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Thursday, November 18, 2010

BankAtlantic lost jury verdicts in the suit by investors on stock fraud claim

BankAtlantic Bancorp Inc. executives misled shareholders about the riskiness of the bank's portfolio real estate loans during the economic downturn in 2007, a Miami jury ruled in a case of fraud actions brought by investors.

Jurors in federal court deliberated three days before finding today that BankAtlantic officials ignored the loan guidelines in approving loans for land development, and then misrepresented problems with the deals on wheels press and telephone conferences. The panel said BankAtlantic to pay $ 2.41 per share for damages to investors who sought to $ 3.52.

"The jury had no hesitation in holding that the defendants liable for making false and misleading statements about subprime loans," said Mark Arisohn, a lawyer for the plaintiffs. "It was important for shareholders to be claimed."

BankAtlantic, which last reported a profit in the second quarter of 2007, was trading at more than $ 44 in January 2005. The Fort Lauderdale, Florida-based bank suffered a string of losses following a financial crisis caused by the collapse of U.S. market subprime mortgages in 2007.

BankAtlantic fell 10 cents, or 13 percent to 71 cents at 4:15 am in the market in New York Stock Exchange. The shares have fallen 45 percent so far this year.

BankAtlantic's lawyers argued in the case of five weeks that the executives did not foresee the crisis in the market for Florida real estate in the aftermath of the subprime and clear understanding of the problems within the bank's loan portfolio.

Struggle Continues

"We are very disappointed with the verdict," said CEO Alan Levan BankAtlantic said in a statement. "If this result is allowed to stand, would require public companies back to the day before Congress passed the Securities Litigation Reform. We will pursue every avenue to set the verdict aside."

In adopting the act, Congress provided safe harbor to the "vision statement" and intended to provide a forum for business executives to discuss the prospects of their business and without "fear of this kind of litigation," said Levan .

The verdict may encourage other groups of investors to sue. The deadline for remedy may have expired in many cases because the market collapsed three years ago, Miami-based attorney Andrew C. Hall, who represents shareholders, said today in a telephone interview.

Too Late

"We've been in these bad times for a while," said Hall. "Many of the companies should be free of litigation due to claims that have already been launched."

Jurors were asked to evaluate 19 independent states October 19, 2006, of October 25, 2007. It was determined that bank officials knowingly made eight states during this period that violated securities laws and investors damaged.

Eugene E. Stearns, a lawyer for BankAtlantic, said the company will appeal to a variety of reasons, including the U.S. Case District Judge Ursula Ungaro before the test that four of the 19 statements were false.

"Obviously we are disappointed with the result, but in light of the court in the four states, unsurprisingly, in particular," said Stearns. "The likelihood of ever collecting a dime in this is infinitesimally small."

Leticia Jurado Bacallao, a public school teacher in third grade, said the group of seven women and two men carefully evaluated each of the 19 states.

Jury Care

"I really wanted to make sure that the applicants had shown that each false statement," said Bacallao.

Jurors reached the amount of damages by deducting 52 cents per share, from $ 2.93 the stock fell after BankAtlantic disclosed the extent of the loss of its loans in October 2007, Bacallao said. Jurors concluded that the crash was caused by economic recession and not directly attributable to bank charges, he said.

Of the five officers of the company named as defendants, including Levan, CEO and chief financial officer Valerie Toalson, the jury found that all but one made false statements. The jury acquitted John Abdo Vice President of any wrongdoing. Abdo, the current single bank official verdict, declined comment.

Investors originally sought compensation of up to $ 3.52 per share on its assertion that they were tricked into buying shares of BankAtlantic guarantees that the loan officers of the institution of real estate was solid.

Ungaro ruled that the testimony at the trial indicated damage of investors should be limited to no more than $ 3.30 per share if the jury found for shareholders.

the outlook for the rescue of Ireland & U.S. Stocks Rally on Manufacturing Report


U.S. stocks rallied, sending the major landmarks of heritage to their biggest gains in two weeks, as speculation grew that Ireland will accept a rescue plan to bail out the indebted banks and reports on manufacturing and jobless claims bolstered optimism about the economy.

Alcoa Inc. and Halliburton Co. rose 3.4 percent less than metal prices rose and crude oil rebounded from a fall four days. Caterpillar Inc. advanced 2.4 percent as the world's largest maker of construction equipment said worldwide retail sales of machines soared 48 percent. General Motors Co. rose 3.6 percent to its return to public trading after a 20 billion U.S. dollars initial public offering.

500 of Standard & Poor's rose 1.5 percent to 1,196.69 at 4 pm in New York. The Dow Jones Industrial Average added 173.35 points, or 1.6 percent, at 11,181.23.

"It seems that everyone wants a meeting today," said Jeffrey Davis, who oversees $ 5,000,000,000 as chief investment officer at Lee Munder Capital Group in Boston. "U.S. economic numbers have been very supportive. In addition, we are quite satisfied with how Europe is handling the situation in Ireland. And obviously IPO GM is keeping a positive tone with the thought of all. I'm encouraged. "

The S & P 500 fell by the largest amount in nearly three months on November 16 amid speculation that the debt crisis is worsening in Europe and China will take measures to slow its economy. The benchmark has still a leap of 17 percent since July 2 as the Federal Reserve increased its asset purchase program to stimulate growth.

World Rally

The MSCI World Index had its biggest gain since November 4 today as Ireland's bonds rose after central bank Governor Patrick Honohan said he expects Ireland to take a loan from the European Union and the International Monetary Fund worth " tens of thousands of millions "of euros. Irish Finance Minister Brian Lenihan said the government is willing to ask for a bank rescue package after the conclusion of negotiations with the EU and the IMF, which sent teams to Dublin today.

"Europe is a bit of entertainment to the U.S.," said Barry Knapp, chief equity strategist U.S. Barclays Plc in New York. "It would be a major problem if the data here weakened. That is not the case."

U.S. equity futures extended gains as the Labor Department figures showed that applications for unemployment insurance payments increased in 2000 to 439,000 in the week ended Nov. 13. The total number of people receiving unemployment insurance fell to its lowest level in two years, while the benefits are more widespread.

Manufacturing

The shares added to their advance after manufacturing in the Philadelphia region expanded in November at its fastest pace this year. The Federal Reserve Bank of Philadelphia's general economic index rose to 22.5, exceeding the most optimistic forecasts, a measure of 1 to the previous month. Readings greater than zero signal expansion. Another report showed that U.S. leading indicators index rose for a fourth term in October.

The shares of economically sensitive industries, metals and energy producers to manufacturers and technology industry, led gains in the S & P 500, meet at least 1.8 percent.

Commodities and global industry manufacturers gained the dollar fell, sending the Thomson Reuters / CRB Index of 19 commodities by 2.4 percent, its largest increase since 08 October.

Alcoa, the largest U.S. aluminum producer, rose 3.4 percent to $ 13.38. Halliburton, the global provider of oilfield services, the second largest, rallied 5.8 percent to $ 37.56.

Caterpillar 2.4 percent, to $ 83.11. General Electric Co., the world's largest maker of aircraft engines, turbines for power plants, medical imaging equipment and locomotives, gained 1.5 percent to $ 16.04.

'Healthy' Recruitment

GE Capital, a unit of Fairfield, the Connecticut-based conglomerate and one of the largest U.S. lenders to small and medium enterprises this year, according to a survey of CFOs found that the majority who are experiencing improved access to capital, low to moderate economic growth and "healthy" for recruiting.

