Welcome to our website

Welcome in Your Blogger For Economy , Currency , Stocks and Bonds.

Tuesday, November 23, 2010

Economy in U.S. Grew 2.5% in Third Quarter

The U.S. economy grew faster than estimated in the third quarter, led by stronger consumer spending and fueled by increased earned income that can stoke demand in 2011.

The revised 2.5 percent increase in gross domestic product compared with 2 percent estimate issued last month and increased 1.7 percent in the second quarter, Commerce Department figures showed today in Washington. Consumer purchases rose at its fastest pace since the last quarter of 2006.

wages of workers in the six months to September were revised by approximately $ 59 million, giving the Americans can ramp up their spending ahead of Christmas shopping season. Along with gains in business investment in new equipment, the figures show an expansion in evolution brought more demand and less by the replenishment of inventories.

"You have a little stronger final sales - which is part of the report is very encouraging," said Michael Feroli, chief U.S. economist JPMorgan Chase & Co. in New York. "It makes me a little more comfortable with the sustainability of the recovery."

Separate figures from the National Association of Realtors showed that the economy is not without its setbacks. Sales of existing homes fell more than expected in October as foreclosure moratoriums and the lack of credit troubled U.S. housing market.

Purchases declined 2.2 percent to an annual rate of 4.43 million from 4.53 million in September. Economists had projected sales would fall to a pace of 4.48 million, according to the median forecast in a survey.

Shares decline

Stocks fell for a second day after the home sales report and after North Korea fired artillery shells on an island in South Korea. 500 of Standard & Poor's fell 1.5 percent to 1,180.12 at 12:29 pm in New York. The yield on the benchmark 10-year Treasury, which moves inversely to prices, fell to 2.75 percent from 2.80 percent late yesterday.

in the third quarter growth figures today showed greater gains in exports, consumer spending and business investment in new equipment than previously estimated.

Economists surveyed  projected growth rate increases to 2.4 percent, according to the median of 78 forecasts. The estimates ranged from 2 percent to 2.9 percent.

Consumer spending, which accounts for about 70 percent of the economy, grew at a rate of 2.8 percent per year in the third quarter, the Commerce Department figures showed. The gain compared with an increase of 2.6 percent previously reported and reflects an increase in purchases of used cars.

Wages revised upwards

Today's figures also showed that in the second quarter, wages and salaries increased at a revised 97.4 billion in the last three months of 2010 compared to 51.1 billion U.S. dollars initially reported. The figures incorporate new data, more complete Department of Labor. wages in the third quarter increased by 51.4 billion U.S. dollars, more than 38.4 billion U.S. dollars initially reported.

At the same time, corporate profits rose 2.8 percent after an increase of 3 percent in the second quarter, today's report showed. Revenue rose 28 percent from the same period last year.

"Families are getting a slightly larger share of the pie," said Feroli. "For a more balanced recovery is good to see that households are getting a little more."

Business spending on new equipment and software advanced at a rate of 16.8 percent last quarter, compared with an initial estimate of 12 percent, the GDP report showed today.

"Slow and Steady"

"Although we are not expecting a rapid improvement in the economic environment, there is a slow and steady recovery throughout the year" in 2011, Ronald Sargent, chief executive of Staples Inc., said in a teleconference on 18 November to discuss earnings for the world's largest retailer of office supplies. "The basic office supplies and computers and accessories were strong during the third quarter."

Federal Reserve policy makers are concerned about growth may not be strong enough to bring down an unemployment rate held at 9.6 percent last month.

Unemployment is currently "high and, given the slow pace of economic growth is likely to remain for some time," said the Fed chairman, Ben S. Bernanke in a speech in Frankfurt on 19 November. Bernanke defended the additional $ 600 billion in monetary stimulus the Fed announced earlier this month.

preferred price gauge the Fed, which is tied to consumer spending and excluding food costs and energy, rose at an annual rate of 0.8 percent without review in the third quarter, down 1 percent increase over the previous quarter. longer-term projection of the central bank is a range of 1.7 percent to 2 percent.

Black Friday

Wal-Mart Stores Inc., the world's largest retailer, said yesterday that it will match the prices listed in the notices of competition on Black Friday, the day after Thanksgiving. Savings start with the Thanksgiving Day special online on November 25 and runs until 27 November, offers electronic products, household items and clothing.

Bentonville, Arkansas, Wal-Mart is offering free shipping to nearly 60,000 households in rental items through its website, as it competes for budget-conscious buyers.

Wages and salaries in the second quarter rose almost double previous estimates

Wages and salaries in the second quarter rose almost double previous estimates, indicating the U.S. economy may have created more jobs.

Pay jumped by 97.4 billion U.S. dollars at an annual rate in the first quarter, compared with a previously reported 51.1 billion U.S. dollars of profit, revised figures for the Commerce Department showed today in Washington. The data reflect a more complete explanation of employment and income that was available to the Department of Labor in the tabulation of the monthly job.

"There was a bit more employment of the monthly payroll survey certainly suggested," said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut, in an interview. While bonus payments may have been responsible for similar reviews in previous years, reflecting the financial industry "boom", and the improvement is likely to lead to greater gains in total employment, "said Stanley.

Today's Commerce Department report also showed a bigger increase in the neighborhood of recent consumer spending than previously estimated, and the savings were also reviewed, showing how the income gains are helping families repair tattered finances. Hewlett-Packard Co. is one of the companies say they are planning to boost pay, while Citigroup Inc. is among those who say that adding more workers.

need for households to rebuild savings "is longer than we thought it was," said Stanley. "I see healthy consumer spending next year than this year."

Raise wages

Wages increased by another 51.4 billion U.S. dollars between July and September, culminating a 2.8 percent gain in the last four quarters and the best record of the year-on annual performance since mid-2008. Consumer spending, which accounts for about 70 percent of the economy, rose at a rate of 2.8 percent annually, the most in almost four years, today's report showed.

The savings rate, or proportion of household disposable income were able to middle distance, rose to 6.2 percent in the second quarter and was 5.8 percent in the period July to September, today's report showed. The data was revised upward from previous estimates of 5.9 percent and 5.5 percent respectively.

"We are building a good track for 2011," said Joseph LaVorgna, chief economist at Deutsche Bank Securities Inc. in New York, in an interview. "Corporate profits have been pointing to a stronger labor market than we've seen at this time. Over time we will have some strong numbers."

