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Need more positive signs before scaling back stimulus, says Bernanke

Wed, 22 May 2013 17:25:11 -0400

WASHINGTON - Chairman of the Federal Reserve, Ben Bernanke Wednesday said it was too soon to scale back the monetary stimulus and the central bank needs to see further signs of traction before taking a decision. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain ...

Chidambaram says U.S. Federal Reserves statement misunderstood calls for calm

Thu, 23 May 2013 09:00:01 -0400

Finance Minister P. Chidambaram on Thursday sought to calm stock markets in India after Federal Reserve Chairman Ben Bernanke suggested bond purchases could be scaled back if the U.S. economy improves. Addressing a news conference here, Chidambaram said fears that the Federal Reserve would start reversing its U.S. monetary stimulus programme were being misunderstood in stock market and investor ...

China central bank switches to liquidity injection

Thu, 23 May 2013 06:50:02 -0400

The People's Bank of China (PBOC), the country's central bank, swung back to liquidity injection this week with 128 billion yuan ($20.9 billion) being pumped into the banking system through its regular open market operations. The PBOC move marked a turn-around in the central bank's open market operations last week when it drained 35 billion yuan from banks in the open market after hedging the ...

Group of Ministers on CBI autonomy to meet today

Thu, 23 May 2013 06:00:03 -0400

The Group of Ministers (GoM) appointed to discuss modalities for ensuring greater independence for the Central Bureau of Investigation (CBI) will meet on Thursday in Finance Minister P. Chidambaram's office. According to a television channel report, the government had set up the GoM after the Supreme Court had pulled it over the lack of functional autonomy to the CBI. The Supreme Court in its ...

Chinas manufacturing slows HSBC

Thu, 23 May 2013 04:30:01 -0400

China's manufacturing activity fell into contraction for the first time since October, a preliminary survey from the HSBC showed. The HSBC Flash Manufacturing Purchasing Managers' Index (PMI) for May fell to 49.6 in May, dropping under the boom-bust line of 50 for the first time since October, according to figures released by HSBC Thursday. Qu Hongbin, chief economist of the HSBC China, said ...

Angela Merkel tops Forbes Most Powerful Women list for third successive year

Thu, 23 May 2013 04:20:02 -0400

German chancellor Angela Merkel has been named as the most powerful woman in the world for the third successive year by business magazine Forbes. Brazilian President Dilma Rousseff was ranked second with Melinda Gates, co-chairman of the Bill and Melinda Gates foundation in third. According to the Independent, the Queen, rankedat 40, is the oldest woman on the list and has dropped 12 places ...

Finance head Carrion to run for IOC president

Thu, 23 May 2013 02:30:01 -0400

Finance Commission head Richard Carrion has joined the race to succeed International Olympic Committee (IOC) president Jacques Rogge. The Puerto Rican will run against Thomas Bach, Ng Ser Miang and Wu Ching-kuo, who has yet to officially declare his intention to run, reports Xinhua. Carrion, 60, has no sporting background. He is chairman of a financial holding company and since 2002 has ...

Japanese economy has begun to recover central bank

Thu, 23 May 2013 02:10:01 -0400

Japan's central bank said Wednesday that it will continue pursuing its current stimulus program and that the country's economy "has begun to recover" thanks to a reversal in the decline of exports, which account for 40 percent of Japanese GDP. "Domestic demand remains resilient due to the effects of the monetary relaxation measures" and the recently-approved stimulus policies, the Bank of Japan ...

Madhya Pradesh annual plan for 2013-14 finalized at Rs. 35500 crore

Thu, 23 May 2013 02:00:01 -0400

The Planning Commission has approved an annual plan outlay of Rs. 35,500 crore for Madhya Pradesh for the financial year 2013-14. The plan size was finalized in a meeting between Planning Commission Deputy Chairman Montek Singh Ahluwalia and Madhya Pradesh Chief Minister Shivraj Singh Chouhan here last evening. In his comments on the performance of the State, Ahluwalia said the State has done ...

General Electric considering IPO for finance business - CEO

Thu, 23 May 2013 10:05:49 -0400

is considering spinning off parts of its financial arm, GE Capital, through an initial public offering as part of its plan to reduce the size of the business, Chief Executive Jeffrey Immelt said."The capital markets are very receptive to IPOs," Immelt said at the Electrical Products Group Conference in Florida on Wednesday. "I think you basically have as good a setting as you could ...

MoneyGram CEO Focused on Growth

Thu, 23 May 2013 10:05:35 -0400

When asked what separates Moneygram from its competitors, Patsley told Malandrino, "we have a brand message that resonates with the consumer. Convenience is so ...

Do Not Chase All Cheap Bank Stocks KBW

Thu, 23 May 2013 10:05:34 -0400

According to KBW analyst Christopher Mutascio, investors have been buying stocks that trade at low price-to-tangible book multiples on the premise that such stocks would have more upside as they are currently "under-earning." "That may or may not be the case," the analyst wrote, adding, "Some banks may be 'cheap' on a P/TBV measure because they have materially ...

Immelt Pushes Harder to Shrink GE Capital

Thu, 23 May 2013 10:05:33 -0400

has made great progress in shrinking GE Capital, and CEO Jeff Immelt on Tuesday said the company was considering spinoffs through public offerings as a way to meet its ...

Stocks Mostly Higher As Traders Digest Bernankes Testimony - U.S. Commentary

Thu, 23 May 2013 10:02:39 -0400

With traders digesting remarks from Federal Reserve Chairman Ben Bernanke, stocks have seen considerable volatility over the course of the trading day on Wednesday but are moving mostly higher in mid-day trading. The major averages have moved to the upside in recent trading and are currently posting notable gains. The Dow is up 112.66 points or 0.7 percent at 15,500.24, the Nasdaq is up 19.36 ...

HSBC China’s net profit up 8.6 in 2012

Thu, 23 May 2013 09:53:15 -0400

/enpproperty--> HSBC Bank (China)'s net profit increased 8.6 percent year-on-year in 2012 to 4.48 billion yuan ($723.57 million), according to the lender's financial report released on Wednesday. By the end of 2012, the total value of loans of HSBC Bank (China) reached 131.9 billion yuan, up 18.6 percent year-on-year, while the total value of deposits was at 182.3 billion yuan, up ...

