novembre 2013

Fed unlikely to redraw markers for rate hike

samedi 30 novembre 2013

SAN FRANCISCO/NEW YORK (Reuters) - Federal Reserve policymakers have cooled to the idea of explicitly raising the bar on future interest rate hikes, a sign the U.S. central bank is angling for a return to more subtle -- and familiar -- ways of explaining how it plans to steer the economy. The Fed, still struggling to boost the U.S. recovery from the Great Recession, remains intent on assuring investors that easy monetary policy is here for the long haul. Households and businesses, in the Fed's view, need low borrowing costs to get spending and investment back on a self-sustaining path. That's the reason the central bank took the unprecedented step last December of pledging to keep overnight interest rates near zero until unemployment falls to at least 6.5 percent, unless inflation threatens to rise above 2.5 percent.

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China's November factory growth clings to 18-month high

China's factory growth held at an 18-month high in November on firm domestic and foreign demand, defying expectations the economy faces a modest slowdown as 2013 draws to a close. Investors had expected the PMI, one of the earliest pieces of Chinese data released each month, to show China's economy decelerated in the fourth quarter on slacker credit growth, fragile global demand, and slower restocking of inventories by firms. "The export order data suggests that global demand - key to the outlook for China's manufacturing - improved a bit." Experts will welcome the unexpected PMI strength as a sign that China can press on with sprawling plans outlined last month to cut back central economic planning without fear of endangering growth.

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Global recovery still too weak, South Korea data shows

Exports by industrial powerhouse South Korea showed virtually no growth last month, underlining a still fragile global economy squeezed by a depressed Europe as growth slows in emerging markets. Overseas shipments by the world's seventh-largest exporter rose just 0.2 percent in November from a year earlier in dollar value, government data showed on Sunday, smaller than a median gain of 2.8 percent tipped in a Reuters survey of 13 analysts. Growth of sales to China, the United States and the European Union all slowed whereas exports to Southeast Asia's 10-nation ASEAN bloc posted the worst decline since the 2008-2009 global financial crisis, the data showed. "Some of the big economies, such as the United States, are recovering, but are not there yet to spur corporate investment for more production and boost global trade much," said Park Sang-hyun, economist at HI Investment & Securities in Seoul.

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U.S. retail sales up at start of holiday season: ShopperTrak

(Reuters) - U.S. shoppers visited more stores and spent more money across Thanksgiving Day on Thursday and on "Black Friday" than they did in 2012, research firm ShopperTrak said on Saturday. When compared with Thanksgiving and "Black Friday" last year, ShopperTrak estimated that traffic at brick-and-mortar stores increased 2.8 percent, to more than 1.07 billion store visits. Retail sales also increased by 2.3 percent, as shoppers spent an estimated total of $12.3 billion across the two days, ShopperTrak said in a statement. For "Black Friday," brick-and-mortar shopper traffic fell 11.4 percent and retail sales were down by 13.2 percent.

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East African trade bloc approves monetary union deal

The leaders of five East African countries signed a protocol on Saturday laying the groundwork for a monetary union within 10 years that they expect will expand regional trade. Heads of state of Kenya, Tanzania, Uganda, Rwanda and Burundi, which have already signed a common market and a single customs union, say the protocol will allow them to progressively converge their currencies and increase commerce. In the run-up to achieving a common currency, the East African Community (EAC) nations aim to harmonize monetary and fiscal policies and establish a common central bank. Kenya, Uganda, Tanzania and Rwanda already present their budgets simultaneously every June.

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China may see IPO thaw in 2014 as regulator smoothes approval process

China's securities regulator could streamline its approvals process for some initial public offerings (IPO) by next January, the regulator said on Saturday, mapping out reform measures. But firms would still need to wait for China to restart the IPO market, frozen since October last year after authorities suspended listings in a bid to stamp out equity market fraud. "After the announcement of these opinions, there would need to be around one month of preparatory work before firms could complete the necessary procedures," the China Securities Regulatory Commission (CSRC) said on its website. There have been prior reports of the IPO drought coming to and end, but Saturday's statement gives the strongest hint that China is contemplating the resumption of mainland listings.

