Tuesday, October 13, 2009

“Northern Trust Global Advisors Survey of Investment Managers Finds ... - CNBC” plus 4 more

“Northern Trust Global Advisors Survey of Investment Managers Finds ... - CNBC” plus 4 more


Northern Trust Global Advisors Survey of Investment Managers Finds ... - CNBC

Posted: 13 Oct 2009 06:56 AM PDT

CHICAGO, Oct 13, 2009 /PRNewswire via COMTEX/ -- Institutional investment managers polled by Northern Trust Global Advisors (NTGA) in the third quarter of 2009 expressed near-consensus optimism on the economy: fully 83 percent of managers expect corporate earnings to increase in the coming quarter and 84 percent believe that global growth will accelerate in the next six months.

The NTGA survey showed the most optimistic economic expectations from investment managers since the quarterly poll was begun a year ago. But managers, still hesitant to call a buoyant V-shaped recovery, see potential fragility in the system. Three-quarters (76 percent) of survey respondents expect interest rates to hold steady, reflecting a view that central banks will be hesitant to raise interest rates for fear of choking off early signs of recovery.

The survey of more than 60 institutional managers was conducted by NTGA, the multi-manager arm of Northern Trust Corp. Respondents, all of whom participate in NTGA's external manager platform, were polled in mid-September. Other major findings from the survey include: -- At 46 percent of responses, a plurality of managers still believe that the Standard & Poor's 500 Index, a broad U.S. market indicator, is undervalued. The group of managers who believe that the market has room for growth is more than double the size of those (20 percent) who believe the market is overvalued.

-- Reflecting a stabilization of portfolio positioning, 53 percent of managers answered that they have no change in risk aversion and 88 percent of managers say they are now within their normal range of cash holdings. This is in contrast to responses from previous quarters, when managers continued to increase risk and decrease cash positions at the margins.

-- Ahead of the late September announcement by the Federal Reserve to keep the main U.S. interest rate unchanged, 75 percent of respondents expected interest rates to remain the same for the next quarter.

-- At 53 percent, the majority of managers now expect global inflation to remain the same for the next few months, compared to 42 percent who expressed the same opinion in the previous quarter.

-- Investment managers specifically cited the technology, energy, industrials, healthcare, and materials sectors as their top five most attractive market segments. The materials sector made its first appearance on the top-five list, edging out consumer discretionary.

"We found it interesting that managers expressed strong optimistic expectations for global growth and corporate earnings while at the same time expressing expectations for a stable inflationary environment," said Chris Vella, global director of research at NTGA. "Though growth and inflation generally arrive hand-in-hand, multiple managers cited the excess production capacity unearthed in their company research that would counteract any near-term inflationary pressures." For its survey, NTGA polled a select group of respondents, including fixed income and long-only equity managers across value and growth styles, with a bias toward fundamental, bottom-up stock picking strategies. The survey is conducted quarterly so that NTGA and participating managers can examine trends in attitudes and allocations.

"We're particularly interested by the quarter-to-quarter stability of responses when managers are asked to cite their most attractive investment opportunities," said Janet Yang, investment product manager for NTGA. "Instead of picking from a pre-determined list, managers have free rein to cite their best investment opportunities." NTGA is a leading provider of multi-manager investment solutions, with $31 billion under management for institutional and personal clients. Having investments with more than 250 external managers worldwide, NTGA solutions range from retail mutual funds and alternative asset classes to Emerging Manager programs and total investment program management for institutions and affluent individuals and families.

Northern Trust Global Investments (NTGI) is the multi-asset class investment management business of Northern Trust Corporation. NTGI comprises Northern Trust Investments, N.A., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., the investment advisor division of The Northern Trust Company and Northern Trust Global Advisors, Inc. and its subsidiaries.

About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide.

Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2009, Northern Trust had assets under custody of US$3.2 trillion, and assets under investment management of US$558.9 billion. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.