TAB Boards International Inc. Welcomes Executives in Mississauga Etobicoke to Lunch and Learn

Thu, 23 May 2013 09:47:04 -0400

May 23, 2013 /CNW/ - With the challenges facing small business owners today, TAB Boards International, Inc. brings additional resources to the Ontario economy starting this month. Owners of private small businesses can attend a General Information Meeting over lunch ...

Yesterday Bernanke gave a master class on poor communication

Thu, 23 May 2013 09:37:11 -0400

Yesterday, Bernanke gave a master class on poor communication. At 15:00 the first comments to hit the wires related to the need for continued monetary easing given the vulnerability of the economy. Equities hit new highs and the USD fell sharply as traders started to adjust their expectations for any type of withdrawal in the short term. Then, at 15:30, Bernanke said that the withdrawal process ...

Bernanke says interest rates will remain low

Thu, 23 May 2013 09:27:44 -0400

Federal Reserve System Chairman Benjamin Bernanke said the bank will likely keep interest rates low for now Federal Reserve System Chairman Benjamin Bernanke said the bank will likely keep interest rates low for now, but could reduce the amount of bonds it is buying. Bernanke, in remarks prepared for his appearance before Congress Wednesday, also said the federal governments budget cuts are ...

S.Africa central bank outlook for mining sector remains bleak

Thu, 23 May 2013 09:11:39 -0400

PRTEORIA | Thu May 23, 2013 9:11am EDT PRTEORIA May 23 (Reuters) - For highlights of South African Reserve Bank Governor Gill Marcus' news conference after the Bank's policy meeting, and quotes from her speech, please double-click on (Reporting by Johannesburg ...

UPDATE 2-U.S. central bank not that close to winding down stimulus -Bullard

Thu, 23 May 2013 09:10:28 -0400

Thu May 23, 2013 9:10am EDT By Marc Jones LONDON May 23 (Reuters) - A senior U.S. central banker sought to give reassurance on Thursday that the Fed is in no hurry to start winding down its economic stimulus after comments by chairman Ben Bernanke sent stock markets tumbling. James Bullard, president of the Federal Reserve Bank of St. Louis, said on Thursday he did not think the Fed was "that ...

S.Africa central bank sees breach of inflation target in Q3 of 2013

Thu, 23 May 2013 09:07:13 -0400

PRETORIA | Thu May 23, 2013 9:07am EDT PRETORIA May 23 (Reuters) - For highlights of South African Reserve Bank Governor Gill Marcus' news conference after the Bank's policy meeting, and quotes from her speech, please double-click on (Reporting by Johannesburg ...

Starwood Upgraded as Capital Return Eyed

Thu, 23 May 2013 08:52:48 -0400

"One of the key lodging themes out of Q1 earnings was that a number of companies including Starwood, Marriott, Hyatt, Strategic and Ryman Hospitality, noted either a material slowdown in near-term group bookings or saw group cancellations. While management teams were hopeful that this was a 'blip,' we have continued to see group business in the U.S. materially underperform our ...

CANADA STOCKS-TSX may open lower on Bernankes comments

Thu, 23 May 2013 08:48:45 -0400

Thu May 23, 2013 8:48am EDT May 23 (Reuters) - Canada's main stock index looked set to open lower on Thursday as comments from Federal Reserve Chairman Ben Bernanke raised fears the U.S. central bank would end its bond-buying program sooner-than-expected. TOP STORIES * Toronto-Dominion Bank quarterly profit rose 2 percent, driven by stronger wholesale banking income, it said. * The European ...

Scott Walker DNA proposal goes to finance committee

Thu, 23 May 2013 08:45:31 -0400

Madison -- The Legislature's powerful finance committee is expected to review Gov. Scott Walker's plan to take DNA from anyone arrested for a felony and anyone convicted of any crime. Right now Wisconsin collects DNA only from convicted felons and sex offenders. Walker's executive budget lays out nearly $6 million for the initiative. The money largely would come from an existing ...

Bernanke growth fears send shares lower

Thu, 23 May 2013 08:44:52 -0400

London - Concerns over the future of the US Federal Reserve's monetary stimulus and weak Chinese factory data sent shares sharply lower and safe haven currencies like the yen higher on ...

Weekly Radar Central banks try to regain some control

Thu, 23 May 2013 08:44:13 -0400

Central banks may be regaining some two-way control over global markets that had started to behave like a one-way bet. After flagging some unease earlier this month that frothy markets were assuming endless QE, the Fed and others look to be responding with at least some frank reality checks even if little new in the substance of their message. In truth, there may be no real change in the likely ...

Bernanke Confused Everybody Dennis Gartman

Thu, 23 May 2013 08:40:50 -0400

Dennis Gartman, founder and editor of The Gartman Letter, says tapering is still up for debate following Bernanke's Congress address and adds that as the underlying economy gets stronger, capital will come out of the equity ...

Lebanese union accuses finance ministry of intentional errors

Thu, 23 May 2013 08:38:19 -0400

The work of the Ministry of Finance is being obstructed at every corner by bureaucracy and an IT system that presents more problems than solutions. (Photo: Marwan Tahtah) The Union Coordination Committee Wednesday accused the Finance Ministry of intentionally submitting salary scale bills with errors in them in a bid to delay the ratification of a wage hike in Parliament."On three different ...

IIROC Trading Resumption - MXM

Thu, 23 May 2013 08:35:04 -0400

Canada (IIROC) can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which ...

IIROC Trade Resumption - MTA

Thu, 23 May 2013 08:35:04 -0400

May 23, 2013 /CNW/ - Trading resumes in: Company: Matrix Asset Management Inc. TSX Symbol: MTA (all issues) Resumption: Open The Investment Industry Regulatory Organization ...

IIROC Trading Halt - RMI

Thu, 23 May 2013 08:35:03 -0400

May 23, 2013 /CNW/ - The following issues have been halted by IIROC: Company: Rocmec Mining Inc. TSX-Venture Symbol: RMI Reason: At the Request of the Company Pending ...

Financial stocks down after Fed chief comments

Thu, 23 May 2013 08:25:44 -0400

NEW YORK (MarketWatch) -- Financial stocks were down in premarket action Thursday, tracking a drop in the broader global markets on concerns the Federal Reserve will reduce its bond-buying program. The Financial Select Sector SPDR ...

