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krisluke
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03-Apr-2011 19:18
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After QE2
The big Q on QE-2: what happens when it ends, if it ends? The US Treasury is set to lose the biggest buyer of its debt within a few months, and investors are asking what will happen when the US Fed stops being the dominant player in US government debt. Will the close of its 2nd round of asset purchases under Quantitative Easing, aka QE-2, change the direction of the financial markets? POV’s are divided about what impact this will have on bond yields, stock markets and other risky assets such as “Junk” and emerging market bonds which have all notched up in 2 yrs of spectacular gains. Those who believe the Strong “Risk On” rally has been fueled by a huge influx of central bank liquidity say that pulling this back may have negative effects on markets as players change their investing strategies. So far such a scenario is not being priced in the market. You can see in the March employment data published Friday, better than expected numbers, thus supporting the view of players who bet that the US recovery is self-sustaining, and that it can continue even if monetary stimulus is withdrawn. Such improvements, increases in inflation, and eventually a potential shift in expectations of when the US Fed might raise official interest rates are a driver for bond yields than Fed buying, from my POV. As the completion of Fed purchases of Treasury securities is only likely to result in sustained increases in their yields if it leads to a re-assessment of the outlook for short-term interest rates. Some prominent investors, notably Pimco’s Bill Gross, have moved out of US Treasury debt in anticipation that yields will rise and prices will fall. Mr. Gross, co-Chief investment officer at Pimco, says the Fed believes that, since it has bought so much of Treasury supply, it “must mean that Pimco and the insurance companies need to fill up the cupboard. It comes down to the delicate decision point of price. At what price do we fill up the cupboard?” Mr. Gross says. Central bank liquidity is not the only factor that has driven prices higher, particularly in the stock markets. Stocks have rallied as corporate profits and margins have improved dramatically, and a weaker USD, which has resulted from low US interest rates, has helped US companies make profits from their International businesses. But, even if us equity Bulls say that the QE-2 factor cannot be ignored. It is one of the few Bearish arguments that does have some weight. Another impact of reduced liquidity could be felt in the levels of investor demand for new bonds. Both “Junk” bonds and emerging market bond sales have reached record levels in the past 2 yrs, for example. Robert Rauch, director of research at Gramercy, a Hedge Fund which specialises in emerging markets, says an end to the US Fed’s purchases could reverse the relative ease with which companies have been able to borrow. “We may be about to turn the corner and see a reversal, with liquidity becoming less available,” he says. In the absence of continuing QE programs, i.e,QE3, QE4 or QE5, many borrowers in emerging markets do not have alternatives to bond markets and we could see another round of restructuring’s. Although many investors do not expect another round of Quantitative Easing, whether or not the Fed embarks on another round is still subject to debate. I believe that it will depend on economic indicators, because the Fed’s initial post-crisis round of Quantitative Easing was followed by QE-2 when the US economy “trpped” last year and deflationary expectations began to come to view. Now, with signs of inflation coming on the backs rising commodity and Crude Oil prices, the picture looks a bit different. Nevertheless and I have been saying this since last November, there is a probability of more Quantitative Easing after QE-2 finishes in June. What could guarantee QE-3 IMO would be a rise in Crude O’sil price to the 130/150 range, then the economy would start to fall over.” But for now the Noise about whether the Fed initiates QE-3 will all over the Air Waves. The Markets will try to figure out what will happen, and if Quantitative Easing does not continue, risk assets, stocks, commodities and credit spreads, could sell off. That said I believe that we will see QE’s until the employment numbers are down to the 7 to 7.5% range, and America is back to work in the coming election year, Y 2012. Stay tuned… |
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krisluke
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03-Apr-2011 19:14
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Japanese Government Official Reveals Awful Truth: It Could Take Months To Stop Radioactive Leak Image: AP A Japanese government official has admitted it may take multiple months to stop radiation leaking into the Pacific Ocean at Fukushima, according to Sky News. Workers are currently trying to seal the leak by using a polymeric absorbent, a similar material to that found in diapers. The news comes just hours after the grisly discovery of two workers dead at the power plant. It has been confirmed that those workers died in the initial earthquake and tsunami, rather than from radiation poisoning. |
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krisluke
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01-Apr-2011 22:22
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GLOBAL MARKETS-Asian shares reach highest in nearly 3 years
(Refiles to add missing word in 6th paragraph)
* Most regional equities extend rise, Nikkei slips * MSCI's Asian index ex-Japan near 3-year high * Yen hits 6-week low vs dlr, 10-month low vs euro * U.S. oil touched 2-1/2 year peak, gold falls By Richard Leong HONG KONG, April 1 (Reuters) - Asian shares outside Japan rose to their highest in nearly three years on Friday, looking to extend a three-quarter winning streak, while the yen slipped on the view Japanese interest rates will stay near zero for a long time to help the quake-ravaged economy. MSCI's index of Asia-Pacific stocks outside Japan hit its highest level since May 2008 on optimism about global economic growth. It was up 0.63 percent to 489.10 at 0630 GMT. Japan's Nikkei was up till shortly before the close, but then slipped back into negative territory, falling 0.48 percent to 9708.39. A weaker yen is seen as supportive of the nation's exporters during a period of domestic rebuilding but the country's struggle to recover will be a long-term one. The resilience of most Asian stock market in the face of geopolitical risks indicates further gains are likely, but some investors cautioned the upswing might be overdone and is vulnerable to deterioration with Japan's nuclear predicament, Europe's debt crisis and/or Middle East's political situation. " The markets have absorbed these events pretty well, but things are still very fluid," said Binay Chandgothia, portfolio manager at Principal Global Investors in Hong Kong. The firm manages more than $200 billion in assets worldwide. In commodity trading, U.S. oil prices started the new quarter by climbing after closing at their highest in 2-1/2 years on Thursday against the backdrop of continued fighting in Libya and unrest in