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27 November 2012
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  Top Stories 
 
  • Major issues will remain when Schapiro departs
    Securities and Exchange Commission Chairman Mary Schapiro will leave a few major issues unresolved when she steps down next month, including high-frequency trading, lingering Dodd-Frank rules and regulation of the money-fund industry. Schapiro also championed a fiduciary requirement for securities brokers, a proposal that is expected to stall with her departure. Reuters (26 Nov.), Financial Times (tiered subscription model) (26 Nov.), The Wall Street Journal/Deal Journal blog (26 Nov.) LinkedInFacebookTwitterEmail this Story
  • Obama and lawmakers work to head off "fiscal cliff"
    Private discussions between U.S. President Barack Obama and congressional leaders to find a compromise and head off the "fiscal cliff" are picking up speed, officials say. During the weekend, Obama phoned House Speaker John Boehner and Senate Majority Leader Harry Reid. Also, Boehner is facilitating a meeting between senior Republicans and Erskine Bowles, former chief of staff for President Bill Clinton. The Washington Post (26 Nov.), The White House Blog (26 Nov.) LinkedInFacebookTwitterEmail this Story
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  Reader Survey 
  • Do you think Bank of Japan Governor Masaaki Shirakawa will succeed in overcoming persistent deflation by engineering mild inflation next year? (The existing target is 1%.)
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  Market Activity 
 
  • Most Asian-Pacific markets rise amid news of Greek deal
    Most Asian-Pacific markets rose Tuesday after lenders decided how to provide further assistance to Greece. Japan's Nikkei 225 advanced 0.4%. South Korea's Kospi gained 0.9%. Taiwan's Taiex rose 0.3%. Australia's S&P/ASX 200 moved up 0.7%. India's Sensex as up 1.6% at mid-afternoon. Bucking the trend, China's Shanghai Composite fell 1.3% and Shenzhen Composite dropped 3%. Hong Kong's Hang Seng Index slid 0.1%. MarketWatch (27 Nov.), The Economic Times (India) (03 Dec.) LinkedInFacebookTwitterEmail this Story
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  Economics 
 
  • Cyber Monday sales likely broke record
    Cyber Monday sales were expected to reach $1.5 billion, making it the biggest Internet shopping day in history and providing a 20% increase compared with last year, according to comScore. "Online's piece of the holiday pie is growing every day, and all the key dates are growing with it," Forrester Research analyst Sucharita Mulpuru said. "The Web is becoming a more significant part of the traditional brick-and-mortar holiday-shopping season." Google/The Associated Press (26 Nov.), The Christian Science Monitor (26 Nov.) LinkedInFacebookTwitterEmail this Story
  • Republicans and Democrats work toward spending compromise
    U.S. President Barack Obama and the Democratic Party bring a different view from that of Republicans regarding spending reduction, but the sides are finding common ground, according to The Economist. "Obama has already proposed a modest increase in Medicare premiums for the affluent, and numerous bipartisan proposals would make Social Security less generous for richer beneficiaries," the magazine notes. "The door is open to a deal; the hard part is walking through it." The Economist (24 Nov.) LinkedInFacebookTwitterEmail this Story
  • Profit climbs for Chinese industrial companies
    Chinese factory output and exports increased last month, ending a slowdown that lasted seven quarters. Industrial companies' profit jumped 20.5% compared with October 2011, according to the National Bureau of Statistics. Bloomberg (27 Nov.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • U.S. corporations speed up dividend payouts
    Many U.S. companies plan to issue fourth-quarter dividends next month, instead of January, to beat the "fiscal cliff," which will increase dividend tax. Dillard's, Las Vegas Sands, Wal-Mart Stores, Ethan Allen Interiors and Drew Industries are among such companies. The Wall Street Journal (26 Nov.) LinkedInFacebookTwitterEmail this Story
  • Hong Kong weighs changes in rate setting
    A formal code of conduct is one change being considered by the Hong Kong Association of Banks after a review of the way benchmark lending rates are set. The review, sparked by manipulation of the London Interbank Offered Rate, might also prompt the association to publish fewer rates. "The [Hong Kong Interbank Offered Rate] fixing mechanism remains sound," said the Treasury Markets Association's Henry Cheng, who conducted the review. "The key point of these proposals are to make sure the mechanism can be sustained." Reuters (26 Nov.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Schwab aims to launch money market ETF
    Charles Schwab filed with the Securities and Exchange Commission to market a short-maturity-debt exchange-traded fund that is intended to function like a money market fund. The Schwab Active Short Duration Income ETF would be the firm's first actively managed ETF. IndexUniverse.com (26 Nov.) LinkedInFacebookTwitterEmail this Story
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