World economy talk

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uninsured Cyprus Pop Bank deposits face 80% haircut

uninsured Bank of Cyprus deposits 40% haircut

Forex Traders ? TradeTheNews.com Asian Market Update: Asian markets helped by strong US data; Cyprus prepares for capital control measures ahead of bank reopen

- Cyprus banking sector uncertainty continues to percolate as the Cyprus Central Bank's Demetriades confirmed the Bank of Cyprus uninsured deposit losses will reach 40%. Cypriot Finance Minister Sarris also said uninsured Laiki (Popular) Bank depositors could see haircuts of up to 80% with the possibilities of uninsured depositors not receiving payouts for as much as 7 years. The finance minister reiterated that banks will reopen Thursday, while the country prepares for capital controls to be finalized by Wednesday.

[Ry_Tower]

This is good gor what little stocks i have in my portfolio... But how long will it take to generate real jobs?

3 years na lang si PNoy if indeed this is a consequence ng consistent PROJECTION nya ng daang matuwid, sana di naman bumagsak pag umupo na ang susunod....

^ * wowiesy: Indeed it would more than 6 years years to correct an almost century old corruption-laden Philippine politics and bureaucracy.

[uls]

from another thread

http://tsikot.com/forums/politics-ec...e-sales-91815/

PNoy 2013 goal: get investment grade rating

gotta show those credit ratings agencies the Phil. govt got lots of revenue

squeeze more money from the private sector

hehe

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S&P and Moody's nalang

[uls]

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there's a bank in Italy called Banco Popolare...

[glenn manikis]

^ * wowiesy: Indeed it would more than 6 years years to correct an almost century old corruption-laden Philippine politics and bureaucracy.

hindi naman nagbago ang corruption dito sa pilipinas ha... ang nagbago lang eh yung mga naka pwesto.... pero ganun pa din ang corruption dito satin...

IMO its not because of pnoy daan matuwid.... at HINDI PA DIN NAMAN MATUWID...... daan matuwid--- BS!! AQUINO yan....

ang dahilan ng pagtaas din ng fitch ratings natin is because of the coming election...

[Luap]

hindi naman nagbago ang corruption dito sa pilipinas ha... ang nagbago lang eh yung mga naka pwesto.... pero ganun pa din ang corruption dito satin...

IMO its not because of pnoy daan matuwid.... at HINDI PA DIN NAMAN MATUWID...... daan matuwid--- BS!! AQUINO yan....

ang dahilan ng pagtaas din ng fitch ratings natin is because of the coming election...

Pardon my ignorance sir, but i can't seem to put my finger as to what is the relationship of the ratings upgrade and the coming election.

[uls]

Monte Paschi says lost billions in deposits after February scandal | Reuters

(Reuters) - Customers' deposits at Italian bank Monte dei Paschi fell by "a few billion euros" after a scandal erupted in February over loss-making derivatives trades at the lender, the bank said in a document posted on its web site on Saturday.

Monte dei Paschi last week reported a higher-than-expected net loss for the whole of 2012 on the back of a rise in provisions for bad loans and 730 million euros in losses on the derivatives trades, which are at the center of a fraud.

But it has yet to make clear what impact the scandal itself had on its first quarter results.

[uls]

looks like the end of the short yen trade

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gold

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boom!


(saved image)

Japan Interest Rate Decision: 0.10%
Forecast: 0.10%
Previous: 0.10%

Bank of Japan open-ended QE

[uls]

the BOJ won't stop QE until inflation reaches 2%





QE for-a-long-time

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TOKYO (Reuters) - The Bank of Japan shocked markets on Thursday with a radical overhaul of its policymaking, adopting a new balance sheet target and pledging to double its government bond holdings in two years as it seeks to end nearly two decades of deflation.

At new Governor Haruhiko Kuroda's first policy-setting meeting, the central bank shifted its monetary policy target to the monetary base from the overnight call rate, which is set at a range of zero to 0.1 percent.

The unexpected scope of the changes Kuroda pushed through drove the yen lower and knocked the 10-year bond yield to its lowest in a decade.

"The BOJ will conduct money-market operations so that the monetary base will increase at an annual pace of about 60 trillion yen to 70 trillion yen ($645 billion to $755 billion)," the central bank said in a statement announcing the decision.

It also combined two bond-buying schemes, its asset-buying and lending program and the "rinban" bond-buying market operation, to buy government bonds across the yield curve including those with duration of 40 years.

The BOJ will revert to open-ended asset purchases and buy over 7 trillion yen ($75 billion) of long-term government bonds per month, so that the balance of its bond holdings increase at an annual pace of 50 trillion yen, the central bank said.

The central bank will also increase purchases of exchange-traded funds (ETF) by 1 trillion yen per year and real-estate trust funds (REIT) by 30 billion yen per year.

[uls]

looks like the end of the short yen trade

wrong!

short yen trade still on!

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Nikkei mounts another dramatic rally after BoJ decision - Apr. 4, 2013

Japan's Nikkei reached its highest level in almost five years Friday, adding momentum in the wake of aggressive actions by the Bank of Japan to counter persistent deflation by pumping more money into the economy.

The index added almost 500 point in early trading, topping 13,000 for the first time since August 2008. The yen also weakened, falling to 97 per dollar, a level not seen since 2009.

The dramatic reactions come one day after new BoJ chief Haruhiko Kuroda announced a vast expansion of the central bank's stimulus program.

The bank will now do everything possible to meet its 2% inflation target at the "earliest possible time."

The aggressive policy moves should drive down the value of the yen, which could push consumers to spend more and save less.

And when combined with more government spending on economic stimulus, the bond-buying binge could push up prices and end years of deflation, leading to more robust growth for the world's third largest economy.

[uls]

Tokyo Stock Exchange halts JGB futures trade twice after drop | Reuters

(Reuters) - The Tokyo Stock Exchange halted trade in Japanese government bond futures twice on Friday after a sharp plunge in the wake of the Bank of Japan's massive policy overhaul in the previous session.

The first trading halt came after 10-year JGB futures shed one point. After trading resumed, they fell an additional point, to 144.04.

In the morning session, futures touched an all-time high of 146.41, a day after the BOJ committed to open-ended asset buying and doubling the monetary base to 270 trillion yen ($2.9 trillion) by the end of 2014.

[safeorigin]

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USDJPY above 98!

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US dollar strength bad for gold

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"the world's most intense burst of monetary stimulus"

TOKYO (Reuters) - The Bank of Japan conducted its first government bond buying operation on Monday since announcing new easing steps last week, announcing purchases that involves a large increase in purchases of debt with longer maturities.

The BOJ said on Monday it will buy one trillion yen ($10.3 billion) of Japanese government bonds with maturities of between five years and 10 years, and 200 billion of bonds with maturities exceeding 10 years.

The central bank unleashed the world's most intense burst of monetary stimulus on Thursday, promising to inject about $1.4 trillion into the economy in less than two years, a radical gamble that sent the yen reeling and bond yields to record lows.

Under this scheme the BOJ will buy 7.5 trillion yen of long-term government bonds per month, roughly 70 percent of bonds sold in markets and twice the amount it had been purchasing previously.

[uls]

volatile JGB futures

(Reuters) - The Tokyo Stock Exchange briefly halted trade in Japanese government bond futures on Monday after a sharp rise following the Bank of Japan's first government bond buying operations since it announced aggressive monetary easing last week.

The trading halt came after 10-year JGB futures rose 1 point to 145.02. They were trading at 145.14 by 0347 GMT.

Ten-year futures ended the morning session 0.88 point higher at 144.90.