SOURCE Northern Trust Corporation URL: http://www.northerntrust.com www.prnewswire.com Copyright (C) 2009 PR Newswire. All rights reserved -0- KEYWORD: Illinois INDUSTRY KEYWORD: FIN SUBJECT CODE: NPT

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UBS Amnesty Deadline Prompts Nervous Rush to Lawyers (Update1) - Bloomberg

Posted: 13 Oct 2009 07:11 AM PDT

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Telecommunication Terms for Taiwanese Customers

美商彭博新聞有限公司台北分公司 彭博高速資訊網路業務營業規章

第 一 條 彭博高速資訊網路(英文名稱: Bloomberg High Speed Data Network)業務(以下簡稱「本業務」),係指美商彭博新聞有限公司台北分公司(以下簡稱「本公司」)利用彭博高速資訊網路所提供之各項財經資訊服務。

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用戶租用本業務,應依本公司規定向本公司申請並簽訂相關用戶合約,載明各項權利義務。

第 四 條

自用戶端連結至彭博高速資訊網路之電信機線設備,應由本公司負責向第一類電信事業承租,其租用條件應依該第一類電信事業之規定訂之,且其架設、維修、通信品質等均由該第一類電信事業負責,本公司僅負責代用戶與該第一類電信事業聯繫。

第 五 條

本業務系統所需各項硬體及軟體設備之取得、設置以及所有權,均依本公司相關業務規定或用戶合約約定辦理。

第 六 條

本公司提供本業務所收取之服務費主要可分為系統建置費、設定費、網路系統維護費、資訊服務費、其他電信事業所收取之通訊費用等。本公司應於用戶合約中載明詳細付費項目以及各項費用之計算標準。

第 七 條

本公司若對於服務費有所調整或變更時,除報請主管機關備查外,應於彭博高速資訊網路之網站以及本公司營業場所公告,並事前個別通知用戶。用戶若不同意服務費之調整或變更,得立即終止用戶合約,本公司應退還用戶所預付之服務費。

第 八 條

用戶於向本公司申請使用本業務時,應提出正確之用戶資料,並於變更時通知本公司,否則概由用戶自行負責。

第 九 條

本公司對於因提供本業務所取得之用戶資料應加以保密,並遵守「電腦處理個人資料保護法」之規定處理用戶資料。惟於下列情形,本公司得提供用戶資料予第三人: 一、經用戶同意。 二、司法機關或犯罪偵查機關,為偵查或調查犯罪依法所為之命令。 三、其他政府機關因執行公權力而依法所為之命令。 四、與公眾生命安全有關之機關為進行緊急救助者。 五、符合「電腦處理個人資料保護法」第二十三條之規定者。

第 十 條 本公司預定暫停或終止本業務之一部或全部時,應於預定暫停或終止日一個月前報請主管機關備查,並立即通知用戶。

前項暫停營業之時間最長不得超過一年。

第十一條

若本公司營業許可遭主管機關廢止,或本公司預定暫停或終止本業務之一部或全部時,本公司應退還用戶所預付之費用,並應依法律規定以及用戶合約約定賠償用戶之損失。

第十二條

用戶若有拒絕或遲延給付本業務之服務費之情事,本公司應定相當期限催告該用戶給付所積欠之服務費,並告知該用戶若未於所定期限內給付時,本公司有權依用戶合約之規定停止提供本業務,或期前終止用戶合約。

第十三條

若本公司發現用戶使用本業務有下列情形之一時,本公司有權立即停止對該用戶提供本業務,且該用戶應自行負擔任何責任: 一、危害國家安全、擾亂治安。 二、妨害公共秩序、善良風俗。 三、竊取、更改、破壞他人資訊。 四、危害本公司或他人網路系統安全。 五、妨礙通訊秘密。

第十四條

用戶使用本業務,如因本公司或其他電信業者之系統設備障礙、阻斷,以致發生錯誤、遲滯、中斷或不能傳遞時,本公司依電信法第二十三條之規定不負損害賠償責任,但應依下列規定扣減服務費: 一、若服務中斷達十二小時以上,而本公司仍未能使其恢復者,每中斷十二小時扣減每月服務費之三十分之一。 二、當月因通信不通所扣減之服務費總額應以當月所應繳納之服務費總數為限。 三、服務中斷之起始時間,以本公司察覺服務中斷或接獲用戶服務中斷之通知時為準,但若有紀錄證明服務中斷之實際起始時間者,以中斷實際發生之時為準。

