09-03-18 Media Reports: China, International Community Uneasy With US Inability To Establish Effective Banking Regulation S

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09-03-18 Media Reports: China, international community uneasy with US inability to establish
effective banking regulation
Attached:
1. 09-03-18 Can banking regulation go global_BBC NEWS
2. 09-04-14 Banking regulation US and China_ CornellLaw
3. 09-11-15 China Banking Regulation Chief Says Fed Rates Fuel Speculation – Bloomberg
4. 10-02-06 G-7 under pressure to keep bank regulation after Obama surprise – ChinaPost
5. 10-09-13 New banking regulations aimed at reinforcing stability _ The Money Times
6. 10-10-13 Swiss new standards for global banking regulation – DistressedVolatility
7. 10-10-21 US stocks tubmle as Obama outlines plan n banking regulation
8. 10-11-11 New China banking regulations, US rating drag on world market –TheChinaPost
9. 10-12-06 Europeans Weary of US Bank Regulations _ Global Markets
10. 11-01-20 US refining financial regulation bill-ChinaDaily
11. 11-01-21-China grabs loss-soaked US bank_CNN

2/1/2011 BBC NEWS | Business | Can banking reg…
Can banking regulation go global?

Analysis
By Steve Schifferes
Economics reporter, BBC News
In a dramatic switch of emphasis, the UK's Financial Services Authority (FSA), has decided
to get tough on banking regulation.
Lord Turner, the new head of the FSA, has acknowledged that "'soft-touch' regulation has been
consigned to the dust-bin of history" in the light of the "w orst global financial crisis since the
development of modern capitalism".
But to achieve its aim of preventing future banking crises that could cause even more damage to
the w orld economy, the UK cannot regulate alone.
The FSA itself acknow ledges that only a global deal on financial regulation will w ork, and that
proceeding on a purely national basis "w ould be by far the second best".
Without a global deal, banks w ould sw itch their operations to places with lighter regulation,
w eakening the City of London, and the UK "could be exposed to financial stability problems" from
other jurisdictions, the FSA says.
Lord Turner says the challenge "is that w e have a global financial system, but no global
government, and that dichotomy is not going to disappear".
Global deal
In many w ays, the FSA proposals are a first draft of the plans that will go to the G20 London
Summit in April, w hich has as one of its key aims the future regulation of the financial system.
G20 LONDON SUMMIT

World leaders w ill meet next month in London to discuss measures to
tackle the dow nturn. See to the G20 summit.
The G20 countries are Argentina, Australia, Brazil, Canada, China, France,
Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South
Africa, South Korea, Turkey, the United Kingdom, the US and the EU.
But that also means that its plans - especially for tougher capital rules for banks - now must go
through a series of negotiations that could significantly w eaken and delay their implementation.
Although there may be agreement on key principles, there is likely to be fierce debate on the
details of how they might be implemented.
In particular, the issue of w ho should pay to rescue a major international bank if it w as going to
fail is still unresolved, as is the issue of how much international coordination there should be
during future crises, including central bank intervention.
As Bank of England governor Mervyn King, pointed out, at the moment "global banks are global
in life, but national in death".
Who is covered?
And there could be further difficulty on the scope of regulation, raising a question about how
w ide to cast the net.
One key principle that the UK is now putting forw ard is that "regulation should focus on economic
newsvote.bbc.co.uk/…/7950758.stm?ad… 1/3
substance, not legal form".
"If an activity looks like a bank and sounds like a bank, w e regulate it like a bank," says Lord
Turner.
But the US, with its more fragmented and rules-based system of regulation, might have difficulty
in implementing such a principle, despite the aspirations of Ben Bernanke, the head of the US
Federal Reserve, w ho has argued for a single US banking super-regulator.
The UK has also endorsed the need to assess the impact of the hedge funds and other activities
that could in the future pose a risk to the system, a position strongly endorsed by Germany.
But regulating hedge funds, many of w hich are registered in off-shore financial centres such as
the Cayman Islands, "w ould require such offshore centres to be brought w ithin the ambit of
internationally agreed regulation", Lord Turners says - something that could also be difficult to
achieve w ithout strong pressure from the G20 countries.
The US is also likely to be a somew hat reluctant participant in any global deal on how to limit
bonuses to stop bankers taking too many risks, although a fierce political row has broken out
over the large bonus payments to AIG employees after it received massive government support.
European complications
On the other side of the equation, any attempt to separate commercial banking from investment
banking in the w ay the US did after 1933 would run into opposition from Germany, w hich has
always had universal banks.
The FSA, for its part, has said that it is sceptical that "casino banking" can be easily separated
from "utility banking".
However, it has come out strongly in favour of more European-wide banking regulation, arguing
that the current system of passporting rights "is unsafe and untenable."
The FSA says that an EU-level Financial Regulatory Body is needed, w ith responsibility for
overseeing national supervisors, helping the EU draft banking directives, and taking
responsibility for early w arnings about any major crisis.
This, the FSA admits, would be a "major change from the past philosophy", of which the UK has
been the leading advocate, that the EU single market needed less, not more regulation.
And it is in itself another signal of the magnitude of the change that is sweeping international
regulation.
Tensions
But none of this can be done quickly.
The last revision to the banking rules by the Basle Committee took almost a decade to agree and
implement, yet the FSA seems remarkably optimistic that it can reach agreement on new tougher
capital rules by the autumn.
Indeed, as the FSA itself says, there are reasons to go slow ly, lest reform makes the banking
crisis worse.
As the G20 finance ministers themselves pointed out, the biggest problem facing the world
economy is still the overhang of bad debts and toxic assets held by the banks.
Neither the US nor the UK has yet implemented a comprehensive plan to rid the system of toxic
assets. Adding more requirements to the banking system could make them lend even less.
So despite the FSA's bold w ords, banking regulatory reform may stay on the back burner for
some time to come.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/7950758.stm
Published: 2009/03/18 22:29:06 GMT
© BBC 2011
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aAXTgmK5C4Oo
2/1/2011 China Banking Regulation Chief Says F…
China Banking Regulation Chief Says Fed Rates Fuel

