Economics

Bank Run: Cyprus Delays Vote on Forfeiture of 9.9% of Personal Savings to Fund a Bailout

March 17, 2013

“The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. If it fails to do so, President Nicos Anastasiades has warned, Cyprus’s two largest banks will collapse”

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Stocks: Dow Jones Posts Ninth Consecutive Positive Day; Longest Winning Streak Since 1996

March 13, 2013

“The Dow has set record closing highs for seven straight days.”

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Standard & Poor’s Cuts Puerto Rico’s Sovereign Debt Credit Rating to BBB- (Near-Junk Status)

March 13, 2013

“”We base the downgrade on the result of an estimated fiscal 2013 budget gap, which we view as significantly larger than originally budgeted, absent corrective action,” said S&P credit analyst David Hitchcock.”

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Securities & Exchange Commission: Illinois Budget Office Under Former Governor Blagojevic Misled Investors on Pension Risks

March 11, 2013

“The finding of securities fraud doesn’t subject Illinois to any fines or penalties, but it amounts to another fiscal black eye for a state burdened by the worst bond rating in the country and completely underwater by inaction in solving its $96 billion pension crisis.”

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Analysis: Chinese Economic Data Indicates Weakest Start to Year Since 2009

March 10, 2013

“Production increased 9.9 percent in the first two months and retail sales rose 12.3 percent, government data showed March 9, trailing economists’ estimates.”

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U.S. Securities and Exchange Commission Approves Required Routine Testing of Computer Trading Systems

March 9, 2013

“The Securities and Exchange Commission voted 4-0 to seek comment on rules that would require routine testing of trading systems. The exchanges would also be required to notify the SEC about a problem, including a system compromised by hacking.”

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Greenland Prime Minister Threatens European Union to Block Preliminary Mineral Resources Deal

March 9, 2013

“To the dismay of many European politicians, China has been eyeing investments in the former Cold War ally of the West, which include iron, zinc and rare earth minerals.”

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U.S. Consumer Debt Increases $16.2 Billion in January

March 9, 2013

“Consumers barely increased credit card debt in January, when Social Security taxes rose and lowered take-home pay for most workers. A measure of credit card debt grew only $106.1 million after a $3.2 billion drop in December.”

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February 2013 Jobs Report: U.S. Economy Adds 236,000 Jobs; Unemployment Rate Falls to 7.7%

March 9, 2013

“Many economists like JJ Kinahan, chief derivatives strategist of TDAmeritrade, expected around 171,000 jobs would be added. Economists expected the jobless rate to drop back to the 7.8 percent it was in September.”

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Stocks: Dow Jones Industrial Average Closes at All-Time High For Fourth Consecutive Day

March 9, 2013

“Shortly after the close, the Dow was sitting at 14,397.07, up 67.58 or 0.47%. The blue-chip index traded as high as 14,413.17 but couldn’t hold on.”

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China Posts Unexpected Trade Surplus in February

March 9, 2013

“February’s exports were 21.8% higher than a year earlier, when the Lunar New Year fell in January, while imports were 15.2% lower than the year-earlier month.”

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Federal Reserve: 18 Largest U.S. Banks Strongest Since Financial Crisis Began in 2008

March 7, 2013

“Under the stress tests’ most severe scenario, the United States would undergo a recession in which unemployment would reach nearly 12 percent, stocks would lose half their value and home prices would plunge 20 percent.”

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Federal Reserve’s Stress Tests: Ally Financial Only Bank That Would Have Losses

March 7, 2013

“Government-owned Ally Financial was the only bank that fell below a generally accepted regulatory capital standard based on initial Federal Reserve stress test results released Thursday seeking to find out if 18 of the largest financial institutions can withstand a deep recession.”

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ADP National Employment Report: 198,000 Jobs Added in February

March 7, 2013

“The BLS data on February’s employment and unemployment figures are due Friday at 8:30 a.m. ET.”

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U.S. Stocks: Dow Jones Industrial Average Closes Even Higher, Setting New All-Time High

March 6, 2013

“In other trading, the Standard & Poor’s 500 index rose 1.67 points, or 0.1 percent, to 1,541.46. The Nasdaq slipped 1.77, less than 0.1 percent, to 3,222.36.”

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