UPDATE 1-Ex-S&P exec sues U.S. SEC ahead of administrative charges

Fri Jan 16, 2015 6:21pm EST

(Adds statement from Barbara Duka's lawyer)

By Nate Raymond

NEW YORK Jan 16 (Reuters) - A former executive of Standard & Poor's sued the U.S. Securities and Exchange Commission on Friday to block the regulator from bringing administrative charges against her over credit ratings for commercial mortgage-backed securities.

The lawsuit by Barbara Duka, a former co-manager of U.S. commercial mortgage-backed securities at S&P, a unit of McGraw Hill Financial Inc, is the latest challenge to the SEC's authority to pursue enforcement cases in-house, rather than in federal court.

The lawsuit, filed in federal court in Manhattan, comes three months after McGraw Hill took a $60 million charge and said it was in talks to resolve an SEC probe into its ratings for six commercial mortgage-backed securities transactions issued in 2011.

Duka, who left S&P in 2012, said she received a "Wells notice" in November indicating she might face an SEC administrative proceeding, and said the regulator is expected to vote on charging her on Jan. 20.

A Wells notice indicates the SEC believes civil charges may be warranted and gives a recipient a chance to mount a defense.

McGraw Hill last July disclosed having received its own Wells notice. The company faces related probes by the New York and Massachusetts attorneys general.

SEC and McGraw Hill representatives declined to comment.

Several people have challenged the SEC in federal court over its use of administrative proceedings, which has grown since the 2010 Dodd-Frank Wall Street reform law let the regulator bring cases against a wider array of defendants in that setting.

SEC administrative law judges preside over the cases, which are typically fast-tracked and lack some protections that defendants typically enjoy in more traditional court settings.

In the lawsuit, Duka challenged the constitutionality of legal provisions that create and provide position and tenure protections for the administrative law judges.

Guy Petrillo, a lawyer for Duka at Petrillo Klein & Boxer, in a statement said that Duka did not act wrongfully and performed her duties in good faith.

"Anyone who would claim otherwise should be required to prove their claim in court and in public, as our Constitution requires," Petrillo added.

The case is separate from lawsuits by the U.S. Justice Department and state attorneys general that accuse S&P of inflating credit ratings on toxic assets before the 2008 financial crisis.

S&P is expected to pay just over $1 billion to settle those lawsuits, a person familiar with the matter said this week.

The case is Duka v. U.S. Securities and Exchange Commission, U.S. District Court, Southern District of New York, No. 15-357. (Reporting by Nate Raymond in New York; Editing by James Dalgleish and Leslie Adler)

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UPDATE 1-Puerto Rico's revenues fall in Dec y/y -Treasury

Fri Jan 16, 2015 6:31pm EST

SAN JUAN Jan 16 (Reuters) - Puerto Rico's general fund revenues fell 8 percent in December to $854 million versus the same month the previous year, the island's Treasury said in a statement on Friday.

It saw a decrease in funds from the foreign corporation excise tax to $100 million from $177 million, which it said was partly due to a corporation making payments a year ago which did not recur.

Puerto Rico's revenues for the first half of its fiscal year - July to December - also fell, and came in less than estimated. Net general fund revenues dropped to $3.76 billion, which was $203 million below the same period last year and $96.5 million below estimates.

(Reporting by Reuters in San Juan, writing by Megan Davies; Editing by Meredith Mazzilli and Alan Crosby)

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DIARY- Top Economic Events to Jan 30

Fri Jan 16, 2015 7:00pm EST

Jan 17 (Reuters) - For other diaries, please see:

U.S. Federal Reserve

Polling unit diary

Today in Washington

Political and general news

Index of all diaries

Major central bank events

** This Diary is filed daily ** ----------------------------------------------------------- TOP ECONOMIC EVENTS

SATURDAY, JANUARY 17 ATLANTA, United States - Federal Reserve Bank of Atlanta President Dennis Lockhart gives welcome remarks and speaks on "Federal Reserve Bank of Atlanta's CED Programs and Financial Literacy Programs" before the HOPE Global Forum - 1350 GMT.

