ΗΠΑ: Νέες καταρρεύσεις περιφερειακών τραπεζών

ΗΠΑ: Νέες καταρρεύσεις περιφερειακών τραπεζών


"Λουκέτο" σε τρεις ακόμη αμερικανικές τράπεζα έβαλε η Ομοσπονδιακή Αρχή Ασφάλισης Καταθέσεων των ΗΠΑ (FDIC) ανεβάζοντας τον συνολικό αριθμό των ιδρυμάτων που έχουν κλείσει από την αρχή του έτους στα 133.

Ειδικότερα, οι αμερικανικές αρχές έκλεισαν την Republic Federal Bank στο Μαϊάμι, με την 1st United Bank να αναλαμβάνει τις καταθέσεις, όπως αναφέρουν ξένα ειδησεογραφικά πρακτορεία.

Τα συνολικά πάγια της Republic Federal Bank ανέρχονταν σε 433 εκατ.δολ. ενώ είχε καταθέσεις ύψους 352,7 εκατ. δολ. σύμφωνα με την FDIC. Η κατάρρευση της τράπεζας θα κοστίσει στις ομοσπονδιακές αρχές περίπου 122,6 εκατ. δολ.

Οι αμερικανικές αρχές έκλεισαν παράλληλα την Valley Capital Bank στην πολιτεία της Αριζόνα.

Η Valley Capital Bank είχε καταθέσεις ύψους 41,3 εκατ. δολ. σύμφωνα με την FDIC, ενώ το κόστος από την κατάρρευση της ανήλθε σε 7,4 εκατ. δολ.

Τέλος, οι ομοσπονδιακές αρχές έκλεισαν τη SolutionsBank στο Κάνσας. Τα συνολικά πάγια της τράπεζας ανέρχονται σε 511,1 εκατ. δολ. και οι καταθέσεις σε 421,3 εκατ. δολ. σύμφωνα με τα στοιχεία που έδωσε στη δημοσιότητα η FDIC. Η κατάρρευση της θα κοστίσει στην ομοσπονδιακή αρχής περίπου 122,1 εκατ. δολ.

capital.gr

Spyker Said to Lead Saab Bids; Chinese Pact Reached

Spyker Said to Lead Saab Bids; Chinese Pact Reached

Dec. 13 (Bloomberg) -- General Motors Co. has adjusted its plan for Saab to focus on selling the entire unit, with Spyker Cars NV emerging as a frontrunner, according to people familiar with the plan.

Spyker, the Dutch maker of $235,000 sports cars, is negotiating details of an agreement with GM in Zurich, said two people, who asked not to be identified because the talks are confidential. GM has separately reached a preliminary deal to sell some technologies for Saab’s 9-3 and 9-5 models to Beijing Automotive Industry Holding Co. and an agreement may be announced soon, a person said.

The Detroit automaker is trying to sell or wind down the Swedish unit after Koenigsegg Group AB backed out of a purchase agreement last month. A sale of Saab will also depend on Sweden’s guarantee and European Union’s approval for a 400 million-euro ($585 million) loan from the European Investment Bank, the people said.

The sale of Saab as well as the Saturn, Hummer and Pontiac brands was part of GM’s plan to return to profit after a $50 billion U.S. government-backed bankruptcy from which it emerged July 10. GM has said it will review bids for Saab and decide by the end of this month whether to sell or shut the unit.

Gunilla Gustavs, a spokeswoman for Saab, declined to comment. Spyker and GM spokesmen couldn’t immediately be reached for comment.

Spyker’s Bid

Beijing Auto plans to announce “new progress” on Saab “as soon as possible,” Zheng Gang, a spokesman for the Chinese company, said by telephone.

Spyker is bidding in a partnership with RMC Convers Group Holding Ltd, a company owned by Vladimir Antonov, Spyker Chief Executive Officer Victor Muller said in a Dec. 2 interview. While Spyker hasn’t made a profit since its initial public offering in 2004, the Zeewolde, Netherlands-based company is better positioned than rivals because it most resembles Koenigsegg, the Swedish maker of $1.2 million sports cars, said one of the people.

Spyker divested its unprofitable Formula One racing team in 2007 and sold 12 vehicles in the third quarter. Its C8 Aileron, which accelerates to 60 miles per hour in 4.5 seconds, retails for at least $235,000 excluding taxes in the U.S., the company’s main market.

