_Economy and Finance

NOMURA LEASES 900,000 SF AT WORLDWIDE PLAZA FOR ITS NORTH AMERICAN HEADQUARTERS 30 Jun, 2011, Warsaw New York, NY – In a major leasing transaction that provides one of the city’s iconic midtown office properties with a dynamic new anchor tenant, Nomura Holding America Inc., the U.S subsidiary of Tokyo-based Nomura Holdings, Inc., has leased over 900,000 square feet of space at Worldwide Plaza for its Americas headquarters. http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=DE&Language=EN&repId=c42300003p

HOMES |JUNE 29, 2011 WSJ : Declines in Home Prices Ease By NICK TIMIRAOS And S. MITRA KALITA Home prices slowed their pace of decline in April, feeding hope that housing is near a bottom. But tens of thousands of foreclosures and faltering consumer confidence are expected to leave markets bumping near their current level for the rest of the year.

REAL ESTATE |JUNE 27, 2011 WSJ : China Risks Being Next Property-Bubble Blow Up BEIJING—A recent decline in Chinese real-estate prices is starting to shake confidence in the country's economic vitality and open a debate about whether the country's economy is over-leveraged. That's what made the real-estate bubble's aftermath so painful for the U.S. and Japan.

CNNMoney: Greece austerity: Cure or poison? By Aaron Smith @CNNMoney June 28, 2011: 2:39 PM ET NEW YORK (CNNMoney) -- Riots have erupted in Athens once again, as the Greeks -- already burdened by the most severe austerity measures in Europe -- protest the next potential wave of belt-tightening in the ongoing debt crisis.

Robert Shiller Says There Is A "Chronic Illness" In The Spanish Economy Jose Luis de Haro, El Economista | Jun. 27, 2011, 3:25 PM Robert Shiller is an economist, academic, and best-selling author. He is ranked among the 100 most influential economists of the world and currently serves as the Arthur M. Okun Professor of Economics at Yale. Professor Shiller shared with elEconomista some of his insights on the US and European economies during a phone interview. He recognized "a kind of chronic illness in Spanish economy".

Money shortage Andy Xie, The New Century Weekly Summary The so-called money shortage today reflects excessive money demand in the past, which was a result of very loose monetary policy. If the tightening policy is changed due to the pressure, the monetary condition would go back to the excessively loose state. As inflation is still unstable, i.e., product or service price could jump by 20-30% in one go, loosening monetary policy could trigger hyperinflation and social turmoils.

Reuters: Exclusive: EU has Plan B if Greece rejects austerity -sources By Luke Baker and Julien Toyer BRUSSELS | Mon Jun 27, 2011 11:01am EDT (Reuters) - European Union officials are working on a contingency plan for Greece if its parliament rejects an austerity program and the country cannot receive the next instalment of EU/IMF emergency loans, three euro zone sources said on Monday.

Related News: Europe, Italy, Funds, Finance, Insurance, Economy Bloomberg: Greece’s Creditor Banks Move Toward 70% Rollover of Debt to Avert Default By Aaron Kirchfeld and Sonia Sirletti - Jun 28, 2011 1:46 AM GMT+0900 Greek creditors may be headed toward a rollover agreement involving 70 percent of their bonds to prevent a default and meet politicians’ calls that they contribute to Greece’s second rescue in as many years.

Related News: Real Estate , US Bloomberg : Mortgage-Bond Slump in U.S. Deepening as Jumbo, Alt-A Debt Extend Losses By Jody Shenn - Jun 28, 2011 1:30 AM GMT+0900 U.S. mortgage bonds without government backing are extending losses as signs of a weakening U.S. economy and concern that Greece may default on its debt curb risk-taking.

I suppose the world will always develop but that we will always have periods where we have wars and tremendous wealth destruction, or where we have plague and where the population shrinks. I am optimistic about certain issues and pessimistic about others. - Marc Faber , interview with the Daily Bell, 06/26/2011 Daily Bell: Marc Faber on 21st Century Investing, Why It's Too Late for the Dollar and Why Emerging Markets Look Good

The Daily Bell Exclusive Interview Marc Faber on 21st Century Investing, Why It's Too Late for the Dollar and Why Emerging Markets Look Good Sunday, June 26, 2011 – with Anthony Wile The Daily Bell is pleased to present an exclusive interview with Dr. Marc Faber. Introduction: Dr. Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D in Economics magna cum laude. Between 1970 and 1978, Dr. Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, MARC FABER LIMITED, which acts as an investment advisor, fund manager and broker/dealer. Dr. Faber publishes a widely read monthly investment newsletter "THE GLOOM, BOOM ...