Earnings rose 2.8 percent last quarter from the previous three months, and have been doing every quarter since the first three months of 2009, the Commerce Department today showed.

Christmas Shopping

Retailers are planning a Christmas shopping period are driving better and discounts to attract more consumers to the stores. The National Retail Federation has forecast sales for November and December holiday will increase by 2.3 percent from a year ago, the most since 2006.

HP, the world's largest maker of computers, yesterday's earnings forecast for the period ending in January that topped analysts' forecasts as companies replace aging PCs and other equipment. The firm raises salaries restore the fiscal year, the chief executive Leo Apotheker said.

Employers added 151,000 workers to their payrolls in October, the first gain in five months, the Labor Department reported this month. Measures of hours worked and wages also increased. The government will release its November report next week.

Census Subdivision

Today, reviews of income derived from a quarterly census of employment and wages based on tax records covering almost all employers, making them the most accurate representation of what is happening in the labor market. The monthly payroll numbers are based on a survey of about 140,000 companies covering 410,000 workplaces, covering approximately one third of the total payroll.

Not all economists were optimistic about increasing revenue. With companies unable to raise prices and the families who still need to repair their balance sheets, companies want to control their expenses and limit hiring, said Joshua Shapiro, chief U.S. economist MFR Inc. in New York.

"Companies will do everything possible to minimize increases in labor costs," said Shapiro.

Gold Rises Most in Two Weeks on Haven Demand

Gold jumped more than two weeks to demand for a haven in the midst of the crisis in Europe of sovereign debt and rising tensions between North and South Korea.

The euro headed for the biggest drop since August against the dollar in the credit markets focused on the deficit in Spain and Portugal, after Ireland requested a rescue package. North Korea fired artillery shells near the border of South Korea in the deadliest attack in at least eight months. Gold has gained 26 percent this year, reaching a record $ 1424.30 an ounce on November 09.

"People are shedding risk and go to the assets of flight to quality like gold," said Matthew Zeman, a metals trader at LaSalle Futures Group in Chicago. "People are brutally sell the euro on fears of contagion and the Korean conflict."

Gold futures for December delivery rose $ 19.80, or 1.5 percent, to settle at $ 1377.60 at 1:57 pm in New York Comex, the biggest gain for a most-active contract since Nov. 4. The metal advanced 0.4 percent yesterday after declining 3.2 percent in the previous two weeks.

"People are putting money in metals in a wave of reinvestment," said Frank McGhee, the main distributor Integrated Brokerage Services in Chicago.

German Chancellor Angela Merkel said the prospect of the European series of bailouts was "exceptionally grave" as officers estimated cost savings of € 85000000000 Spain (114 billion).

Gold priced in euros rose to a record in June, after a Greek rescue. Global equities tumbled today.

"Political Risk"

"Political risk is generally a positive for gold," said Edel Tully, an analyst at UBS AG in London.

Silver futures for December delivery rose 11.1 cents, or 0.4 percent, to $ 27,572 an ounce. The metal has risen 64 percent this year.

Palladium futures for December delivery gained $ 6.40, or 0.9 percent, to $ 691.10 an ounce on the New York Mercantile Exchange. The price has risen 69 percent this year.

Platinum futures for January delivery rose $ 2.20, or 0.1 percent, to $ 1657.70 an ounce. The metal has gained 13 percent this year.

Falling UK Stocks as North Korea Shells Neighbor

UK stocks fell, sending the FTSE 100 lower for a third day after North Korea fired artillery shells in South Korea and inflation concerns led Chinese shares lower.

Standard Chartered Plc lost 2.7 percent. Bank of Ireland Plc and Allied Irish Banks Plc fell for a second day in Ireland. BHP Billiton Ltd., the world's largest mining company, and Rio Tinto Group declined at least 2.2 percent.

The benchmark FTSE 100 fell 99.55, or 1.8 percent, to 5581.28 at the close at 4:30 pm in London, the worst performance for three days from 1 July. The FTSE All-Share Index dropped 1.7 percent, while the Irish ISEQ Index fell 3.4 percent.

South Korean fighter jets scrambled and returned fire after North Korea fired dozens of shells in the water and on an island, killing two soldiers. Television footage showed smoke rising from the island of Yeonpyeong northwest coast of South Korea, where the bombardment set fire to houses, local TV channel YTN said.

"Investors are rattled by North Korea's neighbor and bombing are still worried about how far the spread of sovereign debt spreads," said Peter Braendle, a fund manager at Swisscanto Asset Management AG in Zurich, which oversees U.S. $ 62 billion.

Stocks fell around the world after Ireland international bailout failed to stem the concern that Europe's crisis of sovereign debt will be extended to other indebted countries such as Portugal and Spain.

Irish Election

The Irish Prime Minister Brian Cowen, yesterday afternoon, said it would seek national elections next year after the government approves its 2011 budget. The announcement came hours after the Green Party said it would withdraw from the coalition in power after the budget vote, said Cowen deceived voters in negotiating the bailout.

Bank of Spain fell 25 percent to 29.2 cents. Irish allies fell 19 percent to 33 cents. European Union officials estimate that a rescue package for Ireland can be up to about 85 million euros (114 billion U.S. dollars), according to two officials familiar with the talks.

Standard Chartered, the UK lender that generates most of its profit in Asia, fell 2.7 percent to 1,737 pence, while HSBC Holdings plc retreated 1.5 percent to 643.9 pence, the lowest price from 31 August.

Barclays lost 2.1 percent to 264.25 pence. Two transfers to the lender in the UK for a total of about $ 1.3 billion of Lehman Brothers Holdings Inc. in September 2008 may have violated securities laws, the Securities and Exchange Commission, said .

Metals Fall

Resources stocks tumbled basic metals prices fell for the third consecutive day. China stocks slid as concern mounted that the government will step up measures to control inflation, which could slow consumption in the world's largest user.

China's largest banks are close to the annual loan quota and a plan to stop the expansion of their loan portfolios to avoid exceeding the limits, according to four people briefed on the matter.

BHP Billiton lost 2.2 percent to 2,268 pence as copper, zinc and aluminum fell on the London Metal Exchange. Rio Tinto fell 2.8 percent to 4,070 pence. Xstrata Plc, the largest exporter of coal used for power, shed 2.2 percent to 1,270 pence.

Mitchells & Butlers Plc, the British owner of All Bar One chain, fell 2.6 percent to 344.6 pence, as it recorded a loss for the year on lower sales of beverages in their bars.