MONDAY, JANUARY 19

DUBLIN - The Central Bank of Ireland, Centre for Economic Policy Research (CEPR) and International Monetary Fund (IMF) are organizing a conference on "Ireland-Lessons from Its Recovery from the Bank-Sovereign Loop." Central Bank of Ireland Governor Patrick Honohan, IMF Managing Director Christine Lagarde and ECB board member Benoit Coeure to attend. LONDON - Bank of England former governor Mervyn King gives a lecture on central banking at the London School of Economics - 1830 GMT. HONG KONG, China - Asian Financial Forum 2015 under the theme of "Asia: Sustainable Development in a World of Change" (to Jan. 20). Speakers:- Central Bank of Russia First Deputy Governor Ksenia Yudaeva, Sveriges Riksbank Governor Stefan Ingves, Luxembourg finance minister Pierre Gramegna and World Bank Vice President Madelyn Antoncic.

TUESDAY, JANUARY 20 BEIJING - International Monetary Fund releases its latest snapshot of the global economy - 0130 GMT. IMF Economic Counselor Olivier Blanchard holds a press conference on the update to world economic forecasts. LONDON - Conference on "How do you deliver Europe's Economic Growth? The Role of Financial Services in a Reformed Europe." Speakers:- Bank of England Deputy Governor Jon Cunliffe, Belgium Finance Minister Johan Van Overtveldt and Lithuania Finance Minister Rimantas Sadzius. WASHINGTON - Federal Reserve Governor Jerome Powell and UK Financial Conduct Authority Chief Martin Wheatley discuss financial market conduct and structure - 1500 GMT. VIENNA - Central and Eastern European Forum (to Jan. 21). Speakers:- Portugal former Finance Minister Vitor Gaspar, Serbia Finance Minister Dusan Vujovic, Lithuania Deputy Finance Minister Algimantas Rimkunas, Central Bank of Hungary Executive Director Marton Nagy, National Bank of Ukraine Acting Deputy Governor Vladyslav Rashkovan, Croatian National Bank Governor Boris Vujcic.

ECB Governing Council member Ewald Nowotny, Czech National Bank Governor Miroslav Singer, Central Bank of the Republic of Turkey Deputy Governor Turalay Kenc, National Bank of Poland Management Board Member Andrzej Raczko, National Bank of Romania Deputy Governor Liviu Voinea, Croatian National Bank Governor Boris Vujcic will also be speaking. TOKYO - Bank of Japan holds monetary policy meeting (to Jan. 21).

WEDNESDAY, JANUARY 21 DAVOS, Switzerland - World Economic Forum 2015 annual meeting (to Jan. 24). WASHINGTON - U.S. Treasury Secretary Jacob Lew will preside over an open session of the Financial Stability Oversight Council at the Treasury Department. Federal Reserve chair Janet Yellen will attend. LONDON - Bank of England will release the minutes from its January policy meeting - 0930 GMT. BRUSSELS - Bank of England Deputy Governor Minouche Shafik speaks on financial markets - 1200 GMT. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report - 1500 GMT. OTTAWA - Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins hold a news conference to explain the bank's rate decision and monetary policy report - 1615 GMT.

THURSDAY, JANUARY 22 FRANKFURT - European Central Bank Governing Council meeting, followed by interest rate announcement and news conference.

FRIDAY, JANUARY 23

TOKYO - Japanese Finance Minister Taro Aso speaks about fiscal policy at an event hosted by Kyodo News - 0500 GMT.

SUNDAY, JANUARY 25 TOKYO - Bank of Japan to release the minutes of its December policy-setting meeting - 2350 GMT.

MONDAY, JANUARY 26 BRUSSELS - Eurogroup meeting. TUESDAY, JANUARY 27 BRUSSELS - Meeting of Economic and Financial Affairs Council (ECOFIN). WASHINGTON - U.S. Federal Reserve's Federal Open Market Committee holds two-day meeting on interest rates. LONDON - Bank of Japan former governor Masaaki Shirakawa speaks on the topic "Crises in the monetary system: learning from experience". CALGARY, Canada - Bank of Canada Senior Deputy Governor Carolyn Wilkins addresses the Canadian Association for Business Economics in Calgary - 1920 GMT. BRATISLAVA - National Bank of Slovakia (NBS) to release update of its quarterly macroeconomic forecasts.