Kindred shares rise after investor day

Thu, 23 May 2013 08:25:08 -0400

Wall Street liked Kindred Healthcare Inc.s (NYSE: KND) investor day. Early Wednesday, Business First reported that the company had elected new directors. The Associated Press later reported that the Louisville-based companys shares jumped to an annual high at the close of yesterdays stock market, gaining $1.13, or 9.1 percent, to $13.60. An analyst tells AP that Kindred expects solid cash flow in ...

House to vote on bill linking student loan rates to financial markets

Thu, 23 May 2013 08:24:52 -0400

House lawmakers are ready to pass legislation that links student loan rates to the financial markets in spite of a veto threat from President Barack Obama. Supported by Republicans, the bill would avoid a rate increase for students with new subsidized Stafford loans if lawmakers pass it, as expected, on Thursday. Democrats generally opposed the measure, which would provide some students a ...

BeamPAC political donations skew Kentuckys way

Thu, 23 May 2013 08:24:35 -0400

Bourbon distillers know where the straw is that stirs the drink. As Northwestern Universitys Medill Reports notes, Beam Inc. (NYSE: BEAM), the Deerfield, Ill.-based parent company of brands such as Jim Beam and Makers Mark bourbons, makes political donations through a political action committee. BeamPAC contributions skew toward Kentucky politicians, the site reports, citing data from the Center ...

UAEs Senaat said to be mulling listing stake sale

Thu, 23 May 2013 08:19:40 -0400

An Abu Dhabi government-owned holding company may sell its own shares or off-load a stake in one of its main businesses as part of plans to spur listings on the local stock market, three sources familiar with the matter told ...

NC House finance chair steps down rips speaker

Thu, 23 May 2013 08:12:41 -0400

State Rep. Robert Brawley of Mooresville has resigned as chair of the N.C. House Finance Committee. Another day, another fight between Charlotte-area politicians. N.C. Rep. Robert Brawley of Mooresville, who has long chaired the N.C. House of Representatives Finance Committee, turned in his gavel and issued a scathing public letter to House Speaker Thom Tillis, Raleigh news station WRAL-TV ...

Huntington offers new business credit card

Thu, 23 May 2013 07:39:54 -0400

Huntington's new commercial card fills a void for customers, allowing business to save money by streamlining invoice and expense payment work flows. Huntington National Bank sees its new commercial credit card filling an important service void for the bank, providing clients an alternative to check and ACH payments, according to Columbus Business First. Cindy Finley, treasury management ...

Bernanke Fed send markets tumbling + Nissan recalling 841000 + Tesla repays loan early + HP raises outlook

Thu, 23 May 2013 07:36:57 -0400

Ben S. Bernanke, chairman of the U.S. Federal Reserve, listens to a question during a Joint Economic Committee hearing in Washington, D.C., U.S., on Wednesday, May 22, 2013. Bernanke said the U.S. economy remains hampered by high unemployment and government spending cuts, and tightening policy too soon would endanger the recovery. Hot and wet Thursday. High of 89. See more weather at Action News ...

TD Bank Group Reports Second Quarter 2013 Results

Thu, 23 May 2013 07:24:31 -0400

This quarterly earnings news release should be read in conjunction with our unaudited Second Quarter 2013 Report to Shareholders for the three and six months ended April 30, 2013, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS), which is available on our website ...

TD Bank Group Declares Dividends

Thu, 23 May 2013 07:24:31 -0400

May 23, 2013 /CNW/ - The Toronto-Dominion Bank (the Bank) today announced that a dividend in an amount of eighty-one cents (81 cents) per fully paid common share in the capital stock of the Bank has been declared for the quarter ...

TD Bank Group Announces Intention to Repurchase for Cancellation up to 12 Million of its Common Shares

Thu, 23 May 2013 07:24:28 -0400

May 23, 2013 /CNW/ - TD Bank Group (TD) (TSX: TD) announced today that, subject to the approval of the Office of the Superintendent of Financial ...

Canadas housing affordability continues to exert mild stress on potential homebuyers RBC Economics

Thu, 23 May 2013 07:24:27 -0400

May 23, 2013 /CNW/ - Canada's housing market remained under moderate affordability-related stress in the first quarter of 2013, as housing affordability stayed in the holding pattern that began in early 2010, according to the ...

Bernanke Pulls the Puchbowl

Thu, 23 May 2013 07:14:00 -0400

Sorry to say this but the Fed President Bernanke hinted little on when the most expected tapering of bond purchases might begin. The markets were reminded that the gradual decrease in QE will begin when the labor market will show "substantial" improvement, while the FOMC minutes showed that the majority of participants already "felt" the positive signs on US jobs market. All ...

Pearson switches Financial Times into new business division

Thu, 23 May 2013 07:13:50 -0400

Pearson .As part of the organisation's restructure, the FT Group will disappear and the newspaper will become part of a unit called "professional". Its chief executive will be John Ridding, who is currently CEO of the FT group.Professional will also include Pearson's global English learning business and its electronic testing business. It is hard to see what these three very ...

Culture geography led to J.W. Cole deal

Thu, 23 May 2013 07:02:17 -0400

John Carlson The deal that brought J.W. Cole Financial Inc. together with Financial Advisors of America LLC was more than a year in the making. The companies, each independent broker-dealers, were introduced at an industry conference about a year and a half ago, and have been talking since then. They found a good culture fit and a geographic match that led to J.W. Cole acquiring Financial ...

Wells Fargo signs new 10-year lease at 7 St. Paul St.

Thu, 23 May 2013 06:59:26 -0400

Wells Fargo and Co. has committed to spending another 10 years in the company's 95,000-square-foot office at 7 St. Paul St. downtown. Matthew L. Seward of Cassidy Turley represented the landlord, Harbor Group International LLC, on the deal. Seward said Wells Fargo previously had a 15-year lease on the building. The new lease begins in ...

Pittsburgh companies set new highs

Thu, 23 May 2013 06:58:52 -0400

Soaring financial markets turned tail and ran in the opposite direction Wednesday following the release of minutes from the Federal Reserve meeting three weeks ago. The possibility of cutting back on bond purchases was discussed at the April 30-May 1 meeting. The Dow Jones industrial average finished trading at 15,3007.17, down 80.41 points, or 0.52 percent. The Nasdaq dropped 38.82 points, or ...