the Middle East. Gold, which had a 10th straight quarterly gain in the January-March period, fell on more tough inflation talk from U.S. central bankers. While risky assets generally shone on the first day of the new quarter, investors are treading cautiously ahead of the latest payroll data from the United States later on Friday. Another month of solid U.S. hiring, expected in the 200,000 area, should reinforce expectations of further global economic expansion but also of an accelerated shift in policy focus among central bankers to stem inflationary pressure. " At the moment, we're getting dragged higher by the momentum we're seeing in the U.S. economy," said IG Markets analyst Ben Potter in Melbourne. Signs of improving business activity and rising inflation globally have led the U.S. Fed and the European Central Bank to ratchet up their inflation rhetoric, causing traders to second-guess whether U.S. and European rates will be on hold this year. In the U.S., Minneapolis Fed President Narayana Kocherlakota told the Wall Street Journal on Thursday that the Fed could raise rates by the end of 2011, far sooner than expected by financial markets. Most analysts do not expect rate hikes until the second half of 2012. See [ID:nN31230020] INFLATION TALK BOOSTS DOLLAR A recent spate of hawkish comments from Fed officials has helped boost the dollar and U.S. bond yields with two-year yields rising to 0.84 percent, the highest in six weeks. The dollar index , which tracks its performance against a basket of major currencies, was up 0.21 percent at 76.018. It climbed to a six-week high against the Japanese currency as it has recovered from a record low of 76.25 yen on March 17 before G7 central banks intervened to halt the yen's rise. It last traded at 83.53 yen. The euro also strengthened against the yen, hitting a fresh 10-month high of 118.66, in the wake of a weaker-than-expected BOJ tankan business survey. Growing expectations of the Fed hiking rates and the BOJ leaving rates steady have widened the yield differential between two-year U.S. and Japan government debt. That gap touched above 63 basis points, the widest since early February. Japan will likely stick to a near-zero rate policy as the world's No. 3 economy faces the risk of a slowdown due to the March 11 natural disasters and the ongoing nuclear crisis. In the latest developments, a local newspaper reported that the government will take control of Tokyo Electric Power whose shares and public image have been hammered after a series of missteps and mistakes at its quake-stricken Fukushima nuclear plant. [ID:nL3E7EV46V] At a G20 meeting in Nanjing, China, Japan's top currency diplomat said on Thursday his country, while satisfied with last month's rare coordinated move to stem yen's rise, will stay vigilant for further invention needs. [ID:nL3E7EV1V2] In addition to Japan, tension in Africa and the Middle East and the festering public debt problems in Europe are other factors that threaten global growth. But those concerns have receded for now, analysts say, as most economies have showed steady growth, which will further stoke the rise in oil, food and commodity prices. U.S. crude < CLc1> was up 15 cents at $106.88 a barrel after earlier touching $107.65, an intraday peak since September 2008. Brent crude < LCOc1> fell 13 cents to $117.23. Spot gold traded at $1,432.80 an ounce, down from $1,436.48 late in New York on Thursday, after hitting a record high of $1,447.40 in March. (Reporting by Chikafumi Hodo and Masayuki Kitano in TOKYO, Ian Chua in SYDNEY, Lewa Pardomuan and Alejandro Barbjosa in SINGAPORE Editing by Sugita Katyal and Richard Borsuk) |
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krisluke
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01-Apr-2011 22:13
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Singapore home prices rise in Q1, but pace slackens
* Private home prices +2.1 pct Q/Q in Q1 vs +2.7 pct Q4
* HDB resale prices +1.6 pct Q/Q in Q1 vs +2.5 pct in Q4 * Data suggests soft landing - Chesterton Suntec (Adds comments, HDB resale prices) By Kevin Lim SINGAPORE, April 1 (Reuters) - Singapore private home price growth slowed in the first quarter of the year, suggesting government measures to cool the market were having some impact and authorities are unlikely to intervene again in the near term. The Urban Redevelopment Board (URA) said on Friday its flash estimate showed the private residential property index rose 2.1 percent in the first three months of 2011 from the fourth quarter of 2010, slower than the 2.7 percent increase in October-December last year. The rate of increase for private home buyers has been slowing since the end of 2009, the URA said in a statement. The Housing & Development Board's (HDB) index, which tracks resale prices of HDB homes, edged up 1.6 percent in the first quarter from the preceding period, the slowest rate of increase since April-June 2009. " The data is positive as it shows a soft landing. It's the best outcome from the policymaker's point of view," said Colin Tan, head of research and consultancy at Chesterton Suntec, a real estate services firm. Singapore, like Hong Kong and China, has been trying to cool its property market amid flush liquidity and interest rates that are near record lows. In a report earlier this week, Jones Lang LaSalle said spillover demand from China has contributed to the rally in Singapore home prices. [ID:nL3E7EU14V] Private home prices in the city-state rose 17.6 percent last year despite government attempts to cool the market in February and August. Resale prices of HDB apartments that house over 80 percent of the population gained 14 percent. On Jan 13 this year, the government introduced new anti-speculation measures that included tougher borrowing limits and a hefty stamp duty of 16 percent of the selling price for those who buy and sell within 12 months. [ID:nL3E7CD0WK] The increasing cost of owning a home has become a political issue ahead of general elections that may take place as early as this month. [ID:nL3E7E91AR] Analysts say HDB and private apartment prices have stabilised since latest government measures. But landed property remains in high demand with several large bungalows recently changing hands at record high prices. The URA and HDB flash estimates rely primarily on data in the first 10 weeks of the quarter. Both government agencies will release detailed estimates later this month that would incorporate data for the last two weeks of the period. Singapore's stock market was closed for the midday break when the data was reported. Among property heavyweights, CapitaLand was up 0.3 percent while City Developments rose 0.5 percent, both beating the benchmark index's 0.28 percent rise. Following is the flash estimate for private home prices in the first quarter of 2011 released by the Urban Redevelopment Authority on Friday: (quarter/quarter percentage change) Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010 Singapore private +2.1 +2.7 +2.9 +5.3 +5.6 home prices HDB resale prices +1.6 +2.5 +4.0 +4.1 +2.8 (Reporting by Kevin Lim Editing by Ramya Venugopal) 2011-04-01 08:13:11 |
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krisluke
Supreme |
01-Apr-2011 22:11
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China military policy paper lays out worries about U.S.