"None of the CFOs expect a double dip, and 84 percent see steady improvement" in economic conditions, said Dan Henson, who oversees GE Capital in the Americas. "The outlook has improved. You have a moderate growth to a decent job."

GM, which was in bankruptcy last year after nearly a century in the New York Stock Exchange, rose 3.6 percent to $ 34.19 after climbing as high as $ 35.99. The owners of the automaker, including the U.S. Treasury sold 15.8 billion U.S. dollars of common stock at $ 33 each yesterday in the U.S. IPO second largest in history.

The offer of $ 4.35 billion of preferred stock and an over-allotment option could increase the total to $ 23.1 billion, up from $ 22,100,000,000 raised by Beijing-based Agricultural Bank of China Ltd., the largest initial public offering of shares of the story.

Applied Materials

Applied Materials Inc. added 2.2 percent to $ 12.65. The largest producer of chip manufacturing equipment said earnings more than triple that semiconductor manufacturers asked for more equipment. Net income for the fourth quarter rose to $ 468 million, or 35 cents a share, from 137.9 million U.S. dollars, or 10 cents, a year earlier. Analysts on average projected earnings of 31 cents and sales of $ 2.6 million.

NetApp, Inc. rose the most in the S & P 500, gaining 7.9 percent to $ 53.12. The third biggest seller of external storage systems, "said team in a conference call on Monday it expects to gain market share and is considering the repurchase of shares. The company also raised to "buy" from a "hold" Canaccord Genuity Inc.

"Groups of Leadership"

The S & P 500 has lost 3.9 percent from a maximum of two years on November 5 through Sunday, is unlikely to fall more than 8 percent of its 2010 high, said deGraaf Jeffrey ISI Group Inc. He said the trend of the stock market turned positive indicators last month as the time recorded on 3 September the best showing since March 2009. The historical trend of growing populations by the end of January, and the leadership of commodities, consumer and industrial companies during retirement, supporting a bullish outlook, he said.

"You want the public leadership that stands in the actions," said the head of technical analysis at ISI. "It's a dangerous time to fight in a strip of strong seasonality. So let's get a building - I do not think it's anything worse than 1130 - and then take another run at a new level."

The benchmark for options on U.S. stock fell the most since June 2. The VIX, as the Chicago Board Options Volatility Index is known, fell 14 percent to 18.75. The index, which measures the cost of using options to hedge against S & P 500 declines, has fallen by more than half since the peak of this year of 45.79 in May.

Greece's government plans to reduce the costs to cut the budget deficit of 6.8 billion

Greece's government plans to cut the budget deficit of 5 million euros (6.8 billion) in 2011 by reducing costs, including wages in state enterprises, and increased sales taxes to meet the objectives under a bailout led by the European Union.

The deficit was reduced to 7.4 percent of GDP or 17 billion euros, 9.4 percent of GDP this year, according to an emailed statement from its headquarters in Athens, now the Ministry of Finance. That compares with a target of 7.6 percent under the May agreement with the EU and the International Monetary Fund to secure € 110 000 000 000 in emergency loans.

"The 2011 budget should contribute to absolute adherence to the policy and allow unimpeded continuation of payment" loans, Finance Minister George Papaconstantinou told reporters in Athens today. "We all know the economy is at a critical turning point."

the efforts of Prime Minister George Papandreou to reduce the deficit are hampered because growth is slowing and earnings after the EU raised its estimate for the country's deficit in 2009 to 15.4 percent, the largest in history euro. Greece lifted its deficit forecast calls through the European officials to do more to achieve the objectives agreed in the plan of EU-led rescue that saved him by default.

Repeated revisions

A month ago, predicted that Greece's budget deficit reduced to 7 percent of GDP next year from 7.8 percent estimated that the review of the EU. The economy is forecast to shrink 4.2 percent this year and 3 percent in 2011, the contractions more than expected in May.

repeated revisions of the budget figures for Greece, Papandreou starting after last year revealed that the gap was twice the previous forecast, spurred an increase in costs that pushed the country to the brink of failure and led to a crisis debt in the region. The premium investors demand to hold Greek bond yields 10 years of similar maturity German bonds fell 15 basis points to 888 today, down from a peak of 973.1 in May.

The budget plan includes 14 million euros of spending cuts and revenue measures, more content in the project launched in October. These efforts include cuts in spending and military health care, saving "interventions" in state enterprises and to combat tax evasion and collecting back taxes. An amnesty came out last month has so far raised € 300 000 000 and will run until the end of the month, said Papaconstantinou.

Public sector wages

He said efforts will focus on reducing the wage bill in public enterprises, including public transport operation, where wages often exceed income. The plan will save € 800 000 000 and avoid the need to lay off workers, he said.

It is "not possible that wages in these companies that are 40 percent more than the rest of the public sector and double the private sector," said the minister.

ADEDY, the largest public sector union, said it will stage a 24-hour nationwide strike on December 15 to protest the measures, and join a strike called by the General Confederation of Labor, or GSEE, the largest Greece's private industry union. ADEDY also carry out a three-hour strike on 25 November, Despina Spanou spokesman said by telephone.

The government also pledged to take steps to get more out of the assets controlled by the state as the extension of the duration of the contract for the Athens international airport.

The government will increase the lowest rate of sales tax to 13 percent from 11 percent, still a tax on profitable companies freeze pensions and to achieve the objectives of 2011. To drive growth, Greece reduced the tax on undistributed corporate profits to 20 percent from 24 percent, and the tourism sector to key a cut in value added tax, reduction of the rate of 11 percent 6.5 percent.

Greece has decreased in pensions and wages to compensate for a delay in the growth of tax revenue that hinder efforts to reduce the deficit.

Tax Bond South Korea may stimulate other emerging markets to raise barriers

South Korea's reactivation of a tax on foreigners investing in bonds can drive more emerging markets to act to curb the flow of funds pushing up their currencies.

The government will back legislation to restore a 14 percent tax on bonds and expedite its passage by the National Assembly, the Ministry of Finance said yesterday.

The Group of 20 in Seoul last week gave the emerging nations more space for growing counterpart funds in higher yielding markets. Officials from Africa to Asia and Latin America have taken steps this year to reduce and limit the entries in their currency to protect exporters and prevent asset bubbles.

"Other emerging countries may follow suit as the G-20 gave them license to use some capital controls as a shield," said Oh Suk Tae, an economist at SC First Bank Korea Ltd. in Seoul. "They know they can not reverse the flow of global funds. They just want to slow them."

The most advanced won against the dollar of 16 major currencies yesterday and has gained 29 percent since March last year. The tax can not be revived while moving the funds into the country after the Bank of Korea this week raised interest rates and the U.S. Federal Reserve said it would buy 600 billion U.S. dollars of Treasury bonds, which could encourage foreign capital.

"The question now is whether to impose the tax returns will be sufficient to deter foreign investors," said Lim Ji Won, an economist at JPMorgan Chase & Co. in Seoul. "We will be watching to see if the government needs to do more, such as setting rules on foreign currency derivatives in foreign banks."

The higher yields

The government bond yield of 4 percent due September 2015 rose 5 basis points after the announcement, according to the Korea Stock Exchange. The won rose 0.9 percent to 1,134.53 per dollar at the 3 pm close in Seoul, according to data compiled by Bloomberg.

Recognized G-20 nations may be necessary to curb capital inflows after the Fed's November decision to raise three asset purchases, a strategy known as quantitative easing.

Thailand is to stop for foreigners 15 per cent tax exemption on income of national obligations, while Brazil last month tripled the tax on local purchases of fixed assets of foreign investors. Taiwan, which announced a 9.8 percent third-quarter economic growth yesterday, this month restored curb foreign investment in debt originally scrapped in 1995.

