World Bank Unveils 6 billion for the Egypt and Tunisia (Reuters)

WASHINGTON (Reuters) - President of the Bank World Robert Zoellick on Tuesday unveiled $ 6 billion in funding to help the budget address Tunisia and Egypt and shortfalls in reserve this year and next year, following the popular uprisings which took end years of dictatorships, but which have caused economic hardship.

Zoellick said that a meeting of the Group of eight in France this week will discuss transitions sweeping the country in the Middle East and the North Africa.

He said that the World Bank works closely with the IMF, which oversees a separate envelope focused on macroeconomic stability. An IMF mission is currently in Egypt, he added.

For the Egypt, the plans of the World Bank to make available to $ 4.5 billion in the course of the next 24 months, including 1 billion dollars this year to budget support and $ 1 billion next year depending on how far from the political and economic reforms have advanced.

The remaining $ 2.5 billion will be invested in development in Egypt projects, loans to support the private sector and political risk guarantees.

For the Tunisia, the World Bank plans $ 1 billion in support for the budget and investment projects, beyond $ 500 million already announced to help the Government, Zoellick added.

In addition, the World Bank plans to lend up to 400 million for projects in the private sector and 100 million dollars in guaranteed investments, said Zoellick. He said that the funding will be disbursed after approval by the World Bank Board next month.

He noted that provisional Government of the Tunisia also dealt with the cost of some 50,000 refugees fleeing the conflict in the neighbouring countries of the Libya, with some 6 000 to 7 000 in United Nations camps.

(Reported by Lesley Wroughton;) (Editing by James Dalgleish)

Casino MGM plans Macau to Hong Kong $ 1.5 billion IPO

HONG KONG - a casino Macau joint-venture between the Las Vegas-based MGM Mirage and the daughter of gambling tycoon Stanley Ho plans to raise up to $ 1.5 billion in an initial public offering on the stock exchange of Hong Kong.

Documents posted Thursday on the Web site of resorts said MGM that MGM China Holdings Ltd. intends to sell 760 million shares between Hong Kong and HK $ $12.36 15.34 per share. The IPO would raise HK 11.67 billion ($1.5 billion) to the high price of the page.

In the introduction on the stock exchange, MGM China will become owner of MGM Grand paradise S.A., society of Macao which is the owner of the MGM Grand Macau station and casino and the sub-concession of game related.

MGM Casino is one of the 34 Macau, a special administrative region of China and the only place in the country where the casino game is legal. The company hopes to capture the growing investor interest in Macau game companies who contributed to the growth of the economy since a four-decade casino monopoly was destroyed in 2002.

The former Portuguese colony is now among the best in the world market of game.

In March, casino revenues soared 45 percent the same month last year. In 2010, Macau commissioned 23.5 billion $ in the revenues set, about four times more than 5.8 billion $ of Las Vegas strip.

Market leader SJM Holdings Ltd. is now in competition with rivals including Las Vegas Sands Corp., Wynn Resorts Ltd. and Melco Crown Entertainment Ltd.

Casino of the MGM Macau and hotel resort opened in December 2007 and 1 006 slot machines and 427 gaming tables. A 10-metre gold lion is located on the front. The company requested the permission of the Government build another casino the marshy lands recovered in the district of Macao in Cotai.

MGM Resorts reached an agreement the month latter with partner Pansy Ho who will give it 51 percent property and control the management of the farms of China MGM once it goes public. Ho Pansy will have a stake of 29 percent and other shareholders will own 20 percent participation. Previously, it was split 50 / 50.

Ho Pansy said it agreed to reduce its shareholders as a way to demonstrate its commitment to the partnership. She is co-Chair of the China of MGM with Jim Murren, who is the CEO of MGM Resorts.

She said his role with the company would be "strategic", to assist in a guide to how MGM China in its exploration opportunities in Macao and, hopefully, in the future in greater China, including Taiwan.

Ho Pansy is daughter of Stanley Ho of his second wife 48 years. His father, a Tycoon who is a large part of his fortune to win the Macau Gambling monopoly in 1962, has 16 live children by four women he calls his wives while he is not legally married to each of them.

Stanley Ho is considered the father of the modern game in China. It was also long accused of links with Chinese organized crime, which he denies.

