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Archive for the ‘Top Stories’ Category
22 February
Mais empresas privadas chinesas estão tendo acesso ao mercado nacional de títulos de dívida, que durante muito tempo foi dominado por emissores estatais, enquanto Pequim tenta aumentar a sua base financeira como parte dos esforços para se abrir gradativamente ao capital estrangeiro.
O volume de títulos emitidos por empresas não-estatais, apesar de ainda pequeno, ajuda a expandir a abrangência do mercado da dívida da China. Isso também é fundamental para a ambição de Pequim de dar ao yuan um papel mais global, o que exigiria que a China, em algum momento, amplie as formas como os investidores podem ter acesso à moeda. Atualmente, o mercado chinês de títulos de dívida está fechado para a maioria dos investidores estrangeiros.
De acordo com uma análise da ChinaScope Financial para o The Wall Street Journal, as empresas privadas venderam um total de 34,7 bilhões de yuans (cerca de US$ 5,5 bilhões) em títulos de dívida no ano passado, em comparação a 3,8 bilhões de yuans em 2010 e 2 bilhões de yuans em 2007, quando a China começou a permitir a emissão de títulos de dívida por empresas privadas. Ainda assim, isso é apenas 2,5% do total de 1,4 trilhão de yuans que a China vendeu em títulos de dívida em 2011.
Em comparação aos empréstimos bancários, que podem ser difíceis de conseguir por empresas privadas, “o mercado de dívida nos oferece financiamento estável e confiável por um longo período de tempo”, disse Xu Jun, um alto executivo da Neoglory Group, uma fabricante de ornamentos e empresa imobiliária de capital fechado da província de Zhejiang, no leste da China. Ela concluiu sua primeira emissão, totalizando 1,6 bilhões de yuans, em novembro.
O mercado chinês de títulos dívida, que totaliza mais de 20,1 trilhões de yuans (US$ 3,2 trilhões), é o segundo maior da Ásia, ficando atrás só do Japão. Ele tem servido principalmente como um veículo de financiamento para o governo central para a construção de aeroportos, rodovias e outros projetos de infraestrutura. Os bancos e as empresas estatais também respondem por uma grande parcela das emissões de títulos.
As autoridades vêm se mobilizarando para ampliar o mercado de títulos de dívida. Durante o ano passado, Pequim acelerou a aprovação da entrada de investidores estrangeiros no mercado doméstico de dívida. O governo também lançou a fase de provas de um programa para permitir que as empresas privadas invistam no mercado interno de dívida com fundos em yuan captados em Hong Kong, que se transformou em um mercado offshore para o yuan. Isso aumenta a demanda por investimentos em yuan em casa.
Autoridades do Banco Popular da China, disseram que o banco central vai incentivar empresas privadas de alguns setores-chave, especialmente empresas de pequeno e médio porte, a captar recursos através da venda de títulos de dívida.
A liberalização do mercado de capitais também poderia ajudar a China a realizar o seu objetivo de transferir seu padrão de crescimento de um modelo dependente das exportações e de investimentos para um modelo movido pelo consumo interno.
(Colaborou Wang Ming, em Xangai.)
22 February
At least three people have been killed after dozens of gunmen attacked a jail in the southern Philippines in a bid to free a prisoner, police say.
At least 50 gunmen stormed a jail in Kidapawan City, North Cotabato province late on Sunday night.
Police say the attackers were from the Moro Islamic Liberation Front (MILF) and were trying to free a leader, but the rebel group denies this claim.
At least 15 civilians were also injured in the attack.
The attack was launched at 22:00 local time (14:00 GMT) when gunmen fired a series of grenades at the jail's main gate.
Eyewitnesses told the BBC that the gunmen missed their target, but the noise alerted police, who then fired back. The gunmen fled after launching more grenades.
A Red Cross worker, who was reportedly trying to bring wounded civilians to hospital, was among those killed in the crossfire. The two others who died were from a nearby karaoke bar.
According to the BBC's Kate McGeown in Manila, at least three different rebel groups and many criminal gangs are active in the area, making it difficult to ascertain who was responsible for this attack.
20 February
For decades, no politician could ignore the people’s mournful lament: Sure, New York offers the world’s finest food, art and nightlife, but what about digital gambling? Why is there no place in the city where a decent, hard-working man can leave his cares behind and spend a lively evening gambling with robots? Why can we put a man on the moon but we can’t put a slot machine in Queens?