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Thyssen announces capital increase as U.S. deal sealed

vendredi 29 novembre 2013

Germany's ThyssenKrupp (TKA.DE) announced plans to for a much-needed capital increase after striking a deal to sell its U.S. steel plant to ArcelorMittal (MT.AS) and Nippon Steel & Sumitomo Metal Corp for $1.55 billion. ThyssenKrupp has been trying for more than a year and a half to find a buyer for its Steel Americas unit - comprised of the U.S. steel finishing plant and steel slab mill CSA in Brazil - which has drained billions from the company for the past few years and been an obstacle to raising fresh funds. While the deal to sell the U.S. plant in Calvert, Alabama leaves ThyssenKrupp with its 73 percent stake in Brazil's CSA, it removes at least one millstone from the company's neck. ArcelorMittal said it would source the remaining slab for the Calvert plant from its own facilities in the United States, Brazil and Mexico.

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Illinois union leaders bash pension plan as details emerge

Illinois union leaders on Friday criticized the details of a controversial deal to reform the state's woefully under-funded public pensions, as legislative leaders revealed more specifics of the deal they reached on Wednesday. The agreement contains proposals to raise the retirement age and reduce automatic increases in pension payments, according to an overview of the bill released by the office of powerful Illinois House Speaker Michael Madigan. Union opponents of the plan say it is little changed from a Madigan-backed proposal that was overwhelmingly defeated by the Illinois Senate earlier this year. "It's a bad rerun of a movie that we saw months ago and for public servants and retirees, it's a horror film," said Anders Lindall, spokesman for the American Federation of State, County and Municipal Employees (AFSCME).

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ArcelorMittal, Nippon Steel to buy Thyssen U.S. plant for $1.55 billion

Arcelormittal and Nippon Steel & Sumitomo Metal Corp agreed to buy ThyssenKrupp's steel plant in the United States for $1.55 billion, ArcelorMittal said late on Friday. The transaction will be financed ...

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WestJet pilots reject tentative deal; strike not expected

Pilots at WestJet Airlines Ltd (WJA.TO) turned down a tentative agreement with the company, Canada's second largest airline said on Friday, but the airline said no labor disruption was expected. WestJet pilots, represented by the non-union group WestJet Pilots Association, voted against the deal by a 58.7 percent margin, with 96 percent of pilots casting a vote, the airline said in a statement. "There is no chance of a labor disruption of any kind," said WestJet spokesman Robert Palmer in an email. WestJet did not disclose details of the rejected proposal and efforts to contact the pilot's association were not successful.

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Amazon Germany says more worried about snow than strikes

Amazon.com Inc has no intention of bowing to pressure from striking workers in Germany, its second biggest market behind the United States, and is more worried about bad weather hurting Christmas deliveries, its country head said. "We are talking about a minority who take part in actions brought on by the union," Ralf Kleber told Reuters in an interview. "Amazon is a fair employer. Trade union Verdi has staged a series of strikes this year in a dispute over pay and conditions at distribution centers in Leipzig and Bad Hersfeld.

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Retail, jobs data to rule stocks' next move

Traders will also sweep through sales data from retailers after the long Thanksgiving weekend, which kick-starts the holiday shopping season. Vice President Joe Biden's trip to Asia will increase the focus on a standoff pitting China against Japan, South Korea and the United States over air routes over the East China Sea.

via Business News - Yahoo Finance http://finance.yahoo.com/news/retail-jobs-data-rule-stocks-210417820.html

EU-IMF postpone visit to Athens in dispute over reforms

Inspectors from the EU and IMF have postponed a planned visit to Greece, officials told Reuters on Friday, a move that marks a new low in relations between the parties and could delay aid payments to Athens. ...

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French carmakers poised for scramble to reclaim Iran

PARIS/DUBAI (Reuters) - Peugeot (UG.PA) and Renault (RNO.PA) are among Western firms sending executives to an automotive conference that opens in Iran on Saturday - firing the starting gun on a more overt race for post-sanctions business. The French carmakers are poised to resume vehicle sales in Iran, using a six-month easing of trade restrictions to reclaim their market position before the mass arrival of competitors behind any permanent detente that could follow. Production by Iran's domestic car industry, unusually developed for the Middle East, peaked at 1.6 million cars in 2011, the year crippling new sanctions were introduced. Leading manufacturer Iran Khodro accounted for about half of that output.

