Future actions of signals more gains for equities - Reuters

The Dow Jones index gained 72.73 points or 0.60%, to 12,261.42.

Credit: Reuters/chart.

(Reuters) The stock index futures pointed out a higher open on Wall Street Thursday, with futures for the S & P 500, Dow Jones and Nasdaq 100 up to 0.1 and 0.3%.

* News Corp. (NWSA).(O) guaranteed Government of the United Kingdom for his redemption controversial BSkyB (BSY.)(L) Thursday after the Minister responsible for complaints rejected the move would give Rupert Murdoch too power and influence.

* The Ministry of labour publishes 1230 claims of first time GMT of unemployment for the week ending 25 June. Economists expected a total of 420 000 new applications, compared to 429,000 the previous week.

* AMR Corp. (AMR).(N) American Airlines is negotiating with officials of the aircraft Airbus (EAD.)(PA) and Boeing Co (BA).(N) to replace his Interior together fleet by buying aircraft at least 250 in a transaction valued at about 15 billion dollars, the Wall Street Journal reported.

Institute of management of the supply-New York communicated to 1230 index GMT June of regional business activity. In may, the

index read 534.0.

* At 1345 GMT, the Institute of Supply Management Chicago June index of manufacturing activity releases. Economists in a

Investigation of Reuters forecast June reading of 54.0 compared to 56.6 in May.

* Government of Greece is expected to pass a second Bill of austerity Thursday to take the return of the failure in obtaining more funds EU countries and the IMF.

* The Federal Reserve ends its liaison program - buying 600 billion, called of2, Thursday and has yet to provide guidance for more upcoming monetary relaxation.

* Eli Lilly and Co (LLY.)(N) is committed to spend what it takes to arrive at innovative drugs in the long term, said the Chief Executive, even if the income of the company are expected to tumble over the next three years.

* Business results include the Group Apollo (Palo.O), Darden Restaurants Inc. (DRI).(N) and McCormick & Co Inc. (MKC).(N).

* The Dow Jones industrial average.DJI has acquired 72.73 points or 0.60%, to 12,261.42 on Wednesday. Standard & Poor 500 Index.SPX increased 10.74 or 0.83%, to 1,307.41 points. Index Composite Nasdaq.IXIC added 11.18 points or 0.41%, to 2,740.49.

* The Pan-European 300.FTEU3 FTSEurofirst index of shares at the top of the page has been up to 0.2% Thursday, while an average of Nikkei closed Japon.N225 of 0.2 per cent more high.

(Reporting by Atul Prakash;) (Editing by Hans-Juergen Peters)

BofA haunted by Countrywide Deal - Wall Street Journal

Just before the Bank of America Corp. conducted buy Countrywide Financial Corp. in 2008, then-Chief Executive Bank, Kenneth d. Lewis, said analysts why it had abandoned its resistance to possess a mortgage lender.

"Arithmetic overcomes all of your questions," he told analysts. "If I never did anything in the mortgage sector, I should eat approximately seven years of my words, so it would be quite persuasive."

More high Bank of the nation of property was haunted by Countrywide numbers since the agreement of $ 2.5 billion has been completed.

On Wednesday, Bank of America announced, as expected, a...

Oil near $95 in the hopes for the resolution of the Greek debt (AP)

BANGKOK - oil fluctuated below US $95 per barrel Thursday in Asia after the Greece of an austerity plan approval procedures eased concerns about a spreading of the financial crisis in Europe.

Oil of reference for August delivery fell 27 cents to $94.50 US per barrel at Bangkok late afternoon electronic trade on the New York Mercantile Exchange. Gross earned $1.88 to settle at $94.77 Wednesday.

In London, Brent crude for August delivery was off the coast of $1.18 $112.22 ice future exchange.

The dollar lost ground to the euro and other major currencies, which boosted the oil as well. Oil, which is priced in dollars, tends to increase while the greenback falls and makes crude cheaper for investors holding other currencies.

Oil was recovered in the last two days of losses since last Thursday, when the 28 - nation International Energy Agency said that it would be 60 million barrels of crude from available stocks of emergency to help lower prices.

He got a boost as Greek legislators prepared for and adopted financial reforms which were necessary for the country receive the next part of a package of aid. Without this money, the risk of countries default on its debts.

Gross of nearly $115 at the beginning of the month dropped last in the fears of slowdown in demand in Europe and the United States.

Other Nymex trading in July, contracts, heating oil fell 2 cents to 2.90 $ a gallon of gasoline dropped 1.9 cents per gallon to $2.99. Natural gas futures lost 4 cents to $4.28 per 1,000 cubic feet.

New CEO of Lloyds cuts 15,000 jobs in the blueprint

A Lloyds TSB bank sign hangs outside a branch in London on May 5, 2011.

Credit: Reuters/Suzanne PlunkettBy Sudip Kar-Gupta and Steve Slater

LONDON | Thursday, June 30, 2011 5: 17 am EDT

London (Reuters) - Lloyds will cut 15,000 jobs and reduce by half its international presence, a plan of his new boss hopes will save 1.5 billion pounds ($2.4 billion) per year by 2014 and return Bank British part-nationalised back to health.

Executive Chef Antonio Horta-Osorio presented his redesign of the Bank on Thursday after about 100 days in charge and says it aims to cut middle management and making the Bank more agile and more simple.

The latest cuts will add to 27,000 job losses already since the financial crisis of 2008. Lloyds currently employs approximately 103,000 staff.

The cost of the program will be £ 2.3 billion, but economies raised will enable the Bank to invest an additional $ 2 billion books in its activities of core retail banking.

Horta-Osorio will reduce the international presence of Lloyds within 15 countries by 2014 30 now to focus more on its UK-based retail banking activities - where it is the market leader and has always been much more important that its overseas reach.

Presence overseas of Lloyds currently includes operations in Europe, such as the Netherlands, the Germany and the Spain, Northern, and in Asia and South America. Horta-Osorio, which Lloyds poached rival Santander UK, refused to say what countries Lloyds leave.

Union group unit attacked the job cut plans, but Horta-Osorio, said that the move was necessary.

"We must return to profitability as quickly as possible." "I think that we need to become leaner, more agile and responsive to the needs of our customers", he told reporters in a conference call.

Lloyds shares rose sharply as analysts and investors welcomed the plans of the Horta Osorio. 0855 GMT stock was 9.5 per cent to 48.9 pence, the best-performing stock on benchmark FTSE 100 of Britain.

"It looks like the third time lucky for the days of strategy of the United Kingdom banks - Lloyds has delivered solid targets with some key milestones," said Mike Trippitt, Oriel Securities analyst.

Said Trippitt control strategy of Lloyds compared favourably with other these days of strategy held by HSBC and Barclays, which targets ends up disappointing rival investors.

SALES BRANCH

Lloyds plus one in the world and a darling of the sector in the 1990s for his dynamic policy control, profitability and returns massive, but its strategy for growth and the impasse after it was blocked by regulators of the purchase of old building Abbey National in 2001.

Known as the "Black Horse" after its logo, it was screened with billions of pounds of losses after it purchased troubled rival HBOS, at the height of the 2008 credit crisis, an agreement negotiated by the Labour Government of the time.

His losses led to it being to the rescue and owned in part by the Government, with Royal Bank of Scotland, and Great Britain finished with a game from 41% to Lloyds and 83% of RBS.

As payback to be bailed out by taxpayers, European regulators ordered Lloyds to sell 630 branches, even though a British banking commission said, that he could sell more to increase competition.

Lloyds said that it is on the right track to find a buyer for the assets at the end of the year.

Virgin Money, new business bank UK NBNK and the National Bank of the Australia are likely bidders for these branches, while there was speculation that the assets can also draw interest from European and Asian banks.

The HBOS agreement gave Lloyds the Affairs of the Halifax Retail Bank and CEO Horta-Osorio said that Lloyds planned to cultivate this brand as part of a plan to "revitalize" Lloyds.

Bancassurance, which includes the insurance unit of the Scottish Widows Lloyds, will be also part of the Group and Lloyds said that he expected restart progressive dividend, once it is authorized to do so. The earlier in which it may restart dividends is 2012.

Lloyds shares remain below the level of 63.1 pence in which the British taxpayer has acquired its stake in the Bank.

SVM Asset Management head Colin McLean said Lloyds and other banks remain vulnerable to their increasing exposure indebted European countries such as the Ireland and the costs of regulation and were therefore stocks to avoid for the moment.

"It is still not enough clarity on the banking sector and their capital and funding positions", he said.

($ 1 = 0,626 GBP)

(Other reports by Tommy Wilkes;) (Editing by Sophie Walker)

Set of Greece for the final vote on the cuts after riots (AP)

Athens, Greece - Greek lawmakers are set to pass a bill Thursday to fast track austerity costs demanded by creditors, following two days of riots in Athens that left some 200 people injured and damaged 50 shops.

The Greece international creditors insisted Greece return for a package of austerity and Bill in return associated implementation to give more money in the country. On Wednesday, Parliament approved the package ($40 billion) billion euro28 of five-year spending cuts and tax increases, leaving the details of the cuts to be approved Thursday.

Once and if bill Thursday to implement austerity measures is deselected, the euro and the Monetary Fund International will be able to release the euro12 billion ($17 billion), which is due by year package last of the Greece rescue loans. Several of the measures described will be in kick almost immediately.

Without financial assistance, the Greece faced bankruptcy as early as mid-July. A Greek default on its debt could trigger a major banking crisis and potential trouble markets worldwide, similar to what happened when the Lehman Brothers investment house collapsed in 2008 at the United States.

Thus, in markets around the world breathed a sigh of relief after the Wednesday vote - then that municipal authorities in the Greek capital struggling with damage from the two days of violent demonstrations.

The next opus ready billion EU - IMF of euro12 will tide Greece until mid-September, according to the representatives of the Government, but it seems that in the years to come, it will need lots of money. Creditors are considering to give Greece a package of support then, cover the major upcoming funding gaps.

