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bloomberg-news-000010
|
finance
|
korean
|
Uganda Coffee Development Authority’s Robusta Prices.The Uganda Coffee Development Authority today quoted indicative prices for exports of the robusta variety, which accounts for 85 percent of the country’s coffee exports. Uganda is Africa ’s second-biggest coffee producer, after Ethiopia , and the continent’s largest robusta producer. Nearby refers to deliveries to be made within 45 days. Indicative prices are those used by exporters to determine their prices, which are in U.S. cents a pound, based on free on board rail/truck from Kampala:
|
{
"questions": [
{
"question": "국제 무역에서 환위험을 관리하기 위한 주요 전략은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "수출 가격 결정에 영향을 미치는 주요 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "지표 가격(indicative price)은 실제 거래 가격과 어떻게 차이가 나는가?",
"reasoning_effort": "low"
}
]
}
|
success
|
bloomberg-news-000016
|
finance
|
korean
|
Gold, Silver Futures Advance in New York as Commodities, Equities Rally.Gold futures rose for the second straight day and silver surged as commodities and equities rallied amid optimism that European officials were making progress in taming the region’s sovereign-debt crisis. The Standard & Poor’s GSCI Index of 24 raw materials gained as much as 2.6 percent, led by gains in copper and silver. The European Central Bank will resume covered-bond purchases and reintroduce yearlong loans for banks, President Jean-Claude Trichet said. “Gold is back to behaving like a classic commodity,” Frank Lesh , a trader at FuturePath Trading in Chicago, said in a telephone interview. “Physical demand is providing support to gold.” Gold futures for December delivery gained $11.60, or 0.7 percent, to settle at $1,653.20 an ounce at 1:40 p.m. on the Comex in New York. The precious metal is heading for the first weekly gain in five. Futures reached a record $1,923.70 on Sept. 6 as investors sought alternatives to equities and some currencies. The metal has climbed 16 percent this year. Spot gold is in the 11th year of a bull market, the longest rally since at least 1920. Silver futures for December delivery climbed $1.653, or 5.4 percent, to $32.005 an ounce, the biggest jump since July 13. The price has advanced 39 percent in the past 12 months. On the New York Mercantile Exchange , platinum futures for January delivery gained $25.20, or 1.7 percent, to $1,508.10 an ounce. Palladium futures for December delivery climbed $28.45, or 5 percent, to $598.80 an ounce, rising for the second straight day.
|
{
"questions": [
{
"question": "금과 같은 귀금속의 가격 변동에 영향을 미치는 주요 요인은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "통화정책이 원자재 가격에 미치는 영향은 어떻게 설명할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "금리 변동이 금 선물 가격 결정에 미치는 인과 관계를 분석하면 어떤 요소를 고려해야 할까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000004
|
finance
|
korean
|
Afghanistan Gets Preliminary Agreement on $129 Million IMF Loan.Afghanistan secured a preliminary agreement for a $129 million loan from the International Monetary Fund after taking steps to strengthen its financial system following the collapse of Kabul Bank. The three-year loan program is likely to come to the board of directors for approval in November, the Washington-based IMF said in an e-mailed statement today. The IMF has said its support was contingent on the country’s strengthening its financial system. “The authorities have made important progress on managing the Kabul Bank crisis that came to the fore in the fall of 2010,” IMF mission chief Axel Schimmelpfennig said in the statement. “The authorities’ program outlines further steps to strengthen and develop Afghanistan’s financial sector.” A loan would signal approval of Afghanistan’s policies, a condition for some governments that provide assistance. The IMF, which reached a similar agreement in July 2010 that never went to the board, had said Afghan authorities needed to prevent a repeat of the conditions that led to the collapse of Kabul Bank before obtaining aid. The government took over Kabul Bank, the country’s biggest commercial financial institution, in September 2010. Thousands of depositors rushed to withdraw their money last year after learning that the bank’s owners had lost hundreds of millions of dollars they had lent to themselves. Recovering Assets “Kabul Bank has been put into receivership, and efforts are under way to recover the embezzled assets from the former shareholders of the bank which will limit the fiscal costs of the crisis,” Schimmelpfennig said. “The central bank is also stepping up supervision and ensuring that the banking law and regulations are fully enforced.” Measures the Afghan government plans to take in exchange for the loan include introducing a value-added tax to make up for the expected decrease in revenue collection when the military withdraws. The IMF said it expects real economic growth of between 6 percent and 8 percent during the program period.
|
{
"questions": [
{
"question": "금융시장에서 '현금 흐름표'는 무엇을 나타내나요?",
"reasoning_effort": "low"
},
{
"question": "인플레이션이 상승하면 중앙은행은 금리를 인상할 가능성이 높아집니다. 왜 그런가요?",
"reasoning_effort": "medium"
},
{
"question": "기업이 회사채를 발행하면 재무구조에 어떤 장기적 영향이 있으며, 이 영향이 대출 비용과 투자 결정에 어떻게 연결되는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000015
|
finance
|
korean
|
SEC Claims Author Used Ponzi Scheme to Repay Prior Fraud Victims.Eric J. Aronson, a New York man who wrote a self-help book after pleading guilty to fraud more than a decade ago, was accused by U.S. regulators today of operating a $26 million Ponzi scheme in which he used investor funds to pay court-ordered restitution to victims of his earlier fraud. Aronson, 43, lured about 140 people to buy promissory notes from companies he controlled including PermaPave Industries LLC, touting returns of up to 33 percent on investments in natural- stone pavers imported from Australia , the Securities and Exchange Commission said in a complaint filed today in Manhattan. U.S. attorneys filed related criminal charges against Aronson today, the SEC said. Aronson and other executives used new investor funds collected between 2006 and 2010 to make payments to earlier customers and siphoned off money to buy themselves luxury cars, jewelry and gambling trips to Las Vegas , according to the complaint. Aronson, who penned the 2007 book “DASH” with a first chapter entitled “The Buffet of Life,” misappropriated about $2.6 million through two other companies he solely controlled, using the money to pay back victims of a scheme to which he pleaded guilty in 2000, the SEC said. Randy Zelin, an attorney for Aronson and PermaPave , declined immediate comment. Aronson and his associates “created the facade of a profitable business, promised investors extraordinary rates of return, and used much of their investors’ money to fund their own lavish lifestyle,” George Canellos, head of the SEC’s New York office, said in a statement. The SEC is seeking to bar Aronson from serving as an officer or director of a public company, as well as the return of illicit profits and unspecified fines.
|
{
"questions": [
{
"question": "투자자가 주식과 채권 중 어느 자산에 더 높은 위험과 수익을 기대할 수 있나요?",
"reasoning_effort": "low"
},
{
"question": "기업이 자본 구조를 조정할 때 부채 비율을 높이는 것과 낮추는 것의 장단점은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "인플레이션이 장기 금리와 투자 포트폴리오에 미치는 영향은 어떻게 분석할 수 있나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000011
|
finance
|
korean
|
New York Times Climbs After Mexican Billionaire Carlos Slim Boosts Stake.New York Times Co. (NYT) climbed the most in almost two years in New York trading after Mexican billionaire Carlos Slim boosted his stake in the company. The newspaper publisher rose 76 cents, or 13 percent, to $6.75 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest daily gain since Oct. 22, 2009. The stock has dropped 31 percent this year. Inmobiliaria Carso SA, the closely held investment vehicle for Slim’s family, increased its holdings by 850,000 shares to 11.9 million shares, according to filings yesterday with the U.S. Securities and Exchange Commission. The purchases boosted the stake in Times Co.’s Class A shares to 8.1 percent. “The New York Times is a great media company, with a great name, excellent content and very good management,” Arturo Elias , Slim’s spokesman, said today in an e-mail. Slim has said that he owns Times Co. shares as a financial investment and isn’t interested in controlling the company, including in an interview last month with the Daily Beast.
|
{
"questions": [
{
"question": "기업이 배당을 결정할 때 가장 중요하게 고려하는 재무 지표는 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "기업이 부채와 자본을 조합해 자본 구조를 최적화할 때 직면하는 주요 트레이드오프는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "금리 변동이 기업의 프로젝트 평가와 투자 결정을 어떻게 복합적으로 영향을 미치는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000008
|
finance
|
korean
|
Fans Hold IPhone-Lit Vigils for Steve Jobs.Apple Inc. (AAPL) fans worldwide mourned the death of co-founder Steve Jobs , paying tribute to the man who changed the way they listen to music, use their mobile phones and play on their computers. At Apple’s headquarters -- located at 1 Infinite Loop, Cupertino, California -- flags flew at half-staff and bagpipes sounded to the tune of “Amazing Grace” as people placed flowers around a white iPad with a picture of Jobs, who died yesterday at 56, after a battle with cancer. Mourners flocked to Apple stores from New York to Hong Kong , while a crowd gathered in San Francisco ’s Mission Dolores Park for an iPhone-lit vigil. “Part of the narrative that made Apple what it is today goes out with Steve Jobs,” said Christopher Smith, 40, a former business development manager in San Francisco who joined the vigil. “I came out to honor the fact that one man with vision, courage and unwavering dedication can still change the world. The way that I communicate and the way that I interact with the world is through things that Steve Jobs has created.” Microsoft Corp. (MSFT) co-founder Bill Gates and Sony Corp. (6758) Chairman Howard Stringer were among leaders who expressed admiration for the man who built the world’s most valuable technology company. President Barack Obama and former U.K. Prime Minister Tony Blair also issued statements of sympathy. Jobs’s Home “Michelle and I are saddened to learn of the passing of Steve Jobs,” Obama said in a statement. “Steve was among the greatest of American innovators -- brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it.” While Apple plans a celebration for staff, it doesn’t intend to hold a public ceremony, a person familiar with the matter said. Teary-eyed mourners left flowers in front of Jobs’s modest home at the corner of Waverly Street and Santa Rita Avenue in Palo Alto , California. Neighborhood children drew hearts with markers and left them on the ground for others to leave messages. Policemen stood watch, barricading the street. “Here’s a guy who’s a billionaire and lives in a regular neighborhood, not behind a gated estate with all the security guards,” said Bruce Gee, a former Apple employee who drove up to the house from his home a couple miles away. “On Halloween, people go trick or treating there like everyone else.” At the San Francisco Apple store near Union Square, Steve Streza, 24, stood holding an iPad displaying Apple’s homepage image of Jobs and the words “Steve Jobs: 1955-2011.” ‘Regular Guy’ “Macs were the reason I got into product development,” said Streza, a developer at readitlater.com who grew up with Mac computers. “If it weren’t for Steve Jobs and Macs, my life would probably be in a completely different place right now.” Steve Somerstein, who says he met Jobs several times since 1986, recalled the time when he bumped into Jobs while apartment hunting in Palo Alto. “He was just a regular guy,” said Somerstein, who was at the Palo Alto store. “I congratulated him on the company and hoped it was going to do well. I didn’t even own an Apple at that point. He was about 10 years younger than me and just a nice kid.” Ron Kent, a food-truck owner who was at the Palo Alto store, likened Jobs to Michelangelo, the renaissance-era artist who painted the frescoes in the Sistine Chapel in the Vatican. “He’s the visionary of our time,” Kent said. ‘RIP Steve Jobs’ Some mourned via social media sites. More than 20 “RIP Steve Jobs” pages sprung up on Facebook within hours of the announced passing of Jobs. News of Jobs’s death slowed the mobile websites of CNN and the Washington Post, according to Keynote Systems Inc. (KEYN) , which tracks website performance. “Steve Jobs,” the biography written by former Time magazine editor Walter Isaacson, scheduled for release Nov. 21, was the best seller on Amazon.com Inc.’s website. In New York, Jared and Alexi Roth, 33 and 31, left two red apples by the wall outside the Apple store on Broadway in the Upper West Side. “We were literally walking by a market on Broadway when Jared got a text saying Steve Jobs died,” Alexi said. “We saw the apples and just thought it would be appropriate.” Across the ocean, Charanis Chiu, walked in front of the Apple store in Hong Kong to place a sunflower, the logo of the photo-viewing application on the iPhone. “A lot of companies such as Microsoft and Nokia are following in his direction,” said Chiu, a vendor of photographic equipment. “Apple will continue to grow as long as they are going in the right direction.” ‘Insanely Great Honor’ At the store in Shanghai ’s Lujiazui district, an area of about three square meters was set aside at the front for people to pay tribute to Jobs. Microsoft’s Gates praised the man who for decades was both a rival and a partner in the personal-computer industry. “The world rarely sees someone who has had the profound impact Steve has had, the effects of which will be felt for many generations to come,” Gates said. “For those of us lucky enough to get to work with him, it’s been an insanely great honor. I will miss Steve immensely.” Stephen Elop, chief executive officer of Nokia Oyj (NOK1V) , said the world lost a “true visionary” in Jobs’s passing. Sachio Kitagawa, 45, was on her way with her son to the Apple store in the Ginza shopping district of Tokyo when she heard the news of Jobs’s passing. “He should receive the Nobel prize,” said Kitagawa, who’s used Apple products for 20 years. “I have a second child who is disabled and even he can use the Macintosh. It shows you how user-friendly Apple products are.” ‘Thank You’ Outside the Apple store a short walk from Frankfurt ’s financial institutions, sunflowers, gerbera daisies and roses were laid alongside a burning candle. “He forged designs which appealed to the mass market and developed technology which you can now find in museums -- not because of its age, but because it was groundbreaking,” said Guenther Uttecht, a 60-year-old artist who uses Apple products to work on abstract photos as he left the shop. At the entrance of the store on Regents Street in London lay a white rose with a hand-written note saying “Rip Steve Jobs. With love from Instagramers London and all Instagramers around the world. You gave us life. Thank you x”. Next to it a passerby had left an apple with a bite out of it, imitating the brand’s iconic logo, alongside a bouquet of lillies. On Rue Halevy, just behind Opera Garnier in central Paris, flowers were tucked into the doors of the Apple store. One bouquet had a card from Mario Baluci, the creative artist at Carre Senart, that said, “Thank you, Steve.” In Singapore , Georgina Koh, 30, recalled the man who inspired her to open her own accessory shop. “The world should remember Steve Jobs’s famous quote ‘Stay Hungry, Stay foolish,’” said Koh, a former Apple worker, in reference to Jobs’s Stanford University commencement speech in 2005. “It’s an honor to have been associated with Apple. It is a company built by a man relentless about creating beautiful products that have changed our lives.”
|
{
"questions": [
{
"question": "리스크와 기대 수익률 사이의 관계를 설명할 때 흔히 사용되는 모델은 무엇이며, 그 주요 가정은 무엇인가요?",
"reasoning_effort": "high"
},
{
"question": "투자 포트폴리오에서 자산을 다양화하는 것이 위험을 줄이는 데 어떤 메커니즘을 제공하는지 간단히 설명하십시오.",
"reasoning_effort": "medium"
},
{
"question": "인플레이션이 장기적으로 실질 구매력을 어떻게 영향을 미치는지 설명하십시오.",
"reasoning_effort": "low"
}
]
}
|
success
|
bloomberg-news-000021
|
finance
|
korean
|
Obama Says China Aggressive in ‘Gaming’ Trading System to Its Advantage.President Barack Obama said China has been aggressive in “gaming the trading system,” including intervening to keep the value of its currency artificially low. “China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States,” Obama said in response to a question at a White House news conference. “Currency manipulation is one example of it, or at least intervening in the currency markets in ways that have led their currency to be valued lower than the market would normally dictate.” Still, Obama warned that legislation in the Senate to penalize China risked triggering trade sanctions against the U.S.
|
{
"questions": [
{
"question": "통화 가치를 인위적으로 낮추는 행위는 무엇이라고 부르나요?",
"reasoning_effort": "low"
},
{
"question": "중앙은행이 환율을 조정하기 위해 사용할 수 있는 주요 도구는 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "한 국가가 자국 통화를 인위적으로 낮추어 무역을 촉진하려 할 때, 장기적으로 발생할 수 있는 경제적 부작용과 그에 따른 국제적 대응은 어떻게 될 수 있나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000009
|
finance
|
korean
|
France Working on Contingency Bank Stakes Plan, Figaro Says.France is working on a contingency plan to take stakes in the country’s banks, Le Figaro reported, citing an unidentified person familiar with the matter. The country’s state holding agency is working on the plan which would involve two or three unnamed banks, the newspaper said. Le Figaro added that the country’s economy ministry denied that any refinancing of banks was being considered.
|
{
"questions": [
{
"question": "기업이 부채를 재조정할 때 고려해야 할 주요 요소는 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 기준 금리를 인상할 때 경제 전반에 미치는 영향은 어떤 것이 있나요?",
"reasoning_effort": "high"
},
{
"question": "주식과 채권의 주요 차이점은 무엇이며, 각각의 투자 위험은 어떻게 비교할 수 있나요?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-000003
|
finance
|
korean
|
U.K. Pound Weakens Versus Dollar Before BOE Bond-Purchase, Rate Decision.The pound weakened for a second day versus the dollar and yen before the Bank of England ’s latest interest-rate decision amid speculation it will restart a bond- purchase program to help revive the U.K. economy. Sterling dropped against all but two of its 16 major counterparts, sliding most versus the Australian dollar. The Monetary Policy Committee will leave its key rate unchanged at 0.5 percent, according to all 53 economists surveyed by Bloomberg. Eleven of 32 economists surveyed separately predict at least a 50 billion-pound ($77 billion) increase in its so- called quantitative easing program. “There might be a short relief rally in sterling on a lack of further BOE action but it’s likely to be short-lived as the market is still focused on the likelihood of further QE by the November meeting,” said Ian Stannard , London-based head of European currency strategy at Morgan Stanley. “The BOE will move towards further QE in coming months and ultimately sterling will come under pressure.” The pound weakened 0.1 percent to $1.5439 at 8:54 a.m. in London. It declined 0.2 percent to 118.47 yen and was little changed against the euro at 86.36 pence. Morgan Stanley recommends selling the pound on any “relief rallies” that are likely to occur should the central bank refrain from announcing further monetary stimulus for the U.K. economy. The Bank of England has faced pressure to embark on further quantitative easing to help revive an economy battling the steepest government spending cuts since World War II and a worsening euro-area debt crisis. The U.K.’s economy grew less than expected in the second quarter, expanding 0.1 percent from the first three months of the year, the Office for National Statistics said yesterday. That was lower than the 0.2 percent previously published by the statistics body and also missed the 0.2 percent expansion forecast in a Bloomberg survey of economists. U.K. 10-year gilt yields were three basis points lower at 2.34 percent and the two-year note yield was little changed at 0.58 percent.
|
{
"questions": [
{
"question": "중앙은행이 금리를 인하하면 일반적으로 통화량은 어떻게 변하나요?",
"reasoning_effort": "low"
},
{
"question": "정량적 완화(QE)가 채권시장과 통화가치에 미치는 영향은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "국가채 수익률이 상승하면 투자자는 포트폴리오를 어떻게 조정할 가능성이 있을까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000014
|
finance
|
korean
|
U.S. Apartment Vacancies Drop to Five-Year Low as Demand Begins to Slow.U.S. apartment vacancies fell to a five-year low in the third quarter, enabling landlords to increase rents even as tepid job growth slowed leasing in what is usually a strong season for demand, Reis Inc. (REIS) said. The vacancy rate dropped to 5.6 percent, the lowest since the third quarter of 2006, the New York-based property-research company said in a report today. It was 5.9 percent in the previous three months and 7.1 percent a year earlier. The average monthly effective rent rose to $1,004 from $997 in the second quarter and $981 in the same period of 2010. Mounting foreclosures, tighter credit for homebuyers and young people moving out on their own have increased demand for apartments after the vacancy rate reached a three-decade high of 8 percent at the end of 2009. Leasing may be starting to cool as the U.S. unemployment rate sticks above 9 percent and concern grows that the economy is weakening, Reis said. Apartment demand in the third quarter “was good, but maybe not as good as it could have been,” Ryan Severino, senior economist at Reis, said in a telephone interview. “Sentiment turned severely negative during August and there was a heightened fear of the economy backsliding.” Landlords saw a net increase in occupied space of about 36,000 units in the third quarter, fewer than the 42,000 units in the previous three months and 95,000 units a year earlier, Reis said. The period is usually one of the strongest for apartment leasing because people tend to move during warmer- weather months and school vacations. Slower ‘Unbundling’ Renewed weakness in the labor market slowed a wave of young people moving out of their parents’ homes or leaving roommates to rent their own place, a phenomenon known as unbundling, said Donald Davidoff, head of marketing for Archstone, the apartment owner based in Englewood, Colorado. The U.S. economy added zero jobs in August, the weakest reading since September 2010, and the unemployment rate remained at 9.1 percent, according to the Labor Department. “The fact that job growth has slowed is certainly not encouraging additional unbundling,” said Davidoff, whose company owns 434 apartment complexes across the U.S. “The pace of that has clearly slowed over the past couple of months.” Vacancies shrank partly because new completions remain near their lowest since Reis began tracking the quarterly data in 1999, Severino said. About 8,200 units came to market in the past three months, the second-lowest quarterly number of the past 12 years, according to Reis. New supply from developers could start affecting occupancy rates in late 2012, Reis said. Effective-Rent Gains Effective rents, or what tenants pay after landlord giveaways are included, rose on a year-over-year basis in 81 out of the 82 metropolitan areas tracked by Reis. San Jose , California , led with 5.5 percent growth in effective rents from a year earlier, followed by San Francisco at 4.5 percent and New York at 3.7 percent, Reis said. Las Vegas was the only city where rents fell. The 2.3 percent annual growth nationwide in effective rents outstripped the 2.1 percent annual increase in landlords’ asking rents, suggesting that concessions continued to decrease amid strong demand for rental housing, Reis said. Vacancies should decline further as the number of jobs increases for people ages 20 to 34, the prime group of renters, said Severino. Lingering pessimism about home prices and the difficulty of qualifying for mortgages also favor the rental market, he said. Pushing Rents “The market hasn’t quite tightened to the point where landlords can really push rents in excess of inflation,” Severino said. “But we’re not too far away. We can envision within the next year or so seeing a figure more in the 3 to 4 percent range” for rent growth. Effective rents have climbed 4.1 percent from their recession low in 2009, according to Reis. Higher rates may spur people to double up again, move home or downsize to a less expensive rental, according to Ron Johnsey, president of Axiometrics Inc., a Dallas-based apartment-research company. Rent growth is “definitely flattening out,” he said. “The operators really pushed rents the first half of the year and then just stood there to protect those gains,” Johnsey said. “It looks like that may be happening again.” William Kendust, a 26-year-old church youth director in the city of Melbourne on Florida ’s eastern shore, moved back in with his parents in January after sharing an apartment with his brother and a friend for two years. “I just felt that it would be throwing money away to rent a place before I was ready” to buy a house, said Kendust, who plans to stay at home longer to help his mom after his father died unexpectedly. “A lot of young people in their 20s want to be able to get up and go, and the opportunity of going back to school is a draw,” Kendust said. “Living with their parents for a while gives them the freedom to do that.”
|
{
"questions": [
{
"question": "임대 부동산 시장에서 공급이 감소하고 수요가 증가할 경우 임대료는 어떻게 변할까?",
"reasoning_effort": "medium"
},
{
"question": "기업이 신용등급이 낮은 상태에서 대출을 받으면 어떤 위험이 증가하며, 이를 어떻게 완화할 수 있을까?",
"reasoning_effort": "medium"
},
{
"question": "인플레이션이 상승하면 채권 수익률과 실질 수익률에 어떤 장기적 영향을 미치며, 투자자는 이를 어떻게 대응할 수 있을까?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000025
|
finance
|
korean
|
Orix May Buy U.S. Asset Manager to Enter Equity Market.Orix Corp. (8591) , the Japanese financial services provider whose operations include investment banking and insurance, aims to acquire a U.S. asset management company to add equities to its investment-product offerings. Tokyo-based Orix may buy an investment management firm or take over a team of fund managers and research staff in the U.S. to start investing in stocks, Deputy President Haruyuki Urata said in an interview in Tokyo on Oct. 3. The company has been in talks with “several firms,” he said, declining to name potential targets or say how much Orix would spend. The financial company aims to boost its asset-management operations in the U.S. and Asia by adding equity-related investment products to its fixed-income portfolio. The firm acquired stakes last year in a U.S. hedge fund manager that invests mainly in debt, and a Vietnamese investment company. “We want to diversify our products and client network by expanding into equity investments and attracting Asian investors,” said Urata, 56, who is also chief financial officer. “It’s crucial to show our stakeholders that we are always challenging ourselves and eying new things.” Shares of Orix, which got about 14 percent of its revenue from the Americas last fiscal year, have fallen 26 percent this year, while the benchmark Nikkei 225 Stock Average shed 17 percent. The shares rose 3.3 percent to 5,880 yen today. Good Timing “The U.S. market is the most important for the asset management business in terms of size and potential,” said Yoku Ihara, an investment adviser at Retela Crea Securities Co. in Tokyo. “It’s positive to see the firm is aggressively trying an acquisition and it’s good timing because of the yen’s appreciation.” Overseas investors account for 52 percent of the company’s shareholders. The yen has climbed 12 percent against the dollar in the past six months, the only one of 16 major currencies to advance. Orix purchased 25 percent of Ho Chi Minh City-based Indochina Capital Corp. , which operates real estate funds with $500 million under management, in November. It also acquired in December a majority holding in Harrison, New York-based Mariner Investment Group LLC, which manages about $11.7 billion. The firm aims to double assets under Mariner Investment within five years to more than $20 billion, Orix USA Corp. President James Thompson said in an interview in October 2010. Orix, formed in 1964, has about 18,000 employees and 883 subsidiaries and affiliates in more than 25 countries, according to its website. The company posted a 44 percent gain in profit for the three months ended June to 23.7 billion yen ($309 million), driven by investment banking and overseas businesses. Orix also plans to add new markets for its financing, and will sell 400 million yuan ($63 million) of bonds by March 31 in Hong Kong , while considering raising funds in Australia , Thailand , South Korea , Singapore and Malaysia, said Urata. Dallas-based Orix USA in 2006 bought Houlihan Lokey Howard & Zukin, a merger and acquisition adviser focused on helping smaller companies restructure.
|
{
"questions": [
{
"question": "채권이란 무엇이며, 그 주요 특징은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "주식과 채권 투자에서 위험과 수익의 관계는 어떻게 다른가?",
"reasoning_effort": "medium"
},
{
"question": "기업이 인수합병을 통해 신규 시장에 진입할 때 고려해야 할 주요 재무적 요소는 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000005
|
finance
|
korean
|
Germany, France Split on EFSF Bond Purchases, Handelsblatt Says.Germany and France are at odds over whether the European Financial Stability Facility should have limits on government bond purchases, Handelsblatt reported, citing an unidentified high-ranking European Union diplomat. France doesn’t want to restrict the EFSF on how much of its funds it can use for such purchases, the newspaper said in a preview of an article to appear in tomorrow’s edition. Germany wants to limit the amount EFSF can spend for bonds per country and is also considering whether there should be a time limit for bond purchases, Handelsblatt said.
|
{
"questions": [
{
"question": "정부는 채권 매입을 통해 재정 적자를 어떻게 완화할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "채권 매입 전략에서 고려해야 할 주요 위험 요소는 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "채권 매입이 과도할 때 금융 시장에 미치는 장기적인 영향은 무엇인가요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000026
|
finance
|
korean
|
Philippine Customs September Collection Below Goal, Biazon Says.The Philippines’ Bureau of Customs collected 20.2 billion pesos in September, lower than target due to “turnover jitters,” Commissioner Ruffy Biazon told reporters in Manila today. The agency’s targets for this year and next have been lowered, he said. Its collection goal in 2012 was reduced to 312 billion pesos from 365 billion pesos, he said, without giving the new target for 2011.
|
{
"questions": [
{
"question": "세금 수입이 국가 재정에 미치는 주요 영향은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "예산 초과가 발생했을 때 정부가 사용할 수 있는 재정 조정 도구에는 어떤 것들이 있는가?",
"reasoning_effort": "medium"
},
{
"question": "국가가 재정 건전성을 확보하기 위해 장기적으로 수행해야 할 재정 정책 전략은 무엇이며, 그 전략을 구현하는 과정에서 고려해야 할 주요 요소는 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000022
|
finance
|
korean
|
False Default Signal Seen With Swaps Cost Most Since January: Muni Credit.The cost of protecting municipal debt against default is at the highest level since January even as past warning signals from derivative contracts proved unfounded. Protection on $10 million of securities for 10 years cost as much as $245,000 this week, according to London-based data provider CMA. That’s the most since Jan. 7, three weeks after banking analyst Meredith Whitney predicted “hundreds of billions of dollars” of defaults in the coming year. Instead, failures plunged to $1.1 billion, a quarter of 2010’s rate, according to Bank of America Merrill Lynch. Prices of privately traded credit-default swap contracts have risen 78 percent since May 31 even after states closed a projected $32 billion in budget deficits, according to the Washington-based National Conference of State Legislatures. States and localities have also recorded seven straight quarters of year-over-year revenue growth, the U.S. Census Bureau said, while enjoying the longest stretch of rising income and falling interest rates since Bill Clinton ’s presidency. While states and cities are balancing budgets and slashing borrowing costs, investors are buying hedges against defaults on concern about a slowing global economy, said Peter Demirali, who manages $350 million of municipal debt at Cumberland Advisors in Mendham Township, New Jersey. “Revenues are increasing,” Demirali said in a telephone interview. “They’re laying off workers and restructuring health and pension benefits. So the risk isn’t really any higher, it’s just that risk around the globe has moved higher.” Economies Slow U.S. gross domestic product growth may slow to 1.6 percent this year from 3 percent in 2010, while Europe ’s expansion rate may cool to 1.7 percent from 1.8 percent, according to economists’ forecasts compiled by Bloomberg. A credit-default insurance contract based on the Markit MCDX credit-default swaps index reached a record of 340 basis points in December 2008, following the collapse of Lehman Brothers Holdings. While CDS prices were rising, yields on municipal bonds had already begun plummeting to the lowest levels in at least six years, according to Bloomberg Fair Value data. A basis point is 0.01 percentage point. Prices of the privately traded contracts next peaked on June 30, 2010, two weeks after 10-year muni yields began a 29 percent drop lasting through early September. The 2011 high for the CDS index was in January after Whitney’s appearance on CBS’s “60 Minutes” on Dec. 19. By mid-February, municipal debt had started an eight-month rally that pushed interest rates to the lowest levels since 1967, when Lyndon B. Johnson was president. Default Drop About 64 percent of municipal bankers, advisers and government officials expect the number of defaults to drop or remain the same this year compared with 2010, according to an RBC Capital Markets survey conducted at a Bond Buyer conference in Carlsbad, California last month. Credit-default swap costs may not be a precise gauge of risk, said Tom Dresslar , a spokesman for California Treasurer Bill Lockyer. The biggest borrower in the $2.9 trillion municipal market saw the price of protecting its debt for 10 years jump to 286 basis points yesterday from 247 basis points on Sept. 29, according to data from CMA, which is owned by CME Group Inc. “Anyone who tried to divine the reasons for movement in municipal CDS prices is on a fool’s errand,” Dresslar said in an e-mail. “There is no rhyme or reason. That’s probably because the entire market has no basis in reality.” Ratio Increase The rise in credit default swaps has accompanied an increase in the ratio of 10-year municipal yields to similarly maturing U.S. government-bond rates. The yields on tax-exempt debt have been at or above 100 percent of Treasuries for five straight weeks, the longest stretch since May 2009, according to Bloomberg data. Still, investors in September added $1.9 billion to tax- exempt funds, the biggest monthly inflow since September 2010 when buyers added $2.6 billion, according to Lipper US Fund Flows. States and cities are set to issue $75 billion in the last three months of 2010, up from an earlier projection of $60 million, as issuers take advantage of plunging interest rates , Chris Mauro, a municipal-debt investment strategist for RBC Capital Markets in New York wrote in a report last month. Yields on 10-year top-rated municipals were 2.36 percent yesterday, after falling to 2.13 percent on Sept. 27, the lowest level since March 1991, when Bloomberg data for the securities begins. Following are descriptions of pending sales of municipal debt: The STATE OF WASHINGTON plans to borrow $1.29 billion in general-obligation bonds as soon as Oct. 10 with $516.7 million of the transaction in new money to help fund the Floating Bridge and Eastside Project. The remainder is to refinance debt. The state is rated AA+ by Standard & Poor’s , second-highest grade. JPMorgan Chase & Co. will lead a syndicate of banks on the deal. (Added Oct. 5) NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY, which finances capital projects for the most populous U.S. city, will sell $750 million of subordinate revenue debt as soon as Oct. 12 to convert variable-rate bonds into fixed-rate securities and refund debt. The authority’s subordinate debt is rated AAA, S&P’s highest grade. Bank of America Merrill Lynch is senior manager of the sale. (Added Oct. 6) The STATE OF MICHIGAN is to borrow $138.7 million of general-obligation bonds as soon as Oct. 12. The transaction will help finance school loan programs and refund environmental program debt. The bonds are rated Aa2 by Moody’s Investors Service, its third-lowest ranking. Robert W. Baird & Co. will lead the sale. (Added Oct. 5) CHICAGO BOARD OF EDUCATION, which finances school construction for the third-largest public-education system in the U.S., will sell as soon as next week $398 million of general-obligation bonds secured with dedicated revenue. Proceeds will renovate school buildings and finance expansion. The deal is rated Aa3, Moody’s fourth-highest grade. Jefferies & Co. will lead a syndicate of banks on the sale. (Added Oct. 6)
|
{
"questions": [
{
"question": "채권의 현재 가치는 어떤 요소에 의해 결정되며, 이 요소들을 어떻게 조합하여 계산할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "신용부도스왑(CDS)이 금융시장에 가져다 주는 주요 이점과 위험에는 어떤 것들이 있나요?",
"reasoning_effort": "medium"
},
{
"question": "장기 주택 담보 대출에서 금리 변동이 대출자와 투자자 모두에게 미치는 영향과 그에 따른 위험 관리 전략을 설명하세요.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000020
|
finance
|
korean
|
Australian Homes for Sale Jump 5.6% in September, SQM Says.Australian properties listed for sale climbed 5.6 percent in September from the previous month, according to data from SQM Research Pty. Homes listed for sale jumped to 383,287 in September from 362,793 in August, the Sydney-based research group said in an e- mailed statement. Listings surged 24.2 percent in September from a year ago. The increase “was to be expected given the normal seasonal rise in listings that occurs this time of year,” SQM Managing Director Louis Christopher said in the statement. “Nevertheless, listings are well up on numbers recorded last year.” Properties listed for sale in Melbourne soared 65.3 percent from a year earlier, the most among Australia ’s eight capital cities. Listings in Sydney climbed the most since the previous month, rising 12.9 percent, SQM said.
