Google's success towers over city

Google's success towers over city
Baltimore Sun - To many in Mountain View, Google has become a primary source of economic aid, curiosity, inspiration and pride. After four years of city budget cuts and hiring freezes, Google has contributed to the community's economic renaissance. Two years ago

Kurdish dreams find a foothold in Iraq
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Iraq strategy doomed by leadership
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Sanchez: Iraq war 'a nightmare with no end in sight'
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Foreclosures soar
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John Howard 2007 inspired by Ronald Reagan 1984
News.com.au - ECONOMIC growth and opportunity - home ownership; STRONGER communities - provision of services; SECURING Australia - defence and the war on terror; NATIONAL unity - reconciliation with Aborigines; and CREATING a sustainable country - climate

Election 2008: Hillary Clinton in the news
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Leadership dooms Iraq strategy: ex-commander
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KPMG Trial, Pared in Scope, Nears After Stormy Prologue

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Wall Street Journal - The government's case is expected to be bolstered by the guilty plea last month of David Amir Makov, a one-time currency and fixed-income derivatives trader, who said the "sole purpose" of the Blips shelter was to generate "paper losses" and fees. Mr

Broker downgrades Qantas
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Behind the Weak Dollar
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Diners Club guilty over currency conversion fees
Scoop - Diners Club eighth to plead guilty over currency conversion fees Diners Club has become the eighth financial institution to plead guilty to breaching the Fair Trading Act by failing to properly disclose its currency conversion fees. The breaches

A Tax Cut Even Milton Friedman Might Not Like: William Pesek
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RPT-UPDATE 1-Treasury's Kimmitt:Dollar must reflect fundamentals
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Renton pair plead guilty in massive pot-growing operation
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Argentina, Mexico and Venezuela: Local Bond, Currency Preview
Bloomberg - Oct. 12 (Bloomberg) -- The following events and economic reports may influence trading in Latin American local bonds and currencies today. Bond yields and exchange rates are from the previous day's session. Argentina: President Nestor Kirchner said

U.S. Dollar Steadies Before Data, Yen Off Lows Against Euro
CNBC - JPY-TN   Loading       ( %)   ] rose against the yen from late New York trade on Thursday, when the U.S. currency hit a two-month high of 117.79 yen on EBS. The Fed slashed interest rates by an aggressive 50 basis points to 4.75% in

Euro May Extend Gain Against Yen on Outlook for Interest Rates

By Ye Xie

(Bloomberg) -- The euro may extend its gain against the yen on expectations Europe's interest-rate advantage over Japan will widen.

European Central Bank governing council member Axel Weber yesterday said policy makers might need to increase borrowing costs to keep inflation under control. The Bank of Japan left its interest rate yesterday unchanged at 0.5 percent, the lowest among industrialized nations, compared with 4 percent in the euro zone.

``Weber is quite hawkish,'' said Hidetoshi Yanagihara, senior currency trader at Mizuho Corporate Bank in New York. ``The euro should be stronger against the yen from the perspective of interest-rate differentials.''

The yen traded at 166.51 versus the euro and 117.28 against the dollar at 6 a.m. in Tokyo. Japan's yen touched 167.64 per euro yesterday, the weakest since July 23, when it reached the all-time low of 168.99. The euro traded at $1.4195.

``If risks to price stability are threatening to materialize, monetary policy can't lose sight of its primary mandate -- even if that means no longer supporting the robust economy or becoming restrictive,'' Weber, who also heads Germany's Bundesbank, said in the text of a speech in Munich. There may be an ``additional need'' to raise interest rates, given the ``expected acceleration in euro-region inflation over the coming months.''

The ECB retreated from plans to raise the key interest rate last week, saying it wanted to assess the economic effect of rising credit costs and financial-market turbulence caused by the U.S. housing slump.

`Resume Raising Rates'

``The ECB may resume raising rates on the six-month horizon,'' said Richard Franulovich, a senior currency strategist at Westpac Banking Corp. in New York. ``That will keep people bullish on the euro.''

The BOJ yesterday voted 8-1 to keep rates on hold, with board member Atsushi Mizuno the only dissenter. All 39 economists surveyed by Bloomberg News predicted the decision.

Japanese policy makers have ``seen some improvement in global financial markets, yet some uncertainties remain,'' BOJ Governor Toshihiko Fukui told reporters in Tokyo after the decision. ``The biggest uncertainty right now is how much U.S. housing prices will fall.''