Billion ($159 billion) package the year last European was based on the Greece being able to tap investors bonds for cash next year, but with interest rates of the country to excessive levels, which seems very unlikely.

The austerity measures imposed in Greece in exchange for foreign assistance are met with resistance.

Wednesday, riots erupted for a second day before the Parliament in Athens, with the police in the face and firing tear gas at demonstrators after a failed attempt to blockade the building.

Trade associations, said about 50 shops were damaged, mostly coffee shops and restaurants fast food near Parliament, while tourists and other guests were evacuated to a hotel in central Athens.

Municipal crews worked all night to clear the streets of city center which had been strewn with broken paving stones, bottles of mineral water, burned garbage cans and broken glass.

Government officials said that they were not satisfied with the police in riots that lasted nearly 10 hours Wednesday, but the Thanassis police spokesman Kokkalakis said that they had managed to protect Parliament and prevent serious injuries and property damage.

Without major protests were planned Thursday and the power of the workers called a strike which caused rolling blackouts of business days. The ferry to the Greek islands services more ports of Athens were cancelled for a third day, however, because of the strike of the workers of a port.

Union officials said that it would be performing a central Athens Thursday gathering later.

Greek Hoteliers Association has launched an appeal in deference to the police, the demonstrators, warning of violence and unions could hit high season reservations.

"Once again, a public world television images (riots) witness that would discourage even the most determined potential to visit our country visitors" as association statement said.

But Andreas Andreadis, head of the Association of Greek tourist enterprises, told Associated Press that he did not believe that the riots would have a lasting effect on a generally good year for Greek holiday industry.

"There was a small hollow in reservations, mainly in Athens, for the last days of four or five, but it is likely to return to normal," said. "We remain on course for an increase of 10 percent of travel bookings this year than in 2010".

Judge says 150 years in prison for Madoff - New York Times

Counsel, Ira Lee Sorkin, listed several reasons, including Mr. Madoff confessed to his sons, knowing that it could be turned into; his "full acceptance" of the responsibility for his crimes; and its efforts to help the recovery of lost property.

Citing data showing Mr. Madoff, who was then 71 years, could expect to live about 13 years, Mr. Sorkin applied for a period of 12 years - "right to an effective life sentence", as he put it-suggesting that Mr. Madoff may be allowed a year of freedom before his death. Mr. Sorkin also proposed another option: 15 to 20 years.

Judge Chin, said that he understood the purpose of Mr. Sorkin. "It's a fair argument that you want to give someone a chance to see the light of day," the judge said in a recent interview, "to" have some hope and something to live.

"And," he added, "who was one of the struggles Madoff.".

Judge Chin said he rejected the idea of a 12 year sentence for Mr. Madoff quickly but thought 20 to 25 years may be acceptable. Finally, he concluded that even that "would have been just too low.

"Ultimately, I just thought it would deserve," he said. "The benefits of him gives hope were far outweighed by other considerations of."

Judge Chin would impose a term of 150 years of Mr. Madoff, perhaps the most striking and widely discussed the sentence in the history of the American crime passes white. In doing so, it seemed to find a way to translate the rage of the society in a number.

Two years later, her memories resurrect anger, shock and confusion that surrounded Mr. Madoff crimes and provide a rare eye blow encountered unbearable pressure by a judge who had for balancing act, the emotion of the public and its own deep convictions while making a sentence which was fair and met the need for the Court to send a message.

Judge Chin have agreed on a series of interviews in a broader look in his sentencings in the Federal District Court in Manhattan, which appear in an article later. "Most of the judges will tell you that sentencing is the most difficult things to do," he said.

Mr. Madoff, who was also interviewed, offered its first comments on the judge and the sentence, which was held two years earlier on Wednesday.

Speaking by telephone from federal prison in Butner, N.C., Mr. Madoff said that he believed that the judge Chin went with "the time mob psychology".

"Explain to me who else received a sentence like that", said Mr. Madoff. "I hear, serial killers get a death sentence, but this is practically what he gave me."

"I am surprised Chin suggests the stoning in public,"he added."".

"Thank you (I Guess).

Judge Chin, 57, said he has learned that he had received the case Madoff for its staff, as he entered his room, March 6, 2009, after a procedure of the Court.

He also received an email that day of Gabriel w. Gorenstein, a judge, magistrate who had reached in the wheel in wood that is used to assign random cases to the courthouse and selected an envelope containing the name of judge Chin.

"Just thought that I would give you the heads up," wrote judge Gorenstein.

"Thank you (I guess) to turn the wheel in my favor." Judge Chin wrote in return.

Judge Chin has also learned that day there would that Mr. Madoff plead guilty to all the 11 counts against him, including fraud, perjury and money laundering.

A few days before the sentencing, clerks and trainees from the Chin j. joined him for their weekly lunch around a large wooden table in his cabinet.

Exclusive: S & P deeply cut the U.S. if missed payment of the debt ratings

Dan Parker of Shamokin, Pennsylvania, holds a flag of the United States out of the White House in Washington on May 2, 2011.

Credit: Reuters/Kevin LamarqueBy Walter Brandimarte

NEW YORK | Thursday, June 30, 2011 4 pm EDT

NEW YORK (Reuters) - the United States would have immediately with a "selective default" with excellent credit rating if it is missing a payment of the debt on 4 August, General Manager of Standard & Poor John Chambers told Reuters.

Chambers, who is also the Chairman of the Committee on S & P sovereign ratings, said on Tuesday that the US Treasury bills coming due August 4 could be evaluated at had ' if the Government fails to their honour. Treasures affected would be downgraded, but not as sharply, he said.

"If the US Government misses a payment, it will d," said Chambers. "That would produce right after August 4, when bills mature, because they do not have a grace period.".

Fears of a technical defect increased after budget negotiations between Democrats and Republicans collapses, in Washington, D.c., earlier this week. Even a brief by default by the United States immediately the country borrowing costs would increase on the fragile economic recovery and erode the status of the dollar as reserve currency.

On 4 August, the Department of the Treasury is due to pay off the coast of $ 30 billion of debt in the short term due to expire.

Debt negotiations deadlocked, new ideas are surfacing as the prioritization of debt payments. But the Secretary of the Treasury Timothy Geithner told legislators Wednesday that such an approach would still cause investors to shun the Treasury bills.

Geithner said that because the United States borrows now about 40 cents of every dollar of expense, prioritizing payments without a debt limit increase would require cutting 40 per cent of all government spending.

S & P is not the first agency to say that it will be to downgrade the United States if a payment is missed. Rater rival credit Moody on June 2 was the first to say that it would be to downgrade to the United States shortly after a possible failure related to the ceiling to the range of Aa.

Moody Wednesday, said that a downgrade of credit U.S. would also affect ratings of some States and municipalities with strong links to credit the Federal Government.

Chambers stressed that the probability of default U.S. is "extremely low", as the S & P expects an increase in last minute to the debt of the ceiling country just as it happened more 70 times since the 1960s.

He also noted a default on US Treasury bills - a point of reference against which all other liabilities are measured — would dwarf worries about ratings of credit U.S. as world markets would collapse.

Chambers said, however, that S & P is more concerned about the ability of the Government to effectively cut its deficit over the next two years, with the presidential elections in 2012 by a bipartisan agreement much more difficult.

S & P is currently the only one of the bodies of credit ratings of three major review perspectives on credit AAA rating to the United States to negative. He said that he sees a chance for one to three of a downgrade over the next two years.

Moody investors Service and Fitch Ratings expressed their concern about the pace of the budget negotiations in Washington, but still maintain a stable perspective on U.S. ratings.

Yet they have been more vocal about the risk of a "technical failure" in August. Fitch said earlier this month it would cut U.S. ratings of the issuer "restricted by default" If the Government lacks a more substantial debt payment on 15 August.

The Treasury has reached the limit of debt of the country $ 14.3 billion on May 16 and has made use of the extraordinary measures to keep its debt since then. Lack of alternatives to avoid a default on 2 August, Geithner said.

(Editing by Carol bishopric)

Bank of America, expects loss, after settlement

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Customers are seen outside of a Bank of America in Tucson, Arizona January 21, 2011. Bank of America Corp., the largest U.S. bank, reported weaker-than-expected revenue and a second straight quarterly loss after its limping mortgage business triggered writedowns and legal settlements.

Credit: Reuters/Joshua LottBy Joe Rauch and David Henry

CHARLOTTE, N.C./NEW YORK. Wed Jun 29, 2011 8: 11 pm EDT

CHARLOTTE, N.C./NEW YORK (Reuters) - Bank of America Corp. said it expects to take more than $20 billion of charges after settling with mortgage bond investors, resulting in a second - quarter loss.

The sum, which includes an $8.5 billion settlement, removes a question mark that had been hovering over the bank since October, and Bank of America's shares rallied.

"investors can now start attaching a number to these unknowns and what they will cost the bank." "With the swipe of a pen, they've dealt with a large chunk of these issues," said Paul Miller, a banking analyst with FBR Capital Markets.

Chief Executive Brian Moynihan is working hard to move past the mortgage crisis, and this settlement is the latest step in that process.

But the large dollar amounts linked to the settlement and the bank's other efforts to clean up mortgage exposure in recent months could weigh on the bank's capital levels as most banks are looking to boost capital and return more money to shareholders.

The bank was hit hard by toxic home loans after Ken Lewis, Bank of America's prior CEO, bought mortgage lender Countrywide Financial in 2008, just as the housing market bubble was bursting.

Other banks, including JPMorgan Chase & Co and Wells Fargo & Co, could now face pressure to resolve similar allegations, and new lawsuits may arise, analysts said.

A group of 22 investors, including BlackRock Financial Management, alleged that bonds it bought from Countrywide Financial were packed with mortgages that should never have been sold. Bank of America bought Countrywide, once the largest U.S. mortgage lender, in 2008.

Bank of America said that excluding items such as the settlement, second - quarter earnings could top the average Wall Street estimate.

