07/15/13 The Raw Financial Services Industry News Feed

Comprehensive Real-Time News Feed for Financial Services.

• CalPERS, CalSTRS post double-digit annual gains _{2013-07-15, 03:11 pm}
  The nation's two largest public pension funds are reporting double-digit returns from rising stock and real estate prices.
• Ethiopia will submit an offer to the World Trade Organization _{2013-07-15, 03:10 pm}
  Ethiopia's gross domestic product has grown an average of 9.1 percent over the past 10 years, ranking it as Africa's second-fastest growing economy, after Angola, and sixth globally, according to World Bank data.
• RBC, BofA Could Earn $95 Million on Shoppers Sale _{2013-07-15, 03:10 pm}
  Royal Bank of Canada and Bank of America Corp. may share as much as $95 million in fees for advising on Loblaw Cos.'
• Navistar Rises After Accord With Icahn, Rachesky: Mover _{2013-07-15, 03:10 pm}
  Navistar International Corp. rose the most in more than two months after agreeing to let shareholders Carl Icahn and Mark Rachesky nominate two directors each to the truckmaker's board.
• Citigroup's Toxic Asset Unit Costs Jump to $1.25 Billion _{2013-07-15, 03:09 pm}
  Citigroup Inc. , the third-biggest U.S. bank by assets, said first-half costs at a unit holding some of the lender's most toxic loans and securities multiplied by almost 10 times from a year ago on higher legal expenses.
• Trial of ex-Goldman Sachs trader opens in New York _{2013-07-15, 03:08 pm}
  Fabrice Tourre faces allegations from a 2010 lawsuit brought by the Securities and Exchange Commission against him and Goldman Sachs in what was called the most significant legal action related to the mortgage meltdown that helped pushed the country into recession.
• With Corbat at helm, Citi's profit, revenue rise _{2013-07-15, 03:08 pm}
  This Wednesday, Dec. 5, 2012 file photo, shows a Citi Bank sign in Chicago. Citigroup turned in a strong first quarter, but the sentiment from the bank was more cautious than celebratory.
• Resource Capital Corp. to Report Operating Results for Second Quarter 2013 _{2013-07-15, 03:08 pm}
  Resource Capital Corp. announced today that it will release its second quarter 2013 operating results on Tuesday, August 06, 2013, after market hours, and invites investors and other interested parties to listen to the live webcast of its conference call on Wednesday, August 07, 2013, at 08:30 a.m. Eastern Time.
• Bachmann Pays $55,000 in Legal Fees _{2013-07-15, 03:07 pm}
  Bachmann for President, the former presidential campaign committee of Rep. Michele Bachmann , R-Minn., reported it paid $55,000 for legal fees during the second quarter of 2013.
• Jurors picked in SEC fraud case against Goldman's Fabrice Tourre _{2013-07-15, 03:07 pm}
  The trial of former Goldman Sachs Group Inc bond trader Fabrice Tourre began with the selection of five women and four men as jurors on Monday, in a case centering on alleged Wall Street wrongdoing during the financial crisis.
• Why China's GDP, Citigroup Inc (C) Earnings And Retail Sales Paint A... _{2013-07-15, 03:07 pm}
  Wall Street edged up in mid-day trading on Monday as data painted a mixed picture of the U.S. economy after retail sales rose less than expected, while growth in New York State's manufacturing sector accelerated in July.
• Bank of America Corp Q2 Earnings Preview: Small Gains Predicted In... _{2013-07-15, 03:07 pm}
  ... (2.6 percent in 2012), it is still quite high when compared to the industry average," said Business & Financial Services Research Analyst Sheetal Kothari's. Kothari also believes that the current ineterst rate environment could dent the bank's ...
• Ex-Rep. Margolies Last in Fundraising Race #PA13 _{2013-07-15, 01:00 pm}
  State Sen. Daylin Leach raised more than $350,000 in the second quarter for the open-seat primary in the 13th District, putting him ahead of a crowded, four-candidate field of Democrats in the fundraising race.
• Tapering Bets Could Backfire For Stock Bears _{2013-07-15, 03:06 pm}
  In 1977, Congress amended The Federal Reserve Act, stating the monetary policy objectives of the Federal Reserve are "to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates".
• Exploding The Natural Gas Supply Myth: An Interview With Bill Powers _{2013-07-15, 03:06 pm}
  The belief that America has a 100-year supply of natural gas has been repeated so frequently that it is often accepted as fact.
• Goldman's "Fabulous Fab" Goes On Trial In New York For Misleading Clients _{2013-07-15, 03:06 pm}
  "Fabulous Fab" is headed to court on Monday, but he has a better chance of winning than his former clients did, according to charges from the Securities & Exchange Commission.
• CalPERS, CalSTRS post double-digit annual gains _{2013-07-15, 03:05 pm}
  The California Public Employees' Retirement System reported a 12.5 percent annual return Monday while the California State Teachers' Retirement System says it gained 13.8 percent for the year that ended June 30. Both had dismal performances last year.
• Is A Whistleblower Behind Investigation Of Contractor That Vetted Snowden? _{2013-07-15, 03:05 pm}
  The federal investigation of USIS - the government contractor that screened Edward Snowden for classified work with the National SecurityAgency - is not short on irony.
• Vivus Management Moves Signal Desperation _{2013-07-15, 03:05 pm}
  Vivus Pharmaceuticals is in the middle of a heated proxy fight for control of the company's board.
• Southerners sign up to dance their socks off _{2013-07-15, 03:05 pm}
  Southland's young dance enthusiasts are pulling their socks up, ready for a week of intense training by some of Australasia's top dance experts.