A report of New Jersey Division of Gaming Enforcement made public last year, said Ho allows criminal gangs "to operate and thrive" in its casinos. The section concluded that Pansy Ho is dependent on him and his money and remains under its influence.

In response to an ultimatum of regulators of casino New Jersey that MGM Resorts sell its 50 per cent participation at the top the Atlantic City casino, or cut ties with Pansy Ho, MGM chose to continue her relationship with her.

Regulators have concluded that Pansy Ho is a business partner "inappropriate" to MGM in Macau.

The company does not recognize any wrongdoing and said that he was a "spotless record" operating with it.

More recently, Stanley Ho was also involved in a dispute of inheritance on his game empire involving various branches of his family. 89-Year-old challenged the transfer in January of its shares in LSU approximately 1.6 billion to the families of his second and third wives. That led to a monthslong conflict which included a lawsuit filed by Tycoon against Pansy Ho and several other children before it has been established.

Glencore raises $ 10 billion through the introduction on the stock exchange

ZURICH - commodities giant Glencore Swiss raised about 10 billion (EUR 7.0 billion), via a stock flotation he said Thursday at a 530 pence issue price that values the company at about $ 60 billion.

The flotation marks the largest initial public offer this year, with a strong demand for the stock immediately pushing the market price.

"Glencore"? "s offer saw a substantial interest of investors around the world and was considerably oversubscribed throughout the range of prices offering a high quality, diverse and geographically spread investor base, Glencore" said Ivan Glasenberg, CEO of Glencore.

The company, based in Baar, fixed price to 530 pence Thursday, in the range of 480 to 580 pence, that it announced in early May.

Conditional - unofficial trade shares on the condition that they will be eventually be fully listed on the stock market - began Thursday on the London stock exchange and the price rose to 548 pence shortly after the market opened at 0700 GMT.

It reached a peak of 550 pence in trade in the morning and closed to 538 pence for a gain of 1.5% of its issue price.

Official trade full shares will begin May 24 in London and Hong Kong on May 25.

Glencore, trader of more products in the world by revenue with 145 billion in 2010, guaranteed $ 3.1 billion of so-called cornerstone investors, who have subscribed to 31 per cent of the shares on offer.

These investors include funds sovereign Singapore and Abu Dhabi, asset managers and private banks.

In all, total Group shares 1.2 billion or 16.9% of the shares were floated. The remains of 83.1 for hundred remaining between the hands of the management and employees.

The markets RBC Capital analyst Miriam Hehir describes the entrance of Thursday on the London Stock Exchange as a "good start", adding that he announced "the beginning of a new era" for the group.

Glencore has said that he would use the funds raised by the list of exhibits to repay debt, to increase its participation in Kazzinc, a producer of zinc, with core activities in the Eastern Kazakhstan and fund other projects to expand its activities.

Ratings agency Moody's said that the move would improve the financial flexibility of the group to raise funds, as it gives access to other forms of funding for future acquisitions.

The BPI is that raw material prices rise in the middle of the huge demand from Asia, including China and the India for resources fuel their economies.

Founded in April 1974 by trader Marc Rich, Glencore operated initially in an apartment in the canton of Zug in Central Switzerland before quickly becoming a major player in the trade of commodities.

Metals, minerals and crude oil, the Group settled in agricultural products and has begun to expand third party products to acquires ownership of the resources in the 1980s by buying its own mines simply trade.

Banks floating $ 5 billion deal to settle the foreclosure probe

(Reuters) - major banks are willing to pay $ 5 billion to settle claims by federal officials and mortgage foreclosure illegitimate practices States, the Wall Street Journal reported, citing people familiar with the situation.

Banks offer comes as the State and the companies of mortgage loan and federal officials continue their efforts to strike a settlement of the investigations sparked by allegations of "robo-signature" and other dubious practices of foreclosure which came to light last fallsaid the newspaper.

Banks intend to propose as much as $ 5 billion be used to compensate the borrowers already done harm to the foreclosure of the process and provide assistance to the transition for borrowers who are excluded from their homesthe WSJ said, citing people familiar with the case.

