To fix, or not to fix Nov 20, 2009
Struggling owners are renting out their homes at prices high enough to cover their bonds ... Bonds for 80 percent or less of the loan value will qualify for a better rate than those for 81 percent to 100 percent of the value. (iAfrica.com)
South Africa: OECD Predicts Economy to Grow 2,7 Percent Next Year Nov 20, 2009
But the OECD warned that SA remained "vulnerable" to a worsening of investor confidence, given its reliance on foreign buying of local shares and bonds to finance the shortfall on the current account -- its broadest measure of trade in goods and services. Relevant Links. (allAfrica.com)
Canadian Currency Declines for a Third Day as Equities, Crude Oil Tumble Nov 20, 2009
Government bonds rose, with the on Canadas benchmark 10-year note falling three basis points, or 0. 03 percentage point, to 3. (Bloomberg -- Canada)
PDVSA Profit Falls 67% on Price Drop, Production Cuts to Meet OPEC Target Nov 20, 2009
3 billion in bonds this year to cover shortfalls and to pay down debts with service suppliers ... PDVSA President said on Nov. 4 that the oil company plans to sell more dollar-denominated bonds before yearend ... 5 billion of bonds in 2007, the largest corporate bond sale ever in Latin America. (Bloomberg -- Latin America)
Chile Peso Volatility to Dive After Best World Gain, Societe Generale Says Nov 20, 2009
5 billion) to buy dollars and government bonds in the market through year-end to check the pesos 14 percent advance. Chiles central bank last stepped into the peso market in April 2008, buying $50 million of U.S. dollars a day after the currency rose to a decade-high of 427. (Bloomberg -- Latin America)
Emerging-Market Currency Measures Won't Reverse Gains, Brown Brothers Says Nov 20, 2009
Brazil said Nov. 18 it would impose a tax to close a distortion caused by last months levy on foreign purchases of stocks and bonds aimed at curbing the reals 34 percent gain this year against the dollar ... Emerging markets are poised to extend their biggest rally in a decade as investors borrow dollars to buy stocks, bonds and currencies in the worlds fastest growing economies, , the London-based head of market research and strategy at Roubini Global Economics, said earlier this... (Bloomberg -- Latin America)
Bovespa Declines on New Tax Concern, Commodity Slide; Real, Bolsa Retreat Nov 20, 2009
He said the move will balance out distortions caused by the IOF tax, which was imposed Oct. 19 on foreign investment in local bonds and stocks in a bid to stem a currency rally. Real Rally. (Bloomberg -- Latin America)
* Cabinet approves amendments to business taxes Nov 20, 2009
The Cabinet yesterday approved an amendment that will prohibit financially troubled businesses from raising capital by selling bonds, bills or notes and using the interest payments as a tax deductible. If approved by the legislature, the amendment would help reduce tax evasion and promote equitable taxation, the Ministry of Finance said in a statement. (Taipei Times, Taiwan -- World)
ABN Amro gets new Dutch bail-out Nov 20, 2009
4bn euros in long-term bonds, which are being converted into equity. The money is being used to help the bank merge with the Dutch assets of Fortis, also under government control. (BBC News -- Europe)
Blackstone to pay $1.3b for Birds Eye Nov 20, 2009
Debt financing for the purchase will consist of senior secured credit facilities and senior unsecured bonds. Copyright 2009 Globe Newspaper Company. (Boston Globe)
Bank resumes sales of mortgage debt Nov 20, 2009
Backed by mortgages on office and industrial properties in Florida, the bonds are split into four portions, the largest of which is $350 million of top-rated debt, according to people familiar with the matter ... The Developers Diversified bonds were sold through the Federal Reserve s Term Asset-Backed Securities Loan Facility ... Investors can take out loans from the Fed s TALF to purchase AAA bonds, enabling them to boost returns with borrowed cash. (Boston Globe)
CalHFA gets $5.4B in federal backing Nov 19, 2009
4 billion in debt and new bonds for the , the agency announced late Tuesday ... 6 billion in new bonds through a Treasury Department program ... The new bonds will be used to finance mortgages for first-time homebuyers and provide funding to developers of affordable apartments. (Sacramento Business Journal, CA)
