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Saturday, November 27, 2010

Coal India Will Purchase Overseas Mines to Meet Import Demand

Coal India Ltd., the world's largest producer of fuel, is considering the acquisition of five mines in the U.S., Australia and Indonesia to meet the country's demand for fuel, Chairman Partha Bhattacharyya said.

The state company is exploring a mine in Australia owned by Peabody Energy Corp., one in the U.S. owned by Massey Energy Co. and another in Indonesia, Bhattacharyya said, declining to name the company of others. While Coal India has not been started due diligence on two mines in Australia, banks can appoint early to assess the bids, he said.

"We are reducing the gap in valuations with Peabody," said Bhattacharyya, 59, in an interview in New Delhi yesterday. "We like to invest, because there are companies who want money for their mines and a market for coal," he said. "We have the money and have a great market here."

The mining company based in Calcutta 380 500 000 000 rupees (8.3 billion) in cash for acquisitions as consumption increases in the largest energy consumer in Asia's second largest. annual coal demand in India will exceed production by 100 million tonnes by Coal India four years and aims to meet half the deficit of the mines abroad, the president said.

"It is absolutely critical not only for the company but also for the country," said Jagannadham Thunuguntla, chief strategist at SMC Global Securities Ltd. in New Delhi. "From the macroeconomic point of view, it is very important for India to have control over natural resources and Coal India is a trump card for the government."

Indonesia risk

Bhattacharyya said Coal India may also start talks with the government of Indonesia in January on a proposal from the state mining company PT Tambang Bukit Asam Batubara.

At the last meeting of a group of Indonesia and India to work "that had suggested Bukit Asam is a company owned, and whether certain blocks can be operated jointly by the formation of a company," he said. "They have said that the next meeting will be something. That is likely to be in January."

Coal India fell 0.2 percent to 312.70 rupees at close in Mumbai trading as India's population declined, dragging the benchmark sensitive index of 0.9 per cent lower. The stock has risen 28 percent since the government sold a 10 percent stake in the company at 245 rupees per share last month in India's largest initial share sale.

Of the 20 analysts covering Coal India, 16 recommend buying the stock and recommended a sale.

IPO exit

The Indian Prime Minister Manmohan Singh raised 152 billion rupees from the IPO in October, providing the action at a discount to global peers. India's economy grew at its fastest pace in more than two years in the three months ended June 30, stimulate demand for energy.

Coal India and its units, representing 82 percent of domestic production of fuel, an increase of 29 percent in net profit to 40.2 billion rupees in the six months ended 30 September, the miner 23 November. The miner has 17.1 billion rupees of loans outstanding, payable through 2044.

"Prices of activated charcoal may increase in future due to growing demand from India and the environmental constraints that could hinder production," said KK Mital, a fund manager at New Delhi with the Capital Market Globo SA Therefore, now is the time to Coal India to make such acquisitions, if they come at a fair price. "

India's government has pledged to supply electricity to the national level by 2012 and needs to increase the installed generating capacity of 200,000 megawatts to support economic growth, the ministry of energy. More than half the current capacity of 167,278 MW is supplied by coal.

Coal demand in India could triple over the next two years to 2 million metric tons of carbon Minister Sriprakash Jaiswal, said Sept. 24. India produces 530 million tons of coal per year and imports about 67 million tons, said the minister.

Coal India has proven reserves of 52.55 billion tonnes, of which 21.75 billion can be extracted, according to the initial public offering document.

Spain to reduce bond issuance

Spain will issue less debt than expected in its remaining auction this year amid an increase in borrowing costs, although not named any scheduled sale, the finance minister, Elena Salgado, said.

"We have a commitment to investors, so it will not halt any planned auction at the end of the year here," he told a press conference following the weekly cabinet meeting today in Madrid. "As we have more than sufficient margin, probably slightly reduce the volume in each of these issues."

Spain plans to sell three-year debt on December 2 and 10 - and 15-year securities on December 16, according to the Treasury. Budgetary outcomes have been better than expected, ie the government's borrowing needs are "covered", said Salgado.

The extra yield investors demand to Spanish control 10-year Treasury bonds rather than German, the European benchmark, rose to the highest since the creation of the euro today as the Irish call for rescue prompted speculation that Portugal and Spain may also seek outside help.

Spain reduced its central government budget deficit by almost half in the first 10 months of the year, after cutting public salaries and raise taxes in an attempt to curb the deficit in the third largest in the euro area public.

Salgado also said Spain's net financing needs for next year are 45 million euros ($ 59,600,000,000) and debt repayments are made to coincide with periods of higher tax revenues. The interest amounted to 2.2 percent of gross domestic product this year, Salgado said it was "one of the lowest in the euro area."

Surge Performance

Spain 10-year bond yields rose as high as 5,284 percent today, pushing the spread over German debt to 264 basis points. The yield fell to 5.17 percent after the announcement of the bond auctions.