07/05/13 Comprehensive Real-Time News Feed for Financial Services

• Families of parasailing accident victims speak _{2013-07-05, 01:30 pm}
  The families of the two 17-year-old girls from Indiana spoke publicly for the first time Thursday about Monday's tragic parasailing crash.
• Lamphier: Passing the philanthropic torch in Edmonton _{2013-07-05, 09:16 pm}
  The former CEO of Lockerbie & Hole, a highly successful century-old family firm that was sold to Toronto-based construction giant Aecon Group in 2009, was as renowned for his philanthropy as he was for his corporate smarts.
• Your Work vs. Your Weight _{2013-07-05, 08:56 pm}
  Employers may think they're encouraging healthful habits by charging overweight workers more for insurance.
• Think Your Money is Safe in an Insured Bank Account? _{2013-07-05, 08:53 pm}
  When Dutch Finance Minister Jeroen Dijsselbloem told reporters on March 13, 2013, that the Cyprus deposit confiscation scheme would be the template for future European bank bailouts, the statement caused so much furor that he had to retract it.
• Anthony Hilton: Car sales kickstarted by compensation payments _{2013-07-05, 08:42 pm}
  The motor industry said on Thursday that it had sold well over 1 million new cars in the first half of the year, and that overall sales are up on last year by more than 10%.
• Market Report: Miners in a hole after dollar soars _{2013-07-05, 08:41 pm}
  Laura Chesters is digital, consumer and luxury goods reporter at The London Evening Standard, i, The Independent and The Independent on Sunday.
• SoftBank Plan for U.S. Wireless Foothold Advances on FCC Action _{2013-07-05, 08:33 pm}
  SoftBank Corp. will compete to provide Americans with broadband and wireless telecommunications service following approval by the Federal Communications Commission of its bid to buy Sprint Nextel Corp. The FCC announced yesterday that the $21.6 billion deal is in the public's interest, giving SoftBank chairman and Japanese billionaire Masayoshi Son ... (more)
• New Zealand Begins Student World Cup with a Record Win _{2013-07-05, 08:33 pm}
  To the delight of rugby league statisticians and historians, the New Zealand Universities and Tertiary Students team got off to a superb start with a Student World Cup record 124-0 score over Russia, at Provident Stadium, in Bradford, England this morning .
• Protect America Inc. Gives its Website a Face Lift _{2013-07-05, 08:26 pm}
  A favorite among home owners for providing high quality home security system and home automation at competitive prices, Protect America has re-launched their website with a brand new design on July 4th.
• FCC Approves Softbank's $21.6B Acquisition of Sprint _{2013-07-05, 08:24 pm}
  The U.S. Federal Communications Commission has approved the $21.6 billion acquisition of Sprint by Japanese telecommunications group Softbank, saying it promises to bring consumers faster and more advanced wireless broadband Internet service.
• Goldman Sachs to Microsofts Support for Gays Pressures States _{2013-07-05, 08:17 pm}
  Our eNewspaper network was founded in 2002 to provide stand-alone digital news sites tailored for the most searched-for locations for news.
• Feds bar new mining claims from 17 new solar energy zones on Western public lands _{2013-07-05, 08:17 pm}
  Our eNewspaper network was founded in 2002 to provide stand-alone digital news sites tailored for the most searched-for locations for news.
• US Softbank UPDATE1 _{2013-07-05, 08:17 pm}
  NEW YORK, July 6 -- _ The Federal Communications Commission announced its approval Friday of Softbank Corp.'s acquisition of the third-largest U.S. mobile carrier Sprint Nextel Corp. The FCC, which also cleared Sprint Nextel's move to increase its stake in wireless Internet provider Clearwire Corp. to 100 percent, said it had determined that ... (more)
• Unilever ups its Indian stake _{2013-07-05, 08:07 pm}
  Unilever has raised its stake in Indian subsidiary Hindustan Unilever but fallen short of the 75% threshold it had originally targeted.
• Markets calm after flurry _{2013-07-05, 08:06 pm}
  The FTSE 100 edged up, gaining 0.21% to 6434.92. This followed yesterday's 3.08% surge, the biggest single-day gain since November 2011, which was prompted by the signals from the Bank of England and the European Central Bank that interest rates will be held down for an extended period.
• U.S. ambassadorship to Canada goes unfilled for now _{2013-07-05, 08:05 pm}
  Three months ago, word leaked out that the next U.S. ambassador to Canada would be Bruce Heyman, a wealthy, Goldman Sachs money manager and Obama fundraiser from Chicago.
• Mark Carney treated like a king _{2013-07-05, 08:04 pm}
  Indeed, one would be hard pressed to recall another time when a central banker, handsome devil though he may be, was compared to a movie star.
• Dollar Gains On Upbeat Jobs Report _{2013-07-05, 08:00 pm}
  The dollar strengthened Friday after a stronger-than-expected jobs report bolstered expectations the U.S. will continue to grow faster than other major economies.
• Stocks end with strong gains after jobs report _{2013-07-05, 07:59 pm}
  Stocks ended with a surge Friday after traders decided that a healthy job market mattered more than the Federal Reserve scaling back its economic stimulus.
• How Cash Secretly Rules Surveillance Policy _{2013-07-05, 07:58 pm}
  When corporations spend big money on campaign contributions, they aren't just buying votes for specific contracts.

