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.

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