第十五條

本公司接獲用戶有關服務中斷之通知後,應立即展開系統之檢查及修復,並儘速排除服務中斷之原因,以維持本業務之服務品質。

第十六條 用戶若對於本業務有任何意見或申訴,得利用客服電話:+886-2-7719-1592與本公司聯絡。

第十七條 本公司應遵守電信法之相關規定,確保用戶使用本業務之通訊秘密。

第十八條

若用戶有利用本業務從事非法活動者,本公司有權向相關單位檢舉,並有權將之視為拒絕往來戶。

第十九條 本營業規章未盡事宜,悉依相關適用法令以及用戶合約之規定辦理。

第二十條 本營業規章自公告日起施行,於有變更時亦同。

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Oil up to near $74 in Europe as dollar weakens - Yahoo News

Posted: 13 Oct 2009 06:35 AM PDT

Betty buzzed up: AP Newsbreak: Nobel jury defends Obama decision

3 minutes ago 2009-10-13T07:57:44-07:00

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FBI delves into DMV photos in search for fugitives - Anniston Star

Posted: 13 Oct 2009 05:52 AM PDT

RALEIGH, N.C. — In its search for fugitives, the FBI has begun using facial-recognition technology on millions of motorists, comparing driver's license photos with pictures of convicts in a high-tech analysis of chin widths and nose sizes.

The project in North Carolina has already helped nab at least one suspect. Agents are eager to look for more criminals and possibly to expand the effort nationwide. But privacy advocates worry that the method allows authorities to track people who have done nothing wrong.

"Everybody's participating, essentially, in a virtual lineup by getting a driver's license," said Christopher Calabrese, an attorney who focuses on privacy issues at the American Civil Liberties Union.

Earlier this year, investigators learned that a double-homicide suspect named Rodolfo Corrales had moved to North Carolina. The FBI took a 1991 booking photo from California and compared it with 30 million photos stored by the motor vehicle agency in Raleigh.

In seconds, the search returned dozens of drivers who resembled Corrales, and an FBI analyst reviewed a gallery of images before zeroing in on a man who called himself Jose Solis.

A week later, after corroborating Corrales' identity, agents arrested him in High Point, southwest of Greensboro, where they believe he had built a new life under the assumed name. Corrales is scheduled for a preliminary hearing in Los Angeles later this month.

"Running facial recognition is not very labor-intensive at all," analyst Michael Garcia said. "If I can probe a hundred fugitives and get one or two, that's a home run."

Facial-recognition software is not entirely new, but the North Carolina project is the first major step for the FBI as it considers expanding use of the technology to find fugitives nationwide.

So-called biometric information that is unique to each person also includes fingerprints and DNA. More distant possibilities include iris patterns in the eye, voices, scent and even a person's gait.

FBI officials have organized a panel of authorities to study how best to increase use of the software. It will take at least a year to establish standards for license photos, and there's no timetable to roll out the program nationally.

Calabrese said Americans should be concerned about how their driver's licenses are being used.

Licenses "started as a permission to drive," he said. "Now you need them to open a bank account. You need them to be identified everywhere. And suddenly they're becoming the de facto law enforcement database."

State and federal laws allow driver's license agencies to release records for law enforcement, and local agencies have access to North Carolina's database, too. But the FBI is not authorized to collect and store the photos. That means the facial-recognition analysis must be done at the North Carolina Division of Motor Vehicles.

"Unless the person's a criminal, we would not have a need to have that information in the system," said Kim Del Greco, who oversees the FBI's biometrics division. "I think that would be a privacy concern. We're staying away from that."

Dan Roberts, assistant director of the FBI's Criminal Justice Information Services Division, added: "We're not interested in housing a bunch of photos of people who have done absolutely nothing wrong."

Gone are the days when states made drivers' licenses by snapping Polaroid photos and laminating them onto cards without recording copies.

Now states have quality photo machines and rules that prohibit drivers from smiling during the snapshot to improve the accuracy of computer comparisons.

North Carolina's lab scans an image and, within 10 seconds, compares the likeness with other photos based on an algorithm of factors such as the width of a chin or the structure of cheekbones. The search returns several hundred photos ranked by the similarities.