WEDNESDAY, JANUARY 28

WASHINGTON - U.S. Federal Reserve's Federal Open Market Committee announces decision on interest rate decision, followed by statement - 1900 GMT. FRANKFURT - Meeting on "Perspectives for monetary policy in the euro area and development of the banking union". Deutsche Bundesbank executive board member Joachim Nagel hosts the meeting. LUXEMBOURG - 19th Global Securities Finance Summit 2015 (to Jan. 29). Speakers:- Organisation for Economic Co-operation and Development (OECD) Chief Economist and Head of the Economics Department Catherine Mann and European Central Bank (ECB) executive board member Peter Praet. STOCKHOLM - Sweden's central bank executive board meets.

THURSDAY, JANUARY 29 WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR).

FRIDAY, JANUARY 30

STOCKHOLM - Sweden's central bank executive board meets.

---------------------------------------------------------------

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For any questions or comments on the diary, please e-mail: diaries@thomsonreuters.com

NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event.

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EMERGING MARKETS-Polish assets extend loss on franc fears; EM stocks to snap 4-wk winning run

By Sujata Rao

LONDON Fri Jan 16, 2015 5:29am EST

LONDON Jan 16 (Reuters) - The Polish zloty and stocks extended losses on Friday after the Swiss franc's surge against central European currencies fanned financial stability fears, though Hungarian assets stabilised.

More broadly, emerging equities were set to snap a four-week winning streak, with the currency market turbulence preventing the sector from benefiting from the fall in U.S. Treasury yields.

Switzerland's decision to abandon its exchange rate cap with the euro and to cut interest rates sent the franc surging around 15 percent on Thursday, spooking central European markets because of a relatively high proportion of franc-denominated debt across the region that could threaten banks.

The zloty fell 0.3 percent against the euro adding to the previous session's 1 percent-plus loss while Warsaw stocks lost 0.6 percent after falling 3 percent on Wednesday for their biggest one-day loss in 10 months.

The zloty gained 1.6 percent against the franc however as the Swiss currency pulled back from its highs. The forint rose 0.5 percent to the euro and stocks of banks such as OTP recovered from steep falls.

"In Hungary they introduced a scheme to convert household liabilities and banks presumedly hedged their positions at the end of last year, while on the case of Poland we do not know of any such intervention to reduce the imbalance," said Cristian Maggio, a strategist at TD Securities.

He said further franc appreciation would not be "a disaster for Poland, but it is a net negative."

While franc mortgages amount to 7.5 percent of Poland's gross domestic product, the impact of exchange rate swings on mortgage payers would be mitigated by the fall in Swiss interest rates, JPMorgan pointed out.

The Czech crown, seen as a regional safe-haven, benefited from the turmoil, rising 0.4 percent.

The rouble and Russian stocks weakened further as oil stayed under $50 a barrel and markets braced for a credit ratings downgrade to "junk". Ukrainian bonds continued to weaken and credit default swaps rose 81 basis points to new 5-1/2 year highs according to Markit data, as violence escalated in the east of the country.

Chinese stocks posted their 10th straight week of gains due to bets for stimulus. Surprise rate cuts in India and Peru are raising expectation other emerging markets will follow, pushing yields on the GBI-EM local debt index below 6.19 percent, the lowest since mid-2013.

For GRAPHIC on emerging market FX performance 2015, see link.reuters.com/jus35t

For GRAPHIC on MSCI emerging index performance 2015, see link.reuters.com/weh36s

For GRAPHIC on MSCI emerging Europe performance 2015, see link.reuters.com/jun28s

For GRAPHIC on MSCI frontier index performance 2015, see link.reuters.com/zyh97s

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see ) (Additional reporting by Karin Strohecker; Editing by Dominic Evans)

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GLOBAL MARKETS-Euro bonds rally, shares sink in Swiss after-shock

Fri Jan 16, 2015 5:31am EST

* European shares fall, bonds rise as post-Swiss jitters linger

* Euro catches breath after biggest 1-day fall against Swiss franc

* Dollar rebounds after one-month lows vs safe-haven yen

* Oil rises on the day but heads for another week of falls

By Marc Jones

LONDON, Jan 16 (Reuters) - The shockwaves of Switzerland's move to ditch its currency cap were still being felt on Friday, as investors made a fresh grab for top-rated government bonds, and world shares and commodities headed for another week of losses.