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Bank of England's Carney warns house-buyers on rates: newspaper

Bank of England Governor Mark Carney has warned would-be British homeowners to consider the risks of higher interest rates, amid concerns that rising house prices could create a property market bubble, ...

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Stores open early on Thanksgiving but shoppers in no rush

She was frozen, but first in line when the Macy's Inc flagship store in New York opened for the first time ever on Thanksgiving Day. At 8 p.m., the 30-year-old teacher from Ireland raced into the store, arms linked with her sister-in-law, as shoppers cheered and employees stared. "Anything that's on sale that we can fit in our suitcases we're going to buy," said McCormack, who came to New York with empty luggage to fill with new purchases. While most in the United States spent the day bonding with friends and family over turkey dinners and football games, some were enticed by big discounts and open stores to begin their holiday bargain-hunting a day earlier than the traditional "Black Friday" sprees that follow Thanksgiving.

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Saab to restart 9-3 sedan production two years after bankruptcy

(Reuters) - The new owners of Swedish car maker Saab, National Electric Vehicle Sweden AB, will restart production of the 9-3 sedan on Monday at the Trollhattan factory in Sweden, a NEVS spokesman said on Friday. The 9-3 sedan will be powered by a turbocharged gasoline engine and built in "small and humble numbers" for China and Sweden, NEVS spokesman Mikael Ostlund said. The move comes almost two years after Saab, which had made cars since 1947, filed for bankruptcy at the end of 2011.

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Analysis: U.S. sanctions make Cuba's bank account too toxic for banks

The decision by a New York bank to close Cuba's checking account in the United States has presented an unusual diplomatic quandary that provides a test for new-found pragmatism in relations between the two longtime foes. Cuba announced on Tuesday that it is ceasing almost all consular services in the United States after M&T Bank (MTB) closed its account, sending shock waves through the booming Cuba-U.S. travel industry and threatening to undermine the Obama administration's goal of closer "people-to-people" ties. Cuba blamed its unusual bank-less status on the longstanding U.S. economic embargo against the communist island, as well as sanctions resulting from it being included on the U.S. list of state sponsors of terrorism. Cuba has so far not threatened any reciprocal action against the U.S. diplomatic mission in Havana, and observers were watching for signs of restraint, which diplomats would take as further indication that Cuba is pursuing improved relations.

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Virtuous veterans hard to find in British banking

Perhaps only six to 12 credible figures could fill the posts likely to be on offer at Lloyds (LLOY.L), Barclays (BARC.L) and Royal Bank of Scotland (RBS.L), making it tough to lure the right person to positions which are crucial not just to the banks themselves but the economy as a whole. Lloyds is on the verge of appointing Norman Blackwell, chairman of its Scottish Widows insurance arm, as its new chairman, a person familiar with the matter said on Friday. An ex management consultant with banking experience, political contacts and free of scandal, Blackwell fits the bill. "There are probably less than a dozen individuals globally that have the right experience to do it," John McFarlane, 66, chairman of insurer Aviva (LSE:AV.), told Reuters.

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Macy's CEO: Employees Chose to Work Thanksgiving Shifts

The holiday shopping season kicked off early, as several retailers began offering deals on Thanksgiving Day. Many people complained about the early start and the mad rush for deals — but they went out shopping anyway. Macy's CEO said in an interview that many employees chose to work the Thanksgiving shift for overtime pay.

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Stocks Rise as Black Friday Shopping Push Unfolds

Stocks rose in holiday-shortened trading Friday, putting the market on track for another strong month. Retailers were among the leading gainers as the busiest shopping day of the year, Black Friday, got ...

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Limited Whiskey Sells for Nearly $4,000 Per Bottle

A new whiskey created in Kentucky features a blend of age and scarcity that spiked demand — and its price. As a result, whiskey fans including celebrities and corporate chiefs are angling to snatch up ...

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Will U.S. Thanksgiving shopping binge become Black Friday hangover?

