Arab Center Sat, 09 Oct 2021 09:30:32 +0000 en-US hourly 1 Arab Center 32 32 UALR Public Radio Stations Receive $ 1.5 Million Endowment From Anonymous Donor Sat, 09 Oct 2021 09:30:32 +0000

An anonymous donor gave the University of Arkansas $ 1.5 million to Little Rock Public Radio.

The university operates two stations: KUAR-FM, 89.1, which broadcasts National Public Radio news programs and a range of national and local programs, and KLRE-FM, 90.5, which broadcasts music classic 24 hours a day, 7 days a week.

It is the largest cash donation to radio stations in its history.

The university announced the donation on air Friday, the last day of the stations’ annual fall fundraiser, which requested $ 150,000 over five days. Donations topped $ 100,000 during the morning walk, with staff and volunteers celebrating loud enough to be heard on air.

“This gift is a wonderful testament to the impact of public radio,” said Nathan Vandiver, CEO of UALR Public Radio, in a press release.

“The purpose of the donation is to provide a continuous flow of operating funds to support UA Little Rock public radio,” Vandiver added in an interview with the Democrat-Gazette. “With this in mind, we will apply this gift to strengthen and extend [our] as a provider of regional NPR news and information, classical music radio station, and local and regional news organization. “

What will be called the UA Little Rock Public Radio Operating Endowment will provide approximately $ 60,000 per year to support reporting, music and cultural programming.

Public radio stations, with a combined audience of around 80,000 per week, the statement said, are part of the university’s College of Humanities, Arts, Social Sciences and Education. They offer professional experience in reporting and program production to students who work as interns and part-time staff.

“This generous endowment provides both stability and a stable source of income that allow us to plan for the future of KUAR and KLRE,” said Christian O’Neal, vice-chancellor for university promotion, in the communicated. “This anonymous donation will leave a lasting impact on our community’s public radio for years to come.”

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Santa Fe Resort Share Owner Says Ch. 11 Dealing with a “Sham” Fri, 08 Oct 2021 23:25:00 +0000
By Rick Archer (October 8, 2021, 7:25 p.m. EDT) – A stock owner at a luxury New Mexico resort on Friday asked a Delaware bankruptcy judge to stop what he called a sale of “sham” bankruptcy of the property, claiming that the company unreasonably rejects a higher bid for the assets.

In his objection, Richard Holland and his affiliates claimed that other owners of BL Santa Fe LLC were pushing a restructuring deal that would penalize shareholders and a non-compliant Chapter 11 plan.

“The purpose of the plan is to allow the mezzanine lender to acquire the property without any commercialization or competition,” he said. “Indeed, the debtors have filed these files …

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Real estate: September figures for Mumbai are positive Fri, 08 Oct 2021 19:00:00 +0000 Apartments worth over Rs 10 mins recorded quick sales. YTD records at ~ 86,000 units are up about 3 times from a low base.

The number of housing units registered in Mumbai as of September 21 jumped 39% year-on-year to 7,804 (up 15% month-on-month); it was September’s best performance in a decade. And compared to the pre-pandemic period of September 19, registrations are 94% higher. In addition, 94% of listings relate to sales of new homes against ~ 45% from April to August of this year. Apartments worth over Rs 10 mins recorded quick sales. YTD records at ~ 86,000 units are up about 3 times from a low base.

With the decline of the second wave, we believe that sales of real estate in Mumbai would pick up; this will particularly benefit Godrej Properties, Oberoi Realty, Macrotech (Lodha) and Sunteck Realty.

Mumbai records support the upward trend; new sale catapult
Monthly registrations in Mumbai in September jumped 39% year-on-year to 7,804 units; that September 20 benefited from a lower stamp duty makes the current performance all the more encouraging. MoM registrations also increased by 15%, a sign of buoyant demand for housing. The overall value of units registered as of September 21 stood at ~ Rs 106 billion (up 17% year-on-year, 26% month-on-month).

