Tag Archives: Street

UPDATE 3-Argentina, Wall Street banks in talks on financing line

(Adds finance minister, market analyst)

By Jorge Otaola and Nicolás Misculin

BUENOS AIRES Dec 11 Argentina’s new government is negotiating with a group of Wall Street banks for a credit line worth up to $ 7 billion to bolster its low foreign reserves and assist it lift capital controls, a banking source stated on Friday.

Center-right President Mauricio Macri, who took office on Thursday, desires to move speedily to get rid of currency controls that restrict access to U.S. dollars but is stymied by the central bank’s precariously low tough currency reserves.

The industrial banking source stated Argentina was in talks with HSBC, JPMorgan Chase & Co., Goldman Sachs , Deutsche Bank and Citigroup Inc.

But he stated there remained obstacles to an agreement and that no quick deal was probably.

“The banks are functioning on a deal. It would be difficult for anything to come about immediately. There are some crucial specifics needed to close this out that are missing,” said the supply, without having providing much more details.

Finance Minister Alfonso Prat-Gay declined to confirm Macri’s government was in talks with the banks.

“We’re negotiating different financing options so that the dollars that ought to never ever have left the nation come back as speedily as feasible,” Prat-Gay told reporters soon after unveiling his team.


The U.S. dollar crunch stems from a festering legal battle with U.S. investment firms more than unpaid debt that tipped Argentina back into default in July final year and prolonged the country’s banishment from international debt markets.

A second supply in the central bank confirmed the talks were taking spot but could not confirm the amount being discussed.

“They’re operating to reduce Argentina’s credit danger offered the fact that it is in default and keeping in mind the new government is working to resolve that predicament,” the commercial bank supply stated.

Citi declined to comment.

Argentina’s daily La Nacion reported that beyond the feasible $ 7 billion being sought through the group of 5 banks, a additional $ 1 billion could be secured by way of a financing agreement with Spanish banks Banco Santander and BBVA Bancomer.

Argentina’s central bank counts its total reserves at $ 25 billion, but some private economists estimate net reserves are a fraction of that.

“I expect the new government to be able to get liquidity help from the markets” mentioned Sebastian Vargas, emerging markets analyst at Barclays bank in New York. “It would be a liquidity bridge for the central bank, not financing for the Treasury.” (Further reporting by Hugh Bronstein Writing by Richard Lough Editing by Chizu Nomiyama and Meredith Mazzilli)

U.S. appeals court overturns SEC commissioners in State Street case

The 1st U.S. Circuit Court of Appeals in Boston stated the commission’s findings against John Flannery and James Hopkins, respectively State Street’s former chief investment officer and former head of North American solution engineering, had been “not supported by substantial evidence.”

The choice is a defeat for SEC Chair Mary Jo White, who last December joined a 3-2 majority in holding Flannery and Hopkins civilly liable.

Flannery and Hopkins were accused in 2010 of possessing marketed State Street’s Restricted Duration bond fund three years earlier as protected, even although the fund had grow to be invested practically totally in risky securities.

The fund, which as soon as had $ 1.4 billion of assets, lost about 37 percent of its worth more than three weeks in August 2007, the SEC stated.

Each defendants scored a rare win in 2011 when SEC Chief Administrative Law Judge Brenda Murray dismissed the case.

But SEC enforcement employees appealed, and won a reversal from the complete commission 3 years later.

Hopkins was fined $ 65,000 and Flannery $ 6,500, and each had been suspended from the investment sector for a year.

In Tuesday’s selection, Circuit Judge Sandra Lynch mentioned an Aug. two, 2007 letter to investors about the fund’s approach, a draft of which Flannery had noticed, was not misleading, and for that reason Flannery could not be held liable for it.

She stated the SEC did not show that Hopkins’ conduct was at least reckless, including for failing to update a presentation slide that showed the fund had decreased its credit risk.

The appeals court did not evaluation an Aug. 14, 2007 investor letter from Flannery himself about market place volatility.

