Request For Comment: S&P's Proposed Criteria For Rating Bond Anticipation Notes

Request For Comment: Standard & Poor's Proposed Criteria For Rating Bond Anticipation Notes (00:08:48 min)

On Dec. 20, 2010, we published a request for comment concerning proposed revisions to our criteria for rating bond anticipation notes. The piece focuses on our proposed linkage between the long-term rating on the type of debt intended to retire the notes and the short-term rating on them. In this podcast, Standard & Poor's credit analyst Gabriel Petek discusses the scope of the proposed critieria, the public's responses, our framework for bond anticipation note analysis, and more.

PRN: Lyxor Asset Management Expands Operational Due Diligence Capabilities

Lyxor Asset Management Expands Operational Due Diligence Capabilities

NEW YORK, Dec. 13, 2010 /PRNewswire/ -- Lyxor Asset Management Inc. has hired Nicole Sivel, expanding its Operational Due Diligence capabilities. Ms. Sivel will assume a senior role within the Operational Due Diligence team, focusing on the review and evaluation of all operational aspects related to potential and existing hedge fund investments.

Business Insider: 30 Bernanke Quotes That Are So Absurd You Won’t Know Whether To Laugh Or Cry

Business Insider

30 Bernanke Quotes That Are So Absurd You Won’t Know Whether To Laugh Or Cry
Michael Snyder, The Economic Collapse | Dec. 8, 2010, 11:05 AM

Did you see Federal Reserve Chairman Ben Bernanke on 60 Minutes the other night? Bernanke portrayed the Federal Reserve as the great protector of the U.S. economy, he claimed that unemployment would be 15 percent higher if the Federal Reserve had sat back and done nothing during the financial crisis and he even started laying the groundwork for a third round of quantitative easing.

KAZAKHSTAN

KAZAKHSTAN

Background

Kazakhstan has the second largest oil reserves as well as the second largest oil production among the former Soviet republics after Russia . The country also has large reserves of natural gas and production of both oil and gas is steadily increasing.

Full development of its major oilfields could make Kazakhstan one of the world's top 5 oil producers within the next decade. With production of 1.54 million barrels per day (bbl/d) in 2009, Kazakhstan is already a major producer, and continued development of its giant Tengiz, Karachaganak, and Kashagan fields is expected to at least double its current production by 2019. Kazakhstan's sector of the Caspian Sea is believed to hold several other major oil and natural gas deposits as yet unexploited.

emii.com: PGGM Launches HF Platform

PGGM Launches HF Platform
10-28-2010 | Source: emii.com

PGGM is looking to invest directly in selected hedge funds to raise transparency and reduce costs, IPE reports. The €100 billion asset manager will invest through segregated managed accounts rather than pooled funds.

MarketView Office Market Frankfurt

MarketView Office Market Frankfurt

Q3 2010

In the first nine months of the year, office space take-up of 371,000 sq m was 25% higher than the figure reported for the same period last year; 35% of the take-up figure is accounted for by owner-occupiers. The positive take-up trend reflects the improving outline economic conditions in the city on the River Main.

Author(s): several
Source: CB Richard Ellis
Published: 19.10.2010

http://www.immopro24.com/market-report/marketview-office-market-frankfurt_966.html

Alternative Investing: Fine Art - CNBC

Alternative Investing: Fine Art - CNBC

Investing In Fine Art Can Mean Pretty Profits

By: Shelly K. Schwartz,
Special to CNBC.com

If you’d added a few paintings to your portfolio over the last few years, instead of all those bank stocks, your retirement nest egg might be looking a little different right now.

Indeed, for the ten-years ended July 2010, the price index of all fine art work sold more than once worldwide has produced a nearly 11 percent annualized return, outperforming the Standard & Poor’s 500 index of large cap stocks and most other asset classes, including bonds and commodities—though gold was the clear frontrunner during those years, according to artprice.com in France, which tracks the market. ...

emii.com: BarCap Launches Beta Commodity Fund

BarCap Launches Beta Commodity Fund
10-14-2010 | Source: emii.com

Barclays Capital is launching the Barclays Pure Beta Commodity fund to offshore life bond investors, Financial Times reports. The vehicle aims to invest in mid to long-term commodity prices.

Frankfurt's Office Market Revives on Improved Rental Prospects

Frankfurt's Office Market Revives on Improved Rental Prospects
By Peter Woodifield - Oct 7, 2010

Frankfurt’s office property market will probably attract the most investment this year since 2007 as the strengthening economy fuels demand for space, CB Richard Ellis Group Inc. and Jones Lang LaSalle Inc. said.

http://www.bloomberg.com/news/2010-10-06/frankfurt-s-office-property-market-revives-on-improved-prospects-for-rents.html

Quarterly report on the euro area

Quarterly report on the euro area

(Quarterly report on the euro area. 3. October 2010. Brussels. PDF. 40pp. Tab. Graph. Free.)
pdf: KC-AK-10-002-EN-N ISSN: 1830-6403

The October issue of the Quarterly Report focuses on the process of corporate balance sheet adjustment in the euro area, and on its implications for the economic recovery in the medium term. Based on an analysis of previous instances of such rebalancing processes, it finds that these tend to be associated with lasting adverse macroeconomic consequences such as low output growth. From a policy perspective this suggests that the adjustment of corporate balance sheets currently underway in the euro are should ideally be accompanied by measures to strengthen the banking sector and to front-load growth-enhancing economic reforms.

