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Courtesy of ZeroHedge. View original post here.

Submitted by thetrader.

By www.thetrader.se

Ft.com

Cognetas is risking a clash with its investors after the European mid-market private equity group proposed a more generous performance fee for its ailing second fund, the FT reports. At least one large investor is already rebelling against a plan to link the management’s performance fee to gains on the portfolio’s depressed net asset value at the end of June, http://ftalphaville.ft.com/thecut/2011/10/28/714861/cognetas-angers-inve…

 

Samsung Electronics surpassed Apple as the world’s top smartphone maker in the third quarter, Reuters reports, as the company announceda record profit from handset sales in the third quarter on Friday, with more than 40 per cent shipment growth. Samsung, http://ftalphaville.ft.com/thecut/2011/10/28/714736/samsung-take-smartph…

 

Companies round the world rushed to sell bonds on Thursday after a eurozone deal to tackle the region’s sovereign debt crisis sparked a rally, writes the FT. In the US, IBM, BP and Verizon were among the issuers that sold more than $12bn of debt in what was one of the busiest days for investment-grade issuance this year, http://ftalphaville.ft.com/thecut/2011/10/28/714731/market-bouyancy-prom…

 

 

 

MF Global’s executives were racing to secure a sale of the company on Thursday as Moody’s and Fitch downgraded its credit to “junk”, the FT reports, citing people close to the situation who said a small number of interested buyers were in talks with the company over an acquisition of its main futures brokerage arm or the entire group. http://ftalphaville.ft.com/thecut/2011/10/28/714741/mf-global-under-pres…

 

The US returned to solid economic growth in the third quarter of 2011, but economists refused to sound the all-clear amid signs that the recovery is precarious, the FT reports. The annualised 2.5 per cent increase in gross domestic product, http://ftalphaville.ft.com/thecut/2011/10/27/714676/us-economic-growth-a…

 

China is very likely to contribute to the eurozone’s bail-out fund but the scope of its involvement will depend on European leaders satisfying some key conditions, two senior advisers to the Chinese government have told the Financial Times. Any Chinese support would depend on contributions from other countries and Beijing must be given strong guarantees on the safety of its investment, according to Li Daokui, an academic member of China’s central bank monetary policy committee, and Yu Yongding, a former member of that committee. http://www.ft.com/intl/cms/s/0/7505d210-00ba-11e1-8590-00144feabdc0.html…

 

For many analysts combing over the three-part deal to restore confidence in the eurozone, the most important things were not what was in the agreement – but what was left out. On almost every major issue, particularly the second €130bn Greek bail-out and increasing the firepower of the eurozone’s €440bn rescue fund, it could be days or weeks before the details that underpin the entire package are finally ironed out. “More than we had expected … has been left to be finalised and detailed over the next month,” Malcolm Barr of JPMorgan wrote. “There is plenty of room to doubt whether each of the key aspects of the package will deliver.” http://www.ft.com/intl/cms/s/0/ab7bcd58-00b6-11e1-8590-00144feabdc0.html…

 

Sony is to take full ownership of its Sony Ericsson joint venture with Ericsson in a move designed to bolster its position in the mobile handset market. The deal will involve Sony paying its former partner €1.05bn in cash for its share. It also marks a definitive exit from the mobile handset manufacturing business for Ericsson – which was once a leading player in the sector – and will allow the Swedish company to concentrate on its network gear business.http://www.ft.com/intl/cms/s/0/d7c78210-0068-11e1-ba33-00144feabdc0.html…

 

Wsj.com

Asian shares were higher on Friday, rallying for a second day, with the Sydney market hitting a three-month high, as investor confidence grew after European leaders introduced an outline of a plan to contain the region’s debt crisis.  Japan’s Nikkei Stock Average was up 1.6%, South Korea’s Kospi Composite rose 1.7% and New Zealand’s NZX-50 gained 1.0%. Australia’s S&P/ASX 200 was 1.3% higher at 4405.0 after touching a three-month high of 4417.6.  Dow Jones Industrial Average futures were down 13 points in screen trade. http://online.wsj.com/article/SB1000142405297020368750457700262349794278…