|
{
"questions": [
{
"question": "부동산 시장에서 수요와 공급이 가격에 미치는 기본적인 영향은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "인플레이션이 부동산 가격에 미치는 영향을 설명하시오.",
"reasoning_effort": "medium"
},
{
"question": "정부의 금리 정책이 부동산 투자 결정에 미치는 영향과 그 메커니즘을 설명하시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000017
|
finance
|
korean
|
Polish Stocks: KGHM, PKO Bank, PZU, TVN Shares Move in Warsaw.Poland ’s WIG20 Index advanced for a second day, adding 28.40, or 1.3 percent, to 2,173.27 at the 5:30 p.m. close in Warsaw. The following are among the most active stocks on the Warsaw Stock Exchange today. Stock symbols follow company names. PKO Bank Polski SA (PKO PW), Poland’s biggest bank, rose 0.64 zloty, or 2 percent, to 32.93 zloty, its second day of gains. PZU SA (PZU PW), the country’s largest insurer, climbed 3.8 zloty, or 1.3 percent, to 302.8 zloty. Financial shares extended gains in Europe on continuing speculation that Europe’s leaders will reach an agreement to contain the sovereign-debt crisis. KGHM Polska Miedz SA (KGH) , the copper producer with the biggest European mine output, jumped 8 zloty, or 6.6 percent, to 129.4 zloty, extending yesterday’s 3.3 percent increase. Copper advanced as better-than-expected U.S. economic data and speculation that Europe will contain the region’s debt crisis boosted demand for industrial metals. TVN SA (TVN) rose 0.16 zloty, or 1.1 percent, to 15.34 zloty, the highest close in two months. ITI Holdings SA will next week pick one bidder to hold exclusive talks on the sale of its majority stake in Poland’s largest television network, Gazeta Wyborcza reported, citing three unidentified people. Vivendi SA and Time Warner Inc. are bidding to buy TVN after RTL Group SA withdrew, the Warsaw-based newspaper reported, without saying where it got the information.
|
{
"questions": [
{
"question": "주식시장이 상승할 때 투자자는 어떤 리스크를 고려해야 할까요?",
"reasoning_effort": "medium"
},
{
"question": "기업이 배당을 늘리거나 줄일 때 주가에 미치는 일반적인 영향은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "금리 인상이 기업의 재무 구조에 미치는 장기적 효과를 설명해주세요.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000027
|
finance
|
korean
|
Baum’s Foreclosure Law Firm Agrees to Pay U.S. $2 Million Over Practices.Steven J. Baum’s foreclosure law firm , one of the largest in New York state, will pay the U.S. $2 million and change its practices, including those related to Merscorp Inc.’s mortgage database, to resolve a probe of its foreclosure filings. The agreement, signed today, resolves an investigation into whether the Baum firm filed misleading pleadings, affidavits and mortgage assignments in courts, according to a statement by U.S. Attorney Preet Bharara in Manhattan. The settlement doesn’t constitute a finding of wrongdoing. “There are no excuses for sloppy practices that could lead to someone mistakenly losing their home,” Bharara said in the statement. “Homeowners facing foreclosure cannot afford to have faulty paperwork or inadequate evidence submitted, and today’s agreement will help minimize that risk.” Steven J. Baum PC, located in Amherst, New York, just north of Buffalo, has attracted lawsuits and fines for its actions during the housing crisis. It has been accused of overcharging, filing false documents and representing parties on both sides of a mortgage transfer. State attorneys general and federal regulators are negotiating with banks including JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC) to try to reach a settlement over faulty foreclosure practices in the wake of the financial crisis. The changes in procedure “go over and above what current law requires,” Baum said in an e-mailed statement. “We will continue to adhere to the highest ethical standards.” Shares Address Pillar Processing LLC, which processes foreclosure documents and shares an address with the law firm, is also part of the settlement. Pillar is owned by Manhattan private-equity firm Tailwind Capital LLC, according to its website. Brooke Gordon, spokeswoman for Tailwind Capital, declined to comment on the settlement. Baum acknowledged that the firm “occasionally made inadvertent errors in its legal filings in state and federal court, which it attributes to human error in light of the high volume of mortgage defaults and foreclosures,” according to Bharara’s statement. The agreement calls for the firm’s employees to halt their practice of assigning mortgages as supposed employees of Mortgage Electronic Registration Systems Inc., an electronic database of mortgages. ‘No Connection’ “Until recently, employees of Baum, with the consent of MERS, had been assigning mortgages on behalf of MERS, even though they had no connection to MERS whatsoever,” according to Bharara’s statement. MERS, a unit of Reston, Virginia-based Merscorp Inc., was set up by the mortgage industry to allow banks to assign and reassign home loans without having to record the changes with county land-records offices. Janis Smith, a MERS spokeswoman, didn’t have an immediate comment on the MERS allegation. The agreement calls for the Baum firm to obtain affidavits from clients attesting that they have the original promissory notes or have searched for them, to have experienced attorneys supervise the preparation of documents and to implement a training program for its attorneys. MERS Assignments “Borrowers and some courts have been questioning the validity of MERS assignments, pleadings and affidavits from the Baum firm for several years,” Jennifer Sinton, deputy director of the foreclosure-prevention project at South Brooklyn Legal Services, said in an interview. “It’s good to see that Baum is now required to discontinue these practices. Hopefully, this will protect courts and homeowners from bogus foreclosure lawsuits.” New York State Supreme Court Justice Arthur M. Schack in Brooklyn called the Baum firm’s explanations in one case “so incredible, outrageous, ludicrous and disingenuous that they should have been authored by the late Rod Serling.” Schack threw out the case in part because he said the assignment of the loan by a Baum lawyer on behalf of MERS as nominee of the lender had been done improperly. The same day, the Baum firm represented the buyer of the loan by filing the foreclosure action, the judge said. Schack said it was a conflict for the firm to represent both sides. “Steven J. Baum PC appears to be operating in a parallel mortgage universe, unrelated to the real universe,” the judge wrote in that May 2010 decision. “Next stop, the Twilight Zone,” he said, quoting from Serling’s TV series about science fiction and the supernatural. Baum said last year that in several cases where Schack stated the firm represented both sides in a mortgage transfer, “we have supplied to the court relevant documentation indicating that no conflict of interest existed.”
|
{
"questions": [
{
"question": "모기지 대출에서 '아모르타이징'이란 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "전자 데이터베이스를 활용해 모기지 대출 기록을 관리할 때 얻을 수 있는 주요 이점은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "한 법률 사무소가 같은 모기지 거래에서 양측을 동시에 대표할 때 발생할 수 있는 이해 충돌과 그 결과를 설명하세요.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000029
|
finance
|
korean
|
New Zealand Dollar Falls Against U.S. Currency, Yen, Trades at 76.42 Cents.New Zeland’s dollar fell to 76.42 U.S. cents as of 1:47 p.m. in Sydney from 76.62 yesterday in New York. It was at 58.67 yen from 58.84.
|
{
"questions": [
{
"question": "외환시장에서 통화쌍이란 무엇이며, 환율은 어떻게 결정되는가?",
"reasoning_effort": "low"
},
{
"question": "중앙은행의 기준금리와 통화가치 사이에는 어떤 관계가 있으며, 금리 차이가 환율에 미치는 일반적인 영향은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "다국적 기업이 해외 투자를 할 때 발생할 수 있는 외환 위험을 완화하기 위해 사용되는 주요 헤지 전략은 무엇이며, 각 전략의 장단점은 어떻게 비교되는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000018
|
finance
|
korean
|
Trichet Says ECB to Offer Longer Loans, Will Resume Covered-Bond Purchases.European Central Bank President Jean- Claude Trichet said the ECB will offer banks additional longer- term liquidity and also restart its covered bond purchases. The ECB will offer banks one 12-month loan, starting in October, and a second 13-month loan in December. Both will be operated as fixed rate, full allotment operations. It will also start buying 40 billion euros of covered bonds in November.
|
{
"questions": [
{
"question": "은행이 장기 유동성 지원을 제공할 때 사용되는 대표적인 금융 도구는 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "보증채(covered bond)의 주요 특징과 일반적인 투자자에게 제공되는 이점은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 보증채 매입을 재개할 때 시장에 미칠 수 있는 잠재적 영향과 그에 따른 위험 관리는 어떻게 이루어져야 하는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000007
|
finance
|
korean
|
Airbus German Workers Plan Work Stoppage on Contract Dispute.Airbus SAS labor unions in Germany have called upon workers in Hamburg and three other production sites to stage work stoppages tomorrow after failing to agree with management on productivity increases. Some 16,000 workers spread between Hamburg, where Airbus assembles single-aisle planes, and Bremen, Stade, and Buxtehude, where plane structures are built, have been asked to leave their work stations and gather for rallies, the IG Metall union said in a statement today. Workers and management have been tussling over new contracts that will run through 2020. Management has already agreed to offer job guarantees and is seeking 8 percent productivity increases. Workers say that’s too much and are offering 2 percent productivity gains instead. “Both sides agree that we need to make productivity increases, and management is waiting for them to come back to the table. It’s important to reach a conclusion,” said Florian Seidel, a spokesman for Airbus in Hamburg. Seidel said Airbus doesn’t expect the work actions to last more than an hour or two and said management is eager to resolve differences quickly. Management and labor have different methods of calculating the productivity increases, Seidel said. The strike is planned to stretch over three shifts at the four production centers tomorrow, said Heiko Messerschmidt, a spokesman for the IG Metall labor union for the coastal region, who spoke by telephone from Hamburg. He predicted “several thousand” workers will show up at rallies. “We hope that these actions will put enough pressure on Airbus to return to the negotiation table,” said Messerschmidt. “We know that flexibility is a requirement, but not at any price.” In Germany workers are required to give notice before staging any strike action. Airbus had gone to court in September to block any such action, a bid that was thrown out. Airbus assembles single-aisle A320, A319, A321 and A318 planes in Hamburg and also assembles the bulk of the A320s in Toulouse, France , where Airbus is based.
|
{
"questions": [
{
"question": "기업이 자본 구조를 결정할 때 고려해야 할 주요 요소는 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "투자자가 기업의 배당 정책을 평가할 때 어떤 금전적 지표와 비금전적 요인을 함께 고려해야 하나요?",
"reasoning_effort": "medium"
},
{
"question": "시장 변동성이 상승할 때 기업의 재무 위험 관리 전략은 어떻게 조정되어야 하며, 그 과정에서 발생할 수 있는 잠재적 비용과 이익의 균형은 어떻게 평가해야 할까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000006
|
finance
|
korean
|
Farmland Seen Returning Up to 12% by U.S. Pensions Manager.Farmland investments may return an average of 8 percent to 12 percent annually as global food demand increases, said the largest U.S. pension manager for teachers and academic researchers with $469 billion of assets. The company has $2.5 billion invested in farmland and owns about 600,000 hectares (1.48 million acres) mostly in the U.S., Brazil and Australia, said Jose Minaya, 40, a managing director and head of natural resources and infrastructure investments at New York-based TIAA-CREF. “From a historical point of view, farmland has generated returns of 8 percent to 12 percent a year and we expect that to continue over the long term,” Minaya said. Farms are attracting investors such as billionaire George Soros as rising incomes in China and India and a growing world population increase demand for food and fuel. Food production will have to climb 70 percent by 2050 as the population rises to 9.2 billion from 6.9 billion in 2010, according to the United Nations. Global food costs reached a record in February after weather ruined crops from Canada to Australia and Russia. The Standard & Poor’s Spot Index of 24 commodities has dropped 21 percent from its April high on concern the European debt crisis would slow growth and curb demand. The gauge had more than doubled since the start of 2009. The MSCI All-Country World Index of global equities lost 22 percent from its May high. ‘Pretty Steady’ Farmland is an asset class that’s “pretty steady” and delivers stable income returns with capital appreciation that tracks slightly above inflation, said Minaya, who previously worked for AIG Global Investment Group and Merrill Lynch & Co. The company is seeking to expand in grain-exporting countries and hold investments for as long as 30 years, he said in an interview Sept. 30. “We can easily be twice the size that we are today” if the right opportunities arise, he said. The pension manager buys land and leases it back to farmers, he said. The investments are in “mature and established” regions, in “the bigger farms” and in countries that export grain, he said. Returns in the past few years have been at the high end of the 8 percent to 12 percent range, he said Sept. 30. “On aggregate, it does look like a pretty good bet,” said Michael Creed , an agribusiness economist at National Australia Bank Ltd. “We’re entering a period of rapid growth in emerging- market demand for higher protein,” which is increasing use of grains to feed poultry and livestock, he said from Melbourne. Farmland Values TIAA-CREF is one of eight institutional investors representing $1.3 trillion in assets that have endorsed a set of Farmland Principles ranging from environmental sustainability to transparency and respect for land rights, it said on Sept. 6. Farmland values in one of the most-productive regions in the U.S. Midwest soared 17 percent in the second quarter as higher grain prices made real estate more attractive, the Federal Reserve Bank of Chicago said on Aug. 17. The increase from a year ago in the area including Illinois , Indiana , Iowa and Wisconsin was the biggest since the 1970s, it said. A fund controlled by George Soros owns 23 percent of South American farmland venture Adecoagro SA, Bloomberg data show. The company is involved in the production of grains, oilseeds, dairy, sugar, ethanol, coffee, cotton and cattle meat, and has operations in Argentina, Brazil and Uruguay, its website said. Shrinking land and water supply in countries including China and India, will limit their capacity to boost food production, creating import demand, Minaya said. That’s going to be met by the major exporting regions in North and South America, Australia, and parts of Central and Eastern Europe, he said. As well as the U.S., Australia and Brazil, the company has a smaller level of investments in Poland and Romania , he said.
|
{
"questions": [
{
"question": "포트폴리오 다각화가 왜 중요한가?",
"reasoning_effort": "low"
},
{
"question": "기업이 대체 투자에 자산을 할당할 때 위험과 수익을 균형 있게 관리하는 방법은?",
"reasoning_effort": "high"
},
{
"question": "부동산 투자와 주식 투자 중 장기적으로 수익률을 비교할 때 고려해야 할 주요 요소는 무엇인가?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-000000
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finance
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korean
|
Ivory Coast Keeps Cocoa Export Tax Below 22%, Document Shows.Export taxes on cocoa beans from Ivory Coast , the world’s biggest producer of the chocolate ingredient, won’t exceed 22 percent of the international price this season, meeting a commitment to the International Monetary Fund , according to a finance ministry document. In the 2008-9 season taxes averaged 25.3 percent of international prices, the IMF said in a document posted on its website in November last year. While the country met the commitment in the season just ended, it had a change in government earlier this year. The rate meets a demand by the International Monetary Fund and the World Bank to reform the Ivorian cocoa and coffee industries in order to comply with the terms of its Heavily Indebted Poor Countries’ debt-relief program. Last year, the fixed duty on cocoa beans was scrapped and replaced with a levy that varies with prices as part of the reforms that will make the country eligible for $3 billion in debt relief from the Washington-based lenders. The document from the Abidjan-based ministry is dated Oct. 3 and applies to the 2011-12 harvest season, which began on Oct. 1. It was obtained by Bloomberg and hasn’t been publicly released. Norbert Komenan, an adviser to Finance Minister, Charles Koffi Diby, declined to comment when called today. The main export tax has been maintained at 14.6 percent. There are a number of other charges. Cocoa traded at $2,648 a metric ton in New York as of 11:03 a.m. local time. Disputed Election Discussions of the reform strategy with the World Bank are expected to resume in coming months, the IMF said on its website in July, two months after Alassane Ouattara was sworn in as president following a violent five-month political crisis that was sparked by a disputed November election. Cocoa and coffee exports were largely halted during that time, as Ouattara attempted to limit the flow of funds to Laurent Gbagbo , who refused to cede power despite losing the election. Businesses also shut their doors as customers stayed home and banks closed their branches amid the clashes. As many as 3,000 people were killed, according to the International Criminal Court , which is investigating crimes it says were committed by supporters of both leaders. Ivory Coast’s economy may contract 5.8 percent this year before expanding 8.5 percent in 2012, the ministry said last month.
|
{
"questions": [
{
"question": "시장 효율성 가설은 어떤 가정을 기반으로 하고 있나요?",
"reasoning_effort": "low"
},
{
"question": "투자 포트폴리오를 구성할 때 위험과 수익 간의 균형을 맞추는 가장 일반적인 방법은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "기업이 자본 구조를 결정할 때 부채와 자본 비율을 최적화하려면 어떤 요소들을 종합적으로 고려해야 하나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000028
|
finance
|
korean
|
Lukoil May Invest $300 Mln in Romanian Project: Ziarul Financiar.OAO Lukoil, Russia ’s second-biggest oil producer, may invest as much as $300 million in exploration blocks off Romania’s Black Sea coast, Ziarul Financiar reported today, citing Constantin Tampiza, the local spokesman for Lukoil’s Chief Executive Officer Vagit Alekperov. The Russian company won licenses together with Vanco International to explore for oil and gas in the Black Sea waters, the Bucharest-based newspaper said today, citing Tampiza. The company needs an approval from the Romanian Justice Ministry and a final government decision before it can start its exploration in the Black Sea, according to Tampiza.
|
{
"questions": [
{
"question": "기업이 부채비율을 낮추기 위해 채무 상환을 우선시해야 하는 이유는?",
"reasoning_effort": "medium"
},
{
"question": "배당 수익률이 높은 주식에 투자할 때 발생할 수 있는 위험과 보상 간의 상관관계는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "금리 인상이 기업의 장기 투자 프로젝트의 가치 평가에 미치는 영향은 어떻게 평가할 수 있을까?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000023
|
finance
|
korean
|
RadVision Advances Most in a Week, Paring Gap With U.S. Shares.RadVision Ltd. (RVSN) jumped the most in a week in Tel Aviv trading, trimming the gap with U.S.-traded shares. The stock advanced 5 percent to 19.65 shekels, or the equivalent of $5.28, as of 1:12 p.m. in Tel Aviv, after slumping 9.6 percent yesterday. The shares closed down 4.8 percent at $5.31 in New York yesterday after the maker of video- conferencing systems cut its third-quarter earnings forecast.
|
{
"questions": [
{
"question": "주식의 변동성을 측정하는 대표적인 지표는 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "기업이 이익 예측을 낮추면 주가에 보통 어떤 반응이 나타나는가?",
"reasoning_effort": "medium"
},
{
"question": "다양한 자산군을 포함한 포트폴리오가 기대 수익과 위험을 최적화하려면 어떤 원칙과 전략을 적용해야 하는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000012
|
finance
|
korean
|
Irish Trophy Home Plunges 75% in Price as Property Millionaires Disappear.A six-bedroom Edwardian house on Ireland’s most expensive street is on the market for one quarter of the price paid when it was bought six years ago, a sign that the country’s property crash isn’t sparing high-end properties. Walford, a house on Shrewsbury Road in Dublin’s affluent embassy belt, previously sold for 58 million euros ($77 million), according to Savills Plc (SVS) , which is offering the empty home for 15 million euros. Interested buyers need to submit bids for the house by Oct. 27 with a 1 million-euro bank draft. Prices for some of Ireland’s trophy homes fell at least as much as the rest of the country’s slumping market after the real-estate collapse drained the fortunes of property-boom millionaires. Thorndene, another house on Shrewsbury Road in Dublin’s Ballsbridge, is on the market for 8 million euros, down from an asking price of 14 million euros in 2009. Prime property prices rose faster than the rest of the market during Ireland’s boom “because there was a lot of people chasing too few properties, which gave them a spike,” said Wade Wise of Beirne & Wise, who has been selling Irish high -end homes for 12 years. “Come the crash, they’ve fallen further.” In property markets including London and Paris, luxury home prices fell less following the financial crisis and recovered more quickly than the broader market on tight supply and investment from abroad. Prices in London neighborhoods such as Knightsbridge and St. John’s Wood exceed their pre-recession peaks. Worse Than Average While prices in Dublin have fallen more than 50 percent on average, top end values are down about 75 percent, Wise said. “The drivers of the bubble, especially those who came in later, tend to be among the bigger victims,” said economist Brian Lucey, an associate finance professor at Trinity College Dublin. Ireland was “unique” because the newly made millionaires chose to buy luxury homes in the country rather than abroad. Luxury home prices during the property boom were “underpinned by wealth that wasn’t really wealth,” he said. Investment in housing rose to almost 15 percent of Ireland’s gross domestic product in 2006, up from about 6 percent in 1996, according to the country’s Economic & Social Research Institute. A home formerly owned by Derek Quinlan, once one of Ireland’s richest men, near Shrewsbury Road may be sold to the Belgian Embassy, said two people with knowledge of the matter. The price range is 2.5 million euros to 2.9 million euros, said one of the people, who declined to be identified because the talks aren’t concluded. Quinlan bought the house in 2006 for 7 million euros, and spent more refurbishing it, the Irish Times reported in March, without citing anyone. Damage Done “In Ireland it always used to be a cycle, but this time we seem to have done a lot of damage so the natural recovery isn’t there,” said real-estate developer Paddy Kelly, who owned three houses on Shrewsbury Road at different times and has now lost control of some of his assets as prices plunged. The identity of Walford’s owner hasn’t been disclosed. Iris Keating an agent at Savills, which is jointly handling the sale with Irish broker Lisney, said it received instructions to sell the house from the trust Matsack Nominees Ltd. While luxury cars crowd the driveways of Walford’s neighbors, the red-brick house is run down after being left uninhabited for more than six years. Visitors step onto a bare cement floor just inside the entrance. The walls have been stripped, wooden floors are exposed and cobwebs hang in some of the rooms of the house. ‘Best Road’ After the 75 percent discount, Walford is drawing expressions of interest from potential buyers, Keating said. “This is the best road in Dublin,” she said. “We have had number of genuine inquiries from people who we know to be serious at this end of the market.” Telecom billionaire Denis O’Brien owns a home in Ballsbridge, about 1 kilometer (0.6 miles) south of the city center. The Belgian embassy is on the street, as is the residence of the Finnish ambassador. Paddy Kelly is currently leasing a property on Shrewsbury Road to the Chinese embassy. Residential house prices in Dublin have fallen by 51 percent since the peak of the property boom, according to Ireland’s statistics office. The government took control of five of the country’s six biggest lenders, after real-estate loans soured. In all, Ireland has injected or pledged about 62 billion euros to shore up the financial system. Further to Fall Average house prices may fall as much as 70 percent from the peak if the government doesn’t take action to ensure lenders provide mortgages, according to Ronan Lyons , an economist based at Oxford University who has written on the Irish property market. “There is a huge problem at the moment with the availability of credit,” Lyons said in an interview. “Banks are trying to cut down their loan books, not increase them.” Keating at Savills still expects Walford to sell. She estimates that 1 million euros needs to be spent renovating the property. “There are some people who will compete to have a trophy residence here even now,” said Keating at Savills, without naming any of the interested parties. “People at this end of the market want to keep their business under the radar.”
|
{
"questions": [
{
"question": "주택 가격이 급락할 때 투자자가 주의해야 할 주요 위험 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "레버리지를 활용한 부동산 투자에서 수익률과 위험이 어떻게 상관관계에 있는가?",
"reasoning_effort": "medium"
},
{
"question": "금융 위기 이후 중앙은행이 금리 정책을 조정하면 주택 시장에 어떤 영향을 미치며, 그 메커니즘은 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000001
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finance
|
korean
|
Greece’s GSEE Says Won’t Meet For Talks With Troika in Athens.Greece ’s biggest private sector union group, GSEE, said it won’t hold talks with European Union, European Central Bank and International Monetary Fund officials in Athens, the so-called troika, according to an e- mailed statement from Athens-based GSEE today. “Our red lines were crossed a long time ago and the measures being proposed are completely opposed by Greeks,” GSEE President Yiannis Panagopoulos said in a copy of a letter sent to the troika in response to an invitation to hold talks.
|
{
"questions": [
{
"question": "통화정책이란 무엇이며, 중앙은행이 이를 수행하는 주요 수단은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "재정 적자를 줄이기 위해 정부가 채권 발행을 줄이고 재정 수입을 늘리려면 어떤 조치를 취할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "국가 부채가 지속 가능성 한계를 초과하면, 경제에 미치는 영향과 이를 완화하기 위한 정책 옵션은 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000024
|
finance
|
korean
|
Vietnam Raises a Key Rate to Support Dong, Fight Inflation.Vietnam ’s central bank increased its refinancing rate for the first time since May, as the nation tries to steady its currency and tame Asia ’s fastest inflation. The State Bank of Vietnam raised the refinancing rate to 15 percent from 14 percent, effective Oct. 10, it said in a statement on its website yesterday. The central bank weakened the dong’s reference exchange rate for the third straight day today, to 20,653 per dollar from 20,648 per dollar. Vietnam has struggled to regain investor confidence hurt by inflation of more than 20 percent, a trade deficit and risks in the banking sector. While the rate increase is welcome, the central bank should further tighten monetary conditions if necessary to reassure the market that economic stability remains its top priority, the International Monetary Fund said. “Vietnam had to raise rates, but a rate hike won’t change the weaker dong trend,” said Shigehisa Shiroki, chief trader on the Asian and emerging-markets team at Mizuho Corporate Bank Ltd. in Tokyo. “The country has a trade deficit and like many other Asian nations now, money is not flowing into Vietnam either due to risk aversion. The dong will continue to see downward pressure.” The currency was little changed at 20,843 per dollar as of 12:00 p.m. in Hanoi, according to data compiled by Bloomberg. The weakening of the reference exchange rate on Oct. 5 was the first change since Aug. 24. The dong was devalued for the fourth time in 15 months on Feb. 11, by about 7 percent, partly to help curb the trade gap. The VN Index of stocks fell 0.8 percent. No ‘Huge Effect’ The rate increase is “unlikely to have a huge effect on lowering inflation,” Masato Miyazaki, the IMF’s Washington-based mission chief for Vietnam, said in an e-mailed statement received today. The central bank should abolish the cap on deposit rates for dong to “help normalize the monetary transmission mechanism,” Miyazaki said. Asian currencies from the Philippine peso to South Korea ’s won have tumbled against the dollar over the past month, as concern the world economy faces a slump prompts investors to pare bets on emerging markets. Confidence in the dong is “shaky,” according to Viet Capital Securities, which said yesterday the currency was trading at 21,500 per dollar on the black market. The trade deficit widened to $1 billion in September from a revised $396 million in August. Policy Efficiency Vietnam’s move is the first change to a key interest rate under new central bank Governor Nguyen Van Binh and contrasts with neighbors such as Malaysia and China , which left borrowing costs unchanged in recent weeks to shield their economies. The increase in the refinancing rate is aimed at improving “the efficiency of monetary policy” and regulating “market interest rates,” the central bank said in yesterday’s statement. It left its repurchase rate at 14 percent and its discount rate at 13 percent. The State Bank of Vietnam increased the repurchase, refinancing and discount rates earlier this year in an attempt to stem credit growth, slow price gains and stabilize the economy. It raised the repurchase rate in nine steps from 7 percent at the start of November last year to 15 percent in May 2011, before cutting it in July to 14 percent. The government said in August the central bank will consider lowering rates if inflation slows. The latest refinancing rate increase is “an encouraging sign, but we’ll have to see whether it continues,” said Thomas Harr , head of Asian foreign-exchange strategy at Standard Chartered Plc in Singapore. “Because interest rates in Vietnam are too low, you have a lot of money shifting into gold.” Gold-Backed Loans The State Bank of Vietnam asked commercial banks to provide details of gold-backed loans issued since the start of the year until Oct. 7, according to a separate statement dated yesterday and posted on its website today. Commercial banks will also be obliged to file weekly reports on gold-backed lending to the central bank, with the first reports due Oct. 12, it said. The reporting will help the central bank monitor and stabilize the gold and foreign-exchange markets, it said. The July rate reduction and a government push in August for lower commercial borrowing costs “have created uncertainties about the monetary policy strategy,” Trinh Nguyen, a Hong Kong- based economist at HSBC Holdings Plc, wrote in a note released yesterday before the rate increase was announced. Consumer prices climbed 22.42 percent in September from a year earlier, compared with 23.02 percent in August. Vietnam’s inflation rate remains the fastest in a basket of 17 Asian- Pacific economies tracked by Bloomberg. The central bank yesterday also raised overnight interest rates on electronic transactions to 16 percent from 14 percent, effective Oct. 10. Domestic economic imbalances pose a risk to Vietnamese banks’ asset quality, Moody’s Investors Service said last month. Vietnam’s gross domestic product may rise 5.8 percent in 2011, the slowest pace since 2009, Asian Development Bank data show. The economy, a production hub for companies from Intel Corp. (INTC) to Honda Motor Co., expanded 6.8 percent in 2010.
|
{
"questions": [
{
"question": "```json\n{\n \"questions\": [\n {\n \"question\": \"중앙은행이 기준금리를 인상할 때 소비자 물가에 미치는 일반적인 영향은 무엇인가요?\",\n \"reasoning_effort\": \"medium\"\n },\n {\n \"question\": \"다국적 기업이 해외에서 자금을 조달할 때 환율 변동성은 어떤 위험 요소로 작용하나요?\",\n \"reasoning_effort\": \"medium\"\n },\n {\n \"question\": \"금 가치가 변동할 때 금 기반 대출이 금융시장의 안정성에 미치는 영향은 어떻게 분석할 수 있을까요?\",\n \"reasoning_effort\": \"high\"\n }\n ]\n}\n```",
"reasoning_effort": null
}
]
}
|
success
|
bloomberg-news-000013
|
finance
|
korean
|
Hungary Focusing on Debt, Deficit Reductions in 2012, Simor Says.Hungary’s government is embarking on a tightening of budget policy in 2012 with a focus on reducing the debt and deficit levels, central bank President Andras Simor said. “The government is acutely aware that debt needs to be brought down and budget policy needs to be extremely disciplined,” Simor said in a speech in London today.
