Economy Likely To Dominate Presidential Debate Tue, 07 Oct 2008 18:41:00 -0400 Republican John McCain and Democrat Barack Obama will meet in a town hall-style meeting in Nashville, Tenn. Topics are supposed to be divided between the economy and foreign policy, but given the financial crisis more questions are expected to focus on the topic. Community Banks Insulated From Financial Crisis Tue, 07 Oct 2008 16:41:00 -0400 Many community banks are largely insulated from the financial crisis. They take deposits and lend them to local businesses and home buyers. That model is looking quite stable right now. Despite Bailout, Credit Markets Tight Tue, 07 Oct 2008 16:40:00 -0400 The TED spread is used to determine how tight the credit markets are. The signal it is sending right now is that credit markets became tighter even after the $700 billion financial bailout bill was signed into law.
Latest financial news - CNNMoney.com
Ex-AIG brass tries to shift blame Tue, 07 Oct 2008 18:43:17 -0400 Two former CEOs of AIG tried to make the case at a Congressional hearing Tuesday that the downfall of the giant insurer and financial services firm wasn't their fault, but rather that of external forces, including an accounting rule.
Alcoa earnings drop 52% Tue, 07 Oct 2008 19:14:15 -0400 Read full story for latest details.
Borrowing falls, 1st time since '98 Tue, 07 Oct 2008 16:54:16 -0400 Borrowing by consumers fell in August for the first time in more than 10 years as a weak economy continued to strain household budgets, according to a government report issued Tuesday.
The Financial Page
James Surowiecki: What drives market volatility? James Surowiecki Mon, 25 Aug 2008 04:00:00 -0000 American investors are frazzled. True, oil prices have fallen from their most vertiginous highs, the dollar is a bit stronger, and the stock market has actually risen over the past month. But none of those things have happened in a smooth and steady fashion. The stock market’s “ascent,” in particular . . . James Surowiecki: Too many stakeholders can be a deal-breaker. James Surowiecki Mon, 04 Aug 2008 04:00:00 -0000 In the second decade of the twentieth century, it was almost impossible to build an airplane in the United States. That was the result of a chaotic legal battle among the dozens of companies--including one owned by Orville Wright--that held patents on the various components that made a . . . James Surowiecki: Sponsoring Recklessness James Surowiecki Mon, 21 Jul 2008 04:00:00 -0000 When do the words “not guaranteed” actually mean “guaranteed”? Whenever the mortgage giants Fannie Mae and Freddie Mac are involved. The two companies have long been required to tell investors that their securities are not guaranteed by the federal government. But in the financial markets everyone has always assumed that . . .
Reuters: Business News
Asian stocks hammered; UK readies bank rescue Wed, 08 Oct 2008 02:37:14 -0400 HONG KONG (Reuters) - The sell-off in Asian stocks accelerated after a devastating day on Wall Street and Hong Kong became the latest economy to slash interest rates as pressure grew for a coordinated, global response to the biggest financial crisis since the Great Depression.
Central banks try new methods amid market mayhem Tue, 07 Oct 2008 23:37:43 -0400 SYDNEY (Reuters) - Central banks across Asia stepped up to offer more support to commercial banks on Wednesday, to try to ease painful pressure on funding costs from a vicious global credit squeeze.
Citi seeks potential partners for Wachovia bid: report Wed, 08 Oct 2008 01:34:07 -0400 (Reuters) - Citigroup Inc is looking for potential partners in its bid for Wachovia Corp , seeking to wrest the upper hand from Wachovia's other suitor Wells Fargo & Co , the Wall Street Journal said, citing people familiar with the matter.
Rescue plan for UK banks unveiled Wed, 08 Oct 2008 06:41:35 -0000 Chancellor Alistair Darling announces the details of a £50bn rescue plan for the UK banking system. Fraudsters 'target bank accounts' Wed, 08 Oct 2008 01:36:50 -0000 Credit restrictions in the financial crisis are causing identity fraudsters to target existing bank accounts, a report says. IMF in 'severe downturn' warning Tue, 07 Oct 2008 13:00:42 -0000 The global economic downturn is likely to worsen as the financial crisis continues, says the International Monetary Fund.
