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• Federal Reserve flirting with higher inflation
• Card fee "settlement" just start of big legal battle
• Pension funds oppose Murdoch re-election: paper
• Bond traders: exhausted new stars of financial markets
• Next six months critical to quell crisis: IMF's Shafik
• Blackrock shares undervalued: Barrons
• Euro zone mulls new ways to cut Greek debt mountain
• Expect small '13 Social Security benefit increase
• AP Impact: Feds muff kid jewelry cadmium crackdown
• China central bank says currency near equilibrium
• Salmonella fear spurs firm to recall dog treats
• AP Impact: Feds muff kid jewelry cadmium crackdown
• Dana Gas expects Iraq, Kurdistan deal will speed gas payments
• WHY IT MATTERS: Auto bailout
• Expect small '13 Social Security benefit increase
• Blackrock shares undervalued: Barrons
• Yields dip on Egypt T-bills
• South Africa labour turmoil hitting growth
• Bay Street: Weak commodities set to punish company profits
• Card fee "settlement" just start of big legal battle
• Federal Reserve flirting with higher inflation
• Kenya raises fuel prices
• Pension funds oppose Murdoch re-election: paper
• Finland wary of single eurozone budget: PM
• From words to deeds: Why election matters
• Expect tiny '13 Social Security benefit increase
• India plans to relax rules for oil, gas licenses
• Bond traders: exhausted new stars of financial markets
• Next six months critical to quell crisis: IMF's Shafik
• UAE telco Etisalat will not exit foreign markets: CEO
• Tunisia ruling coalition agrees to hold elections next June

Federal Reserve flirting with higher inflation Posted: 14 Oct 2012 06:51 AM PDT NEW YORK/SAN FRANCISCO (Reuters) - Will the U.S. Federal Reserve look the other way if inflation overruns its target? Risking the wrath of politicians and the central bank's hard-won reputation for keeping prices stable, three top Fed officials are touting plans for boosting employment that explicitly allow for inflation to run above the Fed's 2.0-percent goal. Investors are wondering just how high - and for how long - the Fed may allow inflation to rise to encourage borrowing, investment and hiring. ...

Card fee "settlement" just start of big legal battle Posted: 14 Oct 2012 07:02 AM PDT (Reuters) - Visa, Mastercard and a group of retailers plan to ask a judge this week to approve a landmark settlement of a lawsuit over credit card fees, setting the stage for a battle with Wal-Mart and hundreds of other merchants who say it is a bad deal. Announced in July, the $7.2 billion settlement is intended to resolve seven years of antitrust litigation between merchants and credit-card companies and their banks over so-called "swipe fees" that retailers pay to process credit-card transactions. ...

Pension funds oppose Murdoch re-election: paper Posted: 14 Oct 2012 06:31 AM PDT LONDON (Reuters) - The two largest public pension funds in the U.S. have voted to oust Rupert Murdoch as chairman of News Corporation ahead of the company's annual shareholders meeting this week, the Sunday Telegraph reported. The California Public Employees Retirement System (CALPERS) and the California State Teachers' Retirement System (CALSTRS), have backed a resolution calling for News Corp to split the role of chairman and chief executive that Murdoch has held since founding the company, the newspaper said without citing sources. ...

Bond traders: exhausted new stars of financial markets Posted: 14 Oct 2012 03:03 AM PDT LONDON (Reuters) - Three years of crisis in the euro zone have thrust the once-sleepy government debt market into the public spotlight and transformed the way bonds are viewed, valued and traded. Huge debts run up by governments since the euro's creation in 1999 have turned the bond market, which financed a decade of fiscal excess using its huge pool of faithful investors, into an arbiter of economic policy capable of fracturing the euro zone. ...

