investments can go down as well as up. The past is not necessarily a guide to future performance. Investing in shares can lose you part or all of your capital although the potential returns are theoretically unlimited. The difference between the buy share price and the sell share price for smaller company shares (penny shares) can be significant. Profits from dealing in shares may be liable to tax - the level of tax and bases of relief from tax are subject to change. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Financial spread betting is a high risk investment, losses from which are potentially unlimited. Some of the share tips on this site will be smaller company shares. By their nature such investments can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares (or 'small caps'/'penny shares'). UK-Analyst.com defines a smaller company share as any stock traded on AIM or PLUS or which has a market capitalisation of less than £300 million. The appearance of an advert does not mean that we endorse the advertiser's goods or services. While we will not knowingly run an advert that is untrue, T1ps.com is not responsible for the accuracy of any advertising material or the accuracy of the description of an advertised product or service anywhere on our websites. We do not recommend or endorse any vendor/trainer/product/service other than our own. It is up to each member to decide whether what an advertiser offers is right for you. We take every care to ensure that scams and spamming are not run on this website, but we recommend that any purchaser/service user take every precaution possible to satisfy themselves of the authenticity of any service/product purchased and responsibility for this lies solely with the purchaser. The appearance of an advert on the site does not mean that we endorse the advertiser's goods or services. While we will not knowingly run an advert that is untrue, UK-Analyst.com is not responsible for the accuracy of any advertising material or the accuracy of the description of an advertised product or service anywhere on our websites. We do not recommend or endorse any vendor/trainer/product/service other than our own. It is up to each member to decide whether what an advertiser offers is right for you. We take every care to ensure that scams and spamming are not run on this website, but we recommend that any purchaser/service user take every precaution possible to satisfy themselves of the authenticity of any service/product purchased and responsibility for this lies solely with the purchaser. Â
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| | | Dear Minesite Subscriber, Master Investor 2013, the UK's largest investment conference, is now less than a month away and we have a limited number of complimentary tickets available for Minesite members. To claim a free pair of tickets (worth £40) for Master Investor CLICK HERE and enter the promotional code MINE2013
Master Investor 2013 will be held at the Business Design Centre in Islington, London, from 9am on Saturday 27th April. Organised by t1ps.com and now in its 11th successful year, the show features a unique line-up of top speakers, along with the chance to meet with over 100 top company executives, discuss investment opportunities and gain unique investment insights you won’t find anywhere else.
Featured speakers... | Jim Mellon - the entrepreneur and former fund manager is worth an estimated £700m and is the 112th richest man in the UK according to the Sunday Times Rich list. Jim made some strikingly accurate predictions at last year's show, so find out where he sees opportunities and pitfalls now. |  | Nigel Farage - the outspoken and entertaining MEP for the South East of England and Leader of the UK Independence Party. A firm believer in independence for the UK, Nigel is a proponent of free speech and has faced considerable hostilities from his political opponents for speaking out in favour of free and fair referendums on the transfer of powers from elected politicians to the EU. |  | Evil Knievil - the man the Daily Mail dubbed ‘The King of the Short Sellers’ (otherwise known as Simon Cawkwell) is Britain's most feared bear raider. A trained accountant, he made his name exposing the fiction that were Bob Maxwell's accounts. Always controversial and highly entertaining, Evil returns once again to the UK's leading investment show. |  | Paul Kavanagh - Senior Market Strategist at Killik & Co, Paul is a respected commentator on the markets and the economy, regularly appearing in the financial pages of the weekend press as well as on the BBC’s ‘Today’ programme, ITV’s Daybreak and CNBC. He also shares his market thoughts in a weekly podcast. |  | Merryn Somerset Webb - Editor-in-Chief of MoneyWeek and a respected commentator on economics, financial markets and personal finance. Merryn has published a book on personal finance for women, ‘Love is Not Enough: The Smart Woman’s Guide to Making (and Keeping) Money’. |  | Peter Webb - fund manager with 30 years City experience Peter has established a strong reputation for his knowledge of smaller companies. Founder of Unicorn Asset Management, he now runs the three funds transferred from t1ps Investment Management last year. |  | Richard Reed - entrepreneur and co-founder of Innocent Drinks, the No.1 smoothie brand in the UK. Along with his fellow founders the team have just sold their stake in the business for a reported £100 million to drinks giant Coca-Cola, putting Richard into true "Master Investor" folklore. |  | Zak Mir - perhaps the UK's best know technical analyst. Editor of specialist technical analysis website Zaks-TA.com and the Head of Technical Analysis at t1ps.com. |  | James Ferguson - the Head of Strategy at Westhouse Securities has over 25 years of experience as a stockbroker, sector analyst and macro‐economic strategist. James frequently sits on Money Week's investment Roundtable, has made frequent appearances on the TV and radio commenting on economic, banking and investment matters. |  | John Piper - aka the Psycho Trader, is an expert on trading options, indices, futures and on technical analysis. For over a decade he has been the editor of trading newsletter The Technical Trader, and is the best-selling author of numerous trading books, including classic "The Way To Trade". |