EU Debt Crisis - Moody's Warns It May Downgrade Ireland Again - CNBC

EU Debt Crisis - Moody's Warns It May Downgrade Ireland Again - CNBC

Moody's warned on Tuesday that it may cut Ireland's credit rating again, pointing to the huge bill for cleaning up its banks announced last week, a weak economic recovery and rising borrowing costs.

As well as the bank bill, Moody's said poor recent data shoed a cloudy outlook for the recovery of domestic demand and pointed to the sharp rise in Irish bond yields since its last rating action in July.

"Ireland's ability to preserve government financial strength faces increased uncertainty as a result of (these) three main drivers, which together would further increase its debt and aggravate its debt affordability," Dietmar Hornung, Moody's lead sovereign analyst for Ireland, said in a statement. ...

Eurozone retail sales unexpectedly fall in August - CNBC

Eurozone retail sales unexpectedly fall in August - CNBC

LONDON - Retail sales in the 16 countries that use the euro unexpectedly fell during August, official figures showed Tuesday, in another sign that consumer confidence remains fragile despite a stronger than anticipated economic recovery.

Eurostat, the EU's statistics office, said eurozone retail sales dropped by 0.4 percent in August from the previous month, in contrast to market expectations for a 0.2 percent increase. August's decline was the first since April, though the monthly increases since then have been small. ...

Moody’s in thumbs-up to Europe’s corporates

Moody’s in thumbs-up to Europe’s corporates

By Anousha Sakoui
Published: October 4 2010 19:56 | Last updated: October 4 2010 19:56

European companies’ financial resources have returned to pre-financial crisis levels, as bond markets across the continent continue to set records.

According to analysts at Moody’s, the rating agency, the majority of European corporates have solid liquidity although a minority are presenting weaknesses.

With strong bond markets and “reasonable availability” of bank financing, the analysts did not expect liquidity to deteriorate in the near term. “The non-financial corporate sector has rarely, if ever, been in such good shape to take advantage of investors’ hunt for yield,” said Suki Mann, credit strategist. ...

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Moody’s in thumbs-up to Europe’s corporates

Growth Fears Hit European Markets

Growth Fears Hit European Markets http://on.wsj.com/bruhOd

By MICHELE MAATOUK

European stocks and the euro fell Monday, with worries over the economic growth prospects for the region heavy on investors minds.

The Stoxx Europe 600 Index was 0.5% lower at 258.29. London's FTSE 100 Index lost 0.3% to 5578.62, Frankfurt's DAX was 0.9% lower at 6159.29, and Paris's CAC-40 fell 0.9% to 3661.03. ...

Frankfurt’s Office Market Releases the Handbrake

Frankfurt’s Office Market Releases the Handbrake
1 Oct, 2010, Frankfurt

• The rental space for Frankfurt’s office market was 162,000 m2 for the 3rd quarter
• Recovery in all size segments
• Prime rent unchanged
• All signs point to annual sales above 500,000 m2

http://www.cushwake.com/

Helaba presents a study on the Frankfurt office market: Commercial real estate financing in Germany emerging from the crisis

Press Releases | Sep 27, 2010
Helaba presents a study on the Frankfurt office market: Commercial real estate financing in Germany emerging from the crisis

In advance of the ExpoReal in Munich, Helaba Landesbank Hessen-Thueringen has presented its study “Frankfurt office market: Quality counts”. In focus are the prospects for the office market in Frankfurt and the Rhine-Main economic region. Johann Berger, Vice Chairman of the Board of Managing Directors and responsible for real estate, also took the opportunity to comment on the outlook for commercial real estate financing in Germany. Whilst he sees no danger of an imminent credit crunch, at the same time risks for the supply of loans cannot be ruled out:

https://www.helaba.com/en/Presse/PresseInformationen/2010/20100927-Immobilienstudie.html

NYTimes: Hedge Funds

Hedge Funds
Updated: Sept. 17, 2010

Hedge funds have become a force in the financial markets, controlling trillions of dollars of assets. Even the largest of hedge funds are little known by the public, but what happens at hedge funds matters to just about every American.

Europe's High-Yield Bond Markets: Poised For Record-Breaking Issuance In 2010

Europe's High-Yield Bond Markets: Poised For Record-Breaking Issuance In 2010

Sep 16, 2010 | 00:06:02 min

In this CreditMatters TV segment, Taron Wade, Standard & Poor's senior research analyst in Corporate Ratings, discusses our outlook for record-breaking issuance in Europe's high-yield bond markets for 2010. Other topics include what to expect in the fourth quarter, sector trends, and credit quality performance in Europe.

WORLD'S 50 BIGGEST BANKS 2010

Global Finance ranks the 50 Biggest Banks
Top 10 see $3.2 trillion drop in assets

NEW YORK, September 13, 2010 — Global Finance reveals its annual ranking of the World’s 50 Biggest Banks, as measured by total assets. The list will be published in the October issue of Global Finance Magazine.

The world’s biggest banks are beginning, once again, to enjoy calmer times. But while the people running the banks may be heaving a huge sigh of relief, some serious damage has been done. All but a handful of the banks at the top of the Global Finance World’s Biggest Banks list have seen their assets fall over the past year. The top 10 banks have seen $3.2 trillion hacked off their combined balance sheet, giving an idea of the severity of the carnage at the top of the table. It appears the spoils are accruing to the upstarts, though, as the total assets of the top 50 as a whole barely budged at $61.8 trillion.

Interim forecast September 2010 for the EU economy

Interim forecast September 2010

Interim forecast full document

The Commission published its latest interim economic forecast on 13 September 2010. The underlying message of this update of GDP and inflation variables is that the EU economy, while still fragile, is recovering at a faster pace than previously envisaged. The updated projections include France, Germany, Italy, the Netherlands, Poland, Spain and the United Kingdom. The seven countries concerned represent 79% of EU and almost 83% of euro area GDP.