|
{
"questions": [
{
"question": "정부가 재정적자와 부채를 줄이려 할 때, 이 두 지표가 국가 경제 성장률에 미치는 장기적 영향과 그 상호작용은 어떻게 설명될 수 있을까?",
"reasoning_effort": "high"
},
{
"question": "재정정책과 통화정책이 동시에 시행될 때, 두 정책이 서로 영향을 주고받는 과정을 경제학적으로 어떻게 분석할 수 있을까?",
"reasoning_effort": "medium"
},
{
"question": "국가가 부채를 상환하기 위해 일반적으로 활용하는 재원은 무엇이며, 각각의 재원이 갖는 장단점은 무엇인가?",
"reasoning_effort": "low"
}
]
}
|
success
|
bloomberg-news-000019
|
finance
|
korean
|
Moderate Brazil Rate Cuts Fit 2012 CPI Goal, Tombini Says.Brazil’s central bank President Alexandre Tombini said “moderate” cuts in interest rates will help shield the economy from the European debt crisis and won’t prevent inflation from slowing to 4.5 percent next year. “Looking ahead, given current conditions, moderate adjustments in interest rates are consistent with inflation converging to the center of its target in December 2012,” Tombini said at an event in Brasilia. Traders pared bets today that the central bank will accelerate the pace of cuts after slashing the benchmark rate by 50 basis points to 12 percent on Aug. 31. The yield on the contract maturing in January 2013, the most traded in Sao Paulo today, rose 14 basis points to 10.36 percent at 5:01 p.m. New York time. Tombini’s use of the word “moderate” points to a rate cut of 50 basis points, rather than the 75 basis-point cut that some traders are betting on, said Andre Perfeito , an economist with Gradual Investimentos in Sao Paulo. Estado do S. Paulo reported Oct. 2 that President Dilma Rousseff wants the Selic rate to fall to 9 percent next year, citing three government officials that it didn’t identify. ‘Getting Worse’ “The bets on 75 basis points or even 100 basis points are driven by two main reasons: the belief that the situation in Europe is getting worse, and this talk about the monetary stance that Dilma Rousseff wanted next year,” Perfeito said. Consumer prices rose 7.33 percent in the year through mid- September, exceeding the 6.5 percent upper limit of the bank’s target range for a fifth straight month. Tombini pledged to slow inflation to 4.5 percent by the end of next year. Jankiel Santos , chief economist at Espirito Santo Investment Bank, said there is no case for speeding up the pace of rate cuts without evidence that the Brazilian economy is really being hit by the problems in Europe. Brazil’s economy showed clear signs of slowing in August and will grow 3.5 percent this year, Tombini said. Given slower domestic growth and the impact of the global crisis, policy makers decided to cut rates in August, he said. Brazil hasn’t abandoned its policy of accumulating foreign reserves, and the central bank will resume its dollar purchases when market conditions permit, Tombini said. He added that the central bank is ready to intervene in currency markets when movements in the real are not consistent with the dollar’s global trend. Brazil has $349 billion in international reserves, up 21 percent from the start of the year. The real appreciated 2.8 percent to 1.7811 per U.S. dollar.
|
{
"questions": [
{
"question": "금리 인하가 소비자 물가에 미치는 일반적인 영향은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "중앙은행이 인플레이션 목표치를 초과하는 물가 상승률을 억제하기 위해 사용 가능한 주요 도구는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "통화정책을 조정할 때 경제 성장률과 물가 상승률 간의 상충 관계를 어떻게 균형을 맞출 수 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-000002
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finance
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korean
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Clean-Tech Companies Should Get 10-Year Tax Breaks, Hundt Says.Reed Hundt, head of the Coalition for Green Capital, said alternative-energy companies should be given a 10-year tax break on profits as a way to create jobs and stimulate innovation in clean technology. Hundt, who was chairman of the U.S. Federal Communications Commission from 1993 to 1997, is working with the government as well as Silicon Valley venture capital and private equity firms to ensure that money is still available for clean-energy projects after the collapse of Solyndra LLC last month. “Step one is that the Silicon Valley venture community has to stand up for the fundamental idea that success can come from failure,” Hundt said in an interview at a clean-tech conference yesterday in Redwood City, California. “And this is a Congress that hates taxes, so how about eliminating all income tax on the sale of clean-energy goods or services for the next decade.” Solyndra, a solar-panel maker in Fremont, California , fired 1,100 workers and filed for bankruptcy on Sept. 6, two years after receiving a $535 million loan guarantee from the U.S. Department of Energy. The company’s downfall doesn’t change the need for the production of biofuels, solar power and technology that helps reduce energy consumption, Hundt said. State Initiatives In addition to making proposals to Congress, Hundt’s Washington-based nonprofit is working with individual states to make capital more available. In June, Connecticut adopted a measure for a so-called green bank, designed to provide low-cost financing for energy-efficiency projects. The project will be funded by a surcharge on residential and commercial electric bills amounting to about $30 million a year. Legislators in Oregon , Michigan , Pennsylvania , Ohio and New York have reached out to Hundt’s coalition to do something similar, he said. Venture funding of clean-tech companies fell 4.5 percent in the first half of this year to $2.17 billion from $2.27 billion a year earlier, according to the National Venture Capital Association. Still, the $1.23 billion invested in the first quarter marked the second-highest period ever, after the second quarter of 2010, the NVCA said. That won’t slow down just because Solyndra is being scrutinized, said Jim Fulton, co-chair of the clean energy and technologies group at law firm Cooley LLP in Palo Alto, California, which sponsored the conference. Congressional Republicans are leading an investigation into Solyndra’s loan guarantee, and the company faces a probe by the FBI. “Solyndra will not be a defining moment in clean-tech history,” Fulton said in an interview. “There is an alternative universe in Washington , D.C., and politics that is blowing this out of proportion.” Hundt, 63, also works with the Aspen Institute , which describes itself as a “venue for discussing and acting on critical issues,” and worked on President Barack Obama’s transition team from 2008 to 2009. He serves on the board of Intel Corp. (INTC) , the world’s biggest semiconductor company, and Serious Energy Inc., formerly Serious Materials, which provides software for building owners and developers.
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{
"questions": [
{
"question": "부채비율이란 무엇이며, 어떻게 계산되는가?",
"reasoning_effort": "low"
},
{
"question": "기업이 부채를 발행할 때 이자율이 낮을 때 발행하는 것이 장단점은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "정부가 기업에 장기 세금 감면을 제공하면, 그 효과가 자본시장과 기업의 성장에 미치는 장기적 인과 관계를 설명하시오.",
"reasoning_effort": "high"
}
]
}
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success
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bloomberg-news-095521
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finance
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korean
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BNY Mellon Raised Madoff’s Credit by $225 Million in 2006.A Bank of New York Mellon Corp. vice president told a jury she helped boost Bernard Madoff ’s credit line by $225 million in 2006, based on data provided by a former Madoff executive accused of aiding his $17 billion fraud. Daniel Bonventre, one of five ex-Madoff employees on trial in Manhattan , won an increase in the investment firm’s secured credit line to $300 million from $75 million to pay for what he said was a boost in trading activity, Monika Arora, who works in BNY Mellon’s securities industry banking division, testified today in federal court in Manhattan. Bonventre had requested a new limit of $500 million, an increase the bank deemed “quite large” before settling on $300 million as a more “realistic” figure, Arora said. “If we needed to revisit it, it would be easier to do it from that point on,” she said. The five former colleagues are accused of helping Madoff hide his fraud from customers and regulators for years, and getting rich in the process. It’s the first criminal trial stemming from the scheme, which prosecutors say started in the early 1970s and imploded at the peak of the financial crisis. BNY Mellon , which isn’t accused in the criminal case, has faced civil lawsuits by funds that lost money in the fraud and accuse the New York-based bank of negligence. The lawsuits include claims the bank funneled billions of dollars into the Ponzi scheme while reaping millions of dollars in fees. Bank Loans Prosecutors claim Madoff and his co-conspirators tapped banks for loans and credit increases as the Ponzi scheme became unsustainable. Kevin Heine, a spokesman for BNY Mellon, declined to comment on today’s testimony. The bank has denied wrongdoing related to the fraud. Arora, who has worked at BNY Mellon since 2004, said she proposed the credit increase based on financial statements and other documentation provided by Bonventre and one of his employees, Enrica Cotellessa-Pitz. The data, now known to be false, showed Madoff’s firm had assets of $977 million at the time, according to documents displayed on flat-screen monitors for jurors. Financial statements given to the bank were affirmed by Madoff’s external accountant for more than 20 years, David Friehling, the papers showed, increasing their perceived validity, Arora said. Madoff, who was arrested in December 2008, pleaded guilty to fraud and is serving a 150-year sentence. Cotellessa-Pitz and Friehling also pleaded guilty and are awaiting sentencing based on their cooperation in the case. Never Audited Friehling testified yesterday that he never conducted an audit of Madoff’s company as required by accounting rules. Arora recalled a meeting at the offices of Bernard L. Madoff Investment Securities LLC, where Madoff and his sons Mark and Andrew were present, along with Bonventre. BNY Mellon had arranged the meeting with a consultant on a new trading strategy that Madoff was interested in pursuing, though he ended up never using it, Arora said. The increased credit limit was needed to finance what Bonventre said was a boost in proprietary trading by Madoff’s firm, Arora said. Madoff had already started hiring additional staff for the trading and had begun tapping its earlier $75 million credit line at a faster rate than usual, she said. ‘Larger Volumes’ “The team will be doing the same proprietary trading that is currently taking place, but in larger volumes,” Arora wrote in a March 31, 2006, proposal to BNY Mellon’s credit department. “The new team is expected to increase business significantly.” Arora said she later heard from colleagues at BNY Mellon that Madoff’s firm wasn’t drawing on the credit line as expected, depriving the bank of anticipated fees. When she asked Bonventre about the development, he cited market conditions and said the plan had changed, she said. Bonventre, who oversaw the broker-dealer and proprietary trading operations of Madoff’s company, pleaded not guilty and has denied involvement in the fraud, saying he was duped like thousands of others. The other defendants in the case, all accused of helping make fake documents for decades, are Annette Bongiorno, who ran the investment advisory business at the center of the fraud; Joann Crupi, who managed large accounts, and computer programmers George Perez and Jerome O’Hara. All five have pleaded not guilty. The case is U.S. v. O’Hara, 10-cr-00228, U.S. District Court, Southern District of New York (Manhattan).
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{
"questions": [
{
"question": "주식이 거래되는 주식시장은 어떻게 분류되며, 각 시장의 주요 특징은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "중앙은행은 공개시장 조작을 통해 금리를 조절하고 경제를 안정시키는 방법은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "레버리지(차입금 사용)를 활용한 투자와 관련된 주요 위험 요소는 무엇이며, 분산투자를 통해 이러한 위험을 어떻게 완화할 수 있을까요?",
"reasoning_effort": "high"
}
]
}
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success
|
bloomberg-news-028860
|
finance
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korean
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Canada’s Baird to Meet With Israel Finance Minister Lapid.Canadian Foreign Affairs Minister John Baird will meet today with Israeli Finance Minister Yair Lapid as Potash Corp. of Saskatchewan Inc. seeks a takeover of Israel Chemicals Ltd. (ICL) Baird’s meeting was confirmed by Israel ’s Finance Ministry in an e-mail. Baird met with Israel Corp. Chairman Amir Elstein at a restaurant yesterday in Tel Aviv, daily newspaper Calcalist reported. Israel Corp. holds a 52 percent stake in ICL, according to data compiled by Bloomberg. “He will try to soften the opposition in the government to the deal,” Richard Gussow, an analyst at DS Securities & Investments said today by phone, referring to Baird. “It is obvious he is here also to do public relations for the Potash- ICL deal.” The acquisition of ICL, the nation’s second-largest publicly traded company, has sparked opposition from ICL workers and politicians including Lapid. Potash Corp., a Canadian company, held talks in October with the Israeli government about raising its stake in ICL from 14 percent.
|
{
"questions": [
{
"question": "기업이 인수합병을 진행할 때 가장 중요한 재무 지표는 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "공공기관이 기업 인수 합병을 승인할 때 고려하는 주요 법적·윤리적 기준은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "국제 무역에서 환율 변동이 기업의 이익에 미치는 영향은 무엇이며, 이를 관리하기 위해 사용되는 금융 도구는 무엇인가요?",
"reasoning_effort": "high"
}
]
}
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success
|
bloomberg-news-028858
|
finance
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korean
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U.S. EcoGen Gets Approval for Eucalyptus-Fueled Power Deals.U.S. EcoGen LLC , a closely held developer of biomass-fueled power plants, received approval from Florida regulators for electricity sales contracts for three projects expected to enter service in 2019. NextEra Energy Inc. (NEE) ’s Florida Power & Light utility received approval to purchase for 30 years the electricity from the 60-megawatt plants in Okeechobee, Clay and Martin counties, and the deals may save its customer about $90 million a year, according to a Florida Public Service Commission filing. Terms weren’t disclosed. The three plants are expected to produce enough energy to power 30,000 to 50,000 homes a year, the commission said today in a statement announcing the contract approvals. U.S. EcoGen, based in Jupiter, Florida, will use eucalyptus as the primary fuel.
|
{
"questions": [
{
"question": "주식과 채권의 주요 차이점은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "기업이 장기 금융 계약을 체결할 때 고려해야 할 주요 요소는 어떤 것이 있나요?",
"reasoning_effort": "medium"
},
{
"question": "재무제표에서 비유동자산의 변동이 기업의 재무 건전성에 미치는 영향을 어떻게 분석할 수 있나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-073333
|
finance
|
korean
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Soybeans, Corn Advance Before Government Report on U.S. Supplies.Soybeans climbed before a government report that may show fourth-quarter stockpiles in the U.S., the biggest grower and exporter last year, fell to the lowest level in nine years. The contract for March delivery gained as much as 0.4 percent to $13.92 a bushel on the Chicago Board of Trade and was at $13.9025 at 11:28 a.m. Singapore time. Futures reached a record $17.89 on Sept. 4 as output dropped amid the most-severe Midwest drought since the 1930s. Inventories probably fell to 1.98 billion bushels as of Dec. 1, the lowest for the fourth quarter since 2003, according to the average estimate of 26 analysts surveyed by Bloomberg. The U.S. Department of Agriculture will release the quarterly stockpiles report on Jan. 11 in Washington. “The market is speculating that the U.S. figures will be adjusted downwards,” Joyce Liu, an analyst at Phillip Futures Pte., said by phone from Singapore today. Corn for March delivery rose for a third straight day, adding 0.2 percent to $6.8975 a bushel, while wheat for delivery in the same month was little changed at $7.515 a bushel. The corn harvest in the U.S., the biggest grower and exporter, probably fell to 10.65 billion bushels, from 12.358 billion bushels a year earlier, and a USDA estimate of 10.725 billion in December, according to a separate Bloomberg survey of 31 analysts. The USDA will update its forecast on Jan. 11. The drought that cut U.S. harvests last year will probably persist through the next planting season, threatening a recovery in production, Bryce Anderson, an agricultural meteorologist at DTN, said in an interview yesterday.
|
{
"questions": [
{
"question": "What is a futures contract and how does it differ from a spot transaction?",
"reasoning_effort": "low"
},
{
"question": "How do changes in inventory levels influence commodity prices in the futures market?",
"reasoning_effort": "medium"
},
{
"question": "Explain how weather patterns can affect commodity markets, considering both supply disruptions and investor behavior.",
"reasoning_effort": "high"
}
]
}
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success
|
bloomberg-news-017766
|
finance
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korean
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Cattle Futures Rise on Signs of U.S. Beef Demand; Hogs Steady.Cattle futures rose to the highest in more than a week on signs of improved demand for U.S. beef. Hogs were little changed. Meatpackers are willing to pay more for animals amid higher profits, said Dan Vaught , the owner of Vaught Futures Insights in Altus, Arkansas. Spot-market steer prices averaged $1.0755 a pound in the first four days of this week, up 16 percent from a year earlier, government data show. Prices rose on “underlying demand for cattle and beef,” Vaught said in a telephone interview. “Packer profits have been quite strong, and that’s probably as much as a reason for the cash strength as anything.” Cattle futures for October delivery rose 1.175 cents, or 1 percent, to settle at $1.17325 a pound at 1 p.m. on the Chicago Mercantile Exchange, after reaching $1.17475, the highest since July 19. The price, up 1.7 percent this week, has climbed 5.8 percent this month, a second straight gain. Hog futures for October settlement fell 0.05 cent to settle at 92.4 cents a pound in Chicago. The commodity has jumped 18 percent in the past year. Feeder-cattle futures for August settlement gained 1.25 cents, or 0.9 percent, to $1.3705 a pound.
|
{
"questions": [
{
"question": "주식 시장에서 기업의 배당 정책이 기업 가치에 미치는 영향은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "파생상품 거래에서 헤지 전략을 사용하는 주요 이유는 무엇이며, 이를 통해 포트폴리오 위험을 어떻게 관리할 수 있나요?",
"reasoning_effort": "high"
},
{
"question": "증권 거래소에서 상장 기업이 지켜야 할 주요 재무 보고 기준은 무엇인가요?",
"reasoning_effort": "low"
}
]
}
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success
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bloomberg-news-006669
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finance
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korean
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China Rebar Volumes Gain to Record on Government Spending.The volume of steel reinforcement- bar futures traded on the Shanghai Futures Exchange advanced to a record on speculation that new infrastructure projects in China will increase demand. A total of 6.01 million lots of the most-active, January delivery contract were traded today, up from 5.9 million lots on Sept. 7, the previous high, bourse data showed. One lot equals 10 metric tons. Futures climbed for a third day, closing 2.7 percent higher at 3,497 yuan ($551) a ton as open interest rose 15,028 lots to 1.38 million lots. China, the world’s largest steel producer, has been ramping up infrastructure spending to counter a slowdown in economic growth that’s on course for the weakest annual pace in more than two decades. The government approved plans for 2,018 kilometers (1,254 miles) of roads last week, as well as sewage plants, port and warehouse projects and subways. The price of reinforcement bars, known as rebars, has lost 17 percent this year. Given the infrastructure plans, as well as output cuts, investors think it’s time for prices to bottom out, said Huang Huiwen, an analyst at Shanghai CIFCO Futures Co. A rally in China ’s stocks also had a so-called spillover effect, she said. Daily steel production in China dropped in July to 1.99 million tons from 2 million tons a month earlier, data from the National Bureau of Statistics showed. The government is scheduled to release data for August tomorrow. 1 Trillion Yuan The planned projects may require investment of about 1 trillion yuan, Moody’s Investors Service said in a report today. Baosteel Group Corp., China’s third- largest steelmaker , is among the companies that will benefit most, Moody’s said. Rebars are used to reinforce cement in construction projects. China’s imports unexpectedly fell in August, according to data released today, signaling that more stimulus may be needed. Industrial output in China rose the least in three years, figures showed yesterday, a day after President Hu Jintao said that the country’s expansion faces “notable downward pressure.” The price of iron ore , used to make steel, dropped to $86.70 a dry ton on Sept. 5, the lowest level since 2009, according to data from the Steel Index Ltd., which tracks material with 62 percent iron content delivered to Tianjin. The Shanghai Composite Index (SHCOMP) rose 0.3 percent to close at 2,134.89, the highest since Aug. 14, amid speculation there will be further steps to boost economic growth. That extended a 3.7 percent jump on Sept. 7, the biggest gain in eight months. To contact Bloomberg News staff for this story: Helen Sun in Shanghai at [email protected]
|
{
"questions": [
{
"question": "채권 가격이 금리와 어떻게 반비례하는지 설명하시오.",
"reasoning_effort": "low"
},
{
"question": "기업이 투자 결정을 내릴 때 자본비용과 프로젝트의 내부수익률을 어떻게 비교하는가?",
"reasoning_effort": "medium"
},
{
"question": "레버리지가 기업의 재무 구조에 미치는 장단점과 그로 인한 위험을 평가할 때 고려해야 할 핵심 요소는 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-062179
|
finance
|
korean
|
Nokia Debt Rating Cut to Junk at Fitch.Nokia Oyj (NOK1V) ’s rating was cut to junk for the first time by a debt rating company as the Finnish mobile-phone maker loses its grip on a market now dominated by Apple Inc. (AAPL) and Asian suppliers such as Samsung Electronics Co. (005930) Fitch Ratings today lowered Nokia’s long-term debt ranking to BB+, one step below investment grade, citing a deterioration in the handset business in the first quarter and a “general lack of visibility.” Fitch said it may further cut the rating if Espoo, Finland-based Nokia’s revenue doesn’t stabilize and operating margins don’t return to positive. The decision covers about 4.9 billion euros ($6.5 billion) in debt. The cost of insuring against default on Nokia’s debt surged to a record. Nokia is burning cash 14 months after linking up with Microsoft Corp. (MSFT) to make phones that run on the Windows operating system. The company this month reported a first- quarter operating loss for its handset unit and said the margins would be similar or worse in the current period. “In order to avoid further negative rating action, Nokia needs to demonstrate substantial improvements” through 2013, Fitch analyst Owen Fenton wrote in a report. “Given the potential headwinds facing the company, Fitch is currently not convinced that Nokia can attain this over the course of 18 months.” Credit-Default Swaps Credit-default swaps on Nokia bonds rose 55 basis points to 590 basis points, according to data compiled by Bloomberg. Swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fail to adhere to its debt agreements. In 2002, Fitch rated Nokia’s debt A+, the fifth-highest investment grade. Standard & Poor’s and Moody’s currently rank the debt one step above junk. The shares fell 3 percent to 2.63 euros at 2:10 p.m. in Helsinki, the lowest since December 1996. Nokia that took in almost half the global revenue from smartphones in 2007 now claims only 10 percent of the $219 billion per year market, Bloomberg data show. Nokia will continue to increase its focus on lowering the company’s cost structure, improving cash flow and maintaining a strong financial position, Chief Financial Officer Timo Ihamuotila said in a statement. The company had about 4.9 billion euros in net cash at the end of the first quarter. “In terms of the cash, Nokia has announced quite significant restructuring charges that will probably be front- end loaded and they will probably start paying them down quite fast,” Fenton said in an interview. “The cash balance could also be depleted by continuing negative operating cash flow .”
|
{
"questions": [
{
"question": "기업이 신용등급을 상향하거나 하향 조정받을 때 가장 중요한 요인은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "신용부도스왑(CDS)의 기본적인 구조와 기능을 설명해주세요.",
"reasoning_effort": "low"
},
{
"question": "신용등급이 낮아지면 기업의 자본 조달 비용과 주가에 미치는 장기적인 영향은 어떻게 나타날까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-051045
|
finance
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korean
|
Gazprom Budget Sees Spending Doubling Next Year to $55 Billion, RBC Says.OAO Gazprom, the world’s largest natural-gas company, plans to double spending next year to 1.7 trillion rubles ($55 billion), RBC Daily said, citing a copy of the state-run company’s 2011 draft budget. About 97 billion rubles of the total will go toward dividends, the Moscow-based newspaper said today.
|
{
"questions": [
{
"question": "기업이 배당금 비율을 결정할 때 가장 중요한 재무적 지표는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "정부가 국영 기업의 예산 배정 결정을 할 때 주로 검토하는 기준은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "기업이 예산을 두 배로 늘리면 수익성, 유동성, 재무구조에 어떤 영향을 미칠지 설명해라.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-017765
|
finance
|
korean
|
Mauritian Equities Head for Biggest Monthly Drop in 14 on Risk Aversion.Mauritian stocks had the biggest monthly drop in more than a year as concern that the U.S. and Europe will struggle to contain their debt crises curbed demand for frontier-market assets and as ministers in the Indian Ocean island country resigned this week. The 38-member SEMDEX index increased 0.2 percent to 2,026.95 by the 1:30 p.m., close in Port Louis, the capital, paring its decrease in July to 3.1 percent, the biggest monthly drop since May 2010. U.S. lawmakers scrapped a vote on the debt-ceiling bill yesterday, with the delay fuelling concern that a compromise won’t be reached before the Aug. 2 deadline for a possible U.S. default. Moody’s Investors Service said it may downgrade Spain as last week’s Greek bailout raises the risk that bondholders will have to pay for further European rescues. Mauritius’s Finance Minister Pravind Jugnauth said he and four other ministers from his party resigned in solidarity with Santi Bai Hanoomanjee, the health minister who was charged with graft. “The trend can be attributed to sovereign debt in Europe and the risks of a U.S. debt default and downgrade,” Imrith Ramtohul, a senior investment manager at Mauritius Union Group who helps oversee 7 billion rupees ($253 million) in assets, said by e-mail. Mauritius Commercial Bank (MCB) , the country’s largest lender by market value with a 24 percent weighting in the index, led decreases, retreating 5.9 percent to 177 rupees in the period, its biggest monthly drop since February 2009. Hotel Stocks New Mauritius Hotels Ltd. (NMH) , the island’s biggest leisure operator by market value, slipped 4.4 percent while Sun Resorts Ltd., the second-largest, slumped 8.7 percent. “Hotels are moreover likely to be impacted by a weaker euro and a slowdown in Europe,” Ramtohul said. Europe accounted for 64 percent of tourist arrivals in the second quarter, according to the Mauritius Tourism Promotion Authority’s website. Tourism, with textiles, is the country’s biggest earner of foreign currency. The rupee appreciated 3.9 percent to 39.96 per euro over the month, heading for the biggest monthly gain since January 2010. Mauritian President Anerood Jugnauth assigned the Finance and Economic Development Ministry to Education Minister Vasant Kumar Bunwaree on July 27. Bunwaree served as finance minister from 1996 to 2000. “Vasant Bunwaree is a safe pair of hands,” Bank of Mauritius Governor Rundheersing Bheenick said in a transcript of an interview published by Port Louis-based l’Express today.
|
{
"questions": [
{
"question": "기업이 부채 재구성을 통해 재무 건전성을 높이는 주요 이유는 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "국가가 부채 상한을 지속적으로 연기할 때 투자자들이 직면할 수 있는 잠재적 위험은 무엇인가?",
"reasoning_effort": "high"
},
{
"question": "환율 변동이 기업의 국제 거래에 미치는 영향을 어떻게 분석할 수 있는가?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-084424
|
finance
|
korean
|
Australia Forecasts Increased Cotton, Sugar Output, Less Wheat.Cotton production in Australia , the fourth-largest shipper, may reach a record next year after rains filled dams, while sugar output may gain even after cyclone and flood damage, according to the government’s commodity forecaster. Output of cotton may climb to 1.1 million metric tons in the year from July 1 compared with 839,000 tons this season, and the sugar crop may rise to 3.85 million tons from 3.62 million, the Australian Bureau of Agricultural & Resource Economics & Sciences said in a report today. The wheat harvest may drop 7.8 percent as lower yields offset an increase in the area, it said. Global prices of farm commodities have surged on harvest disruptions and stronger demand, with the Food and Agriculture Organization ’s World Food Price Index reaching a record in January. Increased Australian output of sugar and cotton may be part of a global response to the agricultural gains. “Farmers globally are very adept at responding to higher prices,” Paul Morris, deputy executive director at the Canberra-based bureau, said in an interview yesterday. “We expect we will see a production response to that and we will see prices coming back down over the medium term.” Cotton on ICE Futures U.S. in New York reached an all-time high $2.0893 a pound on Feb. 18, while raw sugar gained to a 30- year high of 36.08 cents a pound on Feb. 2. Wet Weather La Nina-linked wet weather brought record rainfall to parts of eastern Australia last year, ending drought and replenishing dams used for irrigating cotton, which is planted around November and mostly harvested from April. The flooding cut the June-to-December sugar cane harvest to 3.6 million tons, the lowest level in about two decades, and washed away some crops planted for next season. Cane was further damaged after Cyclone Yasi hit northern Queensland in February. Australia is the third-largest shipper after Brazil and Thailand. The sugar forecast was less than an estimate of 4 million tons made after the flooding. Output may reach 4.4 million tons in 2012-2013, it said. That’s still lower than production of 4.5 million tons in 2009-2010, before wet weather curbed output. The area sown to wheat may gain to 13.8 million hectares (34.1 million acres) from 13.4 million, while output may drop to 24.26 million tons from a record 26.3 million, according to the bureau. The next crop will be planted from April to June. Price levels for sheep, beef and wool may restrict gains in the area devoted to wheat after farmers had already swung land toward grains in recent years, Morris said. “With prices of everything quite high, farmers are having to make a trade-off as to whether they grow more crops or move into livestock,” he said. Canola production is forecast to rise to 2.23 million tons next year from 2.14 million this season, while wool output is expected to increase to 342 million kilograms from 335 million kilograms, the bureau said. U.S. farmers will increase planting of corn, soybeans, wheat, cotton and four other crops 4.2 percent to 255.3 million acres in 2011 after adverse weather cut global output, boosting demand, the U.S. Department of Agriculture said Feb. 14.
|
{
"questions": [
{
"question": "주식 시장에서 변동성 척도를 측정하는 대표적인 지표는 무엇이며, 그 지표가 어떻게 사용되는가?",
"reasoning_effort": "low"
},
{
"question": "기업이 새로운 프로젝트에 투자하기 전에 수행해야 할 핵심 재무 분석 단계는 무엇이며, 각각의 단계가 투자 결정에 어떤 영향을 미치는가?",
"reasoning_effort": "high"
},
{
"question": "인플레이션이 금융 시장에 미치는 영향은 무엇이며, 투자 포트폴리오를 어떻게 조정해야 할까?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-095520
|
finance
|
korean
|
Romania’s Economy Grows at Fastest Pace in Two Years on Harvest.Romania ’s economy grew at the fastest pace in two years in the third quarter, probably spurred by a bumper harvest and export growth. Gross domestic product increased 4.1 percent from a year earlier, compared with 1.5 percent in the second quarter, according to a preliminary estimate released by the National Statistics Institute in Bucharest today by e-mail. The median forecast of nine economists surveyed by Bloomberg was for a 3.5 percent expansion. GDP rose a seasonally adjusted 1.6 percent from the previous three months. “Favorable weather conditions this year resulted in a good agricultural output, very likely above multi-annual averages for most crops,” analysts at Raiffeisen Bank Romania SA, including Ionut Dumitru, wrote in an e-mail before the GDP release. “We foresee the gross value added in agriculture to increase 23 percent in 2013 and to have a positive contribution of 1.4 percentage points to the GDP growth rate this year.” Last month the government, in agreement with the International Monetary Fund and the European Union, increased Romania’s 2013 economic-growth forecast to 2.2 percent from a previous estimate of 1.9 percent, citing a good harvest and a pickup in exports. The leu rose 0.2 percent to 4.4560 against the euro at 10:02 a.m. in Bucharest, according to data compiled by Bloomberg. Industrial production increased a seasonally adjusted 7.1 percent from a year earlier in September, the institute said on Nov. 8. The country’s trade deficit shrank to 413 million euros ($556 million) in September, as exports grew faster than imports, the institute said on Nov. 11. Retail sales decreased 0.8 percent in September, it said on Nov 4. The statistics institute will release a breakdown of third-quarter GDP on Dec. 4, according to a calendar on its website.
|
{
"questions": [
{
"question": "국내총생산(GDP)을 측정할 때 사용되는 주요 지표는 무엇이며, 각각의 장단점은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "환율 변동에 영향을 미치는 주요 경제적 요인들은 무엇이며, 이러한 요인들이 중앙은행의 통화정책 결정에 어떻게 반영될 수 있는가?",
"reasoning_effort": "medium"
},
{
"question": "인플레이션이 장기적으로 투자 포트폴리오의 자산 배분 전략에 미치는 영향과 그에 따른 위험 관리 전략을 논하라.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-017763
|
finance
|
korean
|
Lira Weakens First Day in Four on Turkey’s Record Trade Deficit.The lira retreated for the first time in four days after Turkey ’s trade deficit widened to a record last month, the latest evidence that central bank efforts to contain the current-account gap aren’t working. The lira weakened 0.4 percent to 1.6829 per dollar at 5:45 p.m. in Istanbul, bringing this month’s loss to 3.6 percent, the worst performance among more than 20 emerging-market currencies tracked by Bloomberg. Traders increased bets the lira will depreciate, with options contracts indicating 74 percent odds the lira will decline to 1.75 by the end of 2011 up from 70 percent yesterday. The trade deficit was $10.2 billion in June, up from $5.6 billion a year earlier, and exceeding the median estimate of $9.5 billion from eight analysts in a Bloomberg survey. The deficit in the current-account, the difference between exports and imports of goods, services and transfers, more than doubled from a year earlier to $68.2 billion in May, the most since records began in 1984. “Even under an optimistic assumption that the monthly trade deficit slows down by 20 percent on average until the end of the year, the year-end current-account deficit will exceed $70 billion, or 9 percent” of gross national product, Istanbul- based Turk Ekonomi Bankasi AS said in a note to clients. The lira has lost 8.3 percent versus the dollar this year as the central bank raised reserve requirements for lenders in an effort to curb loan growth and rein in the current-account gap, while keeping interest rates at a record low to discourage currency speculators. Dollar Purchases Turkey’s currency rallied 2.2 percent in the previous three days this week after the central bank ended daily purchases of $30 million and reduced some reserve requirements. Central bank governor Erdem Basci indicated yesterday he is ready to take steps to halt the lira’s retreat. Yields on two-year debt rose six basis points, or 0.06 percentage point, to 8.87 percent, compared with 8.68 percent at the end of last week, a Royal Bank of Scotland Group Plc index showed. The main ISE National 100 index (XU100) dropped 0.4 percent to 62,295.68, heading for a weekly gain of 4.2 percent. “The June outcome is negative for stocks, the lira and bonds,” Ibrahim Aksoy, an economist at Seker Securities in Istanbul, wrote in a note.
