World economy talk

**tidus1203** · September 12th, 2011 10:40 PM

McGraw-Hill (NYSE:MHP) planning to split the company. Standard and Poors is a McGraw Hill brand. They will split the ratings/media business and the education business...

NEW YORK (CNNMoney) -- McGraw-Hill said Monday that it plans to split into two public companies: McGraw-Hill Markets and McGraw-Hill Education.

In announcing its split, the company is bowing to pressure from two activist shareholders, Jana Partners and Ontario Teachers Pension Plan.

The shareholders, which owned 3.3% and 2.3% respectively as of Aug. 23, have been pushing the company for a split up since early August.

McGraw-Hill to split into two companies - Sep. 12, 2011

Stock up 3.5%...

**Monseratto** · September 13th, 2011 09:58 AM

Iba talaga if you're rich, poor people would come and "beg" from you...

Italy asks China to buy its bonds: report - Yahoo! Finance

Italy asks China to buy its bonds: report

Reuters – 5 hours ago

NEW YORK (Reuters) - Italy has "asked" China to make "significant" purchases of Italian debt, the Financial Times reported on its website on Monday.

Italian officials told the FT that Lou Jiwei, chairman of China Investment Corp, headed up a delegation to Rome last week to meet with Giulio Tremonti, finance minister, and Italy's Cassa Depositi e Prestiti.

Two weeks ago Italian officials were in Beijing to meet CIC and China's State Administration of Foreign Exchange (Safe), which manages the bulk of China's foreign exchange reserves, the FT said.

**uls** · September 13th, 2011 11:04 AM

US equities rallied 45 minutes before close -- report Italy approached China re investment in Italy bonds

report Greece likely to receive last installment of bailout1.0

**Monseratto** · September 13th, 2011 02:31 PM

Bad time to do an auction...

Italy Seeks $10B as Contagion Slams Bond Demand - Bloomberg

Italy Seeks $10B as Contagion Slams Bond Demand

Italy is auctioning as much as 7 billion euros ($10 billion) of bonds one day after borrowing costs surged at a bill auction, as Greece’s slide toward default roils global markets.

The treasury is selling 4 billion euros of a new benchmark five-year bond today, after 10-year yields climbed to a five- week high of 5.571 percent. Investors charged Italy 4.153 percent yesterday in a one-year bill offering, up from 2.959 percent a month ago.

“It’s rather unfortunate that the Italian auction is taking place when the market is in a panic mode,” said Fabrizio Fiorini, the head of fixed income at Aletti Gestielle SGR SpA in Milan. “Borrowing costs are likely to remain at elevated levels. The rise in Italian yields is manifestation of a lack of market confidence in European leaders’ ability to tackle the problem.”

A debt of 1.9 trillion euros -- more than Spain, Greece, Ireland and Portugal combined -- leaves Italy vulnerable to any advance in borrowing costs as it refinances maturing debt. The sales, which also include as much as 3 billion euros of bonds due in 2018 and 2020, will help fund 14.5 billion euros of debt scheduled for repayment on Sept. 15.

Italian officials have held talks with Chinese counterparts about potential investments in the euro region’s third-largest economy, an Italian government official said late yesterday. The purchase of Italian bonds by China wasn't the focus of the talks, which took place in the past few weeks, the official said on condition of anonymity. A spokesman for Italian Finance Minister Giulio Tremonti declined to comment.

The Financial Times earlier reported that Italy aims to sell ``significant'' quantities of bonds and stakes in strategic companies to China.

Italian yields are at their highest since the European Central Bank started buying Italian bonds on Aug. 8. To secure the ECB backstop, Prime Minister Silvio Berlusconi rushed through a 54 billion-euro austerity package that faces final approval from the lower house of parliament as soon as tomorrow.

**uls** · September 13th, 2011 05:02 PM

world's biggest employers:

Employment: Defending jobs | The Economist

Hon Hai is big

**uls** · September 13th, 2011 05:11 PM

Originally Posted by Monseratto

Bad time to do an auction...

Italy Seeks $10B as Contagion Slams Bond Demand - Bloomberg

auction results an hour from now

**uls** · September 13th, 2011 05:56 PM

very volatile EURUSD today

**uls** · September 13th, 2011 06:27 PM

Italy bond auction:

sold 3.865 billion euros sept 2016 5-yr bonds

bid to cover ratio 1.279

average yield 5.60%

pls check news articles later

__________________________________________________

no longer news to us

we knew about this several weeks ago

WSJ article today confirms

http://online.wsj.com/article/SB1000...711712348.html

"We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore," a bank executive for BNP Paribas, who declines to be named, told me last week. "Since we don't have access to dollars anymore, we're creating a market in euros. This is a first. . . . We hope it will work, otherwise the downward spiral will be hell. We will no longer be trusted at all and no one will lend to us anymore."

**uls** · September 14th, 2011 03:43 PM

Originally Posted by uls

expect moody's downgrade

Moody’s downgraded Socgen

to Aa3 from Aa2

also Credit Agricole

to Aa2 from Aa1

Moody's still reviewing BNP Paribas (Aa2 rating) for downgrade

consider BNP funding problem