My finance view

India’s prime minister said Thursday that international institutions are failing to lift up the developing world and endorsed the creation of a new development bank to be run by five fast-rising nations.

Prime Minister Manmohan Singh spoke at a summit of the so called BRICS group _ comprised of Brazil, Russia, India, China and South Africa _ aimed at harnessing the nations’ increasing global clout and forging stronger ties between their fast-growing economies.

The five countries represent 45 percent of the world’s population, a quarter of its land mass and a quarter of its economy at $13.5 trillion.

Though the group has accomplished little of note at its three previous meetings, Brazilian President Dilma Rousseff insisted in an opinion piece in the Times of India that it had changed “the axis of international politics.”

At the summit, the five nations are expected to agree to do more business with each other in their local currencies, to help insulate from U.S. dollar fluctuations while lifting trade within the bloc from last year’s $230 billion to $500 billion by 2015.

They also hoped to move closer to creating a new development bank, much like the World Bank and Asian Development Bank, saying it would streamline efforts to raise capital in poor nations and facilitate more business among themselves.

“Institutions of global political and economic governance created more than six decades ago have not kept pace with the changing world,” Singh told the summit payday loans with no fax.

In response, the five nations are working to set up a bank funded and managed by them that would improve poor nations’ access to development funds and boost emerging economies, Singh said.

“Developing countries need access to capital,” he said.

The summit came as the Indian capital remained under a heavy security umbrella since a Tibetan exile lit himself on fire at an anti-China protest Monday. He died from his burns Wednesday.

Chinese President Hu Jintao’s hotel was under virtual lock down, while Tibetan neighborhoods were sealed, with police allowing people out only for medical or court appointments.

Hundreds of police manned barricades along roads throughout the city, some carrying blankets soaked in water to quickly smother the flames of any protesters who try to set themselves alight.

Delhi police spokesman Rajan Bhagat said authorities had detained many Tibetan protesters in recent days, but would release most of them without charge in a few hours.

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1994 was great for movie fans. "Pulp Fiction." "The Shawshank Redemption." "Forrest Gump." But bond investors definitely would rather forget that year.

The yield on the 30-year Treasury (then the benchmark, as opposed to the 10-year that’s the benchmark now) began 1994 at about 5.8%. At the time, the economy was starting to show some signs of life after a big housing bust wreaked havoc on consumers and big banks. (Sound familiar?)

By the end of the year, long-term yields had popped to around 8%, one of the biggest bond market bloodbaths ever. Remember that prices fall when rates rise.

Flash forward to 2012. The 10-year started the year at a rate of just 1.87%. It spiked as high as 2.4% and has since settled back to about 2.25%. With the economy slowly improving, do bond investors have to fear that it’s 1994 all over again?

Some experts are, to paraphrase the Ace of Base song that topped the charts in 1994, seeing the sign. (1994 was not nearly as good a year for music as it was for film.)

But rates may only go so high. The big difference between now and two decades ago is that, in 1994, the Federal Reserve under Alan Greenspan was raising rates.

Current Fed chairman Ben Bernanke has gone out of his way numerous times, including in a speech Monday morning, to point out that the central bank needs to stick with "accommodative" monetary policy to keep the job market and economy humming.

How the Fed hurts retirees

The Fed has already pledged to keep short-term rates near zero through the end of 2014. And investors strongly believe that if there’s any evidence that economic growth is starting to stall, Bernanke will likely agree to the Fed’s third big bond buying program since the 2008 financial crisis.

This so-called quantitative easing, or QE3, could put a lid on how high bond rates can go, experts said. That’s because the Fed would be viewed as a buyer of last resort for long-term Treasuries.

"This is completely different from 1994," said Michael Mata, manager of the ING Global Bond Fund () in Atlanta. "As long as Bernanke is Fed Chairman, the Fed will buy more Treasuries as it deems necessary."