Laird Plc rose the most in more than three months, gaining 9.1 percent to 152 pence. The largest manufacturer of electromagnetic shields for mobile phones has announced it will buy Cattron International Group Inc. for $ 90 million in cash. The agreement is "significant improvement in revenue" in 2011, the company said.

De La Rue Plc, the world's largest printer of banknotes, plunged 11 percent to 557.5 pence after it said it "remains uncertain" about the financial impact of a stop on shipments of paper. In September, De La Rue found that some employees had deliberately falsified some test certificates role specification for certain customers.

U.S. stocks fell for a second day after fighting broke out between North and South Korea

U.S. stocks fell for a second day after fighting broke out between North and South Korea and raised concerns that Europe's crisis of debt and China's efforts to tame inflation will slow global economic recovery.

PulteGroup Inc. and D.R. Horton Inc., the two largest U.S. builders, fell at least 3.1 percent after a report showed home sales trailed estimates. Adobe Systems Inc. fell 3.4 percent after Morgan Stanley said analysts' estimates for the first half of fiscal year 2011 may be too high. Brocade Communications Systems Inc fell 9.8 percent as the largest manufacturer of switches for data storage networks forecast earnings that missed analysts' estimates.

500 Standard & Poor's fell 1.5 percent to 1180.09 as of 14:37 in New York, and earlier fell 1.8 percent, the most since Aug. 11. The Dow Jones industrial average lost 163.36 points, or 1.5 percent to 11,015.22.

"It is a day of fear," said Don Wordell, a fund manager at Atlanta-based management RidgeWorth Capital, which oversees about $ 62 billion. "There are concerns in Europe of the debt, the tension in Korea, the hedge fund research, a weak housing report. There is a huge amount of bad news to absorb. That will not encourage risk appetite."

The S & P 500 has fallen 3.7 percent since reaching a maximum of two years on 5 November amid concern crisis of debt in Europe is intensifying and growing speculation that China will raise rates interest. The decline cut indicator rally this year to 5.8 percent.

Korea clash

European and Asian stocks tumbled, sending the MSCI World Index lower for the ninth time in 12 days, as North Korea has sent "several" artillery in South Korea near the border of the two Western nations, Joint South Korea's Joint Chiefs of Staff, said in a statement. South Korea returned fire with 80 missiles and fighter jets scrambled as President Lee Myung Bak, pledged to respond "sternly."

"A more bubbles of the tensions in Korea is another layer of uncertainty for markets that do not need to address," said Tim Schroeders, who helps manage about $ 1 billion in Pengana Capital Ltd. in Melbourne. "It is not enough going on without having to deal with geopolitical tensions erupt.'s Probably just another trigger point for people to sell."

Spain risked a "major bank run" unless European officials act quickly to calm the financial turmoil in the nation, Pacific Investment Management Co. Co-Chief Investment Officer Mohamed A. El-Erian said in a radio interview on  surveillance with Tom Keene.

"The bleeding deposits'

"The numbers so far have shown that the Irish banking system has been bled deposits," said El-Erian. "It will seriously undermine the prosperity of this country for a generation. The first thing to do is run as announced this weekend -. That is a great package of foreign aid and the steps by the Irish Government"

Stocks held decreased after the National Association of Realtors report showed the purchase of existing homes fell 2.2 percent to an annual rate of 4.43 million last month from 4.53 million in September. Economists had projected sales would fall to a pace of 4.48 million, according to the median forecast in our News survey. The median price fell 0.9 percent from a year earlier.

The S & P 500 Supercomposite Homebuilding Index fell 2 percent in 11 of its 12 members refused. PulteGroup fell 3.1 percent to $ 6.30, while DR Horton slid 3.3 percent to $ 10.07.

Shares held losses within minutes of the last Federal Reserve meeting showed policy makers were not agreed to extend the monetary stimulus registration.

Most Fed officials at the meeting of November 2 to 3 additional purchases of securities was the maintenance of asset prices, low interest rates and boost, the Fed said in minutes of the meeting released today Washington.

Abobe, Brocade

Adobe fell 3.4 percent to $ 28.20. The graphics software maker is facing a slow pace of corporate updates since the introduction of its new Creative Suite software 5, Morgan Stanley analyst Adam Holt wrote in a note.

Brocade Communications tumbled 9.8 percent to $ 5.14 after the company said it expected fiscal first-quarter earnings of 9 cents to 10 cents per share, below analysts estimates of 14 cents average .

Measures of energy and raw materials producers dropped most among the 10 groups in the S & P 500, after a fall in commodity prices on concern about slowing global demand.

Freeport-McMoRan Copper & Gold Inc. fell 3.5 percent to $ 98.44. Exxon Mobil Corp. lost 2 percent to $ 68.77.

GDP expands

Today separate Commerce Department report showed the U.S. economy grew at a rate of 2.5 percent in the third quarter, faster than previously estimated. Economists in a survey expected growth of 2.4 percent.

"The U.S. economy is in better shape," said Walter Todd, chief investment officer of Co-head of Greenwood, South Carolina-based Greenwood Capital, which oversees about $ 900 million. "However, the market is very skittish. Investors are reacting to the news on a daily basis. Considering all the risks out there, the stock may be depressed, with volatility increasing."

The benchmark for options on U.S. stock rose 14 percent to 20.95. The VIX, as the Chicago Board Options Volatility Index is known, measures the cost of using options to hedge against S & P 500 declines. The index has fallen by more than half since the peak of this year of 45.79 in May.

Federal Reserve policy makers disagreed on monetary expansion

Federal Reserve policy makers disagreed on monetary expansion to stimulate record this month, with most seeing a boost to growth and employment and a minority concerned about risks to inflation and the dollar.

Most officials at the meeting of November 2 to 3 additional purchases of securities was the maintenance of low asset prices and boosting interest rates, the Fed said in minutes of the meeting released today in Washington. The Fed also said it is considering ways to improve communication with public information meetings, as the initiation of the press by President Ben S. Bernanke.

The report highlights the tension within the Federal Reserve's decision to buy 600 billion U.S. dollars of Treasury bonds, which has since attracted criticism from Republican politicians in the country and some foreign governments. The increase of internal disagreement on purchases may hinder officials resolve to complete the total amount of the purchases scheduled until June.

Most expect that purchases "to help promote something stronger recovery in output and employment at the same time help inflation return over time to levels consistent with" legislative mandate of the Fed's open Fed said the Market Committee in its report.