But even if that letter have been misleading, “there is not substantial proof to help the Commission’s obtaining that Flannery engaged in a fraudulent ‘practice’ or ‘course of business,'” Lynch wrote.

SEC spokespeople did not right away respond to requests for comment.

“It is a comprehensive repudiation of the SEC’s factual findings,” Mark Pearlstein, a McDermott Will & Emery companion representing Flannery, mentioned in an interview. “At lengthy last, my client has been exonerated.” Flannery is no longer in the securities sector, he said.

John Sylvia, a lawyer for Hopkins, was not right away accessible for comment.

The circumstances are Flannery v SEC, 1st U.S. Circuit Court of Appeals, No. 15-1080 and Hopkins v SEC in the exact same court, No. 15-1117.

(Reporting by Jonathan Stempel in New York Editing by David Gregorio)

Brief-German High Street Properties 9-mth pre-tax profit up at EUR 954,000

* 9-month pre-tax profit 954,000 euros ($ 1. million) versus 750,000 euros year ago

* 9-month revenue four.two million euros versus 4.2 million euros year ago

* Sees 2015 profit ahead of worth adjustment of investment properties and tax at 1.3 million – 1.5 million euros, which is .3 million euros greater than previously announced

Supply text for Eikon: Additional firm coverage: ($ 1 = .9463 euros) (Gdynia Newsroom)

UPDATE 3-‘Black Friday’ protest of police shooting shuts principal Chicago shopping street

(Adds particulars of effect on retailers, paragraphs 9-11)

By Mary Wisniewski and Nick Carey

CHICAGO Nov 27 Thousands of folks marched on Chicago’s most prestigious shopping street on Friday, disrupting business on 1 of the busiest U.S. retail days, to protest the shooting death of a black teenager by a white policeman and the city’s handling of the case.

About two,000 protesters, some holding indicators reading “Stop Police Terror” gathered in a cold drizzle for the march on Chicago’s “Magnificent Mile,” which closed the main city street of Michigan Avenue to visitors on the traditional “Black Friday” purchasing day right after the Thanksgiving vacation,

Organizers stated the rally, led by activist-politician the Rev. Jesse Jackson and many state elected officials, was a show of outrage more than the October 2014 death of Laquan McDonald, 17, and what they see as racial bias in U.S. policing.

Protesters also known as for the resignation of the police superintendent and a leading prosecutor for what they see as foot-dragging and stonewalling in the case. It took the prosecutor 13 months to announce charges in the case on Tuesday and hours later, a graphic video of the shooting was released to comply with a court order.

The police officer who shot McDonald 16 instances, Jason Van Dyke, 37, was charged with very first-degree murder and denied bail until a second hearing next Monday. Van Dyke’s lawyer has stated the officer opened fire due to the fact he feared for his life and the lives of other police officers when he saw McDonald had a knife.

“It is unconscionable that the police officer who killed Laquan McDonald was capable to sit at a desk for more than a year and draw a paycheck,” stated James Hinton, 49, who joined the march holding a sign that study: “13 months, 16 shots.”

The protesters chanted “Stop the cover up, 16 shots,” as they marched along Michigan Avenue.

Shoppers on the second and third floors of a Crate & Barrel could be observed lining up along windows taking images with their phones of throngs of protesters in the streets.

Groups of protesters locked arms to temporarily keep shoppers out of a couple of retailers, but there were no significant disruptions.

“The protesters did take over the street for sometime today blocking shops but it seems to have been a safe experience hence far,” said John Curran, a vice-president of advertising for The Magnificent Mile Association.

“In commerce terms you can believe of this as a snow day. There is going to be a loss of revenue these days and we plan to make that up in the course of the rest of the vacation season.”


Shortly just before the rally, Chicago police stated they had arrested and charged 1 man with the fatal shooting of 9-year-old Tyshawn Lee and that at least two other people had been also involved.

The shooting was a separate incident this month that garnered considerably consideration due to the fact police stated the boy appeared to have been killed in an act of retribution against his gang-member father, along the father denied getting a gang member.