 

It hasn’t been hard to find critics of the Bank of England’s monetary policy in the years since the financial crisis broke. Accuse it in your search engine of “punishing savers” or “stoking inflation” and you certainly won’t be alone for long. In one sense this flurry of brickbats is quite understandable. Here we have a central bank that was a beacon of inflation-targeting rectitude in the innocent days before Lehman Brothers went under. And now look at it. Just another crisis casualty, all credibility spent. Consumer price rises haven’t been below the bank’s state-set 2% target since November 2009. Indeed, the last look brought news that they reached 5.2% in September, a record for the series going back to its inception in 1997. A hard winter looms for British consumers. Prices are now rising nearly three times faster than their wages’ grudging upward tiptoe. It’s getting chilly, too, so winter fuel bills will soon squeeze disposable incomes even further. http://online.wsj.com/article/SB1000142405297020355410457700146087488621…

 

France may unveil a new austerity plan to shore up its public finances as early as next week, a member of the National Assembly’s finance commission said Thursday, only two months after the country took emergency measures worth €12 billion to hold on to its prized triple-A rating. While a final decision hasn’t yet been made on the plan’s total amount, the government is mulling a marginal increase in value-added tax—a sales levy—but no overhaul of the country’s VAT rate, said Jerome Chartier, a lawmaker from the majority Union for a Popular Movement party. http://online.wsj.com/article/SB1000142405297020368750457700163405553067…

 

Greece’s banks face the prospect of nationalization and could spend years depending on an insolvent Greek state for life-support after European leaders Thursday decided on a 50% write-down of Greek government debt. Greek bankers have privately warned that government control will effectively wipe out their shareholders and lead to interference in lending policies—turning back the clock on two successful decades of liberalizing the country’s banking sector. http://online.wsj.com/article/SB1000142405297020368750457700164111497332…

 

Top European Central Bank officials offered a skeptical appraisal of Europe’s latest plan to solve its debt crisis, suggesting that the central bank may be forced to maintain the emergency measures it has adopted to keep the problems from spreading. The ECB purchased Spanish and Italian government bonds on Thursday, a trader said, hours after European leaders inked a three-pronged deal they hope will solve the region’s debt crisis through a mix of Greek debt restructuring, bank recapitalizations and leverage of Europe’s bailout fund to give it extra firepower. Details still need to be ironed out, which could take weeks.http://online.wsj.com/article/SB1000142405297020450530457700204100796680…

 

Marketwatch.com

Japan’s September unemployment rate and household spending came in better than expected, while consumer inflation matched forecasts, painting a mostly upbeat picture. The Ministry of Internal Affairs said Friday that the jobless rate slid to 4.1% from 4.3% the previous month, even as the government resumed including unemployed people in three earthquake-damaged prefectures that had been stripped out of the data since March. Economists had on average expected the rate to rise to 4.4%, according to a survey reported by Dow Jones Newswires. Spending for households of two or more people fell by an inflation-adjusted 1.9% from a year earlier, easing from August’s 4.1% drop and beating a median forecast for a decrease of 3.3%. http://www.marketwatch.com/story/japan-unemployment-rate-falls-core-pric…

 

Japanese industrial production posted its first drop in six months, with the September result falling 4% from the previous month, the Ministry of Economy, Trade and Industry said Friday. The result was well below a median forecast for a 2.1% decrease and marked a swing from August’s 0.8% month-on-month rise. Manufacturers surveyed by the government also trimmed their forecast for October industrial output, calling for a 2.3% rise compared to a previous projection for a gain of 3.8%. Preliminary Industrial Sep -2.1% M/M +0.8% M/M http://www.marketwatch.com/story/japans-september-industrial-output-disa…

 

Europe’s latest effort to contain the euro zone’s two-year-old debt crisis won applause from financial markets Thursday, but still falls short of a permanent solution, economists said. The deal was hammered out in a marathon summit meeting in Brussels that stretched into the early hours of Thursday morning. It includes a commitment by banks and other private bondholders to accept a voluntary 50% writedown on Greek government debt, a boost in the lending power of the euro-zone bailout fund and a 106 billion euro ($148 billion) recapitalization of European banks. http://www.marketwatch.com/story/europes-debt-plan-offers-no-bazooka-201…

