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Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons-IMF Working paper
June 23, 2011--Summary: The crisis highlighted the importance of debt management in containing debt-related risks and the associated impact on debt markets. The impact of the crisis on debt levels, and the consequent implications for fiscal consolidation, has been the subject of much discussion and analysis.
However, there has been relatively less focus on the issue of how that debt should be managed, including how its composition should be structured so as to mitigate key risk exposures, and its implications for debt market functioning. That task proved significantly complex and challenging through the crisis, particularly in advanced economies, with additional dimensions of risk revealed.
Social investments deserve priority in economic recovery schemes – UN report
June 22, 2011-- A new United Nations report finds that many governments did not pay enough attention to the social implications of the recent global financial crisis and urges that social investments be given priority in recovery programmes.
The Report on the World Social Situation 2011: The Global Social Crisis, published today by the UN Department of Economic and Social Affairs (DESA), explores the ongoing adverse social consequences of the 2008-2009 financial and economic crisis – the worst since the Great Depression of the 1930s.
One consequence of the crisis is that unemployment rose sharply to 205 million people in 2009 from 178 million in 2007. The loss of jobs means not only a loss of incomes but also an increase in vulnerability, especially in developing countries without comprehensive social protection, notes the report.
view UN report-Report on the World Social Situation 2011: The Global Social Crisis
TMX Group Statement Regarding Revised Maple Group Offer
June 22, 2011--TMX Group Inc. acknowledges the issuance of a press release by Maple Group Acquisition Corporation (Maple) on June 22, 2011, stating that it has revised the terms of its offer for the outstanding shares of TMX Group.
The Board of Directors of TMX Group (the Board) will fulfill its fiduciary responsibility and will review Maple's notice of variation regarding its revised terms, which Maple has indicated will be filed shortly, and respond in a directors' circular. The Board will also reassess whether the revised Maple offer constitutes a superior proposal, or could reasonably be expected to result in a superior proposal.
TMX Group will make no other public comment until the Board of Directors has completed its analysis.
London Stock Exchange Group plc special dividend of 84.1 pence per LSEG share and C$4.00 per TMX Group share and proposed new dividend policy of LTMX Group plc
June 22, 2011-London Stock Exchange Group plc (“LSEG”) announced on 9 February 2011 an agreed all-share merger of equals with TMX Group Inc. (“TMX Group”) to create an international growth-focused transatlantic exchange leader.
Today, LSEG is pleased to announce, together with its merger partner TMX Group, a proposed special cash dividend (the “Special Dividend”) for holders of LSEG shares and TMX Group shares and a revised progressive dividend policy for the merged business, LTMX Group plc (“LTMX”), both effective upon completion of the merger.
Special Dividend of 84.1 pence per share for LSEG shareholders
Special Dividend of C$4.00 per share for TMX Group shareholders
Progressive dividend policy for LTMX, to be based off current TMX Group dividend
Strong cash returns for both LSEG and TMX Group shareholders, while maintaining disciplined leverage
Reflects the financial strength and flexibility of LTMX
Demonstrates confidence in the substantial growth opportunities for LTMX
TMX Group has reiterated its recommendation of the LSEG / TMX Group merger and rejection of the Maple proposal
Internet economy: Wireless broadband subscriptions top half a billion, says OECD
June 22, 2011--The fast-growing popularity of smartphones and tablet PCs is driving growth in mobile broadband services.
Wireless broadband subscriptions in OECD countries had exceeded half a billion by the end of 2010, an increase of more than 10 percent on June 2010, according to new OECD statistics.
Fixed broadband subscriptions reached 300 million for the first time, but growth slowed to 6% year-on-year, the lowest growth rate since the OECD started collecting broadband statistics just over a decade ago. This reflects higher broadband penetration and market saturation in some countries.
The Netherlands and Switzerland lead the table, with 38.1 subscriptions per 100 inhabitants, followed by Denmark (37.7) and Norway (34.6). Fibre subscriptions continue to grow and account for 12.3% of all fixed broadband connections.
