Tuesday, October 16, 2012

My News Daily Digest

The following are today's top stories on My News categories:


Business Briefing
1.      Citigroup Shares Rise as Earnings Beat Estimates on Trading
2.      Stocks Rise as Retail Sales Beat Estimates; Commodities Decline
3.      Retail Sales Beating Forecasts Support U.S. Growth: Economy
4.      RBS Said to Suspend European Rates Trading Head in Libor Probe
5.      Glickenhaus to Close, Transfer Assets to Neuberger Berman

World News Briefing
6.      Romney Gains Ground Amid Scrutiny on Taxes, Foreign Policy
7.      Biggest U.S.-Israeli Military Exercise Sends Message to Iran

Malaysia
8.      Zeti Says Malaysia Can Withstand Capital Flows: Southeast Asia
9.      MALAYSIA DAYBOOK: Tenaga Nasional, Gas Malaysia, Hiap Huat
10.     Malaysia Can Store 5.2 Million Tons of Palm Oil, Dompok Says

Stock Market News
11.     U.S. Stocks Rise as Retail Sales, Citigroup Profit Top Estimates
12.     Goldman Joins Wall Street Firms in Seeing S&P at Record in 2013
13.     U.S. EQUITY MOVERS: AKRX ANR ATE BSDM BSI ENPH GMO GROW HEK

Banking
14.     Basel Shift May Be Eased for Smaller Banks, OCC's Curry Says
15.     Spanish Banks' Mortgage Terms Unsettle Cleanup Plan: Euro Credit
16.     Bank Lending Stress Holds at Five-Year Low Before EU Heads Meet

Commodities
17.     ICE Switches More Than 900 Swaps to Futures on Dodd-Frank
18.     Gold, Silver Futures Drop Most in Three Months on Economy, China
19.     Bullish Wagers Drop to Eight-Week Low Before Rally: Commodities

Hyland Software Inc
20.     Kodak, AMR, Idearc, Patriot, MF Global, Dewey: Bankruptcy


Business Briefing

1)      Citigroup Shares Rise as Earnings Beat Estimates on Trading
                Citigroup Inc. advanced the most among the largest U.S. banks, reaching a six-month high after reporting a surprise third-quarter profit and a surge in bond- trading revenue that beat analysts' estimates. Citigroup rose 4.3 percent to $36.25 at 2:51 p.m., the biggest gain in the 81-company Standard & Poor's 500 Financials Index, after the New York-based company said net income excluding ...
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2)      Stocks Rise as Retail Sales Beat Estimates; Commodities Decline
                U.S. stocks rose, sending the Standard & Poor's 500 Index to its biggest gain in two weeks, and the yen weakened after American retail sales topped estimates. Commodities fell as manufacturing in the New York region shrank for a third month. The S&P 500 climbed 0.8 percent to 1,440.12 as of 4 p.m. in New York. The Stoxx Europe 600 Index climbed 0.5 percent. The S&P GSCI gauge of raw materials lost 0.3 percent, led by natural gas and ...
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3)      Retail Sales Beating Forecasts Support U.S. Growth: Economy
                Americans snapped up goods from cars to iPhones in September at a faster pace than forecast by economists, showing consumer demand was heading into the year- end holidays on a high note. The 1.1 percent advance followed a revised 1.2 percent increase in August, the best back-to-back showing since late 2010, Commerce Department figures showed today in Washington. The median forecast of 77 ...
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4)      RBS Said to Suspend European Rates Trading Head in Libor Probe
                Royal Bank of Scotland Group Plc suspended its head of rates trading for Europe and the Asia- Pacific region, the first senior manager to be put on leave as part of the lender's probe into allegations of Libor-rigging, two people with knowledge of the move said. Jezri Mohideen was suspended on Oct. 12 after Bloomberg News reported he instructed colleagues to lower the British lender's submission to the London interbank offered rate in ...
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5)      Glickenhaus to Close, Transfer Assets to Neuberger Berman
                Seth Glickenhaus, who began his career on Wall Street as a messenger before the 1929 crash, is closing his business. Glickenhaus & Co., his New York-based firm that traces its roots to 1938, is transferring portfolio-management responsibilities for its $900 million in assets to Straus Group, a unit of Neuberger Berman led by senior partner Marvin Schwartz, the companies said today in a ...
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World News Briefing

6)      Romney Gains Ground Amid Scrutiny on Taxes, Foreign Policy
                Republican presidential nominee Mitt Romney has narrowed the race against President Barack Obama by showing assertiveness on national security and taxes. Now those positions may be working against him. Over the weekend, the father of Christopher Stevens, the U.S. ambassador to Libya who was killed in the Sept. 11, 2012, attack in Benghazi, said ...
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7)      Biggest U.S.-Israeli Military Exercise Sends Message to Iran
                The U.S. and Israel will begin their largest joint air and missile defense exercise by the end of this month, sending a message of solidarity between the nations to Iran and to American voters just before the Nov. 6 presidential election. The U.K. and Germany also will participate in the three- week "Austere Challenge" exercise involving as many as 3,500 U.S. personnel in the region ...
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Malaysia