Improved prospects for the EU economy

Based on an update of the outlook for the seven largest Member States, GDP is now expected to expand by 0.5% in the EU and euro area in the third quarter and by 0.4% and 0.3% respectively in the fourth. This represents a slight upward revision compared to the the spring forecast, mainly on account of spill-over of the momentum from the second quarter.

Growth forecast for the EU economy revised up

For 2010 as a whole, GDP growth is now forecast at 1.8% in the EU and 1.7% in the euro area. This represents a sizeable upward revision compared to the spring forecast (1.0% for the EU and 0.9% for the euro area)

Inflation in the EU to remain moderate

Looking ahead, the headline inflation rate for 2010 is expected to hold at 1.8% in the EU, while in the euro area it is marginally revised down to 1.4% (-0.1 pp. compared to the spring forecast).

High uncertainty, but broadly balanced risks

Uncertainty at the current juncture is high, with non-negligible risks to the EU growth outlook. On the upside, the impetus from the export-led industrial rebound to private consumption could prove stronger than assumed in the baseline, as was the case in the first half of the year. On the downside, softening global demand in the second part of 2010 - beyond that allowed for in the baseline - could pose a risk for EU export growth.

The Commission usually publishes economic forecasts four times a year - comprehensive spring and autumn forecasts and smaller interim forecasts in February and September. The Commission's interim forecast is based on updated projections for France, Germany, Italy, the Netherlands, Poland, Spain and the UK.

The next fully fledged forecast is due end November 2010.

---

Interim forecast full document

Moody's:Aug Global Spec Grade Default Rate 5.0% V 12.3% Yr Ago | iMarketNews.com

Moody's:Aug Global Spec Grade Default Rate 5.0% V 12.3% Yr Ago | iMarketNews.com

WASHINGTON (MNI) - Moody's said Wednesday that the default rate for global speculative-grade debt fell to 5.0% in August vs. 12.3% a year ago, while it was 5.1% in the U.S. and down to 4.:

The trailing 12-month global speculative-grade default rate fell from 5.5% in July to 5.0% in August, said Moody's Investors Service in its latest default report. A year ago, the global speculative-grade default rate stood at 12.3%.

The ratings agency's default rate forecasting model now predicts that the global speculative-grade default rate will fall to 2.7% by the end of this year and then edge lower to 2.0% a year from now. ...

---

iMarketNews.com Moody's:Aug Global Spec Grade Default Rate 5.0% V 12.3% Yr Ago
Bloomberg Default Rate Will Fall to 2% Next Year, Moody’s Says

How Light Emitting Diodes Work

How Light Emitting Diodes Work

Inside this Article

Introduction to How Light Emitting Diodes Work
What is a Diode?
How Can a Diode Produce Light?
LED Advantages
Lots More Information
See all Solid State Electronics articles

Light emitting diodes, commonly called LEDs, are real unsung heroes in the electronics world. They do dozens of different jobs and are found in all kinds of devices. Among other things, they form the numbers on digital clocks, transmit information from remote controls, light up watches and tell you when your appliances are turned on. Collected together, they can form images on a jumbo television screen or illuminate a traffic light.

[more...]

WORLD’S 50 SAFEST BANKS 2010

Global Finance names the World's 50 Safest Banks 2010

NEW YORK, September 2, 2010 – With bank stability still high on corporate and investor agendas, Global Finance publishes its 19th annual list of the world’s safest banks. The sovereign debt crisis in Europe and renewed concerns about the global economic outlook are once again putting the spotlight on bank safety. It should be somewhat reassuring that 45 of the top-50 safest banks is this year’s listing maintained their standing among the top echelon in this year’s ranking. Banks that cleaned up their balance sheets and strengthened their capital positions were the biggest gainers. In many instances, non-performing loans have been reduced significantly. Several major British banks have rejoined the top 50, although many of the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list.

See the coverage on CNBC:

BEST PLACES TO LIVE (CNN Money)

BEST PLACES TO LIVE Money's list of America's best small cities

01 Eden Prairie, MN
02 Columbia/Ellicott City, MD
03 Newton, MA
04 Bellevue, WA
05 McKinney, TX
06 Fort Collins, CO
07 Overland Park, KS
08 Fishers, IN
09 Ames, IA
10 Rogers, AR
11 Plymouth, MN
12 Highlands Ranch, CO
13 Woodbury, MN
14 Carmel, IN
15 Eagan, MN
16 Allen, TX
17 Shawnee, KS
18 South Jordan, UT
19 Broomfield, CO
20 Apple Valley, MN
21 Missouri City, TX
22 Irvine, CA
23 Cary, NC
24 Rowlett, TX
25 Gaithersburg, MD

(more)

U.S. Has `Realistic Possibility' of Stagnation, S&P's Wyss Says

U.S. Has `Realistic Possibility' of Stagnation, S&P's Wyss Says

The U.S. has a “realistic possibility” of falling into a Japanese-style economic slump, said David Wyss, chief economist at Standard & Poor’s. ...

Ken Langone: US Economy Like a 'Drunk That Keeps Drinking': Langone - CNBC

Ken Langone: US Economy Like a 'Drunk That Keeps Drinking': Langone - CNBC

By: CNBC.com

The struggling U.S. economy, held up by "artificial" stimulus, is not unlike a "drunk that keeps drinking," Ken Langone, former director of the New York Stock Exchange and co-founder of Fieldpoint Private Bank and Trust told CNBC Tuesday. ...

