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07 Nov 2009 10:38
, Nov 07 13:37, Nov 07 18:37, Nov 08 03:37Geithner, Brown Split on Transaction Tax as G-20 Seeks Rebalanced Economy Group of 20 governments split on whether to tax financial speculation as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.
Zhou Seeks to Deflect European, Japanese Appeals for Yuan to Strengthen Chinese central bank Governor Zhou Xiaochuan said he doesn’t think his country is facing too many foreign demands to let the yuan strengthen, deflecting calls from Europe and Japan to do just that.
Berkshire Net Income Triples to $3.2 Billion on Buffett's Stock, Bond Bets Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. said third-quarter profit tripled on gains in derivatives tied to stocks and bonds.
Rupert Murdoch Would Like One of His Children to Succeed Him at News Corp. News Corp. Chairman Rupert Murdoch, who began building his media group with the Adelaide News in 1953, said he’d like one of his children to succeed him, amid regular discussions about who will take over at the U.S. company.
Dollar Falls on Bets U.S. Jobless Rate of 10.2% Will Keep Fed Rates Low The dollar fell against the euro on speculation the Federal Reserve will keep borrowing costs near zero into next year after the U.S. unemployment rate exceeded 10 percent for the first time since 1983.
Galleon Scandal Scorecard: Hedge Funds, Traders, Lawyers and `Octopussy' Twenty people, including Galleon Group LLC co-founder Raj Rajaratnam, have been criminally charged in what federal authorities call the biggest prosecution of alleged hedge-fund insider trading in the U.S. Prosecutors in Manhattan say they have evidence from wiretaps, trading records and cooperating witnesses to prove widespread trafficking in illegal insider information. Except for those who have pleaded guilty, all those charged have denied wrongdoing and are free on bail. One suspect remains
UCBH Holdings' Bank Is Seized, Becomes 120th U.S. Lender Closed This Year UCBH Holdings Inc.’s United Commercial Bank, a San Francisco-based lender with $11.2 billion in assets, was seized by regulators, becoming the 120th U.S. bank to fail this year.
Democrats Agree to Allow Abortion Vote as House Health-Care Debate Opens House Democrats moved to clear one of the last hurdles to a historic debate on legislation to overhaul the U.S. health system, agreeing to a demand by 40 lawmakers to allow a vote on restricting funds for abortion.
Massacre at Fort Hood Prompts U.S. Army to Re-Examine Stress on Soldiers The shooting that killed 13 people on a U.S. Army base in Texas has spurred the Obama administration to re-examine the stresses on a military force that has been at war for eight years.
Dalai Lama's Visit to Indian Border Town Prompts Tensions, More Security Indian police stepped up security in the border town of Tawang on the eve of the Tibetan spiritual leader Dalai Lama’s trip to Tawang, where he first crossed into exile 50 years ago. The visit has raised tensions with China.
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06 Nov 2009 12:43
, Nov 06 15:37, Nov 06 20:37, Nov 07 05:37U.S. Unemployment Rate Jumps to 10.2% as Payrolls Fall More Than Forecast The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983, casting a pall over the prospects for a sustained recovery and risking further erosion of President Barack Obama’s popularity.
Stocks in U.S. Fluctuate as GE Climbs, Unemployment Rate Hits 26-Year High U.S. stocks swung between gains and losses after the nation’s unemployment rate surged past 10 percent for the first time since 1983, with General Electric Co. and Macy’s Inc. advancing after analysts upgraded their shares. Gold reached a record above $1,100 an ounce.
Consumer Credit Declines More Than