Economics is a very complex system and is essentially human life and the behavior of humans. So to build one theory around it is probably wrong. - Marc Faber , interview with the Daily Bell, 06/26/2011 Daily Bell: Marc Faber on 21st Century Investing, Why It's Too Late for the Dollar and Why Emerging Markets Look Good

I think that interest rates in time will be much higher because the fiscal deficit will stay very elevated or even increase and that will impair the ability of the government to pay the interest. If the ability to pay the interest is impaired, there's only one way out and that is for them to print money, and so eventually you will get higher interest rates. - Marc Faber , interview with the Daily Bell, 06/26/2011 Daily Bell: Marc Faber on 21st Century Investing, Why It's Too Late for the Dollar and Why Emerging Markets Look Good

Reuters : France, banks agree Greek debt proposa:source PARIS | Sun Jun 26, 2011 5:34pm EDT ( Reuters ) - The French government and banks have agreed on a proposal to make a Greek debt rollover more palatable to creditors, a banking source said on Sunday, confirming a report in Le Figaro newspaper.

Related News: Hedge Fund Summit, Europe , Japan Bloomberg : European Banks May Need to Raise More Capital By Elisa Martinuzzi and Liam Vaughan - Jun 27, 2011 7:01 AM GMT+0900 Deutsche Bank AG (DBK), Germany’s biggest lender, and UniCredit SpA (UCG) are among European banks that may have to raise additional capital after regulators dismissed lenders’ threats that stiffer rules may stunt economic growth.

Reuters : Litmus test for U.S. factories, Greece By Pedro Nicolaci da Costa WASHINGTON | Sun Jun 26, 2011 3:05pm EDT ( Reuters ) - The U.S. economy has decelerated sharply. A snapshot of the nation's manufacturing sector this week should help reveal whether the slowdown is temporary or the start of a trend.

BNP Paribas : BRAZIL The unemployment rate in May was 6.4%, unchanged from April and in line with the consensus view. On a seasonally adjusted basis, the unemployment rate rose to 5.9% from a record low 5.8% reached in April. Both the payroll and the labor force expanded in May, by 0.4% m/m s.a. and 0.3% respectively.

Reuters : Greece in deal with EU/IMF on austerity plan By Ingrid Melander and Paul Taylor ATHENS/BRUSSELS | Thu Jun 23, 2011 6:39pm EDT ( Reuters ) - European Union leaders promised more money to help Greece stave off looming bankruptcy, provided its parliament enacts an austerity plan finalized in fraught last-minute talks with international lenders.

Related News: Economy , US Bloomberg : Jobless Claims Rise, Confidence Falls By Alex Kowalski and Shobhana Chandra - Jun 24, 2011 5:34 AM GMT+0900 More Americans than forecast filed first-time jobless claims last week and consumer confidence fell, highlighting Federal Reserve Chairman Ben S. Bernanke’s concern that the slowdown in the economy may persist.

CNBC : U.S. Could Face European-Style Debt Crisis: Congressional Report Published: Wednesday, 22 Jun 2011 | 9:55 PM ET By: AP The rapidly growing national debt could soon spark a European-style crisis unless Congress moves forcefully, the Congressional Budget Office warned Wednesday in a study that underscores the stakes for a bipartisan group working on a plan to reduce red ink .

ECONOMY JUNE 23, 2011 WSJ : Fed Darkens Its Outlook but Plans No Changes By JON HILSENRATH And VALERIE BAUERLEIN Federal Reserve officials see the U.S. economy settling into a disappointingly weak recovery this year and next, and say they have done all they are prepared to do to spur growth for now.

Related News: Real Estate Bloomberg : Foreclosed Inventory Shrinks as Homes Sell By John Gittelsohn - Jun 22, 2011 10:30 PM GMT+0900 About 1.7 million U.S. homes were in the foreclosure process and expected to be put on the market as of April, down 18 percent from the peak, as fewer loans entered delinquency and more distressed homes sold, CoreLogic Inc. (CLGX) said.

