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Initial Jobless Claims in U.S. Fall to 372,000 - Bloomberg

January 6, 2012

Fewer Americans filed claims for unemployment insurance payments last week, showing the labor market is starting 2012 on better footing than a year earlier.

Applications for jobless benefits (INJCJC) decreased 15,000 in the week ended Dec. 31 to 372,000, Labor Department figures showed today. The median estimate of 38 economists in a Bloomberg News survey forecast 375,000 claims. The average over the past four weeks declined to the lowest level in more than three years.

The decrease in firings indicates employers may be getting more comfortable with their headcounts and their economic outlooks as the year begins. Economists forecast a Labor Department report tomorrow will show hiring picked up and joblessness held below 9 percent in December.

economics, uk - Comments closed

US Bank VP named head of North County Inc. board

January 5, 2012

SPREAD THE REGION: Sandy Weber, VP and district director with US Bank, has been elected to a one-year term as chairwoman of North County Inc., a regional development organization.

Weber succeeds Patty Gould, the Pattonville School District’s school and business partnership director, who was chair of the board for 2011.

In announcing Weber’s appointment, Gould said Weber had been active on the North County Inc. board and in the community, adding: “Her background knowledge and life experiences in North County will be an asset … I look forward to her leading the charge for the organization.”

Weber and her husband are lifelong residents of North St. Louis County. She has been in the banking industry for 36 years and has served on the development organization’s board since 1998. The organization was established in 1977.

North County Inc. named three new board members for the coming year. They are: Ferguson Mayor James Knowles III; Art McCoy, superintendent of the Ferguson-Florissant School District; and Justin Naber, business development director for Fred Weber, Inc.

 

 

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finance, money - Comments closed

Top Funds See Yields at One-Year Lows on Series of Rate Cuts: India Credit - Bloomberg

January 4, 2012

Yields on India

legal, money - Comments closed

Cameron Pledges Action to Tackle

January 2, 2012

U.K. Prime Minister David Cameron pledged more action to deal with

economics, finance - Comments closed

U.K. Bonds Prove World

December 31, 2011

The U.K. is home to this year

management, technology - Comments closed

Asian stocks mostly down on Europe bank worries

December 29, 2011

Asian stock markets were mostly lower Thursday amid new signs of pressure on Europe’s banking system and a downturn on Wall Street.

Benchmark oil lingered above $99 per barrel while the dollar rose against the euro but fell against the yen.

Japan’s Nikkei 225 index fell 0.7 percent to 8,367.73. Hong Kong’s Hang Seng Index was 0.9 percent lower at 18,349.90. Australia’s S&P ASX 200 fell 0.6 percent to 4,064.20. Benchmarks in India and Indonesia were also lower.

But South Korea’s Kospi reversed earlier losses and gained 0.1 percent to 1,827.17. Benchmarks in Singapore and Taiwan also rose after a lower opening. Shares in mainland China and Malaysia were also higher. Overall, stock markets were quieter than normal as many traders go on vacation the week between Christmas and New Year’s.

Investor sentiment waned hours after the European Central Bank said banks had parked $590.72 billion with it overnight, surpassing the record set only Monday. That means European banks were less willing to take the risk of making short-term loans to each other, opting instead to earn low interest rates from the ECB _ with money lent by the central bank itself.

Francis Lun, managing director of Lyncean Holdings in Hong Kong, said the action on the part of the banks “defeated the purpose” of the ECB lending operation, which was to spur business activity.

“Investors are disappointed at the development,” Lun said. “Europe still has not found an answer on how to solve its sovereign debt crisis. There’s no solution, and they are trying cosmetic measures, which really do not address the problem.”

The development also shook confidence in the euro, which on Wednesday dropped to $1.2910 _ its lowest level against the dollar in nearly a year _ before recovering slightly.

“As we have seen time and time again throughout 2011, when EUR/USD falls, so does equities, and so does gold, with traders buying into fixed income assets,” Chris Weston of IG Markets in Melbourne wrote in a research note no fax payday advance.

Even successful bond auctions in Italy failed to lift the euro against the dollar. Demand for Italian bonds was strong Wednesday, and the country was able to pay lower interest rates.

Meanwhile, the yen’s rise to a 10-year high against the euro put stress on Japan’s exporters. Kyodo News agency said the euro briefly fell to 100.35 yen in Tokyo, its lowest level against the Japanese currency since June 2001.

Honda Motor Corp. fell 1.4 percent. Sharp Corp. shed 3.6 percent. Yamaha Motor Corp. and Suzuki Motor Corp. both lost 1 percent.

Commodity shares in Australia came under pressure amid worries about the state of the global economy. Gold miner Newcrest Mining Ltd. lost 3.1 percent. Woodside Petroleum fell 1.1 percent. OZ Minerals fell 3.3 percent after the company said copper concentrate may have spilled from a derailed train.

In currency trading Thursday, the euro fell to $1.2929 from $1.2941 late Wednesday in New York. The dollar fell to 77.72 yen from 77.91 yen.