Lawyer keeps 'CYA' file Nov 19, 2009
Retired Senate lawyer Francis J. Gluchowski, seen as a potential star witness for the prosecution, testified that when he headed the Legislative Ethics Committee in 1993 he assumed Bruno would be selling stocks and bonds, not recommending that labor union officials turn over their pension funds to an investment firm paying Bruno a salary ... Such services are very different than selling stocks and bonds, Coombe suggested. (Albany Times Union)
JBG suit against D.C. survives challenge Nov 19, 2009
Construction was slated to start in October or November, but no bonds have been issued to finance the project. Greg O Dell, CEO of the Washington Convention and Sports Authority, said previously that the suit would likely have to be addressed before bonds could be issued. (Washington Business Journal, DC)
Govt set to auction ECB entitlements Nov 19, 2009
Brazil announced last month that it is imposing a 2% tax on foreign capital inflows into stocks and bonds to stem the appreciation in its currency, the Real. In 2007, when India was struggling to cope with a surge in the inflow of foreign money, it set limits on ECBs and curbed the use of participatory notes to invest in the stock market. (India Times)
Elderly widow wins $1.1M judgment against Wm. Blair Nov 19, 2009
Most of her investments were in tax-free municipal bonds, but she had equity positions in three companies. Messrs. (Crain's Chicago Business)
Brazil's `Bizarre' Taxes Threaten to Undermine Confidence, Federated Says Nov 19, 2009
He said the move will balance out distortions caused by a 2 percent tax that was imposed Oct. 19 on foreign investment in local bonds and stocks in a bid to stem a currency rally. Foreign inflows slowed after the tax, spurring concern from BM&FBovespa SA, the operator of Latin Americas largest exchange, that investors would choose to invest in Brazilian stocks trading in overseas markets rather than in Sao Paulo. (Bloomberg -- Latin America)
Infra play gets a push, IIFCL gets $700 mn loan Nov 19, 2009
In addition, the institution had borrowed Rs 6,600 crore in the form of bonds to fund infrastructure projects ... In addition to this, the company has also raised Rs 10,000 crore through tax-free bonds as part of the stimulus package to refinance new projects, approved after January 2009. (India Times)
Commission votes down 1 coliseum proposal Nov 19, 2009
NORAM would have used STAR bonds to finance much of the work, paying them off with ground leases ... Greg Ferris, a spokesman for Heritage Group, says developers will look into altering their plan to make an offer to buy the entire coliseum complex, rather than leaving it in the hands of the county and relying on government bonds to finance improvements. (Wichita Business Journal, KS)
Brazil Bank Bond Sale Plan to Flop Unless Incentives Provided, Gavea Says Nov 19, 2009
Nov. 18 (Bloomberg) -- Brazils plan to allow banks to sell local bonds will flop unless the government provides a tax incentive to issuers, according to Gavea Investimentos, a fund created by former central bank president. The government will send a bill to congress this year that would allow banks to issue long-term bonds in the domestic market, Economic Policy Secretary said yesterday in Brasilia ... Unless some advantage is introduced, I dont see how the new bonds could extend... (Bloomberg -- Latin America)
The Fed is foolishly weakening the dollar Nov 19, 2009
Such accommodation involves the Fed's willingness to print new money to purchase many of the government bonds being issued by the Treasury Department to finance the budget deficit. The practical effect of the Fed's easy money policies has not been to stimulate the US economy through traditional channels of domestic consumption and business investment. (Christian Science Monitor)
Surplus and capital formation Nov 19, 2009
In Japan, the conservative path was exemplified by the Meiji land reform during 1869 to 1873, which abolished the feudal right to rent-cum-tax of the nobility (daimyo and the samurai) only by paying them compensation, namely, the capitalized value of their rents as cash and bonds; and then taxed the farmers heavily to finance the compensation. After World War II, US occupation regime in Japan under General Douglas MacArthur, whom historian William Manchester labeled an American Caesar,... (Asia Times Online)