U.S. Existing Home Sales in Record Plunge

U.S. Existing Home Sales in Record Plunge

Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery. ...

Global economy going nowhere fast

Global economy going nowhere fast

NEW YORK (CNNMoney.com) -- So much for merger mania getting investors excited.

Stocks were off to a brutal start Tuesday, following a lackluster Monday. Even though the pace of corporate takeovers is picking up, investors just aren't buying the notion that more mergers could lead to higher stock prices. ...

The Return of Greek Tragedy - CNBC

The Return of Greek Tragedy - CNBC

By: Reported by David Faber, written by Gennine Kelly

Economist Joseph Stiglitz is warning that Europe is at risk of going into a double-dip.

According to Bloomberg, the Noble Prize winner told Dublin-based RTE Radio on Tuesday that when the Euro-area governments stepped up efforts to cut deficits to below the European Union limit of 3 percent of gross domestic product, so many in Europe focused on this "3 percent artificial number, which has no reality and is just looking at one side of a balance sheet," Stiglitz said. ...

CNBC Stock Market News — Why Markets Will Avoid Double-Dip: Chief Strategist - CNBC

CNBC Stock Market News — Why Markets Will Avoid Double-Dip: Chief Strategist - CNBC

By: JeeYeon Park

With stocks lower for the fourth trading session, are we headed for a double-dip? David Kelly, chief market strategist at JPMorgan Funds, and Sandy Lincoln, investment strategist at M&I Investment Management, shared their insights. ...

Gross Says Mortgage Yields Would Soar Without Government Aid

Gross Says Mortgage Yields Would Soar Without Government Aid

Bill Gross, who runs the world’s biggest mutual fund at Pacific Investment Management Co., said mortgage yields in the U.S. could rise as much as 4 percentage points without government support. ...

Economy Caught in Depression, Not Recession: Rosenberg - CNBC

Economy Caught in Depression, Not Recession: Rosenberg - CNBC

By: Jeff Cox

Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday. ...

Bacon prices sizzle. Consumers feel the heat.

Bacon prices sizzle. Consumers feel the heat.

NEW YORK (CNNMoney.com) -- Bringing home the bacon is getting more expensive.

Whether it's a bacon cheeseburger from a local diner or packs of bacon on grocery store shelves, you can expect to pay a higher price for your favorite cured meat until demand simmers down or more hogs are bred. ...

Draco

Draco Econometrics

The open-source statistics package with an easy-to-understand interface

Draco is an open-source econometric solution, providing functionality available in popular statistics packages without high purchasing and licensing costs. Draco presents a familiar, yet powerful, user interface to improve efficiency.

http://approximatrix.com/products/draco

Draco 1.4 Windows

The R Project for Statistical Computing

The R Project for Statistical Computing

Introduction to R

R is a language and environment for statistical computing and graphics. It is a GNU project which is similar to the S language and environment which was developed at Bell Laboratories (formerly AT&T, now Lucent Technologies) by John Chambers and colleagues. R can be considered as a different implementation of S. There are some important differences, but much code written for S runs unaltered under R. ...

http://www.r-project.org/

Gretl

Gnu Regression, Econometrics and Time-series Library

Is a cross-platform software package for econometric analysis, written in the C programming language. It is is free, open-source software. You may redistribute it and/or modify it under the terms of the GNU General Public License (GPL) as published by the Free Software Foundation.

http://gretl.sourceforge.net/

Download Gretl 1.9 Windows

Daniel's XL Toolbox - Free and Open-Source Add-In for Excel

Daniel's XL Toolbox - Free and Open-Source Add-In for Excel

Daniel's XL Toolbox is a free, open-source add-in for Excel® that helps you to analyze and present data.

Rethinking Gold: What if It Isn't a Commodity After All?

RUNNING WITH SCISSORS|AUGUST 21, 2010
Rethinking Gold: What if It Isn't a Commodity After All?

This won't sit well with some people: Gold isn't a commodity. There. I've said it.

Preparing for the Next 'Black Swan'

WSJ.com - Preparing for the Next 'Black Swan' http://on.wsj.com/dm477j

After a decade-long bear market and two years of turmoil that saw the stock market plunge by 57%, investors are betting on still more financial pain in the months ahead.

Bond yields are near record lows. Gold continues to soar. And stocks are whipsawing as traders try to predict the direction of an economy that remains, in the words of Federal Reserve Chairman Ben Bernanke, "unusually uncertain." ...

China's Investing Turns to Neighbors

China's Investing Turns to Neighbors

China is looking more to its Asian neighbors' currencies and debt markets in its bid to lessen its reliance on the dollar.

'Just a bad trend' - 500,000 jobless claims

'Just a bad trend' - 500,000 jobless claims

NEW YORK (CNNMoney.com) -- A government report Thursday brought bad news for workers and the economy: The number of unemployed Americans seeking a financial lifeline has reached its highest level in nine months. ...

Why the U.S. may not be the next Japan

Why the U.S. may not be the next Japan

NEW YORK (CNNMoney.com) -- The fashionable thing for economists to worry about these days is deflation.

It's hard to go a day without someone proselytizing that the United States is the next Japan and that a Lost Decade looms on the horizon -- or might already have even begun. ...

China Cultivates Taste for German Cars

China Cultivates Taste for German Cars

As Chinese Drivers Snap Up Germany's Luxury Exports, Berlin Frets That Its Economy Rides Too Much on One Customer

By VANESSA FUHRMANS

Germany's resurgent export economy is presenting the country's policy makers with a new worry—a growing reliance on China.