The Asian Development Bank said that while capital controls may be appropriate at times, political leaders must have a plan to kill them.

'Something controversial "

"We see maybe a role for temporary capital controls, well designed," said Joseph Zveglich, assistant chief economist at the bank, in an interview in Tokyo yesterday. "But this is something that will always be somewhat controversial, partly because there is a tendency for temporary measures become permanent and can cause some distortion."

Song Sik Kim, a lawmaker from South Korea's ruling Grand National Party, last week introduced a bill to revive a tax of 14 percent on the bonds by foreigners to curb volatility. Gil Kang Boo, another member of parliament from the ruling party on 12 November presented a bill that would introduce a tax rate on investment earnings flexible Korea treasury bonds and central bank in the hands of investors foreign.

The ruling Grand National Party controls 171 seats in the legislature of 299 members. Kim told opposition lawmakers in the Democratic Party want to control even more difficult measures such as a capital transaction tax.

Asset bubbles

"The purchase excess bond foreigners can make markets more volatile, which in turn can put the whole economic system at risk," said Deputy Finance Minister Yim Jong Yong reporters today in Gwacheon, south of Seoul. "You can create inflation and asset bubbles and threaten the country's international credibility if the funds leave the country at a time."

Yim also said that South Korea possibility of more measures of capital inflows if necessary. In May 2009, Korea eliminated the tax for foreign investors to attract more investment.

"This is a mistake," said Christian Carrillo, head of interest from Asia and Pacific rates strategy at Societe Generale SA in Tokyo, the bond tax plan. "It will not keep the cattle is raised the current account surplus is greater than the KTB flows," he said, referring to Treasury of Korea.

The Bank of Korea on November 16 raised the repurchase rate of seven days by 0.25 percentage point to 2.5 percent, higher interest rates again this year, after inflation climbed the roof of the bank last central.

Consumer inflation in prices accelerated to a maximum of 20 months from 4.1 percent in October. The central bank targets a 2 percent to 4 percent on average through 2012.

Increasing Profit on Component Prices & Dell Sales Miss Analysts' Estimates .



Dell Inc., the world's third-largest supplier of personal computers, reports third-quarter sales missed That Analysts' Estimates AMID languid Consumer Spending.

Sales in the quarter rose 19 Percent to $ 15.4 billion, Round Rock, Texas-based Dell Said in a statement today. That missed the average $ 15.7 billion of Projections compiled by Bloomberg. Still, profit WAS Excluding Certain items 45 cents a share, Exceeding the 32-cent average estimate.

Dell PC-maker and Its Rivals Are Facing Slowing Growth in shipments as Consumers, Concerned about recovery, put off computer Purchases. Chief Executive Officer Michael Dell has Work to Lessen the company's dependence on PC sales. He's Spending more on research and Development and using acquisitions to build up the server, data storage, networking gear and technology services divisions.

Sales of Dell's smartphones and tablet computers Streak Have been "disappointing," Said Shaw Wu, an analyst at Kaufman Bros. in San Francisco.

"They've Been arguably out of position" in laptop sales Because They Do not sell-through retail outlets as much or fast-growing in Emerging Markets, Said Wu, Who rates Dell shares "hold" and Does not own any.

Late trading shares of Dell WAS halted prior to the results. The stock climber 32 cents to $ 13.67 at 4 p.m. New York time on the Nasdaq Stock Market. The shares lost 4.8 Percent Have this year.

Prices for computer components like hard drives and memory decline, helping to shore up Profitability, Chief Financial Officer Brian Gladden Said in an interview after the results.

Global PC shipments rose 11 Percent in the third quarter, down from 22 Percent in the second quarter. Dell trails Hewlett-Packard Co. and Acer Inc. in global PC shipments.

Consumer Business

Dell gets about 80 PERCENT of STI corporate and Government revenue from sales s, which fared Better Than ITS consumer business. The company dog enterprise use cash from sales to fund new products and distribution channels for consumer STI less popular machines, Said Richard Shim, an analyst at Framingham, Massachusetts-based research firm IDC.

"If they're going to invest in the consumer business, this is the time to do it," Shim said. "They're Trying to clean up the brand story."

In the corporate market, There is still Opportunity for PC makers to capitalize on upgrades to new PCs running Microsoft Corp. 's Windows 7 operating system, in an interview Gladden Said this month.

Net income in the third quarter More Than Doubled to $ 822 million, or 42 cents a share, from $ 337 million, or 17 cents, a year earlier.

Dell Said That Ron Garriques yesterday, Who runs the division That Focus on mobile devices, will leave the company in January.

Walter Energy offered to buy Canada’s Western Coal Corp for 3.300.000.000 $


Walter Energy Inc., a producer of the southern Appalachians carbon steel, offered to buy the Western Canadian Coal Corp. for C $ 3,300,000,000 (3.2 billion) to increase access to commodities such as increased demand drives prices.

Walter Energy, based in Tampa, Florida, an offer for the outstanding common shares of Western Coal C $ 11.50 per share in cash and stock, the U.S. company said in a statement, adding that it is in exclusive talks. They also agreed to purchase a stake of 19.8 percent in the Western Coal, from the largest shareholder of Audley European Opportunities Master Fund Ltd. for C $ 630 million.

"A transaction with Western coal would transform our company," said Joe Leonard, interim executive director of Walter Power, in the statement. "The combined company would be the leading publicly traded pure-play producer of metallurgical coal in the world."

Producers are trying to add resources and expand the reserve price of coke and steel, coal feed. Demand from Asia caused prices in the fourth quarter, 62 percent from the previous year to $ 209 a tonne, according to a benchmark contract between BHP Billiton Ltd., the largest exporter, and Japanese steelmakers JFE Holdings Kobe Steel Ltd.

Superior Premium

Walter energy supply represents a premium of 59 percent to 20 days the average price of western coal C $ 7.23 on the Toronto Stock Exchange. That compares with an average premium of 24 per cent for deals in the coal industry, announced earlier this year .

"A premium of almost 60 percent seems a lot," said Sachin Shah, special situations and merger arbitrage strategist at Capstone Global Markets in New York. "As the largest shareholder who supports some kind of agreement will eventually happen."

Western coal rose C $ 3.38, or 46 percent to C $ 10.76 at 11:40 pm in Toronto. Walter Energy fell 34 cents, or 0.4 percent, to $ 94.37 on the NYSE stock exchange.

Walter Power begin due diligence "immediately" in order to reach an agreement within the next two weeks, Leonard said in a conference call.

Morgan Stanley is advising Walter, and Simpson Thacher & Bartlett LLP and Osler Hoskin and Harcourt LLP are lawyers. Western Coal is by Royal Bank of Canada, Cenkos Securities Plc, Goodmans LLP, Paul Weiss, Rifkind, Wharton & Garrison LLP and Llana and Hamlins LLP.

World steel production

Walter has provided over 50 percent growth in global steel production over the next decade, boosting consumption of coking coal. "China, Brazil and India will continue to see significant growth, this dynamic will increase demand," said Leonard.

Walter increase production by 36 percent to 9.5 million tonnes in 2012, while Western Coal, which operates in Canada, U.S. and Britain, aims to produce 11 million tons in the fiscal year through March 2013, 6.7 million tons in fiscal 2011, the statement said.

"The increased production and reserves position of the merged entity to leverage current and future force in the global metallurgical coal markets," said Walter.

