Tác động của vụ sụp đổ ngân hàng Lehman Brothers đến TTCK Việt Nam

GM, Domino''s Say Wall Street''s Woes May Ripple Through Economy

By Mike Ramsey, Greg Bensinger and Mark Clothier

Sept. 17 (Bloomberg) -- Executives at companies from General Motors Corp. to Domino''s Pizza Inc. and Novell Inc. say Wall Street''s upheaval may stunt demand as a credit crunch ripples through the U.S. economy.

The cost of borrowing in U.S. dollars surged to the highest level since 2001 following Lehman Brothers Holdings Inc.''s collapse, Merrill Lynch & Co.''s takeover by Bank of America Corp. and a cash shortage at American International Group Inc. that threatened to plunge the insurer into bankruptcy. The U.S. government agreed late yesterday to lend AIG as much as $85 billion in exchange for a 79.9 percent stake in the company.

``Lending has come to about a screeching halt as the industry itself is trying to sort this out,'''' said David Brandon, chief executive officer of Domino''s Pizza in Ann Arbor, Michigan. He said his company doesn''t currently need access to debt markets.

GM CEO Rick Wagoner said consumer financing is now ``much tighter'''' and urged the Federal Reserve to cut interest rates. Fed Chairman Ben S. Bernanke and colleagues left the main rate unchanged at 2 percent yesterday and signaled they will continue to monitor the market turmoil.

``We''ll have to see the impact from all the bad news out of Wall Street in terms of the consumer psyche,'''' Wagoner said in an interview on Bloomberg Television yesterday. ``But right now we are watching every day and reading the markets. Sales this month are OK. I would say more like August and July.''''

GM, the biggest U.S. automaker, is pushing for $25 billion in government loans for the industry to help it convert to more fuel-efficient vehicles in a bid to stem losses.

Ford Motor Co., the second-biggest U.S. automaker, said in a filing yesterday that it''s assessing the impact of Lehman''s bankruptcy on $1.13 billion in loan agreements with the New York- based investment bank.

`Scary Ride''

The fallout on Wall Street will probably have the biggest impact on New York, said Brad Anderson, CEO of Richfield, Minnesota-based Best Buy Co.

``You''ve got high-income people who have kind of a scary ride right now in terms of what''s happening with their careers,'''' Anderson said. ``I would expect you would see an effect on the whole community, as has happened historically in New York.''''

Best Buy, the largest U.S. electronics retailer, also insures its extended warranties through AIG and is watching that situation ``with interest,'''' he said.

The cost of borrowing in dollars overnight more than doubled as banks hoarded cash amid speculation more financial institutions will fail. The London interbank offered rate, or Libor, soared 333 basis points to 6.44 percent yesterday, its biggest jump, according to the British Bankers'' Association.

`Downward Spiral''

By pushing up the price of money, the meltdown may further depress consumer spending that was propped up last quarter by tax rebates.

Tim Manganello, CEO of BorgWarner Inc., said the Lehman bankruptcy and Merrill takeover will have ``a significant global impact.'''' BorgWarner, based in Auburn Hills, Michigan, makes automotive turbochargers. Manganello said he expects automotive sales in North America and Europe to be hurt as credit likely will become tougher to obtain and consumer confidence will fall.
``This could be a significant downward spiral caused as much by perception as reality,'''' Manganello said. ``Nobody feels comfortable if they think their savings are at risk.''''
Software Insurance

Dana Russell, chief financial officer of Waltham, Massachusetts-based Novell, said the economy has hurt the company''s ability to sell software that runs corporate networks. He said he''s also concerned about the status of AIG, since the company insures many software makers.

``If AIG is insolvent, we''d have to go and find another primary carrier,'''' he said before the Federal Reserve announced it would take control of AIG yesterday. ``Prices could go up. Who knows what will happen.''''

Banks have already tightened credit for consumers and companies this year after $515 billion of asset writedowns and credit losses since the start of 2007 amid the worst housing slump since the Great Depression.

``From a business perspective it doesn''t affect us, but it may affect access to the credit markets and the ability to borrow money,'''' said Keith Istre, CFO of billboard company Lamar Advertising Co. in Baton Rouge, Louisiana.
Lehman''s bankruptcy will make it harder for corporations and individuals to borrow money, hurting the economy for ``an extended period,'''' said Richard Bove, an analyst at Ladenburg Thalmann & Co.