The BOJ

``There's a disbelief that the BOJ is going to do anything ever,'' said Robert Fullem, vice president of U.S. corporate foreign exchange sales at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York.

South Africa's rand gained 2 percent against the dollar yesterday, after the central bank unexpectedly raised its benchmark interest rate by half a percentage point to 10.5 percent. The New Zealand dollar rose to as high as 77.49 U.S. cents, the highest since July 27.

The Swiss franc fell to a record low of 1.6829 per euro on speculation Switzerland's central bank may keep the benchmark interest rate at 2.75 percent.

The Australian dollar touched 90.60 U.S. cents, the strongest in 23 years, after the unemployment rate unexpectedly declined to the lowest since 1974.

The pound fell versus 15 of 16 major currencies after a survey showed U.K. house prices declined at the fastest pace in two years last month. Canada's dollar rose to a 31-year high of $1.0278 as prices of the nation's commodity exports advanced.

To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net

Yen Weakens as Bank of Japan Keeps Interest Rate at 0.5 Percent

By Stanley White and Ron Harui

(Bloomberg) -- The yen dropped against 15 of the 16 most-active currencies after the Bank of Japan kept its interest rate at 0.5 percent, the lowest in the industrialized world.

The currency declined the most versus South Korea's won and Norway's krone as the decision boosted appetite for higher- yielding assets bought with borrowed yen, or carry trades. A government report showed Japan's machinery orders fell more than expected in August, weakening the central bank's case for a rate increase this year.

``The BOJ won't be able to raise rates until December at the earliest,'' said Akira Kato, senior manager of the foreign- exchange trading department at Bank of Tokyo-Mitsubishi UFJ Ltd. in Tokyo. ``The yen carry trade will prevail as long as rates stay low.''

The yen fell to 166.49 versus the euro, the lowest since July 24, before trading at 166.40 at 7:50 a.m. in London, from 165.84 late in New York. Japan's currency was little changed at 117.27 per dollar. It may fall to 118 a dollar and 170 a euro by year-end, Kato said.

Machine orders declined a more-than-expected 7.7 percent in August, after gaining 17 percent the month before, the Cabinet Office said today in Tokyo.

The yen dropped 0.2 percent to 7.8158 against the Korea won from 7.8319 yesterday, and declined 0.3 percent to 21.6290 versus the Norwegian krone from 21.5564. Rates are 5 percent in Norway and South Korea, where the Asian nation's central bank kept borrowing costs on hold today.

Funding Currency

The BOJ voted 8-1 to keep rates on hold, with board member Atsushi Mizuno the only dissenter. All 39 economists surveyed by Bloomberg predicted the decision. The central bank also kept its assessment of the economy unchanged in its monthly report. Governor Toshihiko Fukui was due to brief reporters at 3:30 p.m. in Tokyo.

``There's no reason for the yen to stop weakening,'' said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. ``Arguments for higher interest rates in Japan aren't convincing because economic data don't support a hike. The yen will remain an attractive funding currency for its low rates.'' It may fall to 170 by year-end, Soma forecast.

Australia's dollar rose to 105.61 yen from 105.29 yen late in New York yesterday. New Zealand's dollar advanced to 89.74 yen from 89.50 yen.

In carry trades, investors borrow in low interest-rate countries, such as Japan, to buy assets in nations such as New Zealand, where borrowing costs are 8.25 percent, or Australia, where rates are 6.5 percent. The risk is that currency fluctuations will erase any profit from the difference in rates.

European Officials

European officials this week voiced concern Asian currencies, especially the Chinese yuan and the yen, are too weak, ahead of a Group of Seven nations' meeting on Oct. 19 in Washington.

European Central Bank Executive Board Member Lorenzo Bini Smaghi said aspects of yen trading were ``disturbing,'' the International Herald Tribune reported.

European Union Monetary Affairs Commissioner Joaquin Almunia this week urged China and other emerging nations with large trade surpluses to allow their currencies to appreciate.

Almunia, President Jean-Claude Trichet and policy makers Jose Manuel Gonzalez-Paramo and John Hurley speak today. Trichet said investors in the yen should take account of the Japanese economy's ``sustainable recovery path'' and that exchange rates ``should reflect economic fundamentals,'' suggesting the yen needs to strengthen.

Moody's Investors Service raised Japan's debt rating by one level to A1, the fifth-highest investment grade. It's the first time the U.S. ratings company increased the long-term local currency rating, and follows four downgrades since 1998.