Tax returns show Gomez made nearly $3M in his best year at Advent

Thu, 23 May 2013 06:56:39 -0400

U.S. Senate candidate Gabriel Gomez earned nearly $3 million in 2007, his top year with Summit Partners, his tax returns show. Gabriel Gomez, Republican candidate for U.S. Senate in Massachusetts, released tax returns Wednesday showing he earned about $10.1 million over the past six years as a private equity executive in Boston. The Boston Globe reports Gomez paid $2.1 million in taxes during ...

First Northern Bank parent elects chairman

Thu, 23 May 2013 06:45:03 -0400

John Carbahal was chosen as chairman of First Northern Community Bancorp. The parent company of First Northern Bank announced this week John Carbahal was elected chairman of the board of directors for a three-year term and Foy McNaughton was elected vice chairman for a one-year term. First Northern Community Bancorp (FNRN: OTCQB) held the election May 16. Carbahal is a certified public accountant ...

Abercrombie Forced to Apologize

Thu, 23 May 2013 06:32:41 -0400

The apology was in response to an online petition on Change.org that has garnered as of press time 70,000 signatures since May 8 calling for Abercrombie's CEO Mike Jeffries to apologize for comments made ...

Heico Corp. Q2 income soars 24

Thu, 23 May 2013 06:23:38 -0400

Hollywood-based Heico Corp., an aerospace firm, reported an increase in net income, operating income and net sales for the second quarter. Heico Corp. has reported a 24 percent increase in net income for the second quarter, along with a rise in operating income and net sales. The Hollywood-based aerospace firm (NYSE: HEI) reported net income of $23.7 million, or 44 cents per diluted share, up ...

Being gay in the finance industry | Joris Luyendijk

Thu, 23 May 2013 06:22:26 -0400

A product control worker tells Joris he doesn't face real homophobia, but that he doesn't see gay people in front-office trading positions. Join him in the ...

BoG Examines Merchant Bank Deal

Thu, 23 May 2013 06:20:17 -0400

Dr Kofi Wampah The Bank of Ghana (BoG) says it is examining the merger between FirstRand Bank of South Africa and Merchant Bank Ghana to ensure that all stakeholders, including government, which holds trust for the public, are satisfied with the contract before it endorses it. Dr. Henry Kofi Wampah, Governor of the Bank of Ghana, who was addressing the media yesterday in Accra to climax the ...

AfDB Approves a USD 100 million Risk Participation Agreement with Commerzbank AG to Boost Trade Finance in Africa

Thu, 23 May 2013 06:17:15 -0400

The Board of Directors of the African Development Bank (AfDB) approved on Tuesday, May 22, a USD 100 million unfunded Risk Participation Agreement (RPA) between the AfDB and Commerzbank AG under which the two banks will share the default risk on a portfolio of qualifying trade transactions originated by issuing banks in Africa and confirmed by Commerzbank AG. This facility will help address ...

Paramount Equity CEO wins honor

Thu, 23 May 2013 06:15:02 -0400

Hayes Barnard, the CEO of Paramount Equity in Roseville, has been named a finalist in the Ernst & Young Entrepreneur Of The Year 2013 program for Northern California. Hayes Barnard, the CEO of Paramount Equity in Roseville, has been named a finalist in the Ernst and Young Entrepreneur Of The Year 2013 program for Northern California. The 29 finalists were culled from a list of nearly 120 ...

R E P E A T -- Fiera Capital annual and special meeting of shareholders Thursday May 23 2013

Thu, 23 May 2013 06:13:54 -0400

May 21, 2013 /CNW Telbec/ - Jean-Guy Desjardins, Chairman of the Board, Chief Executive Officer, and Chief Investment Officer, invites the media to Fiera Capital's annual and special meeting of shareholders ...

Global Markets Down After Bernanke QE Talk

Thu, 23 May 2013 06:11:27 -0400

The FTSE lost close to two percent in early trading on the back of signs the US may wind down quantitative easing measures and weak Chinese data. The losses were reflected across European bourses, spooked by a seven percent plunge on Japan's Nikkei index. London's benchmark FTSE 100 index retreated 1.74 percent, Frankfurt's DAX 30 slumped 2.33 percent and in Paris the CAC 40 ...

RPT-WRAPUP 1-Asian markets sell off on Bernanke remarks China PMI

Thu, 23 May 2013 06:05:18 -0400

Thu May 23, 2013 6:05am EDT * Asian shares down after China HSBC flash PMI, credit spreads wider * Nikkei plunges 7 percent, 11th worst daily drop * JGBs bounce after 10-year JGB yield hits year highs * Korean won worst hit as dollar rises broadly By Masayuki Kitano and Hideyuki Sano SINGAPORE, May 23 (Reuters) - Hawkish comments by U.S. Federal Reserve Chairman Ben Bernanke and weakness in ...

Not time yet for central banks to unwind support -Nowotny

Thu, 23 May 2013 06:05:14 -0400

VIENNA | Thu May 23, 2013 6:05am EDT VIENNA May 23 (Reuters) - The time has not yet come for central banks to start unwinding massive intervention they launched to prop up weak economies, European Central Bank Governing Council member Ewald Nowotny said on Thursday. Central banks always need to be ready to rein in extraordinary support they provide if warranted, he told a news ...

Bernanke delivers a jolt

Thu, 23 May 2013 06:04:17 -0400

Bernanke delivers a jolt: A quiet day in Europe but a lot of volatility once Fed Chairman Bernanke started to speak. His formal speech was dovish, as one would expect from him, and the dollar began to weaken, but there was interest in buying dollars and the decline was short-lived. Then during the Q&A session he suggested that the Fed could indeed taper off QE in the next several months if ...

Fitch Assigns Final Ratings to Nqaba Finance 1s New Notes

Thu, 23 May 2013 06:03:09 -0400

Fitch: Recession Concern Dampens European Investor Sentiment An increasing number of investors expect fundamental credit conditions will deteriorate across sectors, according to a Fitch Ratings investor survey. The more circumspect sentiment was most notable for the sovereign segment, where the proportion of survey respondents anticipating worsening conditions more than doubled to 55%, from 24% ...

Bahrain banks announce plans to merge

Thu, 23 May 2013 05:59:03 -0400

Bahrain's Al Salam Bank and BMI Bank, an affiliate of Oman's Bank Muscat, have announced plans to merge, a tie-up which would create the kingdom's third-largest bank by assets, the lenders said in a ...