``We are in uncharted territory,'''' Bove, based in Lutz, Florida, wrote in a Sept. 14 note. ``It seems likely that all financial firms that extend credit will be pulling back on their credit lines.''''

Borrowing Costs

Film studio Lions Gate Entertainment Corp. shouldn''t be aversely affected by Wall Street''s crisis after raising money for films last year, Vice Chairman Michael Burns said in an interview. The company also has a $340 million credit facility with JPMorgan Chase & Co. and Wachovia Corp., and more than $250 million in cash and cash equivalents.

Lions Gate, based in Vancouver and run from Santa Monica, California, has become more conservative with how it invests its money and sticks to government securities, Burns said.

``There''s too much volatility in the marketplace,'''' he said. ``Now we only park money in places that closely resemble Caesar''s wife -- beyond reproach.''''

Money-Market Rate May Stay at Seven-Year High as Credit Freezes

By Gavin Finch and Kim-Mai Cutler

Sept. 17 (Bloomberg) -- The cost of borrowing in dollars overnight may hold near the highest level since 2001 as banks hoard cash amid concern more financial institutions will fail.

Overnight dollar loans were trading at about 7 percent as of 8:30 a.m. in London, according to Imke Jersch, a senior money-market trader in Hanover at Norddeutsche Landesbank Girozentrale AG, Germany''s fourth-biggest state-owned bank. The London interbank offered rate, or Libor, soared 3.33 percentage points to 6.44 percent yesterday, the British Bankers'' Association said. The increase was the biggest in its history.

Credit markets seized up as the collapse of Lehman Brothers Holdings Inc. and the U.S. government''s rescue of American International Group Inc. spurred concern more financial companies may collapse. HBOS Plc, the U.K.''s biggest mortgage lender, slid as much as 52 percent in London trading on speculation it may not have access to funding. The shares rebounded after two people familiar with the situation said Lloyds TSB Group Plc is in talks to buy the bank.

``Everybody is worrying about which bank is going to go bankrupt next,'''' said Ronald Tharun, a money-market trader in Stuttgart at Landesbank Baden-Wuerttemberg, Germany''s biggest state-owned bank. ``There''s almost nothing being traded in the money markets, and absolutely no volume beyond one week. Nobody trusts anyone else.''''
The cost of borrowing in euros for three months rose half a basis point to 4.97 percent today, the European Banking Federation said. That''s the highest level since Dec. 5, 2000.

Averting Collapse

AIG averted the worst financial collapse in history yesterday by accepting an $85 billion federal bailout and giving the government a majority stake. The Federal Reserve rescued AIG, while refusing aid to Lehman, which filed for bankruptcy two days ago, because financial markets were more prepared for a Lehman failure, a Fed staff official said.

Since the start of last year, the world''s biggest financial institutions posted almost $516 billion in subprime-related losses and writedowns. Eleven U.S. banks collapsed since January. Corporate bond sales in the U.S. and Europe have slumped 42 percent from a year ago, according to data compiled by Bloomberg.

Libor, set by 16 banks including Citigroup Inc. and UBS AG in a daily survey by the BBA, is used to calculate rates on $360 trillion of financial products worldwide, ranging from home loans to credit derivatives.

TED Spread

The difference between what banks and the Treasury pay to borrow for three months, the so-called TED spread, was at 212 basis points, holding near its widest this year. It was about 50 basis points before the credit crisis began.

The difference between the Libor for three-month dollar loans and the overnight indexed swap rate, the Libor-OIS spread that measures the availability of funds in the market, reached 117 basis points yesterday, the most since at least December 2001. That compares with an average of 8 basis points in the 12 months to July 31, 2007, before the credit squeeze started.

Central banks around the world pumped cash into money markets yesterday. The Fed added $70 billion in temporary reserves. The European Central Bank offered 70 billion euros ($100 billion) in a one-day refinancing operation and the Bank of England injected 20 billion pounds ($36 billion). The Bank of Japan added 2.5 trillion yen ($24 billion) and the Reserve Bank of Australia injected A$1.85 billion ($1.5 billion).

Reserve Money Fund Falls Below $1 a Share, Delays Withdrawals

By Christopher Condon

Sept. 17 (Bloomberg) -- Reserve Primary Fund, the oldest U.S. money-market fund, became the first in 14 years to expose investors to losses after writing off $785 million of debt issued by bankrupt Lehman Brothers Holdings Inc.