|
{
"questions": [
{
"question": "채권 매입을 중단하면 통화가치에 어떤 영향이 있을까?",
"reasoning_effort": "medium"
},
{
"question": "수출과 수입의 차이가 재정적 균형에 미치는 장기적 영향은 무엇인가?",
"reasoning_effort": "high"
},
{
"question": "금리 인하가 기업의 부채 비중과 경제 성장에 미치는 상호작용은 어떻게 설명될 수 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-006670
|
finance
|
korean
|
Las Vegas Strip Gambling Revenue Jumps 28% in July on Baccarat.Gambling revenue on the Las Vegas Strip surged 28 percent to $597.5 million in July, driven by an increase in baccarat play. Total Nevada gaming revenue rose 17 percent to $1.01 billion in July from a year earlier, the state’s Gaming Control Board said today in a statement. Monthly proceeds for Clark County, which includes downtown Las Vegas as well as the Strip, increased 21 percent to $867 million, the board said. Strip baccarat revenue more than doubled to $190 million in July, compared to the same period last year. Craps also gained. MGM Resorts International (MGM) , the largest casino operator on the Las Vegas Strip, rose 1 percent to $10.81 at 10:51 a.m. in New York. Wynn Resorts Ltd. (WYNN) gained 0.3 percent to $103.01 while Caesars Entertainment Corp. (CZR) fell 0.3 percent to $7.20.
|
{
"questions": [
{
"question": "기업이 배당을 주는 이유는 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "인플레이션이 금리 결정에 미치는 영향을 설명해 주시겠습니까?",
"reasoning_effort": "medium"
},
{
"question": "기업가치평가에서 할인율을 결정할 때 고려해야 할 핵심 요소들은 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-095522
|
finance
|
korean
|
Nigeria’s Amcon Says Liabilities Reach $20 Billion on Takeovers.The Asset Management Corp. of Nigeria , which nationalized three banks and took on the bad debts of others to save the banking system, said liabilities surged last year to 3.2 trillion naira ($20 billion). Net liabilities rose from 2.4 trillion naira a year earlier, Kayode Lambo, spokesman for the Lagos-based bad bank said in an e-mailed statement, without giving a reason for the increase. Amcon’s net loss for last year was 791.7 billion naira, compared with 2.4 trillion naira a year earlier. Africa ’s top oil producer established Amcon in 2010 as part of measures to save its banking industry from collapse as lenders reeled from bad loans to stock speculators and fuel importers after the global financial crisis in 2008. The Central Bank of Nigeria fired the chief executive officers of eight lenders and bailed them out with 620 billion naira. Amcon sold bonds to fund the purchase of bad debts and took over three of the rescued banks after regulators said they were unlikely to meet a recapitalization deadline. Lenders are required to contribute part of their earnings to a fund aimed at paying for the bonds. Amcon’s liabilities increased because of higher mark-to-market losses in the assets of the corporation, Pabina Yinkere, head of research at Lagos-based Vetiva Capital Management Ltd., said by phone today. “Loan recoveries and interest earned on bonds issued in 2011 contributed to decline in net losses,” he said.
|
{
"questions": [
{
"question": "신주 인수와 배당의 차이점을 설명하십시오.",
"reasoning_effort": "low"
},
{
"question": "기업이 부채를 발행할 때 고려해야 할 비용과 위험 요소를 비교하고, 자본 조달 구조에 미치는 영향을 논하십시오.",
"reasoning_effort": "medium"
},
{
"question": "M&A 과정에서 통합 비용과 시너지 효과를 예측하고, 재무 건전성에 미치는 장기적 영향을 평가하는 방법을 설명하십시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-051044
|
finance
|
korean
|
Lloyds Sells Integrated Finance Private Equity to Coller for $503 Million.Lloyds Banking Group Plc , the 41 percent British government-owned lender, is to sell its Bank of Scotland Integrated Finance investment unit to private equity firm Coller Capital for 332 million pounds ($504 million). Lloyds will retain a stake of about 30 percent in a new joint venture called Cavendish Square Partners LP, the London- based bank said in a statement today. It values the total business at 480 million pounds, a “small premium” to its book value, Lloyds said. “This deal will ensure that we share in any future upside in our investments,” Lloyds Executive Director Truett Tate said in the statement. “The deal with Coller, a leading private equity investor, provides the investee companies with stability and support over the period ahead.” Lloyds is shedding assets after the bank was bailed out by the government and ordered to sell divisions by the European Union last year as a consequence of receiving more than 20 billion pounds in state aid. The bank says it has raised more than 750 million pounds through the sale of six businesses, including Insight Investment Management and the car insurer Esure, in the past year. Integrated Finance, acquired with HBOS Plc in 2008, provides loans and equity in management buyouts and has stakes in 40 companies including T.M. Lewin Shirtmakers Ltd. and Vue Cinemas, the bank said. The division was part of the corporate unit led by former HBOS director Peter Cummings and provided loans that funded investments by entrepreneurs including the retailer Philip Green , newspaper owners David and Frederick Barclay and Tom Hunter. Integrated Finance contributed to the corporate unit’s 7 billion pounds of bad loans in 2008. ‘Small Premium’ “We wouldn’t see a disposal at a small premium to book value as a positive,” Bruce Packard , an analyst at Seymour Pierce in London who has a “sell” rating on the stock. “Presumably the investments were written down aggressively in the first half of last year, when Lloyds took a 13.4 billion- pound impairment charge for HBOS assets which were outside the traditional Lloyds low-risk appetite.” Lloyds rose 0.1 percent to 54.77 pence in London trading, valuing the bank at 37.3 billion pounds. Lloyds “has shown commendable discipline in avoiding forced sales at distressed prices,” wrote Ian Gordon , an analyst at Exane BNP Paribas SA in London who has an “outperform” rating on the stock. “The run off of non-core assets will ultimately shrink Lloyds’ heavy reliance on wholesale funding.” Coller Capital, which was founded by British financier Jeremy Coller in 1990 and is based in London, in 2007 raised a $4.8 billion fund to buy second-hand stakes in private equity funds from investors needing to offload commitments. Recent investments include a joint-venture with Royal Dutch Shell Plc and the acquisition of a part of 3i Plc’s European venture portfolio.
|
{
"questions": [
{
"question": "부채와 자본의 차이점은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "기업이 주식 발행 대신 사채 발행을 선택하는 이유는 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "금리 변동이 기업의 자본비용과 투자 결정에 미치는 영향을 설명하시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-017764
|
finance
|
korean
|
U.S. Economy: Growth Trails Forecasts as Consumers Retrench.The U.S. economy grew less than forecast in the second quarter, after almost stalling at the start of the year, as consumers retrenched. Gross domestic product climbed at a 1.3 percent annual rate following a 0.4 percent gain in the prior quarter that was less than earlier estimated, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.8 percent increase. Household purchases, about 70 percent of the economy, rose 0.1 percent. Stocks fell as the report dimmed prospects for faster growth in the rest of 2011. The faltering economy may get another blow from spending cuts being negotiated in Congress, keeping pressure on Federal Reserve Chairman Ben S. Bernanke to hold interest rates near zero. “The second-half rebound is melting away,” said Nigel Gault , chief U.S. economist at IHS Global Insight in Lexington, Massachusetts , the only forecaster polled to correctly estimate the gain in GDP. “It’s a very, very difficult situation for policy makers. The Fed could give a pretty strong signal that they are not likely to move on interest rates for a very long time.” Stocks pared declines and Treasuries rallied on speculation lawmakers will reach a compromise on raising the debt ceiling, averting a government default. The Standard & Poor’s 500 Index slid 0.7 percent to 1,292.28 at the 4 p.m. close of trading in New York after dropping as much as 1.4 percent. The yield on the 10-year Treasury note fell 16 basis points to 2.79 percent, the lowest since November. Consumer Sentiment Other reports today showed consumer and business sentiment cooled in July, indicating the economy isn’t gaining momentum as the second half begins. The Institute for Supply Management-Chicago Inc. said its business barometer fell to 58.8 in July from 61.1 the prior month. Figures greater than 50 signal expansion. The Thomson Reuters/University of Michigan final index of consumer sentiment fell to 63.7 this month, the weakest since March 2009, from 71.5 in June. Consumer spending from April through June showed the smallest gain since the second quarter of 2009, when the economy was in recession, the Commerce Department report showed. The slump reflected a 4.4 percent plunge in purchases of durable goods like automobiles. Gasoline Prices Higher expenses for necessities like food and energy may have curtailed spending on less essential items. The cost of a gallon of regular gasoline climbed in May to about $4 a gallon, the highest in almost three years, according to AAA, the nation’s biggest auto group. Purchase, New York-based PepsiCo Inc., the world’s largest snack-food maker, said profit this year will increase more slowly than it previously projected because of rising commodity costs and cooling customer demand. “It’s the consumer and competitive picture that has become more difficult than we expected,” Chief Executive Officer Indra Nooyi said on a July 21 conference call. The unemployment rate climbed to 9.2 percent in June while payrolls grew by 18,000, the fewest in nine months, Labor Department figures showed on July 8. “You’re going to need more employment to really get the consumer comfortable with increasing their spending,” said Michael Carey, chief economist for North America at Credit Agricole CIB in New York. “We’re going to need more employment as well for businesses to really become confident that demand is going to be there.” Pre-Recession Peak Economic growth in the first quarter was revised down from a 1.9 percent prior estimate, reflecting fewer inventories and more imports, the Commerce Department’s report showed. At $13.27 trillion in the second quarter, GDP has yet to surpass the pre- recession peak. Revisions to GDP figures going back to 2003 showed that the 2007-2009 recession took a bigger bite out of the economy than previously estimated, and the recovery lost momentum throughout 2010. The world’s largest economy shrank 5.1 percent from the fourth quarter of 2007 to the second quarter of 2009, compared with the previously reported 4.1 percent drop. Federal Reserve Bank of Atlanta President Dennis Lockhart said he favors maintaining record monetary stimulus and doesn’t see the need for a third round of asset purchases to stimulate growth. “We keep policy where it is,” Lockhart said today in a Bloomberg Television interview in Jackson Hole , Wyoming. “It is highly accommodative.” ‘High Bar’ “I don’t think you want to take any policy option off the table,” he said. At the same time, “There is a high bar to do another round of quantitative easing.” The policy-setting Federal Open Market Committee next meets Aug. 9. At their last meeting in June, central bankers decided to keep the Fed’s balance sheet at a record to spur the recovery after completing $600 billion of bond purchases. They also repeated their vow to keep interest rates near zero for an “extended period.” “In the very near term, the recovery is rather fragile,” Fed Chairman Bernanke told lawmakers on July 14. “We just want to make sure that we have the options when they become necessary” to stimulate the economy. The employment outlook remains dim, based on company announcements this month. San Jose, California-based Cisco Systems Inc. (CSCO) , the world’s largest networking-equipment maker, plans to cut about 6,500 jobs worldwide. Goldman Sachs Group Inc. will reduce staff by about 1,000, and Lockheed Martin Corp. (LMT) will offer a voluntary separation plan to 6,500 employees. ‘Still Struggling’ “Recent economic data are clear -- the U.S. economy is still struggling to emerge from the Great Recession and unable to move to a path of vibrant and sustainable growth,” Dan DiMicco, chairman and chief executive officer at steelmaker Nucor Corp., said on a July 21 teleconference with analysts. The Fed’s preferred price gauge, which is tied to consumer spending and strips out food and energy costs, climbed at a 2.1 percent pace, the most since the last three months of 2009, compared with 1.6 percent in the first quarter, as higher oil and food costs pushed up prices of other goods and services. The central bank’s longer-term projection is a range of 1.7 percent to 2 percent. “This is the worst of all worlds for investors, certainly the worst of all worlds for the Fed,” John Silvia , chief economist at Wells Fargo Securities LLC in Charlotte , North Carolina, said in an interview on Bloomberg Television. “A little too much inflation, not enough growth, that is a tough scenario in the U.S.” Business Investment Much of the growth in the second quarter came from business investment and trade. Spending on commercial structures, including factories and office building, and equipment contributed 0.6 percentage point to growth. The improvement in the difference between imports and exports added another 0.6 point. Overseas sales will remain a backstop for factories. Dow Chemical Co. (DOW) , the largest U.S. chemical maker, said demand is “strong” in markets abroad. “We captured strong growth in Latin America, and the emerging geographies more broadly, while North America experienced moderate growth,” Andrew Liveris , chief executive officer, said on a July 27 conference call with analysts. Inventories grew in the second quarter at about the same pace as in the prior three months, adding 0.2 percentage point to GDP. Government Spending A slump in government spending added to the economy’s woes last quarter. Outlays by state and local agencies dropped at a 3.4 percent annual pace, and non-military spending by the federal government fell 7.3 percent, the most since 2006. One area of weakness last quarter was auto purchases. Cars and light trucks sold at an average 12.1 annual rate in the April to June period, down from a 13 million pace in the first three months of the year, according to industry data. A shortage of Japanese-made parts after the earthquake and tsunami in March slowed production at U.S. manufacturers. The shortage of components is projected to ease this quarter. At the same time, the government’s inability to agree on a budget and debt-limit increase may be making companies reluctant to order new equipment and hire in the second half. Today’s GDP estimate is the first of three for the quarter, with the other releases scheduled for August and September when more information becomes available.
|
{
"questions": [
{
"question": "소비자 지출을 결정하는 주요 요인에는 무엇이 있나요?",
"reasoning_effort": "low"
},
{
"question": "인플레이션이 물가 수준과 경제 성장에 미치는 영향을 설명하고, 두 가지 요소 간의 상호작용을 간단히 논해 보세요.",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 기준금리를 인상하거나 인하할 때 기업 투자와 소비가 어떻게 변할 수 있는지, 그리고 이 과정에서 발생할 수 있는 경제적 균형 조정 과정을 단계별로 분석하세요.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-039949
|
finance
|
korean
|
Geithner to Attend World Economic Forum in Davos, Treasury Says.U.S. Treasury Secretary Timothy F. Geithner will attend the World Economic Forum annual meeting in Davos-Klosters, Switzerland , the Treasury Department said today. “While there, the secretary will meet with his international counterparts to discuss the global economic outlook and Europe ’s strategy to reinforce the institutions of the euro area,” the Treasury said in a statement today. It said he would be in Davos on Jan. 26-27.
|
{
"questions": [
{
"question": "재무제표의 세 가지 주요 종류는 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "기업이 부채와 자본을 조합하여 자본 구조를 최적화하려면 어떤 요소를 고려해야 하나요?",
"reasoning_effort": "medium"
},
{
"question": "금리 변동이 채권 가격에 미치는 영향과 그 기전은 어떻게 되는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-073335
|
finance
|
korean
|
Apple Said to Develop Cheaper IPhone Model for Late 2013.Apple Inc. (AAPL) plans to sell a smaller, cheaper version of the iPhone as soon as this year, said a person familiar with the plans, part of a push to gain customers in developing nations. Apple, which had been working on a more affordable smartphone since at least February 2011, is weighing retail prices of $99 to $149 for a device that would debut in late 2013, at the earliest, according to the person, who asked not to be named because the negotiations are private. Apple has spoken to at least one of the top U.S. wireless carriers about its plans, the person said yesterday. Executives at Apple have been particularly interested in building a lower-cost model with less-expensive components as a way to appeal to customers in emerging markets , another person has said. More affordable iPhones would help Apple play catch-up with smartphone makers such as Samsung Electronics Co. (005930) using Google Inc. (GOOG) ’s Android mobile software system. Android made up 75 percent of smartphone shipments in the third quarter, compared with 15 percent for Apple, according to IDC. Natalie Kerris , a spokeswoman for Cupertino, California- based Apple, declined to comment. The Wall Street Journal reported yesterday that a cheaper iPhone may debut later this year. Apple Chief Executive Officer Tim Cook has said China is a priority. The company generated $5.7 billion in sales in China in the quarter ended in September and sold more than 2 million iPhone 5s during its weekend debut there last month. Strategy Shift Adding a less-expensive version of the iPhone would be a strategy shift for Apple, which has until now tried to appeal to more budget-conscious customers by cutting the prices of older models. After introducing the iPhone 5, Apple kept selling the iPhone 4S and iPhone 4 at reduced prices. The device would use cheaper parts and may be smaller than current models, people familiar with the plans said. Apple was also considering a more versatile version that would work on multiple wireless networks, according to people who were briefed on the plans. Apple has sold more than 270 million iPhones worldwide. The device generated $80.5 billion in sales last year, accounting for more than half of Apple’s revenue.
|
{
"questions": [
{
"question": "기업이 자본 조달 시 부채와 자본 중 어느 것을 선택해야 할 때 고려해야 할 주요 요인은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "투자 포트폴리오에서 위험을 줄이기 위해 자산을 다양화하는 것이 왜 효과적인가?",
"reasoning_effort": "medium"
},
{
"question": "기업이 프로젝트를 평가할 때 NPV와 IRR을 동시에 사용해야 하는 이유는 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-006671
|
finance
|
korean
|
Transocean to Exit Coastal Drilling Market After 50 Years.Transocean Ltd. (RIG) agreed to sell most of its shallow-water drilling fleet for $1.05 billion as part of the company’s exit from the market for rigs propped up on steel legs that it created more than 50 years ago. Shelf Drilling International Holdings Ltd., a newly formed company owned by private equity investors and management, will pay $855 million in cash and $195 million in preferred shares for 38 rigs that can drill in seas shallower than about 400 feet (122 meters), Vernier, Switzerland-based Transocean said today statement. Chief Executive Officer Steven L. Newman is shedding shallow-water rigs to focus on deep-water and specialized drilling gear that commands higher rates from oil producers. Transocean vessels that can operate in 10,000 feet of water and drill several miles into the Earth can garner more than $400,000 a day, four times the going rate for so-called jackup rigs that have retractable legs that can reach the seafloor. Transocean expects to recognize a “significant” loss on the sale, according to a filing with the U.S. Securities and Exchange Commission. The company valued the assets at about $1.4 billion at the end of the second quarter. The company plans to sell its seven remaining standard jackups and exit that business in the third quarter. Transocean fell 3.5 percent to $45.95 at the close in New York , it biggest one-day drop since June 21. The shares have declined 15 percent in the past year. Global Driller The deal is expected to be completed in the last three months of this year. Shelf Drilling, whose owners include Castle Harlan Inc., Champ Private Equity and Lime Rock Partners, will seek to offer shallow-water services globally, according to the statement. Transocean’s stock has tumbled 50 percent since its Deepwater Horizon rig exploded in April 2010 during a blowout at BP Plc (BP/) ’s Macondo well in the Gulf of Mexico. The accident killed 11 workers and triggered the worst U.S. marine oil spill. Transocean built the oil industry’s first jackup rig in the 1950s, Newman told analysts and investors at a Barclays Plc- sponsored energy conference in New York on Sept. 5. Separately, Transocean yesterday named Esa Ikaeheimonen, a former executive at Seadrill Ltd. (SDRL) and Royal Dutch Shell Plc, to replace Gregory Cauthen as chief financial officer.
|
{
"questions": [
{
"question": "기업이 자산 매각을 통해 재무 구조를 개선하려는 주요 이유는 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "사모펀드와 공모펀드의 자금 조달 방식 차이와 각 방식이 기업에 미치는 장단점을 설명해 주시겠습니까?",
"reasoning_effort": "medium"
},
{
"question": "기업이 특정 사업 부문을 매각하거나 철수할 때 발생할 수 있는 회계적 손실을 최소화하고 재무 건전성을 유지하기 위한 전략은 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-051047
|
finance
|
korean
|
Italy's Debt Is Potential `Time-Bomb,' May Lead to Default, Report Says.Italy’s debt , the highest in the euro region last year, remains a “potential time bomb” and the country is at risk of default unless it boosts productivity, Capital Economics said. “We think the size of the government’s debts will eventually prompt the markets to turn their sights on Italy,” Capital Markets Managing Director Roger Bootle and chief European economist Jonathan Loynes said in a report today. “A default is a distinct possibility.” Italian banks would be hard hit by a default and foreign investors would face losses of 400 million euros ($500 million) if Italy defaulted and forced bondholders to take a so-called haircut of 50 percent of their investments, they said. Italian banks such as UniCredit SpA or Intesa Sanpaolo SpA, which own about half the government’s debt, would have 80 percent of their Tier 1 capital wiped out, they said. Italy has so far fared better than other peripheral markets such as Spain and Portugal since Greece’s near default prompted investors to spurn their bonds, according to the report. Italy limited its stimulus spending and emerged from the recession with a budget deficit of 5.3 percent of gross domestic product, less than half that of Spain and Greece. That still boosted the government’s debt to 115.8 percent of GDP. Yields Climb Greece, Spain and Portugal have seen the yield premiums that investors demand to buy their debt over comparable German bonds surge on concerns they won’t be able to tame their budget deficits and that rising financing costs could lead to a default. Italy, whose debt ratio is more than twice Spain’s, has seen a smaller increase in that risk premium because it has a smaller budget deficit, low household debt and a relatively strong banking system, Capital Markets said. Italy’s debt is almost twice the European Union limit of 60 percent of GDP. To reduce it to 100 percent of GDP in the next 15 years, the country would have to run a primary surplus -- the budget balance less interest payment -- of 5 percent of GDP. Economic growth averaged just 0.6 percent in the last decade, and to achieve a primary surplus of that magnitude, the country will need to lift productivity growth or put up with years of stagnation, Capital Economics said. “Weak productivity growth means Italy will need to accept years of wage and cost deflation and economic stagnation if it is to restore competitiveness within the euro zone,” Bootle and Loynes said in the report. “With the economy having barely expanded over the past decade, Italy could be staring at a total of more than 20 years of stagnation.”
|
{
"questions": [
{
"question": "국가 부채가 GDP 대비 높을 때 중앙은행이 취할 수 있는 통화정책 옵션은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "국가가 채무불이행을 할 경우, 채권 보유자에게 발생할 수 있는 손실 유형은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "생산성 향상이 국가 부채 감축에 미치는 영향은 어떻게 설명할 수 있을까?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-028861
|
finance
|
korean
|
Romania’s Dolj Gives Water Contract to Builder Primacons.Cia de Apa Oltenia SA , a Romanian utility, awarded a 23.1 million-lei ($7 million) contract for water and sewage infrastructure upgrades in Bailesti in the southern county of Dolj to Grup Primacons SRL , according to a notice published today on the European Union’s tender website.
|
{
"questions": [
{
"question": "공공 입찰에서 경쟁 입찰이 이루어지는 주요 이유는 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "투자 수익률(ROI)을 계산할 때 가장 중요한 요소는 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "공공-민간 파트너십(PPP) 프로젝트가 지역 경제에 미치는 장기적인 영향은 무엇이라고 생각하시나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-062180
|
finance
|
korean
|
Bill Cunningham on Borrowed Dresses, Charity Galas, Astor.“I remember a waiter spilling a tray of food on Sandy Weill ,” Bill Cunningham, the New York Times photographer, said of Citigroup Inc.’s (C) former chairman, a frequent subject in his column “Evening Hours.” “All the gravy went down his back, and he just went with the flow, sitting with his guests.” Cunningham, 83, accepting the Carnegie Hall Medal of Excellence last night at the Waldorf-Astoria, was arguing the point that galas are not so glamorous. The photographer, known for riding a bicycle around town, sported a black tie and a navy blazer in place of his trademark blue jacket. He also recalled former World Bank President James Wolfensohn playing the cello and retired Goldman Sachs partner James Marcus speaking “flawless Russian” after a concert by a Russian orchestra. “People don’t realize what you give to these events,” Cunningham said in front of 360 guests including Blackstone’s chairman and chief executive Stephen Schwarzman , Daniel Ziff of Ziff Brothers Investments, Lightyear Capital’s Donald Marron and David Koch of Koch Industries. “There are cynics, who think the parties are just for ladies who want to dress up,” he continued. “That’s a lie. It’s not that way at all. It is an American tradition of giving back, from a country that has given us everything.” This particular gala raised $1.5 million for the music education programs at Carnegie Hall , said Weill, its chairman. These programs are now located where Cunningham lived for 60 years in what were once artists’ studios above the venue. Brooke Astor Cunningham began his remarks unfurling 10 or so pages of notes. Among the topics he touched on: Brooke Astor (“she gave her time and money”); the New York Times (“I’m just the fluff, I fill around the ads, if we have any”); wisteria in Union Square Park (a sign we’re living in New York’s golden age), and the fact that 30 years ago he used to photograph women going to lunch. Now he photographs them going to work. Speaking about what to wear to a gala, Cunningham urged women to buy, not borrow their dresses. Any woman guilty of that crime forgot it when Italian tenor Vittorio Grigolo came on stage, to sing “Maria” from “West Side Story” and a few arias. Lauren Santo Domingo , Annette de la Renta, Sarah Jessica Parker and Mercedes Bass were beaming, especially after he took off his jacket. Cunningham first spotted Weill without his jacket, at a gala in a very hot tent. “I couldn’t believe it, so I asked who he was. The press agent said he ran a company, couldn’t remember the name but the logo was an umbrella. So I thought, ‘He’s an umbrella maker?’” (Amanda Gordon is a writer and photographer for Muse, the arts and leisure section of Bloomberg News. Any opinions expressed are her own.) Today’s Muse highlights include: Manuela Hoelterhoff interviews Pablo Heras-Casado ; Mark Beech on new rock CDs ; Jeremy Gerard on Broadway.
|
{
"questions": [
{
"question": "손익계산서와 대차대조표의 주요 차이점은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "기업이 부채와 자본을 조정할 때 자본 구조가 기업가치에 미치는 영향을 어떻게 분석할 수 있는가?",
"reasoning_effort": "medium"
},
{
"question": "유동성 위기 상황에서 기업이 채무 재조정, 자금 조달, 비용 절감 등 다양한 전략을 사용할 때 각 전략의 장단점과 상호 관계를 어떻게 평가할 수 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-084426
|
finance
|
korean
|
Sun Hung Kai Posts Underlying Profit of HK$10.4 Billion, Beating Estimates.Feb. 28 (Bloomberg) - Sun Hung Kai Properties Ltd .’s net income excluding property revaluations was HK$10.4 billion for the six months ended Dec. 31, according to a statement to the Hong Kong stock exchange. That compares with the median HK$9.79 billion estimate of five analysts in a Bloomberg News survey.
|
{
"questions": [
{
"question": "순이익이란 무엇이며 재무제표에서 어떤 역할을 합니까?",
"reasoning_effort": "low"
},
{
"question": "총이익과 순이익의 차이를 설명하고, 순이익이 기업의 수익성을 평가할 때 더 유용한 이유는 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "비영업적 항목(예: 이자비용, 특수수익)이 순이익에 미치는 영향과 투자자들이 이를 어떻게 해석할 수 있는지에 대해 논의하십시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-062181
|
finance
|
korean
|
Clemens ‘Dared to Deny’ Using Banned Drugs, Defense Says.Roger Clemens “dared to deny” that he ever took steroids or other banned drugs, his lawyer said in opening statements in federal court in Washington, where the ex-New York Yankees pitcher is on trial a second time on charges of lying to Congress about steroid use. “It is always going to be about the fact that from day one Roger Clemens dared to say that ‘I didn’t do it,’ and that’s what he’s being prosecuted for,” Clemens’s lawyer Rusty Hardin told the jury today. The four men and eight women on the jury will decide after four to six weeks of evidence whether the seven-time Cy Young Award winner lied to Congress when he said he never used performance-enhancing drugs. Clemens, 49, is charged with one count of obstructing a congressional investigation, three counts of making false statements and two counts of perjury. If convicted on all charges, he faces as long as 30 years in prison and a $1.5 million fine. A previous trial ended when U.S. District Judge Reggie Walton declared a mistrial in July. He found that prosecutors improperly showed the jury a video clip of a 2008 congressional hearing in which the wife of a government witness, Andy Pettitte , was discussed. Walton had ruled earlier that the government could make no references to Laura Pettitte or an affidavit she gave Congress. Prosecution’s Opening Assistant U.S. Attorney Steven Durham said yesterday that Clemens lied to make himself look good and others look bad. “He went beyond the straight denials,” Durham told the jury. “He told cover stories -- lies to cover up other lies.” Clemens, who pitched for the Yankees, Boston Red Sox , Houston Astros and Toronto Blue Jays during a 24-year career, used the anabolic steroids and human growth hormone, or HGH, to remain competitive as he aged, Durham said. The drugs were injected into him by Brian McNamee , his former personal trainer, who worked with the pitcher for 10 years, Durham said. The evidence includes a needle and cotton balls containing Clemens’s DNA that tested positive for anabolic steroids, he said. Hardin, during an hour-long presentation today, showed the jury photos of Clemens at various stages of his career and said there are no physical signs or medical evidence that his client ever used the drugs. Lack of Evidence “There are no outward characteristics of someone using steroids,” Hardin said. “There is no evidence of steroid use besides Brian McNamee saying he did it.” Throughout his opening statement, Hardin accused the government of telling only “half the story” when it came to evidence of Clemens’s alleged lies. The government accused Clemens of creating a cover story for his steroid use when he told Congress that McNamee injected him with vitamin B12 and the anesthetic Lidocaine -- legal substances. Durham told the jury yesterday that there was no reason for a personal trainer to give such injections when the teams have doctors or other specialists to do that. Hardin said former baseball players will testify that they have received injections of vitamins and other acceptable drugs from their trainers. “There are ballplayers who will say ‘we got B12 from the Red Sox ’ or ‘we got B12 from the Yankees,’” he said. “Can trainers legally do it? Maybe not, but they did.” ‘Hodgepodge’ in Picture He displayed a photo of needles, cotton balls and gauze on a table next to a Miller Lite beer can that was made public by McNamee’s lawyer after Clemens and McNamee testified in Congress. The material was supposedly used on Clemens by McNamee and was the source of the government’s physical evidence, Hardin said. Hardin called it “the most mixed-up hodgepodge of garbage you could imagine.” McNamee supposedly kept the material in the beer can for seven years and never told federal investigators about it until shortly before he testified before Congress in 2008, Hardin said. Hardin said McNamee manipulated the evidence and an expert will testify it’s easy to add somebody’s DNA to a needle that’s never been used in an injection. “It’s simple, and we contend that’s what happened,” he said. Hardin said McNamee sought to profit from his fame as Clemens’s accuser. He showed jurors the cover of an unpublished manuscript by McNamee titled “Death, Taxes and Mac” and called attention to a $10 million lawsuit McNamee filed against Clemens in New York. He put up a picture of McNamee during an appearance on the Howard Stern show. Pettitte Testimony Pettitte will testify about his close relationship with Clemens and how Clemens told him in 1999 or 2000 that he had used HGH, Durham said. Clemens told Congress that Pettitte misheard or “misremembers” the conversation. Hardin said the defense won’t challenge Pettitte, who he said remains a close friend of Clemens even though the two haven’t been able to speak due to the criminal case. He said Pettitte’s testimony will be some of the most convincing as to why Clemens didn’t take steroids or HGH. Clemens has denied drug use since former U.S. Senator George Mitchell released a report on steroids in Major League Baseball on Dec. 13, 2007. Mitchell named Clemens in the report as having used drugs on 16 occasions from 1998 to 2001. The charges stem from statements Clemens made to the House Oversight Committee in February 2008 in an interview with committee staff and later in a public hearing on ballplayers’ use of performance-enhancing drugs. Denied Using Steroids Under oath, Clemens denied ever using steroids or HGH, according to the indictment. “If Roger Clemens truly took steroids and HGH from Brian McNamee, where’s the evidence he did it after 2001 where you’d think he had bigger need of it to prolong his career,” Hardin said. Hardin put up a map of North America -- the graphic he used during the first trial -- that he said displayed the resources expended by the government to prove Clemens used steroids and human growth hormone after 2001. The effort involved 268 interview reports, 79 locations, 103 federal law enforcement officers and more than eight federal prosecutors, Hardin said. “Despite this effort, they did not turn up one single thing,” Hardin said. The government’s first witness was Phil Barnett, the committee’s chief of staff during the baseball probe who deposed Clemens. It was during Barnett’s testimony last year that the mistrial occurred. The trial ended early today and won’t resume until April 30 due to the judge’s teaching schedule. The case is U.S. v. Clemens, 10-cr-00223, U.S. District Court, District of Columbia ( Washington ).