Germany's economy expanded at an annualized 9% rate in the second quarter, its strongest pace in more than 25 years. ...

Stanley Druckenmiller Retiring: Why Success Is Much Harder For Many Hedge Fund Managers - CNBC

Stanley Druckenmiller Retiring: Why Success Is Much Harder For Many Hedge Fund Managers - CNBC

To many hedge-fund managers, news that Stanley Druckenmiller was quitting the business symbolized the difficulty of chasing returns in such a volatile market environment. ...

Creole Trail LNG

Creole Trail LNG
Facility Type: LNG

Scope: New Construction
Owner: Cheniere Energy, Inc
Location: Cameron Parish, Louisiana United States
Region: North America
Modified: August 17, 2010

Invest in Muni Bonds Carefully: Vanguard Manager - CNBC

Invest in Muni Bonds Carefully: Vanguard Manager - CNBC

By: Michelle Lodge
Special to CNBC.com

Investing in municipal bonds, or munis, has plusses and minuses, a Vanguard manager told CNBC Wednesday, but overall he recommends putting money in select ones. ...

(EUR) ELLI default rate falls to 17-month low - Leveraged Commentary & Data

(EUR) ELLI default rate falls to 17-month low - Leveraged Commentary & Data

The lagging 12-month default rate for the S&P European Leveraged Loan Index (ELLI) fell to 5.9% in July, a 17-month low, from 6.2% in June, based upon par amount outstanding. At the end of 2009, the rate stood at 10.5%, the highest level since LCD started tracking the ELLI default rate in June 2007.

In the 12 months ended July 29, the ELLI tracked €8.2 billion of institutional loan defaults, down from €8.7 billion at the end of the June and €14.9 billion during 2009.

The ELLI default rate measured by number of issuers remained unchanged in July, at 8.9%, the lowest level since the 8.2% reading in February 2009. During the 12-months ended July 29, 21 issuers defaulted or started the restructuring process, which is equal to the comparable time period ended July 1. At the end of December, the tally was 39. ...

Asian Economies Are Hot Again, And So Are Stock Markets - CNBC

Asian Economies Are Hot Again, And So Are Stock Markets - CNBC

As the US and European Union economies struggle through the hangover of a deep financial crisis, countries in Asia that suffered their own crisis a dozen years ago are posting some of the fastest growth rates in the world. ...

Busch: Recession 2011? - CNBC

Busch: Recession 2011? - CNBC

By: Andrew B. Busch
CNBC Contributor

The San Francisco Federal Reserve has published a report that is generating a lot of buzz in the financial markets. Entitled, “Future Recession Risks,” the paper reviews the predictive capabilities of the US Conference Board’s Leading Economic Index. This report has been cited in several articles providing outlook for a double dip recession and generating additional angst for investors. ...

"For example, the spread between 10-year Treasury bond and the federal funds rate works best 18 months into the future, whereas the initial claims for unemployment insurance indicator works best two months ahead. Clearly, one should give more weight to the rate-spread indicator than the initial claims indicator when forecasting in the long run, but less weight when forecasting in the short run."

“Historically, this spread, which summarizes the slope of the interest rate term structure, has been a very good predictor of turning points 12 to 18 months into the future. Specifically, an inverted yield curve has preceded each of the last seven recessions.”

WNET signs lease at Worldwide Plaza

WNET signs lease at Worldwide Plaza
August 17, 2010 08:30 AM

Worldwide Plaza at 825 Eighth Avenue

WNET, the parent company of public television’s Channel 13, has signed a 95,000-square-foot lease at Worldwide Plaza at 825 Eighth Avenue between 49th and 50th streets, taking two floors in the 1.8 million-square-foot tower, the Post reported. Terms for the Worldwide Plaza lease were not released, but asking rents there run from $52 to $59 a square foot. The deal marks an important step forward for the building, which was purchased last year from Deutsche Bank for $605 million by a George Comfort & Sons-led partnership after Deutsche took it back from Harry Macklowe. The WNET deal is the first section being leased out of the 640,000 square feet that became available after advertising agency Ogilvy & Mather moved out in 2009 (note: correction appended). WNET will move from its current corporate headquarters at 450 West 33rd Street by the end of the year. WNET was represented by Cushman & Wakefield’s Charles Borrok and Barry Zeller in the transaction. The landlord was represented in-house by Peter Duncan, George Comfort CEO and president, and Matthew Coudert, executive vice president.

Brookfield Asset Management: A perfect predator

http://www.canadianbusiness.com/business-strategy/brookfield-asset-management-a-perfect-predator/

Brookfield Asset Management: A perfect predator
Brookfield Asset Management isn’t brash. It doesn’t take a lot of wild risks. It waits for the right opportunity, and then it pounces.

Aug 16, 2010 Joanna Pachner

Bruce Flatt just dissed Warren Buffett. Realizing his blunder, he practically lunges at the tape recorder and extracts a promise that he won’t be quoted. Flatt greatly admires the investing oracle—he wants that clear—and doesn’t want to seem arrogant.

Economy - Double Dip? A Tipping Point May Be Near - CNBC

Economy - Double Dip? A Tipping Point May Be Near - CNBC

By: Jeff Sommer
The New York Times

Like a car spinning its wheels, the American economy hasn’t been getting much traction. Many financial indicators are issuing worrisome signals, millions of people are still out of work, and growth is slowing. ...

Is Docklands sinking Melbourne @ 5 Million?

