Word: recentered
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...With unemployment rising and house prices continuing to fall, Wells' unpleasant earnings news could persist past the end of the year. Bank examiners in the recent government stress tests estimated that Wells Fargo will have as much as $86 billion in loans that go unpaid over the next two years. The bank has already put aside some money to cushion that blow - $22 billion as of the end of March - and Wells would be able to tap another $24 billion of loss provision that it set up when it acquired Wachovia. But that still leaves another $40 billion in loan...
...While [Wells'] management's efforts to 'de-risk' Wachovia's problem loans may help in the near term, we still expect losses to exceed management's expectations," wrote analyst Paul Miller, who follows banks at FBR Capital Markets, in a recent report to clients. Miller, who rates Wells' shares "underperform," expects Wells' stock to fall by half its current price to $12. "Given our macro outlook ... we just can't get comfortable with Wells' balance sheet...
...index of coffee prices compiled by London's International Coffee Organization (ICO) to its highest level since September on Wednesday, just as futures prices for Arabica beans - which make up the bulk of the world's supply - topped $1.35 per lb. in New York, the highest since October. Recent droughts from Sri Lanka to Kenya, meanwhile, have constrained tea production, forcing up crop prices at auction...
...Fears have also been growing over the fate of up to 20,000 civilians trapped in Mingora, Swat's main town, as the army and the Taliban continue to battle each other street by street. In recent days, the army has claimed a flurry of successes: recapturing key intersections in Mingora, retaking Pakistan's only ski resort at Malam Jabba (which was being used by the Taliban as a training camp and logistics base) and clearing the former militant stronghold of Matta. Militants are now reportedly retreating from Mingora to Kabal. The army has made a push toward Kabal...
...instituting such well-intentioned programs can be difficult, as I discovered during a trip to Ghent on its most recent Veggie Day on May 21. While most restaurants owners and residents I spoke to had heard of Veggie Day, few had any plans to embrace the concept. A local rib shack, Amadeus, was doing brisk business, and many people openly ate hot dogs on the street. Wim De Kinder, owner of the upscale Traiteur Grimod delicatessen, said he tried to introduce vegetarian fare two years ago after learning of the environmental cost of livestock production, but he couldn't shift...