Speculation
By Bloomberg News - Nov 15, 2009
Nov. 16 (Bloomberg) -- China’s banking regulation chief joined Hong Kong’s leader in blaming the
Federal Reserve’s interest-rate policy for fueling speculative capital flows that may spur asset-price
inflation.
“The continuous depreciation in the dollar, and the U.S. government’s indication that, in order to
resume growth and maintain public confidence, it basically won’t raise interest rates for the coming 12
to 18 months, has led to massive dollar arbitrage speculation,” Liu Mingkang, chairman of the China
Banking Regulatory Commission, said in Beijing yesterday.
Liu spoke two days after Donald Tsang, the chief executive of Hong Kong, said the Fed’s policy of
keeping rates near zero risks sparking the next financial crisis. Fed Chairman Ben S. Bernanke has
pledged to hold down borrowing costs for an “extended period” to secure a U.S. economic recovery.
Low rates and the dollar’s tumble have “seriously affected global asset prices, fuelled speculation in
stock and property markets, and created new, real and insurmountable risks to the recovery of the
global economy, especially emerging-market economies,” Liu told reporters in Beijing at the
International Finance Forum.
The debate over the Fed and asset prices comes years after some analysts criticized the U.S. central
bank for holding down borrowing costs for too long in 2003 and 2004. Dallas Fed President Richard
Fisher is among those who have said the Fed’s actions unwittingly contributing to the housing bubble.
Tsang ‘Scared’
“I’m scared and leaders should look out,” Tsang said in Singapore Nov. 13. “America is doing exactly
what Japan did last time,” he said, adding that Japan’s zero interest rate policy contributed to the 1997
Asian financial crisis and U.S. mortgage meltdown.
Zhao Qingming, a Beijing-based analyst at China Construction Bank Corp., said yesterday that low
borrowing costs in the U.S. have spurred a carry trade with some currencies, notably the Australian
dollar after recent rate increases by that nation’s central bank.
www.bloomberg.com/apps/news?pid=… 1/3
“The carry trades will further drive down the dollar’s value and fuel commodity prices,” Zhao said.
“The dollar’s depreciation has also caused excessive liquidity in the global market.”
In a currency carry trade, the investor makes money by borrowing in a country with low rates,
converting the money to a currency where borrowing costs are higher, and lending the money at that
higher rate.
Dollar Drop
The dollar fell against most of its major counterparts at the end of last week as a report showed the
euro nations emerged from their worst recession since World War II, encouraging investors to buy
higher-yielding assets.
The euro advanced for a second week against the dollar and approached its highest level since August
2008 before stalling just short of $1.5050. The dollar dropped for a third week against the yen, falling
0.2 percent to 89.66, from 89.88.
Bernanke, a scholar of the Great Depression, has overseen a record injection of liquidity into the
world’s largest economy, pledging not to make the mistake of the 1930s, when officials tightened
policy.
U.S. Treasury Secretary Timothy Geithner reiterated his commitment to a “strong” currency on a trip
to Asia last week. “It’s very important to the United States, to the economic health of the United
States, that we maintain a strong dollar,” he told reporters in Tokyo Nov. 11. He also underscored the
U.S. intention of reducing budget deficits.
‘Biggest Influence’
“The dollar’s devaluation has the biggest influence on China among emerging market economies,”
China Construction Bank’s Zhao said. “China has huge amount of investments in dollar assets; their
safety is threatened.”
China is the biggest foreign holder of U.S. government debt, with almost $800 billion of Treasuries, in
part a consequence of its controls on its currency. Premier Wen Jiabao’s government has sold yuan
and bought dollars to keep his nation’s currency fixed around 6.83 per dollar since July 2008. It
gained 21 percent in the previous three years.
President Barack Obama may discuss China’s currency during his visit to China, scheduled to begin
late yesterday. Geithner said last week the region has shown a commitment to adopting “market-
oriented” exchange rates.
China triggered speculation on Nov. 11 that the yuan may rise when policy makers dropped a pledge
from their monetary- policy report to keep the currency “basically” stable.
To contact the editor responsible for this story: Chris Anstey in Tokyo at canstey@bloomberg.net
©2010 BLOOMBERG L.P. ALL RIGHTS RESERVED.
http://www.chinapost.com.tw/print/243906.htm
2/1/2011 Print friendly - News from The China P…
www.ChinaPost.com.tw
G-7 under pressure to keep bank regulation after Obama's surprise
Saturday, February 6, 2010

By Huw Jones, Reuters
LONDON -- The G-7 faces pressure this weekend to show that the world's regulatory
blueprint remains intact after U.S. President Barack Obama's surprise bank restructuring
plan jeopardized a hard-won international consensus.
The G-20 group of leading nations, rapidly replacing the G-7 as the main forum for global
governance, agreed at a meeting Obama hosted in September to focus on strengthening
bank capital rules.
The U.S. leader stunned global markets and policymakers last month when he unilaterally
proposed curbing the size and trading activities of banks to lessen the need for more
massive taxpayer handouts in future crises.
The plan, which has cross-border implications, has raised concerns that a global deal on
regulation is being hijacked by populist national interests.
"The G-20 faces a real challenge in getting a global deal that includes America. The Obama
plan was a bit of a bolt from the blue," said Stuart Fraser, policy chairman at the City of
London which promotes the capital's financial services industry.
"It is regrettable that domestic political considerations appear to have been given
precedence over the developing global consensus," Fraser said, referring to Obama's
reaction to his Democratic Party's shock defeat in a Senate election in Massachussets.
Four of the G-7 countries that will meet on Friday and Saturday in the Arctic Canadian town of
Iqaluit -- France, Germany, Britain and host Canada -- have signaled they do not believe such
radical restructuring of banks is necessary.
European Union finance ministers are also under pressure to respond. They were due to
discuss the issue in April but the Netherlands, which backs the plan, wants a debate when
ministers next meet on Feb. 16.
The fear in Europe is that the U.S. plan -- even though there is no guarantee a fractious
Congress will adopt it -- will encourage other countries to promote their own national
interests, creating potential loopholes for banks to exploit.
"If we don't come up over the next 12 to 18 months with convergent types of approaches, then
emmenthal cheese will be the likely outcome," said David Wright, deputy head of internal
markets at the EU's executive European Commission.
Britain alarmed some countries by unilaterally introducing a new liquidity regime for domestic
chinapost.com.tw/print/243906.htm 1/2
and foreign banks before a global deal had been reached.
It is also piloting "living wills" at a handful of banks as an alternative way of protecting the
public purse in future financial crises.
British Financial Services Minister Paul Myners said this week that increasing capital
charges on banks and imposing living wills was the best way to proceed.
The opposition Conservatives, tipped by polls to win the next election due by June, also
backs unilateral regulatory action where needed.
"It is important where possible to reach international agreement on regulatory reform, but it
might be the case that we have to act in advance of international agreements where it is right
to do so, particularly given the size of the financial services sector in the UK," said Mark
Hoban, the party's financial services spokesman.
Obama's plan is not the only chink emerging in the G-20 blueprint. Britain and France also
slapped a windfall tax on bonuses, a step other G-20 countries have yet to copy.
The Basel Committee of central bankers and supervisors is set to finalize a sweeping reform
of its global Basel II accord on bank capital at the behest of the G-20.
But France and Germany are quietly lobbying the European Union not to turn into law Basel's
planned percentage cap on bank leverage, a bank official familiar with the lobbying said.
In accounting, the G-20 set a mid-2011 deadline for agreeing one global set of rules to
increase transparency for investors, but the EU and the United States are dragging their feet
because of domestic interests.
"The politicization of accounting standard setters is derailing the move to convergence," said
Peter Chidgey, head of financial services at global accounting firm BDO.
There are differences over cutting risk in derivatives, with the United States wanting contracts
traded on exchanges as much as possible while Britain is against mandatory change.
Some divergence may not matter as long as the outcomes are similar and no country or
region ends up with an unfair advantage in attracting business, some commentators say,
while some banks see differences as helping to slow down rulemaking.
"We have to get international cooperation onto an even keel and delivering results. Only by
working together will we avoid regulatory arbitrage that could well sow the seeds for another
potential crisis further down the line," Fraser said.
Copyright © 1999 – 2011 The China Post.