"Some participants expressed the concern that further expansion of Federal Reserve's balance sheet could put downward pressure not allowed in the value of the dollar in currency markets," said the report.

Long-term projection

During the meeting, Fed officials raised their projections of unemployment for the next two years while reducing its growth prospects in 2011. Some policy makers raised their projections of unemployment in the long term, suggesting that some effects are more permanent U.S. recession on unemployment. The mid-range rose 5 percent to 6 percent from 5 percent to 5.3 percent.

U.S. stocks remained low after the report, with 500 of Standard & Poor's fell 1.6 percent to 1,179.25 at 2:26 pm in New York. Bond yields also remained low while the dollar was stronger against the euro.

The Federal Reserve found that the FOMC held a videoconference meeting Oct. 15 to discuss the merits of the largest blocks in front of small asset purchases and ways to improve communication.

For purchases, most officials "saw the benefits of a more gradual approach involving smaller changes in the Committee of the holdings of calibrated with input data," said Federal Reserve.

Numerical target

In addition, officials discussed the possibility of adopting a numerical inflation target and decided to maintain the policy of giving projections of policy makers' long-term inflation, the Fed said. The officials also discussed whether it would be "useful" by Bernanke " hold occasional meetings of the press to provide more detailed information to the public "that is included in the remarks after the meeting.

Vice President, Janet Yellen, chair a subcommittee to examine the FOMC "patterns of communication in order to ensure that the public is well informed on matters of monetary policy, while preserving the necessary confidentiality of the policy debates until his scheduled release, The minutes said. No deadline was given.

Bernanke led his colleagues in the purchases of assets after the purchase of $ 1.7 trillion in mortgage debt and Treasuries in March, which helped pull the U.S. the worst recession in seven decades without reducing the unemployment rate close to a maximum of 26 years.

Hoenig dissent

While Kansas City, Thomas Hoenig, president of the Fed was the only member of the FOMC voting to dissent, to several officials, including Fed Governor Kevin Warsh and Charles Plosser, president of the Philadelphia Fed, have expressed skepticism about strategy.

The Fed said in its statement of 03 November that the unemployment rate is very high and very low inflation compared with the long-term levels in line with the Fed's legislative mandate for price stability and maximum employment. Progress towards these goals ", has been disappointingly slow," said Federal Reserve.

The second round of so-called quantitative easing, QE2 dubbed by investors and economists, has been criticized by Republican politicians and officials from China, Germany and Brazil, who say the dollar has weakened and inflation risks turning . Bernanke said in a Nov. 19 speech that central banks are "unwavering commitment to price stability" and that the U.S. was at risk of leaving people out of work for long.

Unemployment rate

At the meeting, Fed officials expected fourth quarter of 2011 the unemployment rate from 8.9 percent to 9.1 percent, compared with 8.3 percent to 8.7 percent in its previous forecast June. For 2012, the unemployment rate is 7.7 percent to 8.2 percent, up from earlier projections of 7.1 percent to 7.5 percent. The rate was 9.6 percent in October, marking 18 months to 9.4 percent or higher.

The projections are the updates released for the first time since July schedule four times a year the Federal Reserve.

Authorities said the economy will expand 3 percent to 3.6 percent next year compared to 3.5 percent to 4.2 percent projection in June 2012 forecast by a 3 6 percent to 4.5 percent growth compared to earlier projections of 3.5 percent to 4.5 percent.

Earlier today, the government said the U.S. economy grew at a rate of 2.5 percent in the third quarter, revised from an estimated 2 percent last month. Economists surveyed by our News expect a growth of 2.5 percent in 2011 and 3.1 percent in 2012, based on average estimates.

Inflation Outlook

Policy makers left the outlook for inflation, excluding food and energy, with little change for the next two years, which indicates an increase in prices can stay behind the long-term projection of 1.6 percent to 2 percent for at least two years.

Fed officials gave its first outlook for 2013, projecting growth of 3.5 percent to 4.6 percent unemployment rate in the fourth quarter from 6.9 percent to 7.4 percent and core inflation 1.1 percent to 2 percent.

All forecasts reflect the central tendency, which excludes the three highest and lowest projections.

Moreover, the Fed staff economists raised their forecast for U.S. growth 2011 and 2012 on expectations investors to buy assets of the Fed for lower interest rates, stock prices increase and weaken the dollar, providing "additional support to the recovery," said the report.

Plosser, Warsh

On 16 November, three regional Fed presidents, Eric Rosengren, James Bullard and Dennis Lockhart said he hoped to buy the $ 600 billion of Treasuries. Plosser said Nov. 18 that it is too early to assume that the Fed will complete the purchase, while Warsh said on 08 November that the decision was not unconditional or indefinite and that the measure is "necessarily limited, restricted and subject to periodic review. "

John Boehner, nominated to be chairman of the House, and three other Republicans sent a letter to Bernanke, November 17, expressing "deep concern" about a policy that he said risked weakening the dollar and fueling asset bubbles .

Also last week, 23 people, including former Republican government officials and economists, Bernanke called for an end to stimuli, while two Republican lawmakers proposed stripping the Fed of its mandate to promote full employment.

Unlike the letter's signatories, many of the voices in defense of Bernanke have experience in central banking, as Fed Vice Chairman Alan Blinder, a former Bank of England policy makers David Blanchflower and the Bank of Israel Governor Stanley Fischer .

second round of the Fed unconventional monetary stimulus has increased expectations of inflation and stock prices, keeping yields below their long-term average.

500 Standard & Poor's has risen 11 percent since Aug. 27, the day of Bernanke stoked expectations of an extra boost to say the stock purchases can be justified if growth slowed. The yield on the benchmark 10-year Treasuries has climbed to 2.78 percent from 2.64 percent, holding below its five-year average of 3.9 percent.

Stocks Drop, Dollar Gains on Korea Clash

The shares plunged, dragging the MSCI Emerging Markets Index over five months, while the dollar and the Swiss franc rallied as the fight broke out between North and South Korea and Europe raised concern to the debt crisis spread. Copper slid as China banks came to the loan limits.

The MSCI index of shares in developing countries lost 2.6 percent to 500 from Standard & Poor's fell 1.5 percent at 2:11 pm in New York. The dollar and the franc appreciated against most of its peers. South Korean won slid forward over six months. yields on ten-year bond fell 4 basis points, while protecting the credit default swaps on European government debt rose to a record. Copper, lead and zinc fell, while gold advanced.