Emergence of the police patrol vehicle dashboard camera video of McDonald’s shooting had already sparked two nights of largely peaceful and comparatively little-scale demonstrations in the city, for the duration of which nine arrests have been reported by police. In spite of calls on social media for protesters to turn out for Chicago’s annual Thanksgiving Day parade on Thursday, no rallies materialized.

City officials have offered no detailed explanation for why the footage came with out any discernible audio that is supposed to be recorded with the video.

African-American members of the City Council have repeatedly named for the resignation of Police Superintendent Garry McCarthy.

“The mayor has made it extremely clear that he has my back,” McCarthy told a news conference.

“And if people peel away the onion on what’s taking place proper now in the policing world, you are going to find a police department that’s performing an exceptional job,” he stated.

A Facebook page posted by march organizers listed further demands which includes the appointment of a specific prosecutor to investigate questionable circumstances in the case, and a specific election to select a new state’s attorney for the county.

Organizers also named for the ouster of anyone else identified to be involved in misconduct surrounding the case, and the “demilitarization” of the Chicago Police Division. (Reporting by Mary Wisniewski, Nick Carey and Nandita Bose in Chicago Writing by Jon Herskovitz Editing by Meredith Mazzilli and Grant McCool)

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UPDATE 3-HP Inc profit forecast misses Street on weak Computer, printer sales

* HP Inc sees 1st-qtr adj EPS $ .33-$ .38/shr vs est $ .42/shr

* HP Inc cuts FY 2016 adj profit to $ 1.59-$ 1.69 per share

* HP Inc’s shares down six.two pct in extended trading

* HPE’s shares up two.four percent (Adds executive comment, specifics, background updates shares)

By Abhirup Roy and Anya George Tharakan

Nov 24 HP Inc, which homes former Hewlett-Packard Co’s legacy printer and Computer organization, forecast adjusted profit for the initial quarter beneath market place expectations as it struggles with weak sales of PCs and printers.

Nevertheless, Hewlett Packard Enterprise Co, which is headed by Meg Whitman and holds the corporate hardware and solutions firms, maintained its adjusted profit forecast for the year.

HP Inc’s shares were down 7.1 percent in extended trading on Tuesday, whilst HPE’s shares have been up two.three percent.

“Looking ahead, we expect the Computer market to remain challenged for much more quarters to come,” HP Inc’s Chief Executive Dion Weisler stated on a conference contact with analyst.

Pc sales have been falling sharply worldwide and the recent launch of Windows ten has so far failed to reboot the industry.

Income in HP’s individual pc and printer firms fell about 14 percent in the fourth quarter ended Oct. 31, pushing Hewlett-Packard Co’s general income down for the fifth straight quarter.

The benefits are the final for Hewlett-Packard Co, the tech pioneer that split into two separate firms this month, prior to HP Inc and Hewlett Packard Enterprise Co start off to report separately.

The 76-year-old firm has struggled in current years to hold up with newer technologies and trends, such as the shift by buyers to smartphones and tablets and by businesses to the Web to retailer and handle large amounts of information.

HP Inc forecast adjusted profit of 33-38 cents per share for the quarter ending January, missing analysts’ typical estimate of 42 cents, according to Thomson Reuters I/B/E/S.

The business also cut its 2016 adjusted profit forecast to $ 1.59-$ 1.69 per share from $ 1.67-$ 1.77 per share.

Hewlett-Packard Co’s income from enterprise solutions division fell 9 %, while income from its enterprise group rose 2 %.

General, income at Hewlett-Packard Co fell 9.5 percent to $ 25.71 billion.

Net earnings fell to $ 1.32 billion from $ 1.33 billion a year earlier. But on a per share basis, profit rose to 73 cents per share from 70 cents, primarily based on fewer shares outstanding.

Up to Tuesday’s close of $ 13.69, HPE shares had fallen 7 percent because their industry debut on Nov. two.

In contrast, HP Inc’s shares, which closed at $ 14.64, had risen about 20 percent. (Reporting by Abhirup Roy and Anya George Tharakan in Bengaluru Editing by Anil D’Silva)

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