Massey Energy Co., the largest coal producer in Appalachia, with 2.8 million tons of reserves, will consider proposals for merger of steel makers in a board meeting on November 21, CEO Don Blankenship said yesterday in New York. Very held U.S. producer Drummond Co., which has assets in Colombia, could be the target of BHP, UBS AG said on Nov. 5.

Walter West Coal Energy and will not pay penalties if a "definitive agreement" has not been reached and the exclusivity agreement between them is not binding, according to a separate statement from Western coal.

Workers less than expected to present the claim for CAP



Workers less than expected to present the claim for CAP are completely U.S. Last week, a sign the labor market is starting to improve.

Requests for CAP Insurance Payments are fully rose 2000 439 000 in the week ended November 13, The Labor Department figures Mostro Today in Washington. The total number of characters CAP insurance recipients are completely fell to the lowest level in two years, while the service reception extended payments went up.

Companies are reducing redundancies and starting a catch the pace of hiring, the key paragraph reduce the CAP is fully Nearly 10 Percent and Increase Consumer Confidence and Spending it. Citing a "slow" Recovery Employment and Production, Federal Reserve November 3 said it would buy the $ 600 billion in Treasury bills to June.

"Is indicative of a slight improvement in the job market," said Stephen Stanley, chief economist Pierpont Securities LLC in Stamford, Connecticut. "It is moving in the right direction, but still vu Claims Numbers Very High."

The index futures held an Early gains after the report on Ireland's optimism on the verge of bailout OK without a paragraph Rescuing Banks Indebted SUS. 500 With the contract on the Standard & Poor's due in December rose 1.2 percent from the 1191 United Nations a paragraph 8:40 hours in New York. Treasuries fell, sending the yield on the Reference one to 10 years from 2.88 percent 2.91 percent yesterday Afternoon.

Better than expected

Benefits are fully Requests for CAP projected to increase another 441,000, according to the median forecast of 46 . Estimates range from a 426 000 455 000. The Labor Department revised the previous week figure of a 437.000 from the previously reported 435,000.

Were the Government Offices Closed November 11 for the holiday of Veterans Day, as it normally results in a drop in applications by Seasonal bras. The decline matched This Year Government projections, which few changes in the adjusted data, without Labour Spokesman Stephen said the figures being Puestos Liberty is.

Today's report is for a Week, The Department of Labor Survey Companies paragraph Calculate The Monthly Payroll figures. The Employment Report is the Next December 3rd.

The four-week moving average of, a less volatile than weekly figures, fell by 443,000, the lowest level since September 2008, the report showed.

Continuing Claims

The number of people continuing to receive benefits for CAP are completely fell by 48,000 in the week ended November 6 to 4.3 million.

The number of continuing claims not include the number of Americans who receive emergency and Large Federal programs.

Those who have exhausted their traditional benefits and are now reaping emergency Wide Payments 121,000 increased by about 4.93 million in the week ended Oct. 30.

The "rate of CAP are completely Among Persons eligible for benefits if declined by 3.4 percent in the week ended November 6, from 3.5 percent the previous week.

Forty-two states and territories of the UN reported increase in applications, while 11 REDUCTION A said. This data if presented with a delay of one week.

CAP initial claims are completely Layoffs Weekly and tend reflect a fall in employment growth - measured by the Monthly Employment Report - Accelerate. That relationship itself has broken in recent months and some who are still companies cutting staff, while others do expand, pointing an uneven recovery UNA.

Payroll Growth

Companies that do add 159 million workers from payrolls in October, not fourth consecutive month of over 100,000 Puestos of jobs created, AND CAP are completely self-maintained at 9.6 percent, the Labor Department reported On 5 November.

"High" and CAP are completely Inflation "low" if you request the political leaders of the Federal Reserve announced a paragraph This message Second Round Asset Purchase a Large Scale.

"The" cap rate is high are complete, and underlying inflation measures relatively Low child, in relation to levels of "Policy-makers see as consistent with its mandate, the Fed said in its" Declaration of 03 November.

CAN receive the United Nations Procurement those driving retailers an extra from the holiday shopping season, which began this month. Kohl's Corp., a chain of department stores, hire a planned takes a UNA 40,000 people to the holiday period, 21 percent more than last year. Bentonville, Arkansas, Wal-Mart Stores Inc., the world's biggest retailer, also gained the temporary staff.

"When the holidays Recruitment Debe services like last year," said spokesman Greg Rossiter journalists last month.

Other companies are adding staff, who see a van in a longer-term demand. Citigroup Inc., to recruit nearly 200 bankers PLAN a finales of 2011, the Courts of Small Businesses.

"Paragraph is a new approach us," said Raj Seshadri, Head of Small Business Banking New York, Citigroup, in an interview. "We believe we can help a business owner and Economic Recovery, and No money involved paragraph our shareholders."

Ireland Government May Accept Aid for Banks From Europe, Lenihan says



Ireland said it would ask for international bailout as the European Central Bank President Jean-Claude Trichet indicated that the debtor nations-cannot be trusted to keep its financial system afloat forever.

Finance Minister Brian Lenihan said in Dublin that it would welcome the creation of "a significant equity financing of emergency" for Irish banks. In Frankfurt, Trichet said in a speech that first used the policies to combat global credit crisis can not "become a dependency of the conditions normalize."

The ECB is concerned that banks in Ireland and Greece are becoming too dependent on their unlimited money market operations and is pushing Ireland to accept a rescue funded by EU governments and the International Monetary Fund. Irish Central Bank Governor Patrick Honohan, said today that an agreement can amount to "tens of billions" of euros.

EU, IMF and now ECB officials began studying the books of Irish banks battered by the housing slump in the country. Investors dumped bonds of Ireland last week by worries about the country's ability to keep its financial system afloat, forcing the government of Prime Minister Brian Cowen, to abandon its refusal to seek outside help.

"It's pretty clear that the banking sector is under great stress and the money is coming from banks and this should be addressed," said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. "We have to take the money and stick with it."

"Very desirable"

Irish bonds rose today, pushing bond yields to 10 years in the country up 5 basis points to 8.28 percent as of 14:55 in Dublin. The premium investors charge to keep the benchmark German bond fell to 542 basis points from 554 basis points yesterday. Hit a record 652 points on 11 November. Honohan said that Ireland is likely to pay a rate close to 5 per cent interest on loans, similar to the rate offered to Greece when ransom in April. Lenihan said it was "very desirable" to create a trust that must not be used. An agreement is not here yet

"It will be a huge loan for the purpose of the amount advanced or to be made available, to show Ireland has a sufficient arsenal to address concerns of the market," said Honohan. "We're talking about a substantial loan."

Balancing Act

problems in Ireland, following the near collapse of the finances of Greece earlier this year, contrasts with the strong economic growth in Germany. Europe's biggest economy expanded at the fastest pace since 1990 in the second quarter and business confidence rose to its highest since May 2007 last month.

That is to address the ECB with a balancing act in trying to prevent Germany from overheating while the financial system underpinning the periphery of the euro region.

"The ECB seems very uncomfortable with the role it has had to play in this ongoing drama," said David Mackie, chief European economist at JPMorgan Chase & Co. in London, "a central bank's lender of last resort function not intend to fund fifteen to twenty percent of the balance of the banking sector in an open-ended basis. "

Underscoring the reluctance of the ECB to be blown off course, Trichet emphasized the central bank's willingness to withdraw the emergency measures if needed next year. ECB's benchmark rate is currently at a record low of 1 percent.

"We believe that we are not obliged to remove non-standard measures before considering interest rate increases, we could do one or the other or both," he said.