Spain is trying to distance itself from other so-called peripheral countries through contagion from the financial and fiscal crisis in Ireland. Spanish Prime Minister José Luis Rodríguez Zapatero, "absolutely" ruled out the need for an international rescue his country today, said Salgado "no need" to talk about aid to Portugal either. Spain has a "stable" base of investors, while Asian investors increased their holdings of Spanish debt, he said.

The risk for Europe is that Spain's economy is twice as large as that of Greece, Ireland and Portugal combined, which means that if Spain did not need help, which could slow the region euro rescue fund of 750 million euros. Bundesbank President Axel Weber said Nov. 24 that if the fund is not enough to calm markets, "will have to be increased."

Bank Transparency

Bank of Spain Javier Ariztegui deputy, said the central bank will require more data from lenders in real estate holdings and financial status of their bulk. The new disclosures should be ready in late March, said in a speech today in Barcelona. Stress tests, published in July still "adequately describe the current situation of the banking system and its risks," he said.

Spanish lenders with 181 million euros of "exposure" care "of construction and real estate, according to the Bank of Spain, after a property boom collapsed a decade, prompting a wave of bad loans.

As part of the same unit to gain credibility by providing more information for investors, the government said Nov. 24 that the regional governments to begin the first publication of the harmonized budget data each quarter. Regions such as Catalonia and Andalusia, plus manage the central government and employ half of all public employees, making spending plans crucial to the nation's finances.

Spain has pledged to reduce its overall budget deficit of 9.3 percent of gross domestic product this year from 11 percent in 2009. cuts in public wages, pension freeze and reductions in infrastructure spending will help boost the deficit of 6 percent in 2011. Salgado said the government will take further action if any "deviation" of the targets.

Madoff investors by the trustee Sued for Alleged fictitious profit

A group of former investors of Bernard Madoff were sued by a director appointed by the court trying to recover the artificial gains they received in the six years before signing the con declared bankruptcy in December 2008.

The trustee, lawyer from New York Irving Picard, sued the people who invested with Madoff and withdrew more money than they contributed. Picard, with the approval of the bankruptcy judge overseeing the liquidation of New York, Bernard L. Madoff Investment Securities LLC, said it would seek fictitious profits paid to investors in suits called clawback.

Most of the previous suits filed by Picard have sought money Madoff family members, staff, funds and others who are accused of having known Madoff was running a scam. In many of the lawsuits filed yesterday, Picard does not claim investors knew or should have known about the fraud.

"The payments received by the accused are allegedly non-existent profits earned in the account, but were in fact other people's money," Picard said in a report that $ 2.8 million David Washburn, an investor of Madoff.

Washburn did not return a phone call seeking comment.

Also sued Marion Madoff, the wife of the brother of Peter Madoff, Picard said he received $ 14.1 million in customer funds to be returned. Picard and Peter Madoff sued in October last year.

Charles Spada, lawyer Peter Madoff, did not immediately return a call to his office after hours yesterday.

New Complaints

Picard had at least 41 new cases yesterday in U.S. Bankruptcy Court in Manhattan.

The new allegations follow more than two dozen filed by Picard seeking to recover more than $ 17.5 million from various parties, including friends and family Madoff, and feeder funds, which addressed most or all of the money Madoff customers. One of the suits, filed on Nov. 23 seeking $ 2 billion of UBS AG on the Swiss bank's loan fraud helped Madoff.

Madoff, 72, is serving 150 years in prison after pleading guilty to orchestrating the biggest story in Ponzi scheme company in New York.

At the time of his arrest, Madoff account statements reflecting the accounts of 4900 with $ 65 billion in nonexistent investments, according to Picard. Investors lost about $ 20 billion in capital.

The SIPC is a bankruptcy case against Bernard L. Madoff Investment Securities LLC, 08-1789, U.S. Bankruptcy Court Southern District of New York (Manhattan).

falling U.S Stocks this week

U.S. stocks fell this week, led by banks, amid concern that a bailout may not stem the Irish Europe's debt crisis, China will raise interest rates to cool inflation and conflict on the Korean Peninsula will intensify.

"Things are looking a quite serious," said Peter Sorrentino, who helps oversee 13.8 billion U.S. dollars in Huntington Asset Advisors in Cincinnati. "They serve to keep the real key investors on the sidelines because they are reasons for not taking a risk."

JPMorgan Chase & Co. and Bank of America Corp. led declines in the Dow Jones Industrial Average, both losing more than 4.6 percent after Ireland became the second country in the euro to seek a bailout and the cost to save their banks threatened with a repetition of the Greek debt crisis. Hewlett-Packard Co. limited losses for the benchmark, increased its earnings beat estimates.

500 of Standard & Poor's dropped 0.9 percent this week to 1,189.40 as 8 of 10 groups of the industry declined. The Dow lost 1 percent to 11.092, with 25 of its 30 companies falling. Both indicators of equity are more than 6.3 percent this year.

