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EU hate speech accord highlights escalating pressure over content regulation
When the European Union and four major US internet firms agreed to halt illegal hate speech from their services, they are facing intense pressure to curtail and monitor content. Under the agreement, Facebook Inc., Google's YouTube, Microsoft Corp., and Twitter Inc. will look into reports of hate posts within 24 hours and disable or revoke access to the content, if needed. Governments in the region have been responding to increasing commentaries on pro-Islamic State, anti-immigrant, and other sensitive issues on social media. Although the four companies played down the importance of the agreement, people privy to the matter disclosed the recent EU pact is inclined to implementing more prohibitions.
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Nikkei down Over 2 Pct, Gold steady Above $1210
All the major Asian stock indices are trading on a lower note on Thursday but the Japan?s Nikkei falls the most above 2 pct. In addition, Japanese Yen hits fresh 2 ?week high against US dollar after comments from the BOJ?s Sato. USD/JPY breaks 109.00 marks and trading around 108.90 levels. On the other side, Gold remains well supported above $1200 and trading around $1215 marks. Expected trading range for the gold is $1208 to $1227 marks. Japan?s Nikkei N225 was trading 2.29% lower at 16,568 points in Tokyo. South Korea?s Kospi was trading 0.11% higher at 1,984.60 points. Shanghai composite index to open down 0.1 pct at 2,911.22 points and China's CSI300 index to open down 0.1 pct at 3,158.03 points. Hong Kong?s Hang seng index was trading 0.52% higher at 20,864.52 points. Australia?s S&P/ASX 200 was trading 0.83% lower at 5,278.50 points.
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U.S. Pushes to Block North Korea from Banking System
The United States government warned that foreign banks doing business with North Korea will face U.S. sanctions or fines. The insular communist country's series of ambitious nuclear arms tests that started this January raised accusations of money laundering activities to fund its lucrative nuclear testing, prompting the U.S. administration to call North Korea a "primary money laundering concern? and to take actions to cut off the country from accessing the U.S. financial system. U.S. Treasury also stated that all government and financial authorities are expected to follow suit and cut banking ties with North Korea.
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Fxwirepro: Usd/krw Strongly Holds 1190 Mark, Downside Limited
USD/KRW is currently trading around 1190 levels.
It made intraday high at 1192 and low at 1185 marks.
Pair is moving in a firm range from 1185 to 1195 marks.
Intraday bias remains neutral till the time pair holds key resistance at 1195 marks.
A daily close above 1194 is required to drag the parity higher towards key resistances at 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
Alternatively, a sustained close below 1182 will tests key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.
We prefer to take long position in USD/KRW only above 1194, stop loss 1177 and target 1209 marks.
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Apple Services Resume after Two-Hour Outage
Some of Apple Inc.'s services including its Apple Store experienced a two-hour outage on Thursday. Services resumed after the outage, but some services connected to iCloud and photo applications are still unavailable to several users. Apple's U.S. support page provided a timeline that showed that the issues started to manifest at around 4 p.m. U.S. EDT. The App Store service was back at around 6:30 p.m. EDT. No additional comment or information was released by Apple regarding the incident. The company stated on its website that they are investigating the issue and will provide updates when more information becomes available.
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Fxwirepro: Usd/jpy Stabilises Around Fresh -5 Week Low After Nfp Job Results, 105.54 Mark in Focus
USD/JPY is currently trading around 106.71 marks.
It made intraday high at 106.87 and low at 106.35 levels.
Intraday bias remains bearish till the time pair holds key resistance at 107.94 marks.
A daily close above 107.94 is required to take the parity higher towards key resistances around 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
On the other side, a sustained break below 106.13 will drag the parity down towards key supports at 105.71, 105.45 and 104.55 levels respectively.
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Asian Shares Rise as Dollar Wanes After Jobs Slowdown
Asian shares rose on Monday while the dollar sagged near its lowest in almost a month. The decline in the dollar comes after data shows the slowest job growth in U.S. in non-farm payrolls in a span of more than five years, lowering the chances of an expected near-term U.S. interest increase. U.S. non-farm payrolls recorded its lowest increase since 2010, with only an increase of 38, 000 last month, far from the expected 164, 000 by economists. There was an increase of 0.4% of MSCI's broadest index of Asia-Pacific shares outside Japan, while Japan's Nikkei stock index dropped by 1.6%. This is after the dollar dropped 2% against the yen last Friday. On Wall Street, S&P 500 ended within just 1.5% of its record closing high on Friday. The dollar index moved up by 0.1% to 94.112 .DXY, but stayed not higher than Friday's recorded low of 93.855, its lowest since May 2012. A poll shows that all top banks on Wall Street are expecting the U.S. Federal Reserve during its June 14-15 policy meeting to let the interest rates remain unchanged.
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Moody's Assigns Aa3 to Chino Basin Desalter Authority (ca) Revenue Bonds
Desalter Revenue Refunding Bonds, Series 2016A; Rating: Aa3; Rating Type: Underlying LT; Sale Amount: $67,690,000; Expected Sale Date:
06/22/2016; Rating Description: Revenue: Government
Enterprise Summary Rating Rationale
Moody's Investors Service has assigned an Aa3 rating to the Chino Basin Desalter Authority (CDA) Revenue Refunding Bonds, Series 2016A. The bonds have an expected par value of $67.7 million. We have also affirmed the rating on the Authority's existing $76.1 million of outstanding revenue bonds.
The rating reflects the Chino Basin's satisfactory debt service coverage from pledged revenues, sound liquidity, stable water supply availability, and largely standard legal covenants with the exception of a weaker than typical additional bonds test.
Rating Outlook
Outlooks are usually not assigned to local government credits with this amount of debt outstanding.
Factors that Could Lead to an Upgrade
Significant and sustained improvement of debt service coverage
Materially improved liquidity
Factors that Could Lead to a Downgrade
Weakening of debt service coverage
Material deterioration of cash
Water supply pressures
Legal Security
The bonds are secured by the CDA's pledge of revenues from its water purchase agreements, Metropolitan Water District rebates, and interest income. The water purchase agreements are take-or-pay contracts from program participants who pay their share of costs as part of their individual operations and maintenance.
Use of Proceeds
Proceeds of the sale will be used to refund the CDA's Series 2008A Revenue Bonds.
Obligor Profile
The authority is a joint exercise of powers agency by and among JCSD, SARWC, the cities of Chino, Chino Hills, Norco and Ontario, and IEUA with the power, among others, to design, finance, lease, purchase, acquire, construct, operate, maintain, sell, hypothecate or otherwise dispose of the Project for the purposes of the production, treatment and distribution of water to the Project Participants. In 2008, WMWD was added as member of the authority.
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Crumble hurdles for foreign entities, US tells China
Senior US officials implored China to downscale hindrances for foreign businesses, saying woes have escalated because of a more complicated regulatory environment. After numerous government probes hitting foreign entities and the implementation of a national security law curbing the usage of technology, foreign business sentiment has dwindled. American business groups also expressed their exasperation regarding new Chinese rulings favoring local firms, making it harder to run business in the country. US Treasury Secretary Jacob Lew said the two countries are responsible for ensuring better commercial, investment, and trade collaboration.
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08-Jun-2016 - Fitch: Korea's Low Rates Prevent Repeat of High Policy Payments
South Korea's life insurers are unlikely to repeat the mistake of providing high guaranteed rates to gain market share that had saddled them with a decades-old negative-spread burden that lingers today, particularly under the current low-interest-rate environment, Fitch Ratings says in a new report. The Bank of Korea has not adjusted the base interest rate since cutting it to 1.5% in June 2015, from 1.75% in March 2015. The low-interest-rate environment makes it less likely for insurers to clear their negative-spread burden - which arose in the 1990s when actual investment returns fell below the guaranteed interest rates of 8%-9% they had offered on endowment policies - in the short term, Fitch says. Persistent low-interest rates affect insurers differently, suppressing one insurer's investment yields, reducing another's funding costs, and improving valuation gains for bond investments. Meanwhile, a wave of M&As has swept the market in 2015 and 2016 to date as foreign insurers look to expand their business operations into more Asian markets. Korea's rapidly ageing population is supporting continued business growth in the insurance sector, especially for protection type, pension, and healthcare-related products. Growth is occurring at a modest pace of 5-10% as the market gets more mature and saturated.
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