Finance Minister takes stock of economic situation as rupee slips below 62 mark

In a brief interview after the hearing, Cortes said the plea deal was the best opportunity to move forward. I decided to plead because I didnt want to go back to fighting a raffle case, Cortes said, sitting on a bench inside the courtroom. Im not in office anymore. It seemed best not to fight over a raffle that has been done since the 40s or 50s. State law allows nonprofit organizations to hold raffles but forbids them to benefit political campaigns. Cortes, who resigned in 2010, was not charged specifically with holding an illegal raffle in part because a two-year statute of limitations had passed.

Repo markets shrinking on new bank-capital rules From Bloomberg News: The U.S. repurchase, or repo, market where banks and investors borrow and lend Treasuries and other fixed-income securities shrunk to $4.6 trillion daily outstanding last month, down 35 percent from a peak of $7.02 trillion in the first quarter of 2008, based on Federal Reserve data compiled from its 21 primary dealers. New capital regulations aimed at making banks safer are the driving force. One of the effects has been that government-bond markets are becoming less liquid. The argument for keeping Fannie and Freddie alive Im not persuaded, but its worth a read.

Fate of Polish finance minister not known until November: deputy PM

Sources said the Finance Minister took stock of the functioning of various department and sought suggestions from officials for improving the economic situation. The agenda for next three months was discussed, another source said. The meeting comes in the backdrop of rupee touching an all time low of 62.82 to a dollar and the stock markets too witnessing a decline. “It was a performance assessment and way forward,” a source said.

Kaushik Basu trashes talk of approaching IMF for a loan to rescue Indian economy. (Reuters)

“In my opinion, whether Minister Rostowski will remain in the government will be decided in November at the earliest,” Piechocinski told public radio. State television broadcaster TVP quoted a government spokesman as saying reports of Rostowski’s departure were mere speculation and no decisions about individual ministers would be made until the middle of the government’s four-year term, which started in November 2011. Rostowski has been Poland’s finance minister for six years, making him the country’s longest-standing finance chief since the end of Communism in 1989. He helped Poland keep its two-decade growth streak despite the global financial crisis.

2 Undervalued Finance Stocks

The dividend was raised by 13% and the yield is now 2.4%. The stock is up 48% in 2013 even though it is trading 6% off its multi-year high set in early August. Technically PFG is trading above its uptrend line and 50-day moving average and the recent pullback appears to be a long-term buying opportunity. Buying on Healthy Pullbacks Both stocks have been stock market darlings in 2013 as they have easily outperformed the broad market and their sector.

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