Shareholders pulled more than 60 percent of the fund''s $64.8 billion in assets in the two days since Lehman folded. Losses on the securities firm''s debt forced the fund to break the buck, meaning its net asset value fell below the $1 a share price paid by investors, New York-based Reserve Management Corp., its closely held owner, said yesterday in a statement. Redemptions were suspended for as long as seven days.

Assets in money-market funds, considered the safest investments after cash and bank deposits, rose to a record $3.59 trillion this month as stock and commodity markets fell. Investor confidence has been shaken by the subprime-mortgage collapse, the demise of Lehman and Bear Stearns Cos., and the failure of 11 U.S. commercial banks. The first money-market fund to break the buck was the Community Bankers Mutual Fund in Denver, which had $82.2 million when it was liquidated in 1994 because of losses on interest-rate derivatives.

``This is going to unsettle investors and probably create further runs on other money funds,'''' Geoff Bobroff, a mutual- fund consultant in East Greenwich, Rhode Island, said in an interview.

Widespread withdrawals from money-market funds would aggravate the global credit crunch because they are major buyers of short-term debt issued by corporations and financial companies. The Reserve Management announcement came the same day the overnight Libor rate in U.S. dollars soared 3.33 percentage points to 6.44 percent, its biggest jump in at least seven years, according to the British Bankers'' Association.

`Massive Withdrawals''

``We could see massive withdrawals from the money-market fund industry with the money going to bank deposits and T- bills,'''' Michael Cloherty, a New York-based analyst with Bank of America Corp., wrote in a research note yesterday.

Standard & Poor''s lowered its principal stability fund rating on Reserve Primary and the company''s International Liquidity Fund Ltd. to Dm, the lowest, from the top AAAm, citing their Lehman debt holdings. Nine other Reserve funds were put on CreditWatch for possible downgrade, New York-based S&P said yesterday in a statement.

The $260 million Colorado Diversified Trust has also fallen below $1 a share because of losses on New York-based Lehman''s debt, according to the S&P statement. The fund pools investments for state and local governments and schools, according to its Web site. All assets, excluding Lehman commercial paper, are set to be transferred today to the Colorado Local Government Liquid Asset Trust, S&P said.

Limited Impact

The ratings firm said none of the other 525 money funds it tracks will be affected by Lehman''s bankruptcy. Those funds oversee $2 trillion.

Reserve Primary held $785 million in Lehman commercial paper and medium-term notes. The fund''s board decided yesterday that the debt was worthless. That pushed the fund''s net asset value to 97 cents a share, the company said in the statement. Investors who requested redemptions by 3 p.m. New York time yesterday will get all their money back.

Ming Lee Hatch, a spokeswoman for Reserve Management, said she couldn''t immediately comment on whether the company planned to secure credit to support the fund or wind it down.

Reserve Management probably was unable to prop up the fund before temporarily halting redemptions because it lacked the backing of a large institutional owner, said Peter Crane, president of Crane Data LLC in Westborough, Massachusetts, which tracks money-market funds.

``Reserve just didn''t have the deep pockets to buy troubled securities out,'''' he said.

Evergreen Supports Funds

Boston-based Evergreen Investment Management Co. said yesterday it had secured support from Wachovia Corp., its parent, to protect three money-market funds from losses linked to debt issued by Lehman. The funds'' held $494 million of Lehman debt.

Money managers including Legg Mason Inc. and Bank of America, propped up money funds in the past year because of losses on debt issued by structured investment vehicles. Baltimore-based Legg Mason lined up $2.15 billion in financing to prevent money funds from breaking the buck.

Bruce Bent, chairman of Reserve Management, is credited with inventing the money-market fund with his opening of Reserve Primary in 1970. He often said the best money-market funds should be ``boring.'''' He derided other funds that invested in securities linked to subprime mortgages and other risky debt.

High Yields

The fund''s institutional share class ranked second among top-yielding institutional money funds as of Sept. 15 with a yield of 2.82 percent. Touchstone Institutional MMF was first at 3.10 percent. Reserve Management''s assets rose 95 percent in the year ended June 30 to $125 billion. Banks and other institutions accounted for 65 percent of assets.

Other fixed-income funds that ran into trouble earlier this year included enhanced cash funds and ultra-short bond funds. Both invest in short-term debt, usually less than one year, and aim to provide a higher return than money-market funds by taking more risk. Neither category of funds aims to maintain a $1 a share net asset value.