Reuters : PIMCO head predicts Greece, others will default TAIPEI | Tue Jun 21, 2011 11:11pm EDT (Reuters) - The head of PIMCO, the world's biggest bond fund, predicted that Greece and other European economies would default on their debts to resolve their problems as the euro area faces a debt crisis.

Related News: Economy , Real Estate , US , Municipal Bonds Bloomberg : Existing-Home Sales in U.S. Fell in May to Six-Month Low, May Be at Bottom By Timothy R. Homan - Jun 22, 2011 5:19 AM GMT+0900 Sales of existing U.S. homes decreased in May to the lowest level in six months, a sign that the housing market is lagging other parts of the economy.

USA TODAY : Hydra-headed Greek crisis rises anew By Scott Patterson, USA TODAY The crisis in Greece has been a lot like that never-say-die monster in B horror flicks that keeps popping up to scare the audience, even after it's been gunned down a dozen times. In the past week, the Greek crisis reared its head again, triggering a sell-off of risky assets around the globe. What happened this time?

USA TODAY : As Fed meets amid soft patch, economists eye second half By Scott Patterson, USA TODAY The U.S. economy is at a pivot point, teetering between another downturn and a return to the growth path it was on until earlier this year. That problem is sure to weigh on the mind of Fed Chairman Ben Bernanke as the Federal Reserve convenes today .

Reuters : Hedge fund bosses cautious ahead of Monaco summit By Laurence Fletcher MONACO | Mon Jun 20, 2011 7:11pm EDT ( Reuters ) - European hedge funds' top executives will be in cautious mood this week as they gather in Monaco for their annual summit, after big losses in May took some of the shine off a year of inflows and strong returns.

AHEAD OF THE TAPE |JUNE 21, 2011 WSJ : Housing Troubles Have Deep Foundations By DAVID REILLY Federal Reserve Chairman Ben Bernanke may be right that recent rises in food and energy prices are transitory . If only the same were true of weakness in the housing market.

Europe's sickly banks By Colin Barr June 20, 2011: 6:30 AM ET You could knock Europe's banks over with a feather.

Related News: Bloomberg , UK , Ireland , Bonds , Economy , Finance , Europe , France , Eastern Europe , Germany Bloomberg : Greek Default Would Spell ‘Havoc’ for European Banks a Year After Bailout By Aaron Kirchfeld and Elena Logutenkova - Jun 20, 2011 12:31 PM GMT+0900 A year after European officials bailed out Greece, investors say the region’s banks haven’t raised sufficient capital or cut loans enough to withstand the contagion that may follow a default.

Gov't looks into algae potentials By ELLALYN B. DE VERA June 20, 2011, 2:23pm MANILA, Philippines — The Department of Agriculture (DA) has consulted algae experts to look into the potentials of algae as a source of biofuel in the country.

Related News: Economy, Europe, France, Germany, U.K. & Ireland, Bonds, Eastern Europe, Italy, Currencies Europe May Withhold Half of Greek Payment By James G. Neuger and Jonathan Stearns - Jun 20, 2011 8:16 AM GMT+0900 European governments weighed withholding half of Greece’s next 12 billion-euro ($17.2 billion) aid payment, seeking to keep the country solvent while maintaining pressure on the government to slash the debt that pitched the euro area into crisis.

AMERICA'S DEBT CRISIS Is the U.S. like Greece? By Jeanne Sahadi @CNNMoney June 19, 2011: 11:15 AM ET NEW YORK (CNNMoney) -- Deficit hawks often cite Greece's debt nightmare as a cautionary tale for the United States.

EUROPE NEWS|JUNE 16, 2011 WSJ: Fresh Greek Shock Waves Violent Street Protests in Athens Shake Government, Spark Global Market Woes By COSTAS PARIS, ALKMAN GRANITSAS and BRUCE ORWALL ATHENS—Greece shook global markets, intensifying fears of a default, as tens of thousands of demonstrators protested a new round of budget-cutting plans and its prime minister offered to step down to try to preserve them.

Related News: Economy , Eastern Europe , France , Germany , Italy Default by Greece ‘Almost Certain’: Greenspan By Vivien Lou Chen - Jun 17, 2011 8:46 AM GMT+0900 Alan Greenspan, former Federal Reserve chairman, said a default by Greece is “almost certain” and could help drive the U.S. economy into recession.