On Wall Street, the Dow Jones industrial average fell 1.1 percent to 12,151.41. The S&P 500 fell 1.3 percent to 1,249.64. The Nasdaq composite declined 1.3 percent to 2,589.98.

Benchmark crude for February delivery rose 6 cents to $99.42 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.98 to settle at $99.36 in New York on Wednesday.

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Japan Set to Unveil $10 Billion India Currency Swap Deal During Noda Visit - Bloomberg

December 28, 2011

Japan is poised to unveil a currency-swap line with India in its second international financial agreement with top Asian powers this week.

Finance Minister Jun Azumi told reporters today in Tokyo that Japan is negotiating an agreement with India, the third- largest economy in Asia behind China and Japan. The deal is likely to be unveiled during a trip by Prime Minister Yoshihiko Noda to India that starts today, with the amount of the swap line about $10 billion, a Japanese government official said on condition of anonymity.

Japan agreed with China two days ago to promote direct trading of the yen and yuan without using dollars and start purchases of Chinese bonds for its foreign-exchange reserves. The deal with India would expand the ability to respond to financial shocks as Prime Minister Manmohan Singh

banks, technology - Comments closed

No word yet if any local Sears and Kmart stores will be among those to close

Sears Holdings says its hasn’t yet determined which 100 to 120 Kmart and Sears stores it will close after a disappointing holiday sales season.

The company, which has 4,000 stores in the U.S. and Canada, announced today that it would close this number of stores after same-store sales have dropped 5.2 percent so far this quarter.

For some perspective, Sears has about six full-line stores in the region. They are mostly anchors in areas malls. Those locations include Crestwood Court, South County Center, St. Clair Square, Alton Square Mall, Chesterfield Mall and Mid Rivers Mall. (It appears the Sears stores up for closure will be the full-line stores and not Sears’ hardware or appliance stores.)

And Kmart has more than a dozen stores in the region, including locations in St. Louis, Granite City, Belleville, Florissant, South County, Fairview Heights, Collinsville, Bridgeton, High Ridge, Alton, O’Fallon, Ballwin, and Crystal City.

The company has not yet said when it will decide which stores it will close. When I tried to call up a corporate spokeswoman, her voice mail said not to leave a message. So that wasn’t any help. But she emphasized that no individual store closings have been announced yet.

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management, technology - Comments closed

Troops hit protesters marching into Yemen capital

December 27, 2011

Yemen’s outgoing president said Saturday he would leave the country for the United States to help calm tensions in his country as forces commanded by his son and nephew opened fire on more than 100,000 protesters marching into the capital, killing at least nine.

The protesters had marched on foot for four days from the city of Taiz, south of Sanaa, in the first such march of its kind seen in Yemen, to pressure the government not to give Saleh immunity from prosecution. When they reached the southern entrances to the capital, forces of the elite Republican Guard fired on them with automatic weapons, tear gas and water cannons.

The turmoil reflected the confused political situation in Yemen caused by the slow-motion, uncertain exit of Saleh from power in the face of huge protests demanding his ouster that have shaken the country since February.

Late last month, Saleh signed an agreement in which he handed over his powers to his vice president and committed to step down completely in return for immunity. But opponents say he has continued to wield influence through his loyalists and relatives still in positions of power, hampering the transition ahead of presidential elections set for Feb. 21. Many feared he would find a way to continue his rule.

Saturday evening, Saleh told reporters at his presidential palace that he would soon leave the country for the United States, though he did not specify exactly when. He had been expected to leave soon after the deal was signed _ ostensibly to undergo treatment for wounds suffered in an assassination attempt in June _ but officials say he has stalled.

“I will leave for the United States in the coming days. Not for treatment, but to get out of sight and the media to calm the atmosphere for the unity government to hold the presidential election,” he said.

He said he would eventually return and pursue “political work as an opposition figure.”

Government officials said ambassadors from the five permanent members of the U.N. Security Council had been in contact with Saleh the past week to pressure him to leave the country. The officials spoke on condition of anonymity because they were not authorized to talk to the press.

Saleh’s exit would be a boost for Vice President Abed Rabbo Mansour Hadi, who earlier this month put together a unity government joining opposition parties with Saleh’s Congress Party to try to manage the transition. However, even in Saleh’s absence, his loyalists maintain their positions.

The violence around Saturday’s march illustrated the limits on Hadi’s control in the country. Forces loyal to Saleh have defied orders from Hadi to withdrew from the streets of Sanaa after a deadline was reached Saturday to do so.

The crowd of protesters had marched from Taiz, a city that has been a major opposition center 170 miles (270 kilometers) to the south of Sanaa. The protesters reject the deal for Saleh’s removal because of the immunity provision, demanding he be tried for the deaths of protesters in his months’ long crackdown on the uprising against his rule on line pay day loans.

The marchers Saturday were trying to pass down a main avenue on which the presidential palace is located when it was met at Sanaa’s southern entrance by a force from the Republican Guard, which is commanded by Saleh’s son, and Central Security forces, led by Saleh’s nephew, backed by tanks. Troops fired on the crowd, who responded by throwing stones.