Paramilitary policemen attend a daily training session at the Forbidden City in Beijing
BEIJING (Reuters) - China said on Thursday it faced an increasingly " volatile" Asian region where the United States has expanded its strategic footprint, maintaining that better military ties between Beijing and Washington rested on respect for each other's interests. China's People's Liberation Army (PLA) spelled out its concerns about U.S. intentions in a policy paper setting out broad priorities for Beijing's growing military forces. The " white paper" said that while China wants to avoid military confrontation and focus on growing its economy, it sees potential security challenges across the region, many of them bound up with Washington's web of alliances and military forces across Asia, including on the tense Korean peninsula. " Profound changes are taking shape in the Asia-Pacific strategic landscape. Relevant major powers are increasing their strategic investment," said China's defence white paper for 2010 which, despite its date, was released only on Thursday. " The United States is reinforcing its regional military alliances and increasing its involvement in regional security affairs," it said. " Suspicion about China, interference and countering moves against China from the outside are on the increase." U.S. weapons sales continue to Taiwan, the self-ruled island that Beijing claims as an illegitimate breakaway province, hampering the peaceful development of cross-Strait relations, the paper added. It also singled out the Korean peninsula and Afghanistan as sources of worry. " Asia-Pacific security is becoming more intricate and volatile," the paper said. " International military competition remains fierce." Last year, Beijing and Washington wrangled over North Korea, a long-time ally of China, which ignited regional alarm by torpedoing a South Korean navy ship, killing 46 sailors, and later shelling a South Korean island, killing four people. North Korea denied downing the ship, and China refused to join other countries in condemning Pyongyang over that or the November shelling of the island. Instead, Beijing chided the United States for holding joint military exercises with South Korea in seas across from China's coast. " RESPECT" PLEASE A PLA officer, Geng Yansheng, said Beijing nonetheless wants better military ties with Washington, and that a senior Chinese commander, the PLA Chief of General Staff Chen Bingde, would visit the United States in May, following on from U.S. Defence Secretary Robert Gates' visit to Beijing in January. Gates' visit and then a Washington summit between Presidents Barack Obama and Hu Jintao marked an easing of tensions between the two big powers after a string of disputes in 2010, including Chinese anger over U.S. arms sales to Taiwan. Still, Senior Colonel Geng, a spokesman for China's Defence Ministry, indicated China's concerns about Taiwan and other issues it calls " core" strategic interests have not eased altogether. " There remain some difficulties and challenges in China-U.S. military relations," he said, adding that defusing them required, " in particular, respecting each other's core interests and major security concerns." Geng said China had been working hard to reduce military tensions with Taiwan, though the island still claims China is aiming missiles at it despite a substantial warming in ties over the past few years. " At an appropriate time, both sides can have contacts and exchanges on military issues and look at setting up a cross-Strait military security mechanism," he added. China has made similar offers before, though nothing has come of it. China says its defence white papers are intended to ease concerns abroad about where the country's military modernisation is headed. The last such document was released in 2009. But neither the paper nor the accompanying news conference shed much light on what China intends to do with its growing military budget. Geng did not directly answer questions about whether the PLA Navy intends to launch the country's first aircraft carrier as a stepping stone to a bigger ocean presence. Chinese military and political sources say Beijing could launch its first aircraft carrier in 2011, a year earlier than U.S. military analysts had expected. Earlier this month, China unveiled a 12.7 percent rise in its 2011 defence budget, in a return to double-digit spending increases that have stirred regional unease. The 2011 defence budget is 601.1 billion yuan, up from 532.1 billion yuan (50 billion pounds) last year. The budget went up by just 7.5 percent in 2010, after a long period of double-digit hikes. Many experts believe China's actual spending on the 2.3 million-strong People's Liberation Army (PLA) is far higher than what the government reports. China, now the world's second-largest economy, often points out that its defence spending pales in comparison with the United States and that its military upgrades are for defensive purposes. The Pentagon in February rolled out a record base budget for fiscal year 2012 of $553 billion (343 billion pounds), up $22 billion from the level enacted for 2010. (Additional reporting by Sally Huang, Chris Buckley and Sui-Lee Wee Editing by Daniel Magnowski) |
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krisluke
Supreme |
01-Apr-2011 22:09
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Syria would mark the last of those protest " stuff kie" in mid east. It from the history. Ready for opec meeting in june, I mean loosen the oil tap to relieve inflation thingy... maybe, i think opec memebrs maybe not free and postpone it  (to be updated when this event draws near...)
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krisluke
Supreme |
01-Apr-2011 22:02
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Syrians protest anew after Assad reform gesture
DAMASCUS (Reuters) - Hundreds of Syrian protesters marched in several cities on Friday, rejecting a limited reform gesture by President Bashar al-Assad, and security forces beat demonstrators outside a Damascus mosque, witnesses said.
Civic activists told Reuters that protests broke out in the capital Damascus, Banias and the port city of Latakia against Assad's authoritarian rule after he stopped short of a clear commitment to meet popular demands for more freedoms. Two weeks of unprecedented unrest in the tightly controlled Arab state, under monolithic Baath Party rule for almost 50 years, has left at least 61 people over the past two weeks. Security forces and Assad loyalists attacked protesters with batons as they left the Rifaii mosque in the Kfar Sousseh district of Damascus after Friday prayers, a witness said. At least six protesters were arrested and dozens where beaten as they made their way out of the mosque, the witness told Reuters by telephone from the mosque complex. Residents said police also fired tear gas at protesters in the Damascus suburb of Douma. Around 200 worshippers chanted slogans in support of the southern city of Deraa where the unrest kindled by pro-democracy uprisings elsewhere in the Arab world first erupted. Online democracy activists had called for protests across Syria on " Martyrs' Friday," after a spate of pro-democracy demonstrations challenging Assad's 11 years in power. Activists said security forces and Assad loyalists had earlier gathered in force around the mosques where protests resumed after Friday prayers. In his first public appearance since the demonstrations began, Assad declined on Wednesday to spell out any reforms, especially the lifting of a 48-year-old emergency law that has been used to stifle opposition and justify arbitrary arrests. On Thursday he ordered the creation of a panel that would draft anti-terrorism legislation to replace emergency law, a move critics have dismissed, saying they expect the new legislation will give the state much of the same powers. |
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krisluke
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01-Apr-2011 22:00
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Syrian forces beat protesters at mosque - witness
AMMAN (Reuters) - Syrian security forces and President Bashar al-Assad loyalists attacked protesters with batons as they left the Rifaii mosque in the Kfar Sousseh district of Damascus after Friday prayers, a witness said.
