Mr Granville, 89, one of the greatest Technical Analyst is predicting Dow to fall 4 000 points in 2012. He has been around for decades, but on the other hand, that was before we had HFT. Whatever your outlook, video worth watching. Volume precedes prices…
Most Canadian pension funds are banking on 7% annual returnsforever. Over the next few years, this unrealistic expectation will costthe respective governments and companies millions in shortfalls.In the USA, the California Public Employees Retirement Systemassumes it will earn over 7.75% annual returns. This false hope willresult in over $6 billion a year in lower than expected investmentincome, that will also have to be paid by the financially challengedstate (ie. taxpayers).Meanwhile, Thelma O’Keefe continues to quietly sock away 5% of herpaycheck each and every week and has no idea what all the fuss willbe about when she is eventually told her pension benefits will beslightly less than originally promised.Over 50 years ago, the average worker started to earn pensionbenefits and has been dreaming of working less, and golfing more,ever since. The Defined Benefit Pension Plan has been the rock of thisdreamy foundation and is certainly a costly beast to say the least.Once the auditors, actuaries, custodians, lawyers, administrators,consultants, performance measurement guys, trustees andinvestment managers have been paid for their services, is there littlewonder most of these retirement funds are running a little short.Yet , the primary reason most people fall asleep with even a slightmention of the words “pension funds” is due to the complexities andconfusion resulting from this cumbersome investment scheme.
UniCredit is planning to raise up to €25bn through the issue of covered bonds as Italy’s largest bank by assets seeks to open up a new stream of funding amid ongoing pressures on bank liquidity in the eurozone, http://ftalphaville.ft.com/thecut/2012/01/25/849701/unicredit-plans-e25bn-covered-bond-issue/
HSBC, Europe’s largest bank, is seeking buyers for its Japanese consumer banking unit four years after starting the business, says Bloomberg, citing three people familiar with the matter. HSBC may sell HSBC Premier, http://ftalphaville.ft.com/thecut/2012/01/25/849611/hsbc-wants-to-sell-japan-retail-unit/
Delta Air Lines rerouted as many as eight transpolar flights between the US and Asia as the most-powerful solar radiation storm since 2003 hit Earth, says Bloomberg. Jets were sent farther south, lengthening trips by about 15 minutes, http://ftalphaville.ft.com/thecut/2012/01/25/849601/airlines-divert-flights-from-solar-storms/
The Financial Industry Regulatory Authority, at the urging of the US Securities and Exchange Commission, are set to file new rules with the SEC in the coming weeks that would also bind analysts who cover bonds by some of the same rules applying to equities analysis, http://ftalphaville.ft.com/thecut/2012/01/25/849301/new-rules-planned-for-us-fixed-income-research/
The IMF has turned up pressure on European officials to take on more of the burden of filling a widening gap in Greece’s budget by pressing the European Central Bank to take a hit on its €40bn in Greek bond holdings, http://ftalphaville.ft.com/thecut/2012/01/25/849191/imf-raises-pressure-on-ecb-over-greek-bond-haircuts/