Thursday, October 6, 2011

Atlantic International Partnership Madrid Local News and Latest Events

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The Royal Bank of Scotland says it will vigorously defend itself against US government claims it misrepresented the quality of mortgages it sold.
The US Federal Housing Finance Agency (FHFA) has filed lawsuits against 17 banks, including RBS, Barclays and HSBC, over mortgage-based investments.
Values plunged during the financial crisis and a bailout of mortgage firms cost US taxpayers billions of dollars.
RBS says it has “substantial” legal and factual defences to the US claims.
A spokesman said: “We believe we have substantial and credible legal and factual defences to these claims and will defend them vigorously.”
HSBC and Barclays declined to comment to the BBC on the legal action.
‘Improper actions’
Goldman Sachs, Bank of America, Deutsche Bank, Nomura, Citigroup, and Societe Generale are among the other banks facing legal action from the FHFA.
BBC business correspondent Joe Lynam says it is believed the financial institutions are being sued for a sum in the tens of billions.
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Atlantic International Partnership Financial and Investment Articles

http://altlanticinternationalpartnership.net/2011/06/atlantic-international-partnership-headlinesgroupon-founders-turn-to-financial-news-with-benzinga-investment/



In their latest investment through a separate seed fund, two Groupon founders are turning their attention towards a new area: financial news.

Benzinga.com
Lightbank, the seed fund created by Eric Lefkofsky and Brad Keywell, is investing $1.5 million in Benzinga.com, a Michigan-based real-time financial news site with trading tips, as well as aggregated content from other sites such as TheStreet.com and WSJ.com, parent site of this blog.
“We like the proposition of an actionable trading information network, and we like the entrepreneurs behind Benzinga,” said Lightbank partner Paul Lee, who joined the fund earlier this year. “We think there has to be a certain brand connotation with these kinds of sites and we see that in Benzinga’s founder.”

Mr. Lee is referring to Jason Raznick, president and co-founder of Benzinga.com, a former associate at Fortress Investment Group and financial news writer who says he bootstrapped his way through the first five months of Benzinga.com.
The site, which launched in early 2010, offers mostly free financial news content as well as a variety of subcription products targeted at traders. Mr. Raznick says the site sees between two and three million page views a month and that the company is already cash flow positive, with the bulk of its revenue coming from advertising.
“I think our site is different from other sites because we’re not saying, go do this in the market, or go buy that stock. We’re offering analysis and saying, if you believe this, here are some ways to do it,” Mr. Raznick says. He says he plans to continue to grow the company, which currently has between 20 and 25 employees, and that future build-outs may include more video products on the Web site.
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Atlantic International Partnership Article Reviews

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Sunday, September 4, 2011

Atlantic International Partnership Headlines:US stock market, economy and companies update (May 03, 2011)

http://atlanticinternationalpartnershipnews.com/2011/05/atlantic-international-partnership-headlinesus-stock-market-economy-and-companies-update-may-03-2011/


 Markets remained choppy following the NY open. Stock prices are finding little momentum while the NASDAQ and Russell continue to noticeably underperform. The Greenback remains under pressure but it is having much less of an effect on commodities this session. Factory orders topped estimates while General Motors reported strong April sales figures. The US benchmark 10-year yield declined to 3.25% matching that of the German Bund for first time since November.
- Overall Q1 earnings reports are being greeted with some selling. Sears Holding is down 9% after guiding Q1 to a substantial loss. Clorox is off 4% after tweaking FY earnings and margin guidance due to higher than anticipated costs. Vishay and Computer Sciences are losing substantial ground after disappointing earnings and lowered guidance respectively.
- The USD encountered some turbulence during the NY morning but stayed within recent ranges after key support held in the EUR/USD and GBP/USD held early in the session. Dealers noted that a combination of factors set the tone. First the 12-month Treasury yield declined to a record low in the US while the convergence process continued between the German 10-year Bunds and US-10-year note as they now yielded 3.25%. Lastly the persistent chatter of a hawkish US think tank report on the ECB monetary policy again surfaced ahead of the ECB rate decision later this week. By late in the NY morning the Greenback was under renewed pressure once again. USD/CHF made a new lifetime low below 0.86 while the EUR/USD climbed back above 4-week uptrend line at 1.4850. The USD/JPY has hit fresh post-coordinated intervention lows below 80.70.
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Atlantic International Partnership Headlines: UPDATE 1-S.Korea Q2 GDP growth slows, outlook clouded by exports