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New banking regulations aimed at reinforcing stability
by Anter Prakash Singh - September 13, 2010 - 0 comments
Average:
No votes yet
The financial authorities from 27 countries had reached an

agreement Sunday at Basel, Switzerland on new rules proposed to
make the global banking industry safer and defend international
economies from future fiscal disasters.
Leading bankers and regulators of

the world, including the top three
American banking regulators, the
Federal Reserve, the Federal Deposit
Insurance Corporation, and the Office The Basel conference has agreed on measures to
of the Comptroller of the Currency, ensure that the banks are able to survive tougher
agreed on the implementation of new times.
rules for the banking industry.
What are the new measures?

The agreement requires banks to raise the amount of their common equity to 7
percent of their assets from the present 2 percent.
These new regulations are being viewed as a part of measures which are intended to
help prevent the repeat of the crises that nearly plunged the world into depression in
2008.
Though these rules are designed to avert future financial disasters, this might
diminish bank profits and harm weak institutions.
Will these measures be adopted by all the nations?

These recommendations have to be ratified first by the G-20 nations later this year
and then enacted by individual nations before they become binding.
The banks in the nation are particularly opposed to

a new proposal requiring them to keep a
“conserv ation buffer” as part of the capital they
m ust hold, but m any analy sts and ev en som e Recent comments
bankers feel that the rules could m ake the banking
sy stem m ore flexible. I generelly LOVE Bruno Mars
1 day 13 hours ago
MP is horible
The G-20 members might agree to the recommendation, but they could be diluted 1 day 15 hours ago
when they are codified into law due to the pressure every country is bound to face Liked it
from its banking industry to implement the rules in a favorable way. 2 days 4 hours ago
Reactions to the regulations Where do I start?

Some banks have raised apprehensions that the new regulations could result in 3 days 9 hours ago
reduced profits, impair weaker institutions and raise the cost of borrowing. i must agree mw2 was a MUCH
1 week 1 day ago
The banks in the nation are particularly opposed to a new proposal requiring them to
keep a “conservation buffer” as part of the capital they must hold, but many analysts CALL OF DUTY BLACK OPS.WORST
and even some bankers feel that the rules could make the banking system more flexible. 1 week 3 days ago
a nice one
According to them, these measures will help restore the confidence of the public in an industry, which is still 1 week 3 days ago
recovering from the economic meltdown that followed the bankruptcy of investment bank ‘Lehman Brothers’ in
2008. 33
1 week 4 days ago
“It will make banks less profitable, probably,” Joe Peek, professor of international banking and financial economics Yep.
at the University of Kentucky asserted “But it will make the system safer, as it would mitigate the chances of 1 week 4 days ago
insolvency and the banks have more chances of withstanding a blow and still walk away alive.”
They dated for three years
But these new rules would be implemented in a phased manner to give banks enough time to adjust, as some of 1 week 4 days ago
the stricter provisions might not take full effect until the beginning of 2019.
However, banks would have to start raising their common equity levels in 2013.
Average:
No votes yet
Zurich Financial Blog www.zurichrisk de ba te.com