Trades reveal China shift from dollar
June 21, 2011--China began diversifying away from the US dollar in earnest in the first four months of this year, most likely by buying far more European government debt than US dollar assets, according to estimates from Standard Chartered Bank.
China's foreign exchange reserves expanded by around $200bn in the first four months of the year, with three-quarters of the new inflow invested abroad in non-US dollar assets, the bank estimated.
Trading Halt For Certain Trading Groups On The NYSE Euronext Regulated Cash Markets On Tuesday 21 June 2011
June 21, 2011--Executive Summary
This morning, Tuesday 21 June 2011, due to a technical issue, NYSE Euronext halted trading in the regulated markets on one trading unit hosting a number of trading groups including the AEX and BEL20 index stocks. This resulted in the inability to trade the specified securities between 09:03:36 CET and 11:00 CET.
This morning NYSE Euronext observed increasing latencies to the point of material degradation in service on certain trading groups, including AEX and BEL20 stocks, hosted by its trading unit number two. NYSE Euronext took the decision to halt trading for these trading groups at 09:03:36 CET. During the trading halt, members were not able to enter, amend or cancel their orders. See the appendix for the full list of trading groups impacted by this halt.
MSCI Announces the Results of the 2011 Annual Market Classification Review
June 21, 2011--MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance services, announced today that the MSCI Korea Index and the MSCI Taiwan Index will be maintained in
Emerging Market status and will remain under review for potential reclassification to Developed
Markets as part of the 2012 Annual Market Classification Review
In addition, MSCI also announced that
the 2011 review period for the potential reclassification of the MSCI Qatar Index and the MSCI UAE
Index from Frontier Market to Emerging Market status has been extended to December 2011 in order to give additional time for market participants to assess the impact of the recent positive changes implemented in these two markets. This review period extension will also provide more time to
regulators and stock exchanges to address the remaining concerns raised by international institutional
investors. MSCI also released today the 2011 Global Market Accessibility Review for each of the markets
under its coverage.
As a reminder, every June MSCI communicates its conclusions following discussions with the investment community on the list of countries under review and announces the new list of countries, if any, under review for potential market reclassification in the upcoming cycle. As part of the 2012 Annual Market Classification Review there will be no new candidates added to the list of country indices under review for potential market reclassification. MSCI will communicate its decisions resulting from this Annual Market Classification Review in June 2012.
Survey points to failures for private equity
June 20, 2011--Institutional investors are forecasting that one in five private equity groups will disappear during this decade, according to a global survey that predicts a shake-out in the sector in the wake of the financial crisis.
The research underlined how large investors, including pension funds, fund of funds and insurers, have started to become more picky in the wake of the financial crisis and that underperformers have become more visible.
ETFS Precious Metals Weekly: Gold consolidates gains as Greece edges towards default
June 20, 2011--Gold price pushes up towards $1540/oz as Greek political instability and European jousting over a new financial package for Greece continued through the weekend. The Greek prime-minister re-shuffled his cabinet and called for a vote of confidence as political opponents and street protests challenged further austerity measures. Meanwhile, Europe continues to play hard-ball, delaying
a decision on a new financial package until it is clear Greece will honor its reform obligations.
Platinum group metals (PGMs) drop as markets mull the potential global
growth fallout of any Greek debt default. Manufacturing-oriented precious
metals sold off this week as rising risk aversion weighed on cyclically-driven asset markets.
Non-commercial futures net long positions in palladium, platinum and gold rebound from May lows. Silver net longs, however, continue to fall. Palladium futures notched up their sharpest rise on record last week.
The gold price pushed up towards a new record high as market concern grows that the sovereign debt crisis could broaden into a wider financial crisis. Moody’s placed France’s largest bank BNP Paribas and local competitors Societe Generale and Credit Agricole on review last week, citing their exposure to Greek debt in the event of a Greek default or debt restructuring. With S&P downgrading Greek government debt to the lowest in the world last week, concerns about the possibility of default are running high.
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