Trollhaettan Factory

Saab is retooling its plant in Trollhaettan to begin production of a 9-5 sedan, the company’s first new model in seven years. The carmaker reported a 59 percent slump in European sales and a 62 percent drop in the U.S. in the first 10 months of 2009.

Saab is likely to win European Commission approval for the EIB loan, Johnny Kjellstroem, the Swedish official negotiating the case with the European Union’s regulatory arm, said last week. The lending was a key element of Koenigsegg’s plan to buy Saab. While that proposal has collapsed, the financing is still seen as crucial to any deal aimed at saving the unit.

bloomberg

Production, Home Starts Probably Climbed: U.S. Economy Preview

Production, Home Starts Probably Climbed: U.S. Economy Preview


Dec. 13 (Bloomberg) -- Industries in the U.S. boosted production in November for a fifth consecutive month and housing starts rebounded, showing the world’s largest economy is picking up speed heading into 2010, economists said before reports this week.

A 0.5 percent gain in output last month, based on the median estimate of 62 economists surveyed by Bloomberg News ahead of a Federal Reserve report Dec. 15, would follow a 0.1 percent October advance. Builders may have broken ground on 579,000 houses at an annual pace, up 9.5 percent.

Fed Chairman Ben S. Bernanke last week said the economy faces “formidable headwinds,” signaling policy makers may reiterate a pledge to keep interest rates low following their last meeting of the year this week. Gains in consumer spending and lean inventories are prompting companies such as Ford Motor Co. to rev up assembly lines, giving the expansion a lift.

“Businesses are scrambling to slow the considerable pace of inventory decline against a backdrop of expanding sales, including rising exports and some pickup in domestic demand,” said Aaron Smith, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania. “Part of manufacturing with ties to housing and the consumer will take the handoff from autos and drive manufacturing gains this quarter.”

The Fed’s industrial production figures may show the proportion of plant capacity in use probably rose to 71.1 percent from 70.7 percent, according to the survey median.

Auto Sales

Auto sales are climbing again after plunging in September, the month after the government’s “cash-for-clunkers” plan expired. General Motors Co., Toyota Motor Corp., Ford and Chrysler Group LLC all posted November sales that beat analysts estimates. The seasonally adjusted sales rate was 10.9 million vehicles, up from 10.45 million in October, according to industry figures released this month.

Ford, the only major U.S. automaker to avoid bankruptcy, plans to boost first-quarter North American production by 58 percent from a year earlier to 550,000 vehicles.

Deere & Co., the world’s largest maker of farm equipment, last week said early order combine sales in North America, those for equipment that won’t be used until the middle of next year, topped its estimates and November demand was better than anticipated.

“Bottom line -- business has strengthened a bit from what we were expecting,” Marie Ziegler, vice president of investor relations, said at a presentation Dec. 10.

Exports, Dollar

Manufacturers are benefiting from rising demand overseas as the global economy recovers from the worst slump since World War II. A 12 percent drop in the value of the dollar from a four-year high on March 3 against its major trading partners is making American goods more competitive. Exports have risen for six consecutive months since reaching a three-year low in April.

The Standard & Poor’s 500 Index is up 4.7 percent so far this quarter after rising 32 percent in the six months to September, the biggest two-quarter gain since 1975, on signs the economy was improving.

A report from the Commerce Department on Dec. 16 may show housing starts rebounded last month after dropping 11 percent in October. Concern over the looming expiration of a government tax credit and the wettest October in more than a century of record-keeping held back builders that month, economists said.

A federal tax credit for first-time homebuyers, due to expire on Nov. 30, was extended last month until April 30 and expanded to include current owners. The incentive had helped boost sales and construction, marking stabilization in the housing market from the worst slump since the 1930s.

Consumer Prices

The rebound in global growth and the drop in the dollar have also pushed fuel costs up. Consumer prices probably rose 0.4 percent in November on higher gasoline prices, according to the survey median before a Labor Department report Dec. 16. Core consumer prices, which exclude food and energy, rose 0.1 percent after a 0.2 percent October gain, the survey showed.

Bernanke, in comments Dec. 7 at the Economic Club of Washington, cited a weak labor market and tight credit as ongoing drags “likely to keep the pace of expansion moderate.” The Fed’s decision on interest rates is due Dec. 16, at the end of two days of meetings.