As clashes went on, thousands of protesters camping in Sanaa’s Change Square, which is the epicenter of Yemen’s protest movement, marched to the scene to join in. The protesters were cordoned by security forces before reaching the site of clashes. Witnesses said they saw tanks and artillery units from military camps around the capital also heading to the site.

In all, at least 500,000 protesters had joined the march by the time it reached Change Square, according to activists.

At least eight protesters, including a woman, were killed and more than 200 injured, including 61 wounded by gunfire, according to two doctors at a protesters’ field hospital, Mohammed el-Qoutbi and Sadeq el-Shogaa.

The fighting stopped after several hours when the loyalists forces allowed the protesters to continue their march into Sanaa. Amid the clashes, Hadi issued orders for the troops to step aside, but government officials said they only obeyed after international ambassadors contacted Saleh’s son Ahmed, the Republican Guard commander, and pressured him to do so.

The officials spoke on condition of anonymity because they were not authorized to discuss the behind-the-scenes efforts.

Another protester was killed when security forces opened fire on around 500 protesters as they neared Saleh’s palace, while four were wounded by gunfire, activist Abdel-Karim el-Khaywani said. The group of protesters had split from the main march and headed toward the palace as the march had initially intended, while the rest headed to Change Square to avoid further confrontation with his forces.

The march came as Yemen’s parliament convened Saturday for the first time since opposition and independent lawmakers suspended their participation in March to protest the crackdown against protesters.

Lawmakers were to discuss the program of the new national unity government, headed by veteran independent politician Mohammed Basindwa.

On Dec. 7, Basindwa said the government will focus on providing public services to the people, including electricity, water, fuel and basic commodities together with restoring security and stability.

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banks, real estate - Comments closed

CEO pay jumps 36.5%

December 25, 2011

+%3Cp%3E+Who+says+American+salaries+are+stagnating.%3C%2Fp%3E%3Cp%3EAfter+two+years+of+lower+pay+packages%2C+chief+executives+at+the+nation%27s+major+companies+enjoyed+a+36.5%25+jump+in+pay+last+year%2C+according+to+a+leading+survey+of+CEO+compensation.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EThe+average+pay+hike+is+for+the+top+executive+at+each+of+the+Standard+%26amp%3B+Poor+500+companies%2C+according+to+GMI%2C+the+research+group+formerly+known+as+the+Corporate+Library.+A+broader+survey+of+CEO+pay+at+3%2C000+companies+posted+an+average+27%25+increase.%3C%2Fp%3E%3Cp%3EPaul+Hodgson%2C+senior+research+associate+at+GMI%2C+said+the+sharp+rise+in+pay+was+out+of+line+with+the+relatively+modest+improvement+that+companies+typically+achieved+in+profits+or+share+price+during+2010.%3C%2Fp%3E%3Cp%3EThe+most+lucrative+sector+for+CEO+pay+was+health+care%2C+which+included+three+of+the+nine+top-paid+executives%2C+including+the+two+most+lucrative+packages%3A+%3C%2Fp%3E%24145+million+for+John+Hammergen+of+McKesson+Corp.+%28%2C+Fortune+500%29%2C+which+distributes+drugs+and+health+and+beauty+care+products+to+pharmacies%3B+and%2498+million+for+Joel+Gemunder%2C+who+retired+in+July+2010+as+CEO+of+Omnicare+%28%2C+Fortune+500%29%2C+which+provides+drugs+to+nursing+homes+and+other+long-term+care+facilities.Top+paid+CEOs%3Cp%3EBoth+companies%2C+in+public+filings%2C+actually+reported+lower+pay+packages+for+the+two+executives.+McKesson+listed+Hammergen%27s+total+compensation+package+as+%2446.1+million+for+the+most+recent+fiscal+year%2C+while+Omnicare+listed+Gemunder%27s+pay+package+at+%2432.8+million.+Neither+company+returned+calls+seeking+comment.%3C%2Fp%3E%3Cp%3EBut+GMI%27s+analysis+adds+up+total+%26quot%3Brealized+pay%26quot%3B+–+which+includes+not+just+salary%2C+bonus+and+the+estimated+value+of+stock+options+granted%2C+but+also+the+value+of+profits+from+exercising+those+options+and+pension+payments.+Those+items+are+not+typically+included+in+the+reports+companies+file+with+the+Securities+and+Exchange+Commission.+%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EGMI+also+said+Hammergen+exercised+more+than+3.3+million+stock+options+during+the+year%2C+netting+him+%24112+million.+His+retirement+benefits+also+grew+in+value+by+%2413.5+million.+And%2C+GMI+added%2C+his+severance+package+would+be+worth+%24469+million+if+he+were+fired.%3C%2Fp%3E%3Cp%3EGemunder+also+benefited+from+a+large+exit+package+that+wasn%27t+included+in+the+company%27s+listing%2C+as+did+two+of+the+other+executives+who+made+GMI%27s+top+10+list.%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F15%2Fnews%2Fcompanies%2Fceo_pay%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

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