Florida Latin Connection

Bonds sold by Cemex SAB, the largest cement maker in the Americas, are posting the biggest losses among major issuers of junk debt in the U.S. after the company posted its seventh straight quarterly loss.

Notes issued by Monterrey, Mexico-based Cemex have lost 3.5 percent this month, compared with an average return of 1.4 percent for the 50 biggest issuers of dollar debt rated below investment grade, according to Bank of America Corp. indexes. Yields on the company’s 9 percent bonds due in 2018 rose 122 basis points, or 1.22 percentage point, to 9.93 percent.

Cemex bonds are slumping as a slowing expansion in the U.S. reduces revenue and fuels concern the company will fail to meet debt level limits agreed to when it took out a $15 billion bank refinancing loan in 2009. The company struggled to drum up enough demand for a $650 million bond sale on June 23, prompting it to shelve the plan for two weeks before changing the terms and paying a premium of 97 basis points over its existing bonds.

“Everybody was afraid of bad results, and there was a loss,” Natalia Corfield, an analyst at ING Groep NV in New York, said in a telephone interview. “I’m not seeing catalysts for outperformance.”

The yield on the notes due in seven years rose 110 basis points since they first traded Jan. 5, according to prices compiled by Bloomberg. The securities yield 621 basis points more than Mexican government bonds of similar maturity, wider than the 466-basis-point gap in January.  Read More: 

http://www.bloomberg.com/news/2011-07-28/cemex-is-worst-junk-in-u-s-market-on-losses-mexico-credit.html

Bloomberg/ Navarro/Black/ 07/28/2011

Business: Cemex Is Worst Junk in U.S. Bond Market as Losses Pile Up: Mexico Credit 

FLatinConnect/ Arnoldo Varona, Editor 

Comments (0) Jul 28 2011

The National Republican Congressional Committee’s demand today that Democratic House hopeful Lois Frankelreturn “tainted dollars” from developer Dan Catalfumoproduced some quick results — but not the ones the GOP wanted.

Frankel, who hopes to unseat U.S. Rep. Allen West, R-Plantation, isn’t returning the $5,000 she got from Catalfumo.

But the campaign of U.S. Rep. Tom Rooney, R-Tequesta, will give up $4,600 that Catalfumo contributed in 2008. The money will be given to a home for unwed mothers. Asked why Rooney is returning the Catalfumo cash, a spokesman referred a reporter to the NRCC.

After Frankel accused West of hating women, the NRCC blasted Frankel for accepting contributions from Catalfumo, who was charged with beating his ex-fiancee in a case that ended with a jury finding Catalfumo not guilty in 2005.

PostPolitics/ Bennett/ 07/28/2011

GOP demand for Frankel to return Catalfumo money costs Rooney $4,600

FLatinConnect/ Arnoldo Varona, Editor 

Comments (0) Jul 28 2011

Adam Hasner campaign says that former John Rood, former U.S. Ambassador to the Bahamas, and Jacksonville businessmen Gary Chartrand, Duane Ottenstroer and Bill Walton are joining his team in North Florida.  

Also on board are former Duval County GOP chairman Mike Hightower and Chip Case, former deputy chief of staff to Allan Bense.

SPTimes/ Leary/ 07/28/2011

John Rood joins Hasner campaign

FLatinConnect/ Arnoldo Varona, Editor

Comments (0) Jul 28 2011

Rep. Debbie Wasserman Schultz (D-Fla.), chair of the Democratic National Committee, said Wednesday that House Republicans are trying to impose “dictatorship” through their tactics in the debt-ceiling negotiations. She said the GOP rhetoric could “spark panic and chaos,” which she called “potentially devastating” to the economy.

The chair telephoned POLITICO to express “significant disappointment in where … Republicans have allowed this debate to degenerate.”

“Aren’t we at the point where the closer we get to chaos, the more concern that there should be about coming to the table and compromising with Democrats?” Wasserman Schultz asked. “This is not leadership. This is almost like dictatorship. I know they want to force the outcome that … their extremists would like to impose. But they are getting ready to spark panic and chaos, and they seem to be OK with that. And it’s just really disappointing, and potentially devastating.”

Specifically, Wasserman Schultz cited a movie clip House Republican Whip Kevin McCarthy (Calif.) had played Tuesday during a closed-door meeting of the House Republican Conference. The brief clip was from “The Town,” and Republicans said it was intended to send the message that “we’re all in this together.”

The DNC chair said: “They start the day with trying to incite their caucus with, essentially, violent movie clips – pushing their people to inflict pain and hurt people.”

Michael Steel, press secretary to Speaker John Boehner (R-Ohio), responded: “Given how serious the situation is – and the situation is serious – why is she spending time complaining about Kevin McCarthy’s taste in movies?”

Wasserman Schultz continued: “What should be happening is what we’ve been ready to do for months. Ideally, what should be happening is a big deal – a big solution for a big problem, as the president has pushed for. At this point, it’s probable that we’re too close to the breaking point on Tuesday for that to happen.

“At the very least, we should come to the table and hammer out a compromise that has the balance in it that the overwhelming majority of the American people want – and not just pile all the pain on seniors, on children, on the middle class and working families.

“It’s just shockingly irresponsible that the closer we get to the breaking point here, the more irresponsible – and the closer they are to pushing us to chaos, as if that is the desired outcome.”

Wasserman Schultz concluded: “We’ve been sitting at the compromise table for a long time. We’re just waiting for that cold chair to be warmed up by the Republican leadership. They still have time to do the right thing and be responsible. They just seem to be moving further and further away from it.”