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Ireland's banking crisis has added to the tax burden on the nation after the recession and falling real estate tax revenues eroded. The talks with the EU and the IMF may change the government's finances after Economic and Monetary Affairs Commissioner Olli Rehn said on 16 November that the banking problems in Ireland are "overflowing the sovereign." Said an EU official familiar with the talks November 16 that a package can pave the way for the government to stay out of the bond market for a long time.

Fitch Ratings said today it will revise its level of Ireland "in light of any package agreed with the IMF and the EU."

The review will include an assessment of "the likelihood that it would allow Irish banks, and in particular the government to regain access to market financing at affordable prices," Fitch said in a statement. He got credit grade from AA Ireland, on 6 October and said the country was in a "negative outlook."

Budget Plan

Lenihan is due to publish details of a period of four years, 15 million plan to reduce the budget deficit this month and its 2011 budget on December 7. Government of Ireland has said the final cost of the bailout may amount to EUR 50 million (sixty-eight billion), about a third of gross domestic product.

Honohan, said it was "true that banks need more confidence," even after the government pumped billions of euros to lenders such as Allied Irish Banks Plc and Anglo Irish Bank Corp. "Our efforts, huge amounts of money made by the government to support banks have not yet generated enough confidence "among investors, he said.

Allied Irish subordinated notes fell today on speculation no ransom for the EU and the IMF will impose losses on bondholders.

The bank bonuses of 12.5 percent subordinated due 2019 were quoted at a bid price of about 45 percent of its nominal value, according to Jefferies International in London, down from 100 percent in September . Swaps credit-default secure € 10,000,000 of the debt upfront cost € 5,100,000 and € 500,000 annually, according to CMA.

A boycott of Arizona businesses in immigration law could have cost 141 $ million .

A boycott of Arizona businesses in immigration law could have cost the state's economy as much as $ 141 million, a policy group based in Washington estimated.

Convention bookings for July and August fell 35 percent from the previous year, cutting revenues by $ 45 million property, the Center for American Progress, said in a report released today. Recover the cost of food, beverages, entertainment, local transportation and retail products brought the total cost to $ 141 million, according to the report.

The boycott is aimed at an Arizona law requires police to determine the immigration status of people detained for questioning. credit of the state may be affected if the boycott hurts tourism, Moody's Investors Service said in May. In July, Moody's cut the state from one level to Aa3, its fourth highest rank of credit, citing "economic and financial weakness."

"This blow to the direct costs of the visitors could not come at a worse economic times to Arizona," said the report of the policy group founded by former chief of staff of the Clinton administration, John Podesta, in 2003. The center is defined as a critic of conservative values and a supporter of the progressive movement.

The tourists spent 16.6 billion U.S. dollars last year in Arizona, where the tourism industry supports 157,000 jobs, the Office of Tourism said on July 15.

Bernanke defended its record expansion of monetary ( Fed Policy ).

Federal Reserve chairman, Ben S. Bernanke defended its record expansion of monetary stimulus at a meeting with key senators and Republican lawmakers intensified their criticism of the policies of the central bank chief.

Bernanke, in a closed-door meeting yesterday, said the Fed's plan to buy $ 600 billion in assets would stimulate job growth, keeping inflation under control. John Boehner, the presumptive Speaker of the House, and three other Republicans Bernanke sent a letter expressing "deep concern" about a policy that he said risked weakening the dollar and fueling asset bubbles.

Bernanke, for months to prepare financial markets for the second round of stimulus, which was announced Nov. 3, the day after the elections that gave Republicans control of the House of Representatives in a wave of anti-government . St. Louis, James Bullard, Bernanke said the Fed could have done a better job of explaining how their policies differ from federal bailout of financial institutions.

"What is really only common monetary policy was confused, I think, with other government programs, recovery programs," Bullard told reporters yesterday after a speech in St. Louis. "It depends on us to try to improve communication on monetary policy."

Bernanke yesterday's letter was also signed by Rep. Eric Cantor of Virginia, Senate Republican leader Mitch McConnell of Kentucky and Sen. Whip Jon Kyl of Arizona.

Dollar Strength

"While the intention of improving short-term growth of U.S. economy and help maintain a stable price level as a measure introduces significant uncertainty about the future strength of the dollar," the letter said. The purchases could "result both difficult to control inflation over the longer term and potentially generating artificial asset bubbles."

Mark Calabria, a former aide to Senator Richard Shelby of Alabama, the ranking Republican on the Banking Committee, said the letter indicates that congressional leaders are taking advantage of an important issue to his political base. McConnell made a similar calculation this week to abandon its opposition to the ban on budget "assigned" to the projects of legislators pet, Calabria said.

"They are responding to what they believe are some of the Tea Party and Republican concerns," said Calabria, now director of financial regulation studies at the Cato Institute in Washington, a policy research group that favors free markets. "They are feeling the Fed and Bernanke are not very popular right now."

Palin Letter

Sarah Palin, vice presidential candidate 2008 that helped propel some Republicans to victory this year's election, today renewed his criticism of the Fed in a letter to the Wall Street Journal.

"It's time 'refudiate" the idea that this dangerous experiment in the printing of 600 billion U.S. dollars out of nowhere, with nothing to back it up, magically solve economic problems, "wrote Palin, who said in New York Times and ABC News reports this week it is considering a 2012 race for president.

The difference between yields on Treasuries widened 2 to 10 years after criticism from Republicans yesterday. The difference between yields on 2 - and 10-year debt rose to 2.39 percentage points and was close to 2.45 percentage points the previous day that touched the highest since July 16.

Yields on longer-term debt are growing faster investors demand a higher premium against the risk that Fed officials will not be able to control rising inflation after completing the purchase of assets.

Mandate for change

letter yesterday from Republicans was more than a week in which 23 people, including former Republican government officials and economists, Bernanke called for an end to the stimulus, while Republican lawmakers proposed stripping the Fed of its mandate to promote full employment.

Republicans "do not trust the Fed and see it as rewarding bad behavior of the opposition," said Vincent Reinhart, a resident scholar at the American Enterprise Institute in Washington and former Federal Reserve chief division counsel.

second round of central bank purchases of assets works out to about $ 110 billion as of June because the New York Fed is also the reinvestment of the proceeds from the Fed's holdings of mortgage debt maturing. Covering about what bond traders will consider funding the Treasury monthly next year's needs.

"The monetization of deficits far easier and does not address the problem" in view of the Republicans, "said Reinhart.

Bear Stearns Rescue

The Republican attacks are among the toughest since the Federal Reserve rushed to rescue the financial system with the support of Bear Stearns Cos. and American International Group Inc., during the financial crisis.

Bernanke, the meeting of the Senate, said he and his colleagues "remain absolutely committed to not letting inflation or inflation expectations get out of control," said Sen. Evan Bayh, Democrat of Indiana, told reporters after the 40-minute session.

The Fed chief told senators that central bank officials "want to do what you can now encourage more growth rather than less," said Bayh. The second round of previous purchases followed a 1.7 trillion U.S. dollars of the bond program with purchase option. Economists call quantitative easing, and that the strategy aims to increase the amount of bank reserves.

Focus on inflation

Sen. Bob Corker of Tennessee and Rep. Michael Pence of Indiana are proposing legislation that would eliminate the Fed's mandate of full employment and have the central bank's focus on inflation alone.

"The Federal Reserve has not received the message," said Pence in the House yesterday. "Printing money is not a substitute for sound fiscal policy."

House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, came out in defense of Bernanke, told reporters that his actions had been "very useful" and "activity prevented much worse."

