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THURSDAY TICKER: 31ST JULY 2014 - Standard & Poor's says Argentina is in selective default on foreign-currency-denominated debt, after the government failed to make a $539m payment on $13bn in restructured bonds. Argentina had transferred the money to the paying agent, but a US judge would not allow its release unless hedge funds holding bonds not included in a restructuring also were paid. The latest default is expected to exacerbate problems in Argentina's recession-hit economy, analysts say. This is the second time Argentina has defaulted on its debt in the last thirteen years, after last-minute talks in New York with a group of bond-holders ended in failure. Vulture fund" investors were demanding a full pay-out of $1.3bn (£766m) on bonds they hold. Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make profits - In a regulatory filing made public earlier this week, and US press reports, BlackRock has begun the process of establishing a Wholly Foreign-Owned Enterprise (WFOE) in Shanghai. The firm is reportedly creating an investment advisory WFOE which will give it significantly greater flexibility and speed in executing its Greater China strategies – Shares in Chinese footwear manufacturer Feike AG have been listed on the General Standard of the Frankfurt Stock Exchange. Ten million shares have been listed at an initial price of €7.50. ACON Aktienbank AG is supporting the issue. Scheich & Partner Börsenmakler GmbH is the specialist. This is the third Chinese company to list on the exchange according to managing director Michael Krogmann. “With the IPO we have achieved an important strategic milestone. This helps us to expand our competitive position and our brand awareness in the booming Chinese market for children’s footwear as well as to realise future growth plans”, says Andy Hock Sim Liew, CFO of Feike AG - Funding pressures stemming from reduced central government capital grants and the persistence of tightened long-term bank lending are likely to fuel the English housing association sector's continued use of capital markets over the next two years, says Moody's Investors Service in a new report published today. The new report English Housing Associations: Financial Disintermediation- A One Way Trip, is the third in a series on European sub-sovereigns' financing needs and access to market funding.

Foreign investors still in Spanish stock market, despite continuing crisis

Thursday, 14 June 2012
Foreign investors still in Spanish stock market, despite continuing crisis According to share ownership figures released by Bolsas y Mercados Espanoles (BME), the Spanish stock exchange, non-resident investors still are the main owners of shares in listed Spanish companies, with 40% of their total value, one more point than in 2010 and just a tenth below the 2009 record high, according to the latest report on share ownership structure in Spain released today by BME’S Research Department, with end-2011 data. insurers in the market, at 3.3% of its total value. http://www.ftseglobalmarkets.com/

According to share ownership figures released by Bolsas y Mercados Espanoles (BME), the Spanish stock exchange, non-resident investors still are the main owners of shares in listed Spanish companies, with 40% of their total value, one more point than in 2010 and just a tenth below the 2009 record high, according to the latest report on share ownership structure in Spain released today by BME’S Research Department, with end-2011 data.

insurers in the market, at 3.3% of its total value.

The figure, which is the second highest percentage in history, reflects that despite the worsening conditions surrounding the European sovereign debt market, non-resident investors are gradually taking advantage of the sharp correction in Spanish equities.

According to the study, the Spanish households maintain a solid position in Spanish equities, which are among the main assets in which they put their savings. Although in 2011 the participation of Spanish households decreased by a point to 21.2%, it confirms a trend of stability for the last five years.

One of the conclusions of the report worth highlighting is the stronger presence of banks and saving banks in the stock market, which increased their position by 3 points last year, in contrast with non-financial firms, whose share of Spanish equities went down 4 points. In both cases, the changes are associated with factors linked to the financial crisis.

The financial sector, which comprises banks, saving banks, investment funds and pensions, insurers and non-bank financial advisers, bucked the downward trend initiated in 2007, at 16.3% of the value of Spanish equities, up four points from the figure for 2010.

It is worth mentioning the increased presence of Spanish

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