The Economist: Business
The music industry: Qualms with music Thu, 02 Oct 2008 16:54:58 -0000 Cross-subsidised subscriptions offer a promising new model—if the sums add upIT IS a gift that keeps on giving—for a year, at least. Starting in Britain this month, buyers of some handsets made by Nokia will be able to download as much digital music as they like. The handsets, starting with a model costing GBP130 ($230), are bundled with a year’s free online-music subscription, called “Comes With Music” (CWM), launched on October 2nd. You can download music, and listen to it, on both the handset and your PC. Once the subscription expires at the end of the year, you can still listen to the tracks.Nokia’s new handsets are sure to appear under many Christmas trees this year. The offer of unlimited downloads will appeal to teenagers; and parents will not have to worry about their children getting caught downloading music illegally, or spending a fortune at online music-stores. But CWM and similar subscription services are also being touted as a potentially life-saving gift to the ailing music industry. That is because they cleverly reconcile the demands of teenagers, who think music should be free, with those of record companies, which want to make money. ... Face value: The specialty generalist Thu, 02 Oct 2008 12:11:45 -0000 Hans Wijers of AkzoNobel has taken an unusual path to the top of Europe’s chemical industryClarification to this articleJUST as America’s dodgy subprime mortgages were triggering the credit crunch in August last year, Hans Wijers, the boss of AkzoNobel, a European specialty chemicals company, shook hands with John McAdam, the boss of ICI, to seal a takeover that had been rumbling for months. AkzoNobel’s two previous bids had been rebuffed, but when Mr Wijers raised his offer price to GBP8 billion ($16 billion), ICI capitulated—spelling the end for one of Britain’s most famous companies and one of the biggest names in chemicals. The combination of ICI’s strength in America and Asia with AkzoNobel’s clout in Europe transformed a stolid regional company into a powerful global competitor, and turned AkzoNobel into the world’s biggest maker of paints. Yet the architect of the merger, Mr Wijers, had no reputation as a dealmaker—indeed, he was a newcomer to senior management when he was appointed as AkzoNobel’s chief executive in 2003. ... GE: Buffett to the rescue Thu, 02 Oct 2008 12:11:45 -0000 Is it a bird? Is it a plane? No, it’s SuperWarrenSHORT, septuagenarian and bespectacled, Warren Buffett does not resemble a typical superhero. Yet twice in barely a week he has swooped to rescue two of the world’s greatest companies from tight spots. First it was Goldman Sachs, which had a near-death experience after the collapse of Lehman Brothers. And on October 1st it was GE’s turn to breathe a sigh of relief, as the “Sage of Omaha” quashed market worries about its health by investing $3 billion in the huge conglomerate. As a famously canny value investor, it is hardly surprising that Mr Buffett has an excellent understanding of his own value. As with the investment in Goldman, the terms of the investment being made in GE by his company, Berkshire Hathaway, are fantastical. As long as Hank Paulson, America’s treasury secretary, manages to steer the economy away from financial Armageddon, Mr Buffett is sure to add to his reputation and his fortune. Indeed, were he not a philanthropist, committed to giving away his billions, the tough terms he has negotiated with both firms might have prompted accusations that he is taking advantage of the desperate. His preferred stock in GE will pay a dividend of 10%, and he has the right to buy a further $3 billion at a price of $22.25, below the share price when his investment was announced. ...
Business News - UPI.com
PETA protests Armani use of rabbit fur Wed, 08 Oct 2008 01:08:42 -0400 MILAN, Italy, Oct. 8 (UPI) -- Animal rights activists demonstrated at one of Italy's leading fashion houses Tuesday, accusing Giorgio Armani of reneging on a promise to avoid fur. Top S. Korean companies hit Wed, 08 Oct 2008 00:23:47 -0400 SEOUL, Oct. 8 (UPI) -- South Korea's top 10 conglomerates have seen nearly $80 billion of their market capitalization evaporate thus far this year. China hiring jobless Wall St. experts Tue, 07 Oct 2008 23:37:13 -0400 BEIJING, Oct. 7 (UPI) -- Some of the Wall Street professionals let go in the U.S. financial crisis may soon be working for Chinese financial houses. Nikkei opens sharply lower Tue, 07 Oct 2008 22:53:59 -0400 TOKYO, Oct. 7 (UPI) -- Japan's 225-stock Nikkei index fell sharply after opening Wednesday, echoing the Dow's another collapse on Wall Street the previous day. Crude oil prices gain sligthly Tue, 07 Oct 2008 18:25:46 -0400 NEW YORK, Oct. 7 (UPI) -- Crude oil prices rose slightly Tuesday as market instability caused Libya to call for a production cut to prop up world prices. UPI NewsTrack Business Tue, 07 Oct 2008 18:12:38 -0400 U.S. markets slide hard again Tuesday ... Bernanke suggests rate cuts possible ... Eli Lilly to pay $62 million settlement ... Boeing and machinists spar on key demand ... News from United Press International.
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