 

Reuters.com

Spot gold held steady on Friday, on course for its biggest weekly rise in 33 months, after euro zone’s last-minute deal on containing debt crisis cheered investors, but a rebound in the dollar may weigh on prices. Spot gold hit a one-month high of $1,751.99 an ounce, before retreating to $1,743.69 by 0322 GMT. It was headed for a rise of 6.3 percent from a week earlier, the biggest weekly rise since January 2009. U.S. gold edged down 0.1 percent to $1,745.70, on course for its sharpest one-week climb since December 2008 with a 6.7-percent gain. http://www.reuters.com/article/2011/10/28/us-markets-precious-idUSTRE78M…

 

China is considering a proposal to set up a regional bank to help its small and medium enterprises (SMEs) invest in Southeast Asian neighbors, fund infrastructure projects and promote development in southwestern China, two independent sources said. After approval by the State Council, or cabinet, China would formally invite members of the Association of Southeast Asian Nations (ASEAN), Japan and South Korea to each take a stake in the ASEAN Bank, said the sources, who have direct knowledge of the proposal. http://www.reuters.com/article/2011/10/27/us-china-asean-financial-idUST…

 

Like oil in the 20th century, water could well be the essential commodity on which the 21st century will turn. Human beings have depended on access to water since the earliest days of civilization, but with 7 billion people on the planet as of October 31, exponentially expanding urbanization and development are driving demand like never before. Water use has been growing at more than twice the rate of population increase in the last century, said Kirsty Jenkinson of the World Resources Institute, a Washington think tank. http://www.reuters.com/article/2011/10/25/us-population-water-idUSTRE79O…

 

Bloomberg.com

Singapore, where assets under management have risen fivefold to $1.2 trillion since 2001, will consider a “tougher penalty regime” and boost enforcement against money laundering and terrorist financing. The city-state will also make laundering of proceeds from tax offences a crime, and tighten laws on tax evasion, said Ravi Menon, managing director of Monetary Authority of Singapore, the country’s central bank. “We will ensure that financial crime does not pay in Singapore and those who jeopardize Singapore’s hard-earned reputation as a financial center of integrity face severe consequence,” Menon said in a speech late yesterday. “Singapore is sending a clear message that it neither wants nor will tolerate these illicit inflows.” http://www.bloomberg.com/news/2011-10-27/singapore-may-toughen-penalties…

 

Stocks surged, extending the biggest monthly rally for the Standard & Poor’s 500 Index since 1974, and the euro strengthened as European leaders agreed to expand a bailout fund to stem the region’s debt crisis. Treasuries sank, while metals and oil led a rally in commodities. The S&P 500 jumped 3.4 percent to 1,284.59 at 4 p.m. in New York, sending its October gain to 14 percent and erasing its 2011 loss. The 20 percent monthly advance for the Dow Jones Transportation Average, a proxy for the economy, is the biggest since 1939. Benchmark gauges in France, Italy and Germany rose more than 5 percent as German and emerging-market stocks extended gains from this year’s lows to more than 20 percent. The euro surged the most in more than a year and 10-year Treasury note yields rose 17 basis points to 2.38 percent. http://www.bloomberg.com/news/2011-10-27/asian-stocks-euro-advance-on-eu…

 

Prime Minister George Papandreou urged Greeks to support his efforts to revamp the economy after euro-area leaders hammered out a new bailout package for the country and imposed deeper losses on bondholders. “The crisis gives us the opportunity and this agreement gives us time,” Papandreou said on television late yesterday after he and fellow government chiefs forced investors to accept 50 percent writedowns on Greek debt. “We negotiated and managed to erase a very important part of our debt. Tens of billions of euros have been lifted from the backs of the Greek people.” http://www.bloomberg.com/news/2011-10-27/papandreou-says-new-funding-giv…

 