Foreclosure Delays Prolong U.S. Housing Correction - The housing correction will take a little longer than had been expected. - Resolution of processing issues should be reached by the fall. - House prices should hit bottom in 2012.

Related News: Economy , Europe , Finance Greek Bank Threat is Main Stability Risk: ECB By Jeff Black and Jana Randow - Jun 16, 2011 12:00 AM GMT+0900 The European Central Bank said the threat of the Greek debt crisis spilling over into the banking sector is the biggest risk to the region’s financial stability.

RECOVERY AT RISK Inflation picks up speed By Chris Isidore @CNNMoney June 15, 2011: 9:28 AM ET NEW YORK (CNNMoney) -- The pace of inflation continued to climb in May, as the recent pullback in gas prices was not enough to ease the strain on consumers' wallets.

Related News: US , Bonds , Economy Debt Limit ‘Wrong Tool’ to Force Cuts: Bernanke By Caroline Salas Gage and Joshua Zumbrun - Jun 15, 2011 4:43 AM GMT+0900 Federal Reserve Chairman Ben S. Bernanke said the U.S. debt ceiling shouldn’t be used as a bargaining chip to force budget cuts, and failing to raise it could cause “severe disruptions” in financial markets.

Related News: U.S. · Bonds · Economy · Retail · Municipal Bonds Retail Sales in U.S. Fall Less Than Estimated; Demand for Autos Declines By Shobhana Chandra - Jun 15, 2011 5:38 AM GMT+0900 Sales at U.S. retailers fell less than projected in May, showing consumers were weathering elevated gasoline costs.

US Housing Crisis Is Now Worse Than Great Depression Published: Tuesday, 14 Jun 2011 | 12:04 PM ET By: Jeff Cox CNBC.com Staff Writer It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

Related News: Asia , China , Real Estate , Emerging Markets , Economy , Finance , Retail Chinese Mount Global Homebuying Spree as Governments Squeeze Local Markets By Kelvin Wong, Nichola Saminather and Hui-yong Yu - Jun 14, 2011 1:00 AM GMT+0900 On a sunny Saturday in early June, Larry Zhou strolled the floor of a property exhibition in Hong Kong, wondering whether it was time to buy another home -- not in the city, where residential prices have soared 50 percent in the past two years, but maybe in Thailand or Malaysia.

RECOVERY AT RISK Summers: More stimulus needed By Chris Isidore @CNNMoney June 13, 2011: 11:13 AM ET NEW YORK (CNNMoney) -- Larry Summers, formerly one of the top economic advisors to President Obama, is advocating more government stimulus to jumpstart the struggling U.S. economy.

Frankfurt as a Financial Centre June 13, 2011 4:12 pm Office market: Construction tracks the health of banking By Ed Hammond The lofty canyons of Frankfurt’s financial district are once again reverberating with the rumble of heavy machinery. Caterpillar-tracked piling rigs plunge drill heads into the soil, boring the deep holes for the concrete and steel foundations from which the city’s next generation of skyscrapers will rise. http://www.ft.com/intl/cms/s/0/ed5ea1c8-955e-11e0-a648-00144feab49a.html#axzz2PXw36Vqx

Related News: Economy · Insurance · Canada · Japan · U.K. & Ireland · Stocks Profits Seen Increasing Jobs as Earnings in U.S. Grow Fastest Since 1940s By Shobhana Chandra - Jun 13, 2011 8:01 AM GMT+0900 Profits at American companies are poised to be one of the few bright spots in the U.S., helping to steady the faltering recovery.

Related News: Economy · Asia · China · Finance · Real Estate · Africa · Canada · Europe · Latin America · U.S. · Bonds · Currencies · Middle East · Japan · U.K. & Ireland · Insurance · Funds · Commodities · India & Pakistan ‘Perfect Storm’ May Threaten Global Economy By Shamim Adam - Jun 13, 2011 8:58 AM GMT+0900 A “ perfect storm ” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.

Squatter Nation: 5 years with no mortgage payment By Les Christie June 12, 2011: 9:23 PM ET NEW YORK (CNNMoney) -- Charles and Jill Segal have not made a mortgage payment in nearly five years -- but they continue to live in their five-bedroom West Palm Beach, Fla. home.