U.S. equities European shares continued lower after South Korea scrambled fighter jets and returned fire after North Korean bombing of Yeonpyeong island. China's largest banks are close to the annual loan quota and a plan to stop expanding their lending portfolios, according to four people briefed on the matter.

"We are in this very fragile state of growth," said Matthew Käufl, a Rochester, New York-based fund manager at Federated Investors Inc., who helps oversee the 341.3 billion U.S. dollars. "When you have these other issues - the crisis of sovereign debt in Europe, concerns about China's growth, geopolitical instability in North Korea and a scandal of massive insider trading - that will undermine confidence. That all is overshadowing recent economic data points in the U.S. "

Two-day slide

The S & P 500 fell for a second day in a row and extended his removal of a maximum of two years on November 5 to almost 4 percent. U.S. actions also retreated Wednesday as federal agents raided three hedge funds in an insider trading investigation. Exxon Mobil Corp., Caterpillar Inc. and Walt Disney Co. lost at least 2.2 percent to the decline of lead in 28 of the 30 stocks in the Dow Jones Industrial Average today, sending the indicator to 149 points.

The U.S. economy grew at a rate of 2.5 percent in the third quarter, more than the 2 percent previously estimated, as companies increased shipments abroad and Americans increased their spending. A separate report showed that purchases of existing homes fell 2.2 percent to an annual rate of 4.43 million, the National Association of Realtors said. Economists had projected sales would fall to a pace of 4.48 million, according to the median forecast in our News survey.

Day of fear '

"It is a day of fear," said Don Wordell, a fund manager at Atlanta-based management RidgeWorth Capital, which oversees about $ 62 billion. "There are concerns in Europe of the debt, the tension in Korea, research on hedge funds, the weak housing report. There is a huge amount of bad news to absorb. That will not encourage risk appetite."

Federal Reserve policy makers disagreed on monetary expansion to stimulate record this month, with most seeing a boost to growth and employment and a minority concerned about risks to inflation and the dollar. Most of the officials was meeting November 2 to 3 additional stock purchases and the maintenance of low asset prices and boosting interest rates, the Fed said in minutes of the meeting released today.

The Hang Seng China Enterprises Index fell 2.9 percent. a month before he won fell 3.5 percent, after losing as much as 4.2 percent.

The Stoxx Europe 600 Index fell 1.5 percent and the Stoxx 50 fell 2.6 percent, the highest since August. Banco Santander SA, Spain's biggest bank, lost 4.7 percent. Bank of Ireland Plc fell 23 percent, extending yesterday's 19 percent drop. Barclays Plc fell 2.1 percent after the U.S. Securities and Exchange said the UK lender received two transfers totaling about $ 1.3 billion of Lehman Brothers Holdings Inc. in September 2008 that might have violated securities laws.

Treasury Auction

Treasuries remained higher after the U.S. sold $ 35 billion five-year notes, the second of three auctions this week has a total of 99 billion U.S. dollars. The five-year yield fell four basis points to 1.38 percent.

Greece will have to make an "extra effort" to reduce its deficit to get more relief, the European Union and the International Monetary Fund officials said.

The extra yield investors demand to hold Spanish 10-year bond instead of retaining walls, reference values of the region's government, rose to a record euro was 236.1 points, beating the previous record 232.6 basis points reached on 17 June. Spain sold € 3260000000 three-day treasury bills and six months, less than the maximum target set for the auction, the Bank of Spain said.

Ireland Bonds

The yield gap Irish-German 10-year widened 45 basis points to 589 basis points, or 5.89 percentage points, while the Greek-German spread increased 13 basis points to 928 basis points. The Markit iTraxx Index SovX Western European credit default swaps, in 15 countries rose 4.5 basis points to a record 181.5, while contracts to ensure the Spanish and Portuguese banks riskier subordinated bonds jumped, according to CMA, a data provider.

The Irish Prime Minister Brian Cowen said last night he will call elections after his government's budget passes. Ireland decided to request emergency international aid on November 21 to help shore up their banks.

Spain risked a "major bank run" unless European officials act quickly to calm the financial turmoil in the nation, Pacific Investment Management Co. Co-Chief Investment Officer Mohamed A. El-Erian said in an interview on surveillance with Tom Keene. Deposits in Irish Banks Plc allies have been reduced by about 13 million euros since the beginning of the year, or about 17 percent, the bank said last week.

"The numbers so far have shown that the Irish banking system has been bled deposits," said El-Erian on a radio interview on surveillance with Tom Keene. "It will seriously undermine the prosperity of this country for a generation. The first thing to do is run as announced this weekend -. That is a great package of foreign aid and the steps by the Irish Government"

Euro slumps

The euro weakened 1.8 percent to $ 1.3387, and decreased by 2.4 percent against the yen. The dollar index, which tracks U.S. currency against six trading partners, rose 1.1 percent to 79,574, rising for a second day.

Copper futures for March delivery fell 1.3 percent to $ 3.713 a pound in New York, while oil fluctuated around $ 81.70 a barrel in New York. The S & P GSCI commodity index pared losses after falling 1.5 percent. Gold for immediate delivery advanced 1.6 percent to $ 1,379 an ounce.

China's regulators are monitoring bank balances of loans daily to ensure the official target of 7.5 trillion yuan (1.1 billion) in new loans for 2010 is not exceeded, the people said. The government of China in the last month stepped up a campaign to limit credit growth after inflation accelerated and increased housing prices.

Energy and basic resources stocks led declines in the MSCI World index. BHP Billiton Ltd., the world's largest mining company, fell 2.2 percent, while Vedanta Resources Plc fell 4.6 percent in London.

The euro fell below $ 1.34 for the first time since September



The euro fell below $ 1.34 for the first time since September, German Chancellor Angela Merkel said the 16-nation currency is in an "extremely serious" situation after Ireland asked for a bailout.

The yen rallied against the Australian dollar and Canadian and North and South Korea exchanged gunfire, encouraging investors to seek refuge. The dollar remained lower against the yen as Federal Reserve minutes showed some policy makers were concerned about the impact of quantitative easing in the U.S. currency. The euro fell against all of its partners in addressing concerns in turn, to Portugal and Spain, the cost of insuring bank debt of nations surges.

"There's a good chance that another domino could fall in Europe," said Kathy Lien, director of research at online currency trader GFT Forex in New York. "The risk of increasing insecurity has been and will continue currencies under pressure and make investors nervous."

