Facebook Co-founder Eduardo Saverin renounces USA citizenship to take up Singapore as home

Eduardo Saverin, Facebook Co-founder

Saverin illustrates the true American dream: to get rich enough that you can evade taxes.

Wonder if Mark Zuckerbug will follow suit.

Perspectives on Facebook co-founder Eduardo Saverin evading taxes… j.mp/Jmiyp0 — j.mp/JmiwgU /via @shanselman ← @anildash

— Nathan Smith (@nathansmith) May 12, 2012

RT @DanaDanger: My initial reaction to Saverin renouncing his US citizenship was “so?” But the more I think about it, it’s a dick move….

— Jordan Ashby (@JM_Ashby) May 12, 2012

JP Mogran Chase stock down after trading loss made public

JP Morgan Chase stock down, and it’s a good time to buy since I assure you it is going back up my atleast 10% #markets

— Ernesto Barud (@erniebarud) May 12, 2012

JPMorgan Chase & Co lost $15 billion in market value and a notch in its credit ratings while a chorus of regulators and politicians reacted to its surprise $2 billion trading loss by demanding stiffer oversight for the banking industry.

The fallout extended across much of the banking sector, with shares of some of Wall Street’s top names declining on Friday. Among others, Citigroup dropped 4.2 percent, Goldman Sachs fell 3.9 percent and Bank of America slipped 1.9 percent.

Dubai stock rally loses power

The Dubai Financial Market General Index dropped 1.3 per cent, the most since December 21, to 1,654.20 at the close yesterday in the emirate as the price of oil slipped again.

North Sea Brent fell three quarters of a per cent, dropping 95 cents to US$125.70 a barrel. The commodity has risen 16 per cent this year after gaining 13.3 per cent last year.

The pressure on the price of oil comes after a warning from the IMF that the global economy is still fragile, and growth could be hindered by high oil costs.

U.S. Stocks Rise on Home Sales Data

U.S. stocks rose as a better-than- estimated jump in pending home sales helped the market recover from an early drop after the Group of 20 nations rebuffed calls from the euro area for more bailout funding.

The S&P 500 Index (SPX) gained 0.2 percent to 1,367.78 at 4 p.m. New York time, according to preliminary closing data. The index briefly rose above its 2011 intraday high of 1,370.58.

“The market has been very discomforting for the bears,” Michael Holland, chairman and founder of New York-based Holland & Co., said in a telephone interview. His firm oversees more than $4 billion.

U.S. Stocks Decline Amid Disappointing Economic Reports

U.S. stocks fell, a day after the Standard & Poor’s 500 Index failed to hold at an almost four- year high, as sales of previously owned houses missed estimates and data from Europe and China spurred economic concern.

Dell Inc. (DELL), the world’s third-largest maker of personal computers, tumbled 5.8 percent after its sales forecast missed estimates.

Toll Brothers Inc. (TOL) and KB Home dropped more than 4.1 percent to pace a slump in homebuilders.

Banks had the biggest loss in the S&P 500 among 24 groups, falling 1.7 percent. Gannett Co., the owner of 82 newspapers including USA Today, surged 4.2 percent as it will boost its dividend.

Japan, Britain warn U.S. rule may raise tensions over debt markets

Japan and Britain have called on the United States to rewrite its proposed financial regulation, called the “Volcker rule,” warning on Thursday that it could reduce liquidity in sovereign debt markets at a crucial moment for some European governments.

In a jointly written article published in the Financial Times, Japanese Finance Minister Jun Azumi and his British counterpart George Osborne said the U.S. move would be a “wrong prescription,” calling on Washington to be “alert to the unintended consequences of financial reforms.”

Pakistani stocks, o/n rates end lower; rupee weakens

Pakistani stocks ended lower on Thursday as investors sold shares of heavyweight Oil and Gas Development Co Ltd (OGDCL) after it reported lower-than-expected corporate earnings, dealers said.

OGDCL reported a net profit of 41.57 billion rupees ($457.87 million) for the first six months of the 2011/12 fiscal year, which was below market expectations.

Net profit last year for the same period was 31.6 billion rupees.

Turnover fell to 178.04 million shares, compared with 194.11 million shares traded on Wednesday.

“Disappointing results by OGDCL led to decline in share prices of all leading shares,” said Samar Iqbal, a dealer at Topline Securities.

Markets cautious over Greek debt deal and whether it can save it from default and euro exit

Markets reacted cautiously Tuesday to the news that Greece finally secured its second massive bailout in less than two years, which is aimed at giving the debt-ridden country the breathing room to enact widespread economic reforms and set it back on the path to growth and prosperity.

That is the most optimistic hope in Europe’s capitals but with many hurdles still to be cleared and the country still lumbered with massive amounts of debt even after its private creditors agreed to a huge writedown of debt, the prevailing view in the markets is that Greece remains insolvent and that its debt crisis still has a few more chapters to run.

Indian Shares End Near Seven-Month High

Indian shares ended at their highest level in nearly seven months Tuesday, pushed by gains in Reliance Industries and helped by improved sentiment after debt-laden Greece reached a final agreement for its next bailout package.

The Indian rupee’s gain against the dollar further helped, as a stronger local currency would help partly offset a recent increase in crude oil prices, which drive inflation.

The Bombay Stock Exchange’s Sensitive Index added 0.8% to end at 18,428.61–its best finish since closing at 18,432.25 on July 27. The index moved between 18,293.80 and 18,470.86 through the session Tuesday.

Pakistani stocks end up, volume at 22-mth high

Pakistani stocks ended higher on Tuesday, led by banking shares including the Bank of Punjab and the National Bank of Pakistan on hopes of healthy corporate earnings which are due in the coming days.

The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.21 percent, or 26.55 points, to 12,544 points.
Turnover reached 322.47 million shares, compared with 232.85 million shares traded on Monday.

“The volume at KSE today reached a 22-month high,” said Mohammad Sohail, chief executive at Topline Securities.

BOP closed 12.35 percent higher at 9.10 rupees, and NBP rose 1.17 percent to end at 49.43 rupees.