June 2010

Crude Oil Down on Profit Taking, Gold on the Brink

June 29, 2010

Crude Oil Down on Profit Taking, Gold on the Brink

Read the full article →

US Dollar, Japanese Yen Rise as Stocks Drop on China Growth Fears

June 29, 2010

US Dollar, Japanese Yen Rise as Stocks Drop on China Growth Fears

Read the full article →

Opening Comment 06.29

June 29, 2010

Opening Comment 06.29

Read the full article →

USD Graphic Rewind 06.29

June 29, 2010

USD Graphic Rewind 06.29

Read the full article →

Fear Returns Ahead of LTRO-Expiry; China Slowdown Eyed

June 29, 2010

Fear Returns Ahead of LTRO-Expiry; China Slowdown Eyed

Read the full article →

Euro, British Pound Weakens Against U.S. Dollar as Risk Aversion Takes Center Stage

June 29, 2010

Euro, British Pound Weakens Against U.S. Dollar as Risk Aversion Takes Center Stage

Read the full article →

U.K. Mortgage Approvals Disappoints, Euro-zone Consumer Confidence Remains Relatively Unchanged

June 29, 2010

U.K. Mortgage Approvals Disappoints, Euro-zone Consumer Confidence Remains Relatively Unchanged

Read the full article →

Campbell Brothers (ASX:CPB) Expects Record Half Year Underlying NPAT

June 29, 2010

Campbell Brothers (ASX:CPB) Expects Record Half Year Underlying NPAT

Read the full article →

Investors are waiting for U.S. Housing and Confidence data

June 29, 2010

Investors are waiting for U.S. Housing and Confidence data

Read the full article →

Yen strengthens on fears in markets

June 29, 2010

Yen strengthens on fears in markets

Read the full article →

Indian firm to set up waste water treatment plants in Africa

June 29, 2010

Indian firm to set up waste water treatment plants in Africa

Read the full article →

Encore unveils North Sea oil discovery

June 29, 2010

Encore unveils North Sea oil discovery

Read the full article →

Thailand forecasts 6% growth for 2010

June 29, 2010

Thailand forecasts 6% growth for 2010

Read the full article →

German government to establish $500m fund

June 29, 2010

German government to establish $500m fund

Read the full article →

MSC.Software Appoints Eric Favre Vice President Asia/Pacific

June 29, 2010

SANTA ANA, CA–(Marketwire – June 29, 2010) –   MSC.Software , the leader in multidiscipline simulation solutions that accelerate product innovation, today announced the appointment of Eric Favre as the Vice President Asia/Pacific.

Read the full article →

Former Catalina Marketing Executive Joins YOU Technology as Executive Vice President of Sales and Business Development

June 29, 2010

SAN FRANCISCO, CA–(Marketwire – June 29, 2010) –  YOU Technology, a leading innovator in personalized marketing solutions, today announced the addition of Kevin McGovern as Executive Vice President of Sales & Business Development. An industry veteran with 20 years of retail and consumer packaged goods experience, McGovern will have responsibility for building YOU Technology’s consumer packaged goods sales organization and retailer network. In his new role, he will spearhead the company’s expansion into the growing market for paperless coupon programs, digital shopper marketing, and interactive promotions.

Read the full article →

China signs landmark trade pact with Taiwan

June 29, 2010

China signs landmark trade pact with Taiwan

Read the full article →

Noble to acquire FDR for $2.16 billion

June 29, 2010

Noble to acquire FDR for $2.16 billion

Read the full article →

Air China places $1.4b order with Boeing

June 29, 2010

Air China places $1.4b order with Boeing

Read the full article →

Iran opens $320m steel rod plant

June 29, 2010

Iran opens $320m steel rod plant

Read the full article →

Total halts petrol shipments to Iran

June 29, 2010

Total halts petrol shipments to Iran

Read the full article →

Japan’s unemployment hits 5.2% in May

June 29, 2010

Japan’s unemployment hits 5.2% in May

Read the full article →

US, Europe reach deal on sharing banks’ data

June 29, 2010

US, Europe reach deal on sharing banks’ data

Read the full article →

WCOA to promote Malaysia hub of Islamic finance

June 29, 2010

WCOA to promote Malaysia hub of Islamic finance

Read the full article →

Video: Weiss Says Noble May Make More Small-Scale Acquisitions: Video

June 29, 2010

June 29 (Bloomberg) — Philip Weiss, an analyst at Argus Research, talks about the prospects for more acquisitions by Noble Corp. following its agreement to buy FDR Holdings Ltd. and the outlook for the oil industry. Weiss talks with Deirdre Bolton on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)