Silicon Valley's chip industry suffered downturn in 2012

While most of the Bay Area's biggest tech companies shook off the recession and staged a rebound, the semiconductor industry waged a bloody battle for every dollar of declining profits and sales as consumers shifted from personal computers to mobile gadgets.

http://www.contracostatimes.com/breaking-news/ci_23064502/silicon-valleys-chip-industry-suffered-downturn-2012?source=rss

Margareta Pagano: Wolfson's gesture marks dawn of a new era

The Next boss's bonus give-away is one of several efforts by businesses, reacting to public and shareholder pressure, to change their culture Margareta Pagano is a former business editor of the Independent on Sunday who now writes columns and business interviews for a range of publications, including the Independent, Independent on Sunday and ... (more)

http://www.independent.co.uk/news/business/comment/margareta-pagano/margareta-pagano-wolfsons-gesture-marks-dawn-of-a-new-era-8581267.html

Barclays reshuffle (plus A 2bn) will sooth investors

Note: We do not store your email address but your IP address will be logged to prevent abuse of this feature.

http://www.independent.co.uk/news/business/news/barclays-reshuffle-plus-2bn-will-sooth-investors-8581262.html

Heineken, Cadillac Among Tribeca Film Festival Sponsors

A lot of brands are sponsoring -- and activating against -- the Tribeca Film Festival.

http://www.mediapost.com/publications/article/198506/heineken-cadillac-among-tribeca-film-festival-spo.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+marketing-daily+%28MediaPost+%7C+Marketing+Daily%29

G20 urges EU to complete banking union fast, Germany digs in heels

World financial leaders urged the European Union on Friday to quickly complete its banking union to help growth, but Germany stood firm that the next step toward such a union be through a lengthy and risky process - a change of EU law.

http://www.courant.com/business/sns-rt-us-g20-eu-banksbre93i1b0-20130419,0,7023736.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Courant%2FBusiness%2FNationWorld+%28courant.com+-+National+BUSINESS+UPDATES%29

Bankers who presided over financial crash set to lose their knighthoods

Bankers who were in charge during the financial crash are set to be stripped of their knighthoods and other honours this year.

http://www.dailymail.co.uk/news/article-2311890/Bankers-presided-financial-crash-set-lose-knighthoods.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490

Ladysmith under heavy fire from fraudsters

Con artists are targeting Ladysmith residents by offering them large sums of money in exchange for secret-shopper opportunities at big-box stores.

http://www.nanaimobulletin.com/news/203860191.html

AIG Wins Ruling on Court for Its Bank of America Lawsuit

A federal appeals court in Manhattan today ruled that the Edge Act, a 1919 law that regulates international banking, doesn't give the federal court jurisdiction over AIG's suit.

http://www.bloomberg.com/news/2013-04-19/aig-suit-against-bank-of-america-to-go-to-state-court.html