Is it too late to switch from Canadian bank stocks to U.S.

Thu, 23 May 2013 05:23:43 -0400

ROB Insight is The Globe and Mail's exclusive feature led by a team of award-winning editors and writers who provide you with in-depth analysis on breaking business news and the issues that matter most. With additional commentary and coverage from Thomson-Reuters Breaking Views and The Financial Times, ROB Insight is a one-stop shop for time-pressed and global-minded Canadian business ...

Finance Ministry forecasts budget deficit elow 0.6 of GDP in 2014

Thu, 23 May 2013 05:16:12 -0400

MOSCOW, May 22 (Itar-Tass) - The Russian Finance Ministry forecasts the growth of the budget deficit below 0.6% of GDP in 2014, below 0.7% in 2015 and 0.6% of GDP in 2016, Finance Minister Anton Siluanov told reporters on ...

HSBC China manufacturing shrinks

Thu, 23 May 2013 05:16:01 -0400

Beijing - Manufacturing activity in China contracted in May for the first time in seven months, HSBC said Thursday, in another sign of the weakness of recovery in the world's second-largest ...

Bernanke comments prolong USD strength

Thu, 23 May 2013 04:55:59 -0400

The US dollar continued its recent run of strength yesterday after testimony by Ben Bernanke confirmed the FOMC will look to reduce the rate of asset purchases in the US economy should a continued improvement be seen Ben Bernanke said the FOMC could slow the $85bn a month pace of asset purchases "in the next few meetings" if the labour market is strong. Repeated good data of late and ...

Fitch Menaikkan BCA Finance ke AAA Prospek Stabil

Thu, 23 May 2013 04:54:50 -0400

Fitch Affirms Idaho Housing Finance Associations 2000 Indenture GO Pledge Outlook Stable

Thu, 23 May 2013 04:54:32 -0400

European shares slide after Bernanke comments rattle investors

Thu, 23 May 2013 04:39:41 -0400

Thu May 23, 2013 4:39am EDT * FTSEurofirst 300 down 1.5 pct at 1,237.81 * Bernanke stokes QE worries in live Q&A * China data heaps pressure on indexes at 5-yr highs * Banks and Miners top fallers * Halfords wilts in wake of dividend cut By David Brett LONDON, May 23 (Reuters) - European shares went into a tailspin early on Thursday, spooked by concerns that the U.S. Federal Reserve could soon ...

ECB considering measures to tackle financial fragmentation - Noyer

Thu, 23 May 2013 04:15:04 -0400

Reuters © French central bank Governor Christian Noyer reacts during a meeting of G20 representatives with Russian President Vladimir Putin in the Kremlin February 15, 2013. REUTERS/Maxim ...

Deutsche Bank to face more shareholder anger at annual meeting

Thu, 23 May 2013 03:59:42 -0400

FRANKFURT | Thu May 23, 2013 3:59am EDT FRANKFURT May 23 (Reuters) - Deutsche Bank's bosses are likely to get a grilling from shareholders on Thursday about a string of lawsuits and regulatory probes involving Germany's biggest bank. Co-chief Executives Anshu Jain and Juergen Fitschen will address the bank's annual shareholder meeting at Frankfurt's fair and exhibition ...

Why Africa is luring Gulf bond investors

Thu, 23 May 2013 03:59:22 -0400

The lure of sub-saharan Africa, with its geographic proximity and promise of higher returns, is tempting cash-rich Gulf Arab bond investors to look south, a marked departure from the relative comfort and familiarity of the Middle ...

Qatar still backs dollar peg – cen bank boss

Thu, 23 May 2013 03:59:22 -0400

Rival news agency Reuters quoted the central bank's director of research earlier this week as saying that a "more flexible exchange rate" than the peg allowed would better suit managing inflation risk over the next ...

Australian sports firm refutes charges of financial irregularities

Thu, 23 May 2013 03:57:40 -0400

Australian sports management firm Sports Marketing and Management (SMAM), which finds itself in the midst of controversy regarding the 2010 Commonwealth Games in Delhi, has refuted allegations of any financial ...

RPT-Fitch upgrades the national long term rating of BCA Finance to AAA IDN outlook stable

Thu, 23 May 2013 03:50:05 -0400

Thu May 23, 2013 3:50am EDT (Repeat for additional subscribers) May 23 (Reuters) - (The following statement was released by the rating agency) Fitch Ratings has upgraded the rating National Long-Term PT BCA Finance's (BCAF) to 'AAA (idn)' from 'AA + (idn)'with a Stable outlook. Fitch also upgraded the senior bonds currency III/2010 rupiah, IV/2011, continuous bond tranche ...

Aust bonds weaker on Bernanke comments

Thu, 23 May 2013 03:46:46 -0400

AUSTRALIAN bond futures prices spent the local session trading lower after comments from US Federal Reserve chairman Ben Bernanke fuelled expectations key stimulus measures in the world's largest economy would be wound ...

SA finance minister says compromise needed to end mine disputes

Thu, 23 May 2013 02:57:10 -0400

Finance Minister Pravin Gordhan says companies, the government and labour unions need to compromise to end disputes that are halting South African ...

Bernanke touts benefits of bond buying

Thu, 23 May 2013 02:54:46 -0400

Washington - The Federal Reserve's monetary stimulus is helping the US economy recover, but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on ...

China Financial Summit 2013 opens in Beijing

Thu, 23 May 2013 02:51:00 -0400

China Financial Summit 2013 is one of the main sessions of the 16th China Beijing International High-Tech Expo, and is being held on May 23 and 24. Keynote speeches were delivered at Diaoyutai State Guesthouse. Cai Guoxiong, of the National Committee of CPPCC and vice-chairman of Beijing Municipal Committee of CPPCC, was at the ...

World Bank proposes $150m loan to Jordan

Thu, 23 May 2013 02:48:17 -0400

The World Bank has proposed a $150m loan for Jordan to help it with the cost of thousands of Syrian refugees fleeing the civil war in Syria, Jordanian and World Bank board sources said on ...

Dubais MAF picks banks for bond sale

Thu, 23 May 2013 02:48:17 -0400

Dubai's Majid Al Futtaim (MAF), which is buying Carrefour's stake in a regional joint venture, has picked five banks to arrange the sale of a dollar-denominated hybrid bond, a document from lead arrangers ...