Around 200 worshippers chanted slogans in support of the southern city of Deraa, where protests erupted against Baathist rule three weeks ago. At least six protesters were arrested and dozens where beaten as they made their way out of the mosque, the witness told Reuters by telephone from the mosque complex. (Reporting by Khaled Yacoub Oweis Editing by Jon Boyle) |
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krisluke
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01-Apr-2011 21:58
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" Jumpers" offered big money to brave Japan's nuclear plant
By Terril Yue Jones
TOKYO (Reuters) - It's a job that sounds too good to be true -- thousands of dollars for up to an hour of work that often requires little training. But it also sounds too outrageous to accept, given the full job description: working in perilously radioactive environments. In its attempts to bring under control its radiation-gushing nuclear power plant that was severely damaged by last month's massive earthquake and tsunami, Tokyo Electric Power Co (TEPCO) is trying to get workers ever closer to the sources of stubborn radiation at the plant and end the world's worst nuclear crisis since Chernobyl. Workers are reportedly being offered hazard pay to work in the damaged reactors of up to $5,000 (£3,126) per day -- or more accurately, a fraction of a day, since the radiation-drenched shifts must be drastically restricted. A TEPCO official said this week that the beleaguered company has tasks fit for " jumpers" -- workers so called because they " jump" into highly radioactive areas to accomplish a job in a minimum of time and race out as quickly as possible. Sometimes jumpers can make multiple runs if the cumulative dosage is within acceptable limits -- although " acceptable" can be open to interpretation. In cases of extreme leaks however the radiation might be so intense that jumpers can only make one such foray in their entire lives, or risk serious radiation poisoning. For three weeks the reactors at TEPCO's Fukushima Daiichi nuclear power station, 240 km (150 miles) north of Tokyo, have been explosive cauldrons of hydrogen blasts, radioactive steam and contaminated water that has apparently run off into the ocean, where levels of radioactive iodine have been found at several thousand times the normal level in recent days. TEPCO said 18 employees and three contractors were exposed to 100 millisieverts of radiation on Friday. The average dose for a nuclear plant worker is 50 millisieverts over five years. Last week two workers in Reactor 3 were admitted to hospital after their feet were exposed to 170-180 millisiverts, according to the International Atomic Energy Agency. The company said this week it will shut down permanently at least four of the six reactors at the plant. But it first must stabilise and then cool the fuel, and has been desperately trying to douse fuel rods with water, and now clean up the radiation-contaminated water that's stagnating on reactor floors. DUMP THE PUMP, THEN RUN Asked on Monday how the contaminated water could be pumped out and how long it would take, a TEPCO official replied, " The pump could be powered from an independent generator, and all that someone would have to do is bring one end of the pump to the water and dump it in, and then run out." Translation: jumpers wanted. In fact TEPCO and its contractors are already trying to recruit jumpers, according to reports in the Japanese press. " My company offered me 200,000 yen ($2,500) per day," one subcontractor in Iwaki city about 40 km south of the crippled plant told the Weekly Post magazine. " Ordinarily I'd consider that a dream job, but my wife was in tears and stopped me, so I declined," said the unidentified worker who is in his 30s. " The working time would be less than an hour, so in fact it was 200,000 yen an hour, but the risk was too big." Ryuta Fujita, a 27-year-old worker also from Iwaki said he was offered twice that amount as hazardous duty pay to venture into Fukushima Daiichi's Reactor 2. But Fujita, who evacuated his 3-year-old son and 26-year-old wife to a shelter in a sports arena just outside Tokyo, said the 400,000 yen a day wasn't worth it. " I hear that guys older than 50 are being hired at high pay," Fujita told the Tokyo Shimbun newspaper. " But I'm still young, and radiation scares me. I don't want to work in a nuclear plant again." The reluctance of workers to enter the stricken plant highlights one of TEPCO's basic dilemmas -- it can't get people close enough to see if its efforts to cool fuel rods are working indeed, to confirm what the exact problems are in the first place. Most of its efforts have involved pouring water on exposed fuel rods in a bid bring down their temperature and rein in their toxic emissions. UNDER PRESSURE TO RETURN TO WORK What TEPCO needs is surgical-strike jumpers. Jumpers were common at U.S. nuclear power stations in the 1970s and 1980s. " It's still a job that exists but it's much rarer than in the past," said Rock Nelson, a manager at Nelson Nuclear Corp in Richland, Washington. These days such jobs are more commonly performed by robots, but the interiors of Fukushima Daiichi's mangled reactor buildings are so filled with debris that using robots is too difficult. Some workers have said they feel they are being pressured to take the high-risk jobs at the plant. " It's dangerous work there, I'm sure, but if I refuse, I don't think I would keep my job," one 41-year-old contractor, who was asked by his employer to return to his job of scanning work areas to see if they are safe, told the Tokyo Shimbun. He said he will go back to work there this month. So will another contractor in his 40s who is worried about putting food on the table. " The reactors may be stopped, but I still have expenses," he told the Weekly Post. " I have to support my family. And more than anything, if I refuse to go back I'm genuinely afraid I won't get work again." (Editing by Jeremy Laurence) |
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krisluke
Supreme |
01-Apr-2011 21:56
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It just about questions and doubts. Obama, president of american called for humanitarian battle against the mid east. I believe NATO just went there for the " FUN" D. weapon just got to be expended so new ones can be produce. A smart move for " Golden Rice Bowl" rankies. At the same time, he olso call for alternative energy beside crude oil ? |
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krisluke