100 Small Cap Growth Companies...
In addition, Master Investor also features the CEOs and directors of up to 100 small cap growth companies. It is therefore a unique opportunity to quiz those companies you may have invested in, or to look for others with high growth potential to add to your portfolio. Some of those firms currently signed up for the show include: AltEnergis, Alliance Pharma, Amara Mining, Anglesey Mining, Ariana Resources, BRR Media, Cello Group, Condor Gold, Conroy Gold & Natural Resources, Cytox Limited, ECR Minerals, e-Therapeutics, EMED Mining, Equatorial Palm Oil, Ethical Forestry, InterQuest, Fastnet Oil & Gas, Fundsmith, GenSignia, InterQuest, Optiva, Killik & Co., Kryso Resources, Leyshon Resources, London's Air Ambulance, Manx Financial, Nyoto Minerals, Kefi Minerals, Pan African Resources, Port Erin Biopharma, Plastics Capital, PKF, Polo Resources, Saxo Bank, Sirius Minerals, Sotkamo Silver, Stockopedia, Summit Corporation, Synergy Pharmaceuticals Inc, Toro Gold, Trovagene, Vatukuola Gold Mines, Webis Holdings, West African Minerals, Union Medtech, with many more to be confirmed in the coming weeks... Remember we only have a limited amount of complimentary tickets (worth £40 a pair) available To claim yours CLICK HERE and enter the promotional code MINE2013
New for 2013... Following investor feedback from previous years, we have decided that this year it was time for a revamp of the show, while improving on the usual great features. These include... - refreshed speaker line up. - increased sector focus, allowing attendees to gain in-depth knowledge of companies across the Oil & Gas, Mining, Healthcare, Technology and many more sectors. - V.I.P area for private investor meetings. - Networking Zones Also new for 2013 is the Rising Stars stage, a separate area where investors can learn about up and coming unquoted companies and how to invest in them. Introduced by Richard Reed, founder of £320 million success story Innocent Smoothies, the stage will offer companies and individuals the chance to put themselves in the spotlight and explain why they should be your next unquoted investment. For further information visit www.masterinvestor.co.uk |
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| | 2013 Master Investor - www.masterinvestor.co.uk |
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| March 28, 2013
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 | | This week's sponsor is Appian. |  | Webinar: Make Mobile and Social Pay Dividends for Financial Services
Thursday, March 28th, 2pm ET / 11am PT - Last chance to register! Financial services firms of all sizes are struggling to modernize their services and processes for a mobile and social world. In this webinar, learn how worksocial business process management (BPM) software is helping the Bank of Tennessee turn these market drivers into real business value. Register Today! |
Today's Top Stories
1. Get ready for more actively managed ETFs
2. Bank of America CEO required to hold stock longer
3. JPMorgan in crosshairs of prosecutors
4. Goldman Sachs settles warrants exercise with Buffett
5. Citigroup again hit for AML violations Also Noted: Spotlight On... Hedge funds need to adapt quickly
Goldman Sachs underwrites note tied to Rand;Wells Fargo resolves debit card glitch and much more... News From the Fierce Network:
1. Wells Fargo bank site attack disrupts service
2. Bell State Bank & Trust goes to mobile banking
3. Meet the Financial District's new high rise data center
| This week's sponsor is IBM. |  | Webcast: Disclosure management - its importance and potential for midsize organizations Disclosure management is now firmly established as an essential step in the financial close process but few midsize organizations have learned how to tap into its true potential. This presentation will allow attendees to understand how the discipline of disclosure management is developing and to identify areas that are ripe for process improvement. Watch Today.