"We'll get some close hits, and we'll get some hits that are right on," said Stephen Lamm, who oversees the DMV lab.

The technology allowed the DMV to quickly highlight 28 different photos of one man who was apparently using many identities. It also identified one person who, as part of a sex change, came in with plucked eyebrows, long flowing hair and a new name - but the same radiant smile.

The system is not always right. Investigators used one DMV photo of an Associated Press reporter to search for a second DMV photo, but the system first returned dozens of other people, including a North Carolina terrorism suspect who had some similar facial features.

The images from the reporter and terror suspect scored a likeness of 72 percent, below the mid-80s that officials consider a solid hit.

Facial-recognition experts believe the technology has improved drastically since 2002, when extremely high failure rates led authorities to scrap a program planned for the entrances to the Winter Olympics in Salt Lake City.

Lamm said investigators reviewing the galleries can almost always find the right photo, using a combination of the computer and the naked eye.

Marc Rotenberg, executive director of the Electronic Privacy Information Center, questioned whether the facial-recognition systems that were pushed after the Sept. 11 attacks are accurate or even worthwhile.

"We don't have good photos of terrorists," Rotenberg said. "Most of the facial-recognition systems today are built on state DMV records because that's where the good photos are. It's not where the terrorists are."

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Deal-maker Shelby ready to bargain - Politico.com

Posted: 13 Oct 2009 06:13 AM PDT

Democrats' best hope for passing the biggest overhaul of the nation's financial laws since the Great Depression may rest with an unpredictable, anti-bailout conservative who's skeptical of Big Government.

But Sen. Richard Shelby (R-Ala.) is a deal maker, and he's looking more and more like he's ready to compromise — regardless of whether his party leaders want to slow walk a Democratic priority.

Shelby, the top Republican on the Banking Committee, is backing a White House proposal to grant the federal government the broad power of "resolution authority" to wind down complex financial institutions rather than bail them out. He hasn't shut the door to the creation of a consumer financial protection agency — something that many Republicans have flatly dismissed as another government bureaucracy. Shelby has also endorsed a federal crackdown on the private bond rating agencies that gave high marks to shoddy investment products.

And he even sounds open to merging bank oversight into a federal super-regulator — something he says is "on the table" even though, he admits, the idea needs a lot more study.

All this bucks the conventional wisdom that financial reform is too complex and too divisive to happen anytime soon. And with Shelby backing a major bill, it would also give Democrats bipartisan cover to force the overhaul through the Senate.

"This will be the next big thing, and that's why I've worked all year on this very, very hard," Shelby said in an interview with POLITICO.

Financial industry officials also speculate that Shelby, 75, is keen to secure his senatorial legacy by being a linchpin on legislation that will set the course for Wall Street regulation for decades. And that's why he's been quietly negotiating financial reform with Banking Committee Chairman Chris Dodd (D-Conn.).

Shelby has hired five new Banking aides since June — serious policy types — and the move is being interpreted by key observers as another sign Shelby is committed to achieving a financial reform bill.

"You don't do that if you're not interested in getting something done," said one financial services industry executive.

Dodd, who has faced Shelby's wily negotiating style on dozens of bills over the years, remains optimistic. "His word is very good, which is absolutely critical. ... When he's against things, he tells you," Dodd said. "He's very clear; that's what I love about him."

By compromising with Dodd on several fronts, Shelby may also gain some leverage in pushing a conservative priority: reining in the Federal Reserve.

"The Federal Reserve as a regulator — it certainly hasn't been their best day," Shelby said. "As a matter of fact, a lot of us are not enamored with the results of the Federal Reserve as a regulator."

But even as he frames himself as the deal maker, Shelby remains skeptical on several key issues.

A harsh critic of the $700 billion Troubled Asset Relief Program, Shelby is unhappy with how the money has been handled, and he wants more oversight. But his opposition to bailouts is also why he supports the need for a quick resolution authority.

"Look at [American International Group]. AIG was taken over a year ago. They still don't have their hands around AIG. It's costing a lot of money, and what's the resolution to it? We need to dispense with it," he said.

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