Yuan, Yen

``Europe wants a stronger yuan and yen'' to help address trade imbalances, said Seiichiro Muta, director of foreign exchange at UBS AG in Tokyo. The yen may advance to 164.50 per euro and 116.50 against the dollar today, he said.

The yen fell against all 16 of the most-active currencies in the past month, increasing the competitiveness of Japan's exports. A Japanese report today showed the current-account surplus rose in August as companies and individuals earned more from overseas investment and export growth accelerated.

The dollar's losses against the euro may be tempered by speculation Federal Reserve Governor Randall Kroszner will today express confidence U.S. financial markets are improving, reducing the need for the central bank to lower interest rates further to bolster growth.

The U.S. currency fell to $1.4190 versus the euro from $1.4145 yesterday, a third day of declines.

Kroszner, Fed

Traders reduced bets on a Fed rate cut this month after minutes of the Sept. 18 meeting showed policy makers aren't convinced the economic expansion is coming to an end.

``Kroszner may signal the worst is over,'' said Lee Wai Tuck, currency strategist at Forecast Singapore Ltd. ``It would be supportive of the dollar,'' which may rise to $1.4080 per euro and 117.50 yen today, he said.

Kroszner speaks at 10:45 a.m. in Durham, North Carolina. Three Fed bank presidents said this week credit market conditions have improved.

Futures contracts on the Chicago Board of Trade indicate a 36 percent chance the Fed will cut its benchmark rate a quarter- percentage point to 4.5 percent at its meeting Oct. 31, compared with 72 percent odds a week ago.

To contact the reporter on this story: Stanley White in Tokyo at swhite28@bloomberg.net ; Ron Harui in Singapore at rharui@bloomberg.net

Yen Little Changed Before Bank of Japan Interest-Rate Decision

By Stanley White and Ron Harui

Oct. 11 (Bloomberg) -- The yen was little changed before the conclusion of a two-day Bank of Japan interest-rate meeting at which economists expect policy makers to keep borrowing costs at the lowest of any major economy.

The currency traded near the weakest in more than two months versus the Australian and New Zealand dollars as the outlook for Japan's rates to remain low boosted appetite for higher-yielding assets bought with borrowed yen, or carry trades. A government report showed machinery orders fell more than expected in August.

``There's no reason for the yen to stop weakening,'' said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. ``Arguments for higher interest rates in Japan aren't convincing because economic data don't support a hike. The yen will remain an attractive funding currency for its low rates.''

The yen traded at 165.90 versus the euro at 12:30 p.m. in Tokyo from 165.84 late in New York, when it touched 166.25, the weakest since July 25. It may fall to 170 by year-end, Soma forecast. Japan's currency was at 117.21 per dollar from 117.24 yesterday. The euro traded at $1.4155 from $1.4145.

Japan's currency showed little reaction to a decision by Moody's Investors Service to raise the nation's debt rating by one level to A1, the fifth-highest investment grade. It's the first time the U.S. ratings company increased the long-term local currency rating, and follows four downgrades since 1998.

Machine orders declined a seasonally adjusted 7.7 percent in August, after gaining 17 percent the month before, the Cabinet Office said today in Tokyo. The median estimate of 42 economists surveyed by Bloomberg News was for a 5.6 percent drop.

Machine Orders

``Machinery orders data may eventually prove to be a yen- selling factor,'' said Takuma Kurosawa, global markets treasurer at HSBC Bank in Tokyo. ``It suggests the BOJ will have difficulty raising rates and calls into doubt how much capital expenditure will support economic growth.''

The yen may move between 116.90 and 117.50 against the dollar today, Kurosawa said.

The BOJ has kept borrowing costs at 0.5 percent since February, when policy makers raised rates a quarter-percentage point, and will leave them unchanged today, all 39 economists surveyed by Bloomberg predicted.

In carry trades, investors borrow in low interest-rate countries, such as Japan, to buy assets in nations such as New Zealand, where borrowing costs are 8.25 percent, or Australia, where rates are 6.5 percent. The risk is that currency fluctuations will erase any profit from the difference in rates.

European Officials

Japan's currency snapped two days of declines versus the euro on speculation European officials will today voice concern that Asian currencies, especially the Chinese yuan and the Japanese yen, are too weak, ahead of a Group of Seven nations' meeting on Oct. 19 in Washington.

European Union Monetary Affairs Commissioner Joaquin Almunia this week urged China and other emerging nations with large trade surpluses to allow their currencies to appreciate.