CHEVY VEGA

The settlement is the third in six months for BofA, following similar deals with government-backed mortgage investors Fannie Mae and Freddie Mac, and insurer Assured Guaranty Ltd..

In January, the bank announced plans to settle with Fannie and Freddie for $2.8 billion. In April, BofA disclosed a $1.6 billion settlement with Assured Guaranty.

Last fall, CEO Moynihan said the bank would fight any such repurchase requests. He described talks with investors over claims as "hand-to-hand combat" and said some investors were looking for a better deal through repurchases.

Their attitude, Moynihan said, was "I bought a Chevy Vega goal I want it to be a Mercedes."

"we re going to protect shareholders against that," he said during the company's third - quarter earnings conference call.

But Moynihan struck a different tone on Wednesday, saying the company was looking to put repurchase woes behind it in terms that would be favourable to BofA shareholders.

"our job is to eliminate risks to allow this company to go forward," he said, dismissing suggestions from analysts that the bank did not put up a fight in the settlement process.

The repurchase dispute with investors began last fall, when a group of prominent mortgage securities holders threatened to sue over the toxic mortgages.

In December, the two sides avoided a short box by agreeing to settlement talks that have continued since then.

But the deal comes at a price for BofA. FBR analyst Miller said the settlement leaves little margin for error as the bank works to meet new capital requirements.

Other analysts are less concerned. Marty Mosby of Guggenheim Securities said the bank has $67 billion in excess capital under current rules - and $26 billion under new proposed industry rules.

During a conference call announcing the settlement, BofA Chief Financial Officer Bruce Thompson said the bank projects it can replace the capital with earnings through the next two quarters.

Investors largely welcomed the settlement, as shares rose 3 percent to $11.14 in late afternoon trading.

"The bank has to get out of the litigation business and back into the banking business," said Greg Donaldson, founder of Evansville, Indiana - based Donaldson Capital Management, which owns BofA shares. Donaldson said the settlement was the best move he had seen from the bank in the last two years.

Bank of America said it expected to post a loss of 88 cents to 93 cents per share for the second quarter.

Excluding special items, it expects earnings of 28 cents to 33 cents a share. Analysts' average forecast was 28 cents, according to Thomson Reuters I/B/E/S.

SIX OR SEVEN YEARS

The bank said charges would include the $8.5 billion settlement with bond investors, $5.5 billion to cover payments to other mortgage bond investors expected, and $6.4 billion in other charges linked to mortgages.

Separately, BofA said it would record a $2.5 trillion gain in the quarter from the sale of Balboa Insurance and a chunk of its remaining BlackRock stake.

CFO Thompson also said during the conference call with analysts that sale and trading results were higher in the second quarter compared with a year ago, but lower than in the first quarter of 2011.

The settlement must still be approved in court, and small investors not part of the initial agreement could contest it.

An attorney for the investor group said the deal was good for all investors. The settlement will be shared among all investors in the securities, and the 22 institutional investors will not receive special benefits, Kathy Patrick, an attorney at Gibbs & Bruns LLP, said in an interview with Reuters' "On the box" legal blog.

"I have a hard time seeing how anyone could recover more than this in six or seven years of litigation," Patrick said.

Patrick said Bank of New York Mellon - the trustee for the mortgage-backed securities - played a crucial role in the settlement.

The investors argued that the mortgages packaged into their bonds did not meet their specifications, and that Bank of America, which is collecting payments on the mortgages, was not doing enough to maximize the collections. Part of the settlement includes improvements in gathering payments, known as servicing.

"This settlement is likely to embolden the other plaintiff's lawyers to go after other banks and look for similarities in their securitizations," said Nancy Bush, a veteran bank analyst.

BofA is still negotiating with a group of state and federal regulators - including a coalition of all 50 state attorneys general - over allegations the industry improperly foreclosed on delinquent borrowers.

(Reporting by Joe Rauch and David Henry, additional reporting by Brenton Cordeiro in Bangalore and Lauren Tara LaCapra and Dan Wilchins in New York;) (Editing by Lisa Von Ahn, John Wallace, Gary Hill)

Exclusive: U.S. small business borrowing waves

By Ann Saphir

CHICAGO. Thursday, June 30, 2011 6: 22 am EDT

CHICAGO (Reuters) - borrowing by small American businesses have increased at a record pace in may, data PayNet Inc., outputs on Thursday showed, a sign that economic growth is about to take in the coming months.

The Thomson Reuters/PayNet Small Business loans Index, which measures the total volume of funding for small U.S. businesses, increased by 26% in may from a year earlier, PayNet said.

The index is now the highest since July 2008, two months before the collapse of Lehman Brothers and the derailment near the world financial system.

By small business loan is considered a harbinger of the economy in general because they represent as much as 80 per cent of new hiring. PayNet loans tracks are generally used to purchase or update plants and equipment.

The Federal Reserve has kept the rate close to zero since December 2008 to try to get out of the economy from the worst recession since the 1930s.

Last week, the Fed officials reiterated their promise of maintaining low rates for a period extended, but predicted that a slower than expected spring can give way to faster growth later this year.

Dallas Fed President Richard Fisher Tuesday said he expects growth of 4% in the second half, more than twice the 1.9% pace in the first quarter.

Data Thursday on loans for small business concerns to this optimistic point of view. Index signal typically changes in the global economy from two to five months in advance.

"If small businesses take this kind of opportunity, take risks, make investments in the long term, they see opportunities in the long term on the horizon," founding PayNet Bill Phelan said in an interview. "Who has obtained to a large positive sign for the economy".

Separate also outputs data Thursday showed small business prepared by default to their lowest level in five years, linking the records set in April and May 2006.

Accounts in the moderate crime or those behind by 30 days or more, fell in May to 1.95% of 2.06% in April, PayNet, said Thursday.

Accounts 90 days or more behind in payment, or in serious delinquency, fell to 0.59% in May of 0.63% in April.

Banks with the improvement of the quality of outnumbered assets banks with the deterioration of the quality of assets by four to one, said Phelan.

Accounts behind 180 days or more, or in default and unlikely to ever be paid, fell to 0.75 per cent of total debt in may, 0.77% in April, according to PayNet, which provides tools for risk management for the commercial lending industry.

German banks said that he agreed with the Government on the Plan of deployment on Greek debt - Bloomberg

Banks and insurers Germany hold Greek sovereign debt expiring in 2014 to approximately 2 billion euros ($2.9 billion) and EUR 4 billion that expires in 2020, the people said.Photographer: Hannelore Foerster and Bloomberg Finance Minister Wolfgang Sch?uble the Germany. Photographer: Michele Tantussi/Bloomberg.

Most large banks of the Germany and the insurers and the Government have agreed on a draft proposal to refinance the assets of Greek debt, said those familiar with the plan.

Financial firms will undertake to provide funding for a Greek aid package and an announcement is scheduled for this afternoon, said the people, who refused to be identified because the talks are private. The project could still be amended at a meeting today with Finance Minister Wolfgang Sch?uble and top industry leaders, said the people.

Banks and insurers Germany hold Greek sovereign debt expiring in 2014 to approximately 2 billion euros ($2.9 billion) and EUR 4 billion that expires in 2020, the people said. The project left open how much debt would be reappointed or under what conditions the plan should be carried out, they said.

To contact the reporter on this story: Aaron Kirchfeld in akirchfeld@bloomberg.net Frankfurt

To contact the responsible editors of this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans in the eevans3@bloomberg.net

Dangers lurk beyond vote of the Greek Parliament - Reuters

By Daniel Flynn and Leigh Thomas

ATHENS/PARIS. Thursday, June 30, 2011 6: 00 pm EDT

Athens/PARIS (AFP) - the Greek Parliament was created to approve austerity and bills of privatization Thursday to get emergency funds and to avoid imminent bankruptcy, but the long-term dangers lurk again.

The euro and global stocks rose after first voting Wednesday to adopt a five-year plan of austerity despite fierce public opposition pay more and cuts budget, investors expressed relief that the immediate implosion was averted.

Belgian Finance Minister Didier Reynders said, as a result, euro-zone finance ministers were likely to agree to release a next tranche of loans to the Greece at a meeting Sunday.

This loan of EUR 12 billion will prevent the default Greece mid-July or no later than August 20, when it must honour a redemption of leap and move the focus to a second package of assistance that could be on the same size that the EUR 110 billion bailout last year.

But the credit insurance markets are still pricing in 40 per cent for the holders of bonds on three-year debt likely chance of 80 per cent of the Greece by default on its mountain of debt of 340 billion euros--150% of economic output annual - in five years and a devaluation.

Socialist Government of Prime Minister George Papandreou may find it difficult to meet increases in taxes and sales of State assets against resistance mass public, while still violent fringe in Greek political life has erupted in the foreground.

The rioters armed with stones and clubs fought several hours of battles with police shooting running huge clouds of tear gas at the Centre of Athens into the early hours of the morning, leaving a field of debris from street cleaners remove.

"The law of implementation will be without problems," said Costas Panagopoulos, head of pollsters ALCO.

"The problem for Papandreou is not in the Parliament, it is what is happening outside of Parliament: not implemented Syntagma, which is a few hundred demonstrators, but with all of the Greece 11 million people."

FLIPPING TALKS

Of creditor European countries of the North, led by Chief Treasurer in Germany, insisting that the holders of private sector must share the cost of any other rescue, to intensive talks are underway on a "voluntary" Greek debt rollover due to expire.

German banks were due to discuss a plan of French capital that has attracted widespread with the officials of the Ministry of finance Thursday, but differences remain on incentives for private investors and ensures the possible official.

President of European Central Bank, Jean-Claude Trichet, who has repeatedly warned the EU against the outbreak of a credit event or the decommissioning of the devastating Greek debt, gave a cautious response to the French proposal in testimony to the European Parliament.

"At this stage, we have not yet (has obtained a position...), we are very alert but I can't give you a precise judgment on what is happening." There are several concepts when asked, "he says. "We advise against all concepts that are not purely voluntary."