Follow the risk management debate on our new
Zurich blog.
themoneytimes.com/…/new-banking-r… 1/2
http://www.distressedvolatility.com/2010/10/swiss-finish-sets-new-standard-for.html
Wednesday, October 13, 2010
Swiss Finish Sets New Standard for Global Bank Regulation - Guest Post (Credit Suisse/UBS)
Submitted by globalintelligencereport.com
Swiss Finish Sets New Standard for Global Bank Regulation
INCIDENT: The traditional Swiss finishing school taught young women etiquette and social graces, but international
bank regulators are talking about something much tougher when they refer to a "Swiss finish" for global banks.
Just how tough became clear last week, 4 October, when a Swiss commission proposed that its two giant banks, UBS
and Credit Suisse, be subjected to capital requirements of up to 19%, nearly three times as tough as the 7% capital-to-
assets ratio recently suggested by the Basel Banking Committee as a minimum global standard.
SIGNIFICANCE: The ambitious Swiss plan, designed to solve the "too big to fail" problem, will set the standard for
megabank regulation as Group of 20 heads prepare for their summit in November. It almost certainly means that other
big global banks such as JP Morgan Chase and Deutsche Bank will face capital surcharges from their national regulators.
Swiss National Bank President Philipp Hildebrand left no doubt in an op-ed last week that the Financial Stability Board,
mandated by the G-20 to ready proposals on financial regulation, would push for the higher standards for big banks.
"Two years after the demise of Lehman Brothers, the 'too big to fail' problem remains unresolved," Hildebrand wrote in
the Financial Times. "The Financial Stability Board (FSB) and its members are committed to proposing measures to the
Group of 20 leaders to address the problem."
ANALYSIS: The FSB, as well as the Basel Committee itself, are international groupings loosely affiliated with the Bank
for International Settlements in Basel, Switzerland. The FSB gained new legitimacy when the first G-20 summit in 2008
expanded its representation and called on it to make regulatory proposals for the G-20 leaders.
Resistance a Foregone Conclusion: The push for higher capital requirements will meet considerable resistance,
especially from German banks, which have traditionally been undercapitalized. But US and UK banks will also object
because capital is costly and so a drag on profitability.
There were some initial skirmishes at the IMF/World Bank meetings in Washington over the weekend. The Institute of
International Finance, which groups some 400 of the world's largest banks, warned against "overreaction" by national
regulators seeking to "gold-plate" capital requirements.
Global Standard Obstacles: One obstacle to getting a global standard is that bank regulations are set by national
authorities. While the G-20 is attempting to establish some peer review to create pressure for individual members to
follow through on joint resolutions, each country must implement the rules individually.
The second problem with the "Swiss finish" in particular is that it relies on a financing vehicle, which, like clean coal
technology, has great appeal as a solution to an urgent problem but has never really been tested in practice.
The Swiss requirements rely on contractual contingent convertible bonds, referred to as CoCos, to fulfill up to 9% of
the proposed capital requirements, with the other 10% in the form of common equity. CoCos are bonds that would
automatically convert to equity if the bank's capital ratio sank below a certain level.
These convertible bonds would have to have a higher yield to compensate investors for the risk that they would
automatically convert to equity, but even so the market for these securities remains largely untested. In the Swiss
proposal, some of the bonds would have the trigger point set rather high, increasing the risk that they would be
converted to equity at some point, while another segment, designed as a buffer for truly stressful times, would have a
lower trigger point.
In his op-ed, Hildebrand warns that without these supplemental measures for the biggest banks, national authorities
will face the same dilemma when the next financial crisis strikes - either to accept the financial turmoil from a
collapse like that of Lehman Brothers or to once again inject taxpayer money into the banks as with the highly
unpopular bank bailouts last year.
The "too big to fail" issue is particularly acute for Switzerland, because the balance sheet of the two big Swiss banks is
several times bigger than the tiny country's GDP. But the Swiss have traditionally maintained a strong capital base to
increase their competitiveness in the international market place.
BOTTOM LINE: The Swiss measures, which were agreed to by the two big banks, will create market pressure for other
big banks, irrespective of whether their national regulators adopt similarly tough requirements.
Hildebrand's tough stand on the capital requirements marks the emergence of a relatively young central banker. A
former swimmer who just missed the cut for the 1984 Olympics, the 47-year-old Hildebrand took over the top spot at
the Swiss central bank at the beginning of this year.
His leadership on this issue could position him as a possible successor to the current FSB chairman, Bank of Italy
governor Mario Draghi, if Draghi, for instance, were to be selected as president of the European Central Bank next
year.
Source: http://www.globalintelligencereport.com/categories/Professional-Level-1
Analysis by Global Intelligence Report staff
The global Intelligence Report is a Private news & Intelligence service for sophisticated news consumers, investors and
energy market participants. To find out more please
visit:http://www.globalintelligencereport.com/categories/Professional-Level-1
Posted by dvolatility at 2:23 PM
Labels: Banks, Basel, Credit Suisse, Geopolitical News, Switzerland, UBS
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=apNHH7VIqusw
2/1/2011 U.S. Stocks Tumble as Obama Outlines …
U.S. Stocks Tumble as Obama Outlines Plan on Bank