|
{
"questions": [
{
"question": "기업이 재무제표를 통해 수익성을 판단할 때 가장 중요한 비율은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "투자 포트폴리오에 다양화를 적용할 때 위험과 수익 사이의 상관관계는 어떻게 변하나요?",
"reasoning_effort": "medium"
},
{
"question": "기업이 대규모 자본구조 재편을 고려할 때, 부채비율을 높이는 경우 발생할 수 있는 부정적 영향을 설명하고, 이를 완화하기 위한 전략을 제시하십시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-006668
|
finance
|
korean
|
Tinkler Wins Delay on Mirvac’s Contempt Request Over Land Deal.Nathan Tinkler , the largest shareholder in Whitehaven Coal Ltd. (WHC) , won more time to defend himself against a bid to hold his companies in contempt of court over a failed property deal with Mirvac Group. (MGR) Mirvac wants a judge to hold Buildev Group Pty and Ocean Street Holdings Pty in contempt after they failed to comply with an Aug. 1 order to complete the purchase of industrial land north of Sydney by Sept. 1. New South Wales Supreme Court Registrar Andrew Musgrave today gave Tinkler’s lawyers until Sept. 18 to prepare their defense. Tinkler, an electrician-turned-miner, scrapped a A$5.3 billion ($5.5 billion) initial offer for Whitehaven last month, giving the company no reason for not proceeding with the bid, according to Chief Executive Officer Tony Haggarty. That came as coal explorer Blackwood Corp. (BWD) said Aug. 31 it began a lawsuit to recover money after Tinkler’s Mulsanne Resources Pty missed a deadline to complete the purchase of A$28.4 million of shares in the company. Tinkler’s “financial difficulties are a matter of some notoriety,” Jason Lazarus , a lawyer representing Mirvac’s Domaine Steel Pty unit, told Musgrave at a hearing in Sydney today. Tim Allerton, a spokesman for Tinkler at City Public Relations, declined to comment on the hearing. Documents filed in the case weren’t immediately available from the court registrar’s office. Buildev and Ocean Street were ordered by NSW Supreme Court Justice John Sackar on Aug. 1 to complete the purchase of Steel River Echo Industrial Estate by Sept. 1. The acquisition wasn’t completed. Mirvac wanted the case to be heard before a judge today, while Michael Wigney, a lawyer representing Ocean Street, said the company needed time to put together evidence. The case is Domaine Steel Pty v. Ocean Street Holdings Pty. 2012/00126536. Supreme Court of New South Wales (Sydney).
|
{
"questions": [
{
"question": "기업이 인수합병(M&A)을 진행할 때 가장 중요한 평가 항목은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "기업이 부채를 재조정할 때 재무 구조를 개선하기 위한 주요 전략은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "주식시장에서 유동성 위기가 발생할 경우 투자자가 직면하게 되는 위험은 어떤 것들이 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-073334
|
finance
|
korean
|
China Approves Government Bond ETF to Grow Debt Market.(Corrects name of Guotai executive in third paragraph.) China approved the introduction of its first exchange-traded fund of government bonds as policy makers seek to expand the nation’s debt market. Guotai Asset Management Co. ’s exchange-traded fund of Chinese sovereign debt will be listed on the Shanghai Stock Exchange and benchmarked against an index of five-year government bonds, according to a statement posted to the website of the China Securities Regulatory Commission yesterday. The fund will be “a bridge” that allows individuals to invest in government debt traded on China’s interbank market, from which they are barred, Pei Xiaohui, fixed-income head at Guotai, was cited as saying by news website Sina.com. China’s interbank market had 22.2 trillion yuan ($3.6 trillion) of outstanding debt at the end of November, according to Chinabond, the nation’s bond clearinghouse. That compared with 449 billion yuan of debt on stock exchanges where retail investors are allowed to trade, according to Chinabond. Policy makers may allow more types of bonds to be traded on stock exchanges in a bid to boost volumes on the bourses, the Shanghai Securities News reported Dec. 26. That may include depositary receipts that allow debt currently tradable only on China’s interbank market to also be traded on exchanges, according to the report. To contact Bloomberg News staff for this story: Aipeng Soo in Beijing at [email protected]
|
{
"questions": [
{
"question": "채권 ETF가 투자자에게 제공하는 주요 이점은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "정부 채권을 거래소에 상장하는 것이 국가 부채 시장에 미치는 영향은 무엇인가요?",
"reasoning_effort": "high"
},
{
"question": "인수자(또는 투자자)가 주식시장에 상장된 채권을 거래할 때 고려해야 할 주요 위험 요소는 무엇인가요?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-084425
|
finance
|
korean
|
Kenya's Inflation Rate Increases for Fourth Consecutive Month in February.Kenyan inflation accelerated for the fourth consecutive month in February after fuel costs rose, bringing a likely halt to a series of eight interest rate cuts in a little more than two years. The inflation rate climbed to 6.5 percent, the highest since October 2009, from 5.4 percent the month earlier, the Nairobi-based Kenya National Bureau of Statistics said in an e- mailed statement today. Prices rose 1.3 percent in the month, the statement said. Rising inflation may prompt the central bank to leave the key interest rate at 5.75 percent, the lowest since it was introduced in June 2006, at its next meeting, following eight reductions since December 2008 to spur economic growth. The government’s inflation target is 5 percent. “I would anticipate the central bank would pause at this time because of the food inflation, and upheaval in energy prices globally,” Robert Bunyi, managing director of Nairobi- based Mavuno Capital, said by phone before the announcement. Food and non-alcoholic beverages, which make up 36 percent of the consumer price basket, climbed an annual 9.8 percent in February, while transport including petrol and diesel costs jumped 13 percent, the bureau said. Food, Oil, Rain The combination of surging global food prices and a lack of rainfall in Kenya has pushed up inflation in a country which derives about 25 percent of its gross domestic product from agriculture. East Africa, particularly Kenya and Somalia , suffered “extremely poor” rainfall in the short October to December rainy season, raising the possibility of a food crisis, the Famine Early Warning Systems Network said on Feb. 23. The United Nations World Food Programme is seeking $226 million to purchase food for about 2.1 million Kenyans. Rising oil costs are also adding to pressure on inflation. Kenyan regulators set the maximum retail price for regular gasoline in Kenya’s capital, Nairobi, at 98.11 shillings ($1.19) a liter on Feb. 15, up 1 percent from the month before. Crude for April delivery gained as much as $2.08, or 2.1 percent, to $99.96 a barrel in electronic trading on the New York Mercantile Exchange today. The price has risen from $84.99 on Feb. 16. Kenyan policy makers usually convene to decide on interest rates every two months. The bank held its last monetary policy committee meeting on Jan. 27. “Alarm bells are ringing in my head,” Aly-Khan Satchu , an independent financial analyst, said by phone from Nairobi today. The central bank is “going to have to establish some inflation- busting credentials or else the bond market is going to take a buffeting.”
|
{
"questions": [
{
"question": "인플레이션이 상승하면 중앙은행이 금리를 인상하는 주요 목적은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "정부가 인플레이션 목표를 설정하고 이를 달성하기 위해 통화정책을 조정할 때 발생할 수 있는 주요 트레이드오프는 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "채권 시장이 금리 변동에 민감한 이유를 설명하고, 금리 인상이 채권 가격과 수익률에 미치는 장기적 영향을 어떻게 예상할 수 있나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-028859
|
finance
|
korean
|
EU Said to Push to Fine Banks on Yen Libor, Euribor Rates.European Union regulators are pushing to fine banks before the end of the year for attempting to fix benchmark interest rates tied to the euro and yen currencies, two people familiar with the investigation said. Several banks want to resolve the antitrust probe and may negotiate with the EU for a settlement as early as October, said the people, who asked not to be named because the talks are in private. The EU would seek to include U.S. firms, such Citigroup Inc., that so far haven’t been punished by U.K. or U.S. regulators, one of the people said. The European Commission’s investigations into price-fixing of the yen London interbank offered rate and euro Euribor are a top priority for the EU’s antitrust chief, Joaquin Almunia , and officials are working overtime and limiting vacations to wrap up the probes, the people said. Almunia has previously described Libor-fixing as “quite shocking” and has warned that any fines would “not be one euro.” If Almunia wants to end the Libor investigations before he leaves office next year, he would have to seek a settlement with the companies, said Nicolas Petit, a law professor at the University of Liege in Belgium. “There’s no way they can close this cartel within two years without a settlement,” he said. The alternative is a lengthier process to finalize cartel fines that takes an average of four years, Petit said, and may take longer for such a complex case with “a very extensive practice that covers a number of countries, a lot of products.” Swiss Franc The EU is also investigating the possible rigging of Swiss franc Libor, Almunia has said. That case is less advanced than the EU’s probes into the yen Libor, the cost of borrowing in the Japanese currency, and Euribor rates and unlikely to be completed this year, according to the two people. Any settlement would include fines and an admission that the companies violated competition rules, one of the people said. Barclays Plc (BARC) , Deutsche Bank AG, UBS AG and Royal Bank of Scotland Group Plc are among banks and brokerages that have been quizzed by the EU about manipulation of lending rates that may have helped them and others generate profits from derivatives trades. Even minor tweaks to the rate by one bank would benefit trading positions to net millions of euros in profit, one of the people said. U.S. Banks The EU may seek to include Citigroup and other U.S. banks as part of any EU settlement or complaint, the person said. The New York-based bank said in a regulatory filing last month that it was subject to extensive legal and regulatory investigations related to Libor, including in the EU. Citigroup spokesman Jeff French declined to comment. At least one other U.S. bank, JPMorgan Chase & Co. (JPM) , said it has been contacted by investigators in the EU. JPMorgan spokesman Brian Marchiony also declined to comment. Barclays, UBS and RBS have already paid more than $2.5 billion in fines to settle Libor manipulation claims with U.S. and U.K. financial regulators. Rabobank Groep, the Dutch agricultural lender, is next in line and faces a fine of more than the 290 million pounds penalty levied against Barclays, four people said in February. Deutsche Bank has set aside 500 million euros for possible Libor fines, German magazine Der Spiegel reported last month, without saying where it got the information. Antoine Colombani, a spokesman for the Brussels-based authority, said the EU’s cases are ongoing. High Priority “We are treating them with a high degree of priority, but as with all antitrust investigations, I cannot anticipate timing,” he said in an e-mail. The EU is treating the collusion as a price-fixing cartel that can be punished under its antitrust rules. That means fines can be as much as 10 percent of a company’s yearly global revenue and are based on its annual sales in the market where it tried to fix prices, though authorities rarely impose the maximum. The EU is behind the U.S. in announcing an end to its Libor investigations because it can’t settle with companies individually and must levy penalties against all targets of its case at the same time. The regulator must negotiate with all the companies to speed up a decision and in order to grant them a discount of as much as 10 percent on any fine for cooperating. The settlement may not be possible if most or all the firms can’t negotiate a deal, one of the people said. If talks break down, the commission may require more time to draft detailed formal objections before imposing fines. Little Incentive Petit warned that the minor fine reductions for a settlement give very little incentive for companies to reach a deal because other users of the rate will sue firms for over- charging them as a result of rate-rigging. “Given that the potential for follow-on litigation is quite high, I can’t really understand why these banks would be hungry for a settlement in which they would give the commission the rope to hang themselves with,” Petit said. Almunia, previously the EU’s economy commissioner during the 2007 and 2008 financial crisis, has used his powers as an antitrust enforcer to focus on the financial industry. He told reporters last year that Libor-rigging showed some of banks’ “most irresponsible behavior” and that a culture change was needed to eliminate a lack of transparency that tempted companies to flout competition rules. Swaps Probes The EU is also probing possible collusion involving Markit Group Ltd., the International Swaps & Derivatives Association and 16 investment banks including Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. on how data on credit derivatives is shared. The EU levied a record 1.47 billion euros ($1.9 billion) in fines on a TV-parts cartel last year. Libor, a benchmark for more than $300 trillion of financial products worldwide, is derived from a survey of banks conducted each day on behalf of the British Bankers’ Association in London. Lenders are asked how much it would cost them to borrow from one another for 15 different periods, from overnight to one year, in currencies including dollars, euros, yen and francs. Euribor is a benchmark derived from a daily survey of lending quotes conducted for Euribor-EBF by Thomson Reuters Corp.
|
{
"questions": [
{
"question": "금리 스와프를 활용해 기업이 자금 조달 비용을 관리하는 일반적인 방법은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "인수합병(M&A)에서 기업 가치가 과대평가될 경우, 재무 구조와 주주 가치를 어떤 식으로 영향을 미칠까요?",
"reasoning_effort": "medium"
},
{
"question": "은행의 내부 통제 시스템을 규제 기관이 평가할 때, 위험 관리 체계가 어떻게 설계되고 실행되며, 이 과정에서 발생할 수 있는 주요 위험 요소는 무엇인가요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-039950
|
finance
|
korean
|
Nuclear Industry Safety Plan ‘Acceptable,’ NRC Official Says.An industry plan to place emergency pumps and generators at nuclear plants has an “acceptable methodology,” which helped persuade the U.S. Nuclear Regulatory Commission to speed a review of safety steps, an official said. The plan has “features that we believe will serve to mitigate” damage from unexpected events such as earthquakes and flooding, Martin Virgilio, the NRC’s deputy executive director for reactor and preparedness programs, said today at a meeting at agency headquarters in Rockville, Maryland. The agency must ensure it has adequate oversight of the industry’s proposal, Virgilio said. The NRC is weighing rules to improve safety at 104 U.S. operating reactors after an earthquake and tsunami triggered meltdowns and radiation leaks at Tokyo Electric Power Co. (9501) ’s Fukushima Dai-Ichi plant in Japan in March. The Nuclear Energy Institute , a Washington-based industry group, has said the agency shouldn’t move too quickly in implementing rules, because the lessons from Fukushima aren’t fully known. The industry organization offered a plan in December as a way to ensure that a plant has back-up electricity when power is lost. Reactor owners would install portable equipment, including batteries, hoses and pumps in staging areas to ensure a plant has electricity and water to maintain cooling systems during an emergency. Reactor Core Damage The plan “is really focused on the prevention of core damage,” Tony Pietrangelo, NEI’s senior vice president and chief nuclear officer, said at today’s meeting. With NRC approval, reactor owners could begin to take steps to implement the plan by mid-year, he said. Plant modifications may take at least two years, according to Pietrangelo. The industry plan would help lessen the likelihood of flooding hazards, he said. The backup-power sources at Fukushima were destroyed by the tsunami. The group doesn’t have a cost estimate for the plan because specific plants would need different equipment, Adrian Heymer, the industry group’s executive director of strategic programs, told reporters during a Jan. 11 conference call. The industry’s proposal is “overly optimistic,” David Lochbaum , director of the Nuclear Safety Project for the Cambridge, Massachusetts-based Union of Concerned Scientists, said in an e-mail. The plan “falsely assumes that its measures will be 100 percent successful,” he said. For example, if fuel damage occurs during an accident, high radiation levels may prevent workers from entering an area where they need to make connections to additional water supplies, Lochbaum said. The plan, along with recommendations from Congress, helped the NRC staff decide to “accelerate our schedule” of its review of Fukushima-related safety improvements, Virgilio said.
|
{
"questions": [
{
"question": "채권과 주식의 주요 차이점은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "기업이 자본 구조를 결정할 때 고려해야 할 주요 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "효과적인 리스크 관리가 기업 가치에 미치는 영향을 분석하시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-039952
|
finance
|
korean
|
Corn Declines After USDA Unexpectedly Increases Global Supply Estimates.Corn declined for a third straight day, extending the worst slump in three months, after the U.S. government unexpectedly increased its global supply estimate. March-delivery corn declined as much as 1.1 percent on the Chicago Board of Trade to $6.05 a bushel, the lowest price for a most-active contract since Dec. 21. Futures traded at $6.0975 a bushel at 9:32 a.m. Singapore time, after plunging 6.1 percent yesterday, the most since Sept. 30. Global production will exceed demand for the first time in three years as higher harvests in the U.S., the largest grower, Russia , Ukraine and the European Union more than offset losses in Argentina , the U.S. Department of Agriculture said yesterday. That prompted the agency to raise its world inventory estimate. Analysts had forecast a decline in this season’s stockpiles. “This disappointed the bullish pre-report trade estimates,” Luke Mathews , a commodity strategist at Commonwealth Bank of Australia , said in a report today. Inventories worldwide will rise to 128.14 million metric tons before this year’s Northern Hemisphere harvest, from 128.06 million tons a year earlier, the USDA said. Analysts surveyed by Bloomberg News had forecast the agency to cut this year’s projection to 123.23 million tons. In the U.S., the stockpiles may total 846 million bushels before this year’s harvest, 12 percent more than analysts expected, a USDA report showed. The 2011 crop totaled 12.358 billion bushels, up from 12.31 billion estimated in December, while global output will reach a record 868.06 million tons. Global Consumption Global demand will rise to 867.98 million tons, smaller than the 868.6 million tons estimated last month, the USDA said. “Markets once again proved their inability to predict the USDA’s moves, with consensus (ourselves included) directionally wrong on many estimates,” Morgan Stanley analysts led by Hussein Allidina said in a report yesterday. Shares of Tyson Foods Inc., the largest U.S. meat producer, and Sanderson Farms Inc. advanced on speculation lower grain prices will cut costs, boosting their profitability. Tyson gained 1.1 percent to $19.96 in New York while Sanderson rose 6.3 percent to $50.41, the biggest increase in five months. Soybeans for March delivery climbed 0.8 percent to $11.9175 a bushel, after closing 1.7 percent lower yesterday. Wheat for delivery in the same month was little changed at $6.055 a bushel.
|
{
"questions": [
{
"question": "재무제표를 분석할 때 가장 많이 활용되는 유동비율은 무엇이며, 이 비율이 기업의 단기 지급능력을 어떻게 평가하는가?",
"reasoning_effort": "medium"
},
{
"question": "환율 변동이 수출 기업의 이익에 미치는 영향을 설명하고, 기업이 이러한 위험을 관리하기 위해 사용할 수 있는 대표적인 헤지 수단은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "장기 인플레이션이 주식 시장에 미치는 영향을 다층적으로 설명하고, 투자자들이 인플레이션 위험을 최소화하기 위해 활용할 수 있는 자산 배분 전략은 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-095523
|
finance
|
korean
|
Clashes Erupt in Saudi Capital as Police Round Up Foreigners.Clashes between Saudi police and foreign nationals in Riyadh left a Sudanese man dead and 17 people injured during a crackdown on undocumented workers across the kingdom. Fighting erupted between residents and expatriates in the capital’s Manfouha district,also the scene of violence last week, as rioters attacked cars and pedestrians with rocks, the official Saudi Press Agency said. Police set up a roadblock around Manfouha. Dozens of buses were parked on the roadside, many already filled with Ethiopians trying to leave the country. Clashes in Manfouha, a neighborhood with a large Ethiopian population, started on Nov. 9 as authorities enforced measures against violators of labor laws. Two people were killed and 561 arrested during a day of violence. Since then, about 17,000 Ethiopians have surrendered to authorities in the capital, al-Riyadh newspaper said on Nov. 12. Saudi Arabia, the Arab world’s biggest economy, is taking action against illegal workers as it pushes to create more jobs for its citizens and stave off the unrest that has toppled leaders across the Middle East since 2011. ‘Any Job’ The jobless rate for Saudi workers is about 12 percent, according to official figures. Economic growth is forecast to slow to 4.2 percent this year, from 5.1 percent last year and 8.6 percent in 2011, according to a Bloomberg survey. Taher Ali, a 25-year-old from Jimma in Ethiopia , said he’s been in the kingdom without work permits since sneaking across the border from Yemen three years ago. “I’ve been waiting to leave since the problems started,” he said, standing in threadbare clothes with a scarf wrapped round his head. “I took any job. I don’t know what I’ll do when I go back.” Ali and several men sitting around him said they’d never come back to the kingdom. Some said that the deportation will be their first time on a plane. A video posted on YouTube today showed hundreds of Africans marching through Manfouha. In Jeddah, police arrested 20 Ethiopians for leading “a mob” to attack the Deportation Center in the city, Arab News said. “Saudi authorities are trying to prevent the emergence of ungovernable neighborhoods” populated by religious pilgrims who overstayed their visas and workers who entered illegally, said Theodore Karasik , director of research at the Institute for Near East and Gulf Military Analysis in Dubai. U.S. Warning The U.S. Embassy in Riyadh advised employees and American citizens to avoid Manfouha because of the clashes. An editorial in today’s al-Riyadh newspaper expressed support for the crackdown. “Most of those who have worked hard and started looking for jobs after graduation are unemployed because most jobs are taken by non-Saudis,” Turki Abdullah Al-Sudairi wrote. At Bole International Airport in the Ethiopian capital Addis Ababa yesterday, hundreds of young women in headscarves filled the car park after a plane from Saudi Arabia arrived. Medina Asemo, a 24-year-old, said she had spent three months in detention in Saudi Arabia with 200 other Ethiopians because of a disagreement with her sponsor. She had been employed for two months. Jail Threat “I wanted to change houses,” she said in an interview outside the arrivals terminal, pushing an airport trolley stacked with blankets. “But they said either you stay or you go to prison.” Medina, who is from a village in southern Ethiopia, said she was given a ticket to go home this week. Nearly 160,000 Ethiopian women went to work in Saudi Arabia in the 12 months through July 7 last year, more than 10 times the number a year earlier, according to Ethiopia’s government. Tens of thousands more migrated illegally, according to the United Nations. Many replaced Asian domestic workers, after the execution of an Indonesian maid and allegations of abuse of Filipinos led those countries to cut the flow of migrants. Some foreigners are fleeing into the mountains in the southwest to escape the crackdown. Border guards have detained and processed 31,000 people for deportation in the region of Jazan near the Yemeni border since the roundup started, Abdullah Bin Mahfouz, a spokesman for the force, said on Nov. 12. Many Yemenis and other migrants searching for work on farms and construction sites in Saudi Arabia slip in through Jazan.
|
{
"questions": [
{
"question": "통화정책과 재정정책의 주요 차이점은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "중앙은행이 기준금리를 인상하면 기업과 소비자에게 어떤 경제적 영향을 미칠까요?",
"reasoning_effort": "medium"
},
{
"question": "높은 부채 대비 GDP 비율을 가진 국가에서 재정적자와 인플레이션 사이에는 어떤 인과관계가 존재할 수 있나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-051046
|
finance
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korean
|
Drugmakers Prompt Fewer Concerns in Thwarting Generics, EU Commission Says.Drugmakers are provoking fewer antitrust concerns in their attempts to keep generic competitors off the market, a European Union probe into the industry showed. The proportion of “potentially problematic” patent settlements between branded-drug makers and producers of lower- priced generic medicines more than halved, compared with the results of an earlier investigation, the European Commission said today. The amount of money involved in settlements also fell. “Our report appears to show the sector’s increased awareness of the potential competition concerns,” said Joaquin Almunia , the EU competition commissioner. “But the commission will remain attentive to ensure that the sale of safe, affordable medicines is not delayed by unfair practices.” Antitrust regulators on both sides of the Atlantic are focusing on how the settlements might harm consumers. Companies use a variety of techniques to delay generics “for as long as possible,” the EU said in a report last July. The commission in January followed up last year’s report with an investigation by querying companies including AstraZeneca Plc , GlaxoSmithKline Plc and Sanofi-Aventis SA on all patent settlements made between July 1, 2008, and Dec. 31, 2009. The earlier probe was started in 2008 by Almunia’s predecessor Neelie Kroes to target unlawful tactics to keep cheaper copies of drugs off the market. It covered the period from January 2000 to June 2008. The value of the settlements fell to less than 1 million euros ($1.25 million) from more than 200 million euros in the earlier investigation, which covered a longer period of time, the commission said today. Misled Patent Officials The EU’s top court on July 1 upheld a 2005 decision by the commission that AstraZeneca misled patent officials and flouted antitrust rules to keep a generic competitor off the market. The commission said today it would “frown at agreements that contain restrictions,” explaining that problematic settlements “are those that limit generic entry and foresee a value transfer from originator to generic company.” “This is the closest we’ve come so far to a suggestion by the commission that such agreements are illegal,” Christopher Thomas, a partner at law firm Hogan Lovells in Brussels, said in a telephone interview. “It gives a greater specificity about what exactly are problematic patent settlements.” The commission said “not all settlements” in the problematic category need to be probed immediately for potential antitrust breaches and that it will assess each case “on its merits.” While such clarification is useful, it’s also “frustrating” because it confuses when a potentially problematic settlement becomes unlawful, said Thomas. “It’s not enough for companies to know whether they’ll be investigated, they want to know whether their conduct is lawful or not.”
|
{
"questions": [
{
"question": "주식 시장에서 배당수익률이란 무엇이며, 어떻게 계산되나요?",
"reasoning_effort": "low"
},
{
"question": "투자 포트폴리오에서 위험과 수익의 균형을 맞추는 대표적인 전략은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "기업이 자본 구조를 결정할 때 재무적 요인과 비재무적 요인을 어떻게 종합적으로 고려하고, 이들이 서로 어떤 영향을 미치나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-039953
|
finance
|
korean
|
Comedian Colbert Exploring Presidential Run in South Carolina.Comedian Stephen Colbert, emboldened by a recent poll that showed him ahead of Republican presidential candidate Jon Huntsman Jr., announced yesterday on his late-night television show that he will explore running for “president of the United States of South Carolina .” Colbert, 47, grew up in South Carolina, which holds the next presidential primary on Jan. 21. Projecting the conservative persona he uses on Comedy Central ’s “The Colbert Report,” he said he sees himself as the “Mitt-ternative” -- a reference to front-runner Mitt Romney -- and decided to form “an exploratory committee to lay the groundwork for my possible candidacy.” “I’m doing it!” Colbert shouted as red, white and blue balloons rained down and the audience cheered and applauded. While Colbert-as-candidate may be just another layer of comedy, he could attract more attention, bigger crowds and larger donations than some of the six official contenders. His October 2010 “Rally to Restore Fear and/or Sanity” with fellow comedian Jon Stewart in Washington drew a larger crowd than the rally it intended to spoof, hosted by Glenn Beck , a conservative commentator who is the former host of a Fox News Channel television show. Colbert Super-PAC In June, Colbert won Federal Election Commission approval to form an independent political action committee, which can raise unlimited money from unions, individuals and corporations. On yesterday’s show, Colbert consulted with Trevor Potter , a partner at the Caplin and Drysdale law firm in Washington, who helped write the McCain-Feingold campaign finance law and also helped Colbert organize his “Colbert Super PAC.” To clear a path for his possible presidential bid, Colbert transferred control of his independent political action committee to Stewart, who promptly renamed it the “Definitely Not Coordinating with Stephen Colbert Super PAC.” Under federal law, candidates are forbidden to coordinate in any way with so- called super-PACs, which can accept unlimited donations from corporations, unions and other groups. “I am excited to take the reins of this completely independent organization, and begin to air ads in South Carolina,” Stewart, the host of Comedy Central’s “The Daily Show,” said in a press release posted on the PAC’s website. “But I want to be clear: Stephen and I have in no way have worked out a series of Morse-code blinks to convey information with each other on our respective shows.” Survey Results Colbert said he was inspired to possibly run for president by the results of a recent Public Policy Polling survey of 1,112 likely Republican primary voters in South Carolina. The Democrat-aligned firm found in an automated telephone survey conducted Jan. 5-7 that Colbert had 5 percent support, compared with 4 percent for Huntsman, a former Utah governor, who placed third in New Hampshire ’s primary this week. Colbert displayed the numbers on his show Wednesday, declaring, “This just got real.” That same night he spoke of his indifference toward Romney, who won the first two contests in Iowa and New Hampshire, and compared the presumed nomination of the former Massachusetts governor with an arranged marriage. Four years ago, Colbert briefly ran for president, again focusing on his home state. He decided against filing as a Republican because of the fee and was rejected by the Democrats as not a “serious” candidate.
|
{
"questions": [
{
"question": "기업이 자본 구조를 결정할 때 고려해야 할 주요 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "주식 시장에서 유동성은 왜 중요한가?",
"reasoning_effort": "low"
},
{
"question": "금융 규제는 기업의 투자 결정에 어떤 영향을 미칠 수 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-073336
|
finance
|
korean
|
TransCanada Plans $5.1 Billion Pipeline to LNG Terminal.TransCanada Corp. (TRP) , builder of the Keystone XL oil pipeline, was selected to construct and operate a C$5 billion ($5.1 billion) natural-gas conduit to Petroliam Nasional Bhd’s planned export terminal in British Columbia. The Prince Rupert Gas Transmission project has a proposed initial capacity of 2 billion cubic feet a day from the Montney region to the planned liquefied natural gas terminal in Port Edward, British Columbia, TransCanada said today in a statement. The pipeline may begin operation in 2018, subject to government and corporate approvals. Progress Energy Canada , purchased by Petronas last month for C$5.2 billion, selected Calgary-based TransCanada to build the Prince Rupert pipeline, which will be capable of expansion to 3.6 billion cubic feet a day, according to today’s statement. The project is TransCanada’s second proposed pipeline to an LNG export terminal on the West Coast, following its previously announced Coastal GasLink pipeline. “From a trading perspective, we view today’s announcement as an unexpected positive development that should provide support for TRP’s shares,” Pierre Lacroix, an analyst at Desjardins Securities Inc., said in a note to clients today. TransCanada, which trades under the symbol TRP, rose 2.4 percent to C$48.39 at the close in Toronto, and earlier rose to C$48.40, its highest intraday since it began trading more than 30 years ago. ‘Competitive Process’ Gas producers in British Columbia’s Montney Shale, far from North American population centers, are seeking Asian markets for the heating and power-plant fuel. Petroliam Nasional, or Petronas, as Malaysia ’s state-owned energy company is known, has said a final investment decision on the terminal, with an estimated cost C$9 billion to C$11 billion, is expected late next year. Progress Energy Canada, purchased by Petronas last month for C$5.2 billion, selected Calgary-based TransCanada to build the Prince Rupert pipeline. Spectra Energy Inc. (SE) was involved in a “competitive process” to build a pipeline to the Progress Energy terminal, Caitlin Currie, a Spectra spokeswoman, said in a telephone interview today. Spectra already is planning a pipeline to serve a terminal proposed by BG Group Plc (BG/) in Prince Rupert. Winning Contracts “It looks like TransCanada is going to be the builder of choice to get gas to the West Coast, with two pipelines running two separate paths, one to Prince Rupert and one to Kitimat,” said Steven Paget, an analyst at FirstEnergy Capital Corp. in Calgary. TransCanada was selected in June to build Coastal GasLink, the C$4 billion supply pipeline for an LNG export terminal proposed in Kitimat, British Columbia by Royal Dutch Shell Plc, Mitsubishi Corp., Korea Gas Corp. and PetroChina Co. That pipeline also still requires corporate and government approvals. TransCanada probably won the contracts because of its ability to build big gas pipelines and the option it provides for British Columbia gas producers to sell into North American gas markets via its existing system, if LNG facilities don’t require all the supply at any given time, Paget said. Recoverable gas in western Canada has risen to 400 trillion cubic feet and reserves could be larger than that, attracting export opportunities, said TransCanada Chief Executive Officer Russ Girling , speaking by phone from Prince George, British Columbia. TransCanada, which currently transports 1 to 1.5 billion cubic feet of gas a day from British Columbia, expects its host of expansion projects in the region will let it move 2.5 to 3 billion cubic feet a day from the province’s northeast next year, Girling said. “That gas has to find a market in advance of the development of the infrastructure required to move it to export markets,” he said. TransCanada has spent about C$1 billion expanding its gas pipeline network in northeastern British Columbia over the last five years, he said. Boost Earnings The Prince Rupert pipeline will help TransCanada boost earnings later in the decade, after its Keystone XL line, set to deliver oil-sands production to U.S. Gulf Coast refiners comes into service, Lacroix said. Taken together, spending on the two LNG pipelines would amount to C$9 billion, more than the $7.6 billion cost of Keystone XL. “We’re still hoping Keystone XL gets built, but we were looking past 2014 to 2015 and without Keystone XL they were just going to be generating huge amounts of cash and now they have a place to spend the cash that will help them earn more money,” said Michael Formuziewich, who helps manage C$2.2 billion at Leon Frazer and Associates Inc. in Toronto, including shares in TransCanada. Mainline Gas The Prince Rupert line will connect British Columbia gas to TransCanada’s existing network of gas pipelines including Canada’s longest conduit, the 8,763-mile (14,101-kilometer) Mainline, which moves western Canadian gas as far as Quebec ’s border with Vermont. The viability of TransCanada’s Alberta-to- Quebec Mainline has been threatened in recent years by declining gas volumes in Alberta and competing supply from the U.S. Northeast that have led to a doubling of tolls on the line. TransCanada also plans a C$1 billion to C$1.5 billion extension of its Nova Gas Transmission Ltd. pipeline to reach additional gas supply in the North Montney region, according to today’s statement. That pipeline could begin operation in 2015.