According to Knight Frank, 94% of homes registered during September 21 were fresh sales. For Maharashtra as a whole, registrations in September to 97,873 units were down 7% month-on-month and 23% year-on-year. YTD registrations in Mumbai at ~ 86,000 units are up about 3 times from a low base.

Average ticket size up to MoM in Mumbai
The average note size in Mumbai in September increased 9% month-on-month to 13.6 million rupees (down 16% year-on-year). This is more or less in line with the average banknote size of Rs 13.4 mins during CY19. According to Knight Frank, the share of houses worth Rs 10 minutes and more rose to 49% in September, against 30% in April and 40% in June. This marks a trend reversal – on a growing share of affordable units.

Outlook: Organized Developers Should Benefit
As previously stated, consolidation is the main feature of the Indian real estate space and Covid-19 has only accelerated the process. We believe home sales in Mumbai will pick up as the city fully opens up after the lockdown; While matching the performance of FY21 in the absence of stamp duty relief is a big challenge, we believe the housing market is recovering nonetheless.

We believe that organized Mumbai-based developers such as Godrej Properties (BUY), Oberoi Realty (BUY), Sunteck Realty (BUY) and Macrotech Developers (BUY) will benefit from the resumption of home sales in Mumbai.

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Confused reaction on Wall Street following weak jobs report | national Fri, 08 Oct 2021 14:38:43 +0000

NEW YORK (AP) – US stocks are mixed in confused trading on Friday after a weak employment report raised questions about the Federal Reserve’s timetable to reduce its immense support for markets.

The S&P 500 was up 0.1% after fluctuating between a 0.1% loss and a 0.3% gain in the first few minutes of trading. The Dow Jones Industrial Average was down 3 points, or less than 0.1%, to 34.751, as of 9.45 am EST, and the Nasdaq composite was 0.1% higher.

The U.S. Jobs Report is typically the most anticipated economic data every month on Wall Street, and the immediate reaction to its release has been confused. US equity futures have risen, fallen and fallen, as have Treasury yields.

The 10-year Treasury yield climbed to 1.59% from 1.57% Thursday night after initially falling to 1.56% immediately after the jobs report was released.

Much of Wall Street assumed that the job market had improved enough that the Fed soon began to cut back on its monthly bond purchases meant to keep interest rates in the long term. Investors had also asked the central bank to start raising short-term interest rates next year. The current ultra-low interest rates have been one of the main forces pushing stocks to record highs.

But Friday’s jobs report showed employers created just 194,000 jobs last month, below the 479,000 economists were expecting. Many investors still expect the Fed to stick to its timetable, but the numbers were low enough to at least raise the question of whether it could wait longer to cut its bond purchases or possibly raise short rates. term.

“The lack of jobs is not pretty – there is no way around it,” said Mike Loewengart, managing director of investment strategy at E-Trade Financial, in a statement. “And many may think that will cause the Fed to pause in terms of the reduction strategy. But the jury is out on how the market will interpret the data.”

Below the surface, the numbers don’t offer much clarity. The unemployment rate fell to 4.8% from 5.1%, and average wages rose a little faster than expected compared to August, while 610,000 jobs were lost in production and manufacturing. transport.

This last point suggests to Jack Ablin, chief investment officer at Cresset Capital, that the dysfunction of global supply chains is not improving. Such supply problems have helped to spike the prices of everything from automobiles to food, with inflation rates at their highest level in more than a decade.

Rising energy prices also contributed to inflation, and benchmark US crude climbed 2% to $ 79.89 per barrel. This helped propel S&P 500 energy stocks to a gain of 2.1%, by far the largest among the 11 sectors that make up the index.

Exxon Mobil rose 2% and Pioneer Natural Resources climbed 3%.

Friday’s choppy trading continues an already volatile run since the S&P 500 hit its last record on September 2.

AP Business Writer Joe McDonald contributed.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Should you take out a personal loan to pay off your credit card debt? Thu, 07 Oct 2021 13:00:22 +0000

No matter how hard we try to cover our expenses, sometimes life throws the curveballs at us, like home or car repairs that can’t be delayed. When this happens, it’s pretty easy to build up a credit card balance.

