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12 November 2012
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  Top Stories 
 
  • CEOs press Congress to deal with deficit
    As Republican and Democratic lawmakers prepare for upcoming discussions over the U.S. "fiscal cliff," corporate executives are launching their own media-based campaigns. The Campaign to Fix the Debt expects to spend more than $1 million on advertisements with slogans such as "Just Fix It." The Business Roundtable is ready to spend about $500,000 on similar messages focused on media in the Washington, D.C., area. The New York Times (tiered subscription model) (11 Nov.) LinkedInFacebookTwitterEmail this Story
  • SEC opens formal investigation of Knight's trading glitch
    The Securities and Exchange Commission started its formal investigation into the $457.6 million trading glitch that affected Knight Capital Group in August. Knight says faulty software was to blame. The U.S. inquiry will focus on whether the company adhered to rules governing risk-control procedures. Bloomberg (09 Nov.) LinkedInFacebookTwitterEmail this Story
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  Economics 
  • Japan appears headed toward recession
    Japanese gross domestic product contracted 0.9% in the third quarter compared with Q2 and 3.5% compared with Q3 of 2011. Growing tension with China and slowing growth worldwide hurt exporters. Economists expect another contraction this quarter, putting Japan in a technical recession. BBC (12 Nov.), Reuters (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • Chinese exports reach 5-month high
    Chinese exports increased 11.6% last month compared with October 2011, hitting a five-month high. Experts say the gain might not be sustainable because it represents seasonal, pre-Christmas activity. CNBC (11 Nov.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Presidential campaign ignored poor Americans
    Little was said about the working poor as President Barack Obama and Republican challenger Mitt Romney ran for the White House, according to The Economist. "Obama's re-election and Democratic control of the Senate give federal anti-poverty programmes a level of security they would have lacked under a Romney administration," the magazine notes. "But America's poor face systemic challenges beyond the aid of any single administration or programme." The Economist (10 Nov.) LinkedInFacebookTwitterEmail this Story
  • Advisers tell the rich there's no need to panic
    Financial advisers are telling wealthy clients who are displeased with U.S. President Barack Obama's re-election that they should avoid making rash decisions with their money. Advisers say there could be market volatility as politicians debate taxes and spending, but they aren't predicting doom and gloom. Reuters (10 Nov.), InvestmentNews (free registration) (11 Nov.) LinkedInFacebookTwitterEmail this Story
  Geopolitical/Regulatory 
  • EU short-selling rules prompt confusion
    The European Securities and Markets Authority turned pan-European rules on short selling into practical guidelines. The rules went into effect Nov. 1, prompting confusion among market participants. One point of frustration is an exemption for market-making firms and how that affects trading of newly issued securities. Financial News Online (U.K.) (subscription required) (12 Nov.) LinkedInFacebookTwitterEmail this Story
  • EU might regulate money market funds
    Money market mutual funds and securities-lending agreements are expected to be part of the European Commission's call for legislation to regulate shadow banking. "The overall objective is to make sure that our new regulations do not result in pushing activities to the world of shadow banking," said Stefaan De Rynck, spokesman for EU Internal Market Commissioner Michel Barnier. "To reach this goal, we will no doubt come forward with new legal initiatives in the next year on issues such as money market funds and securities lending." Bloomberg (09 Nov.) LinkedInFacebookTwitterEmail this Story
  • China's RQFII quota moves closer to increase
    The China Securities Regulatory Commission, the People's Bank of China and the State Administration of Foreign Exchange have reached preliminary agreement to raise the quota for the Renminbi Qualified Foreign Institutional Investor program by 200 billion yuan, CSRC Chairman Guo Shuqing said. The program allows investors to raise renminbi overseas that can be used to buy stocks and bonds in China. Bloomberg (11 Nov.), Reuters (11 Nov.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Whitebox debuts long-short equity mutual fund
    Whitebox Advisors is launching on the retail market a mutual fund that uses the strategy of its long-short stock hedge fund. The Whitebox Long Short Equity Fund is designed to deliver positive returns regardless of trends and fluctuations influencing U.S. equity markets. Bloomberg (09 Nov.), FINalternatives (09 Nov.), Bloomberg (09 Nov.) LinkedInFacebookTwitterEmail this Story
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