BofA to cut half $ 850 billion bad loan portfolio

 Bank of America Corp. (BAC).(N) plans to reduce its portfolio of 850 billion in troubled mortgages by nearly half over the next three years, new head of unit Mortgage Bank told the Financial Times.

The Bank looks to this seeks to quickly resolve problems related to the crisis of housing and the purchase of Countrywide Financial, said the paper.

Last month, Bank of America posted an unexpectedly strong decline in favour of the first quarter of spending of seized delays home weighed on its mortgage business.

Terry Laughlin of BofA requested to fight against the growing number of bad debts which affect the overall performance of the Bank, reported the Financial Times.

"We isolate problems and quickly identify the resources that we need to fix," Laughlin said the Financial Times.

Bank of America said March was not its mortgage activity expected to return to normal remuneration until 2014 or later, while most of the other companies could recover in 2013.

Laughlin wants to simplify the process of amendment, whereby borrowers are generally offered lower monthly payments for a period of time, to better manage the high number of delinquency, said the daily.

Fannie Mae seeks $ 8.5 billion more by the Federal Government (AP)

WASHINGTON - Fannie Mae asked the Government Friday for 8.5 billion in aid after the decline of housing prices caused more defaults on loans secured by the mortgage giant.

The company said lost $ 8.7 billion in the first three months of the year. These losses led Fannie asking more than three times the federal assistance he requested in the previous quarter. The cost total save the buyer Government-controlled mortgage is almost 100 billion dollars - the most expensive rescue of a single business plan.

Combined with the company's sister Freddie Mac rescue plan, the Government is expected to help taxpayers about $ 259 billion. That money will cover the losses of the giants of soured mortgage loans granted in the real estate bubble.

Housing prices declined on average 1.8% across the country during the January-March quarter, said Fannie Mae. That led to several seizures and the owners of houses worth less that they have towards their mortgages abandonment.

"We expect our credit losses to remain high in 2011, while we continue to be negatively affected by declining real estate prices extended" President and CEO Michael Williams said in a statement.

The losses in the first three months of the year are related to loans have been extended until 2009, said Fannie Mae. The company expects to earn money on the mortgage loans it has acquired since January 2010.

The companies reversed almost because of losses on risky mortgages that they bought between 2005 and 2008. They were tightening their criteria for credit after the start of these loans go bad.

Fannie and Freddie buy mortgages from banks and other lenders, their links with a guarantee against default package and sell them to investors around the world.

When property drop, default owner values - either because they are unable to afford the payments, or because they have more that the property is a value. Because of the guarantees, Fannie and Freddie must pay for the losses.

Fannie Mae, based in Washington, and Freddie Mac, based in McLean, Virginia, own or guarantee about half of all mortgages in the United States, or almost 31 million dollars of real estate loans worth more than 5 trillion. With other federal agencies, they supported nearly 90 percent of new mortgages in the past year.

In February, the Obama administration unveiled a plan to slowly dissolve the mortgage companies. The objective is to reduce the role of Government in mortgage loans. Exactly how that would produce left for Congress to decide.

Whatever the result, he would reverse decades of policy of the Federal Government to encourage Americans to buy a House. Mortgage would almost certainly more expensive.

January-March of Fannie Mae loss attributable to ordinary shareholders works $1.52 per share. It takes into account 2.2 billion in payments of dividends to the Government. That compares to a loss of 13.1 billion dollars, or $2.29 per share, in the same period last year.

Fannie Mae seeks $ 8.5 billion more by the Federal Government

WASHINGTON - Fannie Mae asked the Government Friday for 8.5 billion in aid after the decline of housing prices caused more defaults on loans secured by the mortgage giant.

The company said lost $ 8.7 billion in the first three months of the year. These losses led Fannie asking more than three times the federal assistance he requested in the previous quarter. The cost total save the buyer Government-controlled mortgage is almost 100 billion dollars - the most expensive rescue of a single business plan.

Combined with the company's sister Freddie Mac rescue plan, the Government is expected to help taxpayers about $ 259 billion. That money will cover the losses of the giants of soured mortgage loans granted in the real estate bubble.

Housing prices declined on average 1.8% across the country during the January-March quarter, said Fannie Mae. That led to several seizures and the owners of houses worth less that they have towards their mortgages abandonment.