If you owe money on your credit cards, you might be wondering if consolidating that debt through a personal loan is the right choice. And the answer? It might be.

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The advantage of personal loans

A personal loan allows you to borrow money for any reason. So if you have multiple credit card balances hanging over your head, consolidating them with a personal loan could make a lot of sense.

In many cases, you will be entitled to a lower interest rate on a personal loan than your credit cards charge you on your debt. This is especially true if you have a high credit score. As such, using a personal loan to pay off credit cards could make your debt cheaper to eliminate.

Plus, as long as you make your personal loan payments on time, having that loan shouldn’t hurt your credit score. On the other hand, too much credit card debt can hurt your credit score.

One factor that goes into calculating your credit score is your credit utilization rate. This ratio measures the amount of available revolving credit you are using at one time.

The higher this ratio, the more damage it can cause. But personal loan balances are not factored into this ratio because they are not considered a revolving line of credit. Rather, personal loans are installment loans that are repaid in fixed amounts over time. So, from a credit score standpoint alone, a personal loan might be a smarter way to pay off debt.

The downside to personal loans

If you own a home and have a mortgage, you might remember that when you closed your loan you had to find a pile of cash for closing costs. Well, personal loans work the same way in that you will usually pay the closing costs on the amount you borrow. These charges could reduce your savings by lowering the interest rate on your debt.

Additionally, if you have good credit, it might be beneficial to consider a balance transfer before consolidating your credit card debt with a personal loan. A balance transfer allows you to transfer your existing credit card balances to a single card. Often, this new card will come with an introductory 0% APR that will help you avoid accumulating interest on your debt for a period of time. So, if you think you will be successful in paying off your debt before this introductory period expires, a balance transfer may be a better bet than a personal loan.

Finally, personal loans generally impose borrowing minimums. If you don’t have that much credit card debt, it might not be a good idea to take out a personal loan. In this case, a balance transfer may be a more suitable option to explore.

The bottom line

Using a personal loan to pay off credit card debt is a reasonable step. But before you embark on this path, make sure it’s the right choice for you. In some cases, a balance transfer might actually prove to be a more cost-effective way to pay off the debt you’ve accumulated.

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The “third way” of the Indo-Pacific in France – Carnegie Europe Thu, 07 Oct 2021 10:56:41 +0000

Following France’s fury over the September 15 announcement of AUKUS – an Australian-British-American security pact that involves Canberra giving up a major submarine contract with Paris in 2016 – one wonders where the storm over the Australian fallout leaves France’s Indo-Pacific strategy.

Philippe Le Corré

Philippe Le Corre is a non-resident principal researcher in the Europe and Asia programs of the Carnegie Endowment for International Peace.


French defense contractor Naval Group may have lost a $ 66 billion contract to the United States, but it is a fact that France has no intention of pulling out of a region which she has long considered to be one of her priorities.

The country’s presence in the Indo-Pacific predates that of many great powers, including the United States. Reunion, a department in the Indian Ocean, became French territory from the 18th century. Today, with 859,000 inhabitants, it still sends seven deputies to the National Assembly in Paris. Even tiny Wallis and Futuna in the Pacific have their own French MPs. The other French territories in the region too.

The recent and still unresolved crisis raises three related questions.

The first question is: where do Franco-Australian relations go from here and where does Paris ultimately want to position itself within this immense region?

Over the past two decades, France has in fact gradually transformed its historical presence into strategic interests. The Indo-Pacific, says the government in its new revised strategy of August 2021, “has become a geopolitical and geo-economic reality. The center of gravity of the world economy has shifted from the Atlantic to the Pacific.

In 2018, President Emmanuel Macron visited the region to consolidate ties with his allies and signed a strategic partnership with Australia. He recently declared France’s desire to “contribute to making the Indo-Pacific a free, safe and open space, which has great ambitions in terms of oceans, climate and biodiversity, and integrated in terms of ‘infrastructures and human exchanges’.

Those grand intentions will now have to be reconsidered, along with what promises to be a fierce legal battle with the government and advisers to Australian Prime Minister Scott Morrison over the canceled contract. Trust between the two countries will need to be rebuilt, and France’s long-term relationship in the region will need to extend well beyond Australia, to include countries like India, Indonesia and Vietnam.

