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October 13, 2014

$20 Billion Property Trusts in India Delayed by Tax Rules - Bloomberg

Filed under: business, mortgage — Tags: , , , — Snowman @ 8:52 pm

The Indian government has announced rules for setting up real estate investment trusts, vehicles that may spur $20 billion of property development. None of the money will be spent unless the country

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October 7, 2014

Japan Lawmakers Flag Need for Exit Strategy as Yen Falls - Bloomberg

Filed under: business, online ads — Tags: , , , — Snowman @ 5:20 am

Japanese lawmakers are flagging the need for discussion of an exit strategy to a monetary policy program that

October 5, 2014

Man rushed to hospital being shot twice near Weston Rd. and St. Clair Ave. W.

Filed under: business, loans — Tags: , , , — Snowman @ 4:56 pm

A shooting near Weston Rd. and Rogers Rd., has left one man with life-threatening injuries.

Toronto Paramedics said they received a call at 5:48 a.m. about a possible shooting.

A man in his 40s was rushed to hospital with several gunshot wounds, including one to his torso that paramedics called “very serious.”

Toronto Police are investigating.

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October 2, 2014

Draghi Opens Door to Buying $18 Billion of Portuguese, Greek ABS - Bloomberg

Filed under: business, legal — Tags: , , , — Snowman @ 11:04 am

Mario Draghi

September 29, 2014

New Zealand dollar sinks after central bank sells

Filed under: Uncategorized, business — Tags: , , , — Snowman @ 5:16 am

WELLINGTON, New Zealand (AP) — The New Zealand dollar sank Monday after the central bank disclosed it conducted its biggest sell-off of the currency in seven years to lower an exchange rate that is squeezing exporters.

Data released by the Reserve Bank showed it sold 521 million New Zealand dollars ($410 million) during August. That came after the central bank governor, Graeme Wheeler, said the currency was too strong.

The disclosure pushed the currency known as the Kiwi down nearly 2 percent against the U.S. dollar to its lowest level in over a year before it recovered slightly to trade at $0.78. The currency has dropped 12 percent since July, when the central bank announced it was suspending its program of interest rate hikes.

The bank had earlier been the first among developed nations this year to begin hiking interest rates. It raised the benchmark rate four times to 3.5 percent as it tried to cool the economy, which had been growing at a relatively fast clip of 4 percent.

Even as rates were rising, farmers who play a key role in the economy were facing tougher times personal loans for people with bad credit. Wholesale dairy prices have fallen by more than 40 percent since February, prompting dairy giant Fonterra to last week announce a big cut in projected payouts to farmers over coming months.

Those farmers will be hoping for a boost from the central bank’s actions as a weaker dollar makes New Zealand exports more attractive abroad.

Wheeler has repeatedly said he believes the Kiwi is too high. He went further last week by releasing a statement saying conditions would justify intervention.

“The exchange rate has yet to adjust materially to the lower commodity prices,” he said. “Its current level remains unjustified and unsustainable. We expect a further significant depreciation, which should be reinforced as monetary policy in the U.S. begins to normalize.”

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September 22, 2014

Dudley Plays Down Significance of Fed

Filed under: business, canada — Tags: , , , — Snowman @ 4:12 pm

A top Federal Reserve official counseled investors against putting too much emphasis on the central bank

September 16, 2014

Stocks open lower ahead of Fed meeting

Filed under: business, money — Tags: , , , — Snowman @ 5:44 am

NEW YORK • U.S. stocks dropped in early trading Monday ahead of this week’s potential pivotal Federal Reserve meeting. The Fed is nearing the end of its bond-buying stimulus program, and investors will be looking for indications of when policy makers will start raising interest rates.

In Europe, investors looked ahead to Scotland’s independence referendum.

KEEPING SCORE: The Standard & Poor’s 500 index fell five points, or 0.3 percent, to 1,980 as of 9:53 a.m. Eastern. The Dow Jones industrial average dropped 16 points, or 0.1 percent, to 16,969. The Nasdaq composite fell 16 points, or 0.7 percent, to 4,534.

FED MEETING: The main market event this week is likely to be the Fed’s two-day policy meeting, which concludes on Wednesday. Investors will be watching for any change in their guidance about the future direction for interest rates. Analysts have warned over the past week that the Fed might raise interest rates sooner than expected as the economy improves.

M&A ON TAP: Molson Coors rose $4.75, or 6.6 percent, to $73.87. The brewer’s stock jumped amid merger news in the beer brewing industry. Family-controlled brewer Heineken said late Sunday that it has rejected a takeover bid by rival SABMiller, the world’s second-largest brewer. Reports said that SABMiller had sought to buy Heineken as a defense against an acquisition bid from Anheuser-Busch InBev, the industry leader absolutely free credit score.

SCOTLAND’S CHOICE: Another big event this week is Thursday’s independence referendum in Scotland. With opinion polls showing the vote too close to call, there’s potential for some sizeable move in U.K. markets. The pound has been extremely volatile in the last couple of weeks as the opinion polls have narrowed. On Monday the pound was 0.2 percent lower at $1.6248.