Three banking sources told Reuters Wednesday that politicians and bankers were convinced that the implementation of the French plan would not trigger a payment of credit insurance or a defect that would inflict losses on the banks.

The banks had received positive signals from the rating agencies that they would not undermine the plan turning by default, the sources said.

But officials warned that many details of the plan, especially if there is no official warranty remaining to negotiate.

"We had a lot of discussions at the technical level to see what are the best solutions," Reynders said, adding that a decision could be taken by European Ministers of finance meeting on July 11 and 12.

"RISK OF IMPLEMENTATION".

As Athens recovered from a night of violence, market concerns displaced against the risk of a lack of immediate disorder for the first time in the eurozone at the prospect of medium term of a debt restructuring Greek.

"There are still risks of implementation in the coming months, but for the moment, the risk of default was taken off the coast of the table as long as through today's vote, said strategist of the Bank Lloyds Eric Wand."

It provides renewed pressure on the obligations of the weakest countries in the euro area on the edge of the area of the single currency after a short respite.

"There should be a brief interruption in the periphery-bashing we've had over the past few weeks, but other problems".

Those included the perspective of the early Spanish elections and bickering in the coalition of center-right of the Italy, while the country faces a downgrade rating of credit.

Office of the Italy is due to adopt Thursday a plan more ambitious deficit reduction than expected initially intended to save EUR 47 billion by 2014 to try to deal with a loss of solvency.

But the partners of the coalition of Prime Minister Silvio Berlusconi Northern League said that the Government is at risk on planes to the retirement age and reduce spending.

KB Home stung by low home orders and charges (AP)

LOS ANGELES - House KB shares has more than 15 percent Wednesday, after that the builders have reported the loss of its second quarter more than doubled in dull sales and higher costs, and the company reported that it plans to use capital markets to raise funds.

The company said it might consider selling the shares, obligations or get a credit line because it provides having to pay $ 100 million to cover a bond maturity later this year to more than 200 million constructor has agreed to pay to settle a dispute of joint venture.

Management pointed out that the company has enough cash at this time and that he still has some time to evaluate its options.

This insurance has done little to compensate for how investors size results in worse than expected, KB Home. Shares at the end of the regular session down $ 1.84 to $10.08 and slipped another penny stock aftermarket.

New KB Home orders for the March for the period from may, coinciding with the spring season of home sales, fell by 11% over the previous year, tax incentives Federal helped boost sales. Delivery at home, major sources of income, fell by 29%.

CEO and President Jeffrey Mezger said that a housing turnaround remains hampered by concerns of consumers on jobs and the economy of the United States.

"Much recent national reports on the activity of housing reflect soft today housing environment and demonstrate that we have a way to go on the road towards a resumption of housing, has declared Mezger.

The United States sales of new homes fell to 2.1 per cent in May to a seasonally adjusted annual rate of 319,000 homes. Sales of new homes increased two months before, but remain far below the 700,000 that a month economists consider healthy.

And consumer confidence hit a minimum of seven month this month on continuing concerns about the high unemployment rate and the stagnation of wages.

Trends in sales of KB for the quarter echoes to those of other major manufacturers this year. Many saw a seasonal bump in traffic of the customer this spring, the traditional peak sales, but the interest period rajouteraient has not translated into robust sales.

A factor is the first time buyers were not transform as they did last year, when the tax credits were in force. This market segment represents more than half of KB clients.

First time buyers also tend to have a difficulty in qualifying for real estate loans, in lending standards tightened. And many of those who are eligible for funding have chosen to buy cheaper, resale homes.

"It's a big negative, not only for KB, but a large negative for the sector," said Demir Gjokaj, senior analyst at the ITG Investment Research in New York. "It shows us that, without doubt, the first time buyer is not back."

Buyers who decide to buy a House often take months, not days or weeks, to diving.

"They explore all options and they are nervous," said Mezger.

However, some markets, including parts of the coastline in California and Texas, show signs of stability, with real estate remains flat or rising prices, said Mezger.

Assuming that these markets and others remain stable, KB expects that it will be profitable in the fourth quarter.

KB Home, based in Los Angeles, said lost $ 68.5 million, or 89 cents per share, in the three months that was completed on May 31. That compares to a loss of $ 30.7 million, or 40 cents per share, in the same period last year.

The results include $ 20.6 million in impairments of inventory costs and land option contract dropouts and a loss of $ 14.5 million on a loan guarantee related to southern Edge LLC, a joint venture in Las Vegas. Earlier this month, the manufacturer has reached an agreement with JPMorgan Chase & Co. and several other banks that made loans to the company.

Quarterly income collapsed KB 27 percent, to 271.7 million 1077 million the previous year.

Analysts surveyed by FactSet expected a loss of 31 cents per share on approximately 291.4 million of revenue.

KB Home builds homes in 12 States and has been classified the fifth largest builders in the nation last year by closures.

Greek Parliament should endorse the second Bill of austerity

Overview of the Greek as Parliament Prime Minister George Papandreou spoke (C) Athens, June 29, 2011.

Credit: Reuters/Giannis Liakos/ICONBy Dina Kyriakidou and Renee Maltezou

ATHENS | Thursday, June 30, 2011 6 pm EDT

Athens (Reuters) - the Greece Parliament should pass a second Bill of austerity Thursday to allow the country to avoid bankruptcy by getting a slice of loan of 12 billion euros ($17 billion) of the EU and the IMF.

After two days of violent demonstrations just metres (yards) from where members adopted an initial act of austerity on Wednesday, they began to discuss detailed measures to implement EUR 28 billion in spending cuts, increases and privatization.

Dangerously close Greece to the default value that would trigger chaos on the financial markets, the European Union and the Monetary Fund International demanded that the two bills of austerity transmitted before it releases the next batch of bailout EUR 110 billion agreed last year.

In a hand for Socialist Prime Minister George Papandreou, the conservative opposition said it is willing to support measures in the second vote after having opposed the first invoice of austerity.

"We will do our utmost to support the Government," said the legislator of the new democracy Nikos Dendias, a former justice Minister. "We will vote for two chapters of the Bill today."

Parliament resumed debate at 9: 30 am (0630 GMT) and the decisive vote was not expected to begin before 2 pm (1100 GMT) with results emerging some time in the afternoon.

Voting will be by roll-call, with members called to vote on both the general principle of the Bill and of the individual articles. Papandreou has called a meeting of the Council of Ministers after the vote.

While the Socialist lawmakers are expected to back the legislation as a whole, some said that they opposed individual clauses, such as increases in a levy on heating oil and an increase of the minimum income tax threshold.

In an effort to convince the undecided, new Minister of finance Evangelos Venizelos offered some concessions on tax increase as threshold exempt from tax for families with children.

The first austerity Act, which describes the hard program cuts and selloffs, passed by 155 votes to 138. Approval of the second would allow euro-zone finance ministers delete the release of EUR 12 billion at a meeting Sunday.

Approval by the IMF is expected on July 5, averting the immediate threat of failure.

After that, attention will switch to a second rescue plan, roughly equivalent to the EUR 110 billion rescue plan agreed in May 2010, including the Greece needs to continue until 2014.

UPCOMING ISSUES

Global stocks rallied Thursday for the third consecutive day and the euro reached its highest level of the dollar in 20 days on a sense of relief that looked like Greece to avoid the first bankruptcy of debt in the euro area.

Calm returned Thursday two days of violent protests that have blocked the city centre and the Centre of Athens, who was paralyzed during a strike for 48 hours from the ground by the powerful labor unions sectors public and private.

Teams of street cleaners swept broken masonry and broken glass after a night of clashes in the vicinity of square Syntagma right in front of the Parliament.

But protest banners and tents remained in place Syntagma, where demonstrators camped during more than a month show their anger at austerity measures at the wheel of many Greeks to despair in the worst recession since the 1970s.

"The implementation Act will pass, without problems," said Costas Panagopoulos, head of pollsters ALCO. "The problem for Papandreou is not in the Parliament, it is what is happening outside of Parliament: not implemented Syntagma, which is a few hundred demonstrators, but with all of the Greece 11 million people."

With the ordinary Greeks to years of standard of living fall as the Government struggles to slash a mountain of debts amounting to more than 150% of the gross domestic product, transforming action laws will be a major challenge.

Trade unions have promised to oppose privatization and other austerity measures. The Socialists, which interrupted the process of privatization of the Greece when they came to power, must sell 5 billion euros in assets this year or risk missing the targets within the framework of its EU agenda and the IMF, which would have cut funding once more.

"If Papandreou and Venizelos miss this last chance, and not to pursue the necessary reforms and a true skin of grief in the State of waste, they and the country will be an explosive situation in the fall at no way out"centre-right daily Kathimerini wrote in an editorial."."

(Additional by Harry Papachristou and George Georgiopoulos, written by James Mackenzie; editing by Mark Heinrich)

ECB flags of the rise in July that the inflation rate remains high (Reuters)

Brussels (Reuters) - the European Central Bank reported that it raise interest rates again next week that the data showed inflation in June stabilized well above the Bank targets.

"We are firmly committed to ensure that inflation expectations remain firmly in line (with our expectations),"the ECB President, Jean-Claude Trichet said Committee on economic and Monetary Affairs of the European Parliament in regular testimony."

"Monetary policy is accommodative and... as I said, we are in a State of high vigilance,"he says. ".

The words "strong vigilance" was regularly deployed to signal a rate hike at the next meeting and the ECB met the rate of interest next Thursday.

The euro hit fresh against the dollar in response up to three weeks, while it also is remained supported as the Greece moved a step closer to obtain international assistance after they voted for austerity measures.

Statistical Office of the European Union, said consumer prices in the 17 countries using the euro 2.7 per cent higher in June a year earlier, the same as in May. Economists surveyed by Reuters had expected a figure of 2.8%.

The ECB wants to keep inflation below, but close to 2%, and already raised its interest rate refinancing in April by 25 points to 1.25% to curb the growth of prices.

No breakdown of the monthly data is available with an early estimate, but the June inflation is likely to be largely a result of more expensive oil.

