Good chance for ‘reasonable’ US reform bill-Volcker

June 9 (Reuters) – There is a good chance that the sweeping U.S. financial reform bill will be passed in a “reasonable form,” White House economic adviser Paul Volcker said on Wednesday, adding the bill could provide a basis for international coordination on coherent legislation.

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He added there is no basis yet for “business as usual” in U.S. and European financial markets, despite some economic growth over the last year.

The proposed “Volcker rule” being debated by U.S. lawmakers would ban risky proprietary trading unrelated to customers’ needs; bar them from sponsoring hedge funds and private equity funds; and limit their future growth through a new cap on market share. (Reporting by Jonathan Spicer; Editing by James Dalgleish)

Chile peso ends up 1.3 pct on global stocks upswing

June 9 (Reuters) – Chile’s peso CLP= ended 1.26 percent higher on Wednesday, reversing losses from the previous session as global stocks rebounded and prices of the country’s main export, copper, climbed, traders said.

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The peso rose to 541.00/541.50 per U.S. dollar compared with Tuesday’s close of 547.80/548.30. (Reporting by Froilan Romero and Maria Jose Latorre; Editing by James Dalgleish)

US Bancorp sells $1 bln three-year notes – IFR

June 9 (Reuters) – US Bancorp (USB.N) on Wednesday sold $1 billion of three-year notes, said a market source familiar with the sale.

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The 2.00 percent notes were priced at 99.875 to yield 2.043 percent, or 85 basis points over comparable U.S. Treasuries, according to IFR.

The joint lead managers on the sale were Goldman Sachs, Morgan Stanley and USB. (Reporting by Caryn Trokie; Editing by James Dalgleish)

IMF welcomes Hungary fiscal goal, sets July talks

June 9 (Reuters) – An IMF mission to Hungary on Wednesday welcomed the government’s commitment to a 3.8 percent of gross domestic product fiscal target for 2010 and said it would discuss other policies in July.

“These measures and other policies under the program will be formally discussed in the course of the next review mission, which is scheduled for early July 2010,” IMF mission chief to Hungary Christoph Rosenberg said in a statement after talks in the capital Budapest. (Reporting by Lesley Wroughton; Editing by James Dalgleish) (lesley.wroughton@thomsonreuters.com; Tel: +1-202-898-8317; Reuters Messaging: lesley.wroughton.reuters.com@reuters.net))

TREASURIES-Bonds hold losses after 10-year note sale

June 9 (Reuters) – U.S. Treasury prices held steady at lower levels on Wednesday after a $21 billion auction of 10-year debt, part of this week’s $70 billion in government note supply.

Benchmark 10-year notes US10YT=RR were last down 10/32 in price for a yield of 3.22 percent. This compared with a 11/32 fall in price and a yield of 3.23 percent shortly before the Treasury announced the latest 10-year auction results. (Reporting by Richard Leong; Editing by James Dalgleish)

Bradesco plans $250 mln of 3-year bonds – sources

SAO PAULO, April 14 (Reuters) – Banco Bradesco (BBDC4.SA) (BBD.N), Brazil’s second-largest private sector bank, plans to sell $250 million of senior, fixed-rate bonds, sources with direct knowledge of the plans said on Wednesday.

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Bradesco, which will sell the debt through its Grand Cayman branch, hired Bank of America Merrill Lynch, HSBC, BES Investimento and its own Bradesco BBI unit as bookrunners of the bond sale. (Reporting by Elzio Barreto and Guillermo Parra-Bernal; Editing by James Dalgleish)

U.S.’ Donovan says GSE reform could hurt recovery

WASHINGTON, April 14 (Reuters) – Quick changes to the way Americans finance their homes would likely push home prices lower and threaten the nascent economic recovery, Housing and Urban Development Secretary Shaun Donovan said on Wednesday.

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“We cannot move hastily on an issue as complex as this,” Donovan said at a hearing on the future of housing finance before the U.S. House Financial Services Committee. (Reporting by Corbett B. Daly; Editing by James Dalgleish)

Fannie Mae to sell 2-year benchmark notes on Thurs

NEW YORK, April 14 (Reuters) – Fannie Mae (FNM.N) (FNM.P), the largest U.S. home funding source, is planning to sell new two-year benchmark notes on Thursday, according to a market source on Wednesday who was familiar with the sale.

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The notes are expected to yield about 25 basis points over comparable U.S. Treasuries, the source added.

Fannie Mae has hired Barclays, Citigroup and UBS to manage the sale. (Reporting by Caryn Trokie; Editing by James Dalgleish)

Chile to spend $2.5 bln on post-quake home rebuild

Chile’s government will spend over $2.5 billion to fund reconstruction of homes destroyed or badly damaged by the massive Feb. 27 quake that hit the country, President Sebastian Pinera said on Monday.

Pinera said the government aimed to complete the $2.54 billion program within 24 months. On Saturday Pinera said the public sector would fund a total of around $12 billion for post-quake reconstruction, which compares to estimated total damage of up to $30 billion.

(Reporting by Alonso Soto, Simon Gardner, Antonio de la Jara and Fabian Cambero; Editing by James Dalgleish)

‘Bizarre requirements’ force boat ramp rethink

The Fraser Coast Council in southern Queensland says it could take several years and millions of dollars to carry out studies to build a new boat ramp at Burrum Heads.

The council has voted to investigate upgrading an existing ramp instead of building a new one after the State Government asked for an environmental impact statement (EIS) on the project.

The Burrum Heads Progress Association has been campaigning for a new ramp since 1994 and previously had the council’s support.

But councillor David Dalgleish says studies for the EIS could cost millions of dollars.

He says even if the council proceeded with the studies, the project would need an amendment to the Great Sandy Marine Park to go ahead.

“The State Government has given us a list of requirements, a bizarre list of requirements that is unheard of, but they obviously have a real passion to make sure this doesn’t go ahead,” he said.

“What it would have meant was the council could have spent in excess of $2 million doing studies and then it still would require an act of Parliament to go through.”

He says the council could not justify the expense.

“We can’t take the gamble of risking $2 million of ratepayers’ money on studies that may lead to nothing but a rubbish tin,” he said.

“So we now are back to the drawing board to try and find an alternative solution, which will be probably put some money into upgrading one the State Government’s poorly managed boat ramps that exist there now.”