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| Canada housing market moving in right direction: BoC's Murray Tuesday, Nov 27, 2012 11:16 AM PST NEW YORK (Reuters) - Canada's housing market is the key domestic risk to the economy but it is moving in the right direction after a period of overheating, Bank of Canada Deputy Governor John Murray said on Tuesday. "It's still early days. But we're certainly seeing evidence of movement and acceleration in the right direction," Murray told a business audience after giving a speech in New York. He said the evidence on housing expenditures was "to a degree encouraging." Murray also noted that the Canadian economy was operating at fairly close to its full capacity. ... Full Story | Top |
| Three parliaments to vote on Greek debt deal Tuesday, Nov 27, 2012 11:03 AM PST PARIS (Reuters) - Three national parliaments in the 17-nation euro area will have to hold votes to approve an agreement among international lenders on reducing Greece's debt burden, a Reuters survey shows. The German Bundestag (lower house) will debate the issue this week and vote on Friday on the deal struck early on Tuesday to cut interest rates, extend the maturity of loans by 15 years to 30 and grant Greece a 10-year interest payment holiday. ... Full Story | Top |
| Hungary "further from IMF deal" than a year ago: central banker Tuesday, Nov 27, 2012 10:57 AM PST BUDAPEST (Reuters) - Hungary's central bank cut rates again on Tuesday to help the shrinking economy even though the bank's Governor said the country was drifting away from an IMF and EU loan deal. The government member in charge of the talks played down the importance of an agreement, speaking later at a conference. After the bank lowered rates for a fourth straight month, its Governor, Andras Simor said Hungary was further from a deal with the International Monetary Fund and the European Union than a year ago when it announced it would seek aid. ... Full Story | Top |
| G20 needs modified global growth plan: BoC official Tuesday, Nov 27, 2012 10:55 AM PST NEW YORK (Reuters) - The world's major economies have only half-delivered on promises made three years ago to restore global growth and need to agree on a modified plan to get back on track, including gradual U.S. fiscal tightening, a Bank of Canada official said on Tuesday. John Murray, deputy governor at the Canadian central bank, said the Group of 20 advanced and emerging economies have not done as much as expected to implement a four-point framework for growth, which they endorsed in late 2009. "The deflationary forces in many countries appear to be winning. ... Full Story | Top |
| Obama to meet executives, go to Pennsylvania for fiscal push Tuesday, Nov 27, 2012 10:55 AM PST  WASHINGTON (Reuters) - President Barack Obama will launch a multipronged push this week to garner support for his proposals to solve U.S. fiscal problems, meeting with business executives at the White House and visiting a small business in Pennsylvania to press his case. Obama has sought to go on the offensive since his re-election on November 6 in the fight with Republicans over the "fiscal cliff" - a combination of tax increases and spending cuts that would go into effect next year if the two sides do not reach a deal to stop it. ... Full Story | Top |
| "Fiscal cliff" deal elusive, though positions soften Tuesday, Nov 27, 2012 10:41 AM PST  (Reuters) - The Congress advanced by inches on Tuesday toward compromise on taxes and spending, but a firm deal to avert the "fiscal cliff" at the end of the year still seemed miles away, despite growing pressure from business interests for action. President Barack Obama was set to hold meetings with business leaders on Tuesday and Wednesday and then travel to a factory in Pennsylvania on Friday to press his case on taxes. ... Full Story | Top |
| New BoE chief will face slow recovery - King Tuesday, Nov 27, 2012 10:35 AM PST  LONDON (Reuters) - The Bank of England's outgoing governor Mervyn King underlined on Tuesday the uphill task his successor faces, saying the bank might have to buy even more government bonds to help drag Britain's economy back to health. Chancellor George Osborne delivered a shock on Monday by appointing Canada's central bank head Mark Carney to be the first non-Briton to head the Bank, just over a week before he lays out the government's latest budget plans. ... Full Story | Top |
