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10 October 2012
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  Top Stories 
  • EADS and BAE struggle to hold merger together
    With some objections from Germany still unresolved, BAE Systems and European Aeronautic Defence and Space raced to meet a regulatory deadline to prevent their merger from collapsing, two people familiar with the matter said. "If we fail, it will not be because the two companies couldn't agree," EADS CEO Tom Enders said. Bloomberg (10 Oct.), The Guardian (London) (09 Oct.) LinkedInFacebookTwitterEmail this Story
  • Eurozone seeks Chinese money to boost bailout fund
    The European Stability Mechanism, the eurozone's permanent bailout fund, will ask China for funds to expand its capacity to help countries in financial trouble. ESM Managing Director Klaus Regling said the region needs the support of Asian creditors, including China and Japan. China Daily (Beijing) (10 Oct.) LinkedInFacebookTwitterEmail this Story
  • IMF shows willingness to loan more to Europe
    The International Monetary Fund is receptive to making additional loans to crisis-plagued Europe, but no decisions have been made about how such loans would be structured, First Deputy Managing Director David Lipton said. "We're open to craft an approach that's appropriate to the circumstances of Europe," he said. The Wall Street Journal (09 Oct.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Asian-Pacific markets slide, with Japanese stocks leading losses
    Most Asian-Pacific stock markets fell Wednesday, with Japanese steel and technology shares taking the biggest hits. Japan's Nikkei 225 dropped 1.8%. South Korea's Kospi fell 1.1%. Australia's S&P/ASX 200 slid 0.3%. Hong Kong's Hang Seng Index edged down 0.2%. India's Sensex was down 0.4% shortly after midday. Bucking the trend, China's Shanghai Composite gained 0.1%. MarketWatch (10 Oct.), NDTV (India) (10 Oct.) LinkedInFacebookTwitterEmail this Story
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  • Analysis: "Fiscal cliff" is already hurting U.S. economy
    Because Democrats and Republicans can't agree on how to head off the "fiscal cliff" of tax hikes and spending cuts, U.S. businesses increasingly find it impossible to plan for growth, invest or hire, according to The Economist. "They don’t know what tax rates will be next year," the magazine notes. "They don't know whether their customers will suddenly start shopping around for cheaper groceries." The Economist (06 Oct.) LinkedInFacebookTwitterEmail this Story
  • Study: Chinese investment creates thousands of U.S. jobs
    Chinese direct investment in the U.S. is accelerating and has created more than 10,000 jobs for Americans, according to a study by the Asia Society and the Kissinger Institute on China and the United States. Chinese investment in the U.S. exceeded $5 billion in 2010 and is doubling annually, the study found. (China) (10 Oct.) LinkedInFacebookTwitterEmail this Story
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  • Agreement lets U.S. regulator observe audits in China
    The U.S. Public Company Accounting Oversight Board reached an agreement with Chinese authorities allowing it to observe audits of U.S.-listed companies in China. The deal gives the regulator only some of the access originally requested. Reuters (09 Oct.) LinkedInFacebookTwitterEmail this Story
  • European Parliament panel backs prison term for rate manipulators
    A minimum of five years in prison would be in order for traders who attempt to manipulate the London Interbank Offered Rate, stock indices or oil prices, according to a proposal that gained nearly unanimous support from the European Parliament's Economic and Monetary Affairs Committee. "It was a massive failing that we weren't able to prosecute some of these traders personally in the Libor case, because we don't have the law to cover it. That will change after today's vote," said Arlene McCarthy, who is steering the proposal through Parliament. Reuters (09 Oct.) LinkedInFacebookTwitterEmail this Story
  • IOSCO recommends global rules for money market funds
    Money market funds would face global regulation under rules proposed by the International Organization of Securities Commissions, as part of the Group of 20's focus on shadow banking. IOSCO said the standards would ensure industry integrity, although "implementation of some recommendations may need to be phased in, in order to avoid disruptive impacts on the [money market fund] industry and the functioning of the financial system at large." Business Standard (India) (09 Oct.), Reuters (09 Oct.), Bloomberg Businessweek (09 Oct.) LinkedInFacebookTwitterEmail this Story
Each charterholder has a tale to tell. What's yours?
  Financial Products 
Policy, Politics, and Bond Markets
James Grant

Join us for a live broadcast from the Fixed-Income Management 2012 conference on 10 October 2012 at 1:25 p.m. ET.
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