|
Today's Top News 1. Get ready for more actively managed ETFs Actively managed exchange-traded funds (ETFs) have been on the investing horizon for quite a while now. The category remains small, but the concept is intriguing on many levels. Most people think of ETFs as a way to marry investing in passive index funds with the ease of buying and selling stocks. Managed ETFs might strike them as a way to marry the benefits of asset allocation funds with all the ease of owning a stock. Asset allocation mutual funds have been popular over the past three years, as investors shifted their prime focus away from price appreciation and more toward safety and soundness. Advisors have been on the bandwagon, touting the notion that the real performance derives more from broad asset allocation than security selection. Investment News notes, "While some trace their history to as early as 2000, most were launched in just the last five years. Looking at the market size, the Morningstar managed ETF database puts total market assets at just under $57 billion as of last September, representing 486 strategies from about 120 firms." That's a drop in the bucket in the scheme of things, but the growth of the category is bound to accelerate. One of the largest firms in the arena is Windhaven, which is owned by Charles Schwab. "Besides owning Windhaven, Schwab provides market access to 15 firms that offer a competitive product in the managed ETF market. Heavyweight BlackRock does not directly own any providers of managed ETF portfolios but sponsors more than 200 firms that sell managed account portfolio solutions that invest wholly in ETF assets," Investment News notes. But there's one huge threat to this category, which is that the surge of the market may be re-orienting clients to the stock market as a growth vehicle. Some think that they will transition soon out of defensive mode and right back into growth mode, shrugging off the lingering after effects of the financial crisis. If so, all asset allocation products might take a hit. For more:
- here's the article Related articles:
Mutual funds vs. ETFs
Read more about: ETFs, exchange traded funds
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| This week's sponsor is Oracle. |  | eBook: Smarter Service: The Contract Center of the Future
This eBook explores the challenges facing traditional contact centers and the benefits of deploying the contact center of the future. You'll find links to further resources on the final page. Download today.
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2. Bank of America CEO required to hold stock longer Compensation committees are in the spotlight like never before in the banking industry, with lots of attention focused on them from both regulators and shareholder activists. There will likely be lots of tinkering by committees bent on proving that they are not in league with management and are coming up with sound principle by which executives are paid. Reuters has highlighted an interesting wrinkle in the Bank of America compensation plan for CEO Brian Moynihan. He is now being asked to hold a minimum number of Bank of America shares beyond his retirement date. Previously, Moynihan was required to "hold at least 500,000 shares of the company's common stock and retain at least 50 percent of the net after-tax shares from future equity awards," until he retired. "But the new policy changes the holding period to 'until one year following retirement' from 'until retirement.'" Other top executives are required to hold at least 300,000 shares of the bank's common stock, plus half their after-tax award shares "until retirement." So the CEO is singled out for special treatment. The goal here would appear to be to give the CEO a vested interest in the performance of the company even after he steps down, which seems reasonable enough. But banks would be wise to move also to a policy of clawbacks that would extend the right to retrieve compensation for several years after an executive resigns if the executive is found to be complicit in various acts of wrongdoing. Clawbacks would be far superior to an extended period of required stock holding, though they are certainly complementary. For more:
- here's the article from Reuters Related articles:
Fed seeks shift on exec compensation benchmarking
Summer deadline looms for new compensation committee action
Read more about: Bank of America, CEO
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3. JPMorgan in crosshairs of prosecutors JPMorgan emerged from the financial crisis with its reputation intact, and CEO Jamie Dimon became the industry's new power broker in part because of his Washington connections. But the bank has unfortunately squandered a lot of its hard-won political capital over the past year, and Dimon's reputation has taken some big hits, especially in regulatory circles. DealBook puts the bank's travails in perspective: "All told, at least eight federal agencies are investigating the bank, including the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission and the Securities and Exchange Commission. Federal prosecutors and the F.B.I. in New York are also examining potential wrongdoing at JPMorgan." Some of the cases have received little publicity, such as the ones exploring whether the bank failed to alert authorities about Bernard Madoff-related suspicions and the recent misstatement of how the bank harmed 5,000 homeowners in foreclosure proceedings. Now, at this very sensitive time, the JPMorgan board is letting it be known that it is concerned. The article notes that two directors are "worried about the mounting problems, and some top executives fear that the bank's relationships in Washington have frayed as JPMorgan becomes a focus of federal investigations." The board also has issued a statement fully supporting Dimon as chairman and CEO. If only two directors are worried, then something is seriously wrong with the board. My guess is that this is a huge issue with the entire board, which cannot afford to do nothing. Proactive steps at the board level are called for. The most dramatic outcome would be for the board to split the CEO and chairman job, but that's not likely to happen, unless the upcoming shareholder vote delivers an impossible-to-refuse mandate. But there are a host of other steps the board could undertake, and now is the time to do so. The danger is that the bank ends up being painted as something of a rogue institution in the manner that Goldman Sachs was painted over the past few years. Of course, other large banks face that risk as well. For more:
- here's the article Related:
Will top JPMorgan execs face perjury charges?