8)      Zeti Says Malaysia Can Withstand Capital Flows: Southeast Asia
                Malaysia can manage capital inflows due to quantitative easing in advanced economies, central bank Governor Zeti Akhtar Aziz said, as Asian nations take steps to prevent asset bubbles after the U.S. boosted stimulus. The country has policy tools and the flexibility to absorb any excess liquidity, said Zeti, who oversaw Malaysia's response to capital outflows during the Asian financial crisis more than a decade ago. The Malaysian economy is withstanding ...
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9)      MALAYSIA DAYBOOK: Tenaga Nasional, Gas Malaysia, Hiap Huat
                Tenaga Nasional Bhd. (TNB MK), Malaysia's biggest electricity producer, signed an agreement with Indonesia's PT PLN and PT Bukit Asam to construct a trans- national power line and coal-fired plant. The line will run from Malaysia's Malacca state to Garuda Sakti in Indonesia's Sumatra and enable cross-border electricity exchange, Tenaga said in a Kuala Lumpur stock exchange filing. The capacity of the power plant, to be located in Sumatra's ...
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10)     Malaysia Can Store 5.2 Million Tons of Palm Oil, Dompok Says
                Malaysia can store 5.2 million metric tons of palm oil, according to Plantation Industries and Commodities Minister Bernard Dompok, puncturing speculation that capacity may be fully used after holdings advanced to a record. "Although prices have not been upbeat over the last few weeks, demand remains strong," Dompok told a conference in Kuala Lumpur today, before giving the storage-capacity ...
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Stock Market News

11)     U.S. Stocks Rise as Retail Sales, Citigroup Profit Top Estimates
                U.S. stocks rose, as the Standard & Poor's 500 Index rebounded from its biggest weekly drop in four months, after American retail sales and Citigroup Inc.'s earnings topped estimates. The S&P 500 climbed 0.8 percent to 1,440.02 at 4 p.m. in New York. Citigroup soared 5.5 percent, the most since March, as results were helped by a surge in bond-trading revenue. "The retail sales report looked a little bit better than expected," Dan Veru, ...
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12)     Goldman Joins Wall Street Firms in Seeing S&P at Record in 2013
                The Standard & Poor's 500 Index may climb to a record 1,575 next year, Goldman Sachs Group Inc.'s David Kostin predicts, joining four other Wall Street firms in forecasting the benchmark gauge will exceed its 2007 peak. The strategist' projection implies a 10 percent gain in the S&P 500 from the Oct. 12 close of 1,428.59. The advance would take the index above its all-time high of 1,565.15 reached on Oct. 9, 2007. Kostin, chief U.S. equity strategist at ...
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13)     U.S. EQUITY MOVERS: AKRX ANR ATE BSDM BSI ENPH GMO GROW HEK
                Advancers: * BSI +10.2%; Gains on vol 430% of 3-mo avg * TSON +10.2%; Highest intraday since May 17 on vol 260% of 3- mo avg. * JRCC +9.5%; Gains for 3rd day on vol 194% of 3-mo avg * BSDM +8.7%; Gains on vol 430% of 3-mo avg. * PGNX +8.4%; Gains for 4th day * SILC +8.2%; Highest since Apr. 24 on vol 439% of 3-mo avg.; reports Oct. 22 * ANR +8.1%; Rebounds after 8% loss Friday * GMO +8%; Gains for 3rd day on vol 262% of 3-mo avg. * ...
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Banking

14)     Basel Shift May Be Eased for Smaller Banks, OCC's Curry Says
                Smaller U.S. banks may get longer transition periods and so-called grandfather clauses to help ease them into compliance with proposed Basel III capital rules, Comptroller of the Currency Thomas Curry said today. "We will be thinking broadly about ways to reduce regulatory burden," Curry, 55, said at an American Bankers Association convention in San Diego. U.S. regulators in June ...
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15)     Spanish Banks' Mortgage Terms Unsettle Cleanup Plan: Euro Credit
                Spanish banks, including Banco Sabadell SA, are charging clients high interest rates for home loans, a strategy that risks disrupting the nation's efforts to force banks to sell real estate. Sabadell, Spain's fifth-biggest bank, fixes a "floor," or minimum interest rate, of 3.25 percent on mortgages it grants for apartments it's trying to sell. Twelve-month Euribor, the ...
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16)     Bank Lending Stress Holds at Five-Year Low Before EU Heads Meet
                A measure of stress in Europe's short-term interbank lending market held near a five-year low as the region's leaders prepare for a summit in Brussels. The difference between the euro interbank offered rate and overnight index swaps, known as the Euribor-OIS spread, was 12 basis points, or 0.12 percentage point, at 3:26 p.m. in London, data compiled by Bloomberg show. The gauge fell to 11.8 basis points on Oct. 11, the tightest since August 2007. ...
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Commodities

17)     ICE Switches More Than 900 Swaps to Futures on Dodd-Frank
                Intercontinental Exchange Inc., the second-largest U.S. futures market, has converted more than 900 over-the-counter energy contracts to regulated futures in response to rules meant to prevent another financial crisis. The Commodity Futures Trading Commission guidelines that went into effect Oct. 12 require firms holding $8 billion of bilateral derivatives to ...
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18)     Gold, Silver Futures Drop Most in Three Months on Economy, China
                Gold and silver futures fell the most in three months amid concern that the global economy is slowing and China may refrain from additional economic stimulus. Bank of Israel Governor Stanley Fischer said the world is "awfully close" to a recession. People's Bank of China Deputy Governor Yi Gang said that while policy makers will provide "appropriate" stimulus to stabilize growth, the central bank's main task is price stability, citing bubble ...
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19)     Bullish Wagers Drop to Eight-Week Low Before Rally: Commodities
                Hedge funds cut bullish commodity wagers to the lowest since the middle of August before signs the U.S. economy is improving and declining grain stockpiles drove prices to a three-week high. Speculators reduced net-long positions across 18 U.S. futures and options by 0.4 percent to 1.24 million contracts in the week ended Oct. 9, the lowest since Aug. 14, U.S. Commodity Futures Trading Commission data ...
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Hyland Software Inc

20)     Kodak, AMR, Idearc, Patriot, MF Global, Dewey: Bankruptcy
                Eastman Kodak Co. publicly disclosed cash-flow projections for the next three years, breaking out the operations the company intends to be the backbone for the Chapter 11 reorganization begun in January. Kodak intends to ...
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