Next six months critical to quell crisis: IMF's Shafik Posted: 14 Oct 2012 03:02 AM PDT TOKYO (Reuters) - Meetings of global financial chiefs over the weekend ended with a clearer picture of what Europe, the United States and emerging countries need to do to prevent a deep downturn in the world economy, a senior IMF official said on Sunday. IMF Deputy Managing Director Nemat "Minouche" Shafik told Reuters the next six months were critical for governments to act. "The challenge now is the politics of implementation," Shafik said in an interview. "That is the same challenge in Europe, in the U.S. and in emerging markets. ...

Blackrock shares undervalued: Barrons Posted: 14 Oct 2012 08:32 AM PDT (Reuters) - Shares of BlackRock , the world's largest investment manager, have had a tepid go of it. They are up only 4 percent this year, versus the nearly 14 percent gained by the S&P 500. But the stock is poised to rally in the next year, possibly handing investors a 16 percent return, according to a story in Barron's on Sunday. Shares have underperformed, Barron's says, in part because of the way Vanguard and Charles Schwab charge lower fees. There is also the rampant speculation that BlackRock founder and Chief Executive Laurence Fink may become the next U.S. ...

Euro zone mulls new ways to cut Greek debt mountain Posted: 13 Oct 2012 10:18 PM PDT TOKYO (Reuters) - Euro zone officials are considering new ways to reduce Greece's huge debts because delays to reforms by Athens and continued recession have put the target of a debt to GDP ratio of 120 percent in 2020 out of reach, euro zone officials said. A Greek debt sustainability analysis prepared by the International Monetary Fund, the European Central Bank and the European Commission in March forecast Greek debt would rise to 164 percent of GDP in 2013 from around 160 percent in 2012 under a baseline scenario assuming the Greek economy would stop contracting next year. ...

Expect small '13 Social Security benefit increase Posted: 14 Oct 2012 08:34 AM PDT Social Security recipients shouldn't expect a big increase in monthly benefits come January.

AP Impact: Feds muff kid jewelry cadmium crackdown Posted: 14 Oct 2012 09:03 AM PDT Federal regulators failed to pursue recalls after they found cadmium-tainted jewelry on store shelves, despite their vow to keep the toxic trinkets out of children's hands, an Associated Press investigation shows.

China central bank says currency near equilibrium Posted: 13 Oct 2012 10:16 PM PDT China's currency has reached its equilibrium rate and its value is mainly determined by the market, rather than intervention, Beijing's central bank chief said Sunday, signaling there is little likelihood of major movement in the yuan's value in the near future.

Salmonella fear spurs firm to recall dog treats Posted: 13 Oct 2012 03:29 PM PDT A pet food company is voluntarily recalling dog treats that could be contaminated with salmonella.

AP Impact: Feds muff kid jewelry cadmium crackdown Posted: 14 Oct 2012 09:03 AM PDT Federal regulators failed to pursue recalls after they found cadmium-tainted jewelry on store shelves, despite their vow to keep the toxic trinkets out of children's hands, an Associated Press investigation shows.

Dana Gas expects Iraq, Kurdistan deal will speed gas payments Posted: 14 Oct 2012 08:59 AM PDT DUBAI (Reuters) - Dana Gas and Crescent Petroleum expect that the recent multi-million-dollar oil payment by Baghdad to the Kurdistan Regional Government (KRG) means they will get paid for gas they have supplied to the region, the companies said on Sunday. The United Arab Emirates-based companies have faced difficulties getting paid for all of the fuel they have supplied to power stations in Kurdistan that has helped maintain secure supplies of electricity for millions of people in a country where fuel shortages are commonplace. ...

WHY IT MATTERS: Auto bailout Posted: 14 Oct 2012 08:40 AM PDT The issue:

Expect small '13 Social Security benefit increase Posted: 14 Oct 2012 08:34 AM PDT Social Security recipients shouldn't expect a big increase in monthly benefits come January.

Blackrock shares undervalued: Barrons Posted: 14 Oct 2012 08:32 AM PDT (Reuters) - Shares of BlackRock , the world's largest investment manager, have had a tepid go of it. They are up only 4 percent this year, versus the nearly 14 percent gained by the S&P 500. But the stock is poised to rally in the next year, possibly handing investors a 16 percent return, according to a story in Barron's on Sunday. Shares have underperformed, Barron's says, in part because of the way Vanguard and Charles Schwab charge lower fees. There is also the rampant speculation that BlackRock founder and Chief Executive Laurence Fink may become the next U.S. ...