Is Docklands sinking Melbourne @ 5 Million?
ALAN DAVIES | AUG 12, 2010 7:26PM

Docklands has been roundly and rightly criticised for its appalling urban design but it has nevertheless been spectacularly successful in attracting business to locate by the water.

http://blogs.crikey.com.au/theurbanist/2010/08/12/is-docklands-sinking-melbourne-5-million/

Hidden Trillions Widen China's Wealth Gap: Report - CNBC

Hidden Trillions Widen China's Wealth Gap: Report - CNBC

By: Reuters

China's richest citizens are even wealthier than the statistics suggest, and may hold as much as 9.3 trillion yuan ($1.4 trillion) of hidden assets, according to a Credit Suisse-sponsored study by a top economic think-tank. ...

Youth Unemployment Hits Record High - CNBC

Youth Unemployment Hits Record High - CNBC

By: Patrick Allen
CNBC Senior News Editor

Global youth unemployment has hit a record high following the financial crisis and is likely to get worse later this year, the International Labor Organization (ILO) said Thursday. ...

Shiller sees significant likelihood of double dip MarketWatch News Break - MarketWatch

Shiller sees significant likelihood of double dip MarketWatch News Break - MarketWatch

There's more than a 50% chance the economy is heading for a double dip recession. And noted economist and author Robert Shiller tells MarketWatch News Break that the Federal Reserve may now lack the power to end the gloom and doom. Shiller now wants Washington to pass a new job-creating stimulus package. Plus, John Madden's videogame empire keeps growing.

Fed to Market: Long-Term Rates Can Go Even Lower - CNBC

Fed to Market: Long-Term Rates Can Go Even Lower - CNBC

If you're looking to judge the success of the Federal Reserve's latest monetary policy initiative, look at the Treasury market, not the stock market.

Those wondering how low interest rates could go on two-, ten- and even 30-year Treasurys could go, now you have an answer.

"Lower than anyone thought 24 hours ago," quipped Jim Awad, managing director at Zephyr Management. It creates "a rally in the Treasury market from here." ...

Behind on retirement? The secret to catching up

Behind on retirement? The secret to catching up

By Walter Updegrave

(Money Magazine) -- Question: I'm behind in saving for retirement. Should I take more risk to catch up? --James Wilson, San Antonio

Answer: I can understand your concern -- and the temptation to try to ramp up your nest egg by investing more aggressively in stocks. After all, in the wake of an abysmal 10-year span in the market, a return to equities' historical annual gains of 10% may seem like a good bet. ...

Kilduff: Is Oil Heading To $200? - CNBC

Kilduff: Is Oil Heading To $200? - CNBC

The attention of investors has been rightly focused on a solid earnings season, employment data, and the Federal Open Market Committee meeting on Tuesday. ...

Vulture investors: They're back - and making a bundle

Vulture investors: They're back - and making a bundle

NEW YORK (CNNMoney.com) -- These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities. ...

Stock Market and Investing Week Ahead: Markets Look to the Fed - CNBC

Stock Market and Investing Week Ahead: Markets Look to the Fed - CNBC

A weak jobs picture is raising expectations that the Fed may take new measures to cure the economy's ills. ...

Analysis: China poised to set gold market alight as it opens up

Analysis: China poised to set gold market alight as it opens up

By Lewa Pardomuan and Langi Chiang
SINGAPORE/BEIJING | Thu Aug 5, 2010 12:32pm EDT

(Reuters) - China's moves to free up its gold market open the way for foreign players and local banks to tap growing demand for the precious metal, offering citizens a more attractive investment and promising to boost the country's clout over global prices.

Wheat prices soar. Are bread prices next?

Wheat prices soar. Are bread prices next?

NEW YORK (CNNMoney.com) -- With wheat futures soaring to their highest level in two years, you could soon find yourself paying more for a loaf of bread at your local grocery store. ...

Wheat at Two-Year High on Russian Export Ban

WSJ.com - Wheat at Two-Year High on Russian Export Ban http://on.wsj.com/9ZOmDg

Wheat futures prices soared Thursday to their highest levels in two years after Russia said it would ban grain exports due to a severe drought, a move that heightens concerns about global supplies of the grain and the possible impact on food prices. ...

Stiglitz Says U.S. Faces `Anemic Recovery,' Needs More Stimulus

Stiglitz Says U.S. Faces `Anemic Recovery,' Needs More Stimulus

Nobel Prize-winning economist Joseph E. Stiglitz said the U.S. economy faces an “anemic recovery” and the government will need to enact another round of “better designed” stimulus measures. ...

Friday's Jobs Report: Forecast Is For More Disappointment - CNBC

Friday's Jobs Report: Forecast Is For More Disappointment - CNBC

US private sector employers likely added about 100,000 jobs in the month of July, but a new round of state and local government layoffs may add new weight to the jobless rate. ...

US Economy - No Double Dip, No Deflation: RBS - CNBC

US Economy - No Double Dip, No Deflation: RBS - CNBC

Following a number of strong earnings reports that includes encouraging outlook, the economy is not "headed for either a double dip recession or a deflationary malaise," according to Royal Bank of Scotland.

John Richards, the head of North American strategy at RBS, said "We expect GDP growth of at least 3 percent in the coming six quarters and a very slow pick up in inflation." ...

Stocks - Forget Doom, Old-Fashioned Rally Coming: Fund Manager - CNBC

Stocks - Forget Doom, Old-Fashioned Rally Coming: Fund Manager - CNBC

Michael Browne, fund manager at Martin Currie, told CNBC.

