Peoples Banks CEO wants to share whats what Mar 7, 2010
When the Federal Reserve Bank put the , which has six branches in New Mexico, under a public, written regulatory agreement on Jan. 27, bank President and CEO Wint Winter Jr. did what he thought was best for the bank s customers. He went public with the information and made sure the media in the bank s home state of Kansas had as much information about the situation as possible. (New Mexico Business Weekly, NM)
AIG to Get $231M If Sale of Asian Unit Crumbles Mar 7, 2010
The two deals could give AIG enough to eventually cover the Federal Reserve Bank of New York's $47. 9 billion investment in the company. (ABC News -- Wire)
Hennessy: Dividends to Drive New Bull Market Mar 6, 2010
"Long-term, we're in a cyclical bull market one that people don't believe in. The economy is in very good shape, said Hennessy. Stocks are a better investment compared to real estate and bonds, he said. Narayana Kocherlakota, the new head of the Federal Reserve Bank of Minneapolis, predicts low growth, continuing unemployment and low inflation, Dow Jones reported. "The economy is on the mend and should continue to recover over the next two years in terms of both GDP and unemployment but at... (Newsmax)
European Stocks Rise Before U.S. Payrolls Report; Rio Tinto, Tate Advance Mar 5, 2010
Two regional Federal Reserve Bank presidents yesterday said they believe the central bank should keep rates low until the recovery picks up. Chicago Fed President told reporters in Chicago he needs to see signs of highly sustainable growth before supporting steps toward tighter monetary policy. (Bloomberg -- Germany)
Giant Interactive Announces Fourth Quarter and Fiscal Year 2009 Results Mar 5, 2010
8259, which was the noon buying rate as of December 31, 2009 in the City of New York for cable transfers in Renminbi per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. The Company makes no representation that the Renminbi or US dollar amounts referred to in this release could have been, or could be, converted into US dollars at such rate or at all. (Yahoo! Wire -- Entertainment News)
Post-Bailout Novel Mar 5, 2010
Like many of the post-crisis narratives, Union Atlantic has as its main characters the president of the Federal Reserve Bank of New York and aggressive, conflicted bankers. Unlike all the post-crisis narratives, Union Atlantic is a novel that delves into the hearts and minds of the protagonistsand those of their friends and familiesas they cope with financial and emotional instability. (Slate)
Districts manufacturing industry improves Mar 4, 2010
Economic conditions in the Federal Reserve Bank s Eighth District are showing further signs of improvement in some areas, according to the Federal Reserve's Beige Book report released Wednesday. The one area showing signs of improvement since the last report was manufacturing, with several contacts reporting plans to expand or start new operations and add jobs. (Memphis Business Journal, TN)
Panel to oversee CRCT probe Mar 4, 2010
Dennis Lockhart, president, Federal Reserve Bank of Atlanta. Jack Capers, partner, King ing. (Atlanta Journal-Constitution -- Metro)
READ: The full report Mar 4, 2010
Prepared at the Federal Reserve Bank of Kansas City and based on information collected on or before February 22, 2010. This document summarizes comments received from businesses and other contacts outside the Federal Reserve and is not a commentary on the views of Federal Reserve officials. (USA Today -- Money)
Fed: Louisville-area economy mixed Mar 4, 2010
Economic conditions in the Federal Reserve Bank s Eighth District, which includes Louisville, were mixed but showed further signs of improvement in some areas in January and February, according to the latest edition the Beige Book, a periodic economic activity report for each of the 12 Fed districts. Overall activity in the United States continued to expand, although snowstorms in early February held back activity in several districts. (Louisville Business First, KY)
Fed's Lockhart Sees Modest Recovery, Low Rates Mar 4, 2010
The U.S. economy will recover slowly and the unemployment rate will take some time to come down, Atlanta Federal Reserve Bank President Dennis Lockhart said on Wednesday. This should keep inflation at bay for the foreseeable future, and allow the central bank to keep interest rates on hold for some time, he said. (Newsmax)
READ: AIG release Mar 2, 2010
Transaction to Yield Approximately $25 Billion in Cash upon Closing to Repay Federal Reserve Bank of New York ... The cash portion of the proceeds from the sale, the largest to date in AIG's ongoing restructuring efforts, will be used to redeem preferred interests with a liquidation preference of approximately $16 billion held by the Federal Reserve Bank of New York (FRBNY) in the special purpose vehicle formed to hold the interests in AIA, and to repay approximately $9 billion under the FRBNY... (USA Today -- Money)