The second question concerns the pride of the EU. As the leaders of the UKUS countries decided to announce their initiative just a day before the EU planned to launch its own Indo-Pacific strategy, what were they thinking?

By blatantly ignoring the EU’s claims, they sent the wrong message to Europeans, as France is arguably the most active European country in the Indo-Pacific. The nation has a vast maritime domain in the region, in addition to 1.6 million citizens and a military presence of 7,000, more than that of the twenty-six other EU member states combined.

France’s Indo-Pacific strategy partly inspired the Dutch and German strategies as well as the aforementioned EU strategy, which had been in preparation for months. It will take time for the administration of US President Joe Biden, now with a new Deputy Secretary of State for European and Eurasian Affairs, veteran Karen Donfried, to restore confidence.

If the meeting of US Secretary of State Antony Blinken with Macron on October 5 in Paris paved the way for a better recognition of France’s role in the region, Europeans now understand Washington’s unilateral pivot towards the Indo-Pacific. .

Despite statements about rallying like-minded democratic countries, the Biden administration did not anticipate France’s reaction. This will have long-term negative consequences on the image of the United States and on transatlantic relations, already damaged by Donald Trump’s presidency.

Finally, the leaders of Australia, the United Kingdom and the United States seem to have ignored the fact that some 280,000 French citizens living in New Caledonia will soon, most likely in December, decide by referendum whether to stay or not in French.

As New Caledonia is geographically one of the closest territories to the Australian continent, this can affect the regional balance of power. If the territory became independent, it would risk being subjected to strong financial and political pressures from China, much like Vanuatu, Fiji, Samoa or Papua New Guinea, for example. Many of these countries have their own Chinese communities and have been persuaded by China to join its Belt and Road initiative.

If the Caledonian situation were to deteriorate in the future, Australia would have no choice but to get involved, and might not have the means to do so, unless it relied on the United States. United. Cooperating with France could be an option if the two sides were willing to talk. Australia is also awaiting the critical signing of a free trade agreement with the EU, now delayed by France.

Still, there could be a silver lining to this diplomatic crisis.

As the April 2022 presidential and legislative elections approach, French politicians and analysts are debating the Indo-Pacific more than ever. This means that the strategy will evolve. Macron has succeeded in making his country’s voice heard far beyond the transatlantic sphere on a major geostrategic subject.

On September 22, President Biden recognized “the strategic importance of French and European engagement in the Indo-Pacific region, including within the framework of the recently released European Union strategy for the Indo-Pacific” .

Back in Europe, Macron was also able to present his point of view on European defense at a summit in Slovenia. Europeans may not feel the need to keep their distance from the United States, but there is a growing feeling, including among France’s neighbor, Germany, that Washington’s new concentration on the Pacific is no longer in force. is not in the interests of the EU. That’s why France’s “third way” in the Indo-Pacific might not be such a bad idea after all.

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BUSINESS LIVE: FTSE 100 up 1%; Tax hike fears as energy prices skyrocket Thu, 07 Oct 2021 10:48:31 +0000

BUSINESS LIVE: the FTSE 100 climbs by 1%; Tax hike fears as energy prices skyrocket; Business leaders attack the PM; CMA says customers blocked by BA and Ryanair are not entitled to reimbursement

Soaring gasoline prices and rising inflation threaten to dig a hole in Rishi Sunak’s budget plans, which could force the Chancellor to raise taxes.

The cost of UK gas for delivery in November rose 40% yesterday, after a sharp increase over the past month caused by a shortage of gas entering Europe and the UK.

Last night, industry bosses accused Boris Johnson of putting Britain on the path to skyrocketing inflation as the Prime Minister escalated his battle with business.

The companies have warned that labor shortages – which have triggered empty shelves and queues at gas stations – will cause prices to spike unless the government steps in.

Britain’s competition watchdog, the Competition and Markets Authority, said on Thursday that a “lack of clarity in the law” means it is unable to ensure that customers of British Airways and Ryanair, which were barred from flying due to Covid-19 restrictions, can get a refund.