An early start to this year's U.S. holiday Shopping season may not necessarily ring-up bigger holiday sales for retailers. Eager to entice cautious consumers, especially with six fewer shopping days this year than in 2012, many retailers offered sales on Thanksgiving, traditionally a day for family, friends and football games. Even Macy's flagship store in New York opened at 8 p.m., the first time ever on the American holiday. As a result, some U.S. shoppers may have hit malls and stores on Thanksgiving, rather than during the traditional "Black Friday" blitz.

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Goldman Sachs sued in Singapore penny stock saga

A shareholder who suffered losses in a penny stock trading debacle in Singapore is suing Goldman Sachs, accusing the investment bank of arbitrarily selling her holdings and saying the sales contributed to a crash in their prices. Last month, Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd - three firms interlinked by cross shareholdings and common officers - lost a combined market value of about S$8 billion ($6.4 billion) in just three days of trading. Both the crash and huge run-ups in their share prices earlier in the year left many in the market mystified, prompting the Monetary Authority of Singapore and the stock exchange to launch an extensive review. The lawsuit was filed in the High Court in London on November 20 by Quah Su Ling, who held stocks in all three companies and is the chief executive of investment firm IPCO International Ltd, the second-largest shareholder in Blumont.

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Black Friday Discounts for Paying in Bitcoin

Black Friday deals aim to boost use of the virtual currency.

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Black Friday: Shoppers Ask, Where Are Deals?

For a decade, it had been considered the official start of the holiday buying season. Here's how the start of the holiday shopping season is playing out.

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Black Friday Projections Are Worthless: Ritholtz

Black Friday sales projections play up to this “giant hypefest, this huge consumer orgy,” that never seems to be accurate when we actually get the real numbers, says Barry Ritholtz, CIO of Ritholtz Wealth Management,

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Monte Paschi outsources back-office ops, 1,100 jobs

Banca Monte dei Paschi di Siena (BMPS.MI) has reached an agreement to outsource its back-office operations and move 1,100 workers to a joint venture between Italian company Bassilichi and consultancy Accenture (ACN.N), it said on Friday. Monte dei Paschi said in a statement the 1,100 workers involved will all be hired by the joint venture, in which Bassilichi has a 60 percent stake and Accenture the remaining 40 percent. The bank, which gave no financial details about the deal, has an 18-year contract with the joint venture starting in January.

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Kroger, Whole Foods, Sprouts, Fairway: Hot and Cold Supermarket Stocks

The supermarket is probably the last place you'll be today, unless you need some aluminum foil for your leftovers. But you may want to give supermarket stocks a look.

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Credit Suisse ultra-rich Swiss head Boegli to step down: memo

Credit Suisse (CSGN.VX) ultra-high net worth banker Rolf Boegli is stepping down at year-end due to health reasons, according to a memo seen by Reuters on Friday. The Swiss banker, head of premium clients in Switzerland and external asset managers, is taking a leave of absence and plans to return to Credit Suisse eventually, according to the memo, of which the bank confirmed the contents. He will be replaced by Thomas Gottstein, a corporate finance banker in Switzerland and 14-year veteran of Credit Suisse. Boegli had been in the job little more than a year following the merger of the bank's retail and private banking arms in Switzerland last year.

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TOMS Shoes Launches New Website for Gifts That Give Back

TOMS CEO Blake Mycoskie has teamed up with other socially conscious entrepreneurs to launch TOMS Marketplace just in time for the holidays.

via Business News - Yahoo Finance http://finance.yahoo.com/blogs/breakout/toms-shoes-launches-new-website-for-gifts-that-give-back-131705458.html

How Complainers Wreck the Economy

Something’s wrong with the U.S. economy. We all know that. But maybe the real problem is us. Anybody who follows economic polls is numb by now to the fact that Americans think everything is wrong.

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How to Spot Accounting Fraud

Carson Block of Muddy Waters offers some tips to spot a fraud before you invest.

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Tepco to divert $7.2 billion from 10-year capex budget to Fukushima: sources

The operator of the Fukushima nuclear plant plans to rechannel 740 billion yen ($7.24 billion) from its 10-year capital investment budget to address problems at the crippled facility such as a buildup of contaminated water, people involved in the matter said on Friday. Tokyo Electric Power Co (Tepco) will also divert another 790 billion yen from the 6.6 trillion yen capital spending plan to invest in promising businesses and secure overseas resource supplies, the sources told Reuters on condition of anonymity. A Tepco representative declined comment on the company's plans. Tepco, which has posted more than $27 billion in net losses since the Fukushima plant was wrecked by the March 2011 earthquake and tsunami, is racing to revise its business revival plan by next month to meet a deadline set by its lenders.