Supreme |
01-Apr-2011 21:45
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Gaddafi forces storm Misrata as rebels offer truce
A protester holds a Kingdom of Libya flag during an anti-Gaddafi demonstration in Benghazi
TRIPOLI/AJDABIYAH, Libya (Reuters) - Muammar Gaddafi's forces stormed the western rebel outpost of Misrata with tanks and artillery on Friday, a rebel spokesman said, while insurgents marshalled defences in their eastern heartland. A rebel leader speaking after talks with a U.N. envoy in Benghazi offered a cease-fire on condition Gaddafi left Libya and his forces withdrew from cities now under government control. It was unclear if the offer was part of broader diplomatic moves to end a conflict that appears deadlocked on the military front. Rebels speaking from Misrata said Gaddafi's forces had brought their superior firepower to bear on the insurgents' last western enclave with an intense bombardment. " They used tanks, rocket-propelled grenades, mortar rounds and other projectiles to hit the city today. It was random and very intense bombardment," the spokesman, called Sami, told Reuters by telephone. " We no longer recognise the place. The destruction cannot be described." " The pro-Gaddafi soldiers who made it inside the city through Tripoli Street are pillaging the place, the shops, even homes, and destroying everything in the process." " They are targeting everyone, including civilians' homes. I don't know what to say, may Allah help us," he said. The account from Misrata, Libya's third biggest city 200 km east of Tripoli, could not be verified. Authorities do not allow journalists to report freely from the city. A doctor in Misrata told Reuters in an email that the 32nd Brigade, one of the best-equipped and trained units, had been sent early on Friday to seize control of the city. " So the question is where is the international community?" the doctor said. CHECKPOINTS Gaddafi, who has ruled Libya since taking power in a coup in 1969, describes the rebels as terrorists and Western agents. He accuses NATO led air forces, operating under a U.N. mandate, of killing huge numbers of civilians in bombing raids. Civilian deaths haunt the calculations of coalition governments. Any sign of mounting casualties could shatter a fragile consensus between Western and Arab capitals who first called for creation of a militarily enforced no-fly zone. BBC television quoted a Libyan doctor as saying a coalition air strike had killed seven civilians, mostly children, and wounded another 25 near the oil town of Brega on Wednesday. The doctor said he had been called to a village 15 km from Brega after the strike hit a pro-Gaddafi military convoy. A trailer containing ammunition exploded between two homes, killing girls and young men aged between 12 and 20, the BBC said on Friday. The report has not been confirmed. Libyan rebels moved heavier weaponry towards government forces at the eastern oil town of Brega on Friday and sought to marshal rag-tag units into a more disciplined force to fend off Gaddafi's regular army and turn the tide of recent events. Rebels said neither side could claim control of Brega, one of a string of oil towns along the Mediterranean coast that have been taken and retaken by each side in recent weeks. But there were signs on Friday of a more ordered approach. Rebels said more trained officers were at the front, heavier rockets were seen moving towards Ajdabiyah late on Thursday and the checkpoint was screening those going through. " Only those who have large weapons are being allowed through. Civilians without weapons are prohibited," said Ahmed Zaitoun, one of the rebel fighters and part of a brigade of civilian volunteers who have received more training than most. " Today we have officers coming with us. Before we went alone," he said, and he pointed to a man complaining at being stopped at the checkpoint, adding: " He is a young boy and he doesn't have a gun. What will he do up there?" The new approach has yet to be tested after the rout rebels sustained this week when a two-day rebel advance forward along about 200 km (125 miles) of coast west from Brega was repulsed and turned into a rapid retreat over the following two days. On the road between Ajdabiyah and Benghazi, gun emplacements were set up in freshly dug ditches with sand berms facing towards Ajdabiyah and the front line, the first sign of organised defensive positions protecting the rebel 'capital'. RAPID RETREAT Overnight, Gaddafi supporters danced and chanted patriotic songs around his compound as soldiers manning anti-aircraft guns watched the sky over Tripoli from the back of pickup trucks. " We are not afraid, not afraid, not afraid. We will always protect our leader. I want to say to Muammar Gaddafi: I love you so much!" said Zuhra, a teenage girl at the rally. Long ostracised by the West and denounced in 1986 by then- President Ronald Reagan as " this mad dog of the Middle East" for his backing of guerrilla movements, he had cultivated better ties in recent years, opening Libya to Western oil investment. But Gaddafi's crackdown on popular protests spreading from elsewhere in the Middle East raised alarm in the Arab world as well as the West, prompting a U.N. resolution permitting military action to protect civilians and enforce a no-fly zone. While Western action has failed to bring any end to fighting or quick collapse of Gaddafi's administration, signs have emerged of secret contacts between Tripoli and Western capitals. Foreign minister Moussa Koussa defected in London this week. A Gaddafi appointee also declined to take up his post as U.N. ambassador, condemning the " spilling of blood" in Libya. A British government source said Mohammed Ismail, an aide to Gaddafi's son Saif al-Islam, had been visiting family members in London, but that Britain had " taken the opportunity to send some very strong messages about the Gaddafi regime." Mustafa Abdel Jalil, head of the national council in the rebel stronghold of Benghazi, told journalists after meeting U.N. special envoy Abdelilah al-Khatibset in Benghazi: " We have no objection to a cease-fire but on condition that Libyans in western cities have full freedom in expression their views...Our main demand is the departure of Muammar Gaddafi and his sons from Libya. This is a demand we will not go back on." The United States, France and Britain, which have led air strikes, have talked about the possibility of arming the rebels. There have also been revelations U.S. President Barack