Read the full article →

Video: FT’s Lex Columnist McLannahan on Google’s China License: Video

June 29, 2010

June 29 (Bloomberg) — Ben McLannahan of the Financial Times’ Lex commentary team talks with Bloomberg’s Deirdre Bolton about the outlook for Google Inc.’s Internet license in China. Google may lose the right to operate a website in China, forcing the search-engine operator to abandon the world’s largest Internet market, after the government objected to its efforts to avoid censorship controls. (Source: Bloomberg)

Read the full article →

Simon Johnson: What Is Goldman Sachs Thinking?

June 29, 2010

The next financial boom seems likely to be centered on lending to emerging markets.

Read the full article →

Video: Banks Financing Mexico Drug Gangs Admitted in Wells Deal: Video

June 29, 2010

June 29 (Bloomberg) — Wells Fargo & Co., which bought Wachovia Corp. in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers. Bloomberg’s Erik Schatzker reports. (Source: Bloomberg)

Read the full article →

Video: Google May Lose China Permit; IPhone Accessories: Video

June 29, 2010

June 29 (Bloomberg) — Bloomberg’s Erik Schatzker reports on today’s top technology news. (Source: Bloomberg)

Read the full article →

Video: SVM’s McLean Says Hayward Must Go, BP Model Is `Broken’

June 29, 2010

June 29 — Colin McLean, managing director at SVM Asset Management Ltd., talks about the likelihood that BP Plc will be forced to sell assets and the future of Chief Executive Officer Tony Hayward. McLean, whose company sold the last of its BP shares this month, speaks with Andrea Catherwood on Bloomberg Television’s “The Pulse.”

Read the full article →

Video: SG’s Popper Sees Chinese Economy Growing at `Solid Pace’

June 29, 2010

June 29 (Bloomberg) — Andrew Popper, chief investment officer at SG Hambros Bank Ltd., talks about the economic outlook for China. The New York-based Conference Board revised its leading economic index for China to show the smallest gain in five months in April, in a release that contributed to the biggest sell-off in Chinese stocks in more than a month. Popper speaks with Andrea Catherwood on Bloomberg Television’s “The Pulse.”

Read the full article →

Good News For Troubled Commercial Real Estate: Increase In Carried …

June 29, 2010

As I’ve commented previously, Congress has been contemplating imposing a stiff tax increase on the “carried interest” or a developer’s “

Read the full article →

Dachis Group Names Erik Huddleston Chief Technology Officer

June 29, 2010

Senior Executive Brings Enterprise Technology Expertise and Large Scale Analytics Leadership to Dachis Group Worldwide

Read the full article →

Video: Le Monde Accepts French Trio’s Offer, Snubbing Sarkozy

June 29, 2010

June 29 (Bloomberg) — Bloomberg’s Elliott Gotkine reports from Paris on the sale of the French national newspaper Le Monde. A group of investors, which includes Yves Saint Laurent Group partner Pierre Berge, Internet billionaire Xavier Niel and Lazard Ltd. banker Matthieu Pigasse agreed to pay 110 million euros ($135 million) to take control of the 65-year-old Paris afternoon daily, helping it avert a capital crunch.

Read the full article →

Video: Matias Says Russia Sought Assurances on BP Chief’s Plans

June 29, 2010

June 29 — Vladimir Matias, managing director at Asset Capital Partners, talks about the visit of BP Plc Chief Executive Officer Tony Hayward to Russia and assurances sought by the Russian government. Matias speaks from Moscow with Francine Lacqua on Bloomberg Television’s “Countdown.”