Central bankers everywhere after Bernanke warning

Thu, 23 May 2013 02:48:12 -0400

Its raining central bankers today which is well-timed after Federal Reserve Chairman Ben Bernanke dropped the bombshell that the Fed could take the decision to begin throttling back its money-printing programme at one of its next few policy meetings. If thats the case, and its not yet a done deal, then it will be the Fed that will move first in that direction, presumably putting further upward ...

Former Dominion Finance chief jailed

Thu, 23 May 2013 02:47:02 -0400

Dominion Finance boss guilty of theft Paul Cropp, the former chief executive of failed lenders Dominion Finance and North South Finance, has been jailed for two years and seven months after being convicted on fraud charges last month. Cropp was sentenced in the High Court in Auckland having been found guilty of four charges leveled by the Serious Fraud Office over related party lending of some ...

China HSBC PMI suggests continued near-term softness

Thu, 23 May 2013 02:34:58 -0400

The HSBC manufacturing PMI in May dropped below 50 and the details suggest continued weakness in the short run. The weakness in May appears to have been increasingly driven by domestic demand. On a positive note, export orders appear to be ...

Bank of Japan moves after key bond yield spikes

Thu, 23 May 2013 02:30:03 -0400

Sources said the provision would not only badly hit Indian IT cos, but also disrupt operational capabilities of a large number of key US cos as ...

Report Saudi bailout of Pakistan energy sector likely

Thu, 23 May 2013 02:25:04 -0400

Pakistan may get a bailout worth up to $15 billion from Saudi Arabia for its troubled energy sector, a Pakistani official told Dawn newspaper. The Saudi assistance could consist of supplies of crude and furnace oil on deferred payment at a time when Pakistan's energy sector faces a host of financial and other problems, resulting in constant load shedding or rolling blackouts. The report ...

Fed chairman Ben Bernanke signals bank will continue stimulus efforts

Thu, 23 May 2013 02:23:10 -0400

Joint Economic Committee members Rep. Kevin Brady, R-Texas, and Sen. Amy Klobuchar, D-Minn., listen to testimony from Federal Reserve Chairman Ben Bernanke on Wednesday. IPTC: Joint Economic Committee members chairman Rep. Kevin Brady (R-TX) (L) and co-chair Sen. Amy Klobuchar (D-MN) (R) listen to Federal Reserve Board Chairman Ben Bernanke (foreground) at the Joint Economic Committee hearings in ...

Schools face financial hurdles to building tornado safe rooms

Thu, 23 May 2013 02:23:09 -0400

MOORE, okla. - With its single-story design and cinder-block walls, Plaza Towers Elementary School might have seemed sturdy when it was built a couple of generations ago. But a powerful tornado revealed the building's lack of modern safety standards, destroying the school and killing seven students. Unlike several other schools in the Oklahoma City area, Plaza Towers had no "safe ...

Indonesia financial regulator expects new banking law completed in 2014

Thu, 23 May 2013 02:06:37 -0400

JAKARTA | Thu May 23, 2013 2:06am EDT JAKARTA May 23 (Reuters) - Indonesia's chief financial regulator, who will have oversight of the bank sector from next year, said a new banking law was certain to come into force in 2014. Legislators are already drafting the law which senior MPs told Reuters on Wednesday they expected to include a maximum 51 percent limit on the amount a foreign ...

Shares dollar slide on Bernanke comments

Thu, 23 May 2013 01:40:49 -0400

United States The Australian dollar and share market are both sliding after the US Federal Reserve hinted that it might scale back its money printing program.The Fed's chairman, Ben ...

China HSBC flash PMI hits 7-month low fans growth fears

Thu, 23 May 2013 01:23:30 -0400

The high current account deficit will persist as long as we live in a world of low growth - that hurts our exports - and easy global liquidity, which pumps up the oil import ...

Pension plans can make all the difference in retirement

Thu, 23 May 2013 01:18:32 -0400

Pension plans can make all the difference in how financially well off U.S. retirees are, Gallup's annual Economy and Personal Finance survey indicates. The survey of 2,000 U.S. adults, including 636 retirees, conducted April 4-14, found U.S. retirees with $50,000 or more in annual income were twice as likely as retirees below that threshold to have a work-sponsored pension plan as a major ...

Ignore Fed Hawks Bernanke in Driving Seat

Thu, 23 May 2013 00:34:25 -0400

Federal Reserve Chairman Ben Bernanke would not risk a premature withdrawl of the stimlus that has underpinned the U.S. economic recovery, former vice chairman of the Fed Alan Binder told CNBC. In a testimony to Congress on Wednesday, Bernanke sounded a dovish tone, remarking that the premature tightening of monetary policy carries a "substantial risk" of slowing the economic recovery. ...

HSBC China profit up in 2012

Thu, 23 May 2013 00:24:26 -0400

(18 mins ago) HSBC (China) recorded a 11.7-percent growth in net profit to 3.62 billion yuan. Operating income rose 10.5 percent from a year ago to 8.99 billion yuan, with pre-tax profit up 8.6 percent to 4.48 billion ...

US stocks edge higher before Bernanke test

Thu, 23 May 2013 00:20:26 -0400

US stocks have opened slightly higher as the market looked ahead to congressional testimony by Federal Reserve Chairman Ben Bernanke. Five minutes into trade on Wednesday, the Dow Jones Industrial Average rose 16.11 (0.10 per cent) to 15,403.69. The broad-based S&P 500 added 1.37 (0.08 per cent) at 1,670.53, while the tech-rich Nasdaq Composite Index increased 0.68 (0.02 per cent) to ...

New Arizona law changes rules for notaries

Thu, 23 May 2013 00:07:11 -0400

A crusading Fountain Hills resident has helped to push through a new law in Arizona relating to rules governing notaries. The Fountain Hills Times has the full story on the new law. Check out the story ...

GLOBAL MARKETS-JGB yields surge markets spooked by Bernanke remarks

Wed, 22 May 2013 23:55:10 -0400

Wed May 22, 2013 11:55pm EDT * JGB dive, 10-year JGB yield hits highest since April 2012 * Bernanke QE comments lift U.S. bond yields and dollar * Dollar index hits highest level since July 2010 * Asian shares extend losses after China HSBC flash PMI By Masayuki Kitano and Hideyuki Sano SINGAPORE, May 23 (Reuters) - Japanese government bonds plunged on Thursday, taking yields to their highest in ...