Financial companies led the S & P 500 lower, losing 2.5 percent for the biggest drop among 10 industry groups. S & P Ratings Services lowered the counterparty credit rating long-term Irish banks such as Allied Irish Banks Plc and Bank of Ireland Plc.

Bank of America, the largest U.S. bank by assets, fell 4.6 percent to $ 11.12. JPMorgan, the second largest, fell 4.8 percent to $ 37.50. Citigroup Inc. fell 3.7 percent to $ 4.11.

Korea clashes

The S & P 500 posted its biggest drop of the week Nov. 23, losing 1.4 percent after fighting broke out between North and South Korea. North Korea bombed a South Korean island near the disputed border between the two countries, killing two soldiers in the worst attack on its neighbor by at least eight months.

The government of China in the last month has intensified a campaign to limit credit growth after inflation accelerated and increased housing prices. China's largest banks are about to reach government-set limits on loans and a plan to stop the expansion of their loan portfolios to avoid exceeding the annual, four people briefed on the matter, said this week.

"If you take things so negative you sounded together in China, Ireland and Korea," said Stephen Wood, chief market strategist at New York's Russell Investments, which manages 149 billion U.S. dollars. "They have drowned out the positive aspects of the numbers of better jobs and corporate profits in the U.S."

Hewlett-Packard, the world's largest manufacturer of equipment, rose 1.7 percent to $ 43.20. The Palo-Alto, California-based company forecast first-quarter earnings that beat analysts' estimates as companies accelerate the purchase of personal computers, printers, servers and networking equipment.

Monster Manifestations

Monster Worldwide Inc., operator of the site www.monster.com job search, won 17 percent to $ 23.18 for the biggest jump in the S & P 500 after a Labor Department report showed a drop in applications for unemployment benefits. Requests for unemployment last week fell 34,000 to 407,000, the lowest level since July 2008.

The benchmark for options on U.S. stock rose highest since May. The VIX, as the Chicago Board Options Volatility Index is known, increased 23 percent to 22.22. The index, which measures the cost of using options to hedge against S & P 500 declines, has recovered from a minimum of six months of 18.04 wfeeks ago.

The Treasury will sell $ 29 billion in three months and $ 28 billion in bonds to six months on 29 November. Yielded 0.15 percent and 0.21 percent respectively in the when issued trading.

South Korean Stocks Slump Most in Two Weeks



The South Korean won fell the most since June, and shares fell after North Korea warned that any "confrontation escalated" will lead to war.

The won slid 1.9 percent to 1,159.63 per dollar, while the Kospi sank 1.3 percent, the most in two weeks, to 1,901.80 at the close in Seoul. The decline was deepened after KCNA agency, North Korean state news, said in a statement emailed to news organizations that the North is "greatly angered the provocation" South Korea will retaliate any invasion of their sovereignty. The currency and stocks fell ahead of military exercises between South Korea and the U.S.

The Kospi 200 Index futures expiring in December fell 0.2 percent to 249.70 in electronic trading as of 18:31 Seoul time. The index sank 1.2 percent to 249.31 in regular trading.

"Nerves remain on the market," said Lee Woo Jin, a fund manager at KTB Asset Management Co. in Seoul, which had the equivalent of $ 11 billion in assets as of September 30. "It will take time before the market stabilizes. It's the kind of issue that will resolve over time, so we'll have to wait and see."

North Korea's comments come after the November 23 bombing Yeonpyeong island, the first attack and South Korean soil in half a century. South was accused of provoking the attack. Two soldiers and two civilians were killed in the bombing, spurring U.S. President Barack Obama to send an aircraft carrier in the Yellow Sea for the years between 28 November and 1 December. to show support.

"Under Siege"

explosive shots heard Yeonpyeong Island today could have been a land artillery exercise conducted by North Korea, an official said South Korea's Defense Ministry who asked not to be identified, citing government policy. No shells landed in the territory of South Korea, he said.

The decline in the currency of South Korea and now the stock market "were not seen as a major concern," said Bank of Korea Min Sung Kee official, adding that the central bank was "on alert" and monitoring of financial markets.

The Kospi fell as much as 2.4 percent on November 24 in the first reaction of the stock market in South Korea for the bombing, before closing the day 0.2 percent lower. The currency reached a minimum of two months of 1172.50 per dollar, a day after the attack.

"This is really a great risk for the entire region, resulting in a massive sale of cattle," said Minoru Shioiri, senior manager of forex trading at Mitsubishi Tokyo UFJ Morgan Stanley Securities Co. "People do not want to keep the cattle and other currencies in the region during the weekend when we do not know what would happen. "

Today he won the fall came as the euro traded near a two-month low on concern debt crisis spread to Ireland Portugal and Spain, dimming investor sentiment towards emerging market currencies increased performance.