The Swiss franc dipped after Thursday's surge, but Swiss shares were again Europe's worst performers as stocks worldwide limped to their third week in the red.

The fragile risk appetite meant more record low yields for German and other core euro zone government bonds, while there were falls in Greek markets as it emerged two of its banks had requested emergency ECB funding aid.

For once commodity markets were an area of relative calm as oil climbed to just below $49 a barrel, safe-haven gold cooled after its best run in 11 months and copper settled after a weekly plunge of nearly 7 percent.

"It's not panic but there has been volatility across the board, in FX, in commodities, in bonds and in stocks this week," said Alvin Tan, a strategist at Societe Generale.

"For a developed G10 currency, the 20 percent move in the Swiss franc (this week) was extraordinary."

The combination of the Swiss fallout and bets that the European Central Bank will launch an aggressive government bond buying programme using new money next week kept the euro pinned near an 11-year low against the dollar.

It rose over 4.5 percent against the Swiss franc after suffering a more than 18 percent fall on Thursday, the biggest daily loss in its history.

Top ECB policymaker Benoit Coeure further stoked expectations for quantitative easing. He said the aim would be to anchor long-term financing conditions and restore confidence in the bloc's inflation target of close to and below 2 percent.

European stocks were down 0.8 percent, however, as Swiss shares dropped another 5 percent and Greek shares lost over 2 percent.

DIGGING FOR TREASURIES

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan shed about 0.4 percent, while the yen's recent rebound helped push Japan's Nikkei stock average down 1.4 percent, and 1.9 percent for the week.

The dollar touched a fresh one-month low of 115.85 yen , but was last 0.3 percent higher on the day at 116.41 and on course for its fifth weekly rise on the trot against a basket of major currencies.

Chinese stocks were again a bright spot, with the Shanghai Composite Index gaining 0.9 percent as the country's central bank lifted banks' relending quotas to firms and farmers.

The mood was kept in check, however, by data showing foreign direct investment rose at its slowest pace in two years in 2014, underscoring the cooling of the economy.

Further undermining the dollar's attractiveness, U.S. Treasury prices rose and yields fell as investors sought the safety of fixed-income assets, with the 30-year yield touching fresh all-time lows and the benchmark 10-year yield at nearly two-year lows.

The 10-year yield fell to 1.717 percent in Europe, from its U.S. close of 1.775 percent on Thursday.

Meanwhile, Brent crude oil futures rose above $49 a barrel as the International Energy Agency (IEA) said the tide of recent price slumps may turn.

"How low the market's floor will be is anybody's guess. But the sell-off is having an impact," the IEA said on Friday. "A price recovery - barring any major disruption - may not be imminent, but signs are mounting that the tide will turn," said the agency. (Additional reporting by Jemima Kelly; Editing by Mark Trevelyan)

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Swiss 10-year govt bond yield goes negative for first time ever

LONDON Fri Jan 16, 2015 5:33am EST

LONDON Jan 16 (Reuters) - The yield on benchmark 10-year Swiss government bonds fell below zero for the first time ever on Friday, a day after the Swiss National Bank stunned markets by scrapping the franc's exchange rate cap and cutting interest rates to -0.75 percent.

The yield on the 10-year bond maturing in July 2025 fell to -0.003 percent, the first time that the benchmark borrowing costs of a developed economy's government has gone negative.

In effect, this means that investors are paying the Swiss government for the privilege of lending to it over a 10-year period.