The gods have finally answered our prayers in the form of the new Resorts World Casino New York City at the Aqueduct race track. It’s a gambling hall with no dealers, no freebies and no place to crash after you’ve squandered your inheritance and downed an entire bottle of Jagermeister. And yet, players are coming in droves, proving the old adage that if you offer a slot machine, people will stuff it with money.
![[METROMONEY]](http://si.wsj.net/public/resources/images/NY-BM237_METROM_DV_20120217185815.jpg)
Robert Neubecker
In the first four months, $2.3 billion was shoved through the slots.
In the first four months, roughly 25,000 gamblers showed up every day, shoving a collective $2.3 billion through the slots and losing $140 million in the process.
The casino’s main advantage, of course, is its location. You don’t need to hop a plane or a Greyhound bus to reach the Aqueduct. You can take the A train, or, if you’re up for a real adventure, the Q37 bus. Casino regular Burt Boyce (“The people’s choice!”) said he used to go to Atlantic City; now he’s added an hour of slots to his usual Wednesday-Sunday routine at the track. It’s not as good as Jersey, but it’s a heck of a lot closer to Canarsie.
And no need to dress up. The look is Queens casual: leather jackets and baseball caps, hoodies and baseball caps, parkas and baseball caps. These are people who never take off their outerwear, perhaps in anticipation of those awful indoor ice storms that terrorize the city’s working class.
Then there’s the food: an upscale steakhouse, a fancy Asian joint and, of course, a food court. Linda Linkens, in town from Ohio with her husband and mother for a family funeral, said she first came to gamble, but returned just for the Chinese food stall. “I said, ‘We should bring everyone here after the funeral.’ That’s how good it is!”
The star attraction is the all-you-can-eat smorgasbord. At the Aqueduct Buffet ($19.99 to $29.99, depending on the hour), folks were devising the most astonishing combos: sushi and calzones; kielbasa and lo mein. Enterprising diners literally ate their way through the line, nibbling pizza while loading up on fried chicken. An elderly man balanced cake, ice cream and cookies on his walker; a gourmand opted for a dinner rolls, corn on the cob and seaweed. Strategists looking to extract maximum value loaded their plates with nothing but shrimp.
Entertainment options include live music at the massive, circular Bar 360. A recent afternoon featured the stylings of Roz, a trumpet player in a shiny black fedora and sparkling gold tie whose snappy interpretations of “Let’s Stay Together” and “Spanish Fly” competed with the 28-foot HDTV displaying commercials for Cheetos and Edible Arrangements.
Later in the evening, a woman in the lobby handed out flyers and mumbled something about a performing dog on the fourth floor. Say no more! The casino’s big event space was hosting a flea market where vendors celebrated the Year of the Dragon with Oriental specialties including sweat socks, remote control helicopters and lucky cookies. The sound system boomed with a Chinese rendition of “Oh! Susanna.”
Finally, the show began. Costumed warriors did a Three Stooges-style sword fight. A young lady played the zither. Another balanced a fan on her nose. The audience shifted impatiently. Clearly, everyone was waiting for the dog. At last, an extra-fuzzy poodle sporting pink pajamas and a maniacal grin marched onstage on its hind legs. It performed a series of high jumps. It did a headstand. It drove a scooter.
After that, gambling was a letdown. Resorts World offers more than 4,000 slot machines, but thanks to state law, there are no traditional card tables.
Instead of snappy dealers and high-stakes poker play, you get something known as electronic table games. At the roulette table, men crowded around a foxy digital dealer dressed in a low-cut gown. “Place your bets,” she said, in her soothing electronic voice. No one spoke or looked up from his terminal; one gambler was tuned into his iPod.
If Resorts World lacks the excitement and competitive camaraderie of a traditional casino, no one seems to mind. Joy Paone, leaving with her husband Michael after dropping $400, said her only gripes were the high betting minimums (nine quarters for the Triple 7s machine!) and the dearth of freebies. In Atlantic City, she’s used to free food, free drinks and free rooms. “Here, you pay for everything. And if you lose, that doesn’t matter. You still pay for everything!”
It’s true. There’s no free lunch at Resorts World, never mind booze or hotel stays. But what can you expect from a state-controlled casino? It’s run by the Genting Group, a $45 billion Malaysian resort operator with investments in plantations, oil and cruise ships. But the actual games are owned by your friends at New York Lottery, part of a network of nine “racinos” linked up to a giant computer in Schenectady. While casinos in New Jersey and Vegas funnel less than 10% of their take to the government, New York’s racinos fork over two-thirds, says Genting spokesman Stefan Friedman. That doesn’t leave a lot of cash sloshing around for free drinks.