Obama signed a secret order authorising covert U.S. support. Asked if he had seen any covert Western operatives at the front line with rebels, Zaitoun said: " I wish. They have great technology. They would have useful guidance for us. I have heard many things but I haven't seen anything yet." The top U.S. military officer said Gaddafi's forces were not close to collapse. " We have actually fairly seriously degraded his military capabilities," Admiral Mike Mullen said. " That does not mean he's about to break from a military standpoint." U.S. government sources told Reuters U.S. intelligence operatives were on the ground in Libya before Obama signed the order, to contact opponents of Gaddafi and assess their capabilities. There has been no CIA comment. " I can't speak to any CIA activities but I will tell you that the president has been quite clear that in terms of the United States military there will be no boots on the ground," U.S. Defence Secretary Robert Gates said. (Additional reporting by Mark Hosenball, William Maclean, Adrian Croft, Maria Golovnina, Edmund Blair, Ibon Villelabeitia, Lamine Chikhi, Hamid Ould Ahmed, Marie-Louise Gumuchian, Avril Ormsby, Aly Eldaly, Niklas Pollard and Karolina Tagaris Writing by Ralph Boulton) |
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bsiong
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31-Mar-2011 09:18
Yells: "The Greatest Wealth is Health" |
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TOKYO (Nikkei)--Tokyo Electric Power Co. (9501), or Tepco, sees no other choice but to decommission four damaged reactors at the Fukushima Daiichi nuclear power plant, Chairman Tsunehisa Katsumata said Wednesday. | |
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krisluke
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30-Mar-2011 23:08
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WRAPUP 1-ICBC, AgBank sees growth peaking as Beijing moves
(Repeats to delete superfluous text)
* ICBC 2010 net pft 165.16 bln yuan vs f'cast 163.3 bln yuan * ICBC's NPL ratio below 1.1 pct in 2011 vs 1.08 pct in 2010 * ICBC says 50bps rise in RRR shaves 0.19 pct off op income By Kelvin Soh and Koh Gui Qing HONG KONG/BEIJING, March 30 (Reuters) - Top Chinese lenders ICBC and Agricultural Bank of China (AgBank) signalled slowing earnings growth after strong 2010 earnings, amid moves by Beijing to cool its red-hot economy and wean companies off rampant borrowing. The two banks also dismissed worries about a likely rise in non-performing assets coming from local government financing vehicles, many of whom made huge loans during a lending spree in 2009 when China was trying to grow its economy during the global financial crisis. " I'm expecting the growth in banks' financial results to slow from last year's pace ... There are limits on lending to local governments' financing vehicles and to the real estate sector, plus higher requirements to cover a possible rise in bad loans, which will lead to rising lending costs," said Qiu Gaoqing, an analyst at Bank of Communications. ICBC, the world's biggest bank by market value, reported a market-beating 28 percent rise in net profit in 2010, helped by lending growth and margin expansion. AgBank and Bank of China also reported strong earnings this week, helped by 10 percent economic growth. SPECIAL VEHICLES China's local governments are forbidden from borrowing directly from banks, so many set up special financing vehicles -- a practice the country's banking regulator has said must be kept in check. ICBC and AgBank both presented numbers which they said showed these vehicles are less likely to default on loans than the average borrower. ICBC said its NPL ratio to local governments at the end of 2010 was 0.3 percent, while AgBank said its ratio clocked in at 1.49 percent. By comparison, its overall NPL ratio was 1.08 percent for ICBC and 2.03 percent for AgBank. " The risks on local government lending are well under control," ICBC President Yang Kaisheng said. " We're already cutting our exposure to such lending, and we believe it is unlikely this will be a problem in the future." ICBC also said it had made sufficient provisions on its balance sheet for any possible default, saying it had a bad loan coverage ratio of 1,009 percent on local government financing vehicle lending. The bank also said it intends to grow its yuan-denominated loan book by 820-880 billion yuan this year, about 13.2-14.2 percent more than its total lending in 2010. COOLING THE ECONOMY China has been trying to cool its property sector with measures such as property taxes in two cities and barring banks from offering mortgages to third- or fourth-time home buyers. This has led to concerns that the banks may be badly hit if there is a massive fall in property prices, another claim the banks dismissed, saying stress tests they had performed showed their profitability would continue in such a scenario. AgBank said a 50 percent fall in real estate prices would increase the NPL ratio on its mortgage book by less than 1 percentage point, or less than 0.5 percentage points of its overall loan portfolio. " We have performed very stringent tests on ourselves, and you can be sure that it will all be fine if there is a slowdown," AgBank Executive Vice President Guo Haoda said. ICBC had similar comments, pointing to its NPL ratio of 0.4 percent on its personal mortgage loan book. Besides trying to curtail real estate lending, Beijing has also implemented measures such as two interest rate hikes and increasing the amount of money banks must put at the central bank, or reserve requirement ratio, to a record 20 percent. ICBC acknowledged that putting more money into the reserves would hit its earnings, with every 50 basis point hike in the RRR likely to shave 0.19 percent, or 700 million yuan, off its operating income. " ICBC will have to leverage on its size and use economies of scale to build a more capital efficient institution, which is necessary as reserve ratios rise," said ICBC Chairman Jiang Jianqing. (Additional reporting by Kang Xize, Zhao Hongmei and Lee Chyen Yee Editing by David Holmes) |
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krisluke
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30-Mar-2011 23:06
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Hong Kong stocks close up 1.7 percent, Hutchison outperforms
HONG KONG, March 30 (Reuters) - Financial counters led a broad rebound in Hong Kong shares on Wednesday, as risk appetite improved, fuelled by end-of-quarter settlements.