Politico/ Allen/ 07/28/2011

Debbie Wasserman Schultz says GOP seeks ‘dictatorship … spark panic’ 

FLatinConnect/ Arnoldo Varona, Editor 

Comments (0) Jul 28 2011

Comments (0) Jul 28 2011

“Many Floridians are ticked about House Speaker Dean Cannon’s decision to spend millions of tax dollars trying to overturn their Fair Districts vote.”

Using public money to fight the public’s vote is something you’d expect from a third-world dictator … not an American public servant.

 

Alas, Cannon’s office said Tuesday that he probably won’t show up for his hometown [redistricting] hearings.

“A spokeswoman said Cannon will watch video from afar”

and that he didn’t want his appearance “to diminish the opportunity for public input by shifting the focus of the meeting from his constituents to himself.”

OK. As long as it’s not because he’s a coward.”

 Are you sick of shady politics? It’s time to speak up!“.

 Here’s a primer on congressional and legislative redistricting 

 Round-up of media coverage of redistricting for 7/27   

FLAPolitics/ 07/28/2011

“As long as it’s not because he’s a coward”

FLatinConnect/ Arnoldo Varona, Editor 

Comments (0) Jul 28 2011

The headwaters of North Florida’s spring-fed Wacissa River has been the source of an intense local feud over whether to allow Nestle Waters North America to pump water from the spring for use in its Madison County bot­tling plant.

Grassroots lobbying groups mounted an educational campaign to prevent the pumping. Nestle ordered a scientific review. On Wednesday, the company backed off the proposal.

Kent Koptiuch, Florida Natural Resource Manager for Nestlé Waters North America said the company spent a year studying the spring to determine if the water discharge was “sufficiently abundant and sustainable to serve as a spring source for our company.” It concluded that seasonal low flows “do not meet our strict selection criteria for a stable, sustainable water supply.” … Read more  

SPTimes/ Klas/ 07/28/2011

Nestle backs away from pumping North Florida river for bottled water

FLatinConnect/ Arnoldo Varona, Editor 

Comments (0) Jul 28 2011

 Heads turned a bit on Tuesday night when the Washington Post reported that House Republicans were using a scene from the movie “The Town” as a motivational vignette to encourage members to back Speaker John Boehner’s (R-Ohio) debt ceiling plan.

In a conference meeting on Tuesday, House Majority Whip Kevin McCarthy (R-Calif.) showed a scene from the film in which Doug MacRay, a bank robber played by Ben Affleck, asks his friend to participate in a violent revenge attack. It was an odd note to sound during a debt ceiling debate — and more than that, it was an unusual way of fostering unity among the ranks.

On Wednesday, Affleck — who wrote and directed “The Town” — said that he too found the whole scenario a touch bizarre. And in a statement his spokesperson provided to The Huffington Post, he suggested that Republicans use a different one of his movies next time they need to whip votes.

“I don’t know if this is a compliment or the ultimate repudiation,” said the actor, who is currently in Turkey directing and starring in “Argo,” an adaptation of the Tehran hostage crisis. “But if they’re going to be watching movies, I think “The Company Men” is more appropriate.”

That latter Affleck flick focuses on the plight of middle age men who have been laid off during the recession. (One of them, depressed about being unemployed, later kills himself.) Whether that message would resonate in the GOP caucus is anyone’s guess. But the likelihood is that McCarthy knows his members a bit better than Affleck. According to the Post, Rep. Allen West (R-Fla), one of the most intransigent Tea Party members of the Freshmen class, was won over by the gambit.

House Majority Whip Kevin McCarthy (R-Calif.), the party’s vote counter, began his talk by showing a clip from the movie, “The Town”, trying to forge a sense of unity among the independent-minded caucus.One character asks his friend: “I need your help. I can’t tell you what it is. You can never ask me about it later.”

“Whose car are we gonna take,” the character says.

After showing the clip, Rep. Allen West (R-Fla.), one of the most outspoken critics of leadership among the 87 freshmen, stood up to speak, according to GOP aides.

“I’m ready to drive the car,” West replied, surprising many Republicans by giving his full -throated support for the plan.

HuffPost/ Stein/ 07/27/2011

 Ben Affleck Reacts To House GOP Using Clip From ‘The Town’ In Debt Debat

FLatinConnect/ Arnoldo Varona, Editor 

Comments (0) Jul 27 2011

Speaking on the Senate floor on Wednesday, Sen. John McCain (R-Ariz.) had some harsh words for lawmakers on Capitol Hill insisting their demands be met before supporting any potential agreement to raise the debt ceiling.

A plan put forth by House Speaker John Boehner to lift the deficit limit has left some congressional Republicans at odds with members of their party. In the upper congressional chamber, Tea Party-affiliated members such as Sens. Jim DeMint (R-S.C.) and Mike Lee (R-Utah) have come out against the proposal. In the House, GOP lawmakers such as Rep. Michele Bachmann (R-Minn.) have vowed to cast a vote against any measure to raise the debt ceiling. All three Republicans stand behind a “Cut, Cap, and Balance” pledge, which entails opposing any debt limit increase without significant spending cuts, enforceable spending caps and congressional approval of a balanced budget amendment.  

“What is really amazing about this is that some members are believing that we can pass a balanced budget amendment to the Constitution in this body with its present representation — and that is foolish,” said McCain on the Senate floor, according to The Hill. “That is worse than foolish. That is deceiving many of our constituents.”

The Arizona senator regarded the situation unfolding as “unfair” and “bizarre.”  Read More:

 http://www.cbsnews.com/8301-503544_162-20084416-503544.html   

CBSNews/ 07/27/2011

McCain blasts “bizarro” Tea Party debt limit demands

FLatinConnect/ Arnoldo Varona,Editor 

Comments (0) Jul 27 2011

Comments (0) Jul 27 2011