U.S. banks prepare to lower use of Treasuries: report NEW YORK | Sun Jun 12, 2011 7:11pm EDT (Reuters) - A number of Wall Street's biggest banks are preparing to lower their use of U.S. Treasuries in August, the Financial Times reported on Sunday.

Related News: Germany · Bonds · Currencies · Economy · Eastern Europe · Europe · France · U.K. & Ireland · Italy · Hedge Fund Summit Greek Default Would Not Destabilize the Euro, Bundesbank’s Weidmann Says By Richard Weiss - Jun 12, 2011 9:46 PM GMT+0900 Bundesbank President Jens Weidmann raised the pressure on governments to agree to a Greek bailout without the European Central Bank taking part in easing the country’s debt burden, saying the euro can withstand a default.

RECOVERY AT RISK Recession risk: Small, but growing By Chris Isidore @CNNMoney June 12, 2011: 8:05 AM ET NEW YORK (CNNMoney) -- Experts worry that the risk of falling into another recession has increased, according to a CNNMoney economic survey.

REAL ESTATE |JUNE 10, 2011 Mortgage Rates Set Fresh 2011 Low After Jobs Report By DREW FITZGERALD Home mortgage rates fell again to a fresh 2011 low as a week of downbeat jobs data fueled concerns over a possible economic slowdown this year, according to the latest survey from Freddie Mac.

ING completes divestment of Clarion Partners Amsterdam, 9 June 2011 ING announced today that it has completed the sale of Clarion Partners, ING’s U.S.-based private market real estate investment manager, to Clarion Partners management in partnership with Lightyear Capital LLC for the previously disclosed amount of USD 100 million.

Related News: Economy · U.S. U.S. Economy ’Steady’ in Most Areas: Fed By Joshua Zumbrun - Jun 9, 2011 4:25 AM GMT+0900 The Federal Reserve said the economy expanded at a “steady pace” in most of the U.S. while slowing in four of 12 regions as consumers contended with higher food and fuel prices and shortages of parts reduced auto production.

ECONOMY |JUNE 7, 2011 Fed Sees Recovery Lagging Bernanke Says Growth Slower Than Expected, Monetary Policy Isn't 'Panacea' By JON HILSENRATH Federal Reserve Chairman Ben Bernanke offered a relatively glum view of the U.S. economy, acknowledging that it is growing more slowly than the Fed had expected, but predicted improvement later this year.

Design Centre Chelsea Harbour Address: Design Centre Chelsea Harbour, Lots Road, London SW10 0XF Type: Commercial Retail: 85 Website: http://www.dcch.co.uk Description: Design Centre Chelsea Harbour is a commercial building. Located in spectacular glass domes, the space provides the ideal environment for 85 showrooms and over 400 international brands. At over 90,000 sq ft, the Design Centre is the largest of its kind in Europe and well-established as a leading design destination. Buildington Rating & Notes http://www.buildington.co.uk/buildings/london_sw10/lots_road/design_centre_chelsea_harbour/id/2204 Design Centre Chelsea Harbour - View to the building from Imperial Wharf Station Entrance to Design Centre Chelsea Harbour RIBA bookshop at Design Centre Chelsea Harbour Design Centre Chelsea Harbour Design Centre Chelsea Harbour http://www.buildington.co.uk/buildings/london_sw10/lots_road/design_centre_chelsea_harbour/id/2204

Related News: Economy · Insurance Jobless Rate Unexpectedly Rises in Sign of Extended U.S. Economy Slowdown By Shobhana Chandra - Jun 4, 2011 1:01 PM GMT+0900 The unemployment rate in the U.S. unexpectedly climbed to 9.1 percent in May and payrolls grew at the slowest pace in eight months, showing employers are losing confidence as the economy slows.

Europe Warns US to Speed Up Bank Reform Published: Wednesday, 1 Jun 2011 | 4:41 AM ET By: Peter Spiegel, Financial Times The European Union’s top financial regulator has warned the Obama administration that it must speed up and toughen its new banking rules in order to prevent American banks from having unfair advantages over their European counterparts.

Dollar, Metals Slide on U.S. Growth Concerns By Stephen Kirkland - Jun 1, 2011 6:14 PM GMT+0900 The dollar slid to a three-week low versus the euro before reports likely to show the U.S. recovery is cooling. German bunds dropped, while corn and sugar gained.