County's tax levy on the rise Nov 19, 2009
6 million in general obligation bonds to finance the electrical generation project at the Waste-to-Energy facility in Almena. Leff and Jost were opposed. (Chetek Alert, WI)
Ting Faber banks on relaxing retirement (5) Nov 19, 2009
Faber stayed in banking because she enjoyed the people and the familial bonds she made with her associates. She said the people she worked with kept the job interesting as well. (Lodi News Sentinel, CA)
Blinn tuition set to rise next year Nov 19, 2009
Specifically, these are revenue bonds which do not require voter approval to go out for. Share this Article. (Brenham Banner, TX)
Strong regional growth no reason for complacency Nov 19, 2009
From his boyhood in Bulgaria to a PhD at Yale, Izvorski had experienced quite a range of life even before he moved to Washington and a career in running the world - a trajectory which has arced from writing papers on junk bonds and debt markets to spending three years as World Bank representative in Bosnia-Herzegovina as it struggled to recover from years of war. He worries that we are taking too much for granted. (Sydney Morning Herald -- Business)
AAI to raise Rs 1,200 cr Nov 19, 2009
The move comes close on the heels of the Finance Ministry rejecting a proposal from AAI to raise Rs 5,500 crore through tax-free bonds ... AAI might have to bear higher cost of funds now as compared to the earlier proposal of tax-free bonds ... This was the only option left since the Finance Ministry did not clear the tax-free bonds proposal, they added. (India Times)
Schools, Winchester receive $2.3 million energy bonds Nov 19, 2009
3 million energy bonds ... 3 million energy bonds ... 3 million in zero-interest Clean Renewable Energy Bonds (CREBs) from the federal government. (Winchester News-Gazette, IN)
- El Centro city budget down more than $750,000, expenditures to be cut 0 Nov 19, 2009
However, the city joined a securitization program to handle the loss and will maintain the money level because of bonds that have been sold. Overall, the city faces a budget adjustment of 789,497, she said. (El Centro Imperial Valley Press, CA)
Sol Melia Plans to Sell 200 Million Euros of Five-Year Convertible Bonds Nov 19, 2009
Nov. 19 (Bloomberg) -- , the Spanish resort operator with hotels in 26 countries, will sell as much as 200 million euros ($299 million) of five-year convertible bonds. The bonds will pay a coupon of 4. (Bloomberg -- Europe)
Japanese govt plans extra stimulus budget Nov 18, 2009
Fitch Ratings warned last week that the agency would review its AA-minus rating on Japanese government bonds if debt issuance next year rose much above this fiscal years 44 trillion yen. I told other ministers my personal opinion is that recklessly issuing government bonds would cause problems, so I want them to keep in mind this issue when the government compiles the budget, Fujii told reporters after a cabinet meeting. (The Star Online, Malaysia -- Business)
MID might raise rates next year Nov 18, 2009
That could result in a reduced bond rating and higher interest on the bonds the MID sells to finance capital projects. Customers got a 7 percent rate increase in January. (Modesto Bee, CA)
Japan's Increasing Bond Sales May Trigger `Market Backlash,' Fujimaki Says Nov 18, 2009
Nov. 18 (Bloomberg) -- Japans rising debt sales are causing concern about a loss of fiscal discipline and may lead to a sell-off in bonds, stocks and the yen, said , a former adviser to billionaire investor ... Japans bonds may slump in December when investors find out how much the government will increase debt sales for the following fiscal year, Fujimaki said ... Yields on 10-year government bonds may surge to 5 percent, he said. (Bloomberg -- Japan)
Offshore wind: Comprehensive initial study is critical Nov 18, 2009
With the American Recovery and Reinvestment Act of 2009, provisions of interest to wind energy -- such as the authorization of additional clean renewable energy bonds to finance facilities that generate electricity from renewable sources such as wind -- could mean that utilities attain their renewable energy portfolio goals more quickly. Owning and building. (Energy Pulse, CO)
