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Daily briefing for Friday, January 13, 2012; Spiritual snobbery, misleading ads; EU Tobin Tax; advisers squirm
We'll lend, but ...
Spain’s banks, saddled with 329,000 foreclosed homes, are still willing to provide mortgages, as long as the borrower wants to buy one of their properties. That’s no help to homeowners and developers wanting to sell.
What would a European 'Tobin Tax' really mean?
Angela Merkel and Nicolas Sarkozy are pressing forward with plans to introduce a financial transaction tax in the EU - if necessary without Britain, home to Europe's largest financial center. Critics believe it will cause an exodus of the industry from the euro zone. But a closer look at the proposal suggests the worst wouldn't necessarily come true.
China holds the world's 5th largest gold reserve at a bit more than 1,000 tonnes but that is well below what you would expect compared to its peers and compared to the size of its currency reserves. In fact the figure should be expected to be closer to 4,000 tonnes - but to do this China would need to buy the entire global gold mine production for the next year or acquire gold equivalent to the success of the gold ETF. Gold bugs are salivating.
"It's a kind of spiritual snobbery that makes people think they can be happy without money."
more below ...
|8 am||--- 52 week --|
|Crude oil||in US$/bl||101.15||102.94||118.70||89.69|
|US Treasuries||30 yr bond||3.04%||3.02%||4.73%||2.88%|
The impending changes to Australian financial advice which includes banning commission, has their banks and other advisor groups squirming, calling for substantial revisions. Will they go ahead as planned on July 1?
130,000 and counting
Banks worldwide are cutting jobs as stricter regulations and eurozone woes take their toll on trading income and investment banking units. It's a trend that is yet to surface here.
This is the last of the 2011-2012 summer holiday briefings. Bernard Hickey returns on Monday, and with him, his Top Ten with NZ Mint.