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World shares near six-year high, euro firm ahead of inflation

The Nikkei in Tokyo notched up its best November since 2005 despite some late profit taking in Asia, as the yen, at a five-year against the euro and a six-month low versus the dollar, boosted hopes for its big exporting firms.

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Why a Downbeat America Is Bullish for Stocks

Low satisfaction numbers may actually be good for stocks, says Don Hays of Hays Advisory.

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Jobs and price growth offer hope for euro zone

The first fall in euro zone unemployment in almost four years coupled with rising prices gave fresh momentum to an economic recovery, but a growing rift between the bloc's haves and have-nots continued to widen. The improvement is a welcome sign that the euro zone's rebound is picking up steam, more than five years after a financial crisis erupted that forced five countries from Cyprus to Spain to seek emergency aid from their neighbors. The jobless rate in October fell to 12.1 percent, the first fall since February 2011, the European Union's statistics office Eurostat said on Friday.

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Lloyds set to appoint Lord Blackwell as chairman: source

Lloyds Banking Group (LLOY.L) is on the verge of appointing Norman Blackwell, currently chairman of its Scottish Widows arm, as the company's new chairman, a person familiar with the matter said. Conservative peer Lord Blackwell is going through the bank's final approval processes and is set to replace outgoing chairman Win Bischoff as early next year, the source said. Lloyds declined to comment. Bischoff has said he plans to step down by next spring and Blackwell has been seen for some time as a leading candidate to succeed him.

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European firms size up Iran's post-deal potential

The phone hasn't stopped ringing at the German-Iranian Chamber of Commerce since six world powers reached a deal with Tehran to curb its nuclear program, opening the prospect that Iran can begin to shake off its economic isolation. A strategically located country with massive oil and gas reserves, an urgent need to overhaul its creaking infrastructure, and a young population of 76 million is of particular interest to export champion Germany, once Iran's largest trade partner. "We are speaking to companies interested in doing business with Iran all day," said Michael Tockuss, director of the chamber of commerce. The preliminary accord struck in Geneva on Sunday, which brings up to $7 billion worth of sanctions relief to Iran, could still come unstuck after 10 years of distrust and rancor, leading to yet deeper sanctions that could sink any hasty investments.

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Euro zone has long way to go in climb out of crisis: ECB's Mersch

The euro zone is early on its climb out of economic crisis but it is on the right track, ECB Executive Board member Yves Mersch said on Friday. "The euro area is early on in the climb out of the crisis. ...

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London spearheads 11 percent jump in bankers earning 1 million euros

More than 3,500 bankers in Europe earned 1 million euros ($1.4 million) or more last year after a big jump across the continent and in Britain, which had 12 times as many high earners as any other country. The scale of bankers' bonuses remains a hot topic among politicians and the public. The latest data from the European Banking Authority (EBA) shows that 3,529 bankers in the EU earned at least 1 million euros in 2012, up 11 percent in 2011. Britain accounted for 2,714 of those top earners, up 11 percent on the year before, reflecting London's dominant position as Europe's financial center and home to major operations for banks from the United States, Switzerland and other countries outside the EU.

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Grounded Flights Stress Travelers but Not the Economy

Today, the day before Thanksgiving, is the single busiest travel day of the year, according to AAA's annual travel outlook. But, as if right on cue, mother nature has unleashed a massive and deadly storm that is threatening travel this holiday.

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General Motors appoints Matt Tsien as China president

General Motors Co said on Friday it has appointed Matt Tsien as president of GM China, replacing Bob Socia, who will retire on January 1, 2014. Tsien is currently vice president of Planning and Program ...

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23andMe: Is the Government Putting the Kibosh on Innovation?

The Food and Drug Administration this week warned the Google-backed genetic testing company 23andMe to stop selling and marketing its home saliva test kits.