| Analysis: Stifel CEO puts reputation on line with KBW buy Tuesday, Nov 27, 2012 10:26 AM PST  NEW YORK (Reuters) - Over the past seven years, Stifel Financial Corp Chief Executive Ronald Kruszewski has impressed Wall Street with a series of acquisitions that quintupled the regional brokerage's revenue and rewarded shareholders with a nearly four-fold increase in returns over the last five years. Still, some investors view Kruszewski's latest deal, to buy money-losing investment bank KBW Inc , as a much riskier proposition. ... Full Story | Top |
| Analysis: Euro zone debt forgiveness lies ahead in Greek mire Tuesday, Nov 27, 2012 10:20 AM PST  BRUSSELS (Reuters) - Within minutes of euro zone finance ministers reaching a deal to cut Greece's debt late on Monday, commentators on Twitter were dismissing it as another exercise in "kicking the can down the road". To an extent that is true. Under the agreement, the euro zone and the International Monetary Fund will give Greece two more years to reach its budget goals and will find another 44 billion euros ($57 billion) to keep the country afloat in the meantime. ... Full Story | Top |
| Canada's Carney named as Bank of England chief Tuesday, Nov 27, 2012 10:19 AM PST  LONDON/OTTAWA (Reuters) - Britain named Canadian central bank chief Mark Carney on Monday to head the Bank of England, springing the surprise choice of a foreigner to push reform of its troubled financial system. A former Goldman Sachs investment banker who at the Bank of Canada guided the Canadian economy through the global economic crisis, Carney will succeed Mervyn King who retires in July. Carney, who already plays a leading role in setting global banking rules, defended his departure from Canada and signalled that bigger problems awaited him in London. ... Full Story | Top |
| Canada dollar pares gain after strong U.S. consumer data Tuesday, Nov 27, 2012 10:17 AM PST TORONTO (Reuters) - The Canadian dollar pared early gains to trade flat against its U.S. counterpart on Tuesday after data showed U.S. consumer confidence in November rose to a four-and-a-half-year high. The Canadian currency typically responds positively to signs of growth in the economy of its southern neighbor and biggest export market, and one analyst said the move might have more to do with repositioning after a bounce in light trading last week. "All the economic data that's been released this morning, at least in the U.S. ... Full Story | Top |
| Wall Street flat as caution reigns supreme Tuesday, Nov 27, 2012 10:16 AM PST  NEW YORK (Reuters) - Stocks barely budged on Tuesday as wrangling continued in Washington over key budget talks, counterbalancing progress in easing Greece's debt burden and a slew of positive U.S. economic data. A deal in Europe to release emergency aid to debt-laden Greece gave a brief early lift to stocks, but the news was not enough to sustain the gains as investors confronted the looming "fiscal cliff" at home that could bring higher taxes and spending cuts. ... Full Story | Top |
| Couche-Tard profit rises on acquisitions Tuesday, Nov 27, 2012 10:06 AM PST (Reuters) - Canada's Alimentation Couche-Tard Inc said on Tuesday its quarterly profit rose as stronger merchandise sales at its convenience stores and expansion in Europe offset softer results from selling gasoline at its U.S. outlets. Laval, Quebec-based Couche-Tard has more than 6,000 convenience stores in its network in North America, most of which sell fuel, under banners that include Mac's and Circle K. ... Full Story | Top |
| Legal, financial fallout loom for SAC in insider trading case Tuesday, Nov 27, 2012 10:00 AM PST BOSTON/NEW YORK (Reuters) - The fallout from the latest insider trading case against a former SAC Capital Group employee could reverberate throughout Steven A. Cohen's $14 billion hedge fund and impact the billionaire trader himself even though he has not been charged with any wrongdoing. U.S. securities regulators, in charging former SAC Capital employee Mathew Martoma with insider trading, are also seeking to force the division where he worked to disgorge $276 million that was the result of the illicit trades. ... Full Story | Top |
| Don't overdo fiscal tightening: Bank of Canada official Tuesday, Nov 27, 2012 09:57 AM PST NEW YORK (Reuters) - Countries should not go overboard with their austerity measures in the short run and rather pursue policies for gradual budget-tightening instead, a senior Bank of Canada official said on Tuesday. John Murray, deputy governor at the Canadian central bank said most countries that need fiscal consolidation are proceeding with it. "However, there is a risk that market forces (or legislation, as in the case of the United States) may be pushing it too quickly in the short run," he said in the prepared text of a speech he was delivering in New York. ... Full Story | Top |
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