Fed Reserve Board Announced New $100 Bill Ready By October 8th, 2013

The Fed has set a new target date of Oct. 8. The redesigned note incorporates added security features, such as a blue, 3-D security ribbon and a disappearing Liberty Bell in an inkwell. The features are designed to thwart counterfeiters.

“We made numerous process changes to address the creasing issue and we are back in full production,” said Dawn Haley, a spokeswoman for the Bureau of Engraving and Printing.

Fed officials said information about the redesigned $100 can be found at www.newmoney.gov .

Source:federalreserve.gov

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SWEDEN

Big Bank, Big Business in Sweden –  The largest holders in banking industry Nordea, SEB, Handelsbanken and Swedbank – have all posted good results for the first quarter of 2013,  the same as  last year. Nordea, made over SEK 9 billion in profits in the first quarter of this year. The others raked in   around 4 billion SEK each in profits in the first quarter.

“We are one of the most stable banks in Europe,” Nordea CEO Christian Clausen told Swedish Radio.

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SWEDEN—

Swedbank is selling off its remaining banking operations in Russia and Ukraine. According to news agency TT, the sale is expected to be complete by summer.

Swedbank’s head of press Anna Sundblad tells news agency TT that the move is part of the bank’s strategy to focus on its four markets at home in Sweden and the Baltic.

“With the figures in hand, it hasn’t been a good investment for Swedbank’s shareholders,” says Johannes Rudbeck, the head of investor relations at Swedbank to news agency TT, referring to operations in the Ukraine, which have cost shareholders around SEK 11 billion since the bank entered that market in 2007.

Source:sverigesradio.se

Federal Reserve Chairman Ben Bernanke discussed the two day meeting during a press conference and answered questions from the media about Inflation, Mortgage-Backed Securities & Longer-Term Treasury Securities and more.

Chairman Bernanke’s Press Conference Opening Statement

Federal Reserve Chairman Ben Bernanke said that spending by households and businesses has continued to expand.

“We continue to monitor the recent increase in gasoline prices, which appears to be due mostly to passing factors such as refinery shutdowns for maintenance,” Federal Reserve Chairman Ben Bernanke said.

Federal Reserve Chairman Ben Bernanke said that the housing sector has seen further gains and that the jobs market has also shown signs of improvement over the past six months.

“Inflation is running somewhat below the Committee’s longer-run objective of 2%” and ”Longer-term inflation expectations remain stable,” Federal Reserve Chairman Ben Bernanke said.

Federal Reserve Chairman Ben Bernanke stated that the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month.

“However, at 7.7%, the unemployment rate remains elevated” and “The Committee also remains concerned that restrictive fiscal policies may slow economic growth and job creation in coming months,” Federal Reserve Chairman Ben Bernanke said.

Federal Reserve Chairman Ben Bernanke also mention that he Federal Reserve’s asset purchases are necessarily uncertain and agreed to continue to provide meaningful support to economic growth and job creation.

“Private payrolls are growing more quickly, total hours of work have increased, the rate of filings of new claims for unemployment insurance has fallen” and “The unemployment rate has continued to tick down,” Federal Reserve Chairman Ben Bernanke said.

Federal Reserve Chairman Ben Bernanke agreed that this monetary tool would likely not be able on its own to fully offset major economic headwinds.

“Overall, still-high unemployment, in combination with relatively low inflation, underscores the need for policies that will support progress toward maximum employment in a context of price stability,” Federal Reserve Chairman Ben Bernanke said.

Federal Reserve Chairman Ben Bernanke said that the potential for significant near-term fiscal restraint or from a sharp increase in global financial stresses could change their purchases of mortgage-backed securities and longer-term Treasury securities.

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SWEDEN—-

The local Sweden reports:

According to statistics from Swedish newspaper Svenska Dagbladet (SvD) and news agency Bloomberg.

Carl Hammer, a chief currency strategist at the SEB bank, Sweden has one of the world’s “most well-run economies” and is stable when it comes to the fundamental issues of state debt and budget and trade balances.