http://news.altlantic-internationalpartnership.com/




SEOUL, July 27 (Reuters) – South Korea’s economic growth eased slightly more than expected in the second quarter as export growth weakened and economists said the outlook was for more uncertainty due to a potential slowdown in the United States, a major consumer of Korean goods.
Gross domestic product grew a seasonally adjusted 0.8 percent in the April-June period from the first quarter, the central bank’s advance estimates showed, slowing after a revised 1.3 percent rise in the January-March period.
Despite slowing growth in Asia’s fourth largest economy and the risks posed by a potential U.S. debt default, economists expect the Bank of Korea to hike interest rates again in the near future to tame rising inflation.
“The Bank of Korea is now concerned about the economy entering a slowing growth coupled with high inflation phase, which will make it difficult to decide on policy direction,” said Ryan Oh, an analyst at Samsung Securities.
Oh saw a hike coming in the third quarter after the central bank left interest rates on hold at 3.25 percent its latest review on July 14.
Economists polled by Reuters had expected the economy to expand 0.9 percent in the second quarter, but exports growth slowed sharply to 1.5 percent quarter-on-quarter from 4.6 percent in the first quarter.
Gross domestic product was up 3.4 percent in the second quarter from a year earlier compared with the median projection for a 3.5 percent rise.
“The third-quarter growth outlook is opaque, given the uncertainties in Europe and the United States. I don’t think third-quarter GDP growth will be much different from that of the second quarter,” said Jun Min-kyoo, an economist at Korea Investment & Securities.
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Altlantic International Partnership Headlines: MGM gets more time to sell 50 percent ownership in Borgata casino

http://atlanticinternationalpartnershipnews.com/Sports/sports/


ATLANTIC CITY – MGM Resorts International is getting more time to sell its 50-percent stake in Borgata Hotel Casino & Spa as part of a settlement with New Jersey gaming regulators to leave the Atlantic City market.
The state Casino Control Commission voted Monday to extend the sale deadline by 18 months, from Sept. 24, 2011, to March 24, 2013.
MGM representatives told the commission that the company simply needs more time to sell the casino amid the weak regional and national economy. They said New Jersey’s recent regulatory overhaul of the casino industry, combined with Gov. Chris Christie’s creation of a new state-run Tourism District to make Atlantic City safer and cleaner, should help to entice potential buyers in the future.
“We’re very optimistic that all of the changes implemented in the last six months or so will be very helpful,” MGM attorney Nicholas Casiello Jr. said.
MGM has agreed to sell off its Atlantic City holdings after the New Jersey Division of Gaming Enforcement objected to the company’s partnership in a Macau casino with a Hong Kong businesswoman whose father has alleged ties to Chinese organized crime. Pansy Ho and her father, Stanley Ho, have denied any mob links.
The DGE supported the commission’s vote to extend the Borgata sale deadline, but reiterated the findings of its 2009 investigative report that called Pansy Ho an “unsuitable” business partner for MGM.
“We want people to understand that nothing has changed with our opinions in that report,” said George Rover, an assistant state attorney general who represents the DGE.
The remaining 50 percent of Borgata will continue to be owned by Boyd Gaming Corp. Up to this point, Boyd has not shown any interest in buying MGM’s share.
Last October, MGM announced it had received a $250 million offer from an undisclosed potential buyer for a half-share of Borgata, but that deal fell through. The Press of Atlantic City and the Bloomberg news agency reported that the offer came from the Los Angeles-based buyout company Leonard Green & Partners LP.
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