Regulation
By Nikolaj Gammeltoft - Jan 21, 2010
Jan. 21 (Bloomberg) -- U.S. stocks tumbled, erasing the Dow Jones Industrial Average’s gain for
2010, as the White House proposed to reduce risk-taking at banks and concern grew that China will
take more steps to slow economic growth.
JPMorgan Chase & Co. and Bank of America Corp. slumped more than 6 percent to lead the S&P 500
Financials Index to its biggest loss since October. Exxon Mobil Corp. decreased 2 percent and
Freeport-McMoRan Copper & Gold Inc. sank 8.7 percent as oil and metal prices slid.
The Standard & Poor’s 500 Index plunged 1.9 percent, the most since Oct. 30, to 1,116.48 at 4:05 p.m.
in New Y ork. The Dow average slumped 213.27 points, or 2 percent, to 10,389.88 and dropped more
than 3.1 percent over the past two days, the biggest slide since June. The VIX, as the Chicago Board
Options Exchange Volatility Index is known, jumped 19 percent to 22.27 on demand for options to
protect against further losses.
“Banks are under pressure as we have two policy initiatives potentially hampering their ability to
make profit,” said James W. Gaul, a money manager at Boston Advisors LLC in Boston, which
manages $1.7 billion. “One is the special tax on banks to pay for TARP and the other is today’s
announcement on restrictions on proprietary trading, which makes up a significant amount of
revenue for these firms.”
The two-day plunge in equities pushed the S&P 500 back below its 50 percent recovery from the bear-
market bottom last year. The benchmark index for U.S. stocks on Dec. 24 recovered half its losses
from the 17-month decline that ended in March 2009, a so-called Fibonacci retracement that
technical analysts said signaled more gains to come.
Propriety Trading Restrictions
Concerns over President Barack Obama’s banking reform proposal and China’s plans to cool its
economy helped snuff out an early advance in stocks spurred by better-than-estimated results at
companies from EBay Inc. to Starbucks Corp. and Xerox Corp.
Obama’s proposals would prohibit banks from running proprietary trading operations or investing in
hedge funds and private equity funds. The White House announced a plan last week to impose a fee
on as many as 50 financial companies to recover losses from the federal government’s Troubled Asset
Relief Program.
Bank of America, the lender that bought Merrill Lynch & Co. last year, sank 6.2 percent to $15.47.
Morgan Stanley, the world’s biggest brokerage, slid 4.2 percent to $29.34. Goldman Sachs Group Inc.
fell 4.1 percent to $160.87 even after reporting record fourth-quarter earnings that topped analysts’
estimates. JPMorgan lost 6.6 percent to $40.54, its biggest drop since May, and Citigroup Inc.
declined 5.5 percent.
‘Another Noose’
“The rhetoric out of Washington is horrifying to people and it seems like every day another noose is
being tied around the necks of the banks,” said Peter Boockvar, equity strategist at Miller Tabak & Co.
in New Y ork. “And Wall Street has finally woken up to the cooling action in China after having
ignored it for the past month.”
U.S. Representative Barney Frank, chairman of the House Financial Services Committee, told CNBC
he would support proposed White House limits on size and trading activities of banks, though he
would like to see it implemented over three to five years rather than immediately.
‘Size Them Down’
“Financials are selling off because they want to size them down to a point where all of the theoretical
excess profits that they’ve made over the last period of time are going to go away,” said David Lutz,
managing director of equity trading at Stifel Nicolaus & Co., in Baltimore. “A lot of the smaller
institutions are absolutely fine, they don’t have those proprietary activities. If anything, you’ll see a
rotation from some of the larger institutions towards some of the smaller ones and investment banks.”
The S&P 500 Regional Banks Index advanced 0.8 percent after KeyCorp, Ohio’s second-biggest
lender, and its larger rival Fifth Third Bancorp reported fourth-quarter losses that were smaller than
analysts estimated.
Fifth Third jumped 6.3 percent to $12.02. KeyCorp climbed 5.5 percent to $7.34. Regions Financial
Corp. added 1.9 percent to $6.86.
Emerging market stocks slumped after China’s economy grew 10.7 percent in the fourth quarter, the
fastest pace since 2007 and more than the median forecast of 10.5 percent in a Bloomberg News
survey, according to the statistics bureau in Beijing. The growth fueled speculation the central bank
will curb record loan growth to prevent the economy from overheating.
The S&P 500 retreated from a 15-month high yesterday after China moved to curb bank lending.
‘Tug-of-War’
“Y ou have a tug-of-war between two classes of investors in the market,” said Jeffrey Kleintop, who
helps oversee about $278 billion as chief market strategist at LPL Financial in Boston. “One group is
saying this confirms my view that China is going to be a great engine of growth this year and others
are saying this confirms that the Chinese monetary authorities are going to cool the expansion.”
Alcoa Inc., the largest U.S. aluminum producer, lost 6.4 percent to $14.25. AK Steel Holding Corp.
and United States Steel Corp. sank at least 7.9 percent. Newmont Mining Corp. fell 4.2 percent to
$44.44. Freeport-McMoRan Copper & Gold decreased 8.7 percent to $76.28. Copper, aluminum and
gold prices slumped at least 1.2 percent.
U.S. equities also declined today as initial claims for unemployment benefits unexpectedly rose last
week, reflecting a backlog of applications from the year-end holidays, according to the Labor
Department. The index of U.S. leading indicators increased more than anticipated in December, a sign
the economy will keep growing through the first half of the year.
Earnings Season
More than 60 companies in the S&P 500 are reporting fourth- quarter results this week and analysts
surveyed by Bloomberg forecast total earnings grew 67 percent, with estimates for a 30 percent
increase in the first quarter of 2010. The benchmark index’s valuation climbed last week to 25 times
its companies’ reported operating profits, the highest level since 2002, following a 70 percent jump
since March.
The global rally in stocks may end in the second half of the year amid a muted recovery in the world’s
largest economies and as deflationary pressures limit gains in earnings, Nouriel Roubini, the New
Y ork University professor who foresaw the financial crisis in 2006, said in Hong Kong today. Laszlo
Birinyi, the founder of research and money-management firm Birinyi Associates Inc., said U.S. stocks
may rise 10 percent or more in 2010 as individual investors grow more confident.
‘Fighting’ the Rally
“Most people are still fighting that this is a rally,” Birinyi said in a Bloomberg Radio interview. “The
surprise is going to be on the upside.”
EBay gained 8.6 percent to $24.13. Net income jumped to $1.35 billion, or $1.02 a share, from $367.2
million, or 29 cents, a year ago. Excluding some items, profit was $586 million, or 44 cents. Analysts
had estimated 40 cents on average in a survey by Bloomberg.
Garmin Ltd. dropped 5.5 percent to $34.16. The biggest maker of portable navigation devices in the
U.S. fell after Nokia Oyj, the world’s largest maker of mobile phones, said it is offering free navigation
on its Ovi Maps service to increase the value of its smartphones.
Xerox Corp. advanced 4.4 percent to $9.28. The world’s largest maker of high-speed color printers
posted fourth-quarter earnings that exceeded analysts’ estimates, as more customers sought to
outsource office services.
Estee Lauder Cos. rose 9.2 percent to $53.53. The maker of Clinique and Bobbi Brown cosmetics said
second-quarter sales and profit exceeded its forecast.
Seagate Technology, the world’s largest maker of hard-disk drives, jumped 9.7 percent to $19.49 after
topping analysts’ profit estimates and raising its 2010 forecast.
Google Inc. rose 0.4 percent to $582.98 in regular trading. The owner of the world’s most-popular
search engine fell 4.6 percent following the official close of exchanges after reporting fourth-quarter
sales that fell short of some analysts’ estimates as the economic recovery took longer to boost
advertising spending than predicted.
To contact the reporter on this story: Nikolaj Gammeltoft in New Y ork at

ngammeltoft@bloomberg.net
To contact the editor responsible for this story: Michael Regan at mregan12@bloomberg.net.
©2010 BLOOMBERG L.P. ALL RIGHTS RESERVED.
http://www.chinapost.com.tw/print/279463.htm
www.ChinaPost.com.tw
New China banking regulations, US rating drag on world markets
Thursday, November 11, 2010