All that helps stimulate financial flows into Sweden, according to Hammer, who explained that many other countries have serious deficits and, through monetary policymaking, push intensively to print new money.

“That is negative for those countries’ respective currencies and at the same time it benefits the Swedish currency,” he told SvD.

The Swedish krona has strengthened the most against the Japanese yen, which has been the worst performing currency over the past year.

In February, the British pound was at its weakest in two decades against the Swedish krona, worth just 9.72 kronor ($1.55).

According to the the Riksbank’s KIX currency index, the krona is currently even stronger than it was just before the Riksbank was forced to abandon the fixed exchange rate against the ECU, the predecessor to the euro, in November 1992.

This followed a period of turbulence in the foreign exchange market and speculation against the krona.

Since then, Sweden has had a floating exchange rate, which means that the value of the krona vis-à-vis other currencies is allowed to fluctuate and is determined in the foreign exchange market.

But according to another comparative Riksbank index, TCW, the krona still has some way to go before reaching the pre-November 1992 level.

Source: thelocal.se

SWEDEN—

“Growth is still weak and the inflation pressure is low but there are glimmers of hope for stabilization and the economy is expected to strengthen in the coming year,” the Central Bank said in a statement.

The Bank predicted that the repo rate will remain at one percent for the coming year and did not adjust previous prognoses regarding Sweden’s GDP and unemployment rates.

According to the Bank, the repo rate will be 1.5 percent in 2014 and 2.2 percent in 2015.

(sverigesradio.se)

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Sweden —

According to Sverigesradio, Swedbank and Nordea fourth quarter profits were better than expected. Swedbank has made a profit of SEK 4.9 billion, and Nordea has made a profit of SEK 9.1 billion. Swedbank will pay investors a dividend of 9.90 per share, up from 5.30 last year. Nordea’s owners will get .34 per share, up from .26 last year.

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SWEDEN–

According to Sverigesradio, Swedish Central Bank’s Stefan Ingves wants borrowers to be  forced to pay off the principal on their home loans. He believes that risks are too great with mortgages with no end date.

“It would be best if the banks changed their policies “without pressure from above”. But, he says, new regulations might be necessary if they “fail to take their responsibilities”.

(Source:Sverigeradio)

DETROIT–

Quicken Loans Inc. chairman Dan Gilbert and Rock Ventures LLC announced today the purchase of five properties.

“It has been an exciting year of opportunity in Detroit,” Gilbert said in a statement. “Our focus in 2013 will be on the three R’s – residential, rail and retail – all of which are vital in creating the vibrant, thriving urban core that we all envision.”

The newest Rock Ventures’ acquisitions include:

• 1201 Woodward Avenue (the Kresge Building) – A 54,000-square-foot property built in 1891. The nine-story building will be renovated to include first floor retail and either office or residential space above.
• 1217 Woodward Avenue – A five-story, 30,000-square-foot building located just north of the Kresge Building. It was built in 1981 and plans include renovations to make use for first floor retail and either office or residential space above.
• 1412 Woodward Avenue – A 6,000-square-foot building, built in 1917. The building is currently unoccupied. Plans include featuring first floor retail with office space above.
• 1301 Broadway (Cary Building Lofts) – A 20,000-square-foot, five-story building, located on the west corner of Gratiot Avenue and Broadway Street. Built in 1906, plans call for extensive renovations to make for first floor retail with residential space above.
• 1521 Broadway (Small Plates Building) – A 9,300-square-foot, five-story building that is already 100 percent occupied by the Small Plates restaurant on the first floor as well as four residential loft apartments above.

Some of Gilbert’s recent acquisitions include the One Woodward Building, First National Building, the Madison Theatre at 1555 Broadway Ave., the Chase Tower on Woodward Avenue south of Campus Martius, and the Dime Building, renamed Chrysler House.

Rock Ventures’ downtown footprint now covers 2.5 million square feet of office space.

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SWEDEN–

http://www.riksbank.se

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