Still, many bond investors are bracing for higher rates — albeit not at 1994 levels. If the economy continues to pick up steam, the Fed will probably let its current stimulus effort, which sells short-term bonds and uses the proceeds to buy long-term Treasuries, expire in June as currently scheduled.

The end of this program, dubbed "Operation Twist," should lead to more selling of long-term bonds and higher rates.

Wilmer Stith, portfolio manager of the Wilmington Trust Broad Market Bond Fund () in Baltimore, said that yields on the 10-year could climb as high as 3% after the Fed ceases with Twist. For this reason, he said his fund is betting more on high-quality, investment-grade corporate bonds over Treasuries.

But Stith points out that higher rates are not necessarily a significant problem for the economy — as long as they don’t climb too quickly. And he believes a move from 1.8% to 3% for the 10-year would lead some bond investors to flock back to Treasuries, since they might think the bonds are now a good value.

"At the end of the day, a slow but recovering economy should augur higher yields," Stith said. "But a yield near 3% would be up nicely from the lows, and the net result could be some more buyers."

Another key difference between 1994 and now was that 1994 was also a bad year for stocks. The S&P 500 and Nasdaq fell while the Dow finished the year up just 2%. Investors back then were nervous about the impact of the Fed’s rate hikes on both corporate profits and the broader economy payday loan lenders.

This year, investors seem to be fleeing bonds to rush back into stocks. But this newfound love for riskier assets could itself make life more difficult for bond investors.

Ben Bernanke is just doing his job, folks

Tommy Huie, president and CIO of BMO Asset Management US in Chicago, points out that, until Treasury yields spike significantly higher, investors who want to take part in the market rally but still receive steady income streams might be better off with dividend-paying companies. Heck, even Apple (, Fortune 500) has finally agreed to pay a dividend.

"There are many more attractive opportunities than Treasuries," Huie said. "Concerns about another sell-off like 1994 are legitimate. But it will probably be gradual. Rates may creep up as opposed to spiking up."

Politics could affect bond yields too. Doug Peebles, head of fixed income for AllianceBernstein in New York, said he’s being asked the 1994 question more often lately — especially from people in Europe.

With the U.S. facing yet another crucial deadline for the debt ceiling sometime after the presidential election, it’s possible that bond rates could move much higher (like they did in Italy, Spain and yes, Greece) if investors feel that Republicans and Democrats can’t come to a meaningful agreement on deficit reduction.

Peebles said he does think Treasury rates should be higher than what they are now, but that it’s highly unlikely yields will approach the levels well north of 5% that plague Spain and Italy.

Of course, how high rates head all depends on the economy. And at least one investing expert is worried that if the Fed continues to stick with its pledge to leave short-term rates low for another two years, even if the recovery proves to be sustainable, inflation fears could resurface with a vengeance.

"The slump in economic activity won’t last forever. Interest rates near their lows won’t last forever," said Keith Skeoch, CEO of Standard Life Investments in Edinburgh, Scotland. "Something strange is afoot. The bond sell-off is going to happen. It’s just a matter of when."

Best of StockTwits: Some traders are starting to wonder if Bernanke has "I heart QE" tattooed on his bicep.

mohannadaama: Next best thing to actually doing #QE is threatening to do so when the market least expects it. #Bernanke $SPY $GLD #Stocks #Bonds

etfdigest: Pending home sales down -0.5%, consensus 1.0%, down from 2.0%: That’s gonna leave a mark. Oh wait…more QE? $SPY

DavidSchawel: We live in a QE world; more & more RF assets being sucked out of the system - a form of financial repression as some call it. $SPY $TLT

This is what worries most about the rally this year. It’s hard to tell whether investors really think the economy is getting better, or if they are willing to keep buying stocks because they think Bernanke will drop another quarter in the QE pinball machine every time the market flashes Tilt.

EddyElfenbein: Always amazed at the disconnect between what Ben Bernanke says and what some people think he says.

A fair point. Bernanke isn’t completely tipping his hand. While he’s not as opaque as his predecessor Mr. Greenspan, he’s not as blunt as his European contemporary Mario Draghi at the ECB.