The CMA launched an investigation into the airlines in June, fearing they had broken the law by failing to offer refunds for flights customers could not legally take during lockdowns.

> If you use our app, click here to read Business Live

Chancellor Rishi Sunak is under pressure ahead of budget as energy prices skyrocket

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Naira falls further in official market as foreign exchange reserves gain $ 786 million in one day – Nairametrics Thu, 07 Oct 2021 08:31:55 +0000

Tuesday, October 5, 2021: The exchange rate between the naira and the US dollar closed at 414.3 N / 1, at the investors and exporters window, where the forex is officially traded.

The naira depreciated further against the US dollar on Tuesday, to close at 414.3 N / $ 1, down 0.18% from the 413.55 N / $ recorded on Monday, October 4, 2021.

Meanwhile, the parallel market exchange rate gained 0.35% to close at N575 / $ 1 on Tuesday versus N577 / $ 1 recorded the week before. This is according to information obtained by Nairametrics from BDC operators in Lagos.

The crude oil market extended its gains as the price of Brent crude closed at $ 82.56 per barrel on Tuesday as part of OPEC + ‘s decision to maintain the production quota.

On a related note, Nigeria’s foreign exchange reserve hit a record high of $ 785.84 million on Monday, October 4, 2021 to close at $ 37.57 billion, hitting its highest level in 20 months. This is according to data from the Central Bank of Nigeria.

Trading at the official NAFEX window

The exchange rate fell against the US dollar on Tuesday, October 5, 2021 to end the day at N 414.3 per dollar, a depreciation of 0.18% compared to N / $ 413.55 recorded on Monday, 4 October 2021.

The indicative opening rate closed at N 414.03 / $ 1 on Tuesday, which represents a depreciation of 32 kobo from the N 413.71 / $ 1 recorded the previous trading day.

An exchange rate of 415.2 N to the dollar was the highest rate recorded in intraday trading before settling at 414.3 N / $ 1, when it was selling as low as 404 N / $ 1 during intraday trading, the same as the previous trading day.

Meanwhile, forex turnover at the official box office rose 12.2% on Tuesday, October 5, 2021.

According to data tracked by the FMDQ’s Nairametrics, forex revenue increased from $ 108.83 million on Monday to $ 122.15 million on Tuesday, October 5, 2021.

Cryptocurrency watch

The world’s most popular and capitalized crypto asset broke the $ 50,000 threshold on Tuesday as it is currently trading at $ 51,568.63 at 6:02 a.m. on Wednesday, indicating an increase in positive investor sentiment towards the highly demanded crypto asset.

The new price indicates a near recovery of all losses suffered in September, where Bitcoin fell from a high of $ 52,850 to as low as $ 39,787, which is a drop of 24.72%.

Meanwhile, at the time of writing, the crypto market has edged down 0.58% to $ 2.22 trillion, which is a loss of $ 13.31 billion. for commercial investors, while Ethereum’s performance currently stands at -0.65% at $ 3,493.33.

Meanwhile, the Nigerian traded around $ 32.16 million in Bitcoin in September, indicating a decline from the $ 44 million recorded the month before. The total trading volume between January and September 2021 was $ 315.76 million.

Crude Oil Price

Crude oil extended its gains on Tuesday, consolidating recent uptrends, with Brent Crude gaining 1.6% to close at $ 82.56 per barrel from $ 81.31 per barrel the previous day.

Likewise, West Texas Intermediate also gained 0.22% to close at $ 79.1 per barrel, while Natural Gas closed at $ 6.314 per barrel on Tuesday.

Nigerian Bonny Light crude traded higher on Tuesday as its price rose 3.94% to close at $ 40.73 a barrel on Tuesday, while other Nigerian crudes, Brass River and Qua Iboe both traded higher on Tuesday. posted gains of 3.32% each to close at $ 81.13 a barrel.

The uptrend continued, following OPEC + ‘s decision to maintain production increases of 400,000 bpd per month. At the meeting, all participating States agreed that sticking to the originally designed course would be in the collective interest of the group.