European leaders’ agreement to expand a bailout fund to stem the region’s debt crisis only buys time as Greece will likely still leave the euro in the next decade, Harvard University economist Kenneth Rogoff said. “It feels at its root to me like more of the same, where they’ve figured how to buy a couple of months,” Rogoff said as a compensated speaker at the Bloomberg FX11 Summit in New York yesterday. “It’s pretty darn clear the euro does not work, that it’s not a stable equilibrium.” http://www.bloomberg.com/news/2011-10-27/rogoff-europe-pact-only-buys-ti…

 

Prime Minister David Cameron urged former British colonies to back his proposal to end rules that discriminate against women and Roman Catholics succeeding to the throne. Cameron will propose the move at the Commonwealth Heads of Government Meeting in Perth, Australia today to 15 countries including Canada, Australia and New Zealand that share Queen Elizabeth II as their head of state. “These rules are outdated and need to change,” Cameron said in a statement released by his office before his arrival in Perth. “The thinking behind these rules is wrong. That’s why people have been talking about changing them for some time. We need to get on and do it.” http://www.bloomberg.com/news/2011-10-27/cameron-asks-former-british-col…

 

Chancellor Angela Merkel emerged from 10 hours of negotiations in Brussels with a plan to stem the debt crisis that might as well have been written in Berlin.  The German leader forced French President Nicolas Sarkozy to bend to her will on using the European rescue fund only as a last resort, ruled out an automatic crisis-fighting role for the European Central Bank and dragged banks back to the table to take greater losses on Greek debt. She even wrung further budget concessions out of Italian Prime Minister Silvio Berlusconi. http://www.bloomberg.com/news/2011-10-27/merkel-cements-eu-leadership-ro…

 

Cnbc.com

The deal that allowed Greece to renegotiate its debt will not lead to a credit event on the scale of the Lehman Brothers failure that triggered the US financial crisis, the lead negotiator in the talks told CNBC. Charles Dallara, head of the Institute of International Finance, said the Greek debt deal is “voluntary” and agreed to after a “marathon session” with European leaders that lasted well into the night. He said it is unlikely to cause a major problem in the market for credit default swaps span which are triggered in the case of debt defaults. http://www.cnbc.com/id/45059870

 

The Federal Reserve is penalizing consumers by keeping interest rates near zero, threatening long-term savings and the U.S. economy, Stephen Roach told CNBC Thursday. The Fed said in August it will keep interest rates at the current low rate until 2013.  Roach, Morgan Stanley’s Asia non-executive chairman, said doing so raises a serious question “about the financial repression practiced by your favorite central bank, the Federal Reserve. The idea that we can run zero interest rates in perpetuity and penalize savers is absurd.” http://www.cnbc.com/id/45065234

 

USAtoday.com

The number of Americans who signed contracts to buy homes fell for the third straight month in September after the spring-and-summer peak buying season failed to entice new buyers. The National Association of Realtors said Wednesday that its index of sales agreements fell 4.6% last month to a reading of 84.5. A reading of 100 is considered healthy. The last time the index reached that high was in April 2010, the final month that buyers could qualify for a federal tax credit that has since expired. http://www.usatoday.com/money/economy/housing/story/2011-10-27/pending-h…

 

Washingtonpost.com

The yen appreciated against 13 of its 16 most-traded counterparts amid speculation Japan will avoid intervening in markets even after the currency rose to a record for the fourth time in five days yesterday. Japanese Finance Minister Jun Azumi said today he will take “bold” action against the strong yen if needed. The euro was set for a third weekly gain against the dollar after European leaders yesterday agreed new measures to tackle the region’s debt crisis. The U.S. currency was set for a five-day loss against all its major peers amid the prospect of further monetary easing. South Korea’s won reached a six-week high as the nation’s current-account surplus widened. “We can see the Japanese authorities would like to refrain from intervention as long as possible to keep their options open,” said Koji Takeuchi, a senior economist at Mizuho Research Institute Ltd. in Tokyo. “Timing is important.”http://washpost.bloomberg.com/story?docId=1376-LTQZ0J0YHQ0Y01-3D80JBPE1S…

 