"There are signs indicating that the euro area price pressures begin to ease, although much will clearly depend on the evolution of oil prices," said Howard Archer, Economist at IHS Global Insight.

He said "slowing the growth of euro area after the highlight of the first quarter and unemployment remains relatively high are likely to curb the underlying inflationary pressures,".

"It is noteworthy that confidence survey companies and consumers the European Commission for June showed consumer inflation expectations significantly falling for a second consecutive month and pricing expectations among companies fell in all sectors", he added.

The use of Trichet of the keyword phrase "strong vigilance" to report a rise in rates ends the speculation on the markets that the Bank could delay the further increase in borrowing costs because of the debt crisis in Greece and the threat of contagion poses in other countries of the euro area.

But economists said the problems of the Greece and their potential impact on the euro area still could delay of the Bank the next rise in interest rates, expect to this what economists will occur later this year, taking the rate of refinancing of 1.75%.

"Slowing the growth of the eurozone, evidence that underlying inflationary pressures remain moderate and still serious concerns about the Greek situation suggest that the ECB could delay for some time even after the reported July interest rate hike," said Archer.

(Reports by Jan Strupczewski, additional reporting by Paul Carrel in Frankfurt, Rex Merrifield-mounting)

View of the debt more important than market credit ratings: report

By Daniel Bases and Ellen Freilich

NEW YORK | Tue, June 28, 2011 6: 15 p.m. EDT

NEW YORK (Reuters) - how good commercial investors from the US Treasury in the case of a downgrade rating of credit U.S. will depend less on the relocation of ratings itself and more on the prospects for long-term inflation, makers of Bank of America, Merrill Lynch said on Tuesday.

The Treasury Board has developed 2 August as the date when he will have exhausted all its emergency measures to avoid default. The Obama Administration and Congress have not yet agreed to increase the limit of 14.3 billion on how the Government can borrow.

The credit rating agencies Standard & Poor, Moody investors Service and Fitch Ratings have all the concerns voiced on the coast of U.S. debt in the absence of a long-term plan to put the country on a sustainable fiscal path to long term.

The credit rating AAA for the largest economy in the world has a symbolic value. But Jeffrey Rosenberg, head of the global strategy for the credit at the Bank of America, Merrill Lynch, said markets would assess the ability of U.S. payments in a timely manner on the capital and interests themselves.

"The market makes its assessment of price () performance, based on its own evaluation, not the rating agencies,"he told journalists at a briefing semi-annual outlook.""

"The risk of long-term credit for United States - not the debt ceiling debate that we have now - really is risk of inflation." What you see on the market is not that there is not much risk of inflation concern today, said Rosenberg.

In mid-April, Rosenberg became one of the traditional credit strategists little suggests that there may be a case for the us to allow a temporary default on its debt.

Its report on 18 April, said the temporary suspension of payments of the debt that the cost of reaching a compromise policy that brings financial viability in the long term "can lead to financial benefits in the long term more" such as the decline of long-term interest rates.

This view has gained some cachet in Washington, where some Republicans were locked on the idea of a failure to brief to force the Obama Administration to accept cuts in more significant costs in exchange for a higher debt ceiling and, ultimately, a compromise budget.

Nevertheless, BAML expected yields on reference 10 years the good United States of Treasury at the end of the year to 3.60%, lower than the 4.0% forecast earlier this year.

Ethan Harris, Chief of developed markets economic research, said he expects a last minute decision "on the United States (.) the debt ceiling." »

In the context of the political debate on the increase in the debt ceiling, a move by the rating agencies ensured that "there a little gasoline on the fire," said.

Harris has said the economy of the Japan returning from its natural and nuclear disasters and waiting that will the oil price drop, the rest "bomb waiting out there" is the debt ceiling debate.

In the negotiations, called "Fiscal Follies", the two parties could make and trigger a "moment of tarp" in violent movements market would require a set of actions.

Another scenario could be composed of modest initial reductions of debt and a two-year debt ceiling extension, a scenario which could put an end to "soft patch the economy", he said.

With a fragile economy, big upfront cuts in the federal budget would be "derail growth," Harris said.

He told Reuters that the current prospects for the US economy in the second quarter are running behind the forecast of growth of 2% of Bank of America Merrill Lynch.

"We have it at 1.7% for the second quarter, based on the latest batch of economic data.". But we have not changed the official forecast of 2 percent, month, there is a value "Harris said, adding that he does not expect the Fed to increase rates at least until September 2012."

The firm forecast of 2.4 per cent GDP growth this year and a performance of 10 years of the Treasury Board of 3.6% at year end. The rate of growth for 2012 edges up to 3.0%.

Despite this controlled growth, chances of increased monetary stimulus remains thin, strategists said.

Francisco Blanch, head of research of products, said that the firm does not believe a third phase of monetary stimulus by the purchase of goods on a large scale is likely.

"The gold back to the sum of $2,000 range - more, you will need IS3 and at the moment, we do not believe that iS3 is in the cards, which is the reason why that we have become a little more cautious in terms of prospects for gold," said Blanch.

The company has a $1,650 per ounce cyclical peak in the price of gold, while the markets remain volatile.

David Bianco, head of U.S. equity strategy, stuck with its target of 1 400 to reference year end Standard & Poor 500 index, but reiterated that he could go as high as 1,500.

Bianco has stocks of technology as an overweight in the model of the distribution of the assets of the firm. Industry, consumers, materials, financials, energy, consumption of health care and discretion are equal weight. Underweight is utility and telecommunications.

As Europe's debt crisis, Rosenberg said the risk in the credit markets that surround the current problems of the Greece were "less of a crisis in this go round" when considered in the context of the recent crises in financial markets in the course of last 4-1/2 years.

Paresh Upadhyaya, head of the Americas G10 FX Strategy, estimated that the market is too fixing the Greece and said the greatest risk of contagion to spread to the Spain.

It provides that the Parliament of the Greece to move to the next series of austerity proposed this week, but said remnants of the financial situation of this nation later settled.

I'm afraid that Greece becomes a ground hog day. It is not entirely disappear. »

(Reporting by Daniel Bases and Ellen Freilich;) (Editing by Dan Grebler)

Analysis: Big business scores major victories of Supreme Court term

Clients are seen at a market Wal-Mart in Miami, may 18, 2010.

Credit: Reuters/Carlos BarriaBy James Vicini

WASHINGTON. Tue, June 28, 2011 3: 29 am EDT

WASHINGTON (Reuters) - retailer giant Wal - Mart Inc., telecommunications company AT & T Inc. electricity and coal companies came the big winners at the Court Supreme us ends just term dismissing large lawsuits against them.

The High Court has launched the pursuit of largest sexual discrimination in the history of the United States by female employees of Wal-Mart, decided AT & T promoting the large class action arbitration and ends at a global warming lawsuit against utilities.

Despite losses, companies have prevailed in the larger cases, causing criticism by groups liberal than conservative majority five members of the Court sheltered companies against lawsuits seeking to protect workers, consumers or the environment.

"It is a pro-business Court," said Steven Shapiro, national legal Director of the American Civil Liberties Union, in assessing the 2010-11 term which ended Monday.

"Unfortunately, the instinct to protect the commercial interests often comes at the expense of ordinary citizens for justice," he said.

Other decisions held that the mutual fund investment advisor cannot be prosecuted for fraud securities over inaccuracies in the prospectus funds and gave greater protection for generic drug manufacturers and the manufacturers of vaccines from liability lawsuits.

The last day of the term, the Court invalidated a law of California prohibiting the sale or rental of violent video games to minors for violating free-speech rights, a historic victory for the vendors, distributors and publishers of video games.

Leland Yee, a California State Senator who is the author of the Act, said, "the Supreme Court developed once more the interest of America to business before the interests of our children."

NOT BETTER OR WORSE IN TERM FOR BUSINESS GROUP

Robin Conrad, head of the right arm of the Chamber of Commerce of United States, rejected the idea of a pro-business Court and said that his term had produced mixed results.

"It goes without saying that this was not our best term of Supreme Court." But it was not our worst term either, she said, acknowledging that enterprise has won the most important three cases - Wal-Mart, the arbitration of the AT & T and the continued global warming.

Company promotes arbitration and individual prosecutions, not of huge-use collective with large groups of applicants that have often led to gains of billions of dollars.

Attorney Andrew Pincus, who often claims to the Supreme Court and has served as General Counsel of Ministry of Commerce of Clinton's, said business lost both cases that they have won it.

In testimony prepared for a Senate Judiciary Committee hearing to be held on Wednesday, Pincus said his analysis of the decisions that business shows the plaintiffs urged radical changes of the existing law.

Business losses when the Court upheld an Arizona law that penalizes employers who hire illegal immigration services, this term has decided companies have no right to protection of personal information to prevent the disclosure of government documents on the subject and reiterated that certain prosecution of securities class action fraud can move forward.

Several pro-business decisions came by a 5-4 vote, splitting along ideological lines conservative-Liberals that have divided the Court for years.

The conservative bloc is comprised of the Chief Justice John Roberts and Justice Samuel Alito, two persons appointed by the President George w. Bush, Antonin Scalia, Clarence Thomas and Anthony Kennedy.

The Liberal faction consist of Justices Ruth Bader Ginsburg, Stephen Breyer and the Chairman Barack Obama two named - Sonia Sotomayor and Elena Kagan.

The court adjourned for its traditional summer holiday and is scheduled to return to the bench in October for a new mandate.

(Editing by Cynthia Osterman)

Consolidation could be an option for survival for the cities who have difficulty

Entering a modern pharmacy shoppers spend the unused and boarded-up Pawtucket and Central Falls train station in Central Falls, Rhode Island, June 27, 2011.

Credit: Reuters/Brian SnyderBy Edith Honan

NEW YORK | Tue, June 28, 2011 6: 48 a.m. EDT

NEW YORK (Reuters) - hungry small money city of Central Falls, Rhode Island, was taken over by the State, faces debt default and focuses on the possible bankruptcy. Now, it will lose its identity in total.