Almunia, European Central Bank President Jean-Claude Trichet and policy makers Jose Manuel Gonzalez-Paramo and John Hurley speak today. Trichet said this week investors in the yen should take account of the Japanese economy's ``sustainable recovery path'' and that exchange rates ``should reflect economic fundamentals,'' suggesting the yen needs to strengthen.

``Europe wants a stronger yuan and yen'' to help address so- called global imbalances, said Seiichiro Muta, director of foreign exchange at UBS AG in Tokyo. ``It's a plus for the yen,'' which may advance to 164.50 per euro and 116.50 against the dollar today, he said.

The yen fell against all 16 most-active currencies in the past month, increasing the competitiveness of Japan's exports. A Japanese report today showed the current-account surplus rose in August as companies and individuals earned more from overseas investment and export growth accelerated.

Fed Officials

The dollar may be bolstered by speculation Federal Reserve Governor Randall Kroszner will today express confidence U.S. financial markets are improving.

The U.S. currency may end a two-day losing streak against the euro on prospects the Fed won't have to hurry to lower interest rates further to bolster growth. Traders reduced bets on a Fed rate cut this month after minutes of the Fed's Sept. 18 meeting showed this week that policy makers aren't convinced the economic expansion is coming to an end.

``Kroszner may signal the worst is over,'' said Lee Wai Tuck, currency strategist at Forecast Singapore Ltd. ``It would be supportive of the dollar,'' which may rise to $1.4080 per euro and 117.50 yen today, he said.

Kroszner speaks to the National Bankers Association National Convention at 10:45 a.m. in Durham, North Carolina. Three Fed bank presidents including San Francisco Fed's Janet Yellen said this week credit market conditions have improved.

Futures contracts on the Chicago Board of Trade indicate a 36 percent chance the central bank will cut its benchmark rate a quarter-percentage point to 4.5 percent at its meeting Oct. 31, compared with 72 percent odds a week ago.

After the shock, equities the only game in town

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Yen Falls to Lowest Since July Against Euro on Risk Appetite

By Min Zeng and Ye Xie (Bloomberg)

The yen fell to the lowest since July against the euro as a
rally in Asian stocks and waning concern about a U.S.
recession prompted traders to boost holdings of
higher-yielding assets funded with money borrowed in Japan.

The yen depreciated against 13 of 16 most-actively traded
currencies as minutes from the Federal Reserve's Sept. 18
meeting released yesterday allayed concern a U.S. housing
slump will slow global growth. The euro rose against the
dollar as industrial growth in France and Italy cut
speculation the currency's gains will be featured at the
Group of Seven meeting next week.

``People are selling the yen as risk appetite is coming
back,'' said Michael Malpede, a senior currency analyst in
Chicago at Man Global Research. ``The Europeans don't have
a unified stance to put a cap on the euro's strength.''

The yen fell 0.4 percent to 165.95 per euro at 10:22 a.m.
in New York, earlier touching 166.25, the weakest since
166.32 on July 25. The Japanese currency was little changed
at 117.18 per dollar. It earlier dropped to as low as
117.53. The euro rose 0.4 percent against the dollar to
$1.4163. The European currency set a record high of $1.4283
on Oct. 1.

The yen has declined against all 16 most-active currencies
in the past month as stock indexes in the U.S. and Asia
rallied to records. The yen has lost 5.4 percent this year
against the euro as investors borrow in Japan to buy
higher-yielding assets elsewhere, in a practice known as
the carry trade. At 0.5 percent, Japan's borrowing costs
are the lowest among industrialized nations.

The yen erased its loss against the dollar and pared a
decline versus the euro as U.S. stock indexes fell after
Valero Energy Corp. and International Paper Co. said
third-quarter earnings trailed analysts' estimates. The
Standard & Poor's 500 Index dropped 0.4 percent.

`The Carry Trade'

``People are back to the carry trade,'' said Grant Wilson,
a currency trader with Bank of New York Mellon in
Pittsburgh.

The Swiss franc fell to a record low of 1.6729 per euro
after central bank President Jean-Pierre Roth signaled he
has no plans to raise interest rates from 2.75 percent for
now.

The euro gained against 13 of 16 major currencies today as
signs of growth in the euro region allayed concern that its
7.2 percent rally this year versus the dollar will hurt
exports and growth, dimming speculation its strength will
be mentioned at the G-7 meeting in Washington starting Oct.
19.