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Sears Christmas Catalog From 1969 Shows Holiday Gift Inflation

Nick Colas of ConvergEx unearths some surprising finds from an old Sears Catalog demonstrating the strange effects of inflation over time

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Italy October jobless rate stable at 12.5 percent, youth unemployment at new high

Italy's seasonally adjusted unemployment rate was stable in October at a record 12.5 percent, while the youth jobless rate rose to a new high of 41.2 percent, statistics office ISTAT said. Unemployment has followed an upward trend since early 2011 as Italy has languished in its longest post-war recession. Both overall unemployment and the youth jobless rate, measuring job-seekers between 15 and 24 years old, have reached their highest levels since ISTAT began recording the data in 1977. Most analysts believe Italy is gradually moving towards a recovery but conflict between the partners in Enrico Letta's left-right governing coalition has complicated efforts to reform the economy and boost growth.

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Amazon Germany says more worried about snow than strikes

Amazon.com Inc (AMZN) has no intention of bowing to pressure from striking workers in Germany, its second biggest market behind the United States, and is more worried about bad weather hurting Christmas deliveries, its country head said. "We are talking about a minority who take part in actions brought on by the union," Ralf Kleber told Reuters in an interview. "Amazon is a fair employer. Trade union Verdi has staged a series of strikes this year in a dispute over pay and conditions at distribution centers in Leipzig and Bad Hersfeld and on Monday about 1,000 employees walked out, almost a fifth of the regular workforce there.

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South Korea to have preliminary talks on joining TPP - Yonhap

South Korea plans to enter into preliminary negotiations on a Trans-Pacific Partnership (TPP) trade pact and will inform the main countries involved of its intention, Yonhap news agency quoted the finance minister as saying on Friday. "We will express our interest in the TPP," Finance Minister Hyun Oh-seok was quoted as telling reporters, referring to the trade negotiations. The TPP, which would include Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam in addition to the United States, would establish a free-trade bloc stretching across a region that makes up nearly 40 percent of the global economy. South Korea, the world's 15th-largest economy and seventh-largest exporter, has signed bilateral free trade agreements with both the United States and the European Union.

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Dow 20,000? Here’s What It Would Take

Could we see the Dow move up another 25% to 20,000 by the end of 2014? You might be in a bubble if people start talking about the markets making 25% gains a year after it's up 23%. With the … Continue reading →

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Best Doorbuster Deals for Thanksgiving and Black Friday

This year you'll find many of the most deeply discounted and enticing doorbuster bargains on Thursday rather than Friday as retailers open their doors a day early to shoppers.

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Bitcoin Hits $1,000 on Trading Exchange Mt. Gox

NEW YORK (MarketWatch) -- Bitcoin hit $1,000 Wednesday on the trading exchange Mt. Gox. The virtual currency rose as high as $1030 on Mt. Gox, the second-biggest exchange by volume, and traded at $1,016 ...

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Japan shippers plan to order 90 new LNG tankers worth $17.6 billion by 2020

TOKYO/SINGAPORE (Reuters) - Japan's top shippers plan to order around 90 new liquefied natural gas (LNG) tankers worth about 1.8 trillion yen ($17.61 billion) by 2020 as they gear up to transport rising volumes of the super chilled fuel from North America and Australia. The expansion plans reflect rising LNG demand in nuclear-free Japan to generate electricity and also in other Asian countries such as China and South Korea. Mitsui O.S.K. Lines Ltd. , Japan's second-largest shipping company, plans to increase the number of its LNG carriers to 110 by 2020 from about 70 now, a spokesman said. Nippon Yusen KK , the No.1 shipper in the country, plans to raise its LNG tanker strength to 100 by 2020 from about 70 now while third-biggest shipper Kawasaki Kisen Kaisha Ltd aims to order about 20 new LNG tankers before the end of the decade.

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5 Black Friday Tricks to Avoid

jeudi 28 novembre 2013

Black Friday is often billed as the best day of the year to find deals. But, in many cases, shoppers are either being enticed to spend more or to buy lower-quality products.

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Inc. Magazine’s Entrepreneur of the Year: Paranoia is Key

Adam Levie has successfully run a $1.2 billion company for eight years, and he's only 28-years old.