Evergreen liquidated the $403 million Ultra-Short Opportunities Fund in June after it fell 20 percent this year. San Francisco-based Charles Schwab Corp. is being sued by investors over losses in its Yield-Plus Fund, which is down 30 percent.

SEC Oversight

Money-market funds, which are regulated in the U.S. by the Securities and Exchange Commission, strive to preserve the $1 a share net asset value, meaning that investors can always get back their principal, as well as interest earned by the fund on its investments. They are required to hold debt that matures in 13 months or less, with a weighted average maturity of 90 days or less. The securities must have top short-term corporate debt ratings.

``The company and its counsel apprised staff of the fund''s situation earlier today and discussions between staff and the company and its counsel are continuing,'''' Andrew J. Donohue, director of the SEC''s investment management division, said in a statement. ``SEC examiners are on-site at the fund to monitor activities.''''

U.S. money-market mutual-fund assets were $3.58 trillion as of Sept. 10, just below their peak of $3.59 trillion set a week earlier, according to the Investment Company Institute, a Washington-based trade group.

Sound Structure

ICI President Paul Schott Stevens released a statement attempting to bolster investor confidence in money-market funds.

``The fundamental structure of money-market funds remains sound,'''' he said in the statement. ``These funds are subject to strict regulation governing credit quality, liquidity, diversification and transparency.''''

Federal Reserve spokesman David Skidmore declined to comment.

``We''d all forgotten that any investment comes with risk and we''re learning it the hard way now,'''' said Kiyoshi Ishigane, a Tokyo-based senior strategist at Mitsubishi UFJ Asset Management Co., which oversees about $61 billion. ``Even the safest investments, like the money-market funds, are starting to pose risks and that shouldn''t be a surprise given the crisis in the financial industry.''''

Hedge Funds Fell for Third Month in August, Eurekahedge Says

By Tomoko Yamazaki

Sept. 17 (Bloomberg) -- Hedge funds worldwide declined for a third month in August, with all strategies posting negative returns, as global equities and commodity prices dropped amid heightened concerns about the global economy, Eurekahedge said.
The Eurekahedge Hedge Fund Index, which tracks the performance of 2,408 funds that invest globally, declined 1.4 percent, based on preliminary figures from the Singapore-based hedge-fund research and publishing company. The index fell 2.1 percent in July and has dropped 3.4 percent this year.

Hedge funds, an industry with about $1.9 trillion in assets globally, have suffered the effects of the financial contagion triggered by the collapse of the U.S. subprime market last year. The first half of 2008 saw the fewest new hedge funds in nine years and the highest number of liquidations, Eurekahedge said.

``Going into September, we see most major markets trending in a similar fashion to that seen in August, with equities across the board being volatile and negative,'''' Eurekahedge said in a statement.

The MSCI World Index fell 1.6 percent in August amid signs of slowing growth in Europe and Japan, while bond prices rose and crude oil dropped from a record in July, according to the report.

In terms of regional mandates, managers investing in emerging markets were among the worst performers, declining 3.3 percent, while the Eurekahedge Eastern Europe & Russia Hedge Fund Index slid 8.6 percent.

Asia, Japan Funds Drop

The Eurekahedge Asian Hedge Fund Index also dropped 2.3 percent, and the index tracking Japan investments lost 2.3 percent. The Eurekahedge European Hedge Fund Index fell 1.4 percent and the Eurekahedge North American Hedge Fund Index slipped 0.1 percent, the report showed.

By strategy, relative-value funds -- or those that attempt to profit from price discrepancies between markets -- and macro funds, which seek to profit from economic trends by trading stocks, bonds, currencies and commodities, fared comparatively well during the month, according to the report.

A separate report by Hedge Fund Research Inc. earlier this month showed hedge funds fell for a third consecutive month in August, pushing them closer to the first losing year since 2002, because of losses in emerging-market stocks and commodities.

The HFRI Fund Weighted Composite Index fell 1.37 percent, extending its year-to-date loss to 4.83 percent, according to data compiled by Chicago-based Hedge Fund Research.

Hedge funds are mostly private pools of capital whose managers participate substantially in profits from their bets on whether the prices of assets will rise or fall.

