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Saturday, December 17, 2011
CNBC looks at the best and worst CEOs of 2011
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Source: http://bottomline.msnbc.msn.com/_news/2011/12/14/9450871-cnbcs-best-and-worst-ceos-of-2011
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Friday, December 16, 2011
ECB's Noyer says French downgrade "not justified" (Reuters)
PARIS (Reuters) ? A downgrade of France's AAA credit rating would not be justified and ratings agencies are making decisions based more on politics than economics, European Central Bank policymaker Christian Noyer said on Thursday.
Speaking in an interview with local newspaper Le Telegramme de Brest to be published later on Thursday, Noyer also questioned whether the use of ratings agencies to guide investors was still valid.
"In the arguments they (ratings agencies) present, there are more political arguments than economic ones," said Noyer, the head of the Bank of France and a member of the ECB's governing council.
French Foreign Minister Alain Juppe said on Wednesday that decisions by rating agencies were "sometimes subjective and political," and that any loss of France's top-notch AAA rating would be regrettable but not disastrous.
Standard and Poor's is due to decide whether or not to downgrade euro zone countries in the coming days following an EU agreement on Friday to forge tougher fiscal rules.
"The downgrade does not appear to me to be justified when considering economic fundamentals," Noyer said. "Otherwise, they should start by downgrading Britain which has more deficits, as much debt, more inflation, less growth than us and where credit is slumping," he said.
Noyer was also unhappy about critical comments from ratings agencies following last week's EU summit in Brussels. He said such comments had weakened positive sentiment that arose in the markets following the agreement to draft a new treaty for deeper integration in the euro zone.
"Frankly, the agencies have become incomprehensible and irrational. They threaten even when states have taken strong and positive decisions," Noyer said. "One could think that the use of agencies to guide investors is no longer valid."
(Reporting By John Irish and Pierre-Henri Allain; Editing by Mark Heinrich)
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World stocks vacillate in EU crisis pact aftermath (AP)
BANGKOK ? World stock markets vacillated Tuesday as criticism by ratings agencies sparked doubts about a historic European Union plan to fix a massive debt crisis by binding member economies closer together.
Benchmark oil rose above $98 per barrel while the dollar fell against the euro and the yen.
European stock markets headed higher amid improved investor sentiment after a day of risk-averse trading in Asia. Britain's FTSE 100 rose 0.5 percent to 5,452.76 while Germany's DAX gained 0.8 percent 5,830.93. France's CAC-40 added 0.6 percent to 3,108.22.
Wall Street was also poised to claw back gains, with Dow Jones industrial futures rising 0.3 percent to 11,982 and S&P 500 futures up 0.3 percent at 1,233.50.
Stocks took a battering earlier in Asia. Japan's Nikkei 225 fell 1.2 percent to close at 8,552.81. South Korea's Kospi gave up 1.9 percent to 1,864.06. Hong Kong's Hang Seng lost 0.7 percent to 18,447.17. Benchmarks in Australia, Singapore, Taiwan and Indonesia also fell. India, Malaysia and the Philippines rose.
On mainland China, the benchmark Shanghai Composite Index fell 1.9 percent to 2,248.59, its lowest in closing since March 2009. The Shenzhen Composite Index lost 3 percent to 921.32.
Markets jumped on Friday when all 17 countries that use the euro agreed to adopt a new fiscal pact meant to prevent a repeat of the financial fiasco that is now sweeping Europe. The pact would see a central European authority oversee their future budgets and impose tighter controls on spending. They also agreed to automatic penalties if countries spend too much.
Other nations that are in the European Union but don't use the euro also indicated they would sign up, with one exception ? Britain.
Optimism evaporated Monday when credit rating agencies Moody's and Fitch both said the deal was insufficient and would not materially address the crushing debt loads of some nations or their rising borrowing costs.
Moody's warned that it will review all EU governments' ratings for possible downgrades in early 2012 ? a threat that analysts said was particularly worrisome to France, a major contributor to the European Financial Stability Facility, Europe's emergency bailout fund. A downgrade of France's triple A rating could hurt its ability to fulfill its commitments to the fund.
"If France loses its triple A rating, you will have a problem with the EFSF fund, the one that was supposed to be the 'bazooka' in order to buy up bonds issued by peripheral countries," said Tom Kaan of Louis Capital Markets in Hong Kong.
But other analysts said the EU plan agreed to last Friday in Brussels was step in the right direction.
"True, the summit deal has many obvious flaws and lacks operational details in many areas ... But, on the bright side, good underlying progress has been made," Credit Agricole CIB said in a report.
Meanwhile, the Indian rupee hit a fresh record low Tuesday, after a contraction in industrial output reported the day before.
The currency touched 53.52 against the dollar, down over 21 percent since late July. It is the third time in three weeks that it has breached prior lows.
The plunging currency is further darkening the economic outlook for Asia's third largest economy. While a weak rupee can help exporters, it wreaks havoc with India's giant oil import bill, deepening the country's growing deficit.
"It clearly reflects the slowing economy in India and also the flight to the dollar of global money," said SMC Global Securities strategist Jagannadham Thunuguntla.
The benchmark Sensex index was up 0.6 percent in midday trade in Mumbai, as trading held steady after a punishing three-day slide.
Wall Street traded lower Monday. The Dow closed down 1.3 percent at 12,021.39, a loss that erased nearly all the Dow's gains from last week. The S&P 500 lost 1.5 percent to close at 1,236.47. The Nasdaq composite index dropped 1.3 percent to 2,612.26.
Benchmark oil for January delivery was up 38 cents to $98.14 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.64 to finish at $97.77 per barrel on the Nymex on Monday.
In currency trading, the euro rose to $1.3202 from $1.3186 late Monday in New York. The dollar was down at 77.73 yen from 77.91 yen.
___
AP Business Writer Erika Kinetz contributed from Mumbai and researcher Fu Ting contributed from Shanghai.
___
Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson
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Wednesday, December 7, 2011
LG reveals X-Note Z330 Ultrabook, claims it cold boots in ten seconds
LG reveals X-Note Z330 Ultrabook, claims it cold boots in ten seconds originally appeared on Engadget on Mon, 05 Dec 2011 12:29:00 EDT. Please see our terms for use of feeds.
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Tuesday, December 6, 2011
?Inhuman Microphone? App Circumvents Occupy Wall Street?s Megaphone Ban [Video]
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Sony Drops Price on PRS-T1 Reader to $129 ? Offers $50 Trade-In for Old E-Readers,
Photo by Janet Cloninger Those of you considering upgrading their E-Readers (or those that bought new and have relegated your old E-Reader to the closet) may want to check out Sony?s highly-regarded PRS-T1 ?Reader WiFi?. Sony just reduced the price to $129 (from $149) and is also running a trade-in program that could get you [...]
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