Bond Reduction

Government bonds fell. The yield of 4 percent due September 2015 rose six basis points, or 0.06 percentage point to 4.04 percent, the highest level in two weeks, according to the Korea Stock Exchange.

"Although the most recent act of aggression creates natural concern, it is also important to remember that the tensions in Korea, although high, are not new," said Michael Hasenstab, who helps manage $ 42,600,000,000 Templeton Global Bond Fund, in an email . "We remain focused on what we see as a strong recovery of South Korea's financial crisis, which we think should help support your local currency and asset prices."

Dollar Strengthens Most in Three Months



The dollar rose the most since August against six major counterparts as the concern that Europe's problem of the debt will get worse and military action in Korea spurred increased demand for U.S. currency as a refuge.

The dollar rose against the yen for the fourth consecutive week, the longest streak in 20 months after North Korea bombed a South Korean island and said that "the confrontation escalated" will lead to war. The euro fell for a third week against the dollar as investors speculated Portugal and Spain are the countries of Europe together with the need for a bailout. U.S. added jobs in November for the second consecutive month, data from next week may show.

"The euro has continued to fall against the dollar," said Kathy Lien, director of research at online currency trader GFT Forex in New York. "If there is a war between the two Koreas, the yen would fall against the dollar aggressively."

The dollar index rose for a third week, gaining 2.4 percent, the most since the five days ended August 13 at 80,382. IntercontinentalExchange Inc. uses the indicator to follow the U.S. currency against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona. Reached 80,522 yesterday, the highest since Sept. 21.

The euro fell 3.2 percent to $ 1.3242 from $ 1.3673 on Nov. 19. The decline in three weeks was the longest since May. The 16 - nation currency has lost 5.1 percent this month. It fell 2.5 percent against the yen to 111.37 from 114.23 weeks ago.

Longest in 20 months

The dollar rose 0.7 percent against the yen to 84.10 from 83.55 yen. It was the fourth weekly gain, the longest streak since the six weeks ended March 6, 2009.

the common European currency fell against 14 of its 16 major counterparts as bonds most indebted countries in the region was reduced after Ireland agreed to become the second nation to seek a bailout, after Greece. The Financial Times Deutschland reported responsible for the euro area, the policy of Portugal were pushing to do the same to protect Spain from infection.

The extra yield investors demand to hold Irish 10-year bonds rather than their German counterparts a small percentage rose to record euro was 6.56, while the spread of the debt to 10 years in Portugal on German bonds touched 4.55 percentage points. The spread of Spanish-German 10 years rose to 2.64 percentage points. That's the highest since the introduction of the euro in 1999.

Finance Minister of Spain, Elena Salgado, said there "absolutely" no risk that his country needs a rescue.

Court Classification

Ratings Standard & Poor's downgraded the long-term sovereign credit rating two steps to Ireland A from AA-. Irish officials hurried to complete a grant agreement to open the package before financial markets next week.

"The history of Europe will continue, and will not be able to stop the contagion to other countries," said Blake Jespersen, director of foreign exchange in Toronto at the Bank of Montreal. "All Asian currencies are suffering from tensions in Korea. Those two things are really causing the market to take a break."

The yen was on the verge of a monthly loss of 4.4 percent against the dollar, the weakening of the top 15 who arrived in October as the U.S. sent the aircraft carrier USS George Washington to participate in naval exercises off the coast of Korea.

"If there is an escalation in tensions in Korea, then that certainly is detrimental to the already struggling economy-Japan," said Omer Eisner, chief market analyst in Washington at the Commonwealth Foreign Exchange Inc., a firm currency brokerage. "Proximity to the crisis could be something that is keeping investors wary of the Japanese yen."

Won plunges

The South Korean won fell more than five months as North Korea said the naval exercises, naval exercises Peninsula moved "closer to the brink of war." The artillery attack from North Korea on November 23, killing four people.

The won fell 2.2 percent, the most since the five days ended June 11 at 1159.63 per dollar.

Canadian dollar gained against 15 of its 16 most-traded counterparts of the week, even as it lost 0.4 percent to C $ 1.0213 to the dollar in European terms and Korea damped investor appetite for risk. It strengthened 1.5 percent, the biggest one-day gain in almost three months, on 24 November as Russia said it began to add the currency reserves.

"So far, the amounts are very small, but there is no such possibility to increase our positions," said Alexei Ulyukayev, first deputy chairman of Russia's central bank said in an interview in Moscow.

The Australian dollar, known as the Australian, hit the lowest level in seven weeks against the dollar after the Reserve Bank governor Glenn Stevens said the national rate of interest is appropriate for the "period ahead." It fell 2.2 percent to 96.45 U.S. cents from 98.66 on November 19, and touched 96.13.

New Zealand dollar was the worst performer among major currencies. It fell 3.7 percent, the most since the five days ended Aug. 13, at 74.99 U.S. cents through reduction in risk appetite.