The smallest city in the smallest of the 50 U.S. States, covering only 1.5 miles square with a population of 19,000, Central Falls could merge with the Pawtucket neighbour.

Some say that this strategy is the only way to keep providing basic services to the residents of the city, also among the poorest places in the State.

The receiver appointed by the State for Central Falls - the city has been under the control of the State for almost a year - to first defended the idea of a possible merger, and it remains an option viable, poignantly, falls of Central, as well as for the cities, villages, school districts and the districts of even mosquito-eradication around the nation face budget deficits and long-term liabilities.

"We can no longer fund these entities little.". We have to consider the effectiveness that we can achieve fusion of the cities, "said Gina Genovese, co-founder of the Group of Courage." to connect New Jersey, which advocates the consolidation of the city as a mechanism to save money

Genovese, who was Mayor of Long Hill Township, New Jersey, from 2005 to 2007, stated that the State could reduce its 566 municipalities within 125 cities and villages.

In New Jersey, places as varied as the rich Princeton, Merchantville, and impoverished Camden, a high-crime city forced to lay off half of its policy of last year, sought to consolidate services.

CASH-STRAPPED

In Michigan, Oakland County resumed service Pontiac police short of money, and there are suggestions that he could go to absorb the entire city.

In Illinois, Governor Pat Quinn has suggested to the State, which has entities more than any other taxation powers, consolidate school districts to save money.

Rhode Island, the receiver appointed by the said State consolidation could be the last hope of Central Falls, which has an annual budget of $ 16.8 million,

Nearby Pawtucket, a city of approximately 71,000 residents with fiscal challenges own, Mayor Donald Grebien adopted a wait-and-see approach and refused to comment on.

An editorial on the website of local news GoLocalProv.com advocated last year that Central Falls become a section of another city, so residents could benefit from a wider tax base.

"Now that his own little hell financial does than to stigmatize the owners, students and the future," said the editorial.

But others see unfortunate consolidation.

"I was born here." It would bother me to see the name Central Falls disappear, ", said Patrick Szlastha, who sits on the municipal Council and reduced his hair in Central Falls since 1961.

But he added: "I don't know of anyone who has obtained a precise formula for this city on the right track."

The hurdles to Central Falls are great. Incorporated in 1895, he was a past successful as a centre for textiles and tanning, everything from soda bottles broom.

But a long decline in the manufacturing sector of the city revenue base, and the recent economic slowdown exacerbated years of financial mismanagement.

It has a high level of fixed costs, but only a limited ability to raise revenue. The median family income is nearly half of the average of the United States, and one-third of the inhabitants of Central Falls live below the poverty line.

Earlier this month, the city suffered a blow of costs when Moody's Investors Service reduced its credit rating and warned that there is a probability of bankruptcy.

While bankruptcies and defaults are rare in the $ 2.9 billion municipal bond market, the downgrade may force Central Falls to pay if higher interest rates and when it borrows money.

This week, the State announced the closure of the library and Community Centre of the city.

(Editing by Ellen Wulfhorst and Jerry Norton)

Bank of America, near the settlement of 8.5 billion on mortgages - CNBC.com

Complaints investor against Bank of America on the mortgages, which have bedeviled the Bank since last fall, appear to be close to resolution that the Bank is to pay $ 8.5 billion to a group of investors private, according to people familiar with the case.Branch of the bank of America, New York City.Such a regulation would be developed fresh rest that the Bank breached its agreements interview with buyers of home-loan on mortgage valued at tens of billions of dollars during the real estate boom. It would also put an end to one of the more clumsy chapters of battle of Bank of America mortgage holders dissatisfied and purchasers of mortgage-backed securities. The regulations could be announced publicly early as tomorrow, these people say. The case began in the fall of last with a warning of a group of mortgage investors, including the New York Federal Reserve Bank, Pacific Investment Management and BlackRock, accused Bank of America in violation of its obligations at least 47 billion of mortgages. The question is since passed to encompass a greater number of mortgage loans, said one of those familiar with the case. If the settlement is finalized and approved quickly, it will probably lead to Bank of America, taking a devaluation in the second quarter, said one person familiar with the case. Bank of America has been affected by the concern of its many legal issues - a subject that uses several pages dans the most recent annual report of the Bank throughout the year. Recently, in January, Director of Bank of America found the loss of not more than $ 7 billion to 10 billion dollars of so-called put-back or distributor mortgages such as those at issue in the colony pending. But an estimate more recent analyst of Crédit Agricole securities financials Mike Mayo stowed potential losses of put-back to $ 7 billion, which suggests that the market can summer awaits a lower number. Bank of America shares [tray Loading...]      [() ] are down 19% this year and 7% only in the month, having closed at $10,82 Tuesday. Shares jumped on the trade after hours. Click here for the last quote.

Small business: MBA road not taken (BusinessWeek)

For many students and their schools, an MBA student to Master of Business Administration during the program, and then for McKinsey, Bain and Accenture as soon as the job search begins. So much is made of return on investment when the object of MBAs that it seems to be an undeniable truth that these programs naturally lead to positions with large public companies.

In this context, a MBA program of Veterans to small and medium-sized enterprises (SMEs) of channels probably see as ambition unsuccessful or non-existent. The same point of view is likely to be taken of students who choose to take the path of SMEs.

Small businesses are rarely the kind of household name employers generally related to the MBAs and are likely to evolve in sectors whose managers were getting their hands dirty. However, there is an example to follow for SMEs is the best fit for an MBA graduate.

A classic, high-quality MBA program is a general management program designed to equip participants with the skills to operate a business. While the structure is based on specific topics such as finance, strategy and leadership, the overall logic is melt these blocks of knowledge as a whole. In the vast majority of cases, the timid MBA students far too much specialization, preferring to focus on a well-rounded education.

Limited >

Despite the courting of high visibility, multinational recruiters, MBA programs, their emphasis on the preparation of graduates for jobs in high management level does not always resonate with the largest employers. While a large company can offer a wide range of positions, they are often limited to specific functions which are particularly well adapted to junior MBA graduates. In this way, the old become directors of marketing, buying or perhaps human resources. Little in a multinational would begin career post-MBA in general management positions.

The same is not true in SMEs, where only size makes it a high level position encompassing. This is not to say that the former MBA cannot work in roles specific conventional Department, but that SMEs provide opportunities to put all these skills and a management role, more together.

Management jobs are created in the Western world, in particular, from rarely to well-known corporations for which the MBAs would like to work. Today, schools and students must recognize that it is small businesses looking to find the right people to help make able to compete in a world of ever-more-international company. It is no longer the case that only employers with a massive international presence can provide a truly international career. SMEs are looking more and go beyond their borders and do not always have management teams to make this change. This is where MBA programs could meet the need and time using even elders are very satisfactory careers to companies that they could never looked in the past.

If there is a level of misunderstanding between the providers of MBA graduates and students regarding SMEs, there is also a general misunderstanding of MBAs by the SMEs themselves. Small businesses that appear to be perfectly adapted to the coming general-management MBAs to schools of commerce also play a role of often unconscious with the idea alive that no holder of an MBA would like to work for nothing less than a huge group. With regard to the recruitment of former MBA students, it seems to be a strong dose of self-censorship at work.

Culture >

It appears that many SMEs, a MBA graduate is likely to be more blurred than he or it may be useful. The image is likely to be a handler superbly paid with bags of confidence and the very high standards. Such a mixture would be considered as an explosive by most small businesses. They seem to feel that the cost and the cultural clash involved in the recruitment of someone with an MBA would create a multitude of problems.

Salary, is also an aspect that could easily scare off the coast of the SMEs. In terms of cost, it is undeniable that an MBA on a CV means higher wage expectations. This must be balanced with deep leadership and strategic advantages that such a manager can add to a more compact society. The additional value that can be brought by a MBA graduate is potentially enormous.

A Manager with a background MBA can offer the kind of vision long term more common in the largest groups, allied to the latest management knowledge - vision that most small businesses do not have the time or resources to implement. As globalization markets, labor and production puts SMEs increasingly compete with larger firms and those in distant markets, this kind of 360-degree approach can make all the difference. In short, the rules of competition for SMEs are much like those of big business. They must play by the same rules. Here, the MBA graduates can prove themselves.

For business schools and their students, more big recruiters will always be a key objective. The prestige and the certainty of an increase in salary big logically in the traditional terms of career, program marketing and in some cases, the classification. It could, however, be the case that certain assumptions old world must evolve. May is the time for SMEs and the MBAs to recognize that they could be made for each other.

EBay unveils its shareholder easy moves

Visitors pass the Ebay logo to the CeBIT computer fair in Hanover March 2, 2011.

Credit: Reuters/Tobias Schwarz

NEW YORK | Tue, June 28, 2011 4 pm EDT

NEW YORK (Reuters) - EBay Inc. announced two changes of Government to business Tuesday that could give shareholders more its word to say in the way that electronic trading company is executed.

EBay said that its Board of Directors has eliminated a significant majority vote requirement, which means that most of the shares voting in circulation of eBay is necessary to amend the statutes of the company. That compares to two-thirds of the shares before voting.

EBay corporate governance and Nominating Committee recommended that a proposal from the Commission to declassify be submitted to the annual meeting in 2012. If it is adopted, this proposal would mean to all the directors of EBay are for re-election each year. The current classified Council means that only certain classes of Directors are to his re-election each year.

(Statement by Alistair Barr.) (Editing by Robert MacMillan)

Client HSBC India hidden costs U.S. account (Reuters)

WASHINGTON (Reuters) - client a HSBC India living in Wisconsin, was charged Tuesday to hide more than 8.7 million in accounts abroad and the filing of false tax returns for the U.S., said the Ministry of Justice.

Arvind Ahuja, a neurosurgeon and American citizen, was charged with four counts of hide the accounts, held $ 8.7 million in 2009, and four counts of false tax returns, who failed to declare over $ 1.2 million dollars in deposit interest income.