"They have to use monetary policy tools that help us to reduce the unemployment rate," said Senator Bernard Sanders, a Vermont independent, in a separate meeting with reporters. "I do not think that we will deliver it. I will not give up supporting it."

Bernanke training as a young economist is the book of composition of the two disasters in the history of the Federal Reserve - the Great Depression and the inflation of late 1970. Bernanke, 56, has pioneered research with New York University professor Mark Gertler showing how the financial crisis may hasten the crisis, and criticized the Bank of Japan for not responding more forcefully to deflation.

Avoid Disaster

"The disaster they want to avoid is now becoming like Japan," Gertler said in an interview yesterday. "The Republicans do not understand the risks of deflation. The economy is weak right now that there is a risk that expectations of falling prices set in, and that will raise real interest rates."

However, hostility to the Federal Reserve is strong among Republican voters and especially the followers of the tea party, a large group of activists who want to curb the power of government. Forty-one percent of Republicans and 55 percent of Tea Party supporters believe that the Fed should be abolished or radically changed.

Last Loser

James Galbraith, an economist at the University of Texas at Austin, said the one-term loser from the Fed would be the Congress that it would not be able to perform the central bank on such critical issues as growth and employment.

"To say that you should focus on inflation and unemployment is a bit strange," said Galbraith, who helped write the Humphrey-Hawkins Full Employment Act of 1978, which established the Fed's dual mandate to seek price stability and full employment. "This is a warning shot for a couple of senators who know very well that not going to get a bill entertaining."

U.S rose for a fourth consecutive month

The U.S. index of leading indicators rose for the fourth consecutive month, manufacturing increased in the Philadelphia area and jobless claims rose less than expected, indicating the U.S. economy is accelerating.

"The slump is behind us," said Jonathan Basile, an economist at Credit Suisse in New York. "We have a little more momentum. Employers are getting a little more optimistic about the prospects and do not need to reduce costs as before."

The Conference Board's measure of the outlook for the next three to six months rose 0.5 percent for a second consecutive time, capping the biggest gains of back-to-back "from February to March, the research group in New York , said today. The factories in the Philadelphia region expanded at its fastest pace this year, and the number of workers seeking unemployment benefits during the past four weeks fell to its lowest level in two years.

Reports suggest the Federal Reserve's efforts to stimulate growth will pay off in the coming months as rising stock prices, close to historically low interest rates and improved job Americans will help finance repair market in tatters. The data gave the stocks rise after Ireland and went to get a bailout from the European Union, a new momentum.

500 of Standard & Poor's rose 1.7 percent to 1,198.07 at 11:55 am in New York. Treasuries fell, sending the yield on the benchmark 10-year to 2.94 percent from 2.88 percent late yesterday.

Philadelphia factories

general economic index of the Philadelphia Fed rose to 22.5, the highest since December, from a previous month. Readings greater than zero signal expansion in the area that covers eastern Pennsylvania, southern New Jersey and Delaware. The meter is forecast to increase to 5.

Applications for unemployment insurance payments increased in 2000 to 439,000 in the week ended Nov. 13, the Labor Department figures showed. The four-week moving average, a less volatile weekly figures, fell to 443,000, the lowest level since September 2008.

"Growth is reaccelerating in the fourth quarter after a slow third quarter," said Jim O'Sullivan, chief economist of MF Global Ltd. in New York. "It is still unclear how much of reaccelerating and acceleration extent possible."

The estimates for the index of 58 leading economists surveyed ranged from gains of 0.2 percent to 0.8 percent.

Prices, Stocks

Major contributors to the increase of the most important indicators were the difference between interest rates in the short and long term, and rising stock prices and money supply.

Bernanke said Oct. 15 that further monetary stimulus would be justified because inflation is too low and unemployment was very high. This month, policy makers announced a plan to buy another $ 600 billion in Treasury securities to maintain low interest rates to prevent inflation and much slower.

Stocks rallied last month in anticipation of Fed action. The October gain in the S & P 500 followed a 8.8 percent increase in the month before, the best performance of back-to-back "more than a year.

The Conference Board index of coincident indicators, a gauge of current economic activity, rose 0.1 in October after no change the last two months. The indicator tracks payrolls, incomes, sales and production - the measures used by the National Bureau of Economic Research to determine the beginning and end of U.S. recessions.

The index of lagging indicators increased 0.1 percent last month. The index measures business lending, length of unemployment, service prices and ratios of labor costs, inventories and consumer credit.

Distribution Index

Seven of the 10 indicators that make up the leading index are known ahead of time: stock prices, jobless claims, building permits, consumer expectations, the yield curve, hours of factory and supplier delivery times . The Conference Board estimates new orders for consumer goods, stocks of capital goods and money supply adjusted for inflation.

The income gains and stock prices are helping families repair tattered finances over a year in economic recovery that began in June 2009.

Bank of America Corp., the largest U.S. lender, for 5.6 billion U.S. dollars for credit losses in the third quarter, compared with 8.1 billion U.S. dollars in the second quarter and 11.7 billion U.S. dollars the previous year. Net writedowns of bad loans in the Charlotte-based lender in North Carolina declined 25 percent.

"Everything we see points to a continued recovery, although slow recovery," said Bank of America CEO Brian T. Moynihan at a conference sponsored by the company on 16 November. Commercial lending is beginning to turn around and consumers are spending more on leisure, said.

General Motors Shares Climb After $20 Billion IPO


General Motors Co., which went bankrupt last year after nearly a century in the New York Stock Exchange, rose to 9.1 percent in sexually transmitted infections after the return to public trading in 20 billion U.S. dollars offer Initial public.

GM gained 7.5 percent to $ 35.46 at 10:08 am, after climbing as high as $ 35.99. The owners of the automaker, including the U.S. Treasury sold 15.8 billion U.S. dollars of common stock at $ 33 each yesterday in the U.S. IPO second largest in history. Company's offer of $ 4.35 billion of preferred stock and May over-allotment option to increase the total to $ 23.1 billion, up from 22.1 billion U.S. dollars raised by Beijing-based Agricultural Bank China Ltd., the biggest initial public offering of shares of the story.

GM provides the flesh of the 16 months after it emerges from bankruptcy and brings back CEO Dan Akerson closer to the historical target of 49.5 billion in the automaker received a taxpayer bailout last year. The Treasury Department, what is going to get as much 13.6 billion dollars from the IPO, will have to sell GM shares remaining for an average of about $ 53 to redo the ITS Each total investment.

"The new manager has warts, as it comes," said Lawrence Creatura, a Rochester, New York-based fund manager at Federated Investors Inc., which 340 billion U.S. dollars abroad. "If you're anywhere in the range of zero to gain entry to a single digit, which probably was classified as a successful day."

GM's predecessor who was listed on the NYSE on December 20, 1916, according to the website of the Stock Exchange, began trading today under the ticker symbol GM. The automaker based in Detroit began trading on the Toronto Stock Exchange under the ticker MMG.

GM, Lehman

General Motors Corp. sought bankruptcy protection under Chapter 11 on June 1, 2009, after the failure of New York, Lehman Brothers Holdings Inc. in September 2008 and the help of the credit markets froze cause the biggest recession since the Great Depression.

GM owners sold 478 million shares for $ 33 night at the U.S. Mayor From San Francisco each IPO, Visa Inc. 's 19.7 billion U.S. dollars in sales in March 2008.