First China manufacturing shrinkage in 7 months HSBC

Wed, 22 May 2013 23:37:56 -0400

BEIJING (AFP) - Manufacturing activity in China contracted in May for the first time in seven months, HSBC said Thursday, in another sign of the weakness of recovery in the world's second-largest economy.The banking giant's preliminary purchasing managers' index (PMI) fell to 49.6 this month from a final 50.4 in April, putting it below the 50 mark that indicates contraction. A ...

GOP’s Switch on Financial Disclosure Wins Gold Medal in Hypocrisy Olympics

Wed, 22 May 2013 23:32:15 -0400

House Financial Services Chairman Jeb Hensarling, R-Texas, opposes SEC bid to require publicly traded corporations to disclose political ...

Dollar and QE3 Take in Dudley and Bullard Comments Bernanke Tomorrow

Wed, 22 May 2013 23:31:32 -0400

spoke at separate events, and both weighed in on monetary policy. Both officials walked tight lines, but a few comments stood out amongst the rest. From Bullard, the suggestion that he doesn’t see a good case to taper QE unless inflation is rising seems to set his vote for the June meeting (no change to the 85 billion MBS and Treasury purchases). Dudley’s comments seemed vaguer ...

Just Who Is Playing Politics With Treasury

Wed, 22 May 2013 23:14:57 -0400

Joe Hockey thinks Treasury's budget figures are 'Wayne Swan's numbers'. Attacks on public servants are not new but this recent talk about a politicised Treasury is nonsense, writes Ben ...

World Briefing | Europe Vatican Financial Watchdogs Report Is Released

Wed, 22 May 2013 23:12:19 -0400

The Vatican took a step on Wednesday to show greater financial transparency by publishing the first report from its financial watchdog agency and announcing new regulations to fight money laundering and terrorism financing. The report from the Financial Intelligence Authority showed the agency received six internal reports on suspicious transactions in 2012, up from one a year earlier, and that ...

Economic Report China manufacturing swings to contraction HSBC

Wed, 22 May 2013 23:08:34 -0400

LOS ANGELES (MarketWatch) -- China's manufacturing activity has swung to contraction in May after months of slowing growth, according to preliminary data released Thursday from HSBC, with the results slamming ...

Chinas factory activity contracting HSBC data

Wed, 22 May 2013 23:08:31 -0400

LOS ANGELES (MarketWatch) -- China's manufacturing activity was contracting in May, according to preliminary data released Thursday, as HSBC's "flash" Purchasing Managers' Index fell to a seven-month low of 49.6 from April's final reading of 50.4. A result below 50 signals contraction. Both the new orders and new export orders sub-indexes registered decreases in the ...

Australia shares extend losses on Bernanke comment China PMI

Wed, 22 May 2013 22:01:54 -0400

Wed May 22, 2013 10:01pm EDT (Adds details, comments, stocks on the move) SYDNEY May 23 (Reuters) - Australian shares fell 1.5 percent in late morning trade on Thursday, after Wall Street retreated over worries that the U.S. Federal Reserve may consider winding back its economic stimulus programme, and weak data from China. Investors were watching for HSBC's flash May manufacturing report on ...

AOFM sells $500m of Treasury notes

Wed, 22 May 2013 21:58:57 -0400

The Australian Office of Financial Management (AOFM), which conducts bond auctions on the behalf of the government said the notes were sold for a weighted average yield of 2.5249 per centThe sale attracted bids totalling that totalled $3.956 billion, giving a relatively high coverage ratio of ...

Bernanke to Congress Enough with the austerity already

Wed, 22 May 2013 21:54:50 -0400

Federal Reserve Chairman Ben Bernanke Federal Reserve chair Ben Bernanke is over austerity and, in typical Fed speak, did his best to convince the members of the Joint Economic Committee of Congress that just maybe their efforts would be better focused ...

Gold slips after Bernanke hints at slowing bond buys

Wed, 22 May 2013 21:51:44 -0400

Gold fell for a third straight session after Bernanke hinted at reducing an $85 bn bond-buying programme that has increased the metal's appeal as a hedge against ...

GLOBAL MARKETS-JGBs dive dollar index hits 3-yr high on Bernanke comment

Wed, 22 May 2013 21:45:32 -0400

Wed May 22, 2013 9:45pm EDT * Dollar index hits highest level since July 2010 * Bernanke QE comments lift U.S. bond yields and dollar * MSCI Asia Pacific ex-Japan falls but Nikkei climbs * JGB dive, 10-year JGB yield hits highest since April 2012 By Masayuki Kitano SINGAPORE, May 23 (Reuters) - Japanese government bond prices dived and 10-year JGB futures tumbled a full point, prompting the Tokyo ...

Bernanke Signals No Irrational Exuberance On His Watch

Wed, 22 May 2013 21:06:45 -0400

Today was the first day in the markets for some time when the laws of gravity were in evidence as the overwhelming factor of consideration. When the notion that trees don't grow to the sky became once again the theme of Wall Street anxiety. The buzz was all about Bernanke's carefully articulated scenario about how the central bank may begin to alter the the purchase of $85 billion in ...

USD stays well bid after Bernanke testimony

Wed, 22 May 2013 20:48:56 -0400

I don't think the market really even cares what Mr Bernanke had to say, it's bullish USD and intends to stay that way. There were some big moves in some of the more exotic crosses with massive flows seen from one big global macro fund in particular and it seems that players are starting to increase their bets. Today's main event is the HSBC version of Chinese manufacturing PMI ...

UEFA Club Financial Control Body adjudicatory chamber announces decisions

Wed, 22 May 2013 20:07:50 -0400

The UEFA Club Financial Control Body (CFCB) adjudicatory chamber has met in Nyon, Switzerland, and has taken further decisions with regard to the cases mentioned in media release No. 83 of 21 December 2012: http://uefa.to/17EZkFKEight clubs had been sanctioned by the CFCB due to the presence of significant overdue payables and had to settle payments by 31 March 2013, in order to avoid the ...