In April, the Justice Department said HSBC Holdings Plc (HSBA.)(L) (HBC).(N) unit in India helped U.S. taxpayers stash of funds abroad through their India unit, and the Department served a so-called John Doe summons on the shore to provide customer U.S. names.

Others HSBC India pleaded guilty to tax evasion have many clients of UBS AG.

The case is USA v Arvind Ahuja, no. 11-RC-135, in District Court for the District of eastern Wisconsin.

(Reports by Jeremy Pelofsky;) (Editing by Gary Hill)

Portugal shows zeal of austerity, refer to high-speed rail (AFP)

Lisbon (AFP) - the new centre-right of the Portugal Government promised Tuesday to go beyond the objectives of austerity agreed in its EU - IMF rescue plan, sacrificing the completion of a high speed train linking with the Spain.

Suspend the construction of the rail link Lisbon-Madrid high speed that was scheduled to be completed by 2013, as part of a four year program Government submitted to Parliament for approval.

The Portuguese Prime Minister Pedro Passos Coelho promised Government of "scrupulously apply the measures negotiated with the Monetary Fund International and the European Union," but said he wants to be "more ambitious in the process of adjustment to the Portuguese economy.

This was to "guard against external and internal potential," said a Government document detailing the plan.

Bailout Lisbon, Portugal ($112 billion) of EUR 78 billion to implement stringent financial control measures, to introduce reforms and sell property of the State to improve the weak structure of the economy.

The country must press its public deficit of 9.1% of the domestic product gross year last three percent in 2013.

There were growing concerns that a Greek default could spread a new wave of contagion throughout the euro area, further damage weaker economies such as the Portugal.

"Complementary measures of a structural nature" will be adopted if necessary "to ensure respect and achievement targets early which is linked to the country and restore international confidence in its economy, also" promised in the Government.

The Government program, due to be debated by legislators, on Thursday and Friday, announced it would "suspend" construction of the high-speed rail project.

This could be revisited at a later stage, for a possible renegotiation of the contract, the document said.

The contract for the first section of the line of Madrid was signed in May 2010, while the process of tendering for a second section was never completed.

The project was to reduce the travel time between the two capitals within three hours and bind the Portugal to the railway network at high speed in Europe, at a cost of EUR 3.3 billion to Lisbon.

The Minister of transport of the Spain, Madrid, Jose Blanco, said that if the suspension is approved, it would be "a bad decision" while adding that he also wanted clarification if it would be a temporary or permanent stay in the project.

The rail link was a flagship project of former Socialist Prime Minister José Socrates, but the centre-right long called for him to be delayed to reduce the debt of the country, reaching 93% of GDP in the last year.

The new Government also pledged to reconsider the construction of a new airport for Lisbon, which was to be completed by 2017.

It is committed to expanding the privatization of media held the State to include the sale of a string of television, radio and press agency Lusa.

The Government also promised reforms of the labour market to eliminate all fixed-term employment contracts by simplifying the regulations for employers to put an end to new recruits.

It is committed to implement existing laws and to create an independent authority to monitor expenditures.

BofA near the settlement of securities $ 8.5 billion

October 8, 2010, the sign of a branch of Bank of America is represented in downtown Los Angeles.

Credit: Reuters/Fred Prouser

NEW YORK | Tue, June 28, 2011 6 pm EDT

NEW YORK (Reuters) - Bank of America Corp. is close to an agreement to pay $ 8.5 billion to settle the claims of a group of powerful investors who lost money on mortgage-backed securities, a source familiar with the process said on Tuesday.

The colony, the first by the Wall Street Journal, would be the largest such amount in the banking sector to date. The agreement would have to be approved by the Council of the Bank, which met Tuesday to discuss the source function.

The largest US Bank by assets combat claims by a group of 22 investors housing-related securities it packaged and sold before the financial crisis. The Group of investors includes BlackRock Inc., MetLife Inc. and the New York Federal Reserve Bank.

The source of the settlement extends beyond the action brought by the first group of investors, said and could address "significant parts" of the exposure of the Bank to repurchase claims from private investors.

Bank of America was not immediately available for comment Tuesday.

BlackRock has refused to comment on.

Shares of Bank of America has increased about 3.5% in the trade after hours Tuesday after news of the settlement agreement was reported.

(Reporting by Maria Aspan in New York and Joe Rauch at Charlotte;) (Editing by Carol bishopric and Tim Dobbyn)

Analysis: Big business scores key Court Supreme term earns (Reuters)

WASHINGTON (Reuters) - retailer giant Wal - Mart Inc., telecommunications company AT & T Inc. electricity and coal companies came the big winners at the Court Supreme us ends just term dismissing large lawsuits against them.

The High Court has launched the pursuit of largest sexual discrimination in the history of the United States by female employees of Wal-Mart, decided AT & T promoting the large class action arbitration and ends at a global warming lawsuit against utilities.

Despite losses, companies have prevailed in the larger cases, causing criticism by groups liberal than conservative majority five members of the Court sheltered companies against lawsuits seeking to protect workers, consumers or the environment.

"It is a pro-business Court," said Steven Shapiro, national legal Director of the American Civil Liberties Union, in assessing the 2010-11 term which ended Monday.

"Unfortunately, the instinct to protect the commercial interests often comes at the expense of ordinary citizens for justice," he said.

Other decisions held that the mutual fund investment advisor cannot be prosecuted for fraud securities over inaccuracies in the prospectus funds and gave greater protection for generic drug manufacturers and the manufacturers of vaccines from liability lawsuits.

The last day of the term, the Court invalidated a law of California prohibiting the sale or rental of violent video games to minors for violating free-speech rights, a historic victory for the vendors, distributors and publishers of video games.

Leland Yee, a California State Senator who is the author of the Act, said, "the Supreme Court developed once more the interest of America to business before the interests of our children."

NOT BETTER OR WORSE IN TERM FOR BUSINESS GROUP

Robin Conrad, head of the right arm of the Chamber of Commerce of United States, rejected the idea of a pro-business Court and said that his term had produced mixed results.

"It goes without saying that this was not our best term of Supreme Court." But it was not our worst term either, she said, acknowledging that enterprise has won the most important three cases - Wal-Mart, the arbitration of the AT & T and the continued global warming.

Company promotes arbitration and individual prosecutions, not of huge-use collective with large groups of applicants that have often led to gains of billions of dollars.

Attorney Andrew Pincus, who often claims to the Supreme Court and has served as General Counsel of Ministry of Commerce of Clinton's, said business lost both cases that they have won it.

In testimony prepared for a Senate Judiciary Committee hearing to be held on Wednesday, Pincus said his analysis of the decisions that business shows the plaintiffs urged radical changes of the existing law.

Business losses when the Court upheld an Arizona law that penalizes employers who hire illegal immigration services, this term has decided companies have no right to protection of personal information to prevent the disclosure of government documents on the subject and reiterated that certain prosecution of securities class action fraud can move forward.

Several pro-business decisions came by a 5-4 vote, splitting along ideological lines conservative-Liberals that have divided the Court for years.

The conservative bloc is comprised of the Chief Justice John Roberts and Justice Samuel Alito, two persons appointed by the President George w. Bush, Antonin Scalia, Clarence Thomas and Anthony Kennedy.

The Liberal faction consist of Justices Ruth Bader Ginsburg, Stephen Breyer and the Chairman Barack Obama two named - Sonia Sotomayor and Elena Kagan.

The court adjourned for its traditional summer holiday and is scheduled to return to the bench in October for a new mandate.

(Editing by Cynthia Osterman)

High use of WINS IMF Lagarde, press the Greece on the crisis (Reuters)

WASHINGTON (Reuters) - French Minister of finance Christine Lagarde Tuesday clinched the top IMF job, keeping the lender in the hands of a European international at a time of growing concern about a possible Greek debt default value.

LaGarde, who starts his term of five years as Director-General on 5 July, will find itself immediately plunged into efforts by the IMF and the European Union at the head of a Greek default which could trigger an international crisis.

Minutes after his appointment, pressed Lagarde of Greece to move quickly push through unpopular austerity measures that the IMF and EU say are a prerequisite for some help.

"If I have a message this evening on the Greece, it is to appeal to the Greek political opposition in support of the party which is currently in power, in a spirit of national unity," she told TF1 television.

LaGarde, 55, the first woman at the head of the IMF, the successor to Dominique Strauss-Kahn, who resigned from the IMF in May to defend himself against charges of sexual assault against a New York hotel maid. He denies the charges.

His skills as a difficult bargaining with a reputation for bargains to seal under pressure will be weight that it moves to defend the economic interests of the France to the supervision of an international institution which must be considered as a neutral player in the world.

Succession race was one of most hotly contested in the history of the emerging MFIS of nations market expressed dissatisfaction with the 64-year tradition of having a European head of the IMF and an American lead sister institution, the World Bank.

In a Financial Times blog, Mohamed El-Erian, Chief Executive Officer of Pimco, the largest investor of binding of the world, said that Lagarde would need to show the efforts of the IMF to help distressed European countries were not politically motivated.

He said that she would need to prepare for the possibility that the IMF could face losses of rescue plan big loans made in recent years, including the 30 billion euros for the Greece.

LaGarde must also demonstrate a commitment to meritocracy by eliminating some appointments based on nationality, El-Erian added, quoting the position of n ° 2 of the Fund which traditionally goes to an American.

Washington is considering already appoint the White House Advisor David Lipton to succeed John Lipsky IMF second in command at the end of August, according to sources close to discussions of.

FINDING CONSENSUS

Selection of Lagarde to the Central Bank Governor Agustin Carstens of the Mexico was assured after the United States clearly support and emerging markets China, Brazil, the India and the Russia did likewise.

French President Nicolas Sarkozy called the new appointment of Lagarde "a victory for the France".

Carstens, said that he hoped that Lagarde would continue "significant progress in strengthening the governance of the institution, to ensure legitimacy, cohesion and ultimately, its effectiveness."

Developing countries, resentment in a process which favored a European from the outset, said they would hold Lagarde to his promise to give them more voting power in the Fund.