AP
LONDON--World markets mostly fell Wednesday after China's central bank announced it will
raise the amount of cash that banks have to hold in reserve and the country's leading credit
rating agency lowered its view on the U.S. in the wake of the Federal Reserve's decision to
pump another US$600 billion into the U.S. economy.
In Europe, the FTSE 100 index of leading British shares was down 28.36 points, or 0.5
percent, at 5,846.83 while Germany's DAX fell 31.76 points, or 0.5 percent, at 6,756.05. The
CAC-40 in France was 27.23 points, or 0.7 percent, lower at 3,918.48.
Wall Street was poised to drop modestly again at the open later -- Dow futures were down 4
points at 11,309 while the broader Standard & Poor's 500 futures fell less than a point to
1,210.60.
China was the epicenter of news flow Wednesday, a day before the leaders of the Group of
20 industrial and developing countries gather in South Korea's capital Seoul. The artificially
low level of China's currency, the yuan, is likely to be one of the main topics of discussion
during the two-day meeting.
Investors are concerned that the decision by the People's Bank of China to raise the reserve
ratio requirements of banks by half a percentage point -- to cool lending, particularly in the
overheated real estate market -- from next Monday will be the first in a series of tightening
measures.
A day ahead of inflation figures and the G-20 meeting, there are growing concerns in the
markets that China is preparing to tighten policy further to dampen down on price pressures
and rein in sky-high growth levels.
"The timing may well be an indication of plans for more substantial tightening in an attempt to
slow economic growth," said Derek Halpenny, an analyst at the Bank of Tokyo-Mitsubishi
UFJ.
China's Shanghai Composite Index fell 0.6 percent to 3,115.36.
Further jitters were stoked by the news that the country's credit rating agency Dagong
downgraded the long term sovereign rating of the U.S. to A-plus from AA. That was the
second time in six months that Dagong has downgraded its rating on the U.S. and comes
after China's central bank chief Zhou Xiaochuan said the Fed's new money-boosting
measures may hurt the rest of the world.
As well as dishing out criticisms, China will see likely a fair chunk thrown its way too at the G-
20 meeting.
In particular, the country's monetary authorities will likely face criticism, most notably from U.S.
President Barack Obama, that its policy of keeping the yuan low to boost exports is causing
problems in the world economy. Ahead of the meeting, the Chinese monetary authorities
have allowed the yuan to rise modestly against the dollar in Wednesday's daily fixing.
Figures earlier showed how much China's exporters are gaining from the artificially low
currency, as the country posted its second-highest trade surplus this year in October -- the
US$27.1 billion surplus was up sharply over September's US$16.9 billion and just behind the
year's high in July of US$28.7 billion.
"Ahead of tomorrow's G-20 summit, China's trade surplus will continue to keep the focus on
the controversial subject of trade imbalances and reform of the international monetary
system," said Neil MacKinnon, global macro strategist at VTB Capital. "There is no doubt
that currency tensions arising from the weakness in the dollar will be high on the agenda."
Even without the developments in China, many analysts said the lackluster performance this
week was inevitable as stocks have enjoyed big gains in recent weeks on expectations that
the Federal Reserve would be pumping more money into the U.S. economy. Its decision last
week to buy up US$600 billion of assets sent many of the world's major stock indexes up to
their highest levels since September 2008, when U.S. investment bank Lehman Brothers
collapsed and set in motion a chain of events that led to the deepest and longest global
economic recession since World War II.
"It does now seem as if a spate of profit taking could now be on the cards, not least given the
relatively uneventful economic calendar that we have in the coming days ahead of the
expected news from the G-20 meeting," said Chris Weston, research analyst at IG Markets.
The other main focus in the markets ahead of the G-20 meeting is the resurfacing of Europe's
government debt crisis in Ireland -- the country's borrowing costs are rising in the markets on
a daily basis amid fears that the government will not be able to push through its next round of
austerity measures and will be forced to seek help from its partners in the eurozone.
The euro was down 0.1 percent on the day at US$1.3759, way down on last Friday's multi-
month high of US$1.4257.
Earlier in Asia, Japan's benchmark Nikkei 225 stock average was the best performer in
Asia, closing up 136.03, or 1.4 percent, at 9,830.52 as the dollar rose to near 82 yen, giving
exporters some respite from a strong Japanese currency. By mid-morning London time, the
dollar was 0.2 percent higher on the day at 81.88 yen. South Korea's Kospi added 1.1
percent to 1,967.85 and Australia's S&P/ASX 200 fell 0.9 percent to 4,699.80.
Copyright © 1999 – 2011 The China Post.

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Europeans Weary of US Bank Regulations