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Rajan's rate-cut message to India's Modi: Now fix the budget

Thu Jan 15, 2015 5:08am EST

* Surprise rate cut shows Rajan's pragmatism

* For more to come, government needs credible budget

* Fixing spending priorities more important than deficit - sources

By Suvashree Choudhury and Rajesh Kumar Singh

MUMBAI/NEW DELHI, Jan 15 (Reuters) - In cutting interest rates and giving a boost to the government's efforts to revive growth, India's central bank governor Raghuram Rajan displayed the pragmatism and flexibility familiar to those who work with him.

Rajan's surprise quarter-point cut not only acknowledges that inflation is easing sharply, but also marks a concession to a government that has repeatedly, if politely, demanded monetary policy relief.

By explicitly tying future rate cuts to "high quality fiscal consolidation", the former IMF chief economist has put the ball back in Prime Minister Narendra Modi's court while showing enough independence to preserve his credibility with markets.

Modi's finance minister, Arun Jaitley, now needs to deliver cuts in subsidies, boost tax revenues and invest more in India's rotten infrastructure when he presents his first full-year budget to parliament next month.

"There is an assurance from the government that fiscal prudence will be followed," said one policy maker familiar with Rajan's thinking. "So what was the harm in cutting the rate before February?"

The decision, hatched between Rajan and senior policymakers over recent weeks, could ease the relationship between Jaitley and Rajan, who was hired by the last, Congress-led government.

Jaitley, clearly delighted, said the rate cut would put more money in the hands of consumers and help revive investment.

"If there is a deal between Rajan and Jaitley, that's very very positive," said said Surjit Bhalla, chairman of emerging markets advisory firm Oxus Investments and a leading commentator based in New Delhi.

"Monetary and fiscal policy should be coordinated."

The central bank is not statutorily independent from the finance ministry, but it enjoys broad autonomy in setting monetary policy.

WIGGLE ROOM

For Modi, relief for the economy cannot come soon enough, with some global CEOs venting frustration at a recent investment summit that, eight months into his rule, doing business in India is as hard as it ever was.

There is mounting evidence too that rural India is struggling as Modi curbs aid schemes championed by the last government, compounding the impact of last year's bad monsoon and a slide in prices for farm exports.

With India's $2 trillion economy yet to emerge from its longest spell of sub-par growth in a generation, sources in both Mumbai and New Delhi see room for some slippage on deficit targets as long as Jaitley puts together a credible spending plan for the fiscal year to March 2016.

"It's about the quality of spending," said one government source familiar with the budget preparations. "We need to reduce wasteful spending and spend more on building the capacity of the economy."

Jaitley, sources say, might get away with revising up next year's deficit target - to around 4 percent of gross domestic product from the 3.6 percent now envisaged - without endangering future rate cuts.

HIS OWN MAN

For now, the powerful forces braking inflation - not least a 50 percent fall in world oil prices - have handed Rajan the justification to cut rates without appearing to bow to government pressure.

"The pressure has always been there. Now we are noting a structural change in the inflation trajectory due to a 5-month decline in oil prices," said a second policy maker familiar with his thinking.

Rajan is playing a longer game to establish inflation as the central bank's main formal policy target. He appears to have buy-in from key government aides who want to avoid another boom-bust cycle like the one that followed the 2008 global crash.

"The goal is to achieve faster growth which is non-inflationary," deputy finance minister Jayant Sinha told Reuters after the rate announcement.

Inflation targeting will help make India's policy framework more predictable after Thursday's move, which was timed auspiciously to coincide with the Hindu harvest and kite-flying festival of Makar Sankranti.

While welcoming Rajan's pragmatism in ordering the rate cut between policy meetings, one investor said he would prefer not to have too many surprises.

"Care should be taken to maintain the sanctity of policy meetings," said A. Prasanna, an economist at ICICI Securities Primary Dealership, otherwise "markets could be in a perpetual state of froth".

The RBI holds policy meetings every two months, with the next one on Feb. 3. (Writing by Rafael Nam and Douglas Busvine; Editing by Simon Cameron-Moore)

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Russia may struggle to keep investment grade rating if oil prices don't recover - Fitch

LONDON Thu Jan 15, 2015 5:31am EST

LONDON Jan 15 (Reuters) - Russia may struggle to maintain its investment grade credit rating if the price of crude oil fails to recover from six-year lows, rating firm Fitch said on Thursday.