|
{
"questions": [
{
"question": "주식과 채권은 어떤 점에서 서로 다른가?",
"reasoning_effort": "low"
},
{
"question": "기업이 자본 구조를 결정할 때 고려해야 할 주요 변수는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "금리 인상이 기업 가치에 미치는 영향을 단계별로 설명하시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-006672
|
finance
|
korean
|
South African AMCU Union to Join Lonmin Marikana Wage Talks.Lonmin Plc (LMI) , the third-biggest platinum producer, is due to start wage talks with labor groups in South Africa today to end a month-long strike that halted production and was marred by violence that left 44 people dead. Lonmin agreed to go ahead with the talks, even as only 6.3 percent of the 28,000 workforce reported for duty, spokeswoman Susan Vey said in an interview near the Marikana mine, which accounts for most of the London-based company’s production. The Association of Mineworkers and Construction Union, which didn’t sign a Sept. 7 agreement to end the strike and start negotiating, will join the talks, President Joseph Mathunjwa, said today in a mobile phone interview. Workers went on strike on Aug. 10, demanding their wages be increased to 12,500 rand ($1,527) a month and complaining that the National Union of Mineworkers , the country’s largest, was failing to take their demands to Lonmin managament. Police shot dead 34 protestors on Aug. 16 following a week of violence in which 10 others died. Labor groups including the NUM, Solidarity, the United Association of South Africa and AMCU will renegotiate a two-year wage deal as part of last week’s agreement. The accord stipulated that workers should return to work before talks begin. The start of negotiations has been pushed back to 2:45 p.m. local time to assess whether representatives of non-union workers are attending, Vey said in a later interview. Worker delegate Molifi Phele said the group didn’t receive an invitation to attend today’s discussions and was seeking to have the talks held tomorrow. Platinum Prices The mine’s daily production loss of about 2,500 ounces of platinum has pushed up prices for the metal. Platinum has gained 13.8 percent since the strike began, and was trading at $1,594 per ounce at 12:47 p.m. in London trading. A “large group of people” marched inside Lonmin’s property today, Vey said. “They gained access to a contractors’ hostel. There were instances of intimidation in the hostel.” Vey said she didn’t have more detailed information on the protest. Gold Fields Ltd. (GFI) today halted production at the west section of its South African Kloof-Driefontein complex, Africa’s largest gold operation, after 15,000 workers began an illegal strike. Managers are due to meet with workers today to help resolve the dispute, Johannesburg-based Gold Fields said in an e-mailed statement. The mine produces 1,400 ounces of gold a day. Night Shift The strike, which began at the night shift yesterday, comes five days after 12,000 workers ended a weeklong stayaway on the other side of the Kloof-Driefontein mines. The NUM will today send a team of leaders to speak to the striking workers, who are unhappy about funeral benefits and the leadership of the union at the mine, NUM President Senzeni Zokwana said in a phone interview. Gold Fields, the world’s fourth-biggest producer of the metal, fell for the first time in four days, dropping 2.3 percent to 105.95 rand by 1:48 p.m. in Johannesburg. Lonmin gained for the third consecutive day, adding 2.8 percent to trade at 612.50 pence in London.
|
{
"questions": [
{
"question": "기업이 인수합병(M&A)을 진행할 때 가장 중요한 재무 지표는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "주식 시장에서 시가총액이 큰 기업이 투자자에게 제공하는 안정성은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "부채비율이 2를 초과하면 기업의 재무 건전성에 미치는 장단점은?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-062183
|
finance
|
korean
|
U.S. Stocks Rise Amid Better-Than-Forecast Earnings.U.S. stocks advanced, following yesterday’s decline in the Standard & Poor’s 500 Index, amid better-than-estimated earnings at companies from AT&T Inc. to 3M (MMM) Co. and as data indicated the housing market is stabilizing. AT&T, the largest U.S. telephone company, and 3M, the maker of Post-it Notes, rose at least 1.5 percent. International Business Machines Corp. added 0.7 percent after the company boosted its buyback plan by $7 billion and raised its dividend. Juniper Networks Inc. increased 7.2 percent as revenue beat analysts’ projections. Apple Inc. (AAPL) jumped 7.5 percent at 5 p.m. New York time as profit almost doubled last quarter. The S&P 500 rose 0.4 percent to 1,371.97 at 4 p.m. New York time. The Dow Jones Industrial Average added 74.39 points, or 0.6 percent, to 13,001.56. The Nasdaq Composite Index lost 0.3 percent to 2,961.60. About 6.2 billion shares changed hands on U.S. exchanges, or 7.8 percent below the three-month average. “Stocks have room to move higher,” said David Kelly , who helps oversee about $394 billion as chief market strategist at JPMorgan Funds in New York. “Earnings are healthy. The bar has been lowered so far that you can just walk over it. Housing is on the mend. A sign of a market top is when people are exuberant. There’s no exuberance as witnessed yesterday.” Equities rebounded from yesterday’s slump, extending this year’s rally in the S&P 500 to 9.1 percent. Earnings per share beat forecasts at 82 percent of S&P 500 companies that reported results since April 10, according to data compiled by Bloomberg. Per-share profits grew 3.3 percent in the first-quarter, Bloomberg data show. That’s up from the 0.8 percent growth projection before the earnings season started. Economic Data Economic optimism helped fuel gains today as new home sales data indicated that cheaper borrowing costs are helping stabilize the real estate market. Federal Open Market Committee members began a two-day meeting today and tomorrow will probably repeat their plan to keep the benchmark interest rate low at least through late 2014, economists say. A gauge of homebuilders in S&P indexes jumped 2.4 percent. D.R. Horton Inc., the largest U.S. homebuilder by volume, rose 3.2 percent to $15.54. KB Home added 4.5 percent to $7.91. Phone shares had the biggest gain among 10 S&P 500 groups, rallying 2.8 percent. AT&T (T) added 3.6 percent to $31.72. Earnings beat estimates on lower smartphone upgrade costs and an increase in wireless data sales related to Apple’s iPad. 3M increased 1.6 percent to $88.49. The U.S. market drove sales at the industrial and transportation unit, the largest division at the St. Paul , Minnesota-based company. IBM’s Dividend IBM (IBM) gained 0.7 percent to $200. The quarterly payout will rise 10 cents to 85 cents a share. IBM had $5.7 billion remaining from a previous buyback plan, bringing the total available for repurchases to $12.7 billion. Technology companies are approaching consumer staples as the largest dividend payers, according data compiled by Howard Silverblatt , S&P’s New York-based senior index analyst. The technology group contributes about 14 percent of the S&P 500’s dividends, up from 5.1 percent in 2004. Consumer staples companies account for almost 15 percent. Apple gained 7.5 percent to $602.25 after the close of regular trading. Net income in the fiscal second quarter climbed to $11.6 billion, or $12.30 a share, as revenue increased 59 percent to $39.2 billion. Analysts had predicted profit of $10.02 a share on revenue of $36.9 billion. Chief Executive Officer Tim Cook is increasingly relying on regions outside the U.S. for sales growth. That helped make up for sales declines from the previous quarter at the top U.S. mobile-phone carriers, Verizon Wireless and AT&T. It also quelled speculation that Apple’s growth pace may slacken. ‘Fast-Growing Region’ “China has been a very fast-growing region for them,” said Abhey Lamba, an analyst at Mizuho Securities USA Inc. in New York. “There’s more disposable income, strong demand for high-end products and their penetration has been very low in that market. They have been highlighting that region as one of their focus areas.” The company’s shares slumped 2 percent to $560.28 today, dropping for a fifth straight day. Motorola Mobility Holdings Inc. won a partial U.S. International Trade Commission judge’s ruling in its bid to block imports of Apple’s devices including the iPhone and iPad tablet computer. Juniper (JNPR) Networks climbed 7.2 percent to $21.63. Results suggest that demand from cable companies and other Internet service providers for Juniper’s switches and routers may be improving, said Brian Marshall , an analyst at ISI Group. Wal-Mart Slumps Wal-Mart Stores Inc. (WMT) slumped 3 percent to $57.77. The shares dropped 7.5 percent in two days, the most since January 2009. The retailer is investigating allegations that executives in Mexico paid more than $24 million in bribes to speed expansion there. The company also is the subject of a U.S. Justice Department criminal investigation, a person familiar with the probe said yesterday. Big Lots Inc. (BIG) plunged 24 percent, the biggest decline in the S&P 500, to $34.71. The discontinued-merchandise retailer with more than 1,400 U.S. stores reduced its fiscal first- quarter sales forecast amid lower demand for electronics. Netflix Inc. (NFLX) tumbled 14 percent to $87.68. The world’s largest video-subscription service projected a slowdown in growth of U.S. streaming customers. Coach Inc. (COH) lost 4.3 percent to $71.87. The largest U.S. luxury handbag maker reported fiscal third-quarter sales that beat analysts’ estimates by the smallest margin in 11 quarters. Slower Growth Companies’ failure to boost forecasts for future profits and sales will weigh on the S&P 500 as investors project slower growth, according to Barclays Plc’s Barry Knapp. Knapp predicts the S&P 500 will end the year at 1,330, 4 percent below the average forecast of 11 strategists surveyed by Bloomberg as of April 16. He forecasts combined profit by S&P 500 companies will be $103 a share this year. Analysts that cover companies in the index estimate earnings of $104.86 in 2012 and $118.06 in 2013, according to data compiled by Bloomberg. “Guidance is not moving higher and as a result, even where companies are beating estimates, the stocks still aren’t going up,” Knapp, the New York-based head of equity strategy at Barclays, said in a radio interview on “Bloomberg Surveillance” with Tom Keene. “If the guidance doesn’t move up, if the revenue’s missed, really what you’re discounting in terms of the growth outlook is not all that great.”
|
{
"questions": [
{
"question": "기업이 배당을 증가시키면 투자자에게 어떤 신호가 전달되며, 이는 주가에 어떤 영향을 미칠까요?",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 기준금리를 인상하면 기업의 자금 조달 비용과 재무 구조에 어떤 변화가 일어날까요?",
"reasoning_effort": "medium"
},
{
"question": "장기적으로 인플레이션이 주식시장과 기업의 수익성에 미치는 영향을 분석하기 위해 사용되는 주요 경제적 모델과 가정은 무엇인가요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-062182
|
finance
|
korean
|
New Zealand Dollar Will Fall on Weak Prices, AMP Capital Says.New Zealand ’s dollar will decline in coming years as lower commodity prices and a wider current account deficit weigh on sentiment, the nation’s largest non- government investor says. “The currency should be in the 70s not the 80s,” Keith Poore, head of investment strategy at AMP Capital Investors Ltd., told reporters in Wellington. It bought 81.4 cents at 2:35 p.m. in Wellington. The currency’s fair value is 65 U.S. cents to 70 cents, Poore said. He expects it will start to decline toward that level, perhaps reaching about 76 cents in a year’s time. Commodity prices have fallen 8.5 percent in March from a year earlier led by a slump in dairy products, and are forecast to head lower, Poore said. The current account deficit is 4 percent of gross domestic product and is expected to widen in coming years, he said.
|
{
"questions": [
{
"question": "통화 가치는 어떤 기본적인 경제 지표에 의해 결정되는가?",
"reasoning_effort": "low"
},
{
"question": "환율 변동이 수출 기업의 수익성에 미치는 영향과 그 메커니즘을 설명하라.",
"reasoning_effort": "medium"
},
{
"question": "국가의 무역수지 적자와 통화 가치 하락 사이에 존재하는 인과관계와 그 영향을 고려할 때, 중앙은행이 통화정책을 조정해야 하는 상황을 예시와 함께 설명하라.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-017767
|
finance
|
korean
|
Burundi Tea Exports Fell 0.6% in June After Hail Damaged Crop.Tea exports from Burundi , which relies on agriculture to generate most of its foreign-exchange earnings, fell 0.6 percent in June from a year earlier after a hail storm earlier this year damaged the crop. Shipments fell to 926.5 metric tons from 932 tons a year earlier, Remy Ndayininahaze, head of exports at the Burundi Tea Board, said in an interview yesterday in Bujumbura, the capital. Export earnings jumped 31 percent to $2.58 million, he said. “The cause of this increase in revenue was the higher tea prices on the international market,” Ndayininahaze said. Prices climbed to $2.79 per kilogram last month from $2.11 a year earlier, he said. Burundi relies on tea and coffee to generate 90 percent of its foreign-exchange earnings, according to the CIA World Factbook. Yields in the East African country have fallen from more than 9,000 tons in 2001 because of an insurgency that displaced small-scale growers, who account for 80 percent of production. Tea output in Burundi may decline 2.6 percent this year to 8,025 tons after the hail storm in February damaged most plantations in the country and after farmers failed to apply fertilizer to their crops, the Tea Board said last month.
|
{
"questions": [
{
"question": "국제 시장에서 상품 가격 변동에 영향을 미치는 주요 요인은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "외환 수입이 특정 상품에 과도하게 의존하는 국가가 위험을 분산하기 위해 취할 수 있는 전략은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "작은 규모의 농업 의존 국가에서 생산량 급감이 경제 전체에 미치는 장기적 영향을 어떻게 분석할 수 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-095524
|
finance
|
korean
|
Obama to Speak on Health Law Fixes as Democrats Seek Action.President Barack Obama , under pressure from Democratic lawmakers to stem insurance policy cancellations for hundreds of thousands American, will make a statement on potential changes in his health-care law. Obama will speak at the White House at about 11:35 a.m. Washington time, shortly before top aides were to meet with Democrats to discuss proposed action. The administration yesterday indicated it was willing to consider Democratic legislation to halt some of the insurance cancellations that have raised alarm among voters and lawmakers. Previously, Obama and his aides stressed that they were searching for solutions that wouldn’t require congressional action. Obama’s chief of staff, Denis McDonough , will meet today with Senate Democrats who have been lobbying for action. The White House also plans a briefing for House Democrats, some of whom say they’ll back a Republican bill scheduled for a vote tomorrow unless Obama comes up with a remedy. The Fate of Obamacare The debut of the insurance marketplace at the core of the law, Obama’s signature achievement, has been marred by troubles with the federal online exchange and by the insurance cancellation letters. In the debate over the law, Obama had repeatedly promised that Americans who liked their existing insurance plans would be able to keep them. Confronting Aides House Democrats yesterday confronted David Simas , the deputy senior adviser to the president, and Mike Hash , the director of the Office of Health Reform at the Department of Health and Human Services, during a closed-door meeting. “A lot of Democrats are very upset that this happened, No. 1, and urging for there to be an immediate fix for it,” Representative Patrick Murphy , a Florida Democrat, told reporters after the meeting. Related News: The administration is seeking to calm Democrats in advance of a vote expected in the House tomorrow on a proposal from Michigan Republican Representative Fred Upton to let individuals keep existing policies through next year. Representative Mike Doyle , a Pennsylvania Democrat, said many of the party’s lawmakers will support Upton’s bill if they have no alternative. “What we said to the administration is, if you don’t give us something else before Friday, I think you’re going to see many Democrats, as a way of sending a message to the American people and the White House, that we believe this needs to be fixed and it needs to be fixed now,” Doyle said this morning on MSNBC’s “Morning Joe” program. Republican Bill The White House opposes Upton’s measure because it would undermine the law by letting insurers “sell new policies that were substandard,” White House press secretary Jay Carney said yesterday. House Democratic leader Nancy Pelosi of California said that the president will offer a proposal today. “It could be an administrative fix, it could be a legislative fix,” Pelosi said at a forum in Washington. ’’I would prefer an administrative fix because it could be done much more quickly without any accompanying agendas.’’ Obama may have limited authority to make changes without going to Congress for changes in the law. One potential option would be to take steps to ease early renewal of health-insurance plans, since Obamacare’s new requirements for policies only apply to those issued after Dec. 31. Some states already authorize early renewals. Obama’s Authority Obama has clear authority to help those who have continuously maintained coverage through the same policy at least as far back as March 23, 2010, said Alden Bianchi , a Boston attorney and former outside counsel to then-Massachusetts Governor Mitt Romney ’s administration on his state’s health-insurance revamp. The president can alter “stringent” regulations the administration issued to enforce the grandfather clause in the health law, known as the Patient Protection and Affordable Care Act, and make it easier for their policies to gain exemptions, said Bianchi. Ezekiel Emanuel , who worked on the Obama health-care law when he was an official in the White House budget office, agreed that the law gives Obama authority to determine which plans are covered by the grandfather rule. He can alter its interpretation of what constitutes a major change in the policy, said Emanuel, a University of Pennsylvania professor. Regulation Limits The administration’s current regulations, for example, don’t allow insurers to retain their plans’ grandfather status if they raise their co-pays by more than the amount of the medical inflation rate plus $5 or plus 15 percent, whichever is greater, said Bianchi. It is within the administration’s discretion to revise such regulations, said Bianchi, author of Bloomberg BNA’s “Health Care Reform Adviser.” While the administration’s regulations leave it up to insurance companies to decide whether they will assert grandfather status for their policies, the administration could make a regulatory change that allows individual policyholders to force the status for plans they wish to retain, Bianchi said. Robert Zirkelbach , a spokesman for America’s Health Insurance Plans, an industry trade group, said practical considerations would complicate attempts to reverse policy cancellations that are under way. Health insurance is regulated by states, and in many cases insurers already notified state regulators and customers that they’re ending plans. “There are many questions about how you would go back and undo what’s been done this late in the process,” he said. A proposal by Louisiana Senator Mary Landrieu and other Democrats to let individuals keep their health-care policies as long as they’re current on payments “shares the goal” of Obama for fixing the health-care law, Carney said in his daily briefing yesterday. “We’re going to work with her and we’re going to work with others,” he said. “We’re open to, as I said, both legislative and administrative solutions.”
|
{
"questions": [
{
"question": "주식 시장에서 거래량이 급증할 때 일반적으로 어떤 영향을 미칠까요?",
"reasoning_effort": "medium"
},
{
"question": "기업이 부채를 발행할 때 이자율이 낮으면 어떤 장점과 단점이 있을까요?",
"reasoning_effort": "medium"
},
{
"question": "투자 포트폴리오에서 자산 배분을 결정할 때 위험과 수익의 관계를 어떻게 고려해야 할까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-062184
|
finance
|
korean
|
John Hancock Suit Against JPMorgan Moved to Federal Court.John Hancock Life Insurance’s lawsuit against JPMorgan Chase & Co. over residential mortgage- backed securities was moved to federal court from New York state court. John Hancock, a unit of Boston-based Manulife Financial Corp. (MFC) , sued New York-based JPMorgan in state Supreme Court in Manhattan in January, accusing the bank of fraud tied to the sale of residential mortgage-backed securities. Federal courts have jurisdiction because the claims arise under U.S. law, the case involves international banking or financial operations, and it is related to bankruptcy proceedings, according to documents filed by the defendants in state court today. John Hancock bought the securities “in reliance on the false and misleading” statements made by the defendants, which include Bear Stearns & Co. and Washington Mutual Inc., according to the complaint. JPMorgan acquired Bear Stearns and WaMu during the 2008 financial crisis. The suit seeks unspecified damages for market losses and principal and interest payments, as well as the cancellation of contracts and recovery of payments for the investments. Pools of home loans securitized into bonds were a central part of the housing bubble that helped send the U.S. into the biggest recession since the 1930s. The housing market collapsed, and the crisis swept up lenders and investment banks as the market for the securities evaporated. The case is John Hancock Life Insurance Co. v. JPMorgan Chase & Co. (JPM) , 650195/2012, New York State Supreme Court (Manhattan).
|
{
"questions": [
{
"question": "부동산 담보부 증권이 투자 포트폴리오에 미치는 장단점은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "기업이 부동산 담보부 증권을 매입할 때 주의해야 할 주요 위험 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "국가 간 금융 거래에서 연방 법원이 관할권을 행사하는 주요 요건은 무엇이며, 이와 관련된 인과 관계를 설명하시오?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-084428
|
finance
|
korean
|
Kenyan Shilling Falls to Nine-Month Low Amid Demand for Dollars.Kenya ’s shilling depreciated to its weakest level in almost nine months as demand for dollars by oil importers and other domestic businesses outstripped supply. The currency of East Africa’s biggest economy weakened as much as 1 percent to trade at 82.60 per dollar, the lowest intraday level since June 7, and traded 0.7 percent down at 82.4 by 12:24 p.m. in Nairobi from a close of 81.83 on Feb 25. Oil gained for a second day in New York after turmoil that has cut Libya ’s output spread to Oman, raising concern Middle East production may be disrupted further. “The shilling has weakened due to high demand for dollars by oil importers and businesses amidst tight liquidity in the market following the participation of the central bank on Thursday and Friday last week,” Dickson Magecha, a trader at Nairobi-based Standard Chartered Bank Kenya Ltd., said in a phone interview. Last week, the central bank bought 4 million euros ($5.5 million) on Feb. 23 and 4 million pounds ($6.5 million) on Feb. 25 to bolster its reserves. With limited inflows expected this week and demand for the dollar expected to remain high as businesses settle their month- end obligations, the shilling is expected to remain under pressure in the coming days, Magecha said. “The high demand for the dollars from businesses for their monthly obligations and the possibility of the central bank entering the market to bolster its reserves will put the local unit under pressure with the possibility of crossing the 83 psychological level,” he said.
|
{
"questions": [
{
"question": "환율 변동이 수출입 기업의 재무제표에 미치는 영향은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 외환 보유고를 늘리기 위해 시장에 매입을 할 때, 그 효과는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "통화가 약세가 지속되면 기업이 직면할 수 있는 재무적 위험은 어떤 것이 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-039954
|
finance
|
korean
|
Czech Finance Minister Sees Increasing Chance GDP Won’t Contract.Czech Finance Minister Miroslav Kalousek sees increasing chances that the economy won’t contract this year, Hospodarske Noviny reported, citing an interview with the minister. Kalousek previously said the economy may contract as much as 2 percent this year due to the debt crisis in the euro area, the Czech Republic ’s largest export market.
|
{
"questions": [
{
"question": "무역 수지의 균형이 국가의 재정 안정성에 미치는 영향은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "인플레이션이 목표 수준을 초과할 때 중앙은행이 채택할 수 있는 통화정책 도구는 무엇이 있나요?",
"reasoning_effort": "medium"
},
{
"question": "복합적 재정위험을 완화하기 위해 기업이 활용할 수 있는 재무 전략은 어떤 것들이 있을까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-006674
|
finance
|
korean
|
BNY Mellon Suit Over Lehman Losses by Pension Funds Narrowed.Bank of New York Mellon Corp. lost a bid to dismiss a lawsuit alleging it mishandled pension funds’ investments in Lehman Brothers Holdings Inc. while persuading a judge to narrow the claims in the case. U.S. District Judge Richard Sullivan in Manhattan today ruled that a breach of contract claim can proceed, while dismissing other claims he said are duplicative as well as an allegation of breach of fiduciary duty. “The court finds that plaintiffs have sufficiently pled a claim for breach of contract,” Sullivan said in his order. The plaintiffs, including the General Retirement System of the City of Detroit and the Police & Fire Retirement System of the City of Detroit, filed class-action, or group, complaints last year. They allege that BNY Mellon (BK) encouraged them to join its securities lending program, under which the bank would lend securities owned by the funds to creditworthy borrowers. The funds and other members of the class said the bank invested in Lehman notes in 2006 on behalf of the funds and continued to maintain the investments as uncertainty surrounding Lehman grew. The plaintiffs said they lost more than $1 billion in the notes. “We’re pleased that the court dismissed three of the four claims and we will vigorously defend against the lone remaining claim,” Kevin Heine, a BNY Mellon spokesman, said in an e-mail. The case is General Retirement System of the City of Detroit v. BNY Mellon N.A., 11-06345, U.S. District Court, Southern District of New York (Manhattan).
|
{
"questions": [
{
"question": "투자 펀드가 자산 배분을 할 때 리스크와 수익률 간의 균형을 어떻게 결정해야 하나요?",
"reasoning_effort": "medium"
},
{
"question": "기업이 주식 발행을 통해 자본을 조달할 때, 주가에 미치는 영향은 어떻게 분석할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "투자자는 장기 투자와 단기 투자의 세금 효율성을 어떻게 비교할 수 있나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-051048
|
finance
|
korean
|
U.A.E. Brokerage IFA Securities Shuts as Stock Markets Fall, Volumes Slump.IFA Securities LLC, a Dubai-based brokerage established by Kuwait’s International Financial Advisors KSCC , closed after stock markets tumbled and volumes slumped. “The costs of operations were too high considering the current state of the market” and low trading volumes, said Emad Eldin Abbas, operations manager at IFA. The company plans to reopen in a year, after having combined with another brokerage, Abbas said. IFA has 13 employees. Dubai’s benchmark stocks index has plunged more than 80 percent from its record in 2005. About 43 million shares traded in the emirate today, compared with a six-month daily average of 190 million. Eleven brokerages in the United Arab Emirates have either shut this year or are in the process of closing, The National newspaper reported in June, citing the market regulator. International Financial shares rose 3.3 percent to 47.5 fils in Kuwait City today.
|
{
"questions": [
{
"question": "주식 거래량이 감소하면, 일반적으로 주가 변동성은 어떻게 변할까?",
"reasoning_effort": "low"
},
{
"question": "기업이 운영비를 줄이기 위해 재무 구조를 재조정할 때 고려해야 할 주요 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "브로커리지가 시장 환경 변화로 인해 일시적으로 폐쇄되면, 투자자 포트폴리오에 미칠 수 있는 장기적 영향을 설명하시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-084427
|
finance
|
korean
|
U.K. Pound Weakens Against Euro Before House Prices, Manufacturing Reports.The pound fell against the euro before reports this week that are forecast to show house prices declined and manufacturing growth slowed. Sterling rose for the first time in three days versus the dollar and yen. House prices slid for a second month in February, dropping 0.2 percent from January, according to the median estimate of 12 economists surveyed by Bloomberg before the Nationwide Building Society releases the data tomorrow. U.K. manufacturing growth weakened from the fastest pace on record in February, Markit Economics and the Chartered Institute of Purchasing and Supply are forecast to say tomorrow. The pound was 0.1 percent weaker at 85.44 pence per euro as of 8:18 a.m. in London. The British currency traded at $1.6121, from $1.6118 on Feb. 25, and was at 131.66 yen, from 131.65.
|
{
"questions": [
{
"question": "금리란 무엇이며, 경제에 어떤 역할을 하나요?",
"reasoning_effort": "low"
},
{
"question": "인플레이션율이 상승하면 실질이자율에 어떤 영향이 있을까요?",
"reasoning_effort": "medium"
},
{
"question": "통화의 상대적 가치가 변할 때 투자 포트폴리오에 어떤 영향이 있을까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-084429
|
finance
|
korean
|
China Willing to Boost Ship Financing Fund for Greek Shippers.China is willing to strengthen a fund designed to help provide lending to Greek ship owners who wish to order new vessels from Chinese yards, Greece’s Maritime Affairs Minister Yiannis Diamantidis said. China has expressed willingness to increase the size of the fund to between $8 billion and $10 billion, the Minister said during a visit to China, according to a statement on the website of the Piraeus-based Maritime Affairs Ministry. China also acknowledges Greece’s request for a corresponding increase in the hiring of Greek-owned ships by Chinese shipping companies, which will create a “win-win” situation for Greek ship owners, according to the statement. A $5 billion shipping fund will be set up to strengthen relations between the countries’ maritime industries and facilitate the sale of Chinese-built ships to Greeks, Chinese Premier Wen Jiabao said in October during a visit to Athens.
|
{
"questions": [
{
"question": "선박 금융에서 가장 흔히 사용되는 대출 구조는 무엇이며, 그 장단점은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "국가 간 해운 산업 협력이 경비 절감과 수익 증가에 어떻게 기여할 수 있는가?",
"reasoning_effort": "medium"
},
{
"question": "해운 투자 펀드가 시장 변동성에 미치는 영향을 평가하려면 어떤 경제 지표를 고려해야 할까?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-073337
|
finance
|
korean
|
Why U.S. Spending Cuts Won’t Kill Too Many Jobs.The U.S. began the year with an awkwardly arranged deal that raised taxes. I hope it doesn’t end the year without a deal to limit spending. The U.K. may have embraced austerity too soon, but the U.S. is far enough along in its recovery that it can begin balancing its books. An impressive new series of papers has estimated the impact of public spending on jobs during the recession, and concluded that we can make moderate budget cuts without sending the economy into a tailspin. In the long run, the labor market will be able to adjust to less government spending , but in the short run, reductions in spending will mean fewer jobs. Last week’s figures from the Bureau of Labor Statistics showed that the unemployment rate was steady at 7.8 percent and that the U.S. private sector added 1.9 million jobs last year. Those numbers are healthy enough for us to contemplate cutting spending now. Before deciding, however, we should understand what cuts will do to employment in the short run. How do economists estimate the impact of changes in government spending on jobs and joblessness? There is a long tradition of predicting how government spending will affect overall employment. One approach is to focus on the time pattern of jobs and spending at the national level. It is pretty hard to get much that is definitive, however, because the U.S. economy as a whole has so many moving parts. State Comparisons Therefore, smart researchers have increasingly turned to state-by-state comparisons. Some of our best estimates of the impact of spending on employment come from recent studies comparing the experiences of various states under the American Recovery and Reinvestment Act of 2009 -- the federal stimulus program. These findings help us assess how quickly we can cut spending. First, however, researchers have to deal with a big obstacle in looking at this data. What if federal aid disproportionately went to needier states? What if it favored states that were recovering less quickly? In that case, the aid would look as if it wasn’t doing much good, even if it was stopping a bad situation from getting much worse. Data mavens have long used “instrumental variables” to deal with this kind of challenge. If you are trying to understand the spending-to- jobs link, this method requires a third variable that randomly causes spending to rise in some places but not in others, and that doesn’t have any direct effect on employment. Luckily for researchers, the stimulus package didn’t help every state equally, and some reasons for the different spending levels look pretty random. Lower-density states got more money for transportation-related projects , because spending followed standards that base highway trust payments on total highway and vehicle miles traveled. States that have more senior congressional delegations also received more funding. So let’s see how this statistical wizardry changes the results. Economist Bruce Sacerdote , together with his Dartmouth College colleague James Feyrer , first looked at whether states that got more money in the Recovery Act saw an increase in employment. They estimate that there was an extra job for every $107,000 in extra stimulus spending, but that figure is potentially compromised by the more-money-to-troubled-places problem. Feyrer and Sacerdote then factor in the seniority of a state’s congressional delegation. (The most senior congressman is ranked first and the least senior congressman is ranked 435th.) They found that as the average rank of a state’s House delegation increased by 50, the state received $165 more per capita in the stimulus package. By comparing states with more or fewer senior delegations, and hence bigger or smaller stimulus packages, economists can better estimate the effect that spending has on jobs. Seniority Formula Using this seniority -based formula, the researchers estimated that a job costs about $50,000 a year. They found an even stronger connection between spending and employment when they looked at month-to-month changes in stimulus spending and state-level employment. (In this case, they had no special third variable, but they could control for the average level of employment in the state over the same time period.) The data showed that an extra $100,000 in a month creates slightly more than 3.2 jobs, but “this indicates a cost of about $300,000 per job over the course of a year for this subset of spending.” They also looked at whether job growth persists after the stimulus and found little evidence for that. Some categories of stimulus spending were more effective than others in creating jobs. Funding for transportation and aid supporting those with low incomes had a relatively large effect on jobs. But providing money for local governments, especially through education support, does little for state employment. (Maybe the states that received less money didn’t actually fire their teachers, or maybe the dismissed teachers found work elsewhere.) Daniel Wilson of the Federal Reserve Bank of San Francisco similarly concludes that transportation spending seems to do as much for jobs as anything else during a slowdown -- that the stimulus spending “in its first year yielded about eight jobs per million dollars spent, or $125,000 per job.” There is something of a consensus that federal dollars do more to affect jobs during the depths of a recession, which is why the recovery makes it easier for us to contemplate spending cuts. If we start with Wilson’s $125,000-per-job number seriously, this means that reducing annual government spending by $125 billion would mean somewhat less than one million fewer jobs, at least in the short run. That is a considerable figure and probably more than the U.S. would feel comfortable losing right now. If we cut only $50 billion, this should mean 400,000 fewer jobs, and possibly less if the effect of public spending on employment is weaker today than it was during the recession. That’s a serious loss, but if private-sector job creation continues at its current annual rate of 1.9 million a year, private-sector growth could offset that loss in less than three months. The data hold out hope. It is time to start thinking beyond the present, and embrace the spending cuts that will mean a smaller debt burden for our children. ( Edward Glaeser , an economics professor at Harvard University , is a Bloomberg View columnist. He is the author of “Triumph of the City.” The opinions expressed are his own.)