Yields dip on Egypt T-bills Posted: 14 Oct 2012 07:59 AM PDT CAIRO (Reuters) - Egyptian treasury bill yields fell at an auction on Sunday, resuming a downward trend on expectations that aid from foreign states will stave off a payments crisis until the government seals a $4.8 billion IMF loan. Yields have tumbled from historic highs this year as political turmoil subsided and a new government pledged economic reforms and re-starting talks with the International Monetary Fund. Aid from Saudi Arabia, Qatar and other countries is propping up finances and sustaining a budget deficit that soared after President Hosni Mubarak's overthrow last year. ...

South Africa labour turmoil hitting growth Posted: 14 Oct 2012 07:58 AM PDT JOHANNESBURG (Reuters) - Two months of crippling labour turmoil are likely to force South Africa to look again at its economic growth forecasts, the central bank's deputy governor said on Sunday. Wildcat strikes that started in the platinum mines have left more than 50 people dead and spilled to other industries, undermining investor confidence in Africa's biggest economy and tarnishing President Jacob Zuma's government. ...

Bay Street: Weak commodities set to punish company profits Posted: 14 Oct 2012 07:43 AM PDT TORONTO (Reuters) - Canada's biggest companies may join their Wall Street peers in posting poor financial results for the latest quarter as miners and energy producers struggle with soft global demand and volatile commodity prices. Energy and materials shares make up about half of the value of the Toronto Stock Exchange's benchmark S&P/TSX composite index and include such blue chips as Cenovus Energy , Teck Resources Ltd and Goldcorp Inc . All three are expected to report a year-on-year drop in third-quarter earnings per share in the coming weeks. ...

Card fee "settlement" just start of big legal battle Posted: 14 Oct 2012 07:02 AM PDT (Reuters) - Visa, Mastercard and a group of retailers plan to ask a judge this week to approve a landmark settlement of a lawsuit over credit card fees, setting the stage for a battle with Wal-Mart and hundreds of other merchants who say it is a bad deal. Announced in July, the $7.2 billion settlement is intended to resolve seven years of antitrust litigation between merchants and credit-card companies and their banks over so-called "swipe fees" that retailers pay to process credit-card transactions. ...

Federal Reserve flirting with higher inflation Posted: 14 Oct 2012 06:51 AM PDT NEW YORK/SAN FRANCISCO (Reuters) - Will the U.S. Federal Reserve look the other way if inflation overruns its target? Risking the wrath of politicians and the central bank's hard-won reputation for keeping prices stable, three top Fed officials are touting plans for boosting employment that explicitly allow for inflation to run above the Fed's 2.0-percent goal. Investors are wondering just how high - and for how long - the Fed may allow inflation to rise to encourage borrowing, investment and hiring. ...

Kenya raises fuel prices Posted: 14 Oct 2012 06:39 AM PDT NAIROBI (Reuters) - Kenya's energy regulator raised the price of petrol, diesel and kerosene on Sunday in response to rising crude oil prices and an unfavourable exchange rate, raising the likelihood of higher inflation. Fuel prices have a big effect on the rate of inflation, which fell to 5.32 percent in September from 6.09 percent the previous month, having peaked at 20 percent late last year. The Energy Regulatory Commission (ERC) raised the maximum price of a litre of super petrol in the capital, Nairobi, by 6.31 shillings to 115.26 shillings, and that of a litre of diesel by 5. ...

Pension funds oppose Murdoch re-election: paper Posted: 14 Oct 2012 06:31 AM PDT LONDON (Reuters) - The two largest public pension funds in the U.S. have voted to oust Rupert Murdoch as chairman of News Corporation ahead of the company's annual shareholders meeting this week, the Sunday Telegraph reported. The California Public Employees Retirement System (CALPERS) and the California State Teachers' Retirement System (CALSTRS), have backed a resolution calling for News Corp to split the role of chairman and chief executive that Murdoch has held since founding the company, the newspaper said without citing sources. ...