Ina Drew blames underlings for JPMorgan fiasco
Read more about: Enforcement Action, JPMorgan Chase
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4. Goldman Sachs settles warrants exercise with Buffett Warren Buffett executed his first transaction in what became a storied career 50 years ago. The investment bank that handled the trade was Goldman Sachs, and they've been partners ever since. That long partnership has proved profitable for both sides, reaching its apex during the financial crisis, when the "Sage of Omaha" rode to the rescue of the wounded bank. Goldman Sachs extended a sweet deal calling for Buffett to invest $5 billion preferred shares carrying a souped-up interest rate (10 percent) and to receive warrants to buy another $5 billion common shares at $115 each at any time up until October 1, 2013. The bank has agreed to sweeten the deal even further, amending the agreement away from cash settlement to net settlement with common stock. Goldman Sachs will deliver to Berkshire Hathaway a chunk of common stock equal to the difference between the average closing price over the 10 trading days preceding October 1, 2013 and the exercise price of $115 multiplied by the number of shares of common stock covered by the warrant. So the bank is essentially paying the paper profits on Buffett's warrants in stock, allowing Buffett to settle up without using any cash. Buffett has pledged to remain a long-term investor in the bank. "I have been privileged to have known and admired Goldman's executive leadership team since my first meeting with Sidney Weinberg in 1940," he said in a release. What would be interesting to know is whether the bank tried to lock in Buffett in terms of owning the shares for a set number of years. For more:
- here's the release Read more about: Goldman Sachs, Warren Buffett
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5. Citigroup again hit for AML violations Citigroup has become an all too familiar target of regulators when it comes to money laundering lapses. Last year, the Office of the Comptroller of the Currency (OCC) accused the bank in a consent decree with all kinds of violations of the Bank Secrecy Act, noting numerous compliance lapses, such as due diligence failures that could allow the bank to facilitate all sorts of transactions on behalf of criminal entities. In August, the FDIC and the California state regulators ordered the U.S. arm of Banamex to enhance its compliance program. The bank has been plauged by these types of charges at least the last 15 years or so. It's given some people the perception that the bank is not vigilante enough in its efforts to avoid doing business with people like dictators, drug lords, or organized crime fronts. That image has not yet been fully eradicated and the Federal Reserve Board has inked a deal with the bank to settle yet more charges of AML violations. The Fed did not impose a monetary penalty, but it did require the bank to improve its controls and compliance program, especially at its acclaimed Banamex consumer banking unit in Mexico. The bank has been ordered to submit a plan soon. "The board plan should include funding personnel and resources based on the risks of different units - policies that instill a 'proactive approach' to identifying and managing money-laundering risks - and measures to ensure employees adhere to those compliance policies, the Fed said," as reported by Reuters. It also noted that, "The Fed also ordered Citigroup to submit a plan to improve its compliance operations that deal with anti-money laundering and sanctions requirements, and complete a review of how effective its firmwide compliance program is within 90 days." Citigroup released a statement saying that it will continue to improve its AML processes. For more:
- here's the article Related articles:
AML rules might change as costs grow
OCC takes aim at Bank of America, JPMorgan
Read more about: Citigroup, Compliance
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Also Noted SPOTLIGHT ON... Hedge funds need to adapt quickly So how do you stand out in the hedge fund industry these days? It's not getting any easier. A survey of institutional investors has bubbled forth some recommendations about how funds can enhance their appeal. "Success in identifying, securing, and retaining institutional and private client assets today requires new tactics. These include a defensibly true and transparent investment process and a competitive edge that is verifiable internally and corroborated by the investor," one industry executive was quoted in hedgeweek. "Managers must know how to defend their edge against competitors, investment instruments, and vehicles investors now have at their disposal to meet their risk/return targets." Of course, the number one thing a fund can do is deliver strong returns year over year, but that's a lot easier said than done. Article Company news:
>Goldman Sachs underwrites note tied to Rand. Article
>Ex-Deutsche bank traders join fund. Article
>Nasdaq extends deadline for Facebook compensation. Article
>BlackRock bets on small caps in Japan. Article
>Wells Fargo resolves debit card glitch. Article
>Lehman plans distribution to creditors. Article
Industry news:
>Big DDoS attack underway. Article
Regulatory news:
>Senator assigns blame for high ethanol prices. Article
>FHFA sets no-docs guidelines. Article
>Regulators to give homeowners to get a break on mortgages. Article
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