The Treasury needs to sell all shares of GM were held at an average price of $ 43.67 to pay the costs of ITS investments. This would require ITS outstanding 500 million shares sold at $ 53.07 याच.
"We just get our money back, if we are very patient and if GM performs very well," said Joe Phillippi, director of AutoTrends Consulting Inc. in Short Hills, New Jersey. "GM has to actually hit the ball out of the park over the next two years."

Game Treasury

The Treasury Offer of 358,500,000 shares of the IPO, about 95 million more shares than planned initially, and rely on the United Auto Workers' retiree health sold 18 million more, GM, according to regulatory documents. The over-allotment option an additional increase of 14,300,000 shares offered by the Treasury and 2.7 million by the trust of the UAW.

The IPO would be the lowest bid of the Treasury at 37 percent, or 33 percent over-allotment option, 61 percent, Eichmann filings. The UAW trust investment would drop to 14 percent, or 13 percent to 20 percent option.

IPOs of GM "is an important step in turning the company and work for our taxpayers' money to recover this investment and the exit as soon as possible," Treasury Secretary Timothy F. Geithner said in a statement. "It is now widely recognized jobs taxpayer investment to help save not only during the worst economic crisis in a generation, but also gave the auto industry a solid base on which to build."

Relative Value

While the Treasury has increased the number of shares originally had planned to sell, left Canada and Ontario Unchanged Part of its offer. Canada will recover ITS investment in the bailout plan that if they sell more shares in the IPO if GM shares rise. GM increased its bid to as much as $ 33 on 16 November, from $ 26 to $ 29.

Canada and Ontario to the combined contribution of 10.6 billion U.S. dollars rescue package for the GM, of which $ 1.1 billion has been returned. The two were selling 30.4 million shares in the IPO to reduce its stake to a minimum of 9.3 percent.

A $ 33 per share, GM was valued at 7.8 times earnings this year, based on its net income in the first nine months of 2010. Dearborn, Michigan, Ford Motor Co. trades 8.1 times analysts' estimates for 2010 earnings, the data show. Ford has been the most profitable automaker in the world by September this year.

s of GM, which lost 82 billion U.S. dollars from 2005 to 2008, was valued at an average of 10.3 times earnings from 2000 to 2004, monthly. Ford trade at an average of 13 times earnings in the same period.

"The story underestimated"

GM reported a third quarter net profit of 2.16 billion U.S. dollars last week, bringing his earnings this year to 4.77 billion U.S. dollars. While the company will have positive earnings before interest and taxes in the fourth quarter, they will be "significantly lower" than the first three quarters, Akerson said in a conference call on November 10.

The automaker sold the shares after Standard & Poor's 500 rose to a maximum of two years this month on speculation the U.S. not slip on the back of the economy into recession. The benchmark for U.S. equities ended little changed yesterday after falling for four consecutive days, the longest streak since August.

"GM is a story underestimated," said Dan Veru, chief investment officer of Co-head of Palisade Capital Management LLC in Fort Lee, New Jersey s, which overseas $ 3,100,000,000. "Stocks are going to work its way higher in the first day and then trade over time. Over the next year the stock is going to work and sexually transmitted infections until the mid-$ 40."

SAIC, Kuwait

Shanghai-based SAIC Motor Corp., GM's partner in China, bought the share of 0.97 percent at GM for $ 500 million, the Chinese automaker said in a statement. The Kuwait Investment Authority May acquire a 1 percent or less, a person familiar with the deal this week Said.

Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. led the IPO, including 35 subscribers, according to GM's filing with the Securities and Exchange Commission. Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc. and Royal Bank of Canada also listed in the brochure.

Stocks rose and commodity prices snapped a two-day retreat as Ireland

Stocks rose and commodity prices snapped a two-day retreat as Ireland came to a bailout led by the European Union and data on jobless claims and manufacturing reinforced optimism the U.S. economy . General Motors Co. joined the return to the stock market.

The MSCI World Index rose 1.7 percent at 11:27 am in New York and 500 from Standard & Poor's raised the same amount. The euro rose 0.4 percent against the dollar. The costs to secure the bonds of Ireland sank default. A drop in Treasuries sent the 10-year note yield up to six basis points to 2.94 percent. Silver rose 5 percent and 1.5 percent of oil added.

The shares are recovering from a loss that erased more than $ 2 billion global equities since the beginning of last week. Irish Finance Minister Brian Lenihan said the government may accept assistance from the EU and the International Monetary Fund. Fewer workers than expected applied for U.S. jobless benefits, while the Philadelphia-area manufacturing beat estimates and GM raised $ 20 billion in an initial public offering.

"The euro zone will not be a failure, a disaster, a contagion," said Hank Smith, chief investment officer at Haverford Trust Co., which manages about $ 6.5 billion in Radnor, Pennsylvania. "In the U.S., any improvement in the jobs picture will be very well received by the market. In addition, there was great demand for IPOs of GM, which is a good reflection of market capital are in better shape. "

OPI GM

The S & P 500 rose for the second day, recovering from a low almost a month rose to 16 November. GM, which was in bankruptcy last year after nearly a century in the New York Stock Exchange, rose to 9.1 percent, since traded again. Alcoa Inc., Caterpillar Inc. and American Express Co. led the Dow Jones Industrial Average up 191.59 points, or 1.7 percent, to 11,199.47 for its biggest gain since November 4.

Applications for unemployment insurance payments increased in 2000 to 439,000 in the week ended Nov. 13, the Labor Department figures showed. Claims are expected to increase to 441,000, according to the median estimate of economists surveyed by us. The total number of people receiving unemployment insurance fell to its lowest level in two years, while receiving extended payment went up.

Manufacturing in the Philadelphia region expanded in November at the highest level this year. Fed Bank of Philadelphia's general economic index rose to 22.5 from 1 the previous month. Readings greater than zero signal expansion. The meter is forecast to increase to ५.
Another report from the Conference Board showed an index of leading indicators rose for a fourth month.

Europe

The Stoxx Europe 600 index rose 1.5 percent over eight companies rose for every one that fell. Banco Santander SA, Spain's biggest lender, rose 1.4 percent. Rio Tinto Group, the world's third largest mining, rose 3 percent.

Air France-KLM, Europe's biggest airline, rose 5.3 percent after raising its profit forecast. Royal Boskalis Westminster NV rose 10 percent as the world's largest dredging company raised its earnings forecast. SABMiller Plc, the maker of Miller High Life, Grolsch and Peroni, gained 5.1 percent to a record after reporting results that beat analysts' estimates.

The MSCI Asia Pacific Index added 1.4 percent, cutting four days of losses. CNOOC Ltd., China's largest producer of offshore oil, rose 4.9 percent in Hong Kong. David Jones Ltd., the second operator of Australia's largest department store, rose 4 percent after it reaffirmed its profit guidance. Showa Denko KK, which makes ceramics and electronic materials, rose 6.3 percent after UBS AG recommended buying shares.

"Tens of thousands of millions"

The extra yield, or spread, investors demand to hold the values of 10 years Irish Landmark German bonds fell 13 basis points to 541 basis points. The credit-default swaps of Ireland's obligations sank 21.5 points to 502.5, according to CMA. subordinated notes Allied Irish Banks Plc fell on speculation of a bailout to impose losses on bondholders.

Ireland is likely to seek a bailout from the EU and the IMF amounting to "tens of billions" of euros to rescue battered banks, central bank Governor Patrick Honohan told Irish state broadcaster RTE today.

Greek dissemination 10 years on the docks fell 16 basis points to 889 basis points, or 8.89 percentage points. Spanish bonds fell, with the yield on the 10 years up six basis points to 4.68 percent as the government sold € 3,650,000,000 ($ 5 billion), 10 - and 30-year bonds.