The euro fell 1.9 percent to $ 1.3368 per euro at 2:20 pm in New York from $ 1.3627 yesterday. The Swiss franc advanced 1.1 percent to 1.3333 against the euro, from 1.3484. The yen gained 2.1 percent to 111.24 per euro, from 113.56. The dollar decreased 0.2 percent to 83.16 yen from 83.33.

European currency slid to $ 1.3363 earlier, its lowest level since 24 September. It was the biggest intraday decline since Aug. 11, when the euro fell to 2.4 percent in demand for the safety of the dollar a day after U.S. Federal Reserve citing lower economic growth.

Minutes of the Fed

Minutes of the November 2-3 meeting of Federal Reserve policy makers disagreed on monetary expansion to stimulate record this month, with most seeing a boost to growth and employment and a minority concerned about risks to inflation and the dollar.

South Korea won down before more than six months, with the contract delivery month without slipping 3.3 percent to 1,166.50 per dollar as South Korea said the North fired rockets into the south, near the border, killing two soldiers.

The contract fell to 4.2 percent at 1,179.10. The won ended the day depreciation of 1 percent to 1,137.46 before the clashes were released.

A South Korean Defense Ministry official, who requested anonymity, said the military scrambled fighter jets and "respond forcefully" to provocation.

"The North Korean situation has everyone on edge," said Andrew Busch, global currency strategist at Bank of Montreal in Chicago. "You have all the European debt situation at stake, then put a set of safe haven in the top of that. It really speeds up moves."

Declining stocks

500 of Standard & Poor's declined 1.6 percent. Crude oil futures fell 0.7 percent to $ 81.17 a barrel.

The Canadian dollar fell 0.6 percent to C $ 1.0247 versus the U.S. currency and fell 0.9 percent to 81.08 yen in demand for safety as the clash in Korea Canadian overshadowed a report showing that annual inflation accelerated last month more than economists forecast.

The Australian dollar fell 1.9 percent to 80.79 yen. New Zealand kiwi fell 1.5 percent to 76.02 U.S. cents. Malaysian ringgit weakened for the first time in four days, slipping 1 percent to 3.1336 against the dollar.

"The risk stocks and currencies are out of the news from Korea," said Geoff Kendrick, director of the European foreign exchange at Nomura Holdings Inc. in London.

Euro versus U.S. dollar

The euro fell against the dollar a day after the Irish Prime Minister Brian Cowen, has announced that he will seek early elections next year. Over the weekend, the government said it would ask the European Union and the International Monetary Fund to rescue the country's banking system.

parliamentary support for Cowen evaporated yesterday after the Green Party, its coalition partner, said he "misled" voters in the last two weeks.

Merkel said in Berlin that will to keep fighting for a permanent rescue system requires bondholders to accept the loss of sovereign defaults since 2013. At the same time, the "difficult conditions" be imposed on any nation seeking a ransom.

The cost of insuring the subordinated bonds Spanish and Portuguese bank rose as traders of credit default swaps, "he turned his attention to southern Europe after Ireland's rescue.

Swaps Banco de Portugal SA Espirito Santo rose to a record contract while Banco Bilbao Vizcaya Argentaria SA, the second largest bank in Spain, climbed to its highest in more than four months.

The euro may fall further pledge to hold elections Cowen doubts that the terms of the rescue of Ireland remained, according to Commerzbank AG.

"Those who pushed to Ireland in this agreement has been reached no more than a Pyrrhic victory," wrote a team of analysts led by Ulrich Leuchtmann at Frankfurt in a research note today. "The usual effect calm in the bond markets will not emerge until after elections are held. As a result of pressure will not leave the euro."
الاستماع
قراءة صوتية للكلمات

Wellington received a request for documents from federal investigators

Wellington Management Co. received a request for documents from federal investigators looking for inside information, according to a person familiar with the matter. Janus Capital Group Inc. also requested information.

Wellington, said in an internal conference call yesterday that the company is conducting a review of records, and did not participate in illegal trade, according to the person, who requested anonymity because the company is headquartered in Boston Private. Janus, based in Denver, said today that it received a request for "general information and intends to cooperate fully with the investigation."

Federal officials, led by U.S. Preet Bharara Attorney in Manhattan are investigating whether money managers may have benefited from inside information, or purchase and sale based on nonpublic information. The offices of hedge fund Level Global Investors LP and Diamondback Capital Management LLC, run by former traders from Steven A. Cohen 's SAC Capital Advisors LP, were searched yesterday by agents of the Federal Bureau of Investigation.

"This will go beyond hedge funds," said Stewart Massey, chief investment officer of Massey, Quick & Co. in Morristown, New Jersey, which manages $ 2 billion on behalf of the endowment, foundations and wealthy families. "This will involve traditional money managers, too."

On a call today, Wellington officials revealed the request for documents, without specifying what kind of information researchers are looking for, the source said. Sara Lou Sherman, a spokesman for Wellington, declined comment.

Mutual Funds

Janus, Wellington and mutual funds company MFS Investment Management in Boston were broadband customers Research LLC, a research firm based in Portland, which was visited by FBI agents last month, the Wall Street Journal reported on November 20 .

John Reilly, a spokesman for MFS, declined comment.

Janus maintains strict compliance procedures "and" have confidence in the integrity of its processes and people, "said Shelley Peterson, spokeswoman for the company said in the statement by email.

Wellington, a closely held company that has its roots in an investment firm formed in 1928, is led by CEO Perry Traquina. The company manages about 598 billion U.S. dollars in assets in mutual funds and separate accounts for institutional investors such as endowments and pension funds and mutual funds for investment firms including Vanguard Group Inc.

The 52 billion U.S. dollars of Vanguard Wellington Fund earned an annual average of 5 percent in the last five years, surpassing the 89 percent of rival funds.

Bank testimony

Jessie Erwin, a spokesman for the office Bharara, and Richard Kolko, an FBI spokesman declined comment.

Yesterday's raids follow the testimony of a former investment banker at UBS AG in a criminal trial in September that "submitting confidential information" to a friend who worked as an analyst at SAC.

Fourteen people have pleaded guilty in the case brought by Galleon Group Bharara privileged last year that started on the offensive, and at least nine have been charged. Raj Rajaratnam, Galleon's founder, has denied any wrongdoing and is scheduled to go to trial next year.

Kinder Morgan Files for IPO of up to $1.5 Billion



Kinder Morgan Inc., the pipeline company based in Houston privatized in a purchase of 22 billion U.S. dollars of leverage three years ago, plans to raise up to U.S. $ 1.5 billion in an initial public offering.