The U.S. economy added 145,000 jobs in November after a rise of 151,000 in October, according to the median forecast of economists polled by our reports before the Labor Department has data on 3 December.

South Korea girds for U.S. show of force with After the attacks of the North Ships

The aircraft carrier USS George Washington and four smaller warships start with morning exercises, ships of South Korea in a show of force warned that North Korea will have the peninsula to the "brink of war."

The exercises, to be held in the waters west of the Korean peninsula, follow North Korea November 23 attack on a fishing community in South Korea and the military base that killed four people including two civilians. Shells shattered the windows of a school and houses torched in Yeonpyeong island in a disputed area about 20 kilometers (12.4 miles) from the North Korean peninsula.

While the U.S. has called the exercises "defensive in nature," said the regime of Kim Jong Il that any violation of the sovereignty of North Korea could trigger another attack. Japanese Prime Minister Naoto Kan on Monday ordered the Cabinet to stay in Tokyo in the case of "unexpected" developments.

The bombing of Yeonpyeong tensions escalated after the outbreak of an international investigation found that North Korea torpedoed the battleship Cheonan South Korea in March, killing 46 sailors. President Barack Obama, along with Khan and South Korean President Lee Myung Bak, has asked China to use its influence to moderate the North Korean acts of aggression, while Chinese Premier Wen Jiabao has reiterated calls for stability, without attributing any blame to North Korea.

The Korean won was the worst performing currency in Asia against the dollar yesterday after North Korea threatened "a terrible rain of fire." The Kospi stock index fell 1.3 percent.

Defence Minister

South Korea is considering the restoration of North Korea as the "main enemy" in its defense guidelines, Yonhap News reported today, citing an unnamed government official. The term can be restored to a Defense White Paper after the artillery attack by North Korean news agency in Korean, he said.

South Korean Lee appointed former Joint Chiefs Chairman Kim Jin Kwan, 61, to replace Defense Minister Kim Tae Young, who resigned amid criticism that the military response to the bombing was inadequate.

Lee wants to "rebuild the military policy landscape," said Jasper Kim, associate professor at Ewha Women's University Graduate School of International Studies in Seoul. "The current administration of Lee Myung Bak and was aggressive, but so far entered a hyper-aggressive foreign policy."

Lead to war

"Confrontation Stepped lead to war, an agency of the North Korean government in charge of relations with South Korea said in a statement the state Korean Central News Agency. "Gone are the days when verbal warnings are served alone."

Shipping was warned to avoid a Yellow Sea area parallel to the northeast China city of Qingdao, while shooting exercises will take place from November 29 to December 3, according to the National Geospatial-Intelligence Agency. Qingdao is located approximately 615 kilometers west of Seoul.

The nuclear-powered USS George Washington, which has about 85 aircraft and is served by a crew of 6500, was passed in the waters of the Korean peninsula in July as part of the U.S. exercises announced after the collapse of Cheonan.

China said at the time it was "strongly opposed" to any foreign military maneuver that could threaten stability in the region. The Foreign Ministry warned yesterday against the exercise of "exclusive economic zone of China without permission, Xinhua News Agency reported.

In view of the notification

The Pentagon reiterated that the U.S. military China reported the planned exercise as it has in the past.

"This exercise and the whole series of exercises not aimed at the Chinese," said U.S. Navy Captain Darryn James, a Pentagon spokesman, yesterday. "It is designed to strengthen deterrence against North Korea."

China is the main benefactor of North Korea economic and political and the two countries fought together against the US-led United Nations forces during the Korean War of 1950-53. The peninsula is kept in a technical state of war since the conflict ended with a ceasefire.

Russian Foreign Minister Sergei Lavrov and his Chinese counterpart Yang Jiechi, called for the prevention of further escalation in the peninsula and pledged to "work to relieve the tension between the two parts of Korea and the resumption of six-party talks "during a phone call today, according to an e-mailed statement from the ministry in Moscow.

The exercises in the United States and South Korea, involving air defense and surface warfare training in the provision, are "designed to improve our military commitment to regional stability through deterrence," said EE. UU. Forces Korea in Seoul on 24 November.

Bombing

U.S. is "shoulder to shoulder" with South Korea, Obama said Lee in a November 23 phone calls after the island of bombing, the first of its kind since the war. U.S. has about 25,000 troops stationed in South Korea.

North Korea called the South Korean exercise "military provocation" carried out in its waters.

The western sea border demarcated by the UN after the war and never accepted by North Korea, was the scene of deadly naval clashes in 1999 and 2002.

North Korea maintains that the border has drawn further south to include Yeonpyeong and four neighboring islands as part of its territory.