Investors may be grasping for QE3 straws in every Bernanke utterance. But after QE1, QE2 and Operation Twist, can you blame them?

The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks. 

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It’s been quite a Monday for Apple. Not only did the tech giant announce plans to give investors a $2.65 quarterly dividend and announce plans to buy back $10 billion worth of stock, but it officially landed the top spot in CNNMoney’s March Stock Mania tournament.

CNNMoney readers chose Apple (, Fortune 500) over Exxon Mobil (, Fortune 500) in the finals. Apple grabbed 65% of readers’ votes in the last round.

It’s a comeback of sorts for Apple in the March tournament. Last year, the tech company was bested by automaker Ford, earning just 43% of readers’ votes.

The final four pitted three tech companies, Apple, IBM (, Fortune 500) and Google (, Fortune 500), against Exxon.

The day Apple became normal

In total, 65,845 votes were cast during the week-long contest.

Few companies can match the precipitous run-up in Apple’s share price, which has surged 81% since December 2010. And since the beginning of 2012, Apple’s stock has gained 45%.

Compare that with Exxon’s shares, which have risen only 18% since December 2010, and gained only 2% in 2012, despite a frothy stock market.

Exxon and other oil companies have faced an uphill public relations battle in the aftermath of the devastation caused by BP’s oil spill. Add the recent jump in gas prices, and it’s not getting any easier.

March Stock Mania: See the results!

"What will you do? Put your money into a company that’s helping destroy the planet, or one that innovates? Revolution or pollution? iPad or oil spill?," commented one CNNMoney reader cash advance now.

Even with Apple’s share price hovering around $600, Wall Street analysts see more growth ahead.

Matthew Hoffman, an analyst with Cowen, said that the successful launch of the third generation of the iPad will continue to give Apple an edge in the "combined personal computer + tablet market."

Even with the loss of Apple’s visionary founder Steve Jobs from a battle with cancer last year, most analysts think Apple will continue putting forth game changing products.

Apple was a clear leader throughout March Stock Mania.

It won 93% of the votes in the first round against newly public Zynga (), 88% against McDonald’s (, Fortune 500) in round two, and 85% of the votes against Wal-Mart (, Fortune 500) in round three. In the Final Four, 67% of voter chose Apple over IBM.

Last year’s champion Ford did better in March Stock Mania than last year’s NCAA winner University of Connecticut. UConn made it to the NCAA but lost in the first round.

Ford showed up and competed well this year, but failed to make the final four losing out to IBM.

It looks pretty clear that CNNMoney’s readers are betting on a continued tech boom.  

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Fifty million people in America lack health insurance and the law says most of them must soon be provided coverage. But how to deliver?

The Obama administration Monday finalized an ambitious blueprint for new state-based markets that will offer consumers one-stop shopping along the lines of amazon.com.

It may sound simple enough, but getting there will be like running an obstacle course. The rule comes just two weeks before the Supreme Court takes up a challenge to the constitutionality of the law in a case brought by states. Many governors and legislators are on the sidelines awaiting the outcome, even as time is running out to act.

Starting Jan. 1, 2014, new health insurance markets called “exchanges” must be up and running in every state, the linchpin of a grand plan to make health insurance accessible and affordable to those who now struggle to find and keep coverage. Individual consumers and small businesses will be able to shop online for competitively priced coverage, and many will receive government subsidies to help pay premiums.

“More competition will drive down costs and exchanges will give individuals and small businesses the same purchasing power big businesses have today,” Health and Human Services Kathleen Sebelius said in a statement.

Experts say it’s anybody’s guess how the national rollout will go. If a state is not ready, the law requires the federal government to step in to run its exchange. But the Obama administration’s request for $800 million to operate federal exchanges has gotten a frosty reception from congressional Republicans.

“At this point it’s still an open question as to whether all the states will open up as of 1-1-2014,” said Neil Trautwein of the National Retail Federation, a business group whose members will be heavily affected by the law.