Kinder Morgan to turn his father, Kinder Morgan Holdco LLC, a corporation, a limited liability company and change the name Kinder Morgan Inc., the company said in a statement. Kinder Morgan participants Holdco will become new shareholders of Kinder Morgan Inc.

The company now known as Kinder Morgan Inc., registered in Kansas, will change its name to Kinder Morgan Inc. of Kansas

"It seems that the market has been very receptive to IPOs, and it would be a good sign for Kinder Morgan," said Jack Ablin, chief investment officer at Chicago-based Harris Private Bank, which oversees $ 55 billion.

All ordinary shares in the offering will be sold by existing investors, including funds advised by or affiliated with Goldman Sachs Group Inc., Highstar Capital LP, Carlyle Group and Riverstone Holdings LLC. Kinder Morgan said he did not receive benefits of the offer. The companies helped finance the operation that took the company private in 2007.

"You have private equity owners have been requesting for several years and this is his way out," said Mark Reichman, an analyst with Madison Williams & Co. in Houston, which has an "accumulation" of Kinder Morgan Energy Partners LP and units, has no.

Council Structure

Kinder Morgan operates the U.S. network second largest volume pipeline through its control of Kinder Morgan Energy Partners LP, which has a market value of $ 21.5 million. Kinder Morgan operates or has interests in 37,000 miles (59,546 kilometers) of pipelines and approximately 180 terminals, the handling of natural gas and other hydrocarbons.

The billionaire chief executive, Richard Kinder owns about a third of the company. Kinder is entitled to appoint five members of the board of the company 13 and maintain its 31 percent stake, according to the presentation.

The purchase of the Company's 2007 was the sixth largest in the history and the largest involving a pipeline company.

The company said it intends to increase its dividend over time by effectively increasing the association which can be distributed to shareholders, according to a filing with the Securities and Exchange Commission. The first dividend was paid in May 2011.

Improving the IPO market

Kinder Morgan's filing comes after the biggest week of sales in the U.S. starting from March 2008. The market for IPOs has stabilized after 61 deals were postponed or withdrawn this year, with companies from General Motors Co. to LPL Investment Holdings Inc. raised more than $ 17 million last week along with 500 of Standard & Poor's traded close to a maximum of two years.

An increase of 15 percent of U.S. stocks since late June has helped companies of buyout IPOs complete a dozen of his companies. Over 80 percent of firms backed by private equity firms are trading above their IPO price, compared with less than half of which went public in the first six months of 2010.

U.S. stocks holds losses after minutes from the last Federal Reserve meeting

U.S. stocks holds losses after minutes from the last Federal Reserve meeting showed policy makers were not agreed to extend the monetary stimulus registration.

500 of Standard & Poor's fell 1.5 percent to 1,179.51 at 2:05 pm in New York. The Dow Jones Industrial Average fell 160.75 points, or 1.4 percent, at 11,017.83.

Most Fed officials at the meeting of November 2 to 3 additional purchases of securities was the maintenance of asset prices, low interest rates and boost, the Fed said in minutes of the meeting released today Washington. The Fed also said it is considering ways to improve communication with the public, such as press conferences started by President Ben S. Bernanke.

The S & P 500 has fallen 3.8 percent since reaching a maximum of two years on 5 November amid concern crisis of debt in Europe is intensifying and growing speculation that China will raise rates interest. The decline cut indicator rally this year to 5.8 percent.

The holdings earlier declines after the National Association of Realtors report showed that purchases of existing homes fell 2.2 percent to an annual rate of 4.43 million last month from 4.53 million in September. Economists had projected sales would fall to a pace of 4.48 million, according to the median forecast. The median price fell 0.9 percent from a year earlier.

La Nina Cooling May Mean More Snow and Storms, Higher Fuel Prices for U.S.

Snowstorms, droughts, floods and hurricanes increased in the store can be a cooling trend in the Pacific known as La Niña changes the climate around the world and threatens to raise fuel prices for heating and crops.

The possibility of stormy months ahead to the northern U.S. may bring some volatility to the natural gas market in the coming weeks, said Cameron Horwitz, an analyst at Canaccord Genuity Inc. in Houston.

In 1995, after one of the seasons most active Atlantic hurricane in history, a girl in combination with other weather patterns to achieve one of the snowiest winters in New York and New England, according to the National Oceanic and Atmospheric Administration records. prices of heating oil jumped 14 percent and natural gas rose 52 percent this year.

The next winter, "can get off to a fast start, and by that I mean it can be a monster of a storm relatively early this year, if not the end of November then December," said Joe Bastardi, chief meteorologist AccuWeather Inc. in State College, Pennsylvania. "I mean a blockbuster near the east coast."

Northeast U.S. largest is heating oil market, while about 52 percent of U.S. households use natural gas for heating. Natural gas for December delivery fell 3.8 cents, or 0.9 percent, to $ 4,233 per million British thermal units at 1:20 pm in the New York Mercantile Exchange. Prices were set yesterday at $ 4,271, the highest since Aug. 13. Heating oil for December delivery fell 0.49 cent to $ 2.2637 a gallon.

Cooling Pacific

La Nina is a cooling of the equatorial Pacific. On average, occurs every three to five years and lasts nine to 12 months, some persist up to two years.

In addition to more snow to the East, it can mean drier conditions in Texas and Oklahoma for hard red wheat crop and less snow cover for winter wheat across parts of the Plains, said Allen Motew, a meteorologist at the interval QT time in Chicago. Chicago contract, wheat, the benchmark is up 26 percent this year and hit a 23-month $ 8.68 a bushel on Aug. 6.

This year La Nina also brought more heavy rain than normal in parts of Asia. The rains have flooded Niña-linked farms and mines in Southeast Asia, helping to drive rubber 30 - year high, stopping production of tin in Indonesia and flooded rice fields of Vietnam to the Philippines.

In South America, dry weather caused by La Nina could affect corn and soybean in Argentina, the Fundación Valores said.

Impact Australia

The phenomenon is watched closely in Australia, the world's driest inhabited continent.

Australia had wettest September on your record as La Niña brought above average rainfall in the north and east, according to the Australian Bureau of Meteorology. Officials in New South Wales declared a state of drought free for the first time in nine years as rain increased the wheat crop and provide water for the planting of cotton and rice.