Lender That Really Does God's Work Is Slowed as Mortgage Funding Dries Up Nov 18, 2009
ECCU in particular would offer a ministry a larger loan than bond firms were willing to make based on that churchs income and property values, said , president of , a Minnetonka, Minnesota, brokerage that specializes in underwriting mortgage- secured bonds for churches. We were constantly being outbid on deals where they were lending far too much money, he said. (Bloomberg)
Shapiro seeks bigger payout from Madoff liquidator Nov 18, 2009
But in a Nov. 13 federal court filing, Shapiro reveals that he thought he was invested in a conservative portfolio of stocks and bonds, and asserts that Picard s method violates regulations requiring that claims should be set based on investors legitimate expectations of their accounts ... The vast majority of the Shapiro investments with [Madoff s firm] were in stocks and bonds that were held for at least a year, and in many cases, for several years or even decades, attorney Stephen Fishbein... (Boston Globe)
New funds are tied to stimulus plan Nov 18, 2009
Management and Invesco PowerShares have unveiled new investment products tied to the government s Build America Bonds stimulus program, which seeks to spur construction and repair projects by state and local governments. Eaton Vance is launching an actively managed mutual fund called the Eaton Vance Build America Bond Fund. (Boston Globe)
* Fed seeking to ensure strong US dollar Nov 18, 2009
Because of the Feds near-zero interest rate policy, the dollar is being used by investors for so-called carry trades in which they borrow greenbacks at low rates to invest in higher-yielding assets such as commodities and bonds of other governments. This increases pressure on the dollar. (Taipei Times, Taiwan -- World)
Japan doomsdayfears premature Nov 18, 2009
To start with, using impeccable neo-liberal logic, if the "market" believed things were really that bad, investors would be fleeing the yen while the prices of Japanese government bonds ("JGB's") would be tumbling (that is, yields would be rising). I am no adherent of efficient markets reasoning (in a nutshell, according to that reasoning, prices can't be wrong - they tell us everything we can possibly know at any particular moment about the future), but given that most of the doomsayers... (Asia Times Online)
PHA Commission Approves Costs Share of Ship Channel Maintenance Nov 18, 2009
(Agenda J3) Commissioners approved authorizing the sale of PHA unlimited tax refunding bonds, in an effort to realize over $2 million in savings on behalf of Harris County taxpayers who approved issuance of the bonds in 1993 and 1999. OPERATIONS MATTERS. (Primezone Releases)
State approves $200M in Recovery Act Bonds Nov 17, 2009
$200M in Recovery Act Bonds to be issued to 6 local governments - The Business Review (Albany) ... $200M in Recovery Act Bonds to be issued to 6 local governments ... The state s municipal bond bank agency has approved $200 million in Recovery Act Bonds that will help six local governments finance public improvements, including three in the Albany, N.Y., region. (Albany Business Review, NY)
Latin America Faces Currency Pressure as Fed Keeps Rates Low, Smith Says Nov 17, 2009
Argentina is working on a settlement with holders of about $20 billion of bonds who rejected a debt restructuring offer in 2005. The country stopped payment on $95 billion of bonds in 2001, the biggest government default, and hasnt been able to borrow in international markets since ... Investors may overpay for Argentine bonds once the nation returns to overseas markets, Smith said. (Bloomberg)
GMAC's Carpenter Plans to Build Auto Finance, Find a `Solution' for ResCap Nov 17, 2009
The government is running into bailout fatigue and GMAC is realizing it cant rely on this pool of support from the taxpayers, said , president of Egan-Jones Ratings Co. in Haverford, Pennsylvania, who expects ResCap bonds to fall today. The easiest group of assets to jettison, if you want to call them assets, is ResCap. (Bloomberg)
Brazil's Widening Current Account Gap May End Currency Rally, Malan Says Nov 17, 2009