|
{
"questions": [
{
"question": "정부 지출이 경제 성장에 미치는 영향을 설명해 주십시오.",
"reasoning_effort": "medium"
},
{
"question": "재정 정책의 목표 달성을 위해 사용되는 주요 도구는 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "공공 부채가 장기적으로 국가의 경제 성장률에 미치는 영향과 그 메커니즘을 분석해 주십시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-062185
|
finance
|
korean
|
Wheat Gains as Rising Corn Prices Boost Demand for Animal Feed.Wheat gained for the second straight day on speculation that demand will rise as more of the grain will be added to livestock feed as corn costs climb. The price of corn, the main ingredient in U.S. animal feed , rose as much as 1.5 percent today in Chicago after the government announced overseas sales of 480,000 metric tons to unknown buyers. With less corn available in the U.S. and prices rising, some cattle producers in the southern Great Plains will add wheat to livestock rations, said David Lambert, head of the agriculture economics department at Kansas State University in Manhattan. “Wheat would follow a corn rally,” Larry Glenn , an analyst at Frontier Ag in Quinter, Kansas, said in a telephone interview. Prices are rising after the corn export-sales report, he said. Wheat futures for July delivery gained 1.7 percent to $6.435 a bushel at 10:08 a.m. on the Chicago Board of Trade. Before today, prices dropped 3.1 percent this year. Wheat is the fourth-largest U.S. crop, valued at $14.4 billion in 2011, behind corn, soybeans and hay, government data show.
|
{
"questions": [
{
"question": "공급과 수요가 상품 가격에 미치는 영향을 어떻게 설명할 수 있나요?",
"reasoning_effort": "low"
},
{
"question": "상품 가격 변동을 헤지하기 위해 선물 계약을 사용할 때의 위험과 이점을 어떻게 평가할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "국제 무역 정책 변화가 농산물 가격 변동성을 유발하는 메커니즘과 생산자가 이러한 위험을 완화하기 위해 적용할 수 있는 전략은 무엇인가요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-006673
|
finance
|
korean
|
Tougher Dodd-Frank Fiduciary Standard for Brokers Stalled.Even with Wall Street and consumer advocates allied in pushing for it, a U.S. Securities and Exchange Commission proposal to raise standards for brokers advising retail investors has run aground. The SEC, which has been drafting a rule for almost two years, has scheduled no action on the measure as 2012 wanes and a presidential election approaches. SEC Chairman Mary Schapiro , who pushed to include the measure in the Dodd-Frank Act to ensure clients receive equal treatment from brokers and investment advisers, said other rules will probably take precedence in coming months. “It’s important for us to get this done, but Congress handed us a lot of important things to do,” Schapiro said in an interview. “We continue to advance this issue within the building and remain committed to it.” Dodd-Frank, the financial-regulation overhaul enacted in response to the 2008 credit crisis, instructed the SEC to consider mandating that brokers operate under a fiduciary standard as rigorous as that for investment advisers. Lawmakers sought the uniform standard to eliminate investor confusion over the roles of brokers and advisers, and to protect customers from being overcharged or sold inappropriate products. Barbara Roper , director of investor protection for the Washington-based Consumer Federation of America, said there’s rare common ground between Wall Street and consumer advocates on the need for the rule. ‘This Hard’ “It’s hard to imagine how they could possibly get from where they are to a final rule in the remainder of this year,” Roper said of the SEC. “It shouldn’t have been this hard.” Schapiro declined to predict when the SEC will act on the rule, which is considered optional under Dodd-Frank. The agency is “steadily working through all the mandated rulemakings,” she said. Because it’s not required, the rule could be dropped completely if Republican challenger Mitt Romney defeats President Barack Obama and installs a new SEC chairman. Schapiro, facing pressure from those who want the change, meets tomorrow with a group of advocates including John Bogle , founder of mutual fund company Vanguard Group Inc. According to a statement, the group will present a “fiduciary declaration” signed by past regulators such as former FDIC Chairman Sheila Bair , former Federal Reserve Chairman Paul Volcker and Arthur Levitt , a former SEC chairman. ‘Best Interests’ Retail investors typically put their money in the hands of broker-dealers or investment advisers. Brokers earn commissions on sales and work under a professional standard that requires them to promote products “suitable” for clients. Registered investment advisers work for set fees and manage portfolios under a standard that their advice be in customers’ “best interests.” A 2011 SEC report -- opposed at the time by the agency’s two Republican commissioners -- said consumers are often baffled by the distinction between brokers and advisers. The report recommended a uniform standard “to act in the best interest of the customer without regard to the financial or other interest of the broker, dealer, or investment adviser .” Schapiro called the change a priority and said in December that “it remains difficult to justify” two standards for the same type of advice. Sifma Support In a departure from criticism of other Dodd-Frank rules, the Securities Industry and Financial Markets Association, the Wall Street trade group, supports the change. “Sifma is very much in favor of establishing a new uniform fiduciary standard for both brokers and advisers where they’re basically doing the same thing for retail customers,” Ira Hammerman , Sifma’s general counsel, said in an interview. “There are literally trillions of dollars of individual savings and investments that we’re talking about here.” The fiduciary idea has taken “a back seat” to rules the SEC has to get done, Hammerman said, and it’s “difficult to expect” the rule to be adopted this year. Amid general agreement that investment professionals offering advisory services should act in their clients’ best interests and operate under the same standards, there’s division over how to implement a uniform fiduciary standard to the brokerage-industry business model, according to Steven Wallman, a former SEC commissioner and founder of online brokerage Folio Investing in McLean, Virginia. Republican Opposition Investment advisers generally don’t want a definition that would weaken the current standard, while some Republican lawmakers oppose the rule altogether. U.S. Representative Scott Garrett , a New Jersey Republican who leads a panel that oversees the SEC, said in a December letter to Schapiro that a hearing he held yielded a “consensus view that there is currently no evidentiary basis for proposing new standard-of-conduct regulations.” A court decision has contributed to the delay. In 2011, the U.S. Court of Appeals in Washington rejected an unrelated SEC rule, saying the agency failed to adequately assess its costs. Since then, the SEC has returned to the drawing board to bolster cost-benefit cases for many rules. For the uniform fiduciary standard, the SEC plans to first put out a request for public comments on its potential costs. After a 60- or 90-day comment period, the agency would issue a proposal that would then also require a public-comment process and revisions before commissioners could vote. Even if started today, the typical process would extend well into 2013. Conflicts ‘Ameliorated’ The fiduciary standard should apply to institutional money managers as well as brokerages and investment advisers, said Bogle, who plans to attend the meeting tomorrow at the SEC. “The industry is not performing up to its potential to serve investors,” said Bogle, who expressed confidence that the change will happen but said he isn’t sure when. “We can never eliminate conflicts of interest, but they can be ameliorated by this standard.” While the SEC writes a rule that Schapiro has described as “more disclosure oriented,” the U.S. Labor Department is working on a similar measure to make investment professionals more accountable for the advice they give to employers and individuals in retirement plans such as 401(k)s and individual retirement accounts known as IRAs. Its implementation was delayed last year after firms such as Morgan Stanley (MS) Smith Barney and JPMorgan Chase & Co. (JPM) said it was too broad. The Labor Department is continuing to work on its initiative and doesn’t expect the rule to be proposed again before the end of the year, Jason Surbey, a spokesman for the agency, said in an e-mail. Election Impact “The future of this rulemaking from both agencies depends somewhat on the outcome of the election,” said Knut Rostad, president of the Institute for the Fiduciary Standard, which organized the meeting with Schapiro. “One scenario is that it could be dormant for a long time.” Among those knocking on Schapiro’s door tomorrow, Tamar Frankel, a professor at Boston University’s law school, said she harbors a “very small hope” that the effort won’t die. “This has to continue until people realize how important it is,” said Frankel, a specialist in fiduciary law and financial regulations who said she is concerned investors will be sold inappropriate products or overcharged without the rule. “With millions of Americans retiring, this scares me.” Levitt, an adviser to Carlyle Group LP (CG) and Goldman Sachs Group Inc. (GS) and board member of Bloomberg LP, parent of Bloomberg News , said he thinks brokers and advisers should generally be treated the same. “I think the chairwoman feels this is a legacy issue,” Levitt said of Schapiro.
|
{
"questions": [
{
"question": "브로커와 투자자문가의 주요 차이점은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "투자자에게 최선의 이익을 보장하기 위해 금융 서비스 제공자가 충족해야 할 핵심 원칙은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "규제 강화가 투자 비용과 시장 접근성에 미칠 수 있는 장단점은 무엇인가요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-017769
|
finance
|
korean
|
Mortgage REITs Tumble on Financing Concerns Fueled by Debt-Ceiling Impasse.Real estate investment trusts that buy mortgage debt tumbled, adding to their biggest weekly loss in more than a year, on concern the markets that finance them will be roiled if the U.S. government defaults on its debt. A Bloomberg index of shares of 32 mortgage REITs, including New York-based Annaly Capital Management Inc. (NLY) and Atlanta-based Invesco Mortgage Capital Inc. (IVR) , dropped as much as 8.5 percent today, the most since May 6, 2010. The stocks pared the losses to 2 percent at 4:15 p.m. in New York. The companies fell as the cost of overnight repurchase agreement, or repo, financing for government-backed mortgage securities jumped 9 basis points to 20 basis points as of 12:21 p.m., the highest since Jan. 19, according to data from ICAP Plc. Executives from REITs including Invesco Mortgage, Hatteras Financial Corp. (HTS) and American Capital Agency Corp. (AGNC) told analysts on earnings calls this week that while repo rates were climbing, the gain was modest and so-called haircuts, or the down payments required for the loans, weren’t changing. “This week we’ve seen our financing rates on repo rolls go up like a basis point or two, but no change in haircuts,” Richard J. King, Invesco Mortgage’s chief executive officer, said on a conference call yesterday, according to a transcript. A basis point is 0.01 percentage point. Increases Vary Financing terms still haven’t changed “at all” and, while rates have moved higher, the increase varies by dealer, Invesco Mortgage Chief Investment Officer John Anzalone said today in a telephone interview. His company, which invests in both government-backed agency mortgage securities and other property- linked debt, is overseen by Invesco Ltd., which manages about $650 billion of assets. In repo financing, securities such as Treasuries and mortgage bonds are sold to a lender with an agreement by the borrower to buy them back later. Haircuts protect lenders against price declines in the collateral, in the event the borrower defaults. With the U.S. potentially facing an inability to pay its debt or a credit-rating downgrade, President Barack Obama told the nation today in an address that both parties must support any plan to cut the deficit and raise the federal debt ceiling and that a proposal from House Republicans won’t meet that test. Overnight mortgage-bond repo rates have climbed from 0.04 percentage point on July 22, according to ICAP, the world’s largest inter-dealer broker. Mortgage REIT shares have fallen 6.5 percent over the past week, the biggest weekly decline since May 2010, according to Bloomberg data. ‘Nothing Has Changed’ “It’s just an equity market event,” Kenneth A. Steele, chief financial officer at Winston-Salem, North Carolina-based Hatteras, said today in a telephone interview. “Nothing has changed in the things that affect us that we, or anyone we’ve talked to, has seen.” Down payments on mortgage-bond and Treasury repo “are unlikely to rise barring a spike in price volatility and/or a sharp decline” in values, Credit Suisse Group AG analysts led by Mahesh Swaminathan wrote in a report yesterday. They now range from 3 percent to 5 percent, depending on the counterparty, King said. Mortgage REITs have raised more than $14.2 billion this year in secondary equity sales and initial public offerings, the most since at least 2004 and more than the double the previous high of $6 billion in 2007, according to SNL Financial, a Charlottesville, Virginia-based financial information and research provider. Some of the REITs invest in bonds and loans without government backing, and don’t rely on repo financing. ‘Unbelievably Strong’ Gary Kain, president of Bethesda, Maryland-based American Capital Agency, said today in a telephone interview that the mortgage-bond repo market remains “unbelievably strong.” A change of 1 percentage point or 2 percentage points in haircuts would “honestly not be a big event,” because they have fallen by about 3 percentage points to 4 percentage points since the start of 2009, and mortgage REITs haven’t responded by increasing their leverage, which is now about eight times, he said. In the event of tighter borrowing terms, REITs generally have a “very generous buffer” of liquidity that they could use to avoid selling holdings to raise cash, BNP Paribas SA analyst Anish Lohokare in New York wrote in a report yesterday. Jay Diamond, a spokesman for Annaly, didn’t return an e- mail seeking comment. REITs’ holdings in the $5.2 trillion agency mortgage-bond market have grown by between about $80 billion and $90 billion this year as they raised capital, Nomura Securities International Inc. wrote in a July 15 report. REITs now own about $190 billion to $200 billion, according to Nomura’s Ohmsatya Ravi. Government-backed mortgage bonds rose today. Fannie Mae ’s 4 percent securities climbed about 0.8 cent on the dollar to 101.6 cents, the highest since Nov. 30, essentially tracking a gain in similar-duration Treasuries, according to data compiled by Bloomberg.
|
{
"questions": [
{
"question": "레포 거래에서 헤어컷은 무엇을 의미하며, 그 목적은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "부채 상한이 인상되지 않으면 기업의 자금조달 비용이 어떻게 변할 수 있는가?",
"reasoning_effort": "high"
},
{
"question": "모기지 REIT이 부동산 부채를 보유하면서 자본을 조달할 때 고려해야 할 주요 위험은 무엇인가?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-095525
|
finance
|
korean
|
Sales of Structured Notes Tied to Rates Tumble to Four Year-Low.Monthly sales of structured notes tied to interest rates fell to an almost four-year low last month as issuance of securities that pay a fixed coupon plunged. Banks sold $223.2 million of U.S. rate-linked notes in October, about half the total from a year earlier and the lowest sales since January 2010, when Bloomberg started to collect comprehensive data on the securities. Issuance of callable notes that have fixed, “step up” coupons dropped by about 80 percent, to $75.1 million. Investors shied away from buying the securities as job growth slowed in September, the federal government partially shut down and the yield on the 10-year Treasury bond’s yield dropped to 2.5 percent on Oct. 23 from a September high of 2.99 percent. Lower rates depressed the amount that banks could offer on fixed-coupon notes. Fed officials “don’t want to see rates go significantly higher,” Justin Lederer, an interest-rate strategist at Cantor Fitzgerald LP in New York, said in a telephone interview today. “It would be a drag on the economy, notably the housing market.” Janet Yellen, nominated by President Obama to become the next Fed chairman, voiced her commitment to using bond purchases known as quantitative easing, according to prepared testimony for her nomination hearing before the Senate Banking Committee in Washington today. The stimulus program is intended to boost growth and lower unemployment that remains above 7 percent more than four years after the economy began to recover from the deepest recession since the Great Depression. Libor Leads Banks sold $4.1 billion of rate-linked notes this year through October, the slowest such period since 2010, Bloomberg data show. Issuance has rebounded somewhat in November to $216 million in the first two weeks, on a pace to exceed the year’s monthly average. Libor-tied notes are selling the best in 2013, making up $1.88 billion of volume during the first 10 months. They pay a coupon above the London interbank offered rate, so investors receive more in the event rates increase, though that may not happen soon. The U.S. central bank will delay starting to reduce its $85 billion a month in bond buys until March, according to the median estimate of 40 economists surveyed Oct. 17-18, after a 16-day partial government shutdown endangered the four-year economic expansion. RBC Notes On Oct. 18, Royal Bank of Canada sold $30 million of 12-year callable, step-up notes, the largest offering tied to rates last month. The securities yield 3 percent for the first five years, then increase twice to pay 5 percent for the final two, according to a prospectus filed with the U.S. Securities and Exchange Commission. The bank can first redeem the notes after five years. Sanam Heidary, a spokeswoman for RBC in New York, declined to comment on the notes. Banks create structured notes by packaging debt with derivatives to offer customized bets to retail investors while earning fees and raising money. Derivatives are contracts with values derived from stocks, bonds, commodities and currencies, or events such as changes in interest rates or the weather.
|
{
"questions": [
{
"question": "구조화된 채권이 전통적인 채권과 비교했을 때 투자자에게 제공하는 주요 이점은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 금리를 인상하면 주택 시장에 미칠 수 있는 잠재적 영향은 무엇인가요?",
"reasoning_effort": "high"
},
{
"question": "기업이 정기적으로 금리를 인하하는 정책을 시행하면 부채 상환 비용은 어떻게 변할까요?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-028862
|
finance
|
korean
|
PJM Western Hub Power Declines as Warm Weather Limits Demand.Wholesale electricity on the eastern U.S. grid operated by PJM Interconnection LLC dropped for the second time in three days as above-normal temperatures reduced morning demand. Spot prices covering on-peak hours slid 22 percent. Demand through the hour ended at 10 a.m. was below yesterday’s levels, according to the operator of the 13-state grid stretching from New Jersey into North Carolina and Illinois. Temperatures will be above-normal on the East Coast through April 18, according to MDA Weather Services in Gaithersburg, Maryland. Electricity at PJM’s benchmark Western Hub, which includes prices from Pennsylvania to Washington, fell $9.16 to $33.46 a megawatt-hour at 3 p.m. from yesterday’s on-peak average, according to the grid operator. On-peak hours run from 7 a.m. to 11 p.m. The high today Pittsburgh may be 78 degrees Fahrenheit (26 Celsius), 19 above normal, according to AccuWeather Inc. in State College, Pennsylvania. PJM power usage as of 10 a.m. was 85,387 megawatts, down 0.4 percent from the same time yesterday. Demand totaled 84,136 megawatts at 9 a.m., 2 percent below yesterday’s reading. New York City prices fell $2.20, or 4.9 percent, to $43.21 a megawatt-hour from yesterday’s on-peak average, according to the New York Independent System Operator Inc. On-peak prices on the six-state grid from Connecticut to Maine rose $8.31, or 22 percent, to $45.60 a megawatt-hour from the previous day’s average, ISO New England Inc. data showed.
|
{
"questions": [
{
"question": "전력 시장에서 수요와 공급이 가격을 결정하는 기본 메커니즘은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "전력 거래에서 피크 시간대와 비피크 시간대의 가격 차이가 발생하는 이유는 무엇이며, 이를 활용한 거래 전략은 어떻게 설계될 수 있는가?",
"reasoning_effort": "medium"
},
{
"question": "전력 시장에서 가격 변동성은 장기적인 투자 결정에 어떤 영향을 미치며, 이러한 변동성을 관리하기 위한 주요 헤지 기법은 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-051050
|
finance
|
korean
|
GFIA's Douglas to Quit as Hedge Fund Industry Group's Asia Representative.Peter Douglas will step down as Asia’s representative to the Alternative Investment Management Association, the hedge-fund industry’s largest trade group. Douglas, 49, will resign as the group’s elected council member for the Asia-Pacific region at AIMA’s annual general meeting on Sept. 23, he said in an e-mail to the group’s members, which he confirmed by phone today. Douglas, who founded Singapore-based hedge fund consultancy firm GFIA Pte in 1998, has been involved with AIMA for more than 10 years, according to the e-mail. He has been the group’s first regional council member for the last two years, after having previously led the Singapore chapter. “I’m resigning to let fresh blood, and fresh ideas, take over,” he said in the e-mail. Douglas seconded the nomination of Michael Coleman , the Singapore-based managing director of Aisling Analytics Pte, to replace him, according to the e-mail. Aisling Analytics manages the $1.1 billion Merchant Commodity Fund. Coleman is also the chairman of AIMA’s Singapore branch. “Having started Aisling as a tiny boutique that remained tiny for several years, he understands the concerns of the overwhelming majority of our community that are small managers, who struggle to raise and maintain assets in today’s environment,” Douglas said. Douglas, whose firm advises investors seeking to allocate money to hedge funds, started a wealth management business in January to tap mainly affluent individuals in Asia.
|
{
"questions": [
{
"question": "다각화가 포트폴리오 위험을 줄이는 메커니즘은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "헤지펀드가 사용하는 레버리지 전략이 어떻게 수익률에 영향을 미치는가?",
"reasoning_effort": "medium"
},
{
"question": "인플레이션이 장기적으로 주식 시장과 채권 시장에 미치는 상호작용은 어떻게 되는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-073338
|
finance
|
korean
|
VIX Ends Six-Day Drop, Rebounding From Lowest Since ’07.The Chicago Board Options Exchange Volatility Index (VIX) rose, snapping a six-day streak of losses, after the gauge of U.S. stock options prices reached the lowest level since 2007. The benchmark gauge, known as the VIX, rose 1.8 percent to 13.86 at 12:48 p.m. in New York, after earlier touching 13.22, the lowest intraday level since June 2007. The index dropped 40 percent over the previous days, the most since November 2008. “People are just looking at these low levels as opportunity to buy portfolio protection,” Jonathan Krinsky, chief technical analyst at Miller Tabak & Co., said in an interview. “There were also a lot of eyes on it, and often times when that happens as an instrument breaks support levels, it reverses.” The VIX tumbled a record 39 percent last week after U.S. lawmakers reached a deal to avert more than $600 billion in tax increases and spending cuts. During the week, the Standard & Poor’s 500 Index climbed 4.6 percent to 1,466.47, the highest level since December 2007. The S&P 500 (SPX) rose 0.3 percent today and investors’ optimism about fourth-quarter corporate earnings. Record U.S. corporate profits and three rounds of Federal Reserve monetary stimulus have helped the S&P 500 climb 116 percent since the bull market began in March 2009. The VIX is 83 percent below its all-time high of 80.86 reached in the two months after Lehman Brothers Holdings Inc. declared bankruptcy in 2008. “We are seeing the combination of unwinding of fiscal cliff hedges, which in the short term proved unnecessary, and a new year rally combining to crush volatility,” Alec Levine, an equity derivatives strategist at Newedge Group SA in New York, said in an interview. Analysts predict profits at S&P 500 companies will rise 4.4 percent this year to a record $102.60 a share, according to data compiled by Bloomberg. Per-share earnings in the index probably rose 2.9 percent during the fourth quarter after increasing 4.6 percent in the previous three months, the estimates show.
|
{
"questions": [
{
"question": "옵션 가격 결정에서 변동성의 역할은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "시장 변동성이 상승하면 포트폴리오의 위험과 수익률은 어떻게 변할까?",
"reasoning_effort": "medium"
},
{
"question": "레버리지 비율이 높은 파생상품이 전체 시장 변동성에 미치는 영향은?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-073339
|
finance
|
korean
|
Pap Smear DNA Analysis May Find More Cancers, Study Shows.New versions of the Pap smear that analyze cells in the cervix for cancer may also identify malignancies of the ovaries and endometrium, a finding that could broaden the preventive benefits of the test. In the study published in the journal Science Translational Medicine , researchers found genes of cancer mutations in samples of cervical cells and secretions from Pap smears they tested. The DNA tests accurately detected all endometrial cancers and 41 percent of ovarian cancers. No routine screening exists for endometrial or ovarian cancers, which were responsible for 47,000 and 22,000 new illnesses respectively in 2012, according to the National Cancer Institute. The Pap smear is administered to women of reproductive age, and since its introduction has reduced the incidence and mortality of cervical cancer by 75 percent. The new study may provide the first steps widening its success to more reproductive cancers, researchers said. “Even if tumors were identified at an advanced stage, detection of presymptomatic ovarian cancers could be of benefit,” the authors wrote in the study released yesterday. “The earlier these advanced-stage ovarian cancers are diagnosed, the lower the overall tumor burden.” The investigators focused on 12 of the most common types of ovarian and endometrial cancer mutations. They were able to identify mutations in the DNA of Pap smear specimens in all 24 of the endometrial cancers surveyed, and 9 of 22 ovarian cancers. While more research needs to be done before the test can be broadly applied in gynecologists’ offices, the authors wrote, the findings may lead toward more routine testing. The study’s lead author was Isaac Kinde, a graduate student at the Johns Hopkins School of Medicine in Baltimore. The work was funded by Across America, The Commonwealth Fund, and the Hilton-Ludwig Cancer Prevention Initiative, among others.
|
{
"questions": [
{
"question": "기업이 부채와 자기자본으로 자금을 조달할 때 각각의 장단점을 비교할 수 있나요?",
"reasoning_effort": "low"
},
{
"question": "기업이 물가상승률을 예측하고 재무 계획을 세울 때 어떤 경제적 변수들을 고려해야 할까요?",
"reasoning_effort": "medium"
},
{
"question": "국가의 재정정책이 금융시장에 미치는 장기적 영향은 어떻게 분석할 수 있을까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-017768
|
finance
|
korean
|
Irish Central Bank Cuts Growth Forecast as Spending Declines.Ireland’s central bank cut its economic growth forecast for this year and next as falling consumer spending outweighs increases in exports. Gross domestic product will rise 0.8 percent this year and 2.1 percent next year, the Dublin-based central bank said in its quarterly bulletin on its website today. The bank forecast in April the economy would increase by 0.9 percent this year and 2.2 percent next year. “The broad narrative behind these figures remains unchanged,” the central bank said. “Exports continue to grow while domestic demand remains weak, although the contraction in the latter is gradually easing.” Irish Finance Minister Michael Noonan said this week the government will need to make at least 3.6 billion euros ($5.1 billion) in savings next year as it seeks to cut its deficit. The central bank forecast consumer spending will drop by 2.4 percent this year, compared with its earlier forecast of 2.2 percent. Exports will rise 6.4 percent, the central bank said, raising its earlier forecast of 6.1 percent. “The prospect for a broad-based recovery continues to depend significantly on external conditions,” the central bank said. “The recovery in global economic activity is continuing at a reasonably strong, if somewhat uneven, pace.” The economy contracted 1 percent in 2010.
|
{
"questions": [
{
"question": "재무제표의 현금흐름표와 손익계산서의 주요 차이점은 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "기업이 부채를 재구성할 때, 재무비율에 미치는 장기적인 영향은 어떻게 분석할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "금융시장에서 금리 인상이 기업의 투자 결정을 어떻게 변화시키는지, 그 메커니즘과 잠재적 부정적 효과를 설명하시오.",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-028863
|
finance
|
korean
|
Hansen Gets Extension to Coach All Blacks Through 2015 World Cup.Steve Hansen was given a contract extension as head coach of the All Blacks through the team’s defense of its Rugby World Cup title in 2015. The reappointment of Hansen, who was hired on a two-year deal in December 2011 after serving as an assistant to World Cup-winning head coach Graham Henry , was unanimously endorsed at a recent board meeting, New Zealand Rugby Chief Executive Officer Steve Tew said today in an e-mailed statement. Hansen’s first season in charge produced 12 wins, a draw and a loss as the All Blacks swept the southern hemisphere’s Rugby Championship and retained the Bledisloe Cup and No. 1 ranking. The team extended its unbeaten streak to 20 Tests before an upset loss against England in London. “He had an outstanding first year as head coach and his coaching and leadership helped the team build on its exceptional legacy,” Tew said. “Having the All Blacks go back-to-back at Rugby World Cup is one of the key goals for our organization over the next three years and we look forward to working with Steve and the rest of the All Blacks team to help them achieve that goal.” The next edition of rugby’s four-yearly world championship will take place in England , where the All Blacks will play Argentina , Tonga and two yet-to-be-determined qualifiers in the group stage. New Zealand’s previous two Webb Ellis Cup victories came when it hosted the tournament. Hansen said while he was very happy with last year’s results, the All Blacks need to grow their leadership experience to ensure the team has “more players who can make good decisions in the big moments.” “We also need to get our timing right when it comes to introducing more new faces into the team,” Hansen added. “Clearly it will make the next few years tougher than last year, but that’s something we are looking forward to.” In other appointments, All Blacks Manager Darren Shand extended his contract through the 2015 World Cup , while Tony Page was hired as the team’s doctor to replace Deb Robinson, who stepped down after six years in the job.
|
{
"questions": [
{
"question": "기업이 장기채무를 발행할 때, 발행 비용과 이자율을 결정하는 주요 요인은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "주식 시장에서 가격 변동성을 예측하기 위해 사용되는 대표적인 통계적 기법은 무엇이며, 그 장단점은?",
"reasoning_effort": "high"
},
{
"question": "기업이 새로운 프로젝트에 투자할 때 사용되는 내부수익률(IRR)과 순현재가치(NPV)의 차이점은?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-039955
|
finance
|
korean
|
Rangers’ Goalie Lundqvist, Gaborik, Girardi Selected as NHL All-Stars.New York Rangers goaltender Henrik Lundqvist and two teammates, defenseman Dan Girardi and forward Marian Gaborik, have been selected for the National Hockey League All-Star game. Forward John Tavares was the only representative from the New York Islanders among the 36 veterans and 12 rookies added yesterday by the NHL. Six players were elected earlier in fan balloting. The All-Star game will be Jan. 29 in Ottawa. After captains and alternate captains are selected, the rosters will be picked at the 2012 NHL All-Star Player Fantasy Draft on Jan. 26. Rangers coach John Tortorella and San Jose ’s Todd McLellan will lead the squads since their teams were atop the two conferences at the Jan. 9 cutoff date.