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Được totti24794 sửa chữa / chuyển vào 17:28 ngày 17/09/2008

After AIG rescue, Fed may find more at its door
Wed Sep 17, 2008 1:24am EDT Email | Print | Share| Reprints | Single Page | Recommend (0) [-] Text [+] By Emily Kaiser - Analysis

WASHINGTON (Reuters) - In one $85 billion (47 billion pound) fell swoop, the U.S. Federal Reserve may have wiped out what credibility it won resisting Lehman Brothers'' rescue plea and opened its door to countless other companies to come calling for cash.By providing a massive loan to American International Group on Tuesday, just two days after refusing to use public funds to save Lehman Brothers from bankruptcy, the central bank also invited tough questions on how exactly it determined whether a company was too big to fail.

Between the $29 billion the Fed pledged to swing the Bear Stearns sale to JPMorgan in March, $100 billion apiece to rescue mortgage finance firms Fannie Mae and Freddie Mac, up to $300 billion for the Federal Housing Authority, Tuesday''s $85 billion loan to insurer AIG and various other rescue deals and loans, taxpayers are potentially on the hook for more than $900 billion.

"They pretended they were drawing a line in the sand with Lehman Brothers but now two days later they''re doing another bailout," said Nouriel Roubini, a professor at New York University''s Stern School of Business.

"We''re essentially continuing a system where profits are privatized and...losses socialized," Roubini said, adding that auto makers, airlines and other struggling businesses would no doubt be asking for government help too.

The government was hard pressed to say no to AIG because of concerns that its collapse would harm thousands of companies around the world and cause chaos in the $62 trillion market for credit default swaps, where it is a big player.

Many on Wall Street were clamouring for a rescue earlier on Tuesday, and AIG''s share price swung wildly throughout the day as rumours swirled of an on again, off again government rescue.

But Roubini said instead of handing out money to firms that made bad bets -- which could inadvertently enco

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Russian Markets Halted as Emergency Funding Fails to Halt Rout

By Alex Nicholson and William Mauldin

Sept. 17 (Bloomberg) -- Russian markets stopped trading for a second day after emergency funding measures by the government failed to halt the biggest stock rout since the country''s debt default and currency devaluation a decade ago.

The ruble-denominated Micex Stock Exchange suspended trading indefinitely at 12:10 p.m. after its index erased a 7.6 percent gain and plunged as much as 10 percent within an hour. The benchmark fell 17 percent yesterday, the biggest drop since Bloomberg started tracking the gauge in May 2001. The dollar- denominated RTS halted trading after similar declines.

The government yesterday injected $20 billion into the interbank lending market via central bank and Finance Ministry auctions in a bid to contain soaring borrowing rates as credit dried up in the wake of the Lehman Brothers Holdings Inc. bankruptcy. The one-day MosPrime overnight rate, a gauge for monitoring liquidity demand, leapt 25 basis points to a record 11.08 percent today.

The Finance Ministry attempted to stop the selloff by offering 1.13 trillion rubles ($44 billion) of budget funds to the country''s three biggest banks, OAO Sberbank, VTB Group and OAO Gazprombank, for at least three months. That measure came as KIT Finance, a Russian brokerage, said it''s in talks to find a buyer after failing to meet some financial obligations related to repurchase agreements.

Bond Market `Closed''

``The bond market remains effectively closed and banks are reluctant to lend to one another,'''' said Julian Rimmer, head of sales trading at UralSib Financial Corp. in London. ``The problems experienced by KIT Finance have heightened counterparty risk and reduced liquidity further.''''

Finance Ministry Minister Alexei Kudrin said on state television that the decision to increase the amount of budget funds available to three state-controlled banks would ``smooth over the shock changes'''' in the markets and enable the banks to make loans to smaller competitors.

``We must soften such shock changes connected with the market falling,'''' Kudrin said. ``With foreign borrowing stopping, we must soften the impact with additional funds, then the situation will stabilize.''''

Sberbank, eastern Europe''s biggest bank, can borrow as much as 754 billion rubles, VTB has a limit of 268.5 billion rubles and Gazprombank can get 103.9 billion rubles. About 400 billion rubles more of unspent budget funds is available to other banks.

``These are market-making banks capable of insuring the liquidity of the banking system,'''' the Finance Ministry said in a statement today. The government and central bank will take more measures to improve liquidity this week, the ministry said.

Sberbank dropped 2.1 rubles, or 6.1 percent, to 32.55 rubles. VTB sank 0.44 kopek, or 14 percent, to 2.73 rubles, a record low.

``The primary objective of these measures is to inject liquidity to calm nervousness,'''' Alexander Morozov, chief economist at HSBC Bank in Moscow, said by telephone. ``Hopefully other banks will be able to get this money via the interbank market and this should prevent the rise of rates,'''' he said.