Pound Falls for Sixth Day as Political Deadlock May Hamper Debt Reduction Mar 2, 2010
The U.S. dollar rose for a second day against the yen after Philadelphia Federal Reserve Bank President told the Wall Street Journal the central bank should back away from its pledge to keep interest rates low for an extended period. . (Bloomberg -- UK)
US manufacturing expands for seventh month running Mar 2, 2010
"An increasing number of American households, and this is true in my district and I think around the country, are regaining some confidence in their job prospects, their income prospects and that's leading to a gradual expansion of consumer spending," Federal Reserve Bank of Richmond Pressident Jeffrey Lacker said today in an interview with Bloomberg News. The risk of a double-dip recession has diminished and is "relatively minor," he said. (Sydney Morning Herald -- Business)
AIG to sell Asian life insurer to help repay bailout Mar 2, 2010
Together with an anticipated sale of American Life Insurance Co., or , to , the sale could net enough to cover the Federal Reserve Bank of New York s $47. 9 billion investment in AIG.. (Boston Globe)
AIG's Plane-Leasing Business ILFC Pursues Sale of $3.5 Billion in Aircraft Mar 2, 2010
Any transaction would have to be approved by the Federal Reserve Bank of New York, which holds jurisdiction over AIG since the U.S. provided a $182. 3 billion bailout to the parent company. (Bloomberg -- US)
Perfect World Announces Fourth Quarter And Fiscal Year 2009 Unaudited Financial Results Mar 1, 2010
The conversion of Renminbi (RMB) into USD in this release is based on the noon buying rate in The City of New York for cable transfers in RMB per USD as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2009, which was RMB6. 8259 to USD1. (Yahoo! Wire -- Entertainment News)
AIG Agrees to $35.5 Billion Unit Sale to Prudential: Sources Mar 1, 2010
3 billion bailout, will pay the Federal Reserve Bank of New York $16 billion from the deal proceeds for the Fed's preferred interest in a special purpose vehicle that holds AIA, one of the sources said. 1. (ABC News -- Wire)
Good Intentions Do Not Always Make for Good Results Mar 1, 2010
Its no surprise that a study by the Federal Reserve Bank of New York found that states that have banned payday lenders including Georgia and North Carolina saw an increase in bounced checks and higher rates of bankruptcy. The moral of the story isnt that every government regulation is bad; it just means that the world isnt as cut-and-dried as our political talking points make it out to be. (Townhall.com)
* UK firm mulls deal for AIG unit Mar 1, 2010
The Federal Reserve Bank of New York, which owns a stake in AIA, is set to receive about US$16 billion from any sale or spinoff of the division. AIA has long been considered one of AIGs crown jewels, a prestigious operation with roughly 20 -million policyholders throughout Asia. (Taipei Times, Taiwan -- World Business)
AIG Chairman Says Feinberg's Pay Limits Hindered Repayment of U.S. Bailout Feb 28, 2010
The New York-based insurers board is focused on working with the Federal Reserve Bank of New York and Treasury Department and dealing with Feinbergs pay guidelines, Golub wrote. While we can pay the vast majority of people competitively, on occasion, these restrictions and his decisions have yielded outcomes that make little business sense, Golub, 70, said of Feinberg. (Bloomberg)
State a case study of tax credits for new jobs Feb 28, 2010
Studies of past federal and state tax credits have discovered that "a lot of businesses that would appear to be eligible don't claim the credit, which suggests they don't know about it. If you are going to do the incentives, you have to market them," says Dan Wilson, an economist with the Federal Reserve Bank of San Francisco. The details: Like most tax incentives, California's new-jobs credit has many strings attached. (San Francisco Chronicle -- Business)
14 CEOs unite to make business heard Feb 28, 2010
The Partnership s political role began to gel last summer when Patrick, Murray, DeLeo and Boston Mayor Thomas Menino met with its members in a conference room at the Federal Reserve Bank of Boston to discuss economic matters generally. There is no shortage of business organizations that already lobby government officials. (Boston Globe)
AIG loses US$8.87bil in 4Q Feb 27, 2010
5 billion loan to the Federal Reserve Bank of New York. The company said it now believes it can pay the loan through other means, and that the decision follows a market recovery over the past year that could improve the company's debts. (The Star Online, Malaysia)
Fed's Dudley Backs Financial Conditions Index Feb 27, 2010
