THE ABX INDEX AND SUBPRIME MORTGAGES

March 12, 2009 at 11:26 pm | Posted in Economics, Financial, Globalization, Research | Leave a comment

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The ABX Index

The ABX, launched in January 2007, serves as a benchmark of the market for securities backed by home loans issued to borrowers with weak credit.

“Creating visibility and transparency was a goal of the index, but not everyone knew it would be so closely followed,” said  a managing director at Markit Group, a London-based company that specializes in credit derivative pricing and administers the index.

The ABX Index is a series of credit-default swaps based on 20 bonds that consist of subprime mortgages. ABX contracts are commonly used by investors to speculate on or to hedge against the risk that the underling mortgage securities are not repaid as expected. The ABX swaps offer protection if the securities are not repaid as expected, in return for regular insurance-like premiums.

A decline in the ABX Index signifies investor sentiment that subprime mortgage holders will suffer increased financial losses from those investments. Likewise, an increase in the ABX Index signifies investor sentiment looking for subprime mortgage holdings to perform better as investments.

The ABX Index has four series (06-1 to 07-2) and five tranches per series. To get a value for the subprime mortgage inventory, one could weight the 20 available ABX values.

At a time when almost nothing about subprime securities seems certain, the ABX index is a key point of reference for investors navigating the world of risky mortgage debt.

The ABX Index

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WORLD POPULATION BY 2050

March 12, 2009 at 7:36 pm | Posted in Development, Earth, Globalization, Research, Third World, World-system | Leave a comment

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REVISED UN ESTIMATES PUT WORLD

POPULATION AT OVER 9 BILLION BY 2050

New York, Mar 11 2009

UNNews UNNews@un.org

Wed, Mar 11, 2009

REVISED UN ESTIMATES PUT WORLD POPULATION AT OVER 9 BILLION BY 2050

The world’s population will hit 7 billion early in 2012 and top 9 billion in 2050, with the majority of the increase taking place in developing countries, according to revised United Nations estimates released today.

“There have been no big changes for the recent estimates and we have not changed the assumptions for the future,” Hania Zlotnik, Director of the Population Division at the Department of Economic and Social Affairs (“http://www.un.org/esa/desa/“DESA), told reporters in New York.

“We’re still projecting that by 2050 the population of the world will be around 9.1 billion,” she said, as she presented the 2008 Revision of the World Population Prospects.

The Revision also says that nine countries are expected to account for half of the world’s projected increase from 2010 to 2050: India, Pakistan, Nigeria, Ethiopia, United States, the Democratic Republic of Congo (DRC), Tanzania, China and Bangladesh.

Ms. Zlotnik noted that current projections are based on the assumption that fertility is going to decline from the current global level of 2.5 children per woman to 2.1 children per woman from now until 2050.

The population of the 49 least developed countries (LDCs) is still the fastest growing in the world, at 2.3 per cent per year, according to a news release issued by the Population Division.

While the population of developing countries as a whole is projected to rise from 5.6 billion in 2009 to 7.9 billion in 2050, the population of more developed regions is expected to change minimally, passing from 1.23 billion to 1.28 billion.

The latter would have declined to 1.15 billion were it not for the projected net migration from developing to developed countries, which is expected to average 2.4 million persons annually from 2009 to 2050.

The UN adds that projected trends are contingent on fertility declines in developing countries. Without further reductions of fertility, the world population could increase by nearly twice as much as currently expected.

“It is going to be extremely important to continue funding and increasing the funding that has gone down for family planning because, if not, our projections on declining fertility are unlikely to be met,” Ms. Zlotnik stated.

She added that the projected population trends also depend on achieving a major increase in the proportion of AIDS patients who get anti-retroviral therapy to treat the disease and on the success of efforts to control the further spread of HIV.

Among the other findings, she noted that most developing countries are unlikely to meet the goal of reducing under-five mortality by two-thirds by 2015, one of eight globally agreed targets set out in the Millennium Development Goals

(“http://www.un.org/millenniumgoals/“MDGs).