Read the full article →

Video: Silva Sees`Funding Issues’ at 50% of Mediterranean Banks

June 29, 2010

June 29 — Ralph Silva, founder and strategist at Silva Research Network, talks about European bank stress tests and the prospects for bank insolvencies in the next year. Silva speaks with Francine Lacqua on Bloomberg Television’s “Countdown.”

Read the full article →

Video: Gijsels Sees `Serious’ Economic Slowdown in Second Half

June 29, 2010

June 29 — Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets, talks about the effect of austerity measures in Europe on economic growth. Gijsels speaks with Maryam Nemazee on Bloomberg Television’s “Start Up.”

Read the full article →

CBRE Trust Pays $55M for Boston Area Office Bldg.

June 29, 2010

CB Richard Ellis Realty Trust made its first entry into the New England office market by purchasing a 200,411-square-foot office building in the suburbs of Boston, MA, for $55.56 million. The Gutierrez Co. sold the Class A property for approximately…

Read the full article →

CBRE Trust Pays $55M for Boston Area Office Bldg.

June 29, 2010

CB Richard Ellis Realty Trust made its first entry into the New England office market by purchasing a 200,411-square-foot office building in the suburbs of Boston, MA, for $55.56 million. The Gutierrez Co. sold the Class A property for approximately…

Read the full article →

Video: Greeks Stage National Strike Over Pensions, Labor Laws

June 29, 2010

June 29 (Bloomberg) — Bloomberg’s Nicole Itano reports from Piraeus Port, near Athens, on Greece’s fifth general strike of the year today, halting ferries, public transport and other state services.

Read the full article →

Video: Takin Says Oil Industry Can Handle Tougher Regulation

June 29, 2010

June 29 (Bloomberg) — Manouchehr Takin, an analyst at the Centre for Global Energy Studies, talks about the future of offshore drilling in the Gulf of Mexico. He speaks with Maryam Nemazeee on Bloomberg Television’s “Countdown.”

Read the full article →

Video: RCM’s Dwane Says 2011 Profit Estimates `Too Aggressive’

June 29, 2010

June 29 (Bloomberg) — Neil Dwane, chief investment officer for Europe at Allianz Global Investors’ RCM unit, talks about the outlook for the global economy and his equities investment strategy. He speaks with Maryam Nemazeee on Bloomberg Television’s “Countdown.”

Read the full article →

Debrahlee Lorenzana Asks Human-Rights Officials To Investigate Citibank (VIDEO)