A financial conditions framework would likely be useful when evaluating the economic outlook and the conduct of monetary policy, New York Federal Reserve Bank President William Dudley said on Friday. In remarks to a panel at the University of Chicago Booth School of Business, Dudley said that the level of the Fed's benchmark federal funds rate impacts other financial market variables, such as credit spreads and stock prices, and it is these that influence the real economy. (Newsmax)
AIG's hand out again Feb 27, 2010
AIG's earnings came as the Federal Reserve Bank of New York announced that it was naming Peter Langerman as a trustee of the firm's government-controlled Credit Facility Trust ... AIG's earnings came as the Federal Reserve Bank of New York announced that it was naming Peter Langerman as a trustee of the firm's government-controlled Credit Facility Trust. (New York Post -- Business)
US insurer suffers $8.9 bln fourth quarter loss Feb 27, 2010
Reports said AIG had abandoned plans to give the Federal Reserve Bank of New York securitization notes of up to 8. 5 billion dollars representing embedded value of certain of its US life insurance businesses to pay down its loan. (Yahoo! Asia News)
Fed Officials at Odds on Right Level for Rates Feb 27, 2010
"I still think it's going to be an extended period of time that interest rates are going to be low," Evans, the Chicago Federal Reserve Bank president told CNBC television. "It's a time of still too much uncertainty. Consumers are being very careful with the labor market situation," he said. (ABC News -- Business)
Nomura Raises $3 Billion in U.S. Bond Sale to Lift `Awareness' Overseas Feb 26, 2010
The Federal Reserve Bank of New York named Nomura a primary dealer for a second time in July. The 18 primary dealers serve as counterparties to the Feds open market operations and underwrite government debt sales. (Bloomberg -- Japan)
Shares Seen up; Focus on Macro-Economic Data Feb 26, 2010
5 billion loan to Federal Reserve Bank of New York, the Wall Street Journal said, citing people familiar with the matter. At 1500 GMT (10 a.m. EST), the National Association of Realtors (NAR) releases existing home sales for January. (ABC News -- Business)
Fed president says recovery to be slow Feb 26, 2010
The focus of Pianalto s presentation was the impact the recession has had on small businesses and how the Federal Reserve Bank is working to make sure small businesses are part of the recovery process ... The Federal Reserve Bank of Cleveland has been conducting an outreach program to hear the views of small business owners, community bankers and other stakeholders. (Dayton Business Journal, OH)
Ga. may add jobs in 2011 Feb 25, 2010
William Strauss, senior economist at the Federal Reserve Bank of Chicago and a guest speaker at the conference, said government response to the recession especially via the federal stimulus package has added to an already bloated budget deficit, leaving the financial cost to taxpayers of the future. But the choice was deliberate, he said. (Atlanta Journal-Constitution -- Business)
Whitney: Shares of Big Banks Will Drop 15 Percent Feb 24, 2010
Federal Reserve Bank of New York President William Dudley says he currently expects that the economy will keep expanding, but at a somewhat slower growth rate than during the second half of 2009 as the temporary boost from the inventory cycle fades and the effects of the stimulus bill gradually weaken, The Wall Street Journal reports. "While the U.S. economy is growing, unemployment remains unacceptably high and certain impediments could restrict growth in the near term," Dudley said, flagging... (Newsmax)
Unstable Market Steers Job Prospects for Students, Alums Feb 24, 2010
Kim Keller (MSB 09), who now works for the Federal Reserve Bank in Philadelphia, is one such student who experienced difficulties seeking employment after graduating last spring. I was looking mainly at consulting jobs, Keller said. (The Hoya, Washington DC)
Natural Gas Drops Below $5 for First Time in 10 Weeks on Weakening Demand Feb 23, 2010
5 percent in 2001, though remain below its potential, Federal Reserve Bank of San Francisco President Janet Yellen said today in San Diego. Industrial demand for gas slid 9. (Bloomberg -- Canada)
Japan's Bonds Rise, End Two-Day Loss on Central Bank Minutes, Stock Losses Feb 23, 2010
Bonds also advanced after U.S. gained yesterday when Federal Reserve Bank of San Francisco President Janet Yellen said the U.S. economy will operate below potential this year and next. Now is not the time to be tightening monetary policy, Yellen said in a speech in San Diego. (Bloomberg -- Japan)
Australian Dollar Nears 10-Year High Against Euro on Greece, Rate Outlooks Feb 23, 2010
The U.S. economy still needs low interest rates to gain strength, Federal Reserve Bank of San Francisco President Janet Yellen said yesterday. Speculative Scenario. (Bloomberg -- Australia & New Zealand)
A talk with Joseph Stiglitz Feb 23, 2010