3 percent since Finance Minister imposed a 2 percent levy on all foreign investment in local bonds and stocks to stem the rally and avoid the formation of an asset bubble. . (Bloomberg -- Latin America)
Voter turnout light in Falls County Nov 17, 2009
PROPOSITION 1: HJR 132 would amend the constitution to authorize the legislature to allow a municipality or a county to issue bonds and notes to finance the purchase of buffer areas or open spaces adjacent to military installations ... PROPOSITION 6: HJR 116 would amend the constitution to authorize the Veterans' Land Board to issue general obligation bonds, subject to certain constitutional limits, for the purpose of selling land and providing home or land mortgage loans to veterans of the... (Marlin Democrat, TX)
READ: Bernanke's speech Nov 17, 2009
Interbank and other short-term funding markets are functioning more normally; interest rate spreads on mortgages, corporate bonds, and other credit products have narrowed significantly; stock prices have rebounded; and some securitization markets have resumed operation. In particular, borrowers with access to public equity and bond markets, including most large firms, now generally are able to obtain credit without great difficulty. (USA Today -- Money)
Village ends fight on O'Hare expansion Nov 17, 2009
It requires approval of the major airlines to fund the bonds that will be needed to pay for construction, and the carriers have been bleeding billions over the past two years from a record spike in oil prices followed by the worst travel downturn in decades. United Airlines and American Airlines, the airports largest carriers, want new runways to reduce delays and allow for expansion later. (Crain's Chicago Business)
Dynamic Hedge Fund Chairman Micalizzi Says Fraud Allegations `Unfounded' Nov 17, 2009
Nov. 17 (Bloomberg) -- , founder of the hedge fund firm Dynamic Decisions Capital Management Ltd., said allegations that he invested in worthless bonds are unfounded and investors will recover close to 100 percent of their money ... The funds liquidators at Grant Thornton LLP said on Nov. 12 that they were investigating corporate bonds the fund bought late last year ... An interested party is in talks to buy the bonds at a substantial proportion of face value, the administrators... (Bloomberg -- Europe)
Fulton proposes $148 million in cuts Nov 17, 2009
The other savings proposed would come from refinancing bonds, 10 furlough days and other means. That option would still likely mean at least 300 county employees would be let go. (Atlanta Journal-Constitution -- Metro)
SRI Surgical Reports Third Quarter 2009 Financial Results Nov 17, 2009
29) ======== ======== ======== ======== Weighted average common shares outstanding, diluted 6,464 6,387 6,464 6,386 ======== ======== ======== ======== SRI/SURGICAL EXPRESS, INC. Condensed Balance Sheets (In thousands) As of As of Sept. 30, Dec. 31, 2009 2008 -------- -------- (unaudited) Cash and cash equivalents $ 328 $ 484 Accounts receivable, net 12,463 11,200 Inventories, net 3,793 5,727 Prepaid expenses and other assets 2,045 2,271 Reusable surgical products, net 18,770 20,577 Property,... (Primezone Releases)
Supervision on insurance investment stressed in China Nov 16, 2009
"With insurance funds were extended into disparate fields, other than bank deposit, demand for a better supervision and risk control enhanced, said Li at the International Finance Forum held in Beijing. By the end of September, 3.4 trillion yuan (497.8 billion U.S. dollars) of insurance funds were invested in bonds, mutual funds, and stocks markets. Bonds investment alone accounted for 50.6 percent of the total. Jiang Dingzhi, China Banking Regulatory Commission (CBRC) Vice Chairman also... (Xinhuanet, China)
Asia stocks rise after US retail news; gold climbs Nov 16, 2009
With bonds and savings accounts yielding so little these days, investors big and small have been looking for bets with higher payoffs. This means people are going to favor investments like equities, she said. (Fresno Bee -- Business)
N.Y. Leaders Fail to Close $3.2 Billion Budget Gap as Legislature Gathers Nov 16, 2009
59 billion of tobacco bonds to raise more than $500 million and avoid school cuts ... The bonds are backed by the payments of tobacco companies to the state in connection with the health risks of cigarettes ... The refinancing anticipates selling new bonds with lower interest rates than the old debt and with a thinner cushion of payments from tobacco companies. (Bloomberg -- US)