Reaction on Monday to the 640-page rule was mixed. Consumer organizations, the insurance industry and some business groups gave it favorable or neutral reviews. Republican governors panned it.

The new markets are for individuals and small businesses buying plans. Most people who now have employer health insurance will not have to make changes. It’s a design that works well in Massachusetts, where an exchange has been in place for several years.

Massachusetts achieved political consensus about its health care overhaul under former GOP Gov. Mitt Romney, who is now seeking his party’s presidential nomination. That’s far different from the enduring national divisions over President Barack Obama’s law, even though it used Romney’s as a foundation.

Setting up 50 state exchanges wouldn’t be easy even if the federal overhaul enjoyed widespread support.

For things to go smoothly, state and federal officials must work together to verify private personal and financial details for millions of people, make sure that consumers are enrolled in the right health plan, and accurately calculate how much government aid, if any, each household is entitled to low fee payday advance.

And with customer service the goal, consumers need to get answers in hours, not weeks.

Nearly 30 million people are eventually expected to get private health coverage through exchanges, about half of whom are currently uninsured.

Another group of uninsured people _ as many as 16 million low-income Americans expected to qualify for Medicaid _ could also enter the system through their exchanges.

States are moving in fits and starts to set up the new markets. Only 13 states and Washington, DC, have adopted a plan. Progress varies widely among other rest.

Under the law, most Americans will have a legal responsibility to carry health insurance, either through their job, a government program or by buying their own. Millions will receive financial assistance for their premiums.

Whether that amounts to an unconstitutional expansion of federal power is among the subjects of a showdown that begins March 26, when the Supreme Court is set to begin an unusual three days of arguments. A decision is expected by June.

Sebelius says she expects the court to uphold Obama’s Affordable Care Act and thinks states will move quickly once the court has ruled.

States have until Jan. 1, 2013 to obtain federal approval for their exchanges. Among the rule’s key elements:

_ States can receive conditional federal approval for their exchanges if their plans are far along but not final by Jan. 1, 2013. States can operate exchanges in partnership with other states. The federal government will provide funding for different types of exchanges to allow for flexibility.

_ The state exchanges themselves will determine the number and type of health plans offered to consumers, within broad standards set by the federal government. Plans will have to comply with marketing rules to ensure they are not trying to cherry-pick the healthiest customers in the state.

_ Consumers must be able to apply online for coverage in their state exchanges. To reduce paperwork, exchanges will rely on existing computer databases to verify basic personal information and eligibility. However, some key details, such as whether the consumer is a legal resident of the U.S., may have to be verified by the government. And the IRS will have final say on tax credits.

_ Exchanges must be able to pick from two federally approved methods for coordinating with the Medicaid program in their states.

_ Exchanges must be able to use intermediaries called “navigators” to help educate consumers and small businesses about how the new system works.

_ Exchanges must be financially self-sufficient by 2015, by charging fees to support their operations.

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Satellite images of an Iranian military facility show trucks and earth-moving vehicles at the site, indicating that crews were trying to clean it of radioactive traces possibly left by tests of a nuclear-weapon trigger, diplomats told The Associated Press on Wednesday.

Two of the diplomats said the crews may be trying to erase evidence of tests of a small neutron device used to set off a nuclear explosion. A third diplomat could not confirm that but said any attempt to trigger a so-called neutron initiator at the Parchin site could only be in the context of trying to develop nuclear arms.

The images, provided to the IAEA by member countries, are recent and constantly updated, said one of the diplomats.

The diplomats are nuclear experts accredited to the International Atomic Energy Agency, and all asked for anonymity to discuss sensitive information.

Iran is under growing international pressure over its nuclear program, which it insists is peaceful. Israel has warned that it may resort to a pre-emptive strike against Iran’s nuclear facilities to prevent Tehran from obtaining atomic weapons payday loans.

The IAEA has already identified the Parchin military site as the location of suspected nuclear weapons-related testing. In a November report, it said it appeared to be the site of experiments with conventional high explosives meant to initiate a nuclear chain reaction.