Still, if you can control yourself at the terminals, the joint offers a pretty good deal for a day’s entertainment. It’s a giant video arcade with a performing dog and all-you-can-eat sesame chicken. Could you do any better than that?
—Ms. Kadet, who writes the “Tough Customer” column for SmartMoney magazine, can be reached at anne.kadet@dowjones.com
20 February
Dubai: Damp hands, a flushed face and being tongue tied — all symptoms that someone facing a crowd of 400 people might experience. Not Kehkashan Basu though.
When the 11-year-old Gulf News Readers’ Club member steps up to the podium to speak at the 2012 Global Youth for the Environment Forum, being held in Seoul, South Korea from Tuesday and Wednesday, it will be the seventh international conference she has spoken at.
She told Gulf News that the privilege of speaking at the upcoming conference was the prize she received for winning the 2012 Global Youth for the Environment Forum monthly essay contest.
Students from the fifth to ninth grades from all over the world participated in the 100-word essay competition where they had to summarise their environmental activities and provide detailed information showing the same.
Article continues below
20 February
Story By: by Jason Beaubien
Mexican presidential candidate Josefina Vazquez Mota celebrates her victory in Mexico City, February 5, 2012. Mota is the official candidate of the National Action Party, and the nation’s first ever female presidential candidate.
Earlier this month, the National Action Party of Mexico nominated the country’s first ever female presidential candidate, an economist named Josefina Vazquez Mota. As Vazquez Mota accepted the nomination, she vowed to be the first woman to become the Mexican head of state.
The PAN, as the conservative party is known in Spanish, is Mexico’s current ruling party. They’ve also put forth a woman, Isabel Miranda de Wallace, in Mexico City’s mayoral race. Both elections take place on July 1.
The 51-year-old Vazquez Mota is a trained economist, devout Catholic and mother of three girls. She jumped onto the national stage in 2000 when then-President Vicente Fox appointed her as the first female Secretary of Social Development. Later she served as education minister for President Felipe Calderon.
Current polls show Vazquez Mota in second place, behind the former governor of Mexico state, Enrique Pena Nieto. Pena Nieto is on the ballot for the center-left Institutional Revolutionary Party, or PRI. The PRI ruled Mexico for much of the 20th Century â a reign called “the perfect dictatorship” â but lost its grip in the 2000 elections. On the left is Andres Manual Lopez Obrador, the 2006 runner-up to Calderon.
On the campaign trail, Vazquez Mota embraces that she’s a woman and mother, though she avoids marketing herself as a candidate specifically for women. Earlier this month, her rival Pena Nieto said he didn’t know the price of tortillas because he was not “the woman of the house.” Vazquez Mota’s response? She’s raised children and kept the fridge stocked, she says â all while running the federal social services agency.
Jose Antonio Crespo is a political analyst in Mexico City, and he was surprised when the PAN elected a woman as its lead candidate. Because the PAN is a conservative party, he says, people thought they wouldn’t nominate a woman. Machismo is still an issue in Mexico, and some polls show that there are some Mexicans who refuse to vote for a female leader. But it’s a small part of the electorate, says Crespo, and Vazquez Mota’s nomination clearly demonstrates willingness to embrace a woman.
Crespo says Vazquez Mota’s biggest problem is that her policies are similar to those of the last two PAN presidents. She’s pledged to continue Calderon’s deadly offensive against Mexican drug cartels, and she also says uncovering corruption and government impunity would be top priorities for her administration.
That’s a line the PAN has repeated as they’ve been in power for the last 12 years. But Crespo says there’s a perception that the PAN governments haven’t accomplished anything. Vazquez Mota’s biggest challenge isn’t getting Mexicans to vote for a woman, Crespo says. It’s getting Mexicans to believe she can solve the huge problems facing the country.
20 February
O apetite dos investidores por títulos de dívida soberana com baixo risco motivou o governo canadense a realizar uma rara emissão de papéis em dólar esta semana para aproveitar a posição do Canadá como um dos poucos oásis nesta época turbulenta.