June 28, 2010

NEW YORK (Associated Press) – It went viral as the ultimate example of being punished for circumstances beyond one’s control: a woman who said she was fired from her banking job because she complained that her male colleagues called her bodacious figure a workplace distraction. Then – after the tabloid headlines, the TV interviews, the New York Times column – came the disclosure that the buxom banker who said she couldn’t help the way she looked had, in fact, helped it a lot, through a series of cosmetic surgeries she had extolled on reality TV. When Debrahlee Lorenzana asked state human-rights officials on Monday to investigate her claims against Citibank – which the bank denies – her story had already become a crucible teeming with touchy subjects: sexual harassment, women’s workplace fashion, society’s obsession with beauty, Americans’ mixed feelings about publicity-seeking. It’s a morality play for the YouTube era. But as commentators ranging from legal analysts to comedians debate whether she’s a novel form of discrimination victim or a gold digger trying to cash in on male attention she courted, the 33-year-old single mom at the center of it all says she’s unbowed and trying to teach corporate America a lesson. She followed the bank’s dress code and tried to do her job, she says, and so what if she strove to look – in her own words – like a Playboy model? “There’s nothing wrong with that,” Lorenzana said at a news conference Monday. “One thing has nothing to do with the other.” Then she went off to work at her new job at another bank, dressed in a yellow sleeveless top, a form-fitting ecru skirt and tan stiletto peep-toe pumps. Lorenzana isn’t the first woman to take legal action over workplace dress requirements; famous examples include a Nevada casino bartender who unsuccessfully sued after she was fired for refusing to wear makeup. But many such cases revolve around claims that the woman was pushed to look more like a sex object – not less, as Lorenzana alleges. Her claim that she was dressed down by bosses who said she was too alluring to wear turtlenecks or pencil skirts seized the cultural moment because “it just sounded so sort of ‘Mad Men’-esque,” said Brenda Weber, a gender and cultural studies professor at Indiana University, referring to the AMC television series that often dwells on masculine privilege in a 1960s advertising firm. It’s no surprise the frenzy only intensified after the revelation of Lorenzana’s plastic surgery, Weber said. In a culture that cherishes ideals of genuineness and meritocracy, “there’s this sort of stripping of her authenticity that then, in an American context, we really sort of dislike,” she said, but “it doesn’t mean that we’re not fascinated.” Lorenzana began working at a Citibank branch in September 2008, in a job soliciting and opening up new accounts for businesses, according to her new complaint to the state Human Rights Division and a lawsuit she filed last fall. Managers soon began hassling her about her work wear, saying she looked “too distracting” for her male colleagues to handle, her lawsuit said. When she pointed out that some co-workers wore more revealing clothes than she, a manager told her that “your body is very different from them” and that because the others “are short or fat, it’s OK for them to dress like that,” her human-rights complaint said. She complained repeatedly to Citibank human resources officials and was transferred to another branch. After what she calls a deliberate campaign to keep her from meeting performance targets – including by giving her an out-of-the-way desk where customers couldn’t find her – she was fired in August, according to her complaints. Citibank, part of banking giant Citigroup Inc., says poor performance was the sole reason for her firing, and that the bank is confident it will prevail in the legal fights. “Her current attempts to gain personal publicity are as transparent as her legal claims,” Citibank spokeswoman Natalie Riper said in a statement Monday. The lawsuit, which seeks unspecified damages, is headed for arbitration. The human-rights complaint will trigger a separate investigation that could ultimately lead to a ruling from an administrative judge. The agency declined to comment Monday. The alternative newspaper The Village Voice first wrote about Lorenzana’s lawsuit June 1. Soon, fashion editors assessed her work wardrobe. Bloggers decocted the effects of beauty on the beholder and the holder. Newspapers from Canada to Florida weighed in, some calling the case a flashpoint for debate over workplace sexual harassment. Within days, Lorenzana made the rounds of network morning shows. Times columnist Maureen Dowd examined her case in light of studies on societal responses to people’s attractiveness. A panelist on NPR’s “Wait Wait … Don’t Tell Me!” pronounced her predicament “the most flattering way ever to get fired.” Then the Daily News disclosed that Lorenzana – who had told the paper, “I can’t help how I look” – had been featured in a 2003 Discovery Channel series called “Plastic Surgery New York Style” as she planned her fourth breast enlargement, to a size 32-DD. “I know men have a fantasy of having a Playboy Playmate – that’s what I want to be,” she says on the show, noting that she had also had a tummy tuck and liposuction. Lorenzana said Monday she was simply trying to restore her curves after breast-feeding, and that the show directed her comments. Discovery Channel representatives didn’t immediately return a call. The twist in Lorenzana’s story only sparked more dissection of whether she was standing up for women’s rights or setting them back. In one of the most curious debates, National Organization for Women President Terry O’Neill faced off against actor and radio personality Danny Bonaduce on CNN’s “The Joy Behar Show,” while Behar wondered aloud about whether women’s enduring concern for their appearance marked a failure of feminism. While Bonaduce lambasted Lorenzana as an attention-seeker, O’Neill says the banker shouldn’t have been subjected to the kind of attention Lorenzana says she got. “If a woman has breast implants, that really doesn’t justify inappropriate comments,” O’Neill said in an interview Monday. As for Lorenzana, she said Monday that the saga has left her more media-savvy but not sorry: “I don’t regret anything in life.”