It did not mention a neutron initiator as part of those tests but in a separate section cited an unnamed member nation as saying Iran may have experimented with a neutron initiator, without going into detail or naming a location for such work.

In contrast, the intelligence information shared with the AP by the two diplomats linked the high-explosives work directly to setting off a neutron initiator at Parchin.

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U.K. house prices fell in February for a third month in four, as economic uncertainty weighed on demand for housing, Halifax said.

Prices (UKHB3MYR) dropped 0.5 percent from January to an average 160,118 pounds ($253,400), the mortgage unit of Lloyds Banking Group Plc (LLOY) said in a statement in London today. From a year earlier, values were down 1.6 percent.

While inflation is cooling, a recovery in consumer confidence is being kept in check by rising unemployment and concern about the impact of Europe

U.N. nuclear inspectors arrived in Iran on Monday in the latest push to hold key talks with Iranian officials about how far the country’s controversial nuclear program has come.

The trip is the second in less than a month by the International Atomic Energy Agency team, reflecting growing concerns over alleged weapons experiments _ something Iran has so far both denied and refused to discuss.

Herman Nackaerts, a senior U.N. nuclear official, said in Vienna before the team departed on Sunday that he hoped for progress in the talks but his careful choice of words suggested little expectation the meeting will be successful.

The West suspects Iran’s nuclear program is geared toward making weapons, a charge Iran denies, insisting it’s for peaceful purposes only, such as power generation.

Iran’s state TV said the IAEA team arrived early Monday morning for a two-day visit. The state radio, meanwhile, said the inspectors hope to meet Iranian nuclear scientists and pay a visit to the Parchin military complex.

The radio said the IAEA had requested to visit Parchin, an Iranian military base and conventional weapons development facility outside of Tehran. The site has also been suspected of housing a secret underground facility used for Iran’s nuclear program, a claim denied by Iranian authorities.

IAEA inspectors visited the site in 2005, but only one of four areas of potential interest within the grounds. The nuclear watchdog did not report any unusual activities, and has not mentioned Parchin in its reports since 2008.

“Whatever the reasoning of the agency is, it proves the IAEA is not loyal to its previous commitments,” the radio said. The tone of the commentary suggested the visit to the military complex would likely be denied no fax cash advances.

The IAEA visit comes as Iran last week announced what it described as key advancements in its nuclear program, inserting the first domestically made fuel rod into a research reactor in Tehran and installing a new generation of Iranian-made centrifuges at the country’s main uranium enrichment facility in the central town of Natanz.

Beyond concerns about the purported weapons work, Washington and its allies want Iran to halt uranium enrichment, which they believe could eventually lead to weapons-grade material and the production of nuclear weapons. Iran has been enriching uranium up to 20 percent, while uranium enriched to more than 90 percent can be used for a nuclear warhead.

The IAEA team wants to talk to key Iranian scientists suspected of working on an alleged weapons program. They also hope to break down opposition to their plans to inspect documents related to nuclear work and secure commitments from Iranian authorities to allow future visits.

Iran has denied alleged weapons experiments for nearly four years, saying they are based on “fabricated documents” provided by a “few arrogant countries” _ a phrase authorities in Iran often use to refer to the U.S. and its allies.

The IAEA summarized its information last November in a 13-page document drawing on 1,000 pages of intelligence. It stated then for the first time that some of the alleged experiments can have no other purpose than developing nuclear weapons.

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The economy is looking better to the American public and with it President Barack Obama

China

Greek Prime Minister Lucas Papademos began negotiating with leaders of the political parties supporting his caretaker government as he tried to make up for lost time to secure a second aid package.

Papademos met with the chiefs in Athens today after delaying the gathering for a second time in as many days as Greek officials and international creditors haggled over terms. He held an unscheduled meeting late last night with the so- called troika of the European Commission, the European Central Bank and the International Monetary Fund, to put final touches on a 130 billion-euro ($172 billion) rescue plan.

Yesterday