"Risk aversion is the new black and the professors and black swans are falling over themselves to predict the collapse of a debt-laden economy,"

"Almost all come up with the same pattern…they are lending again to small and mid-sized corporations and would like to lend more but there is no demand, especially from large corporations who are funding themselves from a very cheap market,"

"Individual lending is also showing signs of life. So if on top of this you get the consistent pattern of falling provisions then they are telling me that the economy is recovering. Rather faster than we should have expected,"

"The post re-stocking dip seems to have been obliterated. And the same message is coming from pretty much everywhere. The job creation rate is quite impressive, especially from Germany,"

"There is money in the kitty and each board will face the question in September of 'what to do with it? Do we buy companies, invest in new plant and people or return it to shareholders.' Well, expect all three,"

"Will it all end in tears? Not if you look at the detail…the fiscal plans are frankly all about trying to hold government spending flat in absolute terms while nominal GDP rises and the tax take then rises,"

"If credit improves and allows the recovery to be recognized then there is significant potential for a major equity rally: risk premiums are at all-time highs in Europe and if we are right, the earnings estimates for 2011 are too low,"

"We are net long 66 percent and are about to take on some leverage……just like we were in 2004 and this year is just like 2004."

Commodities - Wheat Soars; Rogers Sees 'Much Higher' Food Prices - CNBC

Commodities - Wheat Soars; Rogers Sees 'Much Higher' Food Prices - CNBC

The July rise in wheat prices, the fastest in 51 years, indicates that shortages in agriculture are coming, Jim Rogers, chairman of Rogers Holdings, told CNBC.com Tuesday. ...

"That's the straw that broke the camel's back,"

"We're going to have much, much higher prices over the next few years,"

"Be prepared, if you have a sugar bowl home go fill it up because it's going to be more expensive,"

"Prices aren't high enough and most people don't believe it,"

"Unless prices are high you're not going to attract people in the business. Eventually people will go into farming again but it's going to take a while."

"It's all happening at a time when governments are printing more money… it's a very dangerous situation,"

"When you print money, it's got to go in a place where it can protect itself, and that's real assets,"

US Unemployment Could Rise Before It Drops: Geithner - CNBC

US Unemployment Could Rise Before It Drops: Geithner - CNBC

Treasury Secretary Timothy Geithner said the U.S. unemployment rate could rise for two months before it drops, potentially deepening Democrats' problems in the November congressional elections. …

Fed Is Unlikely to Take Major Steps to Boost US Economy - CNBC

Fed Is Unlikely to Take Major Steps to Boost US Economy - CNBC

Markets might be getting ahead of themselves in anticipating some bold new moves from the Federal Reserve to combat the weakening economy. …

Banks Continue to Suffer From Weak Revenue Growth: Whitney - CNBC

Banks Continue to Suffer From Weak Revenue Growth: Whitney - CNBC

Despite relatively strong second-quarter earnings, US banks are still suffering from poor revenue growth and will continue to do so at least into next year, financial analyst Meredith Whitney told CNBC Tuesday. …

Editorial Cartoons

Editorial Cartoons http://i.usatoday.net/news/opinion/_photos/2010/08/02/e100802_pettpg-vertical.jpg

By Joel Pett, Lexington (Ky.) Herald-Leader, Cartoonists and Writers Syndicate, for USA TODAY

Bernanke sees 'moderate growth;' long road to recovery

Bernanke sees 'moderate growth;' long road to recovery

NEW YORK (CNNMoney.com) -- Federal Reserve chairman Ben Bernanke said Monday that the U.S. economy faces a long and bumpy ride ahead to overcome the deepest recession since the Great Depression, though the worst is over. ...

Economist: V-Shaped Recovery Won't Go W-Shaped - CNBC

Economist: V-Shaped Recovery Won't Go W-Shaped - CNBC

China manufacturing growth slows

China manufacturing growth slows

China Overtakes Japan as World's Second-Largest Economy

China Overtakes Japan as World's Second-Largest Economy from DailyFinance

China is now the world's second-largest economy, having overtaken Japan, a senior Chinese official said. ...

Commodities - Is Gold Pointing to Lehman Mark II? - CNBC

Commodities - Is Gold Pointing to Lehman Mark II? - CNBC

Gold and oil prices are flashing warning signals that this summer may look more like the summer before the collapse of Lehman Brothers than the one that preceded the onset of the crisis in 2007, according to Simon Derrick, head of currency research at Bank of New York Mellon. ...

Have Jobs Become a Leading Indicator? - CNBC

Have Jobs Become a Leading Indicator? - CNBC

CNBC's Top States For Business 2010—And The Winner Is.... - CNBC

CNBC's Top States For Business 2010—And The Winner Is.... - CNBC

Europe Debt Crisis: Spain Jobless Rate up to 20.09 Percent - CNBC

Europe Debt Crisis: Spain Jobless Rate up to 20.09 Percent - CNBC

Economy - Fear Cheap Money, Not Double Dip: Morgan Stanley - CNBC

Economy - Fear Cheap Money, Not Double Dip: Morgan Stanley - CNBC

Pain, but no gain: local governments face budget doom

Pain, but no gain: local governments face budget doom

Design Centre Chelsea Harbour welcomes new Managing Director

Design Centre Chelsea Harbour welcomes new Managing Director
Jul 26, 2010

Claire German takes over the helm at the Design Centre Chelsea Harbour today, joining as the new Managing Director. She replaces Helen Fifield, who has left to take a course at the Royal Academy after seven years.

Previously Publishing Director at House & Garden magazine, Claire brings a considerable wealth of knowledge and experience from within the international interior design sector. She joins Design Centre Chelsea Harbour at a very exciting time with the Phase II development of these iconic buildings about to begin.

