FURTHER FURTHER READING
- On Bangladesh, labour standards, and ethics.
- The portfolio manager’s strategy cycle.
- Four reasons the housing recovery isn’t yet boosting the economy.
- Are we living in a time of asset bubbles? Probably not: don’t fear the bubble.
- Millenials are great savers.
- The year’s best commencement speeches.
ROUND-UP
FT markets round-up: “US equities, Treasury bonds and the dollar saw extremely volatile trading as the markets digested comments from Ben Bernanke, the chairman of the Federal Reserve, and the minutes of the central bank’s last policy meeting. By the close of play in New York, the S&P 500 US equity index had fallen 0.8 per cent, after earlier climbing more than 1 per cent to a record high. The 10-year US government bond reversed early gains to send the yield up 10 basis points to a two-month high of 2.03 per cent, while the dollar rose 0.5 per cent to its highest for nearly three years against a basket of currencies. The initial response to Mr Bernanke’s comments was positive, with the S&P hitting its latest peak and the FTSE Eurofirst 300 reversing an early decline to end 0.2 per cent higher.” (Financial Times)
IMF studies changes to bond restructuring: “The International Monetary Fund is studying changes to how it handles sovereign debt restructurings after a turbulent period that has rattled the balance of power between governments and their creditors. According to international officials familiar with the IMF’s deliberations, the Fund is primarily concerned with countries delaying necessary restructurings and the difficulties involved in corralling bondholders into agreements.” (Financial Times)
Bernanke says bond buying could be slow: “It was only after the third question from Kevin Brady, the Texas Republican who chairs the joint economic committee in Congress, that Ben Bernanke offered a real hint on when the Federal Reserve might start slowing the money flow to the US economy. “When do you expect this strategy to begin? What are the benchmarks you’re looking at to begin this process?” Mr Brady said.” (Financial Times)
GE eyes consumer financing unit: “General Electric is considering listing its consumer finance operations to fund more share buybacks and strengthen focus on its industrial businesses, its chief executive has indicated. Jeff Immelt told a conference in Florida that the US conglomerate was seeking to shrink the assets of its financial services division from $402bn in March to $300bn-$350bn, and wanted to focus on its commercial finance operations such as aircraft leasing and equipment finance, in which it is the world market leader.” (Financial Times)
Amazon places giant biosphere in Seattle: “Amazon wants its staff to work in three giant spherical greenhouses in downtown Seattle, as its instinct to keep a low-profile is overpowered by the kooky futurism of its chief Jeff Bezos. The online retailer’s plans to make the plant-filled glass domes the centrepiece of its new headquarters were revealed in documents that were filed with Seattle city planners this week and got a mixed reception at a public meeting.” (Financial Times)