Emerging markets have long called for greater say in the IMF to take account of their weight in the global economy. They have threatened to leave the fold of the IMF unless that imbalances of power electoral fund are corrected.

Strauss-Kahn pushed through changes in the voice that benefited mainly large emerging economies such as China, the India and the Brazil, but not as much as they wanted.

"RIGGED SYSTEM."

Finance Minister Guido Mantega to the Brazil said Brazil sustained Lagarde because it promised to continue "raise the profile of emerging markets" in the IMF. "We hope that the commitment is met," said Mantega.

Arvind Subramanian, senior fellow at the Peterson Institute in Washington, said emerging economies had missed a golden opportunity to force change at the head of the IMF by failing to rally around Carstens, or putting in place their own candidate of consensus.

"It is a fake system must change, but... the only reason that the result is that (developing countries) wanted to because the emerging-market countries do not seize the opportunity,"Subramanian said."".

The global development group Oxfam said appointment of Lagarde is "ridiculous" and had damaged the credibility of the IMF.

"There were noises concerning the opening, but the decision was made before that the candidates were interviewed, said Sarah Wynn-Williams, head of Oxfam in relations with the IMF and the World Bank."

The United States, worried by the possibility of contagion from the Greek crisis, warned that the appointment of the next IMF Chief should not be delayed.

The Board of IMF progressed despite persistent concerns about a legal matter unresolved in France research on the role of Lagarde in a payment of arbitration 2008 to a French businessman.

Lagarde said she was "completely indifferent" by the case. A top French court postponed a decision on the matter until July 8.

The IMF may decide not to offer a contract to Lagarde to what the Court makes a final decision, said a Council source.

(Reporting by Glenn Somerville on Washington, Luciana Lopez in Brasilia and Alexandria Sage and Catherine Bremer additional Paris)

(Editing by Paul Simao, Jan Paschal and Andrew Hay)

St up again on the Greece, but fickle investors of the wall

Specialists working on the floor of the New York Stock Exchange on March 3, 2011.

Credit: Reuters/Lucas JacksonBy Edward Krudy

NEW YORK | Tue, June 28, 2011 6 pm EDT

NEW YORK (Reuters) - pink US stocks for a second day Tuesday on optimism that a solution to the debt of the Greece crisis was close, though low volume indicated nervousness underlying in the market.

Buyers are actions after swoon of 7 per cent of the & S P 500 since April, particularly in the products database and technology shares, as investors raised their position of exposure at quarter end and prior to the season of gains in July.

Volatility remained high. CBOE VIX Index.VIX, Wall Street fear gauge, only fallen modestly these days even the stocks have increased, suggesting investors are cautious." Who kept volume low, with billions of 5,91 shares traded on NYSE, AMEX and Nasdaq exchanges, below average.

"It shows a level of rested." "The level of conviction is not shouting high to buy these rallies," said Ciaran O'Kelly, Chief of the shares to Nomura in New York. "It would absolutely be a source of concern."

The Dow Jones industrial average.DJI has acquired 145.13 points or 1.21% to 12,188.69. Standard & Poor 500 Index.SPX increased 16,57 points or 1.29%, to 1,296.67. Index Composite Nasdaq.IXIC added points 41.03 or 1.53% to 2,729.31.

The & S P 500 now rallied more than 2% over the last two days.

The first of two votes (s) to approve measures to reduce budgetary Greece, crucial to receive international assistance, is set for Wednesday.

"All eyes will be on the situation in Europe, that we are going in the second half of the week," said O'Kelly. "The world monitors events in Greece to be held in the next 48 hours."

Cyclic areas such as energy, retail market and materials, which is more sensitive to changes in the economy and have less than this year, building.

The S & P.GSPE energy index soared by nearly 2.7%, the biggest gainer among sectors of S & P. Halliburton Co (HAL.)(N) gained 5.3% to $48.69, while Chevron Corp. (CLC).(N) have increased by 1.5% to $100.35.

In advance an indication of the season of gains, Nike Inc. (NKE)(N) rose 10.1% to $89.90 a day after the Declaration of income in the fourth quarter that beat expectations, while robust force suggested orders for the future.

"The greatest risk in the market is that the press is not negative and we rally on good earnings, said Marc Pado, strategist, market U.S. Cantor Fitzgerald & Co in San Francisco."

"The more the market grows higher, more it makes people who are exposed under nervous,"he says."

Greek legislators will vote Wednesday and Thursday on measures which must be sent to receive the next payment. If the Greece does not fund, investors fear a crisis and European credit market freeze could follow.

Also helping sentiment, progress was reported in talks to persuade European banks and insurers to derail voluntarily coming to maturity of Greek debt.

Although investors were generally optimistic about the Greece Volatility Index the CBOE suggested caution. The index stood at 19.23, a number considered as relatively high.

"While equity markets rallied this week, the VIX has held, losing only one point until this week, reflecting nervousness that persists in the market with the upcoming vote," said strategists of derivatives of Nomura in New York.

(Reports by Edward Krudy;) (Editing by Kenneth Barry)

Madoff judge: food fund investors can recover (Reuters)

NEW YORK (Reuters) - investors in the "feeder Fund" which has lost money in the Bernard Madoff Ponzi scheme are not eligible as clients of the operator now-imprisoned, a federal judge decided Tuesday.

The decision of Judge Burton Lifland in New York is a victory for Irving Picard, the trustee of the liquidation of the firm of Madoff and search for money for the victims of the Madoff.

Picard dismissed requests for investors who have lost money after having invested as indirectly with Bernard l. Madoff Investment Securities LLC and who had no account y.

The Lifland decision also means that food fund investors are not eligible to receive up to $500,000 each from a federal fund designed to help customers of brokerage firms failed.

"The objecting claimants lack any of the traits typical of a client with BLMIS relationship, since they made no purchases transacted no business and had no dealings with brokers," wrote the judge. "" "". Conferring the status of client on the objecting claimants would extend that term entirely beyond its limits. »

Noting that many customers of feeder Fund had continued the funds themselves, Lifland said, "it is appropriate that the Fund and not the trustee, determine the specific amounts they owe to their customers".

Picard, in a statement, said that he was happy with "important precision Lifland.".

Helen Chaitman, a lawyer for some investors, did not immediately return calls seeking comment.

AGREEMENT OF GREENWICH SENTRY WINS APPROVAL

In the decision of Tuesday, Lifland had considered claims for clients to 16 funds for food that spilled at least some money to Madoff client. Nine were based in Delaware or New York and the rest in the Cayman Islands or the British Virgin Islands.

Many of these clients know how their money was invested and learned about their losses only after Madoff was arrested on December 11, 2008.

The U.S. Securities and Exchange Commission and the Securities Investor Protection Corp., which oversees the Fund for brokerage clients, agreed with Picard that feeder fund clients were not clients of Madoff.

Picard law has been approved with two bankruptcy fund affiliated with Fairfield Greenwich Group, the largest shipper of cash to Madoff separately, Lifland on Tuesday.

The trustee has agreed to drop claims of $ 212 million and in Exchange may pursue claims of funds against the owners of Fairfield and management, including financial Connecticut Walter Noel.

Picard in a separate statement said that agreement to add "value" to the assets of the bankruptcy and ultimately to customers.

Lifland had already approved the efforts of Picard to retrieve money from the former clients of Madoff that he considered "net winners", which means that they get more money from the Madoff firm that they have filed. The 2nd United States of the Court of appeal has yet to rule on an appeal by some investors of this decision of March 2010.

The trustee filed approximately 1 050 legal actions to recover more than 103 billion of banks, former customers and others, he told received or contributed to the Madoff fraud of validation.

Madoff, 73, pleaded guilty in 2009 and is serving a sentence of 150 years in prison.

(Reporting by Jonathan Stempel;) (Editing by Steve Orlofsky, Bernard Orr)

BofA almost deal billion from $8 to resolve investor claims (AP)

Bank of America Corp. is close to finalizing an agreement that calls for the lender to pay $ 8.5 billion to settle claims of a group of investors who bought mortgage-backed securities lenders.

A person familiar with the settlement discussions between the Bank and the Group of investors said late Tuesday that the lender is almost an agreement and should announce that it is a fait accompli as early as Wednesday.

Calls to a spokesman for Bank of America were not immediately returned.

Investors, which include the Federal Reserve Bank of New York and Blackrock financial management, have pressed the lender to buy mortgages made by Countrywide unit in default of payment.

A report by the Wall Street Journal end estimated Tuesday that the Group has more than 56 billion of mortgage-backed securities.

Twitter co-founders Evan Williams, Biz Stone switch Focus to the new company - Bloomberg

Twitter Inc. co-founders Biz Stone and Evan Williams said they take an additional step in return for the service of microblogging and devote their time to a company for the incubation of new ideas.

Obvious Corp. will focus on the "big problems" and help develop systems that "improve the world," according to the blog of the stone. The company will be run by Jason Goldman, a former leader of Twitter, Pierre said.

After the Twitter Foundation in 2007, Williams abandoned the role of Chief Executive Officer of the former product manager of Google Inc. (GOOG) Dick Costolo in 2010. Costolo and co-founder Jack Dorsey, also CEO of start-up of payments Square Inc., have led efforts this year to make the site more attractive to a wider audience by building features privacy and tools to download images.

"The crew of Twitter and his management team have increased incredibly productive," Pierre said on the blog. "I have decided that the most effective use of my time is to get the road until I am called upon to be of some particular use."

Obvious was created by Williams to buy a business to investors that Pierre and it does not have to sell about six years ago, said Pierre. The two began working together leaving Google in 2005.

The assets of the company Twitter included - allowing users to publicly write 140 characters messages to people that follow did not Pierre. Williams and Pierre, and Dorsey, now President of Twitter, continued in Obvious construction company. In 2007, the Group raised capital from outside investors and launched the service.

To contact the reporter on this story: Joseph Galante in San Francisco at jgalante3@bloomberg.net

To contact the editor responsible for this story: Tom Giles to the tgiles5@bloomberg.net