Marcol’s Co Founder and CEO Terence Cole states: "Claire’s dynamism and enthusiasm will enhance our vision for the future and further establish Design Centre Chelsea Harbour as the world’s leading design destination."

Co Founder and CEO Mark Steinberg adds: "Helen’s contribution has been outstanding and we will miss her greatly. We’ve worked very closely together during her time with us and her intelligence and creativity have helped develop the Design Centre Chelsea Harbour we know today. We wish both Claire and Helen every success in the future."

http://www.marcol.com/

Colony Capital looking for distress

Colony Capital looking for distress
19 Jul 2010

Colony Capital is likely to add to its US$16-billion hotel portfolio via distressed investments.

By Shawn A. Turner
Finance Editor
Shawn@HotelNewsNow.com

SANTA MONICA, California—Already a multibillion-dollar presence in the hotel industry, Colony Capital has plans to become even bigger.

Hotel investments make up approximately US$16 billion of the firm’s total US$30 billion in assets under management. And with the industry fighting to rebound from the downturn, hotels fit nicely inside Colony’s philosophy of investing in out-of-favor sectors.

http://www.hotelnewsnow.com/Article/3690/Colony-Capital-looking-for-distress

Default Rate May Rise as Company Finances Weaken in Europe, Moody's Says

Default Rate May Rise as Company Finances Weaken in Europe, Moody's Says

The default-rate on high-yield companies in Europe may start rising, reversing a near-term trend of increased stability and improving industry outlooks, according to Moody’s Investors Service.

The European speculative-grade default rate declined to 5.8 percent at the end of June, Moody’s said. The New York-based firm expects the rate to fall to 1.4 percent by the end of the year, it said in a report today.

The default rate “will rise again as some more weakly positioned credits struggle to refinance without material debt restructuring and writedowns,” analyst Chetan Modi said in the report today. ...

Moody's: European default rate falls to 5.8% - MarketWatch

Moody's: European default rate falls to 5.8% - MarketWatch

By Sue Chang

SAN FRANCISCO (MarketWatch) -- The European speculative-grade default rate fell to 5.8% in the second quarter from 7.3% in the first quarter, Moody's Investors Service said Thursday in a report. The rate was 7.4% at this time last year. Globally, the trailing 12-month global speculative-grade default rate slid to 6.1% from 10% in the previous quarter. Moody's expects the global speculative-grade default rate to fall to 2.4% by the end of this year, and then ease further to 1.8% by the second quarter of 2011, based on its default rate forecasting model.

---

MarketWatch Moody's: European default rate falls to 5.8%
Reuters Global junk default rate to fall below 2 pct-Moody's

Status of Algae Biofuel Industry at Philippines

Status of Algae Biofuel Industry at Philippines

Why Phillipines?

Philippines is one country which does a lot of work in biotech industry, specifically in agricultural biotechnology. The Philippines was the first country in Asia to approve the commercial cultivation of a genetically-modified Bt corn variety in December 2002. The country has so far approved 41 varieties of genetically-modified plants for use in the country. In the Philippines, There are several research institutions which work on developing transgenic crops for food. Some notable institutes are:

Buybacks, Tenders and Exchanges – A Distortion of the Default Rate

Buybacks, Tenders and Exchanges – A Distortion of the Default Rate

In the world of corporate bonds, the yield spread over the sovereign benchmark reflects the liquidity premium and, more importantly, investors’ compensation for default risk. Accurate measurement of default risk is critical in determining the required risk premium on bonds. But the official default rate, which is measured and published by rating agencies, can be subject to distortions because certain capital losses, corporate buybacks, tenders and exchanges may not be accurately represented in the default rate calculations. In a macroeconomic environment likely to be characterized by greater performance differentiation among credit markets, sectors and issuers, paying closer attention to these potential distortions will prove invaluable to the credit selection process. ...

Office letting market in Frankfurt 1st quarter 2010 in comparison to last nine years: Worst result after 2004

2010-04-12

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Germany | Property Markets, Commercial property: Office, estate agent
Office letting market in Frankfurt 1st quarter 2010 in comparison to last nine years: Worst result after 2004

Hessen: The total letting performance in Frankfurt in the 1st quarter 2010 is approx. 54,906 sqm office space. With this the office market has achieved its second-worst result since 2002: During the past nine years even less office space, 36,500 sqm, was transacted in the 1st quarter 2004.

http://www.immopro24.com/press-releases/office-letting-market-in-frankfurt-1st-quarter-2010-in-comparison-to-last-nine-years-worst-result-after-2004_20838.html

Economy, Ben Bernanke

To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.

- Ben Bernanke, Speech given on Apr. 7, 2010 to the Dallas Regional Chamber of Commerce, "Economic Challenges: Past, Present and Future"

Melbourne Water moving to Docklands

Melbourne Water moving to Docklands
01 Apr 2010

Melbourne Water has committed to locate its new 12,100m² head office facility at 990 LaTrobe St, in the south east corner of Digital Harbour above the link road access to Etihad Stadium.

http://www.docklandsnews.com.au/editions/article/melbourne-water-moving-to-docklands_5228/

Capture Ratio as a Tool to Measure Investment Performance

Capture Ratio as a Tool to Measure Investment Performance

We examine the concepts of up-capture and down-capture, two widely used statistics for measuring investment performance. Our research indicates that each one on their own is an ineffective tool to accurately describe investment performance. However, the use of the Capture Ratio, the relationship between up-capture and down-capture, provides a much more useful tool.