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Blog Post: FINalternatives: Goldman Vets Covered In Red

March 27, 2012 by MoneyScience   Comments (0)

The influx of Goldman Sachs' top proprietary trading talent into the hedge fund industry has not proven the boon to investors that many more...

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Magyar Nemzeti Bank Keeps Base Rate at 7.00%

March 27, 2012 by CentralBankNews   Comments (0)

The Magyar Nemzeti Bank kept its central bank base rate steady at 7.00%.  The Bank said: "The Monetary Council has decided to leave the base rate unchanged. Monetary policy can best contribute to economic growth by maintaining a predictable economic environment, ensuring price stability and preserving the stability of the financial system. High volatility of risk perceptions and underlying inflation continue to warrant a cautious policy stance."

The Magyar Nemzeti Bank previously hiked the rate 50 basis points at its November and December meetings, after last raising it 25 basis points in January this year.  Hungary reported annual inflation of 5.5% in December, up from 3.9% in October, 3.6% in September and August, 3.1% in July, 3.5% in June, 3.9% in May, and 4.7% in April.  Hungary's Central Bank has a medium term inflation target of 3%, while the Bank said annual inflation for 2011 was 3.9 percent.

The Hungarian economy grew at an annual rate of 1.4% in the September quarter, 1.5% in the June quarter, compared to 2.4% in the march quarter, and 1.9% GDP growth recorded in the December quarter last year.  The Hungarian forint (HUF) has lost about 15% against the US dollar over the past year, the USDHUF exchange rate last traded around 219

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Central Bank of Turkey Maintains Policy, Repo Rate at 5.75%

March 27, 2012 by CentralBankNews   Comments (0)

The Central Bank of the Republic of Turkey kept its benchmark 1-week repo rate unchanged at 5.75%.  The Bank also held the lending rate at 11.50% and the interest rate on borrowing facilities for primary dealers at 11.00%, and lending rate on late liquidity at 14.50%.  The Bank said: "Inflation developments are in line with the path projected in the January Inflation Report. Yet, the Central Bank has implemented a new round of additional monetary tightening in order to eliminate the impact of recent cost developments on inflation expectations. Factors affecting inflation will be closely monitored in the forthcoming period and additional monetary tightening will be repeated, when necessary."

The Turkish central bank last cut the benchmark rate by 50 basis points when it held an emergency meeting in early August, the bank also cut its benchmark interest rate by 25 basis points to 6.25% in January last year.  The Turkish central bank also adjusted required reserves in late July.  Turkey reported annual consumer price inflation of 10.45% in December, up from 7.7% in October, 6.7% in August, 6.3% in July, 6.2% in June, 7.2% in May, 4.26% in April, and 3.99% in March, and above the Bank's full year inflation target of 5.5%.  

Turkey's economy grew 1.7% in Q3 (1.2% in Q2), placing the Turkish economy up 8.2% on an annual basis (8.8% in Q2).  The Turkish Lira (TRY) has weakened by about 15 percent against the USD over the past year, and last traded around 1.79 against the US dollar.

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Blog Post: FINalternatives: Elliott Fights Ally-Fortress Plan For Mortgage Lender

March 27, 2012 by MoneyScience   Comments (0)

Elliott Management has thrown its weight against a plan that would see Fortress Investment Group buy Ally Financial's mortgage more...

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Blog Post: TimingLogic: Federal Prosecution Of Financial Fraud Falls To 20 Year Low

March 27, 2012 by MoneyScience   Comments (0)

"Sometimes the law defends plunder and participates in it. Thus the beneficiaries are spared the shame and danger that their acts would otherwise involve. But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them and gives it to the other persons to whom it doesn't belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime." -- Frederic...