External reserve

Nigeria’s foreign exchange reserves rose further by $ 785.8 million on Monday, October 4, 2021 to close at $ 37.6 billion from $ 36.78 billion the day before. The latest increase represents a 2.1% increase in the country’s foreign exchange reserves and the largest daily increase since February 2020.

The reserve gained a record $ 2.76 billion in September 2021, while the recent gain places the year-to-date gain at $ 2.19 billion.

The recent increase in the reserves position, which has continued since August 25, is in line with recent reports suggesting that Nigeria’s foreign exchange reserves position could reach $ 40 billion by the end of September 2021.

Although reserves did not reach $ 40 billion as expected in the previous month, they continue to register positive growth and could cross the expected line by the end of the current month, if they maintain this trajectory.

With the oversubscription of the euro-bond of $ 4 billion obtained by the federal government on the international debt market, the reserve is expected to gain strength in the coming weeks.

Disclaimer: Nairametrics does not set or determine exchange rates. Official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates are obtained from a variety of sources, including online media. The rates you buy or sell in forex may be different from those described in this article.

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Harvard Native American Program Director Chosen to Chair National Endowment for the Humanities | New Thu, 07 Oct 2021 03:12:23 +0000

President Joe Biden on Tuesday appointed Shelly C. Lowe, executive director of the Native American program at Harvard University, to serve as the 12th president of the National Endowment for the Humanities.

Lowe, a citizen of the Navajo Nation, has been one of 26 members of the National Council for the Humanities and Social Sciences since 2016, an advisory board appointed by the president who reports to the president of the agency. If confirmed by the Senate, she will be the first Native American to head the federal agency, which annually provides more than $ 100 million in grants to cultural and educational institutions.

Lowe is also the second woman in the agency’s history to receive the nomination. In a press release on Tuesday, Lowe said she hoped to continue contributing to the advancement of the humanities in her capacity as president.

“My time at the National Humanities Council has been extremely rewarding and I look forward to continuing to serve and advance the humanities in this new role,” said Lowe. “Ensuring that the American people have access to humanities institutions, resources, and programs is absolutely essential to meeting the challenges of the 21st century. “

Established in 1965, the National Endowment for the Humanities provides grants to cultural institutions, including universities, libraries, radio stations and museums, in accordance with its dual mission of advancing excellence in the humanities and transmitting history to Americans, according to the agency’s website.

Former NEH Acting President Margaret Plympton, whose 2017-18 tenure straddled Lowe’s time on the Council, said Lowe was well placed to report to both the academic and public areas of the humanities.

“She’s very plugged into the scholarly aspects of the humanities, but also the important aspects of public engagement in the humanities and how the humanities can inform work in our societies,” said Plympton.

William R. Ferris – a professor at the University of North Carolina-Chapel Hill who served as NEH chairman from 1997 to 2001 under President Bill Clinton – said Lowe’s vast experience made her a ” superb ”nomination.

“She has served on the National Endowment for the Humanities Board, which approves all grants, so she is intimately aware of how the agency process works,” he said. “She will bring a fresh and long-awaited voice of a vision for America that the agency will embrace in a deep and powerful way.”

Lowe – who declined to comment – has led HUNAP since 2009. Prior to Harvard, she was associate dean at Yale and worked as an administrator at the University of Arizona.

Jon P. Peede, who chaired the NEH under President Donald Trump, also endorsed Lowe’s appointment in a tweet on Tuesday.

“Shelly Lowe will be a great @NEHgov chair,” Peede wrote. “I congratulate President Biden on his appointment. She will also be an excellent colleague for agency staff.

Under Trump, some University affiliates feared that federal research funding from agencies such as the NEH and the National Endowment for the Arts would be cut. Former university president Drew G. Faust wrote an op-ed for the New York Times in 2017, arguing for the rescue of the NEH when it was threatened with elimination.

Ferris praised the Biden administration for appointing people like Lowe to advance the humanities.