"We expect our credit losses to remain high in 2011, while we continue to be negatively affected by declining real estate prices extended" President and CEO Michael Williams said in a statement.

The losses in the first three months of the year are related to loans have been extended until 2009, said Fannie Mae. The company expects to earn money on the mortgage loans it has acquired since January 2010.

The companies reversed almost because of losses on risky mortgages that they bought between 2005 and 2008. They were tightening their criteria for credit after the start of these loans go bad.

Fannie and Freddie buy mortgages from banks and other lenders, their links with a guarantee against default package and sell them to investors around the world.

When property drop, default owner values - either because they are unable to afford the payments, or because they have more that the property is a value. Because of the guarantees, Fannie and Freddie must pay for the losses.

Fannie Mae, based in Washington, and Freddie Mac, based in McLean, Virginia, own or guarantee about half of all mortgages in the United States, or almost 31 million dollars of real estate loans worth more than 5 trillion. With other federal agencies, they supported nearly 90 percent of new mortgages in the past year.

In February, the Obama administration unveiled a plan to slowly dissolve the mortgage companies. The objective is to reduce the role of Government in mortgage loans. Exactly how that would produce left for Congress to decide.

Whatever the result, he would reverse decades of policy of the Federal Government to encourage Americans to buy a House. Mortgage would almost certainly more expensive.

January-March of Fannie Mae loss attributable to ordinary shareholders works $1.52 per share. It takes into account 2.2 billion in payments of dividends to the Government. That compares to a loss of 13.1 billion dollars, or $2.29 per share, in the same period last year.

Lloyds takes $ 5.3 billion have reached for the put-selling of insurance

London - Lloyds (LLOY.)(L) took a charge of 3.2 billion pounds ($5.3 billion) Thursday to compensate consumers who have been refunds on the policies of insurance, and economic woes of the Ireland also filled the pain on the British Bank.

Lloyds, 41% held by Britain after a rescue of the credit crisis, made the provision against payment protection insurance (PPI) complaints after banks lost a British court case on how the policies were sold to millions of customers.

Investec analyst Gareth Hunt, said the PPI charge was double what awaits the market and could be bad news for other lenders mired in the saga.

"At least, it is clear, we now know what is the charge and the Bank can move forward, but it is certainly more important than expected." "It shows everyone will be share the same pain," said Hunt.

Lloyds shares were down 8.7% to 53 pence in morning trade, making the stock the worst performer on the FTSE 100 blue chip index (.)(FTSE), which decreased by 0.1%.

Losses from bad loans to Lloyds raised 2.6 billion pounds in the first quarter of 2.4 billion a year ago, but down from 3.8 billion in the previous quarter. He said the first quarter hit 500 million more expected books, mainly because of the Ireland, where the met Office has reached $ 1.1 billion.

The coup double put-selling insurance provision and pushed Ireland Lloyds in a statutory loss of 3.5 billion pounds in the first quarter, down from a profit of 721 million a year ago.

Margin net interest of Lloyds - the difference between what a bank charges for loans and what it pays to borrow – also fell to 2.07% of 2.12% late last year.

Lloyds was expected to swing a profit before taxes of 5 billion pounds this year, and analysts a profit of 8 billion pounds in 9 months of the year is a command.

HOPING TO DRAW THE LINE PUT-SELLING ISSUE INSURANCE

Last month, banks have lost an appeal before the High Court to counter the new rules on how they must sell PPI.

The competition watchdog has since possible probing been put-selling of PPI, which usually covers the purchases paid by instalments in case the purchaser becomes ill or unemployed.

There are approximately 12 million exceptional political, and one Analyst believes Lloyds has been exposed to about a third of this - involving the banking industry as whole could face 9 billion pounds of provisions of the PPI debacle.

Following discussions with the financial supervisory agency, Lloyds said "certain circumstances." where contact with the customer or repair will be appropriate it gave no details on the scale of possible compensation.

It will affect other banks and some overseas companies. Until now, the more conservative attitude was from Bank of America (BAC).(N), which, in October, took a 592 million of reserve requests related to PPI possible.

RBS reports results Friday, and it too may be affected. RBS shares were 4 per cent, while Barclays fell by 1%.

Morgan Stanley analysts last year estimated banks could have to pay 5.1 billion pounds in compensation to customers.