The benchmark Hang Seng Index closed up 1.7 percent to 23,451.43, reversing two straight day of losses after gaining 3.8 percent last week. The China Enterprises Index of top locally listed mainland companies finished up 1.9 percent. The Shanghai Composite Index closed down for a second-consecutive day, edging down 0.1 percent to 2,955.8 on Wednesday, following a 0.9 percent dip on Tuesday. HIGHLIGHTS: * Hutchison Whampoa Ltd , billionaire Li Ka-shing's flagship ports-to-telecoms company, soared 5.1 percent to hit a 3-week high after it posted a forecast-bearing 2010 earnings partly driven by a turnaround in its 3G telecommunications arm. It climbed by as much as 5.4 percent in early trade.[ID:nL3E7EU07E] * Agricultural Bank of China , the country's No. 3 lender by assets, gained 2.7 percent after reporting a forecast-beating 83 percent rise in quarterly profit on Tuesday.[ID:nL3E7EP0X9] * Positive sentiment extended to other banks, with China Construction Bank , Industrial and Commercial Bank of China , HSBC and Bank of China the leading lights. * Analysts doubt if this upward trend would extend into April given the multiple geopolitical risks that remain unresolved in Japan, North Africa and the Middle East. China inflation remains a concern but some analyst see any policy tightening as benefit ting China banks. DAY AHEAD: * Earnings expected on Thursday include CITIC Bank Corporation Ltd and China Merchants Bank Co Ltd . |
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krisluke
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30-Mar-2011 23:04
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World stocks near 3-wk highs data boosts Wall St
Graph with stacks of Australian dollars
* yen suffers further * Bonds rise as well * Oil falls on higher stockpiles, US plan to cut imports (Recasts and updates with U.S. market open dateline previously LONDON) By Barani Krishnan NEW YORK, March 30 (Reuters) - World stocks rose to near three-week highs on Wednesday and U.S. stocks climbed in early trade as optimism about potential gains in the coming quarter eclipsed concerns about Japan's nuclear crisis and turmoil in the oil-rich Arab world. Wall Street was also boosted by data that showed solid gains in private sector jobs in March and by merger and acquisition activity. The yen slipped to a 10-month low versus the euro and was broadly weaker as recent hawkish comments from euro zone and U.S. officials contrasted with Japan's loose monetary policy stance. " It does seem as if markets are now keen to try and turn the page," said Ben Potter, analyst at IG Markets. Although the ongoing unrest in Libya, which has shut down oil exports from the OPEC producer, and Japan's earthquake and nuclear are still affecting financial markets in a big way, investors appeared ready to move on from these crises. " There is...appetite to speculate on these outcomes for now," Potter said. Some investors continued to seek safe havens, driving up the price of gold about 1 percent as the Middle East unrest fed market jitters. Gains were capped by expectations that monetary policy in Europe and the United States may tighten. Recent hawkish comments from the euro zone and from U.S. officials that have contrasted with Japan's loose monetary policy stance drove the yen to 10-month low versus the euro of 117.28 yen. The euro was seen climbing further on expectations the European Central Bank will start raising interest rates as early as April. Against the dollar, the yen fell to a near three-week low at 83.19 yen. " We've had comments from the Fed and a shift in sentiment towards the U.S. policy from a rate perspective that has really pushed U.S.-Japan yield differentials, driving the dollar higher," said Mitul Kotecha, head of global FX strategy at Credit Agricole in Hong Kong. The market's focus on rate differentials benefited higher-yielding currencies including the Australian dollar, which traded at $1.03090, near a 29-year high of $1.0334 hit earlier in the global trading day. Oil prices fell, with U.S. crude losing almost half a percent to hover below $104.50 a a barrel, hurt by swelling crude inventories in the United States and expectations that the Obama administration will set a long-term target to cut oil imports. ADP JOBS REPORT BOLSTER WALL STREET U.S. stocks rose after an ADP report on private sector employment show a creation of 201,000 private-sector jobs in March, in line with market expectations. While the report doesn't have a high correlation with Friday's closely watched non-farm payrolls report by the U.S. Labor Department, a good ADP number can increase optimism on jobs growth. " Numbers like the ADP report is what we need for the market to break out of its current range, hopefully it continues on Friday," said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio. The Dow Jones industrial average was up 44.58 points, or 0.4 percent, at 12,323.59. The Standard & Poor's 500 Index was up 5.94 points, or 0.5 percent, at 1,325.38. The Nasdaq Composite Index was up 13.71 points, or 0.5 percent, at 2,770.60. In the latest of a string of large M& A moves, Canadian drugmaker Valeant Pharmaceuticals International on Tuesday made an unsolicited bid to buy Cephalon Inc for $5.7 billion, sending the stock up 28 percent to $75.21 while U.S.-listed shares of Valeant rose 12 percent to $49.55. " M& A activity has been very consistent over a broad array of sectors with incredible premiums, and that's one of the biggest catalysts for the market's rebound," Lancz said. MSCI's all-country world stock index was up 0.9 percent, taking its year-to-date gains to 3.7 percent and up more than 6 percent since a post-Japan earthquake low on March 15. Emerging markets were up 1.3 percent on the day at a two-month high. The pan-Europe FTSEurofirst 300 gained almost 1 percent. Japan's Nikkei average climbed 2.6 percent, hitting its highest level since the post-quake panic sell-off. U.S. Treasuries prices gained modestly on the jobs report from ADP and ahead of the Treasury's afternoon sale of seven-year notes -- the last of this week's three Treasury note auctions totaling $99 billion. Benchmark 10-year Treasury notes, which unchanged before the ADP report, were up 1/32 afterward, their yields easing to 3.487 percent from 3.495 percent on Tuesday. Thirty-year bonds,up 2/32 before the report, were up 3/32 afterward, their yields easing to 4.54 percent from 4.55 percent on Tuesday. (Additional reporting by Natsuko Waki, Atul Prakash and Joanne Frearson Editing by Leslie Adler) |
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krisluke
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30-Mar-2011 23:01
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IMF cuts Japan, US 2011 GDP f'cast, ups eurozone-ANSA
(Adds forecasts for China, the world, India, Italy)
ROME, March 30 (Reuters) - The International Monetary Fund has cut its forecast for Japan's 2011 GDP growth after this month's devastating earthquake and has also lowered its near term outlook for the United States, Italian news agency ANSA reported on Wednesday. The IMF cut Japan's 2011 growth forecast to 1.4 percent from a previous projection of 1.6 percent in January and cut its forecast for the United States to 2.8 percent from 3.0 percent, ANSA said, citing a draft of the IMF's World Economic Outlook report to be issued in April. However, the Fund's forecasts for 2012 have been increased to 2.1 percent from 1.8 percent for Japan and to 3.0 percent from 2.8 percent for the United States, ANSA reported. The IMF slightly raised its forecast for euro zone growth this year to 1.6 percent from 1.5 percent and increased the 2012 forecast to 1.8 percent from 1.7 percent, ANSA said. The IMF made no change to its growth forecasts for China, seen at 9.6 percent in 2011 and 9.5 percent in 2012, and also left unchanged its global growth forecast for this year, seen at 4.4 percent, ANSA said. Its report did not include the IMF's forecast for 2012 global growth. The IMF trimmed its projection for Indian growth to 8.2 percent from 8.4 percent, and lowered its 2012 outlook to 7.8 percent from 8.0 percent. Italian growth has been raised marginally to 1.1 percent from 1.0 percent for 2011 and left unchanged at 1.3 percent for 2012, significantly lagging the euro zone average in both years. Italy has been one of the euro zone's most sluggish economies for over a decade. (Writing by Gavin Jones Editing by Toby Chopra) |
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krisluke
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30-Mar-2011 22:15
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Obama Unveils His Plan To Massively Cut US Oil Imports (And Yes, It Includes Nuclear) Image: matt_oviaFlickr Obama is giving a big speech today on energy policy in which he'll push for a 1/3 cut in oil imports. The White House has posted a factsheet on what will be discussed and planned.