"Of course, he gave speeches warning of the dangers of excessive risk-taking," Stiglitz wrote, referring to his tenure as president of the Federal Reserve Bank of New York. "But he was meant to be a regulator, not a preacher.". (Salon)
AIG Document New York Fed Kept Secret Shows Goldman Minted Most Toxic CDOs Feb 23, 2010
Lawmakers said the former head of the New York Federal Reserve Bank had presided over a backdoor bailout of Wall Street firms and a coverup. Geithner countered that he had acted properly to avert the collapse of the financial system. (Bloomberg)
'Hard to know Where $ headed' Feb 21, 2010
CLEVELAND: So many variables affect the value of the US dollar that it is hard to know where the greenback is headed, Cleveland Federal Reserve Bank President Sandra Pianalto said on Saturday ... So many variables affect the value of the US dollar that it is hard to know where the greenback is headed, Cleveland Federal Reserve Bank President Sandra Pianalto said on Saturday. (India Times)
Preview: US durables orders, home sales probably rose Feb 20, 2010
Federal Reserve Bank of New York President William Dudley last week indicated policy makers are more concerned about maintaining growth than they are about immediate inflation threats. Fed Chairman Ben S. Bernanke may deliver a similar message to Congress Feb. 24-25 during his semi-annual report on the economy and interest rates. (Sydney Morning Herald -- Business)
Four Puget Sound banks merge Feb 20, 2010
Capitol Bancorp is also operating under tighter regulatory scrutiny from its federal regulator, the Federal Reserve Bank of Chicago, according to public information. Capitol Bancorp s business model relied on the startup banks growth to make a profit. (Puget Sound Business Journal, WA)
Manufacturing generates recovery momentum Feb 19, 2010
The Federal Reserve Bank of Philadelphia's general economic index rose to 17. 6 in February from 15. (Sydney Morning Herald -- Business)
Danville to host education summit Feb 19, 2010
The morning keynote address will be delivered by Sally Green, first vice president and chief operating officer of the Federal Reserve Bank of Richmond. Her topic, "Investing in Our Future," will explain how early childhood development is the critical first step to workforce development for the future of the commonwealth. (Chatham Star Tribune, VA)
Feds Kane takes post at UNCC Feb 19, 2010
Kane retired last year as the head of the Charlotte branch of the Federal Reserve Bank of Richmond. He will work with Dean Joe Mazzola on projects at the school, including the development of curriculum for executive education and bolstering ties with the Charlotte business community. (Charlotte Business Journal, NC)
Atlanta Fed shakes up supervision Feb 19, 2010
Wise joined the Federal Reserve Bank of Dallas in 1987, transferring to the Atlanta Reserve Bank in 1991 as an examiner. David Tatum, previously the officer over the bank s administrative support group, will serve as vice president over the large and regional bank supervision group. (Atlanta Business Chronicle, GA)
Viewpoints: Reform can't come from CEOs Feb 19, 2010
Though this image suggested a bunkered band of rebels, Repair California was an arm of the Bay Area Council, an association of CEOs from major corporations and government entities like Bank of America, Chevron, United Airlines, Google, McKinsey and the Federal Reserve Bank of San Francisco. An unlikely vanguard for a people's struggle. (Sacramento Bee -- Opinion)
Leading Economic Index in U.S. Probably Increased for 10th Straight Month Feb 18, 2010
The Federal Reserve Bank of Philadelphias rose to 17 from a January reading of 15. 2, according to the survey median before the 10 a.m. release. (Bloomberg)
Southern Bank of Commerce lawsuit lifts veil on problems (6) Feb 18, 2010
In 2006, the Federal Reserve Bank of St. Louis and the Arkansas State Bank Department began firing off letters that outlined the problems with Greg Miller s management ... On Dec. 21, 2007, Greg Miller, the Federal Reserve Bank of St. Louis and the Arkansas State Bank Department signed a 15-page agreement in an attempt to restore and maintain the financial soundness of the bank. (Paragould Daily Press, AR)
* US trade figures lift Asian shares Feb 18, 2010
68 percent after the New York Federal Reserve Bank said manufacturing activity in the New York region expanded last month at a faster pace than expected. The euro extended gains from the previous day as concerns over Greece eased, with the European unit up to US$1. (Taipei Times, Taiwan -- Sports)
China losing appetite for US debt Feb 17, 2010
Treasuries earlier rose after Federal Reserve Bank of Kansas City President Thomas Hoenig said the US must take steps to reduce spending and increase revenue. China had been the largest creditor abroad to the US since September 2008, when its holdings of Treasuries surpassed those of Japan. (Sydney Morning Herald -- Business)
Bond yields seen steady Feb 17, 2010