Asian Currencies Have Weekly Drop on North Korea Attack

Asian currencies had their biggest weekly loss in six months as an exchange of artillery fire in the Korean peninsula deterred investment in the region and European demand for debt crisis driven by dollars.
, Asia Dollar Index fell for a third week, its worst run since February, after North Korea bombed a South Korean island on November 23, prompting retaliatory fire. The euro fell Wednesday to a minimum of two months in Ireland negotiated a bailout of the European Union and led by the Financial Times Deutschland reported that policy makers in the region are taking Portugal to seek financial aid.

"Asian currencies have suffered the contagion in Europe," said Dariusz Kowalczyk, chief economist at Credit Agricole CIB in Hong Kong. "We also had an escalation of tensions in North and South Korea."

The won fell 2.2 percent this week to 1,159.63 per dollar in Seoul, its biggest drop in five months. Singapore dollar fell 1.9 percent to S $ 1.3208, the biggest drop since February 2009 and the Malaysian ringgit dropped 1.5 percent to 3.1630. The Asia index of the dollar, which is the region of 10 most used currencies except the yen, fell 1.1 percent to its lowest level in two months.

The won fell 1.9 percent yesterday after North Korea, through its state news agency KCNA, said that "the confrontation escalated lead to war." The aircraft carrier USS George Washington to start doing morning exercises off the Korean peninsula with warships from the South in a show of force that the North was warned countries "closer to the brink of war."

War Risk

"This is really a great risk for the entire region, resulting in a massive sale of cattle," said Minoru Shioiri, senior manager of forex trading at Mitsubishi Tokyo UFJ Morgan Stanley Securities Co. "People do not want to keep the cattle and other currencies in the region during the weekend when we do not know what will happen. "

The ringgit had its biggest weekly decline in six months, a central bank report showed the economy slowed more than economists expected in the third quarter. Gross domestic product rose 5.3 percent from a year earlier, below the 8.9 percent gain in the last three months and the median 5.9 %

"We both economic and geopolitical events have dented investor appetite for risk", said Murezani Wan Mohamad, Malaysia's Corp. analyst rankings in Kuala Lumpur.

GDP data

The Philippine peso fell 0.9 percent to 44.195 per dollar, a third weekly decline, as a November 25 report showed GDP unexpectedly fell 0.5 percent in the third quarter of the last three months. Economists surveyed by forecast 0.9 percent growth for the period.

China's yuan fell 0.42 percent this week to 6.6675 per dollar, its biggest drop since December 2008.

"There is more risk averse after the situation of Korea and the European debt crisis," said Claudio Piron, head of emerging Asia foreign exchange and fixed income strategy at Bank of America unit of Merrill Lynch in Mexico. "If you look across the region, all Asian currencies have weakened against the dollar."

Taiwan dollar fell 0.5 percent this week to NT $ 30.83, while Indonesia's rupiah dropped 0.8 percent to 9,013. Thai baht fell 0.8 percent to 30.20.

Asian stocks fell for third consecutive week

Asian stocks fell for third consecutive week after North Korea fired artillery shells in South Korea, swelling of the concern that tensions will increase.

Korean Air Lines Co., the largest line of the nation by market value, fell 5.4 percent in Seoul. Hyundai Motor Co., the largest automaker in South Korea's market capitalization, fell 6.9 percent. Sun Hung Kai Properties Ltd., the world's largest developer by market value, fell 6.1 percent in Hong Kong after the government announced new measures to prevent a bubble in real estate prices. Honda Motor Co., automaker of Japan's second largest by sales, slumped 1.9 percent.

The MSCI Asia Pacific Index fell 2.1 percent to 128.92 this week. The gauge slid on 23 November after reports of government and media that North Korea fired dozens of artillery shells in the territory of South Korea, his attack for the first time in half a century.

"The markets are taking on the likelihood of any further action by the North Koreans," said Tim Schroeders, who helps manage about $ 1 billion in Pengana Capital Ltd. in Melbourne. "What was initially rejected as a skirmish once is now making people a little nervous."

Kospi index in South Korea fell 2 percent this week, its biggest weekly decline since August. Hong Kong Hang Seng index sank 3.1 percent, the biggest decline among the major indexes of the Asia-Pacific.

The Shanghai Composite Index fell 0.6 percent in China, where the central bank raised the reserve ratio for the second time in two weeks to cool inflation. Australia S & P / ASX 200 fell 0.7 percent.

In Japan, where markets were closed Nov. 23 for a holiday, the Nikkei 225 Stock Average rose 0.2 percent, while the broader Topix index lost 0.3 percent.

Korean tensions

Tensions with North Korea have increased since the sinking of the warship Cheonan South Korea in March, which killed 46 sailors. On November 23 bombing of Yeonpyeong island, which killed four people and wounded 20, was the first of its kind since the Korean War from 1950 to 1953 and encouraged the president Barack Obama to send a U.S. aircraft carrier in the Yellow Sea to show support and strength.

North Korea warned that any "confrontation escalated" will lead to war, state news agency KCNA, said yesterday.