A venda terça-feira de US$ 3 bilhões em títulos de dívida de cinco anos — a primeira oferta de dívida em dólares americanos feita pelo Canadá desde setembro de 2009 — foi abocanhada por bancos centrais e administradores de fundos, derrubando os custos de financiamento do governo canadense a níveis recordes.
O Canadá emergiu como um dos destinos favoritos de investidores em busca de refúgio da crise que atinge a zona do euro e a contínua incerteza sobre a situação fiscal dos Estados Unidos. O Canadá se tornou o terceiro maior emissor de títulos de dívida a ter nota máxima de crédito das três grandes firmas de avaliação, atrás da Alemanha e do Reino Unido. A Standard & Poor’s rebaixou a nota dos EUA em agosto e a da França, em janeiro.
Ray Bartkus for The Wall Street Journal
As ofertas apresentadas terça-feira para comprar o mais novo título de dívida canadense superaram em pelos três vezes o total de títulos disponíveis, segundo uma autoridade canadense. Os títulos de dívida com vencimento em cinco anos tinham juro anual de 0,888%, um mero 0,08 ponto porcentual acima de papéis do Tesouro americano.
“É uma ave meio rara”, disse Jigme Shingsar, diretor executivo da RBC Capital Markets em Nova York. “E o título decolou assim que ganhou o mundo. O único problema com essa operação é que não havia títulos suficientes”. O Royal Bank of Canada foi um dos principais subscritores da operação.
Mas o mercado de títulos de dívida pública do Canadá ainda é relativamente pequeno, com cerca de US$ 630 bilhões em dívida pública em circulação, ante os US$ 1,8 trilhão do Reino Unido. Desse total, só 1,3% não era em dólares canadenses, em 30 de novembro.
A escassez tem feito muitos investidores, alguns dos quais são obrigados a aplicar num certo volume de títulos de dívida de baixo risco, a iniciar uma corrida pela aplicação em dívida canadense. Em novembro, último mês para o qual há dados disponíveis, estrangeiros compraram US$ 6,2 bilhões em títulos de dívida do país, o valor mais alto em seis meses.
O Ministério da Fazenda do Canadá disse que usará os recursos para suplementar suas reservas internacionais e diversificar seus compromissos de financiar instituições internacionais como o Fundo Monetário Internacional, por exemplo.
Parte do atrativo do Canadá é sua situação fiscal imaculada. O país tem uma das menores porcentagens de dívida em relação ao PIB do mundo desenvolvido, 34,6% no ano fiscal 2012, ante mais de 100% nos EUA.
“O Canadá está com uma cara ótima, em termos do endividamento líquido que temos em comparação com outros países”, disse Patrick O’Toole, vice-presidente de renda fixa mundial da CIBC Asset Management.
(Colaborou Ben Dummett.)
18 February
O braço financeiro da General Electric Co. avançou rapidamente em seu plano de entrar na área de banco on-line, anunciando a intenção de comprar uma divisão bancária da seguradora americana MetLife Inc.
A aquisição, anunciada na terça-feira, dará à GE Capital US$ 7,5 bilhões em depósitos e também a plataforma da MetLife para operações bancárias on-line, o que pode acelerar os esforços da GE para atrair mais pessoas físicas para suas contas de poupança. Não foram divulgados os termos do acordo, que aumentará a base de depósitos da GE Capital nos Estados Unidos, que é de US$ 23 bilhões, em cerca de um terço.
A GE Capital havia anunciado este mês que lançaria uma plataforma bancária on-line para atrair mais depósitos de varejo. A divisão de empréstimos da GE é maior que a de todos menos sete bancos americanos, mas seu modelo de negócios, o chamado financiamento por atacado, significa que ela tem que recorrer aos mercados de capitais regularmente para captar recursos para fazer empréstimos. Esse modelo foi abalado quando os mercados congelaram durante a crise financeira, levando a GE a buscar colocar seus negócios em bases mais sólidas.
Em paralelo, a MetLife colocou suas operações bancárias à venda em julho, na esperança de não ser atingida por novas regulamentações nos EUA. A maior operadora americana de seguros de vida informou que estava preocupada com o risco de ser designada uma “instituição financeira sistemicamente importante” e ficar sob uma supervisão mais estrita da Federal Reserve, o banco central dos EUA.
A GE Capital espera que o acordo seja fechado em meados de 2012, dependendo de aprovações regulatórias.