Mar 11 2009

For more details go to UN News Centre at http://www.un.org/news

REVISED UN ESTIMATES PUT WORLD POPULATION

AT OVER 9 BILLION BY 2050

New York, Mar 11 2009

UNNews UNNews@un.org

REVISED UN ESTIMATES PUT WORLD

POPULATION AT OVER 9 BILLION BY 2050

Wed, Mar 11, 2009

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BASEL COMMITTEE ON BANKING SUPERVISION

March 12, 2009 at 7:06 pm | Posted in Economics, Financial, Globalization, Research | Leave a comment

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Press release

Press enquiries: +41 61 280 8188

press.service@bis.org

www.bis.org

Ref no: 7/2009

12 March 2009

Initiatives on capital announced by the Basel Committee

Following its 10–11 March 2009 meeting, the Basel Committee on Banking Supervision announced that the level of capital in the banking system needs to be strengthened to raise its resilience to future episodes of economic and financial stress. This will be achieved by a combination of measures such as introducing standards to promote the build up of capital buffers that can be drawn down in periods of stress, strengthening the quality of bank capital, improving the risk coverage of the capital framework and introducing a non-risk based supplementary measure. Also, the regulatory minimum level of capital will be reviewed in 2010, taking into account the above and other relevant factors to arrive at a total level and quality of capital that is higher than the current Basel II framework. Strengthening the global capital framework in this manner will enhance confidence and lay the foundation for a more resilient banking system.

The Committee notes that current reactions in the market place regarding capital levels have been highly procyclical. It will not increase global minimum capital requirements during this period of economic and financial stress. Indeed, the Committee has earlier stated that capital buffers above the regulatory minimum are designed to absorb losses and support continued lending to the economy.

Following its 10–11 March 2009 meeting, the Basel Committee on Banking Supervision announced that the level of capital in the banking system needs to be strengthened to raise its resilience to future episodes of economic and financial stress.

For more information, see the attached press release.

Press & Communications

Bank for International Settlements

Basel Committee announces initiatives on capital‏

Basel Committee on Banking Supervision

Press, Service (Press.Service@bis.org)

Publications, Service (Publications@bis.org)

Press enquiries: +41 61 280 8188

press.service@bis.org

www.bis.org

Thu 3/12/09

Centralbahnplatz 2 · CH-4002 Basel · Switzerland · Tel: +41 61 280 8080 · Fax: +41 61 280 9100 · email@bis.org

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“CHINA ENTREPRENEUR”: UNDERWOOD BOOK

March 12, 2009 at 2:28 pm | Posted in Books, China, Economics, Financial | Leave a comment

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China Entrepreneur: Voices of Experience from 40

Business Pioneers

by Juan Antonio Fernandez (Author)

Laurie Underwood (Author)

Editorial Reviews

Product Description

Launching a business in China? Give yourself a “second mover advantage.” China-bound entrepreneurs and small business owners: learn from experienced China hands before you bring your business to the world’s largest and most dynamic consumer market.

Preparing to manage a small business in China, the world’s largest, most dynamic consumer market? Hundreds of thousands of other international businesspeople are too, but only a small percentage of them will succeed in bringing their start-up dreams to life in the Middle Kingdom.

Give yourself a huge head-start by learning directly from experienced China pioneers. CHINA ENTREPRENEUR delivers street-tested advice on launching, growing, and operating your own business in China. Authors Juan Antonio Fernandez, professor of Management at the China Europe International Business School, and Laurie Underwood, accomplished journalist and Director of External Communications at CEIBS, use their combined 26 years of China experience to interview 40 successful international entrepreneurs who have launched and built businesses in China.

These entrepreneurs share their first-hand advice, anecdotes and best practices in tackling the key challenges of winning in the China market, from negotiating with government and winning necessary start-up approvals, to hiring and keeping the right staff, to collecting payments and to safeguarding intellectual property. In addition, the experiences of the entrepreneurs will be juxtaposed against insights from experienced China consultants who assist start-ups in operating in China. Thus the book will balance extensive, on-the-ground business advice against the insights of consultants who have risen to prominence in the China business environment by advising SME business operators on succeeding in China.

Product Details:

  • Paperback: 250 pages

  • Publisher: Wiley

  • February 3, 2009

  • Language: English

  • ISBN-10: 0470823216

  • ISBN-13: 978-0470823217

China Entrepreneur: Voices of Experience from 40 Business Pioneers

by Juan Antonio Fernandez (Author)

Laurie Underwood (Author)

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