Metals prices push Asian stocks higher Nov 16, 2009
Reuters had earlier reported that Hitachi may raise as much as 400 billion yen through the sale of new stock and convertible bonds. Chi Mei, Innolux. (Sydney Morning Herald -- Business)
Old Swampscott police station tries again for new look Nov 16, 2009
Markarian noted this is an opportune time for the project, because the payback period for two bonds from a previous, more expensive project - a $10 million connection to the Lynn sewer system - comes off the tax rolls in fiscal 2013 and 2014. That s going to allow room to finance this police station without a net increase in property taxes, Markarian said. (Boston Globe)
Dollar becomes focus of many investors' strategy; here's why Nov 16, 2009
If you believe in that thesis, it makes sense to bet against the dollar and buy lower-quality assets with more risk but big potential gains, such as emerging-market stocks and bonds, gold, commodities and small stocks, says Bernstein. The other trade is based on the belief that "global growth will deteriorate," he says. (USA Today -- Money)
Stocks rose too much, too fast, professor says Nov 16, 2009
He recommended keeping money in cash or in short-term government bonds. The Nasdaq Composite index has risen 71 percent since March 9, while the S&P 500 index has gained 62 percent. (Boston Globe)
Dan Walters: Judges quarrel as California fiscal crisis worsens Nov 16, 2009
Charles McCoy, presiding judge of the Los Angeles Super Court system, added more fuel this month in an article for Los Angeles Lawyer magazine, suggesting that the crisis is becoming so acute that it's time to short-circuit a new program that raises court fees and criminal fines to finance bonds for courthouse expansion, and redirect the money into operations. Noting that the new fees and fines are collecting $53 million in Los Angeles County alone, McCoy says it "would go a long way toward... (Fresno Bee -- Local)
Most Stocks Fall; Mitsubishi UFJ, Hitachi Lead Drop on Share Sale Reports Nov 16, 2009
5 percent on plans to sell stock or bonds ... The maker of products from washing machines to nuclear reactors will raise as much as 418 billion yen in stock and bonds, a filing with the Finance Ministry showed at the midday break. (Bloomberg -- Japan)
Reform push must continue Nov 16, 2009
So, generally speaking youd have consumer banking separate from trading bonds and equity. . (The Star Online, Malaysia)
Takefuji to Exchange 40 Billion Yen of Convertibles With Straight Bonds Nov 16, 2009
Takefuji to Exchange 40 Billion Yen of Convertible Bonds - Bloomberg ... Takefuji to Exchange 40 Billion Yen of Convertible Bonds ... Nov. 16 (Bloomberg) -- Takefuji Corp. will exchange as much as 40 billion yen ($446 million) of convertible bonds for as much as 30 billion yen of non-convertible bonds. (Bloomberg -- Japan)
The curious economic effects of religion Nov 15, 2009
On a larger scale, religious denominations affect economics by creating bonds of trust and shared commitment among small groups, both necessary qualities for lending and trade. In the Middle Ages, studies show, monk-run estates outperformed those that used serfs, thanks to religiously inspired cooperation and frugality. (Boston Globe)
Tempe Town Lake thrives despite setbacks Nov 15, 2009
That grand plan ended in November 1987, when Maricopa County voters turned down a property tax and bonds to finance the $2. 56 billion Rio Salado Project. (AZCentral -- News)
Getting it together at last Nov 15, 2009
If the government wants a long-term loan in its own currency it still has to link its bonds to inflation, making debt expensive to service. Productivity growth is sluggish. (The Economist)
Obama vows 'serious' bid to cut US deficit Nov 15, 2009
Beijing is worried that US deficit spending will threaten the assets of China, which invests more than half of its foreign currency reserves in American bonds and is the United States' largest creditor. The US government announced last month that it had closed its 2009 fiscal year with a record budget deficit of 1. (Sydney Morning Herald -- World)