By Elison Elliott
Monday, December 6 1:23 am EST
According to UPI and NYTs reports about WikiLeaks diplomatic cables, ‘when the European Parliament ordered a halt in
February to an American government program to monitor international banking transactions for terrorist activity, the US
administration was blindsided by the rebuke from among our closest allies in continental Europe. “Paranoia runs deep
especially about US intelligence agencies,” a secret cable from the American Embassy in Berlin said. “We were astonished to
…foreignpolicyblogs.com/…/europeans… 1/6
2/1/2011 Europeans Weary of US Bank Regulatio…
learn how quickly rumors about alleged U.S. economic espionage” had taken root among German politicians who opposed the
program, it said. The memo was among dozens of State Department cables that revealed the deep distrust of some traditional
European allies toward what they considered American intrusion into their citizens’ affairs without stringent oversight.
The program, created in secrecy by the Bush administration after the September 11th, 2001, attacks has
allowed American counterterrorism officials to examine banking transactions routed through a vast database run by a
Brussels consortium known as Swift. When the program was disclosed in 2006 just months after the newspaper reported the
existence of the National Security Agency’s warrantless wiretapping program, it set off protests in Europe and forced the
United States to accept new restrictions. But by 2010, new leaders at the European Parliament had what one State Department
memo called “a fixation” on privacy issues. On February 10th, the Europeans voted 378 to 196 to halt the Swift program.
Obama administration officials had valued the program because it allowed intelligence agencies to trace the transactions of
suspected terrorists while including “robust” privacy protections, according to the cables. But many Europeans were
skeptical. Some allies not only were concerned that program might be used to steal secrets from European companies, but
also considered it of “dubious” value.’ Read more from the NYTs here…
Sources: UPI, NYT
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Xinhua Beijing Jan. 20 (Xinhua Bo Xiaoming) American Financial Stability Oversight Committee on the 18th to take the first important step in
fulfilling the entry into force in July 2010 the details of the financial regulatory reform bill to limit banks and financial institutions, proprietary trading
scale.
Financial Stability Oversight Committee was established based on financial regulatory reform bill, held its first meeting last September.
full details
the day of the Financial Stability Oversight Committee issued four documents. One of the report is 79 pages long, relating to limit bank
proprietary trading, "Volcker provides that" details.
"Volcker rule" by the U.S. Federal Reserve Board Chairman Paul Volcker, the former initiated. The requirement for the large banks use their
own accounts in the off stocks, bonds and other securities trading risk operations department.
report also pointed out that the CEO will need to clarify the bank did not close the department is customer service department, not the
proprietary trading department.
Committee Chairman, Treasury Secretary Timothy Geithner said that the legal provisions and policy recommendations quite necessary, "in order
to make consumers and investors more confident that they will not be (financial institutions) the use of object, so that businesses and working
families are no longer subjected to the kind of crisis we just get rid of. "
Financial Stability Oversight Committee released the same day another report suggested that the size of any one bank are not more than 10% of
the scale of the U.S. financial system, in order to avoid systemic risk.
to find a balance
From now on, regulators will have 8 months to develop detailed requirements bank proprietary trading, may contain different licensing operations
and illegal operation of the new quantitative indicators. The bill requires financial regulatory reform, "Volcker rule" established in the mid-
September.
Hastings banking lawyer Lawrence Kaplan told the "New York Times" reporter, "Volcker rule" is not a black and white of the provisions of the
implementation of the supervision will be challenged.
While several banks have closed or announced the imminent closure of the huge loss in the financial crisis occurred in the proprietary trading
desks, financial stability oversight board said that some proprietary trading operations may still be carried out under the disguise.
regulators acknowledge that they must be restricted to avoid the shackles of proprietary trading and walking a tightrope between the licensing
operation. Licensing operations, including banks hedge the exchange rate, interest rate fluctuations and on behalf of customer transactions and
other operations.
Financial Assistant Mary Miller said, "Volcker provides that" the formation of the gray areas will be the regulatory focus, the key challenge to law
enforcement agencies is "does not inhibit the functioning of markets and liquidity, under the premise defined and limited proprietary trading ... ... If
we can feel that regulators and markets clear, we will find a balance. "
extending surveillance
Financial Stability Oversight Committee on the 18th am The report, a 46-page report for the supervision of non-bank financial institutions to
make recommendations. In view of these financial institutions engaged in financial derivatives and other transactions, regulators are on the banking
system as a major threat.
"Washington Post" analysis, which means that if the major insurance companies and asset management institutions and other financial institutions,
in the "property, business scope, size, scale, connectivity and other 6 areas have been identified as the U.S. financial pose a threat to stability ",
you have to obey the Federal Reserve supervision.
At the same time, the Financial Stability Oversight Committee began to consider reforms in the housing mortgage market, the government's role.
Federal Housing Finance Agency said on the 18th, have guided the two mortgage finance institutions, "Fannie Mae" and "Freddie Mac" system
set up to receive mortgage repayments.
"two rooms" and other large mortgage institutions prior to the mortgage service providers pay a small commission, which commissioned the
amount sufficient to receive the mortgage repayment, but not enough to meet the default of the owners. This allows mortgage providers to help
those who have little enthusiasm for the owners to avoid foreclosure.
alternative measures include increasing the amount of commission, and to credit money transmitted to a more professional body treatment.
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Street Sweep Term Sheet | Venture Capital Private Equity Banking Economy Colin Barr
Colin Barr has covered finance
Street Sweep for Fortune.com since
November 2007. Previously he
Following the money in banking, economics and Washington was a writer and editor for
TheStreet.com, winning a 2006
Society of American Business
China grabs loss-soaked U.S. bank Editors and Writers award for
"The Five Dumbest Things on
Posted by Colin Barr Wall Street," and for Dow Jones Newswires. He is a 1991
January 21, 2011 2:14 pm
graduate of Penn State and lives in Port Washington, N.Y.,
with his wife Meena Bose and their two kids.
China is taking the U.S. banking industry by storm, buying a New York bank that Email This Author
has spent years getting pelted with red ink. Subscribe to Street Sweep: RSS feed
China's biggest bank, the Industrial and Commercial Bank of China, agreed Friday to pay $100
million to take control of the U.S. unit of the Bank of East Asia, the Wall Street Journal reports.
From the Bank of East Asia w eb site
The Journal said the move would mark the first takeover of a U.S.-based bank by a Chinese state-
owned lender, and could mark "the start of big expansions by Chinese financial institutions in the
world's largest economy."
That may well be true. Even so, you'd have to say the Chinese have their work cut out for them RECENT RECENT
POSTS COMMENTS
with the Bank of East Asia.
The bank does have a location in the heart of New York City's Chinatown neighborhood that has Perfect match? Ex-eHarmony CEO joins venture
proved adept at gathering deposits. The bank had $425 million of deposits as of September, capital firm
according to regulatory filings. That's important because deposits can be a cheap way of raising Energy M&A slows down as oil prices heat up
funds.
Former eBay executive Rajiv Dutta passes away
But the Bank of East Asia's deposit-raising success hasn't been showing up on the bottom line.
4 reasons why Ireland's roar will return
The bank's U.S. unit made $2 million in the first nine months of 2010 -- but lost money in each of
the previous three years. Mubarak rallies on Intrade
All told, Bank of East Asia NA has frittered away $41 million since 2007, while its loan book --
heavily concentrated in real estate -- has shrunk by 6% over that span, according to filings with
the Federal Financial Institutions Examination Council.
For all of China's posturing about the irresponsibility of the U.S. financial sector over the past
decade or so, Bank of East Asia sounds like nothing so much as a miniature version of the Receive Fortune's newsletter on all the deals that matter,
sagging banks that have been littering the U.S. economic landscape.
from Wall Street to Sand Hill Road. Written by Dan
Of course, the Chinese have some money and probably aren't going to be too worried about a few Primack and emailed every day and as news happens.
million in losses here and there. It's often said that the Chinese government, which owns 70% of
ICBC, makes economic decisions based on an expansive, long term view of strategic interests, Sign up now!
rather than focusing on the here-and-now view that is so prevalent in the U.S.
Good thing, too, given how ugly the here and now has looked lately with Bank of East Asia. Contributors
…cnn.com/…/china-grabs-loss-soaked-… 1/3
Tags: Bank of East Asia, banks, china, losses Colin Mubarak rallies
11 Comments | Add a Comment
Barr on Intrade
STREET SWEEP
Email
35 15 Dan Perfect match? Ex-
Recommend 71 people recommend this. Print Primack eHarmony CEO joins
RSS
TERM SHEET venture capital firm
Katie Japan downgrade:

Benner The beginning of
This reporter has no clue about the industry he is reporting on. I guess Bank of America is a "loss-soaked" the end?
bank with their recent $2 BILLION charge off, right? And your condescending undertones about a nation that is
America's largest creditor didn't go unnoticed either. Scott The big hubbub over
Cendrowski St. Joe Company
Posted By MC, Los Angeles, CA: January 27, 2011 9:49 am
Duff Steve Jobs and the

