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04 March 2013
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  Top Stories 
  • Greece briefs creditors on status of budget, economy, reform
    No serious disagreements arose during a meeting between Greek Finance Minister Yannis Stournaras and representatives of the nation's creditors, sources say. The discussions dealt with issues including structural reform such as opening up closed-shop professions, how to make the best use of the Finance Ministry's 60,000 employees, the condition of the economy, budget estimates, privatization and tax administration, the sources said. Kathimerini (Greece) (03 Mar.), France 24/Agence France-Presse (03 Mar.) LinkedInFacebookTwitterEmail this Story
  • Irish premier makes job creation a top priority
    Irish Prime Minister Enda Kenny said his government will work harder to support job creation and help the unemployed find work. "The economic recovery cannot be allowed to bypass those families most hurt by the collapse," he wrote in the Irish Times on the two-year anniversary of his governing coalition. The EU, European Central Bank and International Monetary Fund have criticized the slow pace of Ireland's efforts to reduce unemployment. The Irish Times (Dublin) (04 Mar.), Finfacts Ireland (04 Mar.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Most Asian-Pacific markets fall, but Japan posts modest gain
    Most Asian-Pacific markets fell Monday. China's Shanghai Composite fell 3.7% -- the sharpest decline since August 2011 -- and the Shenzhen Composite dropped 3.5% after the government publicized measures to cool property prices. Hong Kong's Hang Seng Index gave up 1.5%. South Korea's Kospi fell 0.7%. Australia's S&P/ASX 200 lost 0.6%. India's Sensex was down 0.3%. Bucking the trend, Japan's Nikkei 225 advanced 0.4%. MarketWatch (04 Mar.), The Economic Times (India) (08 Mar.)
  • Funds cut commodity exposure to lowest level in 4 years
    Fund managers and other major speculators slashed net-long positions across 18 U.S. futures and options by 16% in the week that ended Feb. 26, according to Commodity Futures Trading Commission data. That brought exposure to commodities to its lowest level since March 2009. Bloomberg (04 Mar.) LinkedInFacebookTwitterEmail this Story
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  • Rising corporate profit isn't creating jobs in U.S.
    The Dow Jones industrial average rose to within 75 points of a record high last week, marking what has become a golden age of corporate profit while millions of Americans are still unable to find work. During the third quarter of 2012, corporate profit accounted for 14.2% of national income, the most since 1950. The portion of that income paid to workers was 61.7%, close to the lowest amount since 1966. The New York Times (tiered subscription model) (03 Mar.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Economic woes put pressure on central banks
    Central banks in Europe and the U.S. likely look at China's economic growth with envy, but the People's Bank of China has its own challenges. Louis Kuijs, an economist at Royal Bank of Scotland, says the West is hoping China will drive the global economy, while China is relying on economic improvement in the West to boost exports and corporate investment. Reuters (04 Mar.) LinkedInFacebookTwitterEmail this Story
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  • Banks express concerns about consequences of regulations
    A Citigroup securities filing says a Dodd-Frank Act provision forcing overseas branches to comply with U.S. derivatives rules might cost the bank customers. Clients "have expressed an unwillingness to continue to deal with overseas branches of U.S. banks if the rules would subject them to these requirements," according to Citigroup. Meanwhile, Goldman Sachs says ring-fencing subsidiaries would force the bank to hold more capital. Bloomberg (01 Mar.) LinkedInFacebookTwitterEmail this Story
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  Financial Products 
  • ALPS rolls out ETF linked to options index
    ALPS has introduced an exchange-traded fund that tracks the performance of an index of options on high-volatility stocks. The U.S. Equity High Volatility Put Write Index Fund is linked to the NYSE Arca U.S. Equity High Volatility Put Write Index. The index is designed to replicate the performance of put options on a group of highly volatile large-capitalization stocks. Zacks (01 Mar.), Bloomberg (01 Mar.) LinkedInFacebookTwitterEmail this Story
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