Innovating Our Way to a Clean Energy Future Charting a path towards cleaner sources of electricity and greater energy efficiency, and remaining on the cutting edge of clean energy technology.
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krisluke
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30-Mar-2011 21:55
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THE CUTS BEGIN: IMF Slashes US 2011 GDP ProjectionThe IMF just announced a cut to their 2011 GDP outlook for the U.S., reducing their annual growth estimate to 2.8% from 3.0% (via Zero Hedge). Simultaneously, they announced a Japanese GDP cut to 1.4% from 1.6%. There have been some hints recently that weak durable goods numbers would bring down GDP projections for Q1 2011. Goldman's Jan Hatzius has also become concerned about the year's outlook, based on rising oil prices. |
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krisluke
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30-Mar-2011 21:46
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Deutsche Bank Predicts A New Recession...In December 2014The next recession is coming in December 2014, if the Fed tightens policy in November 2011 as Deutsche Bank expect, according to bank analyst Michael Lewis. Lewis, citing in house research, suggests that it is Fed tightening policy, specifically how long it waits to hike rates from the start of an expansion, that determines when the next recession will be. So if the Fed hikes rate today, a recession should start at a certain date in the future, based upon the established ratio of months into an expansion and the future recession start date. From Deutsche Bank: Not surprisingly the longer the Fed waits to raise interest rates, typically the longer the expansion will be. According to our US Economics team the Fed is expected to tighten monetary policy in November this year or 29 months after leaving recession in June 2009. Using the regression outlined in Figure 1 this would imply an expansion of 66 months. Put another way, the next US recession will begin in December 2014.
Don't miss: The 8 shocks Citi believes are slamming the world economy right now >
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krisluke
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29-Mar-2011 23:56
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France's Sarkozy, nuclear experts, head to Japan
By Mathilde Cru
PARIS (Reuters) - France flew two nuclear experts to Japan on Tuesday to help tackle the stricken Fukushima plant ahead of a trip to Tokyo by President Nicolas Sarkozy, the first foreign leader to visit since a devastating earthquake. Sarkozy, in his additional role as chair of the G20 and G8 economic groupings, will meet Prime Minister Naoto Kan and French expatriates on Thursday, after opening a high-level G20 seminar in Nanjing, China, on global monetary reform. France is sending nuclear experts from Areva and its CEA nuclear research body at the request of Japanese authorities, which have been battling since the March 11 quake to avert disaster at the Fukushima plant. The two experts will be based at Areva's offices in Tokyo in cooperation with the plant's operator, Tokyo Electric Power Co (TEPCO), and not at the nuclear site, an Areva spokeswoman said. Their participation could help to improve communication on the disaster, which has compounded Japan's agony after an earthquake and tsunami killed more than 28,000 people earlier this month. Experts say a lack of information and some inconsistent data have made it hard to understand what is happening at Fukushima, which appears to have moved from a core-meltdown phase to one in which the management of released radioactivity is paramount. France is the world's most nuclear-dependent country, producing around 75 percent of its power needs from 58 nuclear reactors around the country, and selling state-owned Areva's reactors all over the world. " We have sent two experts, one from the CEA and one from Areva to share our experience on pumping and the treatment of radioactive water," Environment Minister Nathalie Kosciusko-Morizet told reporters. Areva, which has a staff of 100 in Japan, mostly salesmen, has a joint venture with Mitsubishi to build nuclear fuel rods. REACTOR DELAYS The Japanese crisis comes at a sensitive time for France's nuclear industry, one of the few sectors where the country can legitimately be called a world leader. Areva has nonetheless had a bumpy run as of late, adding to political pressure on its CEO Anne Lauvergeon, one of France's most powerful female executives, whose reappointment after a second term in the job is now in question. The company's first next-generation EPR reactor has suffered delays and cost-overruns in Finland, where it is being built, and the company lost a $40 billion contract in Abu Dhabi to a South Korean consortium in 2009. Sarkozy's office said he would not be joined by nuclear experts or company executives on his visit, and that he was going to offer support to the Japanese people. Nevertheless the future of France's nuclear industry will hinge on the success of pitching its EPR reactors, publicised as being able to withstand the most violent of accidents, to users of nuclear energy, including emerging powers like India and China. " I don't think Areva is going into Japan and saying 'here buy our EPR'. It's early for that. And if the whole thing totally melts down no one will buy nuclear for a little while," said a banker familiar with Areva. " But in the end I think they are going to have to put a giant sarcophagus over the plant," he said, of Fukushima. TEPCO, has asked for help from both Areva and French power company Electricite de France SA. Two of the six reactors at the plant are considered stable but the other four are volatile. Workers are struggling to restart cooling pumps in reactors damaged by the 9.0 magnitude earthquake and then drenched from cooling hoses. The immediate challenge is to pump out radioactive water flooding basements and hampering the restoration of power, and plutonium found in the soil at the complex on Monday piled more pressure on the operation. An EDF spokeswoman said that while no expert from EDF was immediately going to Japan, it had sent masks, overall suits and boric acid to Japan this month, jointly with Areva, as well as water, soup, blankets, power generators, pumps and trucks. (Additional reporting by Nina Sovich and Christian Plumb Writing by Muriel Boselli and Catherine Bremer editing by Elizabeth Piper) |
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