Telegraph.co.uk

French President Nicolas Sarkozy has said it had been an error to admit Greece to the eurozone in 2001 but said he was confident the country could emerge from its debt crisis.  “It was an error because Greece entered with false [economic] figures… it was not ready,” he said during a nationally televised interview on the day European leaders clinched a deal to tackle the eurozone debt crisis.  However, asked if he had confidence that Greece can emerge from the crisis, Mr Sarkozy said: “Yes… we have no other choice”. http://www.telegraph.co.uk/finance/financialcrisis/8854173/French-Presid…

 

Europe’s rescue euphoria threatened as Portugal enters ‘Grecian vortex’ Monetary contraction in Portugal has intensified at an alarming pace and is mimicking the pattern seen in Greece before its economy spiralled out of control, raising concerns that the EU summit deal may soon washed over by fast-moving events.  Data released by the European Central Bank show that real M1 deposits in Portugal have fallen at an annualised rate of 21pc over the past six months, buckling violently in September.  “Portugal appears to have entered a Grecian vortex and monetary trends have deteriorated sharply in Spain, with a decline of 8.4pc,” said Simon Ward, from Henderson Global Investors. Mr Ward said the ECB must cut interest rates “immediately” and launch a full-scale blitz of quantitative easing of up to 10pc of eurozone GDP. http://www.telegraph.co.uk/finance/financialcrisis/8854267/Europes-rescu…

 

The likelihood of another UK recession is “significant”, even if eurozone leaders manage to contain the region’s debt crisis, a Bank of England policymaker has warned. Paul Fisher, a member of the Bank’s nine-strong Monetary Policy Committee (MPC) also said there was a 50-50 chance the economy would contract in the final three months of the year. “Looking at the fourth quarter, at best it seems to be flat, [and] could easily have negative growth, so the technical outcome of two quarters of negative growth in a row could quite easily come about,” he said in an interview with Bloomberg Television. http://www.telegraph.co.uk/finance/economics/8853733/Chance-of-UK-double…

 

Guardian.co.uk

China has welcomed news of the debt deal but offered little hint of what role it might play, with an early warning that emerging economies should not be regarded as Europe’s “Good Samaritans”. French president Nicolas Sarkozy telephoned his Chinese counterpart, Hu Jintao, on Thursday to promote the agreement and discuss the upcoming G20 summit. Klaus Regling, head of the European Financial Stability Facility – the bailout fund – will try to sell the plan to leaders in Beijing on Friday. http://www.guardian.co.uk/business/2011/oct/27/china-emerging-economies-…

 

Smh.com.au

An interest rate cut next week is not a sure thing, according to high-profile HSBC economist Paul Bloxham. Mr Bloxham said it will be a close call come Melbourne Cup Day, but the Reserve Bank board is likely to sit still. Following this week’s lower-than-expected inflation figures, economists had been tipping an 80 per cent chance of a cut to official cash rates. But Mr Bloxham said there may not be enough pressure to spur on a 25 basis point cut.  “Right now the Australian economy is in good shape,” he said this morning. http://www.smh.com.au/business/rate-cut-not-a-sure-bet-economist-says-20…

 

Oil fell in New York, trimming its biggest weekly gain since February, as a drop in Japanese industrial output countered speculation US economic growth and a deal to tame Europe’s debt crisis will boost fuel demand. Futures slipped as much as 0.5 per cent after Japanese factory production declined 4 per cent in September from the previous month, almost twice as much as the median economist estimate in a Bloomberg News survey. Prices surged yesterday after the US economy grew in the third quarter at the fastest pace in a year and European leaders agreed a deal to curb the region’s debt crisis. Crude oil for December delivery decreased as much as 43 cents to $US93.53 a barrel in electronic trading on the New York Mercantile Exchange and was at $US93.66. The contract yesterday advanced $US3.76 to $US93.96, the highest close since Aug. 1. Prices are 7.2 per cent higher this week, the biggest gain since the period ended Feb. 25. Futures have gained 2.5 per cent this year. http://www.smh.com.au/business/markets/crude-oil-dips-heads-for-biggest-…

 