Bloomberg Survey

===============================================================
= Release Period Prior Median
Indicator Date Value Forecast
===============================================================
Empire Manu. Index 12/15 Dec. 23.5 24.0
PPI MOM% 12/15 Nov. 0.3% 0.8%
Core PPI MOM% 12/15 Nov. -0.6% 0.2%
PPI YOY% 12/15 Nov. -1.9% 1.8%
Core PPI YOY% 12/15 Nov. 0.7% 0.9%
Net Long Term TICS $ Bl 12/15 Oct. 40.7 42.3
Total TICS $ Blns 12/15 Oct. 133.5 62.5
Ind. Prod. MOM% 12/15 Nov. 0.1% 0.5%
Cap. Util. % 12/15 Nov. 70.7% 71.1%
NAHB Housing Index 12/15 Dec. 17 18
Current Account $ Blns 12/16 3Q -98.8 -108.0
CPI MOM% 12/16 Nov. 0.3% 0.4%
Core CPI MOM% 12/16 Nov. 0.2% 0.1%
CPI YOY% 12/16 Nov. -0.2% 1.8%
Core CPI YOY% 12/16 Nov. 1.7% 1.8%
Core CPI SA Index 12/16 Nov. 220.453 220.674
CPI NSA Index 12/16 Nov. 216.177 216.230
Housing Starts ,000’s 12/16 Nov. 529 579
Building Permits ,000’s 12/16 Nov. 551 570
Initial Claims ,000’s 12/17 12-Dec 474 465
Cont. Claims ,000’s 12/17 5-Dec 5157 5170
LEI MOM% 12/17 Nov. 0.3% 0.7%
Philly Fed Index 12/17 Dec. 16.7 16.0
===============================================================

bloomberg

Nakheel Possible Default to Affect $5.25 Billion Debt

Nakheel Possible Default to Affect $5.25 Billion Debt

Dec. 13 (Bloomberg) -- Nakheel PJSC’s possible non-payment of its Islamic bond due tomorrow will trigger defaults on two other securities, bringing the total of affected securities to $5.25 billion, bond documents show.

Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk. The Dubai government said on Nov. 25 that state- run holding company Dubai World is seeking a “standstill” agreement on its debt, including for the Nakheel unit.

The default would be triggered by failure of Nakheel or the guarantor, Dubai World, to make payment at the end of a grace period, the documents said. Nakheel has two weeks to remedy a default and prevent bondholders from starting legal proceedings. Nakheel’s other two bonds are a 3.6 billion-dirham ($980 million) floating-rate note due in May and a 2.75 percent, $750 million sukuk maturing in January 2011.

“The chances of a full payment at this point are very slim,” said Nish Popat, head of fixed income at ING Investment Management Dubai Ltd. “There is a lack of clarity on how the standstill initiative is progressing. Investors are just waiting and speculating.”

Avoiding Default

Nakheel’s bond maturing tomorrow rose 1 percent to 53 cents on the dollar on Dec. 11, on speculation the developer may seek to avoid a default. The bond has dropped more than 50 percent since the Nov. 25 announcement. Dubai World began talks with banks this month to restructure $26 billion of debt.

Nakheel’s bond repayment is the biggest maturity for a Dubai entity since the global credit markets froze after the September 2008 collapse of Lehman Brothers Holdings Inc.

The 2009 sukuk redeems at $115.52, increasing the Nakheel’s total payment to $4.1 billion. The amount includes a 6 percent premium to bondholders in case the developer is unable to do an initial public offer during the life of the bond, and the remaining part of the annual coupon.

Nakheel accumulated debt during a six-year real-estate boom in Dubai, when the sheikhdom borrowed $10 billion and its state- controlled companies $70 billion to help diversify its the economy.

BNP Paribas SA and EFG-Hermes Holding SAE analysts said last week Nakheel may repay bondholders as much as 70 cents on the dollar and issue new securities to restructure the remainder of the debt.

Debt Restructuring

“Such an outcome would be beneficial for both parties involved,” EFG’s Dubai-based strategist Fahd Iqbal wrote in a research report. “Creditors would receive a portion of their money back with a promise for the remainder to be delivered at a later stage while Dubai World, along with other government- related parties, would have continued access to capital markets.”

