FURTHER FURTHER READING
- QE: because nobody's got any better ideas.
- DSGE + financial frictions = macro that works?
- Flippers rise housing wave.
- Analyst: I always have terrible timing on my calls.
- Blog post of Tweet of Vine of Instagram of Tumblr Post of Facebook Update.
- The US economy: doing better, can it last?
- Goldman adapts to satisfy 1920 maritime law.
- Further, further further reading.
ROUND-UP
FT markets round-up: "Renewed uncertainty about the Federal Reserve's intentions regarding its asset buying programme pulled the rug from under global equities and made for a volatile session in the US government bond market. The S&P 500 equity index fell 0.7 per cent while the FTSE Eurofirst 300 ended 1.8 per cent lower and the Nikkei 225 Average inched up 0.1 per cent. The yield on the 10-year US government bond, meanwhile, touched 2.23 per cent in early trading – the highest in more than a year – before going into reverse to stand 5 basis points lower at 2.12 per cent, helped by solid demand at an auction of five-year notes. The German Bund yield rose 3bp to 1.54 per cent while the 10-year Japanese government bond yield rose 3bp to 0.94 per cent." (Financial Times)
EU economies win budget reprieve: "The European Commission slowed the pace of austerity in the eurozone on Wednesday, but warned the bloc was still unlikely to produce solid economic growth in the near term and urged governments to steel themselves against possible loss of social and political support for reform efforts. Unveiling a highly anticipated evaluation of all 27 EU members' budget plans, Brussels warned that social safety nets were fraying and poverty was rising dangerously in many parts of Europe as efforts to combat growing unemployment faltered." (Financial Times)
Berkshire spends $5.6bn on NV Energy: "A Berkshire Hathaway subsidiary on Wednesday said it would acquire NV Energy, a power company serving customers in Nevada, for $5.6bn in cash, valuing the company at about $10bn. The latest deal by Warren Buffett, Berkshire chairman, who has said he is on the hunt for "elephants", comes just months after Berkshire partnered with 3G Capital to buy Heinz for $23bn." (Financial Times)
Switzerland outlines plan to relax bank secrecy laws: "Switzerland has taken a decisive step to resolve its dispute with the US over tax evasion unveiling plans to relax its once untouchable bank secrecy laws to allow banks to make individual settlements with the US over their role in helping Americans evade taxes." (Financial Times)
Empire State Building gets Reit and IPO go ahead: "The group that controls the Empire State Building has secured the shareholder votes that it needs to go ahead with a $1bn public stock offering. After more than a year of bitter wrangling between Malkin Holdings, which controls the New York skyscraper, and a cluster of dissident investors, more than 80 per cent of building's 3,300 ownership units have finally approved a plan to create a real estate investment trust, according to a regulatory filing on Wednesday." (Financial Times)