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Stores open early on Thanksgiving but shoppers in no rush

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Stock Watch: Hewlett-Packard Climbs, Apple Nears One-Year High

Hewlett-Packard (HPQ) is up 7% in early trading on its earnings. The company made $1.01 a share for the quarter, a penny better than expected.

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Insight: No quick exit from West's economic malaise

Ending the Great Stagnation that is taxing Western policy makers may depend as much on the Chinese Communist Party as it does on the world's leading central banks. Six years after the global financial crisis erupted, there is any number of explanations why Europe cannot shake off a Japan-style balance-sheet recession and why the United States is experiencing sub-par growth and high unemployment. Firstly, there is an excess of global savings, which has lowered the natural real rate of interest that equalizes savings and investment. Even with interest rates near zero, monetary policy is like pushing on a piece of string.

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Nikkei pauses on profit-taking, yen hits 5-yr low vs euro

Investors also held back from chasing other regional equities higher, with the MSCI Asia-Pacific outside Japan index steadying after reaching its highest close in a week on Thursday. Japan's benchmark Nikkei (NIK:^9452) dipped 0.1 percent, though it is still up 9.7 percent this month as the yen slumped against the euro and dollar. Investors have been using the yen as a funding currency for carry trades with the Bank of Japan committed to keeping ultra-loose monetary policy to shore up growth -- in contrast to the U.S. Federal Reserve which is moving towards unwinding its $85 billion-a-month bond-buying campaign. The Japanese currency hit a five-year low versus the euro at 139.705 yen, and a six-month trough of 102.61 yen to the dollar.

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Schiff: Stocks Are Going Higher

Peter Schiff, CEO of Euro Pacific Capital, gives his reason why stocks could move higher.

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Is Men's Wearhouse Offering Too Much for Jos. A. Bank?

After rejecting offers from Jos. A. Bank, Men's Wearhouse is now bidding on its pursuer. But, is Men's Wearhouse offering too much for Jos. A. Bank?

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Australia surprises with rejection of $2.55 billion GrainCorp takeover by ADM

Australia rejected the A$2.8 billion ($2.55 billion) takeover of GrainCorp (GNC.AX) by U.S. agribusiness giant Archer Daniels Midland (ADM) (ADM) on Friday, bowing to pressure from grain growers in a rare and surprising decision. The deal had been seen as the first test of the conservative government's vow that Australia was "open for business" after the victory of Tony Abbott's Liberal Party in elections in September. Treasurer Joe Hockey said he was rejecting the proposal on national interest grounds after Australia's Foreign Investment Review Board (FIRB) failed to reach a consensus recommendation. "Many industry participants, particularly growers in eastern Australia, have expressed concern that the proposed acquisition could reduce competition and impede growers' ability to access the grain storage, logistics and distribution network," Hockey told reporters in Sydney.

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Pizza Hut offers to rehire manager who refused to open on holiday

(Reuters) - A store manager of a Pizza Hut (YUM) franchise in Indiana is mulling over a rehire offer from the worldwide pizza chain after he was fired for refusing to open the restaurant on Thanksgiving Day. Tony Rohr, 28, said he was told to write a letter of resignation after deciding to give his employees at the Elkhart, Indiana, store the holiday off. He told South Bend, Indiana, station WSBT-TV that he instead wrote a letter explaining why the store, part of Yum Brands Inc, should be closed, and then he was fired. Pizza Hut's corporate office said in a statement it "strongly recommended that the local franchisee reinstate the store manager, and they have agreed."

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Monte Paschi says cap increase deal with banks expires in January

A preliminary commitment by banks to underwrite Monte dei Paschi's (BMPS.MI) 3-billion euro ($4 billion) capital increase expires at the end of January, the Italian bank said in a document showing why it needs to press on with the cash call. If no capital increase is launched by that date, the pre-underwriting agreement with a pool of 10 banks would come to an end and Monte dei Paschi would have to restart negotiations to form a new consortium guaranteeing the rights issue, it said. Monte dei Paschi's board approved the capital increase earlier this week as it seeks to pay back a 4.1 billion euros state bailout and avert nationalization. Ten mostly international banks are involved in the preliminary agreement to underwrite the issue, with UBS (UBSN.VX) acting as global coordinator.