Honolulu mayor rejects pay raise, but gets $58K for sitting on bank board

Honolulu Mayor Kirk Caldwell waves after delivering his State of the City address in this April 3 file photo.

http://www.bizjournals.com/pacific/blog/2013/04/honolulu-mayor-kirk-caldwell-rejects.html?ana=RSS&s=article_search&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+vertical_10+%28Venture+Capital+Industry+News%29

Anheuser-Busch, Justice reach Mexican brewery agreement

The Justice Department and Anheuser-Busch InBev have agreed to conditions that will allow the beer giant to expand its stake in Mexico's Grupo Modelo, according to court documents and company statements issued Friday.

http://www.washingtonpost.com/business/economy/anheuser-busch-justice-reach-agreement-on-mexican-brewery/2013/04/19/aa5815bc-a93e-11e2-a8e2-5b98cb59187f_story.html

GE earnings rise 16 pct on sale of NBC, but weak industrial results drag stock down

General Electric Corp. earnings rose in the first quarter on rising profit from selling aircraft engines and transportation equipment and the sale of NBC.

http://www.kamloopsnews.ca/article/GB/20130419/CP07/304199961/-1/kamloops/ge-earnings-rise-16-pct-on-sale-of-nbc-but-weak-industrial-results&template=cpArt

Foreign workers a boon for employers, for Canada not so much

Canada's pool of unemployed labour is growing deeper - eroding the underpinning of the federal government's expanded temporary foreign worker program.

http://www.theglobeandmail.com/report-on-business/economy/jobs/foreign-workers-a-boon-for-employers-for-canada-not-so-much/article11433730/?cmpid=rss1&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheGlobeAndMail-Business+%28The+Globe+and+Mail+-+Business+News%29

Next phase in euro zone's woes: political upheaval

Is the euro crisis over? Depends on how you define "crisis." If you define it as an existential threat to the currency, it's pretty much over.

http://www.theglobeandmail.com/report-on-business/next-phase-in-euro-zones-woes-political-upheaval/article11427053/?cmpid=rss1&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheGlobeAndMail-Business+%28The+Globe+and+Mail+-+Business+News%29

Game On Dude owner Torre to attend Charles Town Classic

After missing his historic win in March's Santa Anita Handicap due to a prior commitment to manage Team USA in the World Baseball Classic, former New York Yankees and Los Angeles Dodgers manager and co-owner of Charles Town Classic favorite Game On Dude, Joe Torre will be in attendance at Hollywood Casino at Charles Town Races on tonight as the ... (more)

http://www.nvdaily.com/sports/2013/04/game-on-dude-owner-torre-to-attend-charles-town-cl.php

Ferrante Schepis' Flirting with the Uninterested Examines Status Quo of Insurance Industry

... very few are doing anything about. "'Flirting with the Uninterested' is literally what the insurance and financial services industry executives and distributors are doing on a regular basis," says Ferrante-Schepis, who has more than 20 years as an ...

http://books.broadwayworld.com/article/Ferrante-Schepis-FLIRTING-WITH-THE-UNINTERESTED-Examines-Status-Quo-of-Insurance-Industry-20130419

Global Electric Vehicle Service Equipment Market to Grow at a CAGR of...

Global Electric Vehicle Service Equipment Market to Grow at a CAGR of 35.27 Percent Over the Period 2012-2016 - Electric Vehicle Service Equipment Industry Share, Size New Market Research Report Added in MarketResearchReports.Biz Reports DatabaseStrategic Assessment of the Global Electric Vehicle Service Equipment Market 2012 - 2016.

http://www.prweb.com/releases/2013/marketresearchreports/prweb10651044.htm

Edison International Price Target Increased to $55.00 by Analysts at Wunderlich

Edison International traded up 1.61% on Friday, hitting $52.47. Edison International has a 1-year low of $42.13 and a 1-year high of $52.48. The stock's 50-day moving average is currently $50.72. The company's market cap is $17.095 billion.

http://www.americanbankingnews.com/2013/04/19/edison-international-price-target-increased-to-55-00-by-analysts-at-wunderlich-eix/

East West Bancorp PT Lowered to $27.00

The firm currently has a "buy" rating on the stock. East West Bancorp traded up 3.02% on Friday, hitting $23.355. East West Bancorp has a 1-year low of $19.68 and a 1-year high of $25.78. The stock's 50-day moving average is currently $25.13. The company has a market cap of $3.241 billion and a price-to-earnings ratio of 12.01. East West Bancorp ... (more)

http://www.americanbankingnews.com/2013/04/19/east-west-bancorp-pt-lowered-to-27-00-ewbc/