US government debt yields fell on Tuesday after the president of the Federal Reserve Bank of Minneapolis said inflation would remain "relatively tame.". Read business stories in. (India Times)
Dow Jones industrials rise Tuesday Feb 17, 2010
Stocks surged Tuesday as market watchers cited better-than-expected numbers in the Federal Reserve Bank of New York's Empire State Manufacturing Survey. The Dow Jones industrials closed 1. (Philadelphia Business Journal, PA)
Lone voice warns of debt threat to Fed... Feb 17, 2010
The US must fix its growing debt problems or risk a new , Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, warned on Tuesday, adding a mounting deficit could spur inflation. Mr Hoenig said that rising debt was infringing on the central banks ability to fulfil its goals of maintaining price stability and long-term economic growth. (The Drudge Report)
Stocks Gain on Optimism Recovery to Last; Commodities Rise as Dollar Falls Feb 17, 2010
66 percent, as Federal Reserve Bank of Kansas City President Thomas Hoenig said the U.S. must take steps to reduce spending and increase revenue ... The Federal Reserve Bank of New Yorks general economic index showed the fasted growth in manufacturing in four months. (Bloomberg)
Japan's Bond Futures Fall, Snap Two-Day Gain, as Stocks Gain on U.S. Data Feb 17, 2010
The Federal Reserve Bank of New York said yesterday its general economic index rose more than economists forecast as employment accelerated and sales rose. The expectation of increases in equities is a negative for bonds, said , chief strategist in Tokyo at Citigroup Global Markets Japan Inc., a unit of New York-based Citigroup Inc.. (Bloomberg -- Japan)
Yen Falls to Two-Week Low on Global Recovery Signs, Waning Greece Concern Feb 17, 2010
president of the Federal Reserve Bank of Minneapolis, said yesterday a nascent recovery will continue and the central bank must be actively involved in supervision of lenders. The Fed will publish minutes from its Jan. 26-27 meeting today. (Bloomberg -- Japan)
Market Forecaster: The February supply/demand report Feb 16, 2010
With producers generating greater income, farm credit conditions improved during the fourth quarter of 2009 across the seven-state region served by the Federal Reserve Bank of Kansas City. Of the 241 bankers responding to the bank's quarterly survey, more reported higher loan repayment rates and a lessening need for loan renewals/extensions. (Midwest Bulls Eye, NE)
Euro near 9-month low over Greece’s debt Feb 16, 2010
The Federal Reserve Bank of New York s general economic index climbed to 18. 0 in February, from 15. (Boston Globe)
10 Emerging Virtualization Companies Shaking up Datacenters in 2010 Feb 14, 2010
Customers: Active Networks, Federal Reserve Bank of Chicago, one of the largest insurance companies, and others. Funding: $5. (Datamation)
IIJ Announces Nine Months Financial Results for the Fiscal Year Ending March 31, 2010 Feb 12, 2010
Effective July 1, 2009, IIJ adopted the FASB Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principles (the provisions of which were previously included in SFAS No. 168 "Accounting Standards Codification and the hierarchy of generally accepted accounting principles"). This pronouncement prescribes the change which divides non-governmental U.S. GAAP into the authoritative Codification and the non-authoritative guidance, doing away with the previous fourlevel... (Primezone Releases)
Mercer International Inc. Reports Improved Pulp Prices and Markets Result in Stronger 2009 Fourth Quarter Results Feb 11, 2010
(2) Average Federal Reserve Bank of New York noon spot rate over the reporting period. (3) Average Bank of Canada noon spot rate over the reporting period. (Primezone Releases)
The Federal Reserve Bank and Intere... Feb 10, 2010
The Federal Reserve Bank and Interest Rates: The Relationship Between the Diverse Rates in Our Economy ... The Federal Reserve Bank and Interest Rates ... There are myriad interest rates, and they are manipulated by the Federal Reserve Bank to achieve certain ends and goals. (Suite101.com)
China's January Surge in Lending Probably Exceeded Fourth Quarter's Total Feb 9, 2010
Central banks are looking at Chinas policy moves, said , an emerging-market strategist at Royal Bank of Canada in Hong Kong who previously worked at the Federal Reserve Bank of New York and Bank of England. More aggressive policy tightening from China, including interest-rate increases and yuan appreciation, will make it easier for the rest of the region to move as well. (Bloomberg -- Asia)
Options Traders Most Bearish on Australia Dollar in 1 Year on Rate Concern Feb 9, 2010
The Federal Reserve Bank of St. Louis President said Feb. 5 the U.S. economic recovery is on track and that he expects job growth in coming months. The jobless rate in the U.S. unexpectedly dropped to 9. (Bloomberg -- Australia & New Zealand)