“I have confidence in the Biden administration – the vision and the quality of the people they have selected for the various appointments always seem to be well done, with great care,” he said. “And that [nomination] reflects that.

– Editor Isabella B. Cho can be contacted at Follow her on Twitter @izbcho.

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CASH-Short-term yields fall on possible extension of US debt limit Wed, 06 Oct 2021 19:57:00 +0000
    * U.S. ADP jobs report in September better than expected
    * U.S. yield curve flattens as long-end yields slip
    * McConnell offers debt ceiling extension

 (Recasts, updates yields, adds debt ceiling developments,
analyst comments)
    By Karen Pierog and Gertrude Chavez-Dreyfuss
    CHICAGO/NEW YORK, Oct 6 (Reuters) - Yields on the shortest
end of the U.S. Treasury curve tumbled on Wednesday after the
Senate's top Republican said his party would support an
extension of the federal debt ceiling into December, a move that
would avert a historic default later this month. 
    The one-month Treasury yield, which earlier hit a
session high of 0.1390%, was last at 0.0507%. 
    Yields on Treasury bills maturing around Oct. 18, the date
U.S. Treasury Secretary Janet Yellen has said the government
would run out of cash, leading to a default, have been sharply
elevated since last week.
    The offer by Senate Republican Leader Mitch McConnell would
ease fears of an imminent missed payment on Treasury securities,
which could have far-reaching consequences for global markets
and the U.S. economy.
    Republican lawmakers had been unwilling to help Democrats
suspend or increase the $28.4 trillion debt ceiling after a
two-year suspension expired in late July. 
    Andrew Richman, senior fixed income strategist at Sterling
Capital Management, said the short end of the curve has been
reacting to "the grinding of the politics" in Washington.
    "The pressure on the front end is relieved to find at least
there will be perhaps a short-term solution," he said.
     Meanwhile, longer-dated yields fell from more than
three-month peaks, taking a respite from a sharp rise in recent
sessions, although the rally lost some steam later in the
session as Wall Street stock indexes reversed course and moved
    The benchmark 10-year yield, which earlier hit a
session high of 1.573%, was last down 1 basis point at 1.5206%
after retreating from June highs along with yields on 20-year
 and 30-year bonds. 
    The fall in long-end rates flattened the yield curve, with
the spread between two-year and 10-year yields
narrowing to 122.51 basis points after rising to 127 basis
points, its widest since June.
    Richman said the long end of the curve was looking ahead to
U.S. Federal Reserve moves to raise interest rates and taper its
$120 billion in monthly bond purchases.
    "If the jobs numbers come in anywhere near expectations, I
believe (the Fed) will announce the tapering in November," he
said, referring to Friday's release of the government's
September employment data.
    Ahead of that data, an ADP report on Wednesday showed U.S.
private payrolls increased more than expected in September to
568,000 jobs. 
    A rise in Treasury yields after the report was short-lived
as buyers stepped in to take advantage of Treasuries' oversold
October 6 Wednesday 3:18PM New York / 1918 GMT
                               Price        Current   Net
                                            Yield %   Change
 Three-month bills             0.045        0.0456    0.005
 Six-month bills               0.06         0.0609    0.005
 Two-year note                 99-233/256   0.2955    0.008
 Three-year note               99-136/256   0.5359    0.014
 Five-year note                99-120/256   0.9845    0.007
 Seven-year note               99-148/256   1.3134    -0.002
 10-year note                  97-136/256   1.5206    -0.010
 20-year bond                  95-168/256   2.0165    -0.026
 30-year bond                  98-100/256   2.0725    -0.027
   DOLLAR SWAP SPREADS                                
                               Last (bps)   Net       
 U.S. 2-year dollar swap        10.00         0.25    
 U.S. 3-year dollar swap        13.00         0.00    
 U.S. 5-year dollar swap         7.50         0.00    
 U.S. 10-year dollar swap        0.50        -0.25    
 U.S. 30-year dollar swap      -26.25         0.25    
 spread (Reporting by Gertrude Chavez-Dreyfuss in New York and Karen
Pierog in Chicago; Editing by Andrea Ricci)
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