"A more bubbles of the tensions in Korea is another layer of uncertainty for markets that do not need to address," said Schroeder's Pengana. "It is not enough happening in terms of problems of European debt and inflation in China without having to deal with geopolitical tensions erupt.'s Probably just another trigger point for people to sell."

Hong Kong Property

The MSCI Asia Pacific index has changed little this month. It has risen 7.4 percent this year on speculation earnings growth will be higher than China's measures to tackle the fastest inflation in two years and the fiscal deficit crisis in Europe. Shares in the indicator value at 14 times estimated earnings on average, compared with 23 times at the beginning of the year.

A group of actions related to finance, including real estate companies, fell more than this week among the 10 industry groups in the MSCI Asia-Pacific, and Hong Kong developers led declines among groups Hang Seng Index Four industry.

Financial Secretary, John Tsang, on November 19 raised the stamp duty and deposits increased, however, tougher measures to curb the rise in home values, which have soared 50 percent since January 2009 . Hong Kong Monetary Authority Chief Executive Norman Chan, said the initial payment for some households will increase, the second hike this year requirements.

"The government measures to cool property prices are showing some effect, and developers are headed by a long decline," said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong.

European shares had their biggest weekly decline in eight weeks

European shares had their biggest weekly decline in eight weeks as concern mounted peripheral euro area countries can not pay their debts and North Korea fired missiles in South Korea for the first time since the 1950-53 war.

Banks and insurers led the decline as investors waited to see how many loans Ireland European bailout fund, as the cost of insuring the Portuguese government debt rose to a record. Bank of Ireland Plc fell 45 percent, the biggest weekly fall in the benchmark Stoxx Europe 600 Index. Banco Santander SA fell 12 percent and BNP Paribas lost 8.5 percent.

The benchmark Stoxx 600 fell 1.1 percent last week, the biggest weekly decline since September. The meter has yet met the 15 percent from its low this year in May, investors speculated that the world economy will grow after the companies reported better than expected results and U.S. central banks Japan announced more measures to stimulate economic recovery to shore.

"After Ireland, Portugal is a likely candidate for aiding Spain's close," said John Plassard, head of European equities at Louis Capital Markets LP. "Amid these problems, the geopolitical problem between the two Koreas is the icing on the cake in a bad week."

Korean conflict

North Korea threatened a "terrible rain of fire" as the U.S. sent the nuclear-powered aircraft carrier USS Washington for the Yellow Sea for joint military exercises with South Korea. On 23 November, North Korea bombed a community of South Korean fishing and the military base on the island Yeonpyeong highly flammable ammunition that killed four people, including two construction workers, blew the windows of a school and burned houses.

In Europe, the cost of insuring the debt of the Portuguese and Spanish government against default rose to record levels, according to data provider CMA. Portuguese Finance Minister Fernando Teixeira dos Santos said that EU governments can not impose a rescue plan in his country even when speculation mounted that Portugal will eventually have to request one. Most governments in the euro region and the European Central Bank are urging Portugal to accept a rescue plan to halt the contagion spread to Spain, the Financial Times Deutschland reported on Friday.

Ireland Rescue

Irish officials hurried to complete a deal for an international aid package before financial markets reopen next week with talks focused on the situation of the bondholders in the largest banks in Ireland, amid concern that the government require that debt holders to share the cost of bailing out financial statements of the system. Finance ministers plan area to finalize an agreement on 28 November, a European Union official said on condition of anonymity.

The Bundesbank President Axel Weber, who is also a European Central Bank Governing Council member, said the rescue fund the EU has enough money to calm the markets and there is no alternative to European monetary union .

"I think we can rule out" the pessimistic scenario that the fund could be exhausted, Weber said in a panel discussion on Thursday in Berlin. "We will do everything possible to safeguard the existence of the euro," he said.

Bank of Ireland lost 45 percent amid concerns that the government will force a portion of the cost of rescuing banks in the country of the senior bondholders. The bank has 5.4 billion euros (7.2 billion) senior unsecured debt and a € 5,900,000,000 bonds guaranteed by the government.
Two people familiar with the situation said the lender may result in majority control of the state that the government inject more capital into the bank.

Santander, Mediobanca

Banco Santander, Spain's largest bank, shed 12 percent after calling on the European Commission to reject plans for global regulators require lenders to accumulate more capital in boom times. The bank urged the commission to take a different approach than that proposed by the Committee on Banking Supervision, or scrap the idea altogether.

Mediobanca SpA of Italy withdrew 9.9 percent, while France's BNP Paribas fell 8.5 percent.

De La Rue Plc fell 13 per cent of the company said it still "remains uncertainty" on issues of work being produced. De La Rue reported a 17 percent drop in first half revenue and removed from the Stoxx Europe 600 index.

Porsche Automobil Holding SE rose 15 percent after the automaker's profit from operations increased more than sevenfold in the first quarter.

Provident Financial Plc, the UK's largest lender high risk, rallied 12 percent after announcing spending cuts that the government will have a "modest" about their customers.