Read the full article →

Lease Down (June 27 – July 3): Whirlpool Finally Closes Indiana Plant

June 28, 2010

CoStar compiles news of consolidations, closures, layoffs and lease cancellations in the weekly Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. In this week’s issue: Whirlpool…

Read the full article →

Video: Japan Livestock Disease Offers U.S. Farmers Opportunity: Video

June 28, 2010

June 29 (Bloomberg) — Bloomberg’s Mike Firn reports on the outbreak of foot-and-mouth disease in Japan and its potential impact on the nation’s cattle import from the U.S. Foot-and-mouth is one of the most contagious livestock diseases and can have high mortality rates in young animals, according to the Paris-based World Organization for Animal Health. The disease has spread in Asia in recent months, spurring Japan to cull more than 158,000 animals. (Source: Bloomberg)

Read the full article →

Video: Karsh Sees Short-Term Volatility for Oil, Long-Term Gain: Video

June 28, 2010

June 29 (Bloomberg) — Andrew Karsh, who helps manage $4.8 billion for the Credit Suisse Total Commodity Return Strategy team, talks in Hong Kong with Rishaad Salamat about the outlook for crude oil, copper and gold, and his investment strategy. Oil, heading for its first quarterly decline since the end of 2008, may fall in the second half on signs that the economic recovery in developed countries is slowing. (Source: Bloomberg)