While Dubai’s government owns 100 percent of Dubai World, it hasn’t guaranteed the company’s debt and creditors must help it restructure, Abdulrahman Al Saleh, director general of Dubai’s Department of Finance, said on Nov. 30. Dubai World may need more than six months to complete its debt restructuring, Al Saleh told the Al Arabiya TV channel on Dec. 8.

Nakheel, the developer of palm-tree shaped islands off the Dubai coast, had a first-half loss of 13.4 billion dirhams as real-estate prices crashed in the Gulf business hub.

“Certain of the Nakheel Group’s financing arrangements may contain cross-default clauses whereby a default under one of the Nakheel Group’s financing arrangements may constitute an event of default under other” obligations, according to an offering circular for the Nakheel 2011 bonds on Bloomberg.

Nakheel’s 2.75 percent bonds due January 2011 were unchanged at 46.50 cents on the dollar Dec. 11. Prices for the $750 million notes have dropped from 88.37 cents on the dollar on Nov. 24.

bloomberg

House price predictions for 2010

House price predictions for 2010

Despite the expectation that the price rises of recent months would abate, they still seem to be climbing. Citywire looks at what the experts expect to happen next year.

What is happening now?

You may be slightly confused about what’s happening to house prices. Despite the expectation that the price rises of recent months would abate – what with high unemployment and tough mortgage financing conditions – they still seem to be climbing.

The most recent measure of house prices came from Halifax, which reported a 1.4% increase in November. Nationwide reckons prices rose 0.5% and are now similar to early 2006 levels at an average of £162,764.

You can join the debate on why house prices are still rising here.

The current price rise may look a little suspect, but for now, what will happen next year as the jobless toll continues to rise and interest rates start climbing again?

The bank

Halifax expects no change in house prices

Martin Ellis, housing economist at Halifax, says demand has increased largely due to the improvement in affordability for existing homeowners and first-time buyers who can raise the necessary deposit.

But prospects for the market will depend on whether there is a significant increase in the supply of properties for sale. 'Overall, our view is that house prices will be flat during 2010,' said Ellis.

The ratings agency

Fitch Ratings warns of a ‘double dip’

UK house prices face the prospect of a 'double-dip' in the next few years amid high unemployment and constrained lending conditions, Fitch Ratings has warned.

Delivering a bleak outlook for house prices, the ratings agency believes house prices will come down by nearly a third from the peak seen in 2007.

The estate agents

Carter Jonas expects house prices to remain stable

Catherine Penman, head of research, said: ‘While the overall picture will remain positive, the residential market will remain tentatively balanced throughout 2010. Certain properties, however, will continue to defy market conditions and sell well, in many cases at 2007 levels.

‘Growth next year will be strongest in prime Central London and ripple out most quickly to the South East and prime centres, such as Oxford, Cambridge, Winchester, Bath and Harrogate. However, even the most prime markets are exposed by potential interest rate increases and rising unemployment.’

The economists

Howard Archer expects a 5% fall

Howard Archer, UK economist at IHS Global Insight, now expects house prices to fall 5% in 2010, well below his estimate earlier this year of a 10% fall. 'We remain sceptical that the house price rally seen since early-2009 can be sustained for much longer,' he said.

'Housing market activity is still at a low level compared to long-term norms, unemployment is high and still rising, earnings growth is low and still falling, and house price/earnings ratios are currently moving back up.'

The surveyors

The Royal Institution of Chartered Surveyors says prices to continue to rise

Simon Rubinsohn, RICS chief economist said recently: ‘Despite the probable ending of the extended zero rate band for stamp duty at the end of the year, the likelihood is that prices will continue to rise in the early part of 2010. Although the fresh supply of property is beginning to pick up, it is continuing to lag behind the increase in buyer interest which suggests that, at least in the near term, the market will continue to tighten.’

The property consultants

Jones Lang LaSalle expects a fall of around 7%

James Thomas, head of residential investment at the property consultants, believes that the removal of the stamp duty incentive in the Pre-Budget Report could produce a setback for property prices across the board. ‘There are already signs of the recent resurgence in house price growth slowing and our latest Residential Market Forecast anticipates a fall in average UK house prices of around 7% in 2010,' he said.

citywire.co.uk