Markets Trip on Bernankes Step Down Remarks

Wed, 22 May 2013 19:59:21 -0400

U.S. stock indexes turned down Wednesday following comments from Federal Reserve Chairman Ben Bernanke. In a prepared statement to the Joint House and Senate Economic Committee, Bernanke said the central bank would stick by its accommodating monetary policies, especially while many workers remain underemployed or out of work. However, MarketWatch reported, Bernanke, in a ...

Homeowners Arrested And Jailed – Fraudulent Bankers Remain Free

Wed, 22 May 2013 19:52:53 -0400

Campus Progress/Emily Crockett. A protest and rally took place in front of the U.S. Justice Department on Monday. Approximately 100 demonstrators gathered, from around the country, to ask why Wall Street and Big Bank(ers) were not being prosecuted and jailed for crimes they committed. Ironically, many of the demonstrators were jailed instead. This is common. Most of the 17 people arrested were ...

Bernanke comments hit US stocks Australian dollar

Wed, 22 May 2013 19:52:40 -0400

United States Wall Street saw its biggest one day swing in six months and the Australian dollar dropped overnight as investors raised concerns that the US Federal Reserve will scale back its stimulus program shortly.Markets initially rose as Federal Reserve chairman Ben Bernankeaddressed Congress saying the quantitative easing program is providing significant benefits to the American economy ...

Bernanke props up dollar

Wed, 22 May 2013 19:41:27 -0400

THE US dollar has strengthened against other major currencies after Federal Reserve chief Ben Bernanke suggested the Fed could taper its massive stimulus in the coming ...

Nikkei set to pull back from 5-12-year highs on Bernanke remarks

Wed, 22 May 2013 19:17:40 -0400

TOKYO, May 23 (Reuters) - Japan's Nikkei average is expected to retreat from a 5-1/2-year high on Thursday after U.S. Federal Reserve chief Ben Bernanke suggested the central bank could scale back stimulus in coming months. The Nikkei is likely to trade between 15,550 and 15,700, strategists said, while Nikkei futures in Chicago closed at 15,640 on Wednesday, down 0.2 percent from the Osaka ...

Post-financial crisis Aon sees new risks

Wed, 22 May 2013 18:57:53 -0400

Global companies might have put the financial crisis behind them, but one risk-management executive says they are facing more risks than ever.Gregory Case, chief executive officer of London-based Aon PLC, says many companies are under-prepared for such pressing concerns as cyber-threats, terrorism, social media, and global ...

Oakland approves microlending agreement with Kiva.org

Wed, 22 May 2013 18:53:09 -0400

The City of Oakland is the first U.S. city to become a "trustee" in microlender Kiva.org's program aimed at small businesses. Oakland's city council approved the deal, which won't cost the city anything, on Tuesday night. Barbara Parker, Oakland's city attorney, and Councilmember Libby Schaaf proposed the arrangement with San Francisco-based Kiva. As a trustee, Oakland ...

Markets rally as Ben Bernanke backs further quantitative easing

Wed, 22 May 2013 18:49:10 -0400

FTSE 100 added 36.40 points to 6840.27, coming within 90 points of its all-time high achieved on 30 December 1999, at the peak of the dotcom boom.In Europe, Germany's Dax rose 0.69% to a new high, while France's CAC climbed 0.37%.Bernanke warned Washington's deep spending cuts were holding back the recovery. "Conditions in the job market have shown some improvement ...

Central Bank RD$20.0B boost unleashes interest rate war

Wed, 22 May 2013 18:47:17 -0400

Santo Domingo.- The Central Bank's RD$20.0 billion boost for the economy with the release of the banks' reserve requirements and the early reactions from economic agents reveal that the goal has been met as the days wear on. Banks and S&Ls, retailers, builders, dealers and vehicle importers have declared an "interest rate war" stoked by the monetary authorities' ...

Dominion Finance director pleads guilty

Wed, 22 May 2013 18:43:09 -0400

Dominion Finance trial hinges on luxury property Former Dominion Finance director Robert Barry Whale has pleaded guilty to seven charges of issuing misleading statements to investors who lost a total of $176.9 million when the company collapsed in 2008. Last month Whale - a partner at law firm Jones Young - was acquitted on five counts of theft related to the collapse of Dominion Finance Group ...

Vancouver International Jazz Festival and TD celebrating 10 years of partnership

Wed, 22 May 2013 18:41:04 -0400

Vancouver International Jazz Festival is thrilled to celebrate 10 years of partnership with TD Bank Group. Over the past decade, TD's generous support has enabled the Festival to bring thousands of the best home-grown and international artists ...

MFDA Hearing Panel issues Reasons for Decision in the matter of Omar Hayat

Wed, 22 May 2013 18:41:03 -0400

May 22, 2013 /CNW/ - A Hearing Panel of the MFDA's Central Regional Council has issued its Reasons for Decision in connection with the disciplinary hearing held ...

Return On Innovation Advisors Ltd. Announces May 2013 Distributions of ROI Canadian Real Estate Fund

Wed, 22 May 2013 18:41:02 -0400

The investment objective of ROI Canadian Real Estate Fund is to provide unitholders with attractive risk adjusted, monthly, tax advantaged cash distributions, a nominal current yield, some long-term capital appreciation and preservation of capital by investing primarily, directly or indirectly in, or by obtaining economic exposure through the forward agreement to, an actively managed ...

Personal Finance Daily 10 things sleeping pills and products won’t say

Wed, 22 May 2013 18:38:28 -0400

With more than 40 million people--roughly a third of working Americans--not getting enough shut-eye, it's no wonder everyone from furniture makers to pharmaceutical companies are offering products to help. But how can a sleep-deprived person know whom to trust? Find out in today's Personal Finance ...

Bernanke Speaks Markets React

Wed, 22 May 2013 18:31:24 -0400

Good Afternoon,For additional reads on the Bernanke statements, please refer to fundamental analysis stories such as this Bloomberg article. Yesterday's post contained a very important statement. It was the last sentence, which read: "continue to do your fundamental analysis every day". That is very important, especially when Central Bankers are speaking. Today, Bernanke gave us ...

Bernanke sends investors a mixed message

Wed, 22 May 2013 18:21:32 -0400

Ben Bernanke said current monetary policy provides "significant benefits" to the economy, but then hinted of possible changes. In a prepared statement presented to the House-Senate Joint Economic Committee, Bernanke said current policies are nudging the economy forward and the central bank's policy makers are keeping an eye on risks. He also said, "withdrawing policy ...

Bernanke props up dollar