Ashley Ratcliff, head coach of the Yalumba wine company in Angaston, Australia, said the excess rain can also be a problem.

"If the rain is over, there are some significant drawbacks, such as loss of crops, decreased quality and increased input costs as a result of the management of fungal diseases," said Ratcliff.

If La Niña to last until next year, as some forecast models predict, could mean another active hurricane season for 2011. La Niña reduces wind shear over the Atlantic that the tears in the structure of tropical storms and hurricanes.

In 1995, there were 19 storms in the Atlantic, the third highest figure in the books and tie this year, according to NOAA.

Atlantic Oscillation

immediate impact of La Niña in the northeastern U.S. also depends on the North Atlantic Oscillation, an atmospheric pressure change, said Tom Downs, a meteorologist with Weather 2000 Inc. in New York.

The air temperature determines whether the systems La Niña produces rain or snow, said Downs, and the temperature of the air depends largely on the swing, which can affect an area of eastern North America Western Europe .

"Last year was a good example where we had a very negative North Atlantic Oscillation for most of winter and allowed a lot of cold air outbreaks in the eastern third of the nation," said Downs. "If we had a girl in place that could have had a scenario like 1995-1996."

A record of 75.6 inches of snow fell in Central Park in New York in the winter of 1995-96, when a girl combined with a cold phase of the oscillation, according to the National Weather Service.

Snow Record

For the winter of 2009-2010, when the warm Pacific, 51.4 inches fell in New York, while parts of the coast of the South Atlantic and set records snowfall. Baltimore received over 80 inches, compared with a normal of about 16.

Heating oil should be adequate to handle the arrival of winter in the U.S., "said Tom Knight, vice president of operations and the provision of Truman Arnold Cos. in Texarkana, Texas.

"We do not anticipate any shortages," said Knight. "There seems to be an adequate supply at all, although there is a constant appetite for exports of distillate."

Crude oil fluctuated



Crude oil fluctuated, recovering from losses after non-violation of technical support near $ 80 a barrel, the dollar strengthened on concern that the debt crisis of Europe, will affect economic growth.

Oil hit $ 80.28 as the dollar gained the most since August, curb appeal commodities as an alternative investment. The operators asked the U.S. currency as a refuge for the crisis in Europe and then North Korea and South exchanged gunfire. U.S. probably report tomorrow that oil supplies fell last week for the third time in a row.

"There is a defense of the $ 80 mark going," said Tim Evans, energy analyst at Citi Futures Perspective in New York. "The difficulty is that the bulls argued that inventory changes were irrelevant for months to argue that an expected decline in oil inventories makes a business."

Crude for January delivery fell 1 cent to $ 81.73 a barrel at 13:32 in the New York Mercantile Exchange. Prices have risen by 5.4 percent last year. Brent crude oil for January settlement fell 23 cents, or 0.3 percent, to $ 83.73 a barrel on London's ICE Futures exchange in Europe.

The dollar advanced as the crossfire of Korea increased the demand for safer assets. Climbed 1.7 percent to $ 1.3394 per euro in New York in the largest increase in one day since Aug. 11.

Oil Supply

U.S. crude inventories probably decreased by 2 million barrels, or 0.6 percent, last week at 357.6 million the previous week, according to the median of 14 analyst estimates before a future report of the Department of Energy.

The Energy Department plans to release its weekly report on petroleum inventories at 10:30 am tomorrow in Washington. The industry-funded American Petroleum Institute is due to publish its data later today.

The U.S. economy grew at a rate of 2.5 percent in the third quarter, more than estimated, as companies increased shipments abroad and Americans increased their spending, the Commerce Department figures showed today in Washington.

South Korean fighter jets scrambled and returned fire nuclear weapons after North Korea fired dozens of missiles on its territory, injuring 14 soldiers, according to government reports and YTN.

A South Korean Defense Ministry official, who requested anonymity, confirmed the bombing. The military has been put on high alert and "respond forcefully" to the provocation, he said.

'Contagion' European

German Chancellor Angela Merkel said the euro is in an "exceptionally serious" situation in Ireland on the verge of becoming the second European country to need a bailout, after Greece.

European Union officials estimate that a rescue package for Ireland can be up to about 85 million euros (114 billion U.S. dollars) according to two officials familiar with the negotiations who spoke on condition of anonymity because the talks were private.

The bond yields rose Spanish and Portuguese, as the rescue of Ireland risked escalating the crisis in Europe to the southern European nations with large budget deficits. Spain 10-year yield spread over German bunds widened to a record euro era.

"The market is concerned about the European contagion goes along with Portugal and Spain, probably the death knell," said Stephen Schork, president of the consulting firm Schork Group Inc. in Villanova, Pennsylvania.

Nigeria Central Bank kept its interest rate unchanged and raised the deposit rate

Nigeria Central Bank kept its benchmark interest rate unchanged and raised the deposit rate, as it seeks to bring inflation below 10 percent.

The policy rate remained at 6.25 percent, Lamido Sanusi, Governor of Central Bank of Nigeria, told reporters today in Abuja, the capital. The lending rate rose one percentage point to 4.25 percent while interest rates remained at 8.25 percent, he said.

"The decision was close," with policy-makers vote of six to four to leave the key rate on hold, Sanusi said. "It could have gone either."

Inflation was little changed at 13.4 percent last month, compared with 13.6 percent the previous month and the central bank's target of less than 10 percent. The persistence of high inflation remains a challenge, Sanusi said, while reaffirming the bank's commitment to price stability and exchange rate.

The tightening of the debt ratio is justified "given the high inflation and recent pressure on foreign reserves," said Razia Khan, regional head of Africa research at London-based Standard Chartered Bank, today in a note sent by e-mail.

Foreign exchange reserves stood at 34.3 billion U.S. dollars as of November 15, compared with 34.6 billion U.S. dollars in late October, Sanusi said. Reserves, which totaled U.S. $ 58 billion in March 2008, have been used to defend the local currency after an increase in demand for local rice dollars and importers of fuel, he said. Some foreign companies operating in the country also bought foreign currency to pay debts and dividends, Sanusi said.

"Need to tighten"

The members of the monetary policy committee "agreed on the need to push, but the discussions focused on how and when the adjustment," said Sanusi. The interest rate remained unchanged, "the need to maintain flexibility and allow the effect of the decision on interest rates to work through the system," he said.

The economics of African oil producer's largest and most populous country will expand 7.8 percent this year, up 7 percent last year, Sanusi said.