Essa é a mais recente iniciativa da GE para reduzir o risco da GE Capital, cujos problemas durante a crise financeira levaram o conglomerado a cortar seus dividendos e perder sua classificação de crédito AAA. A GE está reduzindo os ativos da divisão, limitando a contribuição desta para seus lucros globais e focando-se nas áreas essenciais, como empréstimos a empresas de médio porte.
Ao mesmo tempo, a divisão de financiamento continua sendo uma importante fonte de lucros para o conglomerado industrial. O interesse da GE em atrair depósitos de varejo como forma de ampliar sua base de financiamento ficou clara no ano passado, quando a empresa estudou uma aquisição do banco on-line ING Direct USA.
Mas a GE não quis assumir uma grande carteira de hipotecas que viria junto com o negócio. O ING Direct — um banco on-line muito maior do que a divisão equivalente da MetLife — acabou sendo comprado pela Capital One Financial Corp. por US$ 9 bilhões ref.
A GE Capital vai continuar construindo sua plataforma de varejo e planeja captar recursos suficientes através da plataforma on-line para cobrir seus empréstimos comerciais e suas operações de leasing nas Américas.
18 February
Abu Dhabi Commercial Bank (ADCB) announced that it will be one of the main sponsors of the 9th Annual GTR Middle East Trade and Export Finance Conference, which will be taking place on February 14-15, 2012 in Dubai, United Arab Emirates.
Now firmly established as the leading event which brings together leaders in trade, export and finance under one roof, The Middle East Trade and Export Finance Conference has become a key platform offering businesses an opportunity to discuss contemporary topics pertinent to the regional economy.
For the second consecutive year, ADCB will be sponsoring this event. This move is in line with the bank’s on-going commitment to the further development of the trade and export finance sector here in the UAE.
On this occasion, Mr. Colin Fraser, Executive Vice President and Head of Wholesale Banking at ADCB said: “We are proud to sponsor the Middle East Trade and Export Finance Conference as they promote the positioning of the UAE as a regional centre for commerce and trade. We at ADCB reaffirm our commitment to supporting such conferences as they offer a unique platform for business professionals. ADCB is a market leader in trade and export finance across the economy and is uniquely positioned to support businesses which depend on trade and exports and who are instruments in economic growth in doing so.”
During the conference, attendees of the summit will gain access to internationally respected business leaders, who will offer insight into new business practices and innovation in the regional economy. ADCB has launched a number of tailored products targeted at supporting the trade and export finance sector.
18 February
The kingdom of Swaziland is one of the world's last remaining absolute monarchies.
King Mswati has shown no enthusiasm for sharing power, but banned opposition parties and trade unions have been vocal in their demands for greater democracy and limits on the king's power.
With peaceful change in neighbouring South Africa and Mozambique, Swaziland has been described as an island of dictatorship in a sea of democracy. Royalists have argued that democracy creates division, and that a monarch is a strong unifying force.
A long-awaited constitution, signed by the king in 2005 and introduced in 2006, cemented his rule.
Swaziland is virtually homogenous, most of the population being of the same tribe. Economically, it relies on South Africa, which receives almost half of Swazi exports and supplies most of its imports.
Many Swazis live in chronic poverty and food shortages are widespread.
Aids is taking a heavy toll. With an adult HIV prevalence of 26 percent in 2007, Swaziland has the most severe level of infection in the world. The virus has killed many workers and farmers and has created thousands of orphans. Life expectancy has plummeted.
17 February
Falklands veteran Simon Weston has strongly criticised the actor Sean Penn in a row over the islands' ownership.
Mr Weston claimed the actor had "fallen into the hands of the Argentine propaganda-mongers" and had given too little regard to people on the Falklands.
"The only people that matter are the islanders. They cannot sleep easy and he's shown no sensitivity over their situation.
"These people are living in the shadow of a regime prepared to invade, to steal their freedom and democracy," he said.
"He's stirring up trouble for a small group of people who have to be heavily defended."
Mr Penn also said, during a press conference, that deploying the Duke of Cambridge to the islands was "not necessary" and "unthinkable".
Mr Weston said the criticisms were "disgusting".
He added: "Prince William is a proud, decent and caring young man who is carrying out his job."
Tensions between the UK and Argentina have been running higher than usual after the Duke's deployment as a search-and-rescue helicopter pilot.
Mr Penn's remarks come as the 30th anniversary of the start of the Falklands War approaches on 2 April.
A total of 255 British soldiers were killed retaking the islands after the Argentinian military junta invaded in 1982, while 649 Argentine troops died.
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