McDonald inanity of the cult CEO
WHY are we letting foreign countries buy our companies? This is slippery slope. We will wake up one day
soon and find we have sold the whole country. Then the evictions begin.
Hedgeye 10 ways to play the

Posted By Doris, KC, MO: January 24, 2011 2:23 pm
spike in
global inflation
so, US bank (middleman) will be cut from the loop and we can get better loans directly from Bank of China, Allan Losers are winners in
where US government borrows through wallstreet on our behalf? good move, wall street has to deal with Sloan Uncle Sam's
competition as the rest of us. Free the free trade. bailout binge
Posted By BarryM, MW: January 24, 2011 11:36 am Nin-Hai 4 reasons why
Tseng Ireland's roar
will return
The parent of Bank of East Asia NA is based in Hong Kong and should not be considered as a 'US' bank. Shawn Don't believe the
Tully rosy forecasts
Posted By RL, San Mateo, CA: January 22, 2011 5:09 pm
Becky America's secret

Quick commodities crunch
"there (sic) taking it to the next step!"
"chinese (sic)
Brilliant minds abound on the comment section.
Markets
Posted By Just Me, Omaha, Nebraska: January 21, 2011 4:05 pm
MARKET US
MOVERS INDICES
Lending your money to a bank is allways a question of trusting the bank governor! Company Price Change % Change
For exemple trusting that he will never grant 1,5 ton gold to the wife of Ben Ali! Citigroup Inc 4.82 0.10 2.12%
Posted By Jean-Francois Morf, Charrat, Sw itzerland: January 21, 2011 3:57 pm Ford Motor Co 15.95 -0.32 -1.97%
Bank of America Corp... 13.73 0.13 0.96%
Intel Corp 21.46 0.00 0.00%
there not beginning, there taking it to the next step! Microsoft Corp 27.72 -0.03 -0.09%
Data as of 4:02pm ET
Posted By Derek Grafton, OH: January 21, 2011 3:39 pm
symbol Sponsored by
and it begins.....
Most Popular
Posted By Stan, MN: January 21, 2011 3:23 pm
MOST MOST EDITOR'S
READ COMMENTED PICKS
Yo are calling Bank of East Asis an Americna bank. The name , the location implies it is a chinese bank in 1. Fannie and Freddie's biggest deadbeats More
american disguise. This is simply a case of a big chinese bank helping out a troubled small time chinese
bank 2. Money for nothing at Goldman More
Posted By Anonymous: January 21, 2011 3:05 pm 3. Biggest corporate stakes in Egypt's... More
4. Facebook: Pay our way or get out More
5. How Egypt spells oil spike More

Wow, talk about blurring the lines. It would seem to be one thing to have investors from a communist country
buying and running a US banking unit, but another thing altogether to have the country itself buying a banking 6. A Twitter guy takes on big banks More
unit on US soil. Profit can be pushed asside with unlimited country capital backing politically motivated
strategies (think of export subsidies now in our banking system). Likely nothing so cynical would result, but 7. The iPhone as Barbie Doll More
something just doesn't seem right with this one...and why would we allow our banking system to go there ?
Posted By RP, Atlanta, GA: January 21, 2011 3:04 pm 8. 4 reasons why Ireland's roar will return More
9. The king of home equity fraud: Full... More
10. Today in the Fortune 500: U.S. corporate... More

I think the author of this article (Colin Barr) is not that familiar with the banking industry. If he did his research,
he would see that the Bank of East Asia is not doing too poorly in this recession and even managed a profit of
almost $2million as of the 3rd Q of '10. To call it a "loss soaked" bank just shows everybody that you aren't
used to looking at financials of banks during the past 3 years. Also, the BEA has increased deposits from '09
to '10. I don't know which public numbers he's looking at.
Posted By Jay, Fullerton and CA: January 21, 2011 2:59 pm
« Q&A with Bill Draper, on venture capital, startups and Skype

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1. 09-03-18 Can banking regulation go global_BBC NEWS

2. 09-04-14 Banking regulation US and China_ CornellLaw

6. 10-10-13 Swiss new standards for global banking regulation – DistressedVolatility

7. 10-10-21 US stocks tubmle as Obama outlines plan n banking regulation

9. 10-12-06 Europeans Weary of US Bank Regulations _ Global Markets

10. 11-01-20 US refining financial regulation bill-ChinaDaily

11. 11-01-21-China grabs loss-soaked US bank_CNN

Can banking regulation go global?

G20 LONDON SUMMIT

But none of this can be done quickly.

Published: 2009/03/18 22:29:06 GMT

2/1/2011 China Banking Regulation Chief Says F…

China Banking Regulation Chief Says Fed Rates Fuel

©2010 BLOOMBERG L.P. ALL RIGHTS RESERVED.

2/1/2011 Print friendly - News from The China P…

G-7 under pressure to keep bank regulation after Obama's surprise

Saturday, February 6, 2010

Copyright © 1999 – 2011 The China Post.

BUSINESS MY MONEY LIFESTYLE SMALL BUSINESS TECHNOLOGY CLASSIFIEDS

BLOGS FORUMS Username: Passw ord: Log in Join Forgot?

The financial authorities from 27 countries had reached an

Leading bankers and regulators of

What are the new measures?

Will these measures be adopted by all the nations?

The banks in the nation are particularly opposed to

Reactions to the regulations Where do I start?

Zurich Financial Blog www.zurichrisk de ba te.com

Wednesday, October 13, 2010

Swiss Finish Sets New Standard for Global Bank Regulation

Analysis by Global Intelligence Report staff

2/1/2011 U.S. Stocks Tumble as Obama Outlines …

U.S. Stocks Tumble as Obama Outlines Plan on Bank

Propriety Trading Restrictions

‘Size Them Down’

‘Fighting’ the Rally

To contact the reporter on this story: Nikolaj Gammeltoft in New Y ork at

©2010 BLOOMBERG L.P. ALL RIGHTS RESERVED.

2/1/2011 Print friendly - News from The China P…

New China banking regulations, US rating drag on world markets

Thursday, November 11, 2010

China's Shanghai Composite Index fell 0.6 percent to 3,115.36.

Copyright © 1999 – 2011 The China Post.

2/1/2011 Europeans Weary of US Bank Regulatio…

Europeans Weary of US Bank Regulations

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From the Bank of East Asia w eb site

Katie Japan downgrade:

Duff Steve Jobs and the

Hedgeye 10 ways to play the

Becky America's secret

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