Treasury Bonds

The yield on the seven-year Treasury rose eight basis points to 2.22 percent. The Treasury said it will sell 35 billion U.S. dollars of bonds to two years and $ 35 billion in debt for five years and $ 29 billion worth of seven years for three days from November 22, coincides with the results of a Bloomberg News survey of primary dealers. The total of 99 billion U.S. dollars has not changed since the amount of the October sales of securities. President Barack Obama has increased the U.S. debt trade to a record $ 8,540,000,000,000.

The euro strengthened to $ 1.3587 and gained 1.1 percent to 113.73 yen. The Japanese currency weakened against the 16 most-traded counterparts, while the dollar depreciated against all but two.

The S & P GSCI index of 24 commodities rose 1.7 percent, the first increase in three days and the highest since Nov. 4. Sugar, nickel and silver rose by at least 3.5 percent. Crude oil jumped to $ 81.64 a barrel was the first increase in a week.

The MSCI Emerging Markets Index advanced for the first time in seven days, rising 1.6 percent. currencies strengthened national development, led by an increase of 1.3 percent in the Malaysian ringgit against the dollar ....

52 % increase in mortgages Of Bank Of America Corp. in October

Bank of America Corp. said about 25,000 to modify mortgages in October, up 52 percent from the previous month amid freezing of the lender in the sale of foreclosure in 27 states.

About 90 percent of the amendments were approved by the bank's own programs, the Bank of Charlotte, North Carolina based in a statement. The rest of the revisions were approved by the U.S. Government Home Affordable Program Modification, or HAMP. The modifications typically involve reducing interest rates or extend the time the loan must be paid.

Congressional leaders and housing activists have criticized the industry HAMP not stop the growth of foreclosures and banks to make the process too slow and complex. About 2.1 million U.S. households are in the process of foreclosure, with 5 million of loans at least 30 days delinquent, Lender Provider Data Processing Services Inc. said in a report of 16 November.

In late October, about 50,000 customers of Bank of America were active through HAMP test modifications, compared to 62,000 in September and 250,000 in March, said the lender. Bank of America has resumed sales of foreclosure in 23 states, while seizures of freezing in 27 others, as studies of its processes. The bank is the largest in U.S. lender by assets and the largest second home after San Francisco, Wells Fargo & Co.

Humana expects earnings to fall in 2011 as Medicare funding cuts



Humana Inc., the U.S. health plan with the best performing stock this year, said it expects earnings to fall in 2011 as reduced funding for Medicare and U.S. health law reduce earnings. The company's shares fell.

Humana forecast earnings of $ 5.35 to $ 5.55 per share for 2011 in a statement today at a meeting of investors in Louisville, Kentucky, where the company is headquartered. Profit margins will be reduced for plans offered to Medicare, the insurance program backed by the United States for the elderly, Humana said. Fifteen analysts polled by us had estimated an average of $ 6.11 per share.

Health law was signed in March calls for $ 130 billion in funding cuts to Medicare Advantage private providers, after Democrats said the plans received only U.S. government going to provide the same services. Humana forecast 2011 is the first of the insurers that depend on the program, such as UnitedHealth Group Inc. and WellPoint Inc. The companies may be subject to lower funding, said David H. Windley, an analyst at Jeffries & Co. in Nashville, Tennessee.

Human Welfare "will probably be seen as surprisingly conservative" and can reduce insurance fees, said Matthew Borsch, an analyst at Goldman Sachs Group Inc. in New York, in a note to clients. "That said, the management was equally conservative in their estimates of the previous year" and ended up raising its forecast for this year, he said.

Shares Fall

Humana fell $ 2.50, or 4.3 percent, to $ 55.55 at 9:47 am in the market for New York Stock Exchange. The above actions are reduced to 6 percent, the biggest drop since May. Before today, the stock had jumped 32 percent this year, the biggest gain among the index managed the six-member Standard & Poor's Health. The index fell 1 percent today.

Minnetonka, Minnesota-based UnitedHealth fell 40 cents, or 1.1 percent, to $ 34.93. WellPoint, based in Indianapolis, fell 44 cents to $ 56.01.

Medicare's history of underestimating the costs of health and, finally, the approval of higher rates suggests that long-term cuts will not be as bad as health law requires, said Michael McCallister, Humana's chief executive, in a presentation Louisville. The insurer has increased its enrollment Advantage and profit margins over the past two years, even when the government froze the rates, he said.

"Effectively, what we are seeing is the worst two years we could have lived," said McCallister. "The cuts that most people think of the future have gone ahead and has already experienced, and as you can see, we've grown quite well."

Increased membership

Humana Medicare Advantage members is increased as much as 65,000 years to come, he said.

Humana expects a "realignment" of their Medicare profit margins to 5 percent of revenue, down "results in less disruption of its Medicare members despite numerous changes in the program next year," said the company.

"Every year, conservatively plan to achieve a margin of 5 percent in Medicare," said Tom Noland, a Humana spokesman, in an e-mail. "But then we work throughout the following year, on behalf of our members - through care coordination and management of health care programs - to improve patient outcomes and reduce costs."

While Humana is likely to increase enrollment and Medicare plans, small out of the market, health law still means "the benefit of the majority of his business is down flat, because the margins are being squeezed," said Windley, analyst Jeffries.

Medicare Advantage Members

Had 1.76 million Humana Medicare Advantage members of November 1, second to 2.1 million UnitedHealth, said Carl McDonald, an analyst at Citigroup in New York, in a note to clients today. WellPoint is the top U.S. health plan for tuition, followed by UnitedHealth.

The insurer said it also expects medical costs to increase next year. health expenditures have been lower than expected in the industry over the past year, as unemployment levels of almost 10 percent kept more Americans out of their doctor, said McCallister.

While Humana is "a return to normalcy," it is difficult to predict how consumers make health care in 2011, he said. "There's just no place to really know exactly where we are today in relation to trends in medical costs, so we have taken the conservative approach," said McCallister.

UnitedHealth, the largest insurer by sales, expects earnings to fall next year as rising medical costs, CEO Stephen Hemsley said in a press conference on October 19.

Central Bank President may raise interest rates before removing all non-standard policy measures

The European Central Bank President Jean-Claude Trichet said the bank may raise interest rates before removing all non-standard policy measures.

"We believe that we can determine the standard and nonstandard measures, largely independently," Trichet said at a conference in Frankfurt. "We believe that we are not obliged to remove non-standard measures before considering interest rate increases, we can do either or both."

The ECB has kept its benchmark interest rate at a historically low 1 percent from May 2009 to help the euro area economy through the global financial crisis. It has also introduced non-standard measures, such as unlimited loans to banks, which has left in place longer than initially planned after the sovereign debt crisis shook European financial markets. In May, the ECB began to buy government bonds.

"The ECB did not embark on unconventional measures because we believe that the scope for further reducing the quality of monetary policy have been exhausted," said Trichet. "Rather, our view was that non-standard measures are required to ensure that the orientation of monetary policy is transmitted effectively to the overall economy, despite the dysfunctional in some financial markets."

Setting interest rates "depends on the outlook for price stability," Trichet said, while the elimination of unconventional measures "depends on how well the monetary policy transmission through the financial system and markets financial statements. "

At the same time, Trichet said the non-standard measures are "temporary" in nature "to the extent that they have to be strictly proportional to the degree of dysfunctional markets."

"The central bank should avoid the danger that the necessary measures in a period of crisis would become a unit as the conditions of normalization," he said.