Read the full article →

David Isenberg: The GAO Transcripts: Part 4, A British PSC Viewpoint

June 28, 2010

Here is another installment of the Government Accountability Office interview transcripts that were prepared pursuant to the July 2005 GAO report ” Rebuilding Iraq: Actions Needed To Improve Use of Private Security Providers .” This April 28, 2005 interview as conducted with an official of what is clearly a British private security contractor. It is not absolutely clear who the contractor is, although there are portions of the transcript where the magic redacting marker was not as thorough as it should have been and the last word “Group” of the company name appeared. That would suggest companies like Control Risk Group, Hart Group or even ArmorGroup. The GAO report lists the names of the contractors it interviewed in its Appendix (p. 56). and ArmorGroup, Control Risk Group, and Hart Group are listed. As Hart Group previously had a contract to guard the Baghdad airport and was known to have hired many South Africans it seems a likely candidate. But, of course, I can’t be sure. Control Risks Group also did airport security work and doubtlessly has also had South Africans working for it. Standard disclaimer: I have put in ( _____ ) to reflect those words of phrases which have been blacked out in the transcript. I have also put in the underlining as it appeared in the original transcript. As in the transcript, I have left out letters from various words, even when it seems obvious what the word is. Anyway, here is how one British PSC viewed life in the sandbox. Prepared by: Carole Coffey Index Date Prepared: April 28, 2005 DOC Number: Type document number he Reviewed by: Steve Sternlieb DOC Library: Goal Job Code: 35051 Record of Interview Title Interview With ____________ Purpose To obtain information r e ____________work in Iraq Contact Method Face to Face Contact Place ____________ ____________ Contact Date April 8, 2005 Participants Steve Sternlieb Assistant Director, DCM Carole Coffey, AIC DCM Comments/Remarks: Company Description and Security Overview 1. What contracts does ____________ have in Iraq? • For confidentiality reasons, ____________ did not provide us with a complete list of the companies/organizations that employ them. However, they are employed by ________________________________________________ ____________ such as ____________ They also provide security to the U.S. Treasury in Iraq as subcontractor. 2. What types of security (convoy, personal security, facilities) does ____________ provide for contractors and government agencies in Iraq? • The representatives of ____________ explained that they are risk management and consulting firm however; in Iraq provide the full range of security services to their clients to include personal security details, escort service etc . They generally do not provide convoy security but if a client needs such services they will subcontract the services and manage the subcontractor. For reconstruction contractors they will escort the clients to the work site, protect the work site and escort the clients back to their camp. While they generally do not provide static security the will provide guards if the security situation and the client require them. Chain of Command and Military Interaction 1. Do any contracts require ____________ mployees to coordinate with the U.S. military? If contracts do require coordination, how does ____________ its employees coordinate with the U.S. military? Has ____________ established any procedures for working with the military? Has the military established any procedures for working with PSCs that ____________ aware of? 1 • ____________ has found that coordinating with the military can be a. mixed bag. Some U.S. units are very willing to establish a coordination relationship. Generally, when ____________ area manager arrives in a part of Iraq, he will make an effort .to meet with the commanders of the U.S. military in that part of the country. He will explain the company’s mission, discuss operating procedures and try to obtain contact information for the unit. According to the ____________ sk representative, some times the U.S. military commanders are very cooperative and very willing to coordinate. Other times, the commanders have no interest in meeting with the ____________ epresentatives and have no interest in coordinating or working with PSCs. According to the representative, the type of relationship depends on the personality of both the commander and the PSC representative . He noted that there was a great deal of coordination with the U.S. military wher ____________ ovided security for the ICE program. Every time they moved currency they coordinated their routes with the military. The representative said that they also got a lot of security assistance from the military. For example, the military would provide “top cover” (air escorts) and military patrols would go out before the money rnoved and clear the roads they would have military escorts. Has ____________ its employees ever requested military aid or backup? If so, please explain the incident and its consequences. What was your opinion of the assistance provided to you by the military? The military provided QRF assistance on several occasions, particularly during the ICE program. In addition, we have received medical assistance from the U.S. which been excellent. In response to my question, the ___________ representative said that it did not matter the nationality of the employee or on what contact he or she may be working on when medical assistance was needed it was always provided. The PCO’s ROC, Movement Coordination, and Communication How does ____________ view the success of the PCO and the ROC? How could the PCO and ROC be improved? The ROC has not had much on an impact on large security operations like ____________ have proved very helpful to smaller companies. ____________ the ROC to obtain information on the BIAP road. Has ____________ utilized the CO website? If so, how helpful is the website? • epresentatives expressed some concerns about the currency of the data on the web site as well as the accuracy. Interaction with other Private Security Companies Page 2 1. Does ____________ have interaction with other private security contractors? If so, please describe this interaction. • __________ little interaction with other PSCs in Iraq. Interaction with the Iraqi Government Is ___________ registered with the Ministry of Interior and the Ministry of Trade in Iraq? What has your company’s experience been with the Iraqi Government? 4. ___________as registered with the MOT and MOT. Also ___________ a contract with the Iraqi government to provide security for BIAP and has had some problems getting paid by the Iraqi government. Employees 1. How many U.S. citizens work for ___________ in Iraq? ___________ Group employs U.S. citizens in Iraq are any of them former U.S. military? If the company employs former U.S. military were these employees hired when they separated from military or did they work for other PSCs prior to joining ___________Group? • 19 U.S. citizen employees presently ; their western ex pats generally come from former commonwealth countries (South Africa, Australia) and from Britain. Their 3rd country nationals (TCNS) come from Nepal, Fiji, and Sri Lanka. Also, we hire Iraqis as well 2, What are the employment arrangements for individuals working in Iraq for ___________ Are they company employees or are they independent sub-contractors? _________________________________ Page 3 Legal Issues Related to Working in Iraq 1. What is the legal status of ___________ mployees working in Iraq? Do you have any concerns regarding issues of immunity from Iraqi law? • ___________did that ___________as some concerns regarding immunity from prosecution should something happen while their employees were acting within the scope of the contract. For example, if someone died in a traffic accident. They are very uncomfortable regarding the immunity issue and believe it needs to be resolved now. Are you aware of the Military Extraterritorial jurisdiction Act (MEJA) and its possible ramifications for your employees (U.S. citizens and otherwise)? Did anyone provide you with information on MEJA? Do you have any concerns regarding MEJA or the application of other U.S. or international laws to your employees? • ___________as unaware of MEJA and had not received a briefing on it from there DOD contracting officer. 3. Have any of your employees been accused of committing any crimes while in Iraq? If so, were the incidents investigated by either Iraqi or U.S. authorities? How ___________deal with the accusations? What, if any legal steps were taken relating to these accusations, and by whom? No one employed by ___________ been accused of committing any serious crime while in Iraq. However, said that the company is not sure who would have jurisdiction if a crime was committed. Page 4