Finland wary of single eurozone budget: PM Posted: 14 Oct 2012 06:29 AM PDT HELSINKI (Reuters) - Finland has reservations about a proposed centralized eurozone budget to help struggling countries in the currency zone, its prime minister said on Sunday. The idea of a budget, which would be separate from the long-term budget of the wider European Union, is due to be discussed at an EU summit this week and it is backed by Germany and France [ID:nL5E8LCC1A]. Jyrki Katainen said Finland, known for its tough stance towards many euro crisis measures, has many concerns about the budget plan. ...

From words to deeds: Why election matters Posted: 14 Oct 2012 05:31 AM PDT When you vote for Democrat Barack Obama or Republican Mitt Romney in November, you'll be voting for more than a president. You'll be casting a ballot for and against a checklist of policies that touch your life and shape the country you live in.

Expect tiny '13 Social Security benefit increase Posted: 14 Oct 2012 04:55 AM PDT Social Security recipients shouldn't expect a big increase in monthly benefits come January.

India plans to relax rules for oil, gas licenses Posted: 14 Oct 2012 03:21 AM PDT NEW DELHI (Reuters) - India plans to relax rules for oil and gas exploration licenses in time for the next bidding round, in a move to attract global companies. "Before the next round (of exploration licensing) we would like to put in place a more investor friendly regime both for investment and from point of view of pricing," oil minister S. Jaipal Reddy said on Sunday. Companies have to get government approval for the formulae they use to work out selling prices for the oil and gas under the current rules. ...

Bond traders: exhausted new stars of financial markets Posted: 14 Oct 2012 03:03 AM PDT LONDON (Reuters) - Three years of crisis in the euro zone have thrust the once-sleepy government debt market into the public spotlight and transformed the way bonds are viewed, valued and traded. Huge debts run up by governments since the euro's creation in 1999 have turned the bond market, which financed a decade of fiscal excess using its huge pool of faithful investors, into an arbiter of economic policy capable of fracturing the euro zone. ...

Next six months critical to quell crisis: IMF's Shafik Posted: 14 Oct 2012 03:02 AM PDT TOKYO (Reuters) - Meetings of global financial chiefs over the weekend ended with a clearer picture of what Europe, the United States and emerging countries need to do to prevent a deep downturn in the world economy, a senior IMF official said on Sunday. IMF Deputy Managing Director Nemat "Minouche" Shafik told Reuters the next six months were critical for governments to act. "The challenge now is the politics of implementation," Shafik said in an interview. "That is the same challenge in Europe, in the U.S. and in emerging markets. ...

UAE telco Etisalat will not exit foreign markets: CEO Posted: 14 Oct 2012 02:56 AM PDT DUBAI (Reuters) - Etisalat , the Gulf's No.2 telecommunications operator, will not completely sell out of any of its foreign markets, the company's chief executive said on Sunday. The United Arab Emirates firm, which operates in about 17 countries in Africa, Asia and the Middle East, sold a 9.1 percent stake in Indonesian mobile firm PT XL Axiata for $510 million in September, but retained a 4.2 percent holding. The Indonesian sale, which followed Etisalat's exit from India, was seen by some analysts as part of a broad push to trim back underperforming foreign units. ...

Tunisia ruling coalition agrees to hold elections next June Posted: 14 Oct 2012 02:00 AM PDT TUNIS (Reuters) - Tunisia's ruling coalition, led by the Islamic Ennahda Movement, said early on Sunday it had agreed to hold presidential and parliamentary elections on June 23 with the president being chosen directly by voters. The coalition's agreement on a date for elections and the establishment of an amended parliamentary system come after widespread criticism from the opposition that Ennahda wants to control the government and avoid elections. ...

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