|
{
"questions": [
{
"question": "기업이 자본 구조를 결정할 때 고려해야 할 주요 위험과 수익 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "주식과 채권의 수익률과 위험 수준을 비교할 때 고려해야 할 핵심 요인은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "기업이 자본 비용을 최소화하기 위해 사용할 수 있는 전략은 무엇이며, 이러한 전략이 재무 건전성에 미치는 영향은?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-051049
|
finance
|
korean
|
Agricultural Bank Will Set Final Initial Offering Price: China Week Ahead.Agricultural Bank of China Ltd. will set the final pricing for its initial public offering for Hong Kong and Shanghai on July 7. Agricultural Bank is offering 25.4 billion shares in Hong Kong at between HK$2.88 and HK$3.48 apiece, while selling 22.2 billion shares in Shanghai at 2.52 yuan to 2.68 yuan each, according to a June 29 statement. It will hold an online road show for the domestic IPO today. The bank’s valuation discount to its closest rivals has halved in seven trading days, making the world’s biggest initial public offering in almost four years less appealing to investors. Shares in the Hong Kong part of Agricultural Bank’s IPO are valued at an average 5.3 percent less than its three biggest competitors as measured by book value , based on the top end of the IPO price range and data compiled by Bloomberg. When the bank priced the offering on June 24, the gap was 10.5 percent. China will announce property prices for June, and release trade data from last month. New Zealand Prime Minister John Key will visit China this week. Laurence Barron, the president of Airbus SAS’s China unit and Air China Ltd. ’s Senior Vice President He Li will be among attendees at an aviation conference in Beijing this week. The China Automotive Technology & Research Center will announce June vehicle sales data today. Liu Tienan, vice director of the National Development and Reform Commission, in charge of the country’s coal and electricity affairs, will be among the speakers at a coal conference in Dalian this week. First-Day Trading Shares of Tangshan Port Group Co. will begin trading for the first time today on the Shanghai Stock Exchange. The company, based in eastern China’s Hebei province, offered its shares on June 21 at 8.20 yuan each, raising 1.64 billion yuan to finance its expansion. China’s stocks advanced for the first time in eight days on July 2, paring the benchmark index’s biggest weekly drop in 16 months, as investors speculated recent losses were excessive. The Shanghai Composite Index gained 9.11, or 0.4 percent, to close at 2,382.90, reversing an earlier 2.3 percent loss. The CSI 300 Index added 0.3 percent to 2,534.10. China Vanke Co. and Poly Real Estate Group Co. drove gains by developers, the worst performing stocks in Shanghai this year, and PetroChina Co. rebounded from its lowest level since January 2009. Yuan forwards completed a fourth weekly gain on July 2 as the euro rallied against the dollar after Spain successfully sold bonds at an auction July 1. The yuan’s spot rate climbed 0.15 percent to 6.7711, according to the China Foreign Exchange Trading System. The Chinese currency has gained 0.28 percent last week. The rate earlier reached 6.7696 a dollar, the strongest level since the end of 1993. Government Bonds Government bonds rose last week as the benchmark money-market rate receded from a three-week high, reflecting the increased availability of cash at banks. The seven-day repurchase rate, which measures lending costs between banks, slid 54 basis points last week to 2.61 percent, according to the daily fixing rate published by the National Interbank Funding Center. The yield on the 3.9 percent government note due in August 2014 fell three basis points to 2.49 percent, and the price of the security added 0.11 per 100 yuan face amount to 105.47, according to the funding center. For the week, the yield dropped eight basis points. The following is a list of important events in China this week: Event Date Agricultural Bank online road show for Shanghai IPO 5 China vehicle sales for June 5 PricewaterhouseCoopers briefing on China’s IPO market 5 Coal conference, Dalian 6-7 Agricultural Bank pricing for Hong Kong, Shanghai IPO 7 Government sale of 5-year bonds 7 Aviation conference, Beijing 7-8 New Zealand Prime Minister John Key visits China 7-9 Q2 Entrepreneur Confidence Index, Business Climate Index 9 China property prices for June 9-10 China trade data for June 10 -- Stephanie Wong in Shanghai. Editor: Eugene Tang. To contact Bloomberg News staff on this story: Stephanie Wong in Shanghai at +86-21-6104-7029 or [email protected]
|
{
"questions": [
{
"question": "기업이 공개시장을 통해 자금을 조달하기 위해 IPO를 진행할 때 주가를 결정하는 과정은 어떻게 구성되나요?",
"reasoning_effort": "medium"
},
{
"question": "금리 변동이 국채 수익률에 미치는 영향과 그 결과로 투자자 포트폴리오가 어떻게 재구성되는지를 설명해 주세요.",
"reasoning_effort": "high"
},
{
"question": "기업이 해외 시장에 진출할 때, 현지 통화 리스크를 관리하기 위한 대표적인 헤지 전략은 무엇이 있나요?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-028864
|
finance
|
korean
|
North Korean Woori Branch Faces Crunch as Cash Trucks Barred.Woori Finance Holdings Co. (053000) , owner of the only South Korean bank with a branch in the North, said it expects its outlet at Gaeseong industrial complex to run out of cash “soon” amid rising military tensions. The branch may need to interrupt service to South Korean businesses that require the cash to pay wages there, the Woori Bank unit said in an e-mailed response to questions today, declining to provide a timeframe. Four North Korean employees haven’t come to work, and one person who traveled south last week couldn’t return, leaving a staff of two, it said. The lender hasn’t been allowed to send cash trucks carrying U.S. dollars and South Korean won to the branch since North Korea began barring entry into the jointly run industrial park from April 3. North Korea said yesterday it will suspend operations indefinitely at Gaeseong, where more than 120 small businesses led by garment makers and textile companies operate. Operations at the Gaeseong branch are continuing normally, and there hasn’t been an increase in the number of customers seeking to withdraw funds from their accounts, Woori Bank said. Shares of Woori Finance , which is controlled by the South Korean government, climbed 0.8 percent to 11,950 won as of 12:47 p.m. on the Korea Exchange. That compared with the benchmark Kospi index’s 0.7 percent drop. Woori Bank is the nation’s second-largest by assets. Gaeseong Workers Gaeseong is the last remaining example of inter-Korean cooperation, with about 53,000 North Koreans employed at the complex. From its opening in 2005 through Jan. 31, goods totaling more than $2 billion have been produced there, according to Unification Ministry data. About 900 South Koreans regularly visit Gaeseong, located about 10 miles (16 kilometers) north of the demilitarized zone, the world’s most heavily fortified border. The bank, which first opened its branch in Gaeseong in December 2004, doesn’t provide loans at that outlet. It accepts deposits from its South Korean clients and transfers won and U.S. dollars to the branch in cash trucks. Woori Bank declined to comment on the schedule for the transfers or disclose other details about the trucks, citing security concerns. The Gaeseong branch doesn’t engage in direct transactions with North Korean people, companies or organizations, the lender said today. The bank plans to continue supporting its corporate clients there as long as the industrial park’s management committee allows them to do so and the businesses remain in the complex, Woori said in the e-mail.
|
{
"questions": [
{
"question": "기업이 현금흐름을 예측할 때 가장 많이 활용하는 재무제표는 무엇인가요?",
"reasoning_effort": "low"
},
{
"question": "기업이 부채와 자본을 적절히 조합하여 가치를 극대화하려면 어떤 재무전략을 고려해야 할까요?",
"reasoning_effort": "medium"
},
{
"question": "국가의 통화가치가 급격히 하락할 때, 중앙은행은 금리 조정과 외환보유액 활용 외에 어떤 비통화정책 수단을 통해 경제를 안정시킬 수 있나요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-060351
|
finance
|
korean
|
Shale-Gas Output Led Production to Record in 2011, U.S. Says.U.S. natural-gas production rose to an all-time high of 28.5 trillion cubic feet in 2011, led by record output from shale deposits, an Energy Department report showed. Gross gas output rose 6.2 percent in 2011 from a year earlier, the department’s Energy Information Administration said in its Natural Gas Annual report, released late yesterday. Production of gas from shale deposits climbed 46 percent to 8.5 trillion cubic feet in 2011, the most in department data going back to 2007. Shale accounted for 30 percent of total output in 2011, up from 22 percent the previous year. Shale production surged as drilling technologies such as hydraulic fracturing, or fracking, made it more economical to extract gas from rock formations such as the Marcellus in the Northeast and the Bakken in North Dakota. Output from other gas wells fell 7.2 percent to 12.29 trillion, the lowest level in data going back to 1967. The share of total output from other gas wells fell to 43 percent from 49 percent, department data show. Dry-gas production rose 7.4 percent to 22.9 trillion cubic feet in 2011, an all-time high.
|
{
"questions": [
{
"question": "주식과 채권의 주요 차이점은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "인플레이션이 고정 수입 증권의 실질 수익률에 어떤 영향을 미치는가?",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 통화 긴축 정책을 결정할 때 주로 고려하는 주요 경제 지표는 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-060349
|
finance
|
korean
|
Lithuania to Raise Taxes on High Earners, Finance Minister Says.Lithuania plans to raise taxes on high earners and property starting in 2014 as part of an overhaul of the Baltic nation’s tax system aimed at boosting revenue, Finance Minister Rimantas Sadzius said. The revamp will involve personal income tax, the untaxed minimum and social-insurance taxes, Sadzius said today. It will also widen the scope of the property tax and may include a review of value-added tax breaks, according to the minister. “Making taxation progressive shouldn’t hurt average earners,” Sadzius said in an online conference on the delfi.lt news website. “The higher rates will be for people with very large salaries.” Prime Minister Algirdas Butkevicius, whose government took office last month, made introducing progressive income taxes a pledge in his election campaign and wants proposals by April for enactment in 2014. At present, Lithuania taxes both personal and corporate income at a flat rate of 15 percent, while dividend income is taxed at 20 percent and VAT at 21 percent.
|
{
"questions": [
{
"question": "부가가치세(VAT)의 기본 개념은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "진보적 세금 구조가 개인의 소비 행동에 미치는 영향을 분석할 때 고려해야 할 주요 요소는 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "기업이 고정 세율에서 누진 세율 체제로 전환할 때 발생할 수 있는 재무적, 운영적 도전 과제는 무엇이며, 이를 극복하기 위한 전략은 어떻게 설계할 수 있을까?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-082630
|
finance
|
korean
|
Italy Commits to Auction on Assigning Digital-TV Frequencies.Italian Prime Minister Mario Monti’s government has committed to holding an auction for six digital- television frequencies after supporting requests presented by opposition lawmakers. Piero Giarda, minister for parliamentary affairs, told the lower house of Parliament late yesterday that the government favored separate motions submitted by the Northern League and Italian Values parties. Both motions require the government to withdraw current plans to assign the frequencies to Italy’s main broadcasters and auction them instead. Both Telecom Italia SpA (TIT) Chief Executive Officer Franco Bernabe and former Prime Minister Silvio Berlusconi, who controls broadcaster Mediaset SpA (MS) , have said that no one would bid for the frequencies should the government auction them. Telecom controls La7, a national broadcaster. The government must pass a decree to hold the sale.
|
{
"questions": [
{
"question": "채권 발행 시, 이자율이 높아지면 채권 가격은 어떻게 변하나요?",
"reasoning_effort": "medium"
},
{
"question": "기업이 자본구조를 조정할 때 부채 비율을 증가시키는 것이 기업 가치에 미치는 영향은 무엇인가?",
"reasoning_effort": "high"
},
{
"question": "증권 시장에서 매도세가 강해지면 일반적으로 주가에 어떤 영향이 있을까요?",
"reasoning_effort": "low"
}
]
}
|
success
|
bloomberg-news-049231
|
finance
|
korean
|
BOE Seen Keeping Quantitative Easing on Hold on Recovery.The Bank of England will keep its target for asset purchases unchanged next week after industry reports that are forecast to point to an improving economic recovery, according to surveys of economists. The nine-member Monetary Policy Committee led by Governor Mervyn King will keep quantitative easing at 375 billion pounds ($569 billion), according to the median of 43 economists in a Bloomberg News poll. The MPC will also keep its benchmark interest rate at a record-low 0.5 percent, another survey shows. The meeting will be King’s last before he retires and hands over to Bank of Canada Governor Mark Carney on July 1. With inflation above the BOE’s target, King has been defeated for the past four months in a bid to expand QE as the MPC majority cautioned against the danger of stoking price expectations. “It would seem strange if the committee were to embark on a radical departure from its current course just ahead of Mark Carney taking over the helm,” said Philip Shaw , an economist at Investec in London. “Hence any change in the policy stance this time seems improbable.” A report on June 3 may show that manufacturing returned to growth this month. An index by Markit Economics and the Chartered Institute of Purchasing and Supply rose to 50.3 from 49.8 in April, according to the median of 33 estimates in a survey. A reading above 50 indicates expansion. Services growth probably accelerated this month, according to another survey of economists before a report on June 5. The MPC will announce its decisions at noon the following day. Limited Recovery While there is “some encouraging news,” the recovery is “far from convincing,” said Howard Archer , an economist at IHS Global Insight in London, adding that more stimulus is likely later in the year. “It seems more likely to come as a welcoming present sometime in the third quarter for incoming Governor Mark Carney than as a parting gift for Mervyn King.” The British Chambers of Commerce raised its economic forecasts through 2015 today, and separate data showed consumer confidence increased to a six-month high this month. Still, unemployment rose in the first quarter and retail sales fell the most in 16 months in May. Weakness in credit has led the government and the central bank to broaden their Funding for Lending Scheme to encourage lending. New data on the impact of the program will be published on June 3. “Where policy goes from here depends not just on the path of the economic data, but also on whether Dr. Carney encourages a more activist approach,” said Shaw. “The risk of another false start suggests he may do what he can to ensure that the upturn is sustained, probably in the form of restarting quantitative easing and issuing forward guidance on rates.”
|
{
"questions": [
{
"question": "통화정책과 재정정책의 주요 차이점은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "양적완화가 국채 시장에 미치는 영향은 어떻게 설명할 수 있나요?",
"reasoning_effort": "medium"
},
{
"question": "장기간 낮은 금리 환경이 경제에 미칠 수 있는 위험 요소는 무엇이며, 그 이유는 무엇인가요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-049229
|
finance
|
korean
|
Consumer Spending in U.S. Was Probably Little Changed in April.Consumer spending was probably little changed in April as smaller fuel and utility bills helped Americans shore up savings, economists said before a report today. The projected unchanged reading for purchases would follow a 0.2 percent rise in March, according to the median of 79 forecasts in a Bloomberg survey. Consumer sentiment surged this month to the highest level in almost six years, separate figures may show. The housing rebound, gains in stocks and cheaper gasoline prices are boosting household finances and confidence, a sign consumers may keep shopping at stores such as Lowe’s Co. (LOW) and Kirkland’s Inc. Faster employment and wage growth would further underpin demand and make the world’s largest economy better able to withstand the federal budget cuts that began in March. “The fact that consumer spending has held up in the face of the payroll tax increase and budget cuts is encouraging,” said Russell Price , a senior economist at Ameriprise Financial Inc. in Detroit. “It should really start to gain traction in the third quarter and beyond as the fiscal headwinds subside.” The Commerce Department will release the spending report at 8:30 a.m. in Washington. Economists’ forecasts ranged from a drop of 0.3 percent to a gain of 0.4 percent. The data may also show incomes grew 0.1 percent following a 0.2 percent rise. The Thomson Reuters/University of Michigan gauge of sentiment may have climbed in May to 83.7, the highest level since July 2007, economists in the Bloomberg survey projected ahead of figures due at 9:55 a.m. The forecast matches this month’s preliminary reading and follows 76.4 in April. Economic Growth Strength in consumer spending and business investment is helping the economy weather government cutbacks, revised first-quarter data showed yesterday. Gross domestic product rose at a 2.4 percent annualized rate, and household spending expanded 3.4 percent, the most since the last three months of 2010. Purchases are being underpinned by gains in equity and housing markets. The Standard & Poor’s 500 Index (SPX) , which reached a record on May 21, is up 16 percent since the start of 2013. The S&P/Case-Shiller index of home values in 20 U.S. cities advanced in the 12 months to March by the most in seven years. Lowe’s, the second-largest U.S. home-improvement retailer, is among companies counting on a strengthening housing market to lift demand. The Mooresville, North Carolina-based chain said sales last month also recovered from a cold spring that sapped demand for outdoor items such as flowers and fertilizer. More Progress “We expect growth to remain modest through mid-year as consumers adjust to higher taxes and the fiscal drag intensifies,” Chief Executive Officer Robert Niblock said on a May 22 conference call with analysts. “However, we do expect that the lagged effect of recent gains in housing will benefit home-improvement demand as the year progresses.” A drop in receipts at services stations, reflecting lower gasoline prices , probably restrained last month’s spending total, economists said. The Commerce Department’s price index tied to spending, the gauge tracked by Federal Reserve policy makers, fell 0.2 percent in April as fuel costs retreated, according to the Bloomberg survey median. It would mark the biggest drop in almost a year. Adjusting the April spending forecast for the decline in prices would yield a 0.2 percent increase in so-called real purchases -- which are the figures used to calculate GDP -- following a 0.3 percent gain in March. Utility Bills Consumers also probably had smaller utility bills last month as the weather turned warmer following the coolest March since 2002, helping curb total spending. Kirkland’s (KIRK) , a Nashville, Tennessee-based retailer of home accessories and furniture, reported sales climbed 3.5 percent in the first quarter ended May 4. “Recent pockets of improvement in the housing market suggest a lift to consumer confidence and activity, especially for middle income consumers where housing has traditionally been a reservoir of wealth similar to the equity and bond markets for the more affluent,” Chief Executive Officer Robert Alderson said on an earnings call on May 23. Employers hired a net 165,000 workers in May, the same as in April, economists projected ahead of the Labor Department’s payrolls report next week. The jobless rate probably held at a four-year low of 7.5 percent, they said.
|
{
"questions": [
{
"question": "소비자 신뢰지수와 소비지출 사이에는 어떤 관계가 있을까요?",
"reasoning_effort": "medium"
},
{
"question": "인플레이션이 기업의 재무제표에 미치는 영향은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "정부의 재정정책이 장기적으로 경제성장률에 미치는 영향을 평가할 때 고려해야 할 주요 변수는 무엇인가요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-049232
|
finance
|
korean
|
Swiss Stocks Decline for a Third Day as Richemont Falls.Swiss stocks fell for a third day, trimming their ninth consecutive monthly gain, before reports on consumer confidence and business activity in the U.S. Cie. Financiere Richemont SA dropped 2.4 percent for the biggest decline on the Swiss Market Index. Holcim Ltd. (HOLN) led construction shares lower. Givaudan SA (GIVN) advanced 1.1 percent after Credit Suisse Group AG upgraded the shares. The SMI (SMI) retreated 0.9 percent to 7,952.4 at 10:44 a.m. in Zurich, extending its drop this week to 2.7 percent. The benchmark measure has still risen 0.6 percent this month as it headed for its longest streak of gains since 1997. The broader Swiss Performance Index also lost 0.9 percent today. “We have to get used to much more volatility since the future path of monetary policy is much more uncertain now,” Witold Bahrke, who helps oversee $55 billion as a senior strategist at PFA Pension A/S in Copenhagen, wrote in a message. “The big threat is that the quantitative-easing medicine is withdrawn earlier than expected. As this QE medicine has already caused equities to overshoot relative to fundamentals, earlier than expected tapering means a higher fear factor.” In the U.S., a report at 9:55 a.m. New York time will probably show that consumer confidence rose to the highest level since July 2007. The Thomson Reuters/University of Michigan gauge of sentiment climbed to 83.7 in May, according to the median projection of economists in a Bloomberg survey. That would match the preliminary reading for this month. A separate release at 9:45 a.m. may show that business activity in the U.S. stagnated in May. The MNI Chicago Report’s business barometer rose to 50 this month, from 49 in April, economists forecast in a Bloomberg survey. A reading of 50 is the dividing line between expansion and contraction.
|
{
"questions": [
{
"question": "기업이 배당 정책을 변경할 때 투자자에게 미치는 주요 영향은 무엇인가요?",
"reasoning_effort": "medium"
},
{
"question": "금리 인상이 주식 시장에 미치는 장기적인 영향은 어떻게 분석할 수 있나요?",
"reasoning_effort": "high"
},
{
"question": "기업이 자본 구조를 재조정할 때 고려해야 할 핵심 요소는 무엇인가요?",
"reasoning_effort": "medium"
}
]
}
|
success
|
bloomberg-news-015929
|
finance
|
korean
|
Hollande’s First Day in Office Is Marked by Merkel Summit.President Francois Hollande will spend his first hours as French president huddled in meetings today with German Chancellor Angela Merkel , underscoring rising concern that Greece is headed out of the euro. Franco-German summits have become such a feature of the European financial crisis that Hollande’s predecessor, Nicolas Sarkozy , and Merkel became known by the single name “Merkozy.” “The euro break-up story is gathering steam again,” Marchel Alexandrovich, senior European economist at Jefferies International in London , said in a note yesterday. “The political uncertainty in Greece is higher than six months ago, with the Spanish and Italian macro backdrops clearly worse. But not to worry, it will all be all right because Germany and France are getting ready for another summit.” Hollande was sworn in today at the Elysee Palace in Paris as the seventh president of the Fifth Republic and the 24th in French history. Before the ceremony, he held a brief private talk with predecessor Sarkozy during which France’s nuclear weapon codes were passed on. “Among the constraints we face are massive debt, slow growth, high unemployment and diminished competitiveness,” Hollande said in his first speech as president. “But nothing is inevitable. I want to revive France and open a new way in Europe. A clear direction has been fixed and we’re mobilizing the strengths of France.” Soaked Hollande said he will make proposals to counter Europe ’s financial crisis that would cut government debt while providing economic stimulus. Following his speech, Hollande drove down the Avenue des Champs-Elysee en route to the Arc de Triomphe, soaked by a downpour while waving to supporters from the open roof of his car. He deposited a bouquet to French soldiers lost in battle at the Arc de Triomphe. The new president will name his prime minister later today and hand out other cabinet posts tomorrow. He is leaning toward Nantes mayor and Socialist parliamentary leader Jean-Marc Ayrault, Jean-Pierre Jouyet , head of France’s AMF financial- markets regulator and a confidant of Hollande, said today on RTL radio. Jouyet cited both press reports and “other” sources. Ayrault “is also a German teacher, and has been described by Hollande as a ‘ Social Democrat of German type,”’ Dominique Barbet, an economist at BNP Paribas, said in a note to clients. “He should thus be well regarded in Berlin.” ECB Role Before flying to Berlin, he’ll attend tributes to Jules Ferry, the creator of the French public-school system, and to Marie Curie, the Polish-born French scientist who became the first woman to win a Nobel Prize. Upon arrival in the capital of France’s neighbor and biggest trading partner, Hollande will begin his effort to carry out a campaign promise to renegotiate the euro-area’s fiscal treaty. He says it puts too much emphasis on austerity and not enough on growth. He has also called on the European Central Bank and the European Investment Bank to play more active roles in stimulating demand. Merkel has said the treaty can’t be touched, and has said she’s opposed to using government money to boost the economy. While Merkel is head of Europe’s most powerful and healthiest economy, she’s also coming off a weekend defeat for her political party in elections for the regional legislature of North Rhine-Westphalia. ‘Save Face’ Hollande’s hand is weakened by France’s economic performance. Europe’s second-largest economy has stalled even as Germany powers ahead, driven by demand for its exports in emerging markets. French gross domestic product recorded no growth in the first quarter, while German GDP grew 0.5 percent, the country’s respective statistics offices reported today. “Everyone needs to save face,” Philippe d’Arvisenet, global economist at BNP Paribas, said in an interview. “It means there will be a statement that mentions the word ‘growth’ that also makes it clear that growth won’t happen through national stimulus plans. It may be about giving countries more time to cut their deficits, which may make the plans more credible.” Pierre Moscovici , the head of Hollande’s transition team, wouldn’t say in a May 7 press conference if Hollande would insist on re-writing the treaty, or if he’d be satisfied with separate statements about growth measures. ‘Step by Step’ Hollande last week met with EU President Herman Van Rompuy and euro group head Jean-Claude Juncker, and made no statements after the meetings. Merkel’s spokesman Steffen Seibert said May 11 that Merkel and Hollande won’t take any decisions today. The two leaders will hold a joint press conference after their dinner. “I believe it’s better for the Greeks to stay in the euro area, but that also requires that we set out a path on which Greece gets back on its feet step by step,” Merkel said during a panel discussion with high-school students in Berlin yesterday. “Of course Greece can make it.” Greece’s elections the same day Hollande was elected produced a political vacuum that puts in doubt the country’s ability to stick to the cuts required to receive bailout aid. Bonds of at-risk countries have suffered since the Greek vote. Spain ’s extra 10-year yield over German levels widened to a euro-era record close yesterday. Italian 10-year yields jumped by the most since January. Spurring Growth In two days, Hollande, 57, meets President Barack Obama at the White House, before heading to a global leaders’ summit at Camp David, outside Washington , and a meeting of NATO chiefs in Chicago. In the U.S., Hollande will have to justify his plans to withdraw French troops from Afghanistan a year earlier than Sarkozy agreed upon with North Atlantic Treaty Organization partners. Hollande could find himself closer to the U.S. on economic matters. Obama and his advisers have often criticized the 17- country currency union for not doing enough to spur growth. Treasury Secretary Timothy F. Geithner said April 25 the U.S. faces risks from the slow growth in Europe, even as he said the euro region had taken steps to calm the debt crisis.
|
{
"questions": [
{
"question": "통화정책과 재정정책이 경기 부양에 미치는 차이점은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "한 국가의 부채비율이 높을 때 투자자들에게 미치는 위험은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "유동성 위기 상황에서 중앙은행이 시행할 수 있는 비정상적 통화정책 도구는 무엇이며, 그 효과는 어떻게 달라질 수 있는가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-004827
|
finance
|
korean
|
Chinese Soybean Crusher Plans to Cancel Shipments From Brazil.Shandong Chenxi Group Co., a Chinese soybean crusher and trader, said it plans to cancel orders for almost 2 million metric tons of Brazilian cargoes because of shipment delays. The company ordered about 10 cargoes of Brazilian soybeans to be delivered in February and March yet only two have arrived, Shao Guorui, general manager for oilseeds at the company in northern China ’s Shandong province, said by telephone today. Chenxi may cancel about 30 cargoes, which are scheduled to be delivered by July, he said. It may also buy soybeans from domestic ports or reorder cheaper supplies from Argentina , Shao said. Reuters earlier reported the plans to cancel the shipments. To contact Bloomberg News staff for this story: William Bi in Beijing at [email protected]
|
{
"questions": [
{
"question": "시장 가격 변동 시 투자자는 어떤 위험과 수익을 고려해야 할까요?",
"reasoning_effort": "low"
},
{
"question": "기업이 부채와 자본을 조합해 재무 구조를 최적화하려면 어떤 요소를 고려해야 할까요?",
"reasoning_effort": "medium"
},
{
"question": "중앙은행이 기준 금리를 인상하면 기업의 투자 결정과 장기적인 경제 성장에 어떤 영향을 미칠 수 있을까요?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-071532
|
finance
|
korean
|
Rudd Rules Out Challenge Amid Speculation Gillard Days Numbered.Prime Minister Julia Gillard , facing poor polling and media speculation she may be toppled in the coming week, received a boost when her main rival again ruled out challenging for Australia ’s top job. “I don’t believe there are any circumstances under which that would occur,” Kevin Rudd , whom Gillard ousted in a June 2010 backroom party coup, told Channel 7 in an interview today. Australians have had a “gutful” of the leadership talk, he said. Next week looks to be the last chance for Rudd supporters to try and remove Gillard, with parliament sitting in Canberra for the final time before the Sept. 14 election. Opinion polls indicate the Tony Abbott-led Liberal-National opposition is set to take government in a landslide win. Even as polls show voters would give more support to a Rudd-helmed Labor, Australia’s first female leader has vowed she won’t resign. Should Gillard refuse to throw open her leadership, a challenge could only be held if more than a third of Labor’s caucus demands a party room vote, known as a spill. “Rudd’s comments today echo those he’s made before -- he’s not ruling out becoming Labor leader, he’s just saying he won’t challenge,” said Andrew Hughes , who conducts political-marketing research at the Australian National University in Canberra. “He wants the party to come to him and ask him to save them. With the dire way the election looks under Gillard’s leadership, that still can’t be ruled out.” Gillard beat Rudd in a February 2012 leadership ballot 71 votes to 31, prompting Rudd to rule out a future challenge. In March this year, he declined to contest the leadership when Gillard called a vote. She was re-elected unopposed by her Labor colleagues. Union Backing Speculation Labor would return Rudd to the leadership to revive the party’s prospects for re-election resurfaced after he started campaign appearances for colleagues in marginal seats this month. The trade union movement is unanimous in its support of Labor and Gillard’s bid for re-election, the nation’s senior workers’ representative Paul Howes said yesterday. Gillard received another boost today, when Labor power-broker Bill Shorten backed her. “I have always had and continue to have a strong working relationship with the prime minister,” Employment and Workplace Relations Minister Shorten said in an e-mailed statement. “I have a great deal of respect for the prime minister and continue to support her. Reports today are baseless and inaccurate.” Shorten’s Support Shorten, who helped engineer Gillard’s 2010 leadership move, responded after the Australian newspaper today said he had been excluded from Gillard’s strategic decision-making team as pressure mounts on him to resolve Labor’s leadership issues. The Australian Financial Review reported today that supporters of Rudd claim he has the numbers to hold a successful challenge next week. Both papers cited Labor sources they didn’t identify. Treasurer Wayne Swan urged Australians to abandon reading “fictional reports which appear in newspapers.” “When you pick up the papers and read the stories in the morning what you find is a lot of rubbish,” Swan told reporters in Brisbane today. Replacing Gillard with Rudd would boost Labor’s chances at the ballot box, polls show. His return would lift Labor by 11 percentage points in the primary vote to 40 percent, compared with the coalition’s 42 percent, according to a Nielsen survey published in Fairfax newspapers June 17. It showed support for Labor under Gillard slid 3 points to 29 percent, versus the opposition’s 47 percent.
|
{
"questions": [
{
"question": "기업이 재무제표에서 부채비율을 계산할 때 사용하는 공식은 무엇인가?",
"reasoning_effort": "low"
},
{
"question": "금리 인하가 기업의 투자 결정에 미치는 영향은 어떻게 설명할 수 있을까?",
"reasoning_effort": "medium"
},
{
"question": "인플레이션과 실질 이자율 사이의 관계를 설명하고, 중앙은행이 이를 조절하기 위해 사용하는 도구는 무엇인가?",
"reasoning_effort": "high"
}
]
}
|
success
|
bloomberg-news-038130
|
finance
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korean
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Budding Gekkos Get Tips on Ponzis in ‘History of Greed’: Books.David Sarna’s “History of Greed” exposes the swinish side of finance. Will it also, like Gordon Gekko, inspire impressionable college kids to get up to no good? The mere thought may repulse Sarna, a management consultant and former high-tech executive who remains passionate about the uses and abuses of markets. “Capitalism is not about stealing, swindling or screwing the little guy,” he writes in this uneven yet handy compendium of frauds and scams. “It is about the individual improving his or her own situation by producing something of worth that improves the lives of others.” We can only hope that his text doesn’t succumb to the law of unintended consequences. Witness how Oliver Stone’s assault on barbarians-at-the-gate capitalism in the original “Wall Street” turned many an MBA student into a trader or investment banker. Contrary to his title, Sarna’s book isn’t a history. The great financial scandals of old -- John Law’s Mississippi Company and the South Sea Bubble, for instance -- are just briefly summarized in one chapter. In place of a continuous chronicle, Sarna offers up a series of sometimes dense case studies on fraud in its myriad forms, especially those practiced in the U.S. in recent decades. Drawing on court records, news reports and his own unpleasant run-ins with flim-flam artists, Sarna takes us on a tour of the sleazy back alleys of markets. He lucidly explains how some unscrupulous operators manipulate shell companies while others pump up stocks they later dump at inflated prices. If you’re bent on becoming the next Bernie Madoff , these profiles in greed form a veritable guidebook on how to build your own financial weapon of mass destruction. Boggling Diversity The book rehashes many familiar stories, yet the diversity of the scams still boggles the mind: One ring of people has been charged with fraud in a scheme to steal millions of dollars by falsely claiming refunds on fraudulent income-tax filings, Sarna says. Other swindles look as complex as Swiss timepieces: They tick through layers of stock promoters, short sellers, day traders and money launderers. The book’s cover sports a pink piggy with a con man’s face. The account climaxes with the orgy of Ponzi schemes whose magnitude and duration grew exponentially during the housing bubble. Many targeted members of their own religious groups, preying on the trust found among Orthodox Jews, for example. Each Ponzi claims to have his own secret sauce for outperforming the market, be it in metals arbitrage or currency trading. Madoff famously attributed his too-good-to-be-true returns to a strategy known as a split-strike conversion. Greenspan’s Bubbles Ponzi schemes flourish during booms -- when investors are less likely to tap their savings -- and collapse during busts, when redemptions outpace new investments. That’s what happened during the meltdown. How many investors might have been saved from ruin if Alan Greenspan had dared to prick the dot-com and housing bubbles during his tenure at the Federal Reserve? Sarna derides venture capitalists as “vulture capitalists” and tends to lump short sellers together with crooks. He does acknowledge that short selling -- a bet that prices will fall -- is “a legitimate investment strategy.” Yet he attempts to tar a pioneer of the practice, Isaac le Maire. Le Maire, a former Dutch East India Company director, famously shorted the monopoly’s stock in 1609. He lands in the rogue’s gallery here because he sold more shares than he owned, “making him the first naked short seller.” Shareholder Value Sarna glides past the reality that the company’s directors were abusing investors: They milked their positions for private benefit, failed to pay dividends and withheld information about financial results. They were, in today’s parlance, destroying shareholder value, as Paul Frentrop has explained in his book, “A History of Corporate Governance.” For those tempted to try out the scurrilous techniques described in these pages, Sarna offers a warning -- a whole chapter of punishments meted out to convicted financial felons. Fraudster Sholam Weiss, for one, was sentenced to 845 years in prison, easily topping Madoff’s 150 years. Now incarcerated as inmate 32610-054 in U.S. Penitentiary-Canaan in Pennsylvania, Weiss has a projected release date of Nov. 23, 2754. “By way of comparison, the punishment for murder can be as little as 10 years in some jurisdictions,” Sarna writes. “History of Greed: Financial Fraud From Tulip Mania to Bernie Madoff” is from Wiley (398 pages, $29.95, 19.99 pounds, 24 euros). To buy this book in North America, click here. ( James Pressley writes for Muse, the arts and leisure section of Bloomberg News. The opinions expressed are his own.)
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{
"questions": [
{
"question": "주식 시장에서 단기 매도(short selling)가 투자자에게 미치는 장단점은 무엇인가?",
"reasoning_effort": "medium"
},
{
"question": "기업이 배당금을 지급하지 않을 때 주주 가치에 어떤 영향이 있을까?",
"reasoning_effort": "medium"
},
{
"question": "정부가 거시경제 정책을 통해 버블을 완화하려면 어떤 수단이 가장 효과적일까?",
"reasoning_effort": "high"
}
]
}
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success
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