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J.P. Morgan, U.S. Reach Terms of $4 Billion in Consumer Relief
J.P. Morgan Chase & Co. and the Justice Department Monday agreed to a landmark $13 billion settlement that resolves a number of legal headaches for the largest U.S. bank, clearing the way for a public announcement as soon as Tuesday, according to people familiar with the talks.

The final piece holding up the deal, terms of a $4 billion payment to help distressed homeowners, was completed Monday, said people close to the talks READ MORE....    

Brazil Preparing for World Cup and Olympics, Still Isn’t Ready for Investors

Two years ago it all seemed to be coming together for Brazil. Preparations for the 2014 World Cup were well underway and would be quickly followed by the 2016 Olympics in Rio de Janeiro. The soaring price of commodities were funding an unprecedented infrastructure spend that would make Brazil the the shining star of South America.

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Smoggy Beijing sees lung cancer cases soar

The number of lung cancer cases in the Chinese capital Beijing has soared over the last decade.

According to figures published by the state-run Xinhua news agency, they have increased by more than 50%.

Beijing health officials say smoking is still the number one cause of lung cancer, but they admit air pollution is also a factor.

The World Health Organization (WHO) recently estimated that polluted air kills millions of people every year.

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Can we finally stop worrying about Europe?

THE squiggles on traders’ screens showing changes in the prices of government bonds are the closest thing that financial markets have to ECG machines for economies. By this diagnostic measure the invalids in Europe’s medical ward are making a remarkable recovery.

On January 10th the interest rate on Spanish ten-year government bonds fell below 5% for the first time in almost a year. Even though rates then ticked up a tad, the cost of new government borrowing is now about 2.5 percentage points lower than it was when worries over a break-up of the euro area peaked in July 2012 (see left-hand chart). The Italian patient is doing well too. The rate on ten-year Italian debt is approaching 4%, which is also close to 2.5 percentage points off the highs last year.

Other measures show improvement as well. Big banks in Italy and Spain are managing to sell long-term bonds. European banks also seem likely to reduce their dependence on the lifeline extended by the European Central Bank (ECB) through its long-term refinancing operations. Huw van Steenis, an analyst at Morgan Stanley, reckons that banks (mainly those in the core of Europe) may repay €100 billion-200 billion ($133 billion-266 billion) of the €1 trillion in cash they borrowed from the central bank in 2011 and 2012. Mario Draghi, the president of the ECB, says that a “positive contagion” is sweeping through Europe. The idea has some merit, but is the region really on the mend?

Read More at The Economist

A bail-out by any other name

CALL it a silent bail-out. After several failed attempts, the euro zone's finance ministers finally agreed late on November 26th partly to reschedule Greece's debt, and offer several other measures to alleviate the country’s financial burden. Taken together, this action should cut Greece's debt by up to 20 percentage points of GDP by 2020—with the promise of more to come if Greece keeps to its adjustment programme.

The promise of relief—and the disbursement of a long-delayed tranche of aid worth €34.4 billion next month, subject to approval in national parliaments—does not come a moment too soon for Greece, whose economy has been in free-fall for five years. The country’s crisis has seen many false dawns, and there are several open questions even about the latest plan. But the hope is that it will help restore a degree of confidence in Greece's future and make the euro zone look less fragile. Yannis Stournaras, the Greek finance minister, said the agreement’s assumptions were so pessimistic that Greece could surprise on the upside. He even spoke of his hope of tapping the markets within the next couple of years.

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