French President Nicolas Sarkozy said the country had lowered its economic growth forecast for next year from 1.75 per cent to 1.0 per cent. Speaking in a national television interview, Sarkozy said the French government would have to find six billion to eight billion euros ($10.74 to $8.06 billion) in supplementary budget savings and that decisions on this would be taken “within 10 days”. He said he would announce budgetary measures after the November 3-4 summit of G20 countries in the southern French city of Cannes. http://www.smh.com.au/world/france-lowers-2012-growth-forecast-20111028-…

 

British consumer confidence fell to its lowest in more than two and a half years this month as Britons became more pessimistic about spending, adding to signs the economy may slip back into recession. An index of sentiment dropped 2 points from September to minus 32, the weakest reading since February 2009, research group GfK said in a report today. A measure of expectations for the economy fell 4 points to minus 31 and a gauge of households’ assessment of whether this is a time to make major purchases decreased 4 points to minus 32. “Consumers’ outlook is becoming increasingly pessimistic about the UK’s general economic situation,” GfK Social Research Managing Director Nick Moon said. http://www.smh.com.au/business/world-business/uk-consumer-confidence-hit…

 

Theglobeandmail.com

Chinese authorities, alarmed by soaring prices and increasing numbers of speculators, have placed limits on who can buy property and on how many homes a person can own. Bank lending has been tightened to limit developers’ ability to undertake new projects and a new emphasis has been placed on the construction of low-cost housing.  The measures appear to be working: National Statistics Bureau numbers released this month showed that housing-price inflation cooled in 59 of 70 cities tracked in September, compared with a year earlier. Property prices in so-called first-tier cities, including Beijing, Shanghai, Shenzhen and Guangzhou, were flat month-over-month. Shanghai’s housing authority this week showed overall property sales volume fell 13 per cent year-over-year, to a six-year low. http://www.theglobeandmail.com/report-on-business/international-news/asi…

 

Xinhuanet.com

China Development Bank (CDB), one of the country’s three policy banks, plans to boost a special lending fund by 1 billion U.S. dollars in 2012 to provide loans for small and medium-sized enterprises (SMEs) in Africa, senior bank officials said Thursday. The additional funding will increase the Special Loan for the Development of African SMEs to 2 billion U.S. dollars, Liu Hao, deputy head of the international department of CDB, told Xinhua exclusively on the sidelines of the first meeting of the China-Africa Think Tanks Forum in the eastern Chinese city of Hangzhou. The fund was set up in 2009 after Premier Wen Jiabao announced the financing plan during the ministerial meeting of the Forum on China-African Cooperation (FOCAC) held in Egypt in 2009. http://news.xinhuanet.com/english2010/business/2011-10/27/c_131216238.ht…

 

South Korea’ current account surplus rebounded to 3.1 billion U.S. dollars last month after contracting to a 7-month low a month earlier as exports recovered its growing trend, the central bank said Friday. The surplus reached 3.1 billion dollars in September, a turnaround from a revised 292.6 million dollars tallied in the previous month, the Bank of Korea (BOK) said in a statement. For the first nine months of this year, the surplus amounted to a combined 15.3 billion dollars. The September figure was a rebound from the 7-month low tallied a month before, and it has remained in the black for the 19th consecutive month. The current account is the broadest measure of international trade, including goods, services and investment income. http://news.xinhuanet.com/english2010/business/2011-10/28/c_131217630.ht…

 

Cs.com.cn

There are 155.6 billion dollars “hot money” concealing in China in the first half of the year, the Shanghai-based SWS Securities said in a report yesterday. The hot money once peaked 300 billion dollars in 2008. As the inflation rises up since the second half of 2010, China`s central bank hiked the benchmark interest six times, which expands the interest gap between China and the developed countries. It also lures more inflow of “hot money”, SWS Securities added. http://www.cs.com.cn/english/ei/201110/t20111028_3105399.html

 

By the date of October 28, there are 821 mutual funds with 62 assets managers disclosing the third seasonal report, they generally report money losing in Quarter 3 as China’s stock and bonk market maintain declining in the past three months. The 62 assets managers lost 251.074 billion yuan in Quarter 3, according to the Beijing-based market researcher Tianxiang today. The total assets under the management of 64 funds managers had shrunk to 2.13 trillion yuan by the end of Quarter 3,decreasing 230.3 billion yuan in the second quarter. http://www.cs.com.cn/english/ei/201110/t20111028_3105242.html

