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business newsMust Read Financial Blogs: IMF Warns EU Debt Crisis Could Hit U.S. Banks, Cause Funding Strains
Minyanville's daily roundup of some of the best financial commentary from around the Web.
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Real Time Economics
Link: IMF Warns EU Debt Crisis Could Hit U.S. Banks, Cause Funding Strains
"The U.S. economy is susceptible to a range of shocks from the euro-zone crisis, including attacks on the financial sector, the International Monetary Fund warned Tuesday in its Global Financial Stability Report. While the U.S. Treasury Department has outlined trade exposure as a major risk, it has downplayed the banking sector’s vulnerability to the euro zone’s problems as “very limited.” But, the IMF said, the “potential spillovers could include direct exposures of U.S. banks to euro-area banks, or the sale of U.S. assets by European banks.” (Also Read How the Euro Debt Crisis May Impact US Investors.)
All Things D
Link: Sheryl Sandberg: Social Media Helps Drive the Global Economy
"Social media is 'a really unique bright spot' in the challenged world economy, Facebook COO Sheryl Sandberg argued in a speech Tuesday at the DLD conference in Munich.'It’s not just posts and pictures and the fun things with friends, but this is really serious stuff,' Sandberg said. 'This is about growth, this is about jobs and empowering people.' Facebook added $15.3 billion in value to the European economy in the past year, according to a new Deloitte study released today, Sandberg said. Business associated with the company was responsible for 232,000 jobs in Europe this year, the study also found. " (Also Read Can You Judge a Retailer by Social Media?)
China Watch
Link: Unpacking the Law Around the Chinese Reverse Takeover Mess
"A new dispute over access to accounting information on U.S.-listed Chinese companies should give American investors pause. Recently, investors in Chinese companies listed on U.S. stock exchanges that are suspected of fraud, as well as U.S. accounting firms that audit those companies, have been unable to obtain audits performed in China by Chinese accountants acting on behalf of the U.S. firms, perhaps because of a Chinese law forbidding disclosure of 'state secrets.' U.S. and Chinese regulators have so far been unable to agree on how review of those audits should be conducted, but this stalemate needs to be resolved. Sovereignty should not be used as a cover for inadequate financial transparency." (Also Read China Investor Comes Clean.)
Bits
Link: Twitter Acquires Second Security Firm in Three Months
"If recent acquisitions are any indication, Twitter is beefing up security on its site. On Monday, it acquired Dasient, a three-year-old Internet security start-up, marking Twitter’s second security acquisition in just three months. Last November, Twitter acquired Whisper Systems, a security service for mobile devices. Terms for both deals were not disclosed. Twitter, the microblogging service, has long had issues with trending topic scams and spams, and is a frequent target for high-profile hacks. On Monday, as the Dasient acquisition became public, Senator Charles E. Grassley, Republican of Iowa, confirmed that his Twitter account had been hacked. Last month, Lady Gaga told her 18 million Twitter followers that her account had been compromised. And in 2010, the company was the subject of an inquiry by the Federal Trade Commission into its security practices after the Twitter accounts of Facebook, Fox News, President Obama and several other prominent users were hacked."
Economix
Link: How To Avoid Reinventing The Wheel On Tax Reform
"An extensive discussion of tax reform is likely to take place over the next couple of years because it’s necessary and long overdue and because both political parties have things they hope to get out of it. Taken together, these suggest that something might actually happen. That’s the premise of my new book, 'The Benefit and the Burden: Tax Reform — Why We Need It and What It Will Take' (published today by Simon & Schuster)." (Also Read Four Important Macro Trends for 2012.)
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