Shopping Capital Group Plc, the largest owner of shopping centers in Britain, rose 9.7 percent last week after saying Simon Property Group Inc. can provide more than 2.3 million pounds (3.6 billion ) in cash for the company.
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Emerging Stocks Decline for Third Week on Korea

stocks in emerging markets fell, sending the benchmark index to its third weekly decline on supply concerns China to control inflation, tensions between North and South Korea and Europe to the crisis debt global recovery will stall.

The MSCI Emerging Markets Index fell 1.6 percent to 1,081.06 until 5 pm in New York. The indicator fell 2.8 percent in the last five days, its third weekly decline and the longest losing streak since May.

South Korea's Kospi index fell 1.3 percent, while the Shanghai Composite Index fell 0.9 percent, the first decline in three days. Hungary Bux index fell 2.8 percent after the government moved to effectively nationalize private pension funds, so the indicator worst actor in the world today.

Brazilian Bovespa index fell 1.6 percent, ending the biggest weekly decline in almost five months, on signs that the central bank will raise interest rates and a deep concern that the global economy is weakening.

Chinese banks retreated, paced Industrial & Commercial Bank of China Ltd., amid speculation the government may reduce the rate of new loans next year. In South Korea, the defense minister quit, while the nation was preparing for joint military exercises with U.S. from November 28 after an artillery attack launched by North Korea this week. The won weakened 1.9 percent, ready for a third consecutive weekly decline.

"The same two subjects, peripheral Europe and Korea, are driving the negative sentiment," led the RBC Capital Markets analyst Nick Chamie, said in a report in today's emerging markets, adding that further selling pressure was "speak more than Chinese imminent rate hike."

OTP Bank Nyrt., Hungary's biggest lender, slid to 5.6 percent. The forint has depreciated 0.9 percent against the euro and 1.8 percent against the dollar.

Sell Recommendation Hungary

The Hungarian government plans in exchange for private assets of pension funds that the State is concerned the European Commission, Bruxinfo news website, citing the spokesman Amadeu Altafaj.

Hungarian assets must be sold by investors, given the "complete unpredictability" of government, Simon Quijano-Evans, the Vienna-based head of emerging markets strategy at Credit Agricole Cheuvreux SA, said in a note e-mailed .

The concerns of Portugal and Spain may join Ireland in search of a bailout of the European Union and the International Monetary Fund darker investor sentiment.

Brazilian Central Bank increased the benchmark rate to 12.25 percent from 10.75 percent in April to curb inflation, Bank of America Corp. said. Bank of America had forecast policy makers with the rate of 10.75 percent through 2011.

Turkey's ISE National-100 fell 1.5 percent, more than 8 percent from its record high reached on 9 November.

Polish WIG20 index lost 1 percent and Russia's MICEX index fell 0.3 percent.

The zloty slid 1.4 percent against the euro and 2.3 percent against the dollar. The rand lost 1.6 percent.

Oil fell to 1.3 percent, to $ 82.78 a barrel and copper fell 1.2 percent in London trading. Gold lost to 1.8 percent.

Indonesia, India

The difference between the yield investors demand to hold emerging market bonds and U.S. Treasuries widened 5 basis points to 252, according to JP Morgan Chase & Co. EMBI index.

Jakarta, Indonesia Composite Index fell 1.6 percent and the Philippine Stock Exchange index fell 1.1 percent. India's Sensitive Index, or Sensex, sank 0.9 percent.

The Shanghai index yesterday had retreated from 8.3 percent reached almost seven months on November 8 by the concern of monetary tightening will affect economic growth accelerated. The central bank last week ordered banks to set the largest reserves set aside for the second time in two weeks after rising interest rates in October, the first increase since 2007.

Southampton, New York Schools overpaid $ 1.91 million

New York City from Southampton, an access point for summer investment bankers on Wall Street and Hollywood stars, paid more than 1.91 million U.S. dollars in lieu of taxes to two Long Island school districts, Comptroller Thomas DiNapoli said.

Southampton 8.29 million U.S. dollars given to schools in the eastern end of Long Island, where the amount should have been $ 7,620,000, DiNapoli said in a statement today, citing an audit of payments made in the property free taxes of the coastal city. He said a third system underpaid and three fire districts.

"When governments and municipalities make mistakes, taxpayers suffer," said DiNapoli. The error stems from a misinterpretation of a 2007 change in the law under which cities make payments in lieu of taxes, DiNapoli said.

The city of about 55,200, attended by billionaire investor George Soros and film stars Renee Zellweger and Michael J. Fox, could have saved about $ 664,600 during the two years that were examined, according to DiNapoli's audit. The highest paying in excess of 1.76 million dollars, went to the Riverhead Central School District, said DiNapoli.

In its official response, the city said developing a "plan of corrective action." Southampton officials could not immediately be reached for comment today.