Read the full article →

Without Byrd, Senate Financial Reform Vote In Doubt

June 28, 2010

WASHINGTON — A sweeping overhaul of financial regulations faced new obstacles in the Senate on Monday – the loss of one and potentially more crucial votes to guarantee its passage. The death of Sen. Robert Byrd, D-W.Va., and new misgivings by Republican senators who previously supported the legislation put the bill’s fate in doubt. Democrats scrambled to secure votes for one of President Barack Obama’s top priorities. Last month, 61 senators backed an original Senate version of the bill; only four of them were Republicans. On Monday, three of them – Scott Brown of Massachusetts and Susan Collins and Olympia Snowe of Maine – complained about a $19 billion fee on large banks and hedge funds that House and Senate negotiators added to the bill last week to pay for the cost of the legislation. With Byrd’s death, Democrats can’t afford to lose any votes to overcome the 60-vote procedural hurdles that could defeat the legislation. Brown was the most adamant about his opposition. “I can’t support adding another $19 billion of pass-through taxes to individual consumers, especially in the middle of a two-year recession,” he said Monday shortly after officially introducing Supreme Court nominee Elena Kagan to the Senate Judiciary Committee. Asked whether his stance meant he would vote against a filibuster of the bill, Brown said: “I’m not sure.” The legislation would rewrite financial regulations, putting new limits on bank activities, creating an independent consumer protection bureau, and adding new rules for largely unregulated financial instruments. The House was likely to vote on the bill as early as Tuesday; the Senate vote would follow, though no date has been set. Congressional leaders had wanted to send the bill to Obama by July 4, but the final vote may now be delayed. While Collins said she was pleased with a series of provisions in the bill, she said she was “not happy” that the $19 billion fee had not been considered in the original Senate bill. She said she was looking at the new bill before deciding how to vote. Snowe said she found the bank fee “regrettable” but said she would weigh it against the bill’s benefits. It was also unclear when Byrd’s seat would be filled. West Virginia Gov. Joe Manchin, a Democrat, said Monday he had no timetable to consider a replacement for Byrd. Senate Democrats have been in this situation before. They had to scour for votes to pass the Senate’s version last month. To secure Brown’s vote, Senate Majority Leader Harry Reid of Nevada assured him that the bill would not hurt financial institutions in Massachusetts that trade with their own money and that invest in hedge funds and private equity funds. The House-Senate conference committee that combined the final bill added exemptions in the bill to permit some trading and investing within limits. Negotiators also made sure provisions backed by Snowe and Collins remained in the bill for fear of losing them as well. Two Democrats – Sens. Russ Feingold of Wisconsin and Maria Cantwell of Washington – voted against the Senate version last month, saying it wasn’t tough enough on banks. Feingold on Monday reiterated his position. “My test for the financial regulatory reform bill is whether it will prevent another crisis,” he said in a statement. “The conference committee’s proposal fails that test and for that reason I will not vote to advance it.” Cantwell spokesman John Diamond said she was reviewing the new bill and had not taken a position. Cantwell did vote with Democrats on one procedural vote last month but resisted other entreaties to support the bill. Cantwell is likely to hear a pitch for the bill Tuesday when she attends a White House meeting with senators working on energy legislation.

Read the full article →

Video: Wan Says Agricultural Bank IPO Pricing `Very Attractive’: Video

June 28, 2010

June 29 (Bloomberg) — Lewis Wan, chief investment officer at Pride Investments Group Ltd., talks with Bloomberg’s Rishaad Salamat about Agricultural Bank of China Ltd.’s planned initial public offering and the outlook for China’s banking industry. Agricultural Bank set a price range for the Shanghai part of its initial public offering that will allow it to raise as much as $20.1 billion, according to a company statement. The Beijing-based bank may offer 22.2 billion shares in Shanghai at 2.52 yuan to 2.68 yuan apiece, it said. Agricultural Bank last week priced shares in the Hong Kong part of its IPO at HK$2.88 to HK$3.48 each. Wan, speaking in Hong Kong, also discusses China’s economy and stocks. (Source: Bloomberg)

Read the full article →