EUROPEAN STOCKS: In Europe, Germany’s DAX was up 0.1 percent at 9,663, while France’s CAC-40 declined 0.3 percent to 4,430. Britain’s FTSE 100 shed 0.1 percent to 6,801.

CURRENCIES: The dollar gained against the euro, but fell back against the Japanese yen. Against Europe’s common currency, the dollar gained 0.2 percent to $1.29 per euro. It fell 0.2 percent to 107.2 against the yen.

BONDS: In government bond trading, prices rose. The yield on the 10-year Treasury note, which falls when prices rise, dropped to 2.58 percent from 2.61 percent on Friday.

ENERGY: A report that showed Chinese industrial production slowed dramatically in August weighed on oil markets. Benchmark U.S. oil fell 28 cents, or 0.3 percent, a barrel at $92 per barrel. Brent crude, used to price international oils, declined 54 cents to $96.59 a barrel.

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September 8, 2014

Schumer Anti-Inversion Tax Plan Could Reach Back to 1994 - Bloomberg

Filed under: business, canada — Tags: , , , — Snowman @ 12:36 am

A proposal from a top Senate Democrat could limit deductions for companies that moved their tax addresses out of the U.S. as long ago as 1994, according to a draft obtained by Bloomberg News.

The legislative proposal, which faces high hurdles in a deadlocked Congress, may become part of Democrats

August 14, 2014

Sagging European economies crimp stock markets

Filed under: business, economics — Tags: , , , — Snowman @ 5:48 pm

HONG KONG (AP) — A contraction in Germany’s economy and stagnation in France dragged on European stocks Thursday while Asian markets ended mixed.

KEEPING SCORE: France’s CAC 40 lost 0.4 percent to 4,176.03 and Germany’s DAX shed 0.4 percent to 9,164.92. Britain’s FTSE 100 edged up 0.1 percent to 6,661.95. U.S. shares were set to drift lower, with Dow futures slipping 0.1 percent to 16,606. S&P 500 futures dipped 0.1 percent to 1,943.60.

ASIA’S DAY: Japan’s benchmark Nikkei 225 rose 0.7 percent to close at 15,314.57 and Australia’s S&P/ASX 200 ended 0.6 percent higher at 5,548.50. South Korea’s Kospi was practically unchanged at 2,063.22. But Hong Kong’s Hang Seng lost 0.4 percent to 24,801.36, after swinging between gains and losses for most of the day. The Shanghai Composite in mainland China followed the same pattern, down 0.7 percent to 2,206.47.

EUROPE SAGS: The latest growth figures from two major economies cast doubt over Europe’s recovery. The Germany economy lost momentum, shrinking by 0.2 percent in the April-June period, while the French economy stagnated for second straight quarter, official reports showed.

CHINA ECONOMY: Benchmarks in Hong Kong and Shanghai declined a day after disappointing data on the Chinese economy left investors fretting that authorities in Beijing were comfortable with slowing growth and would refrain from further stimulus. Fixed investment and industrial production for July slowed, though the big surprise was the sharp drop in loan growth, which Rabobank analyst Michael Every called “shockingly low bad credit payday advance.”

PC PROFITS: No. 1 personal computer maker Lenovo Group failed to hold on to gains after reporting quarterly profit rose 23 percent on stronger sales of smartphones and other mobile devices, with shares down 1.6 percent. China Mobile, the world’s biggest wireless carrier by subscribers, rose 0.7 percent even as the state-owned company reported first half profit fell 8.5 percent as it continued to roll out fourth-generation phone service.

US CUES: Investors are looking ahead to more hints on the health of the global economy with the release of U.S. unemployment benefit applications later Thursday. They come a day after U.S. retail sales edged up a tiny amount compared with the month before, fueling hopes that the Fed will maintain stimulus.

ENERGY: Benchmark crude oil for September delivery was down 27 cents to $97.31 in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 60 cents to $104.46 in London.

CURRENCIES: The euro rose to $1.3380 from $1.3365 in late trading Thursday. The dollar was little changed at 102.41 yen from 102.42 yen.

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July 26, 2014

Nevada gambling revenue jumps 14 percent in June

Filed under: business, technology — Tags: , , , — Snowman @ 5:20 am

LAS VEGAS • Nevada officials say casino revenues shot up more than 14 percent in June thanks to a banner month on the Las Vegas Strip.

The state Gaming Control Board reported Friday that Nevada casinos brought in about $907 million in June.

Las Vegas Strip casinos pulled in $532 million in June, up more than 22 percent from the same month a year ago. Downtown Las Vegas casino revenues of $41million were up 12 percent.

Reno casino revenues of $48 million were down 3 percent compared with June 2013, while South Lake Tahoe casinos brought in $12 million and were down 2 percent payday loans.

The state collected $44 million in taxes based on the June winnings, which is up less that 1 percent compared with a year earlier.

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