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Blog Post: FinanceClippings: Facebook paying 1.1% underwriting fee

March 21, 2012 by MoneyScience   Comments (0)

Apparently Facebook has cut a sweet deal on underwriting services for its upcoming IPO and is only paying 1.1%.  This is in contrast to the typical fee which is around 7%.[link to a pdf]. HT: Thomas (a student in the Advance Analytics program at NCSU).

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Central Bank of Egypt Cuts RRR 200bps to 12.00%

March 20, 2012 by CentralBankNews   Comments (0)

The Central Bank of Egypt reduced the required reserve ratio (RRR) by 200 basis points to 12.00% from 14.00% previously.  The Bank said: "In light of the current liquidity situation which has emerged on the back of domestic and global developments, the CBE's Board decided to reduce the RRR from 14 percent to 12 percent. This measure will provide permanent liquidity into the banking system and help ease credit conditions in the market"

Previously the Bank maintained its interest rates unchanged when it announced policy settings in February this year.  Egypt reported annual consumer price inflation of 9.55% in December, up from 8.21% in September, 8.49% in August, 10.4% in July, compared to 11.8% in June, 11.9% in May, and down from 12.1% in April.  The toll of the revolution was seen as Egypt's gross national product contracted by 4.2% year-on-year in the third quarter of the 2011/2012 fiscal year and investment fell 26% due to uncertainty arising from the political upheaval.

Real GDP expanded by 0.3% in Q1 2011/2012 (0.4% in Q4 2010/2011), full year GDP growth was 1.8% in 2010/2011 vs 5.1% in the 2009/2010 year.  The Egyptian pound (EGP) has weakened about 2% against the US dollar over the past year, while the USDEGP exchange rate last traded around 6.04

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Central Bank of Nigeria Keeps Policy Rate on Hold at 12%

March 20, 2012 by CentralBankNews   Comments (0)

The Central Bank of Nigeria maintained its monetary policy interest rate at 12.00%.  The Bank also held the cash reserve ratio at 8%.  Bank Governor, Lamido Sanusi, said: "In arriving at its decision, the Committee was faced with a choice between two options. One option was to consider, in view of  the  improving global economic environment, a moderation in headline inflation, slowdown in monetary aggregates and fiscal spending and the crowding out effects of high interest rates, a reduction in the policy rate. This argument was considered but rejected on the basis of a number of factors. These included persistent underlying core inflationary pressures, the need to continue supporting the naira and build up external reserves, the necessity for attracting and retaining foreign investment and the need for consistency and stability in the macroeconomic environment."

Previously the Nigerian central bank also held rates unchanged, and last raised the the monetary policy rate by 275 basis points to 12.00% at its October meeting, after increasing by 50 basis points in September rate 75 basis points in July, and increasing it by 50 basis points at its May meeting this year.  Nigeria reported annual headline inflation of 10.3% in December, compared to 10.5% in October, 9.3% in August, down from 9.4% in July, 10.2% in June, 12.4% in May, 11.3% in April, and 12.8% in March, and just above the Bank's inflation target of 10%.  

The Nigerian government doubled the minimum wage to 18,000 Naira recently.  Nigeria reported annual GDP growth of 7.72% in the June quarter, after growing 7.43% in the March quarter, while the Bank had forecast 2011 growth of 7.8%.  Nigeria's currency, the naira (NGN), has weakened about 2% against the US dollar over the past year, the USDNGN exchange rate last traded around 157.65.

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High Frequency Traders Throw A House Party: Same Scams, New Day

March 20, 2012 by CalConfidence   Comments (0)

More of the same today and the machines moved so fast the humans could not respond quick enough.  So those tight spreads, didn't stop Apple from trading $27 below its spot price this morning at 9:51.  Thanks to SEC regulations, stub quoting has been banned, but as we know with Madoff, the SEC doesn't understand much of anything that goes on in the market, therefore we get awesome private companies like Nanex which help traders stay informed, in near real-time.

Read more »

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Blog Post: TimingLogic: Morgan Keegan and Goldman Sachs Up Apple Price Target The Value Of All Publicly-Traded Companies In Russia.

March 20, 2012 by MoneyScience   Comments (0)

Italy was simply too little, too late.  Russia’s publicly- traded companies have a value of a little less than $1 trillion.  With this upgrade Apple would be closing in on the value of all publicly-traded companies in Russia; a country with a population of 150 million people.   That would include all of the publicly-trade oil, natural gas and mineral reserves of the largest energy-producing nation on earth.  Hahahaha.   The iPad is a an effing flat screen...

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