The Association of British Bankers (BBA) was examined or not to a new legal challenge against the decision of PPI but Lloyds said that it would not take part in any challenge fresh as he wanted to draw a line in the episode.

"We no longer participate in the judicial review of the BBA.". We refuse to continue a debate long ago with the regulator, "Chief Executive Antonio Horta-Osorio stated to journalists."

Britain also has an 83 per cent holding in the Royal Bank of Scotland (RBS).(L) after bailing out the two banks with billions of pounds of taxpayers in the crisis of credit money.

Because rescue Lloyds and RBS have been ordered by European regulators to sell a variety of assets.

Lloyds seeks to sell 600 retail banking branch, but last month, the independent Commission on banking (CVI) - established to propose the reform of the industry, said that Lloyds may have to sell more to improve competition.

Lloyds reiterated his surprise at this proposal, which could delay the sale of the branches agreed with the EU, adding it was communicating with potential buyers.

National Bank Australia UK (NAB).(AX), NBNK Investments (NBNK.)(L), the Virgin Money and Spanish lender BBVA (BBVA).(MC) have all been touted as buyers of the branches.

Analysts should also Lloyds to sell its Scottish Widows and Place St James s (FLS.)(L) divisions in Horta-Osorio strategic review of the company, although Horta-Osorio refused to comment Thursday on this issue.

(Edition by Hans Peters and Greg Mahlich)

($1 = 0.6052 books)

Daimler Q1 net double nearly 1.7 billion dollars (AP)

Frankfurt, Germany - car manufacturer Daimler AG almost doubled its net profit in the first quarter as its luxury brand Mercedes turned in a strong sales performance in China from the booming economy.

Earnings reached euro1.18 billion ($1.7 billion), place of euro612 million in the same quarter last year, the company said Friday. Income increased by 15 per cent to euro24.7 billion.

Revenues rose through the divisions of the company, but most of the increase came from the pillar of the Mercedes brand. Unit sales of its cars and luxury SUVs in China jumped 82 percent, while Western Europe and in the United States - much larger markets Daimler - saw increases of 4 percent.

Mercedes earnings this operating past 60 per cent to euro1.288 billion in the last year, most of euro2.03 billion company to profit before interest and taxes, or EBIT. Figure omits the financial elements but is used as standard by the company and analysts.

The company has sold more than 15 percent cars and commercial vehicles last year, to 461,700.

Performance of Daimler following strong gains the last few days of other automakers, who benefit from rising demand in emerging markets like China and the India and a continued recovery in the United States. Demand is lowest in Western Europe, where is growing of the Germany, but many other countries suffering from crises of the debt, troubled finances and flat growth.

Ford Motor Co. had its best first quarter in 13 years with benefit of $ 2.6 billion, while Volkswagen gained euro1.7 billion and beat top hand the expectations of the market on strong sales in ChinaIndia, Mexico and the Argentina.

A risk factor for industry was mentioned by Daimler in the Friday report: high raw materials, the company said had a negative effect on earnings. The issue was also cited by Ford CFO Lewis Booth.

Now, a building if uneven global economy continues to stimulate the Daimler and the industry. Daimler truck Division showed a big improvement, raising revenues of euro415 million to euro130 million operating in the same quarter a year earlier. Products of the division, including the fact of U.S. Freightliner, represent important investment decisions by companies of logistics and delivery and are therefore sensitive to the ups and downs of the economy.

"We obtained excellent earnings in the first quarter," CEO Dieter Zetsche said in a statement. "This we met well in advance of our planning and confirms our positive attitude for 2011.

The company said it took charges to reflect the disruption of the earthquake of the Japan and the nuclear disaster, write to euro49 million to Daimler truck - unit Mitsubishi Fuso is based at the Japan - unique and Ungureanu million for Daimler Financial Services.

Analyst Max Warburton at Sanford c. Bernstein, said that the results "only reached, unlike beat drama this week VW" in part because of one-time charges.

Warburton said however that the performance of the truck group shows this cost reduction had lifted margins before expectations to 7.4%. "We believe that the takeoff of truck that we anticipated is now underway."

Shares of the company traded initially, then slipped 2 percent to euro52.02 in the commercial Germany morning.