"If oil prices fail to recover from around 50 dollars a barrel or so then the pressures on the Russian economy in terms of the recession and depletion of foreign exchange reserves is going to be very strong," Ed Parker, one of Fitch's top sovereign analysts said at a conference.

"That will certainly make it that much harder for Russia to stay investment grade."

Fitch rates Russia BBB-, one notch above a drop into junk, and has a negative outlook. (Editing by Dominic Evans)

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GLOBAL MARKETS-Stock, bond markets tumble as Swiss let franc soar

Thu Jan 15, 2015 5:38am EST

* Markets rocked as Switzerland abandons 3-yr franc cap

* Franc soars 30 percent, European shares, yields tumble

* Copper reclaims some ground, oil on the slide again

By Marc Jones

LONDON, Jan 15 (Reuters) - Global markets were thrown into turmoil on Thursday as a shock move by Switzerland to abandon its three-year cap on the franc sent the currency soaring and Europe's shares and bond yields tumbling.

The franc jumped by almost 30 percent in a chaotic few minutes that saw it break past parity against the euro to trade as high as 0.8052 francs per euro as it cast off the 1.20 per euro cap it has had in place since late 2011

The move shattered what up until then had been a rebound in risk appetite following an overnight recovery in commodity prices.

The pan-European FTSEurofirst 300 plunged over 2 percent, led by a 5 percent slump in Switzerland, while German government bond yields hit record lows and the yen and gold rose as investors scrambled to safety.

"This is extremely violent and totally unexpected, the central bank didn't prepare the market for it," said Alexandre Baradez, chief market analyst at IG in France.

"It's sparking panic across all asset classes. It suddenly revives the risk of central bank policy mistakes, right when central bank action is what's keeping equity markets going."

The view was that the Swiss central bank felt it could no longer hold out against the tide of money that is coming its way as the ECB in Frankfurt prepares to start quantitative easing and investors pour out of riskier markets like Russia.

Oil has also resumed its slide despite a bounce by copper and other metals putting gold and the yen back in favour.

(Editing by Gareth Jones)

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Slovakia jumps into foreign debt markets with 12-year bond

PRAGUE Tue Jan 13, 2015 5:50am EST

PRAGUE Jan 13 (Reuters) - Slovakia opened the books on a new 12-year bond on Tuesday, seeking to tap international markets as yields fall on chances the ECB will soon begin buying euro zone sovereign debt.

The central European country, rated 'A' by Standard & Poor's, is jumping into markets early in 2015 after being absent for much of 2014, when it was trying to keep its debt load below legal limits that would force budget cuts.

Slovakia is joining a raft of other euro zone governments issuing new debt as bond yields across the region sink on expectations the European Central Bank will loosen policy soon.

Final price guidance for the Slovak 12-year syndicated bond was 57 basis points above mid-swaps, tightened from the initial guidance in the area of 60 bps, Thomson Reuters news and market analysis service IFR reported. Demand was more than 5 billion euros just before books were set to close, IFR said.

Slovakia last tapped euro markets a year ago, when it sold a 15-year, 1.5 billion-euro bond at 105 bps over mid-swaps.

It has mandated banks KBC, Societe Generale and Erste Group for the new issue.

The country, which has cut its budget deficit below an EU-prescribed limit of 3 percent of gross domestic product, needs to raise about 5.1 billion euros in bond issues this year, a touch higher than in 2014.

Debt agency Ardal plans to offer up to 2.5 billion euros in syndicated sales. Besides 12-year paper, Slovakia will also look at a new bond with a 5-7 year maturity. It will also offer up to 3 billion worth of bonds in domestic auctions.

Slovakia's debt is below 55 percent of GDP, well below euro zone averages. Its economy is expected to grow 2.6 percent in 2015, up from 2.4 percent forecast for this year. The country has benefited from recovering growth, falling deficits and demand for yield in Europe's low-interest-rate environment.

The yield on a 10-year Slovak benchmark bond has dropped by half since the middle of 2014 to 1.134 percent, 67 bps over a similar German bund. (Writing by Jason Hovet; Editing by Larry King)

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