French production advanced 0.3 percent in August from the
previous month and Italian output rose 1.3 percent, the
biggest increase in eight months, two government reports
said today. Economists surveyed by Bloomberg News predicted
a decline in France and a 0.6 percent gain in Italy.

EU on Euro

Officials from the 13-country euro region failed to find a
common position on the currency on Oct. 8 as they prepare
for the G-7 meeting. While French President Nicolas Sarkozy
has said the appreciation is hurting European exports,
German Finance Minister Peer Steinbrueck said two days ago,
``I prefer a strong euro.''

French central bank governor Christian Noyer said at a
conference in Riga, Latvia, today the euro's gains show
investors are confident in the region's economic prospects.

``The economy in the euro zone is still holding up very
well, despite a strong euro,'' said Christian Dupont, a
senior currency trader at Societe Generale SA in Montreal.
``Some people are betting that the G-7 meeting won't try to
talk down the euro against the dollar, giving the euro a
boost.''

Bank of Japan Governor Toshihiko Fukui and his colleagues
will leave the overnight lending rate unchanged at the
conclusion of a two-day meeting starting today, according
to economists in a Bloomberg News survey. Australia's
benchmark rate is at an 11- year high of 6.5 percent and
New Zealand's is at a record 8.25 percent.

Dollar-Yen Volatility

One-month implied volatility for the yen versus the dollar
fell to 7.88 percent today, the lowest since July 25, from
8.15 percent yesterday. Dealers quote implied volatility, a
gauge of expectations for currency moves, as part of
pricing options. Lower volatility may encourage carry
trades as it implies less risk from swings in foreign
exchange.

The UBS risk index fell to 0.38 today, the lowest in almost
three months, from 0.54 yesterday, indicating increased
risk appetite.

The risk of owning European financial debt fell to the
lowest since July as credit-default swap traders bet banks
have ridden out the worst of the U.S. subprime mortgage
collapse.

The iTraxx Financial Index, a benchmark for the cost of
protecting bank and insurance company debt against default,
today fell 1 basis point to 21.5 basis points, according to
JPMorgan Chase & Co. The index, used to bet on the credit
quality of lenders such as Deutsche Bank AG, Barclays Plc
and UBS AG, falls as perceptions of creditworthiness
improve.

Asian Currencies

Asian currencies strengthened as Morgan Stanley's index of
Asian equities climbed to a record for a second day. The
Dow Jones Industrial Average and Standard & Poor's 500
Index climbed to records yesterday after minutes from the
Fed's meeting showed policy makers refrained from language
that may have heightened concern the U.S. economy will
contract.

The Singapore dollar climbed to a decade-high after the
central bank kept a policy of seeking a stronger currency
to curb inflation and signaled it will allow ``slightly''
faster gains.

Fed Minutes Support USD

by Korman Tam

The greenback edged up higher against the majors in early
US trading, firming to 1.4017 versus the euro and 117.48
against the yen before easing in the afternoon ahead of the
FOMC monetary policy minutes. The currency market remains
quiet as traders returned to their desks following the
holiday to a dearth of fresh economic news.

The dollar continues to benefit from last week's stronger
than expected jobs data, which tempered expectations for
further aggressive rate cuts from the FOMC. Nonetheless, we
still expect the Fed to cut rates by 25-basis points at the
end of October.

The minutes of the FOMC meeting revealed a unanimous
decision to cut rates by 50-basis points to 4.75% due to
the extremely weak conditions of the housing market,
tighter financial conditions and their potential impact on
the economy. Members expressed concern that a weaker
economy would further exacerbate tightening credit
conditions and reinforce the slowdown. Although members
remained concerned about the upside inflation risks, the
Fed is more confident a decline in inflation would be
sustained. Also, the Fed sees further slowing of employment
likely but labor markets should remain fairly tight.

St Louis Fed President William Poole reinforced sentiment
from Friday's payrolls report, saying the jobs data does
not suggest the downside risks many foresee are
materializing. He expects the housing market to remain weak
for several more quarters and not stabilize until well into
2008. Poole remained uncertain over the duration for market
turmoil, saying there was a substantial way to go. He added
that the Fed has a responsibility to help maintain normal
market processes but has neither the power nor the desire
to bail out bad investments.

The US economic calendar remains light until the end of the
week, with the reports to include TICS, trade balance, PPI,
retail sales, and the University of Michigan consumer
sentiment. We expect the dollar to remain within range this
week, with traders likely to buy up the euro, sterling, and
Aussie on dips. Markets will also focus on data released
from the Eurozone, which will see GDP and industrial
production.

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