World Crisis Online

Emerging-market stocks advanced, paring the benchmark index’s second weekly decline, amid speculation European policy makers may contain their region’s sovereign-debt crisis.

The MSCI Emerging Markets Index rose 1.4 percent to 976.84 as of 4:30 p.m. in New York. The gauge has lost 1.6 percent this week. South Korea’s Kospi Index (KOSPI) climbed 3.7 percent. India’s Sensex Index trimmed gains to 0.3 percent after the central bank raised its repurchase rate. The Russian Micex Index fell 0.9 percent as oil weakened. (more…)

U.S. stocks advanced, driving the Standard & Poor’s 500 Index to the third-biggest weekly gain since 2009, as government officials and central bankers took steps to ease the European debt crisis.

Dell Inc. (DELL) climbed 8.8 percent after boosting its share buyback program, helping send technology companies in the S&P 500 to a 7.1 percent increase, the most since July 2009. Hartford Financial Services Group Inc. (HIG) rallied 14 percent after Credit Suisse Group AG boosted its rating, and Aetna Inc. (AET) advanced 9.3 percent after saying profit will probably beat its forecast. Goodrich Corp. surged 10 percent amid speculation United Technologies Corp. may buy the company. (more…)

Asian stocks trimmed a weekly decline as joint action by central banks to tackle Europe’s debt problems boosted confidence the region will avoid a financial crisis like the one that followed the collapse of Lehman Brothers Holdings Inc.

HSBC Holdings Plc (5), Europe’s biggest bank by market value, pared losses after the European Central Bank led a coordinated effort to lend dollars to euro-area banks. Canon Inc. (7751), which depends on Europe for about a third of its sales, closed the week down 2.3 percent in Tokyo after earlier falling 6.3 percent. Esprit Holdings Ltd. tumbled the most since 1997 after profit plunged at the clothier. (more…)

A group that represents the world’s biggest banks is trying to persuade Brazil, Russia, India, China and others to lend 20 billion euros ($27.6 billion) to supplement a debt refinancing package for Greece.

The Institute of International Finance Inc. has been “quietly exploring” whether the so-called BRIC countries and others would be willing to participate, IIF Deputy Managing Director Hung Tran said today in a telephone interview. The plan would add to a July 21 agreement that included debt buybacks and bond exchanges, he said. (more…)

Enlarge image

Europe Rules Out Stimulus, Skips Bank Aid at Geithner Parley

Bartek Sadowski/Bloomberg (more…)

Global demand for U.S. stocks, bonds and other financial assets was weaker than forecast in July, the Treasury Department reported today.

Net buying of long-term equities, notes and bonds totaled $9.5 billion during the month compared with net buying of $3.4 billion in June, according to statistics issued in Washington. Including short-term securities such as stock swaps, foreigners sold a net $51.8 billion compared with net selling of $29.4 billion the previous month. (more…)

Enlarge image

Bond Yields at Three-Year High Amid Resource Grab

Nelson Ching/Bloomberg (more…)

Enlarge image

Finnish Finance Minister Jutta Urpilainen

Henrik Kettunen/Bloomberg (more…)

Enlarge image

U.S. Michigan Sentiment Index Rose to 57.8 in September

Emile Wamsteker/Bloomberg (more…)

Enlarge image

Volcker Rule May Extend to Overseas Banks

Scott Eells/Bloomberg (more…)

  Play Video Sept. 16 (Bloomberg) — John Ryding, chief economist at RDQ Economics LLC, talks about Federal Reserve policy, the U.S. bond market and the European debt crisis. He speaks with Tom Keene on Bloomberg Television’s “Surveillance Midday.” (Source: Bloomberg) (more…)

U.S. renewable energy developers are racing to complete projects amid concern banks won’t fill the gap in financing once a program of tax credits expires in December, said Arno Harris, head of Sharp Corp.’s solar unit.

“The U.S. has 30 gigawatts of utility-scale solar in the pipeline,” Harris, chief executive officer of Recurrent Energy, the solar project unit of Osaka, Japan-based Sharp, told a conference in New York today. “All of that is at risk. Financing could drop off a cliff.” (more…)

Asian currencies gained for a second day, led by South Korea’s won, as signs economic growth is on track and optimism Greece will avoid a default boosted demand for the region’s assets.

The MSCI Asia-Pacific Index of regional stocks advanced after Greek Prime Minister George Papandreou won a parliamentary confidence vote, bolstering his chances of pushing through austerity measures to secure further financial aid. Overseas investors bought $225 million more Taiwanese, Indonesian and Thai equities than they sold yesterday, exchange data showed. (more…)

The Australian dollar dropped against the greenback after the Federal Reserve lowered its forecast for U.S. economic growth, discouraging demand for higher-yielding assets including stocks.

“The Aussie came off,” said Robert Sinche, global head of currency strategy in Stamford, Connecticut, at Royal Bank of Scotland Plc. “The shorter-terms moves have been dominated by what’s been going on in equities.” (more…)

FORTUNE — The management churn at General Motors Co. (GM) proceeds unabated with the resignation Thursday of Chris Liddell as chief financial officer after 14 months on the job.

Dan Akerson, GM chief executive officer, has been stirring his pot of executives since taking over last fall — and he is the fourth GM CEO in less than two years. Last month GM got a new chief of product development, Mary Barra. Last week, GM’s head of engine and transmission development, Jamie Hresko, resigned. (more…)

Asian stocks rose, driving the region’s key index up for a second day, as Greek Prime Minister George Papandreou won a parliamentary confidence vote, moving the country a step closer to avoiding a default on its debt.

Sony Corp. (6758), Japan’s largest exporter of consumer electronics, and Korea’s Samsung Electronics Co., both of which get at least 20 percent of sales from Europe, advanced. BHP Billiton Ltd. (BHP), the world’s No. 1 mining company, gained 1.1 percent in Sydney as metal prices rose. Paladin Energy Ltd. (PDN), a uranium producer, surged 5.2 percent on takeover speculation. Li & Fung Ltd. jumped 5.6 percent in Hong Kong on optimism sales will accelerate. (more…)

(Money Magazine) — Q: A variable annuity that I’ve owned for many years has risen a great deal in value. Can I gift it to my kids? — Anthony Cupo, Fayetteville, Ind.

A: You can, and you won’t owe gift taxes as long as the annuity’s current market value doesn’t put you over your lifetime gift-tax exclusion (currently $5 million). (more…)

Enlarge image

India Sensex Swings Between Gains and Losses

Prashanth Vishwanathan/Bloomberg (more…)

FORTUNE — Feeling a little disillusioned lately? That’s not a bad thing if you’re an entrepreneur. There’s nothing like humbling economic times to force chief executives to let go of the sacred-cow ideas and grandiose illusions they’ve been harboring and start building on reality. Some of the smartest business owners I know have fallen for these five myths. Ditch them. It will make your business that much stronger. (more…)

Enlarge image

Hedge Funds Cut Bullish Peso Bets as Rally Wanes

Susana Gonzalez/Bloomberg (more…)