 

Growth of China’s consumer prices will continue to cool after slowing from this year’s peak in July, the nation’s top economic planner said Thursday. Peng Sen, deputy chief of the National Development and Reform Commission, said the country’s consumer prices have stabilized and were “generally controllable.”  But he said maintaining price stability wouldn’t be easy as price increases of farm produce and resources was inevitable given the rapid industrialization and urbanization in China. http://www.cs.com.cn/english/ei/201110/t20111028_3105236.html

 

Thehindu.com

The WPI (Wholesale Price Index) on food inflation released here on Thursday shows that while vegetables were 25 per cent dearer on a year-on-year basis, fruits turned more expensive by 11.96 per cent and milk by 10.85 per cent. Alongside, eggs, meat and fish were also costlier by 12.82 per cent.  What is hurting the common man all the more is that this fresh bout of double-digit inflation is over and above the 14.20 per cent spurt witnessed during the same week in October, 2010. In effect, there is no statistical anomaly of base effect in play in the current surge in prices which is very close to the high of 11.53 per cent recorded for the week ended April 9 this year. http://www.thehindu.com/business/article2573526.ece

 

Mukesh Ambani, who heads the oil-to-retail conglomerate Reliance Industries Group, has retained his position as the world’s richest Indian with a networth of USD 22.6 billion, as per the Forbes India annual rich list.  Despite a fall of USD 4.4 billion in his networth over the past one year, Mr. Ambani managed to hold the top slot.  He is followed by steel tycoon Lakshmi Mittal and technology czar Azim Premji, as per the list published on Thursday by the Indian edition of global business magazine Forbes.  Mr. Mittal was ranked second with a networth of USD 19.2 billion, while Mr. Premji was at the third position with USD 13 billion of networth, Forbes said.  The 100 richest persons in the country together saw their networth falling by 20 per cent in one year, to USD 241 billion, as inflation, corruption scandals and falling stock and currency prices diminished their wealth. http://www.thehindu.com/news/national/article2573776.ece

 

Economictimes.com 

ISLAMABAD: Efforts by longtime nuclear-armed foes Pakistan and India to liberalise their restrictive trade regimes have sent jitters across some Pakistani sectors which feel threatened by free trade with the neighbouring economic powerhouse. Pakistan’s Commerce Ministry is in the process of increasing the number of goods India can export to its neighbour. But some industries like pharmaceuticals feel cheap Indian goods will ravage local producers.http://economictimes.indiatimes.com/news/economy/foreign-trade/pakistani…

 

Themoscowtimes.com

Mongolia said it plans to synchronize the openings of two export railways to Russia and China to accelerate coal sales from the Tavan Tolgoi mine, one of the world’s biggest unexploited coal deposits. It may complete the railways as soon as 2014, Yondon Manlaibayar, director general at Mongolia’s Ministry of Roads, Transport, Construction and Urban Development, said in an interview in Hong Kong. Mongolia last year approved plans to quadruple the domestic rail network to boost commodity exports. It initially planned to develop a Russian route first to reduce reliance on Chinese customers. The Soviet Union helped build Mongolia’s rail network, and the Russian government still owns half of it. http://www.themoscowtimes.com/business/article/mongolia-to-open-china-ru…

Thetrader.se

Some after the close stats. It took the market 48 days to fall from1290 to 1090. It took us 18 days to go from 1090 to 1290 during this past aggressive squeeze. Short gamma got killed both ways. They still tell us market falls in panic moodhttp://www.thetrader.se/2011/10/27/after-hours-stats/

 

The outlined Trend Channel we have been posting over the last couple of weeks is still intact. The circle marks the shake out before we got the final short capitulation today. There are many big “smart” guys getting run over today, especially in Europe. In this complex world, it’s best to keep it simple. Stay tuned for our full chart review later. http://www.thetrader.se/2011/10/27/market-update-2/


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