Japan’s benchmark stock indexes rose as increased oil and metals prices boosted commodity-related companies, and a weaker yen improved the outlook for export earnings. Banks declined. Inpex Corp., Japan’s largest oil-exploration company, gained 2 percent after crude oil climbed to an eight-week high on Oct. 1. Sumitomo Metal Mining Co., Japan’s largest gold producer, advanced 2.9 percent after gold rose to a record that day. Sony Corp., an electronics maker that gets 22 of sales in the U.S., and Honda Motor Co., which derives almost 85 percent of its sales abroad, increased at least 1.5 percent. Mizuho Financial Group Inc. retreated 3.4 percent. “Money is flowing into riskier assets, including commodity-related shares,” said Junichi Misawa, head of equity investment at Tokyo-based STB Asset?Management Co., which oversees about $14 billion. “Japanese stocks are relatively cheap and lagging behind the other markets across the world.”
Japanese Stock Indexes Rise on Commodities Prices, Currency; Banks Decline
Posted by admin | 7:48 PM | Business | 0 comments »WASHINGTON (Reuters) - The International Monetary Fund has called for a new world system to dismantle troubled financial institutions and a levy on banks to pay for it. The IMF's statement, released on Sunday, comes ahead of meetings here this week among fund officials, the World Bank and leading nations' finance officials. It urges better international regulatory cooperation and stronger supervision. Two years after the peak of the worst global financial crisis in generations, the IMF is seeking to keep momentum going for substantive cross-border financial reforms. "Although important steps have been taken like Basel III ... much more remains to be done," said Jose Vinals, a senior executive at the fund. "We need to work together." The Basel III accord on bank capital standards was finalized weeks ago. Earlier this year, the United States approved sweeping bank and Wall Street reforms. European Union nations have been moving along on reforms of their own.
Oct 3 (Reuters) - Amid growing concerns about the legal practices of mortgage lenders, Old Republic National Title Insurance told agents Friday it would stop insuring homes foreclosed by JPMorgan Chase & Co (JPM.N), The New York Times reported Saturday, citing a company memo.
Old Republic, one of the nation's largest title insurers, said it would not write policies on foreclosed Chase properties until "objectionable issues have been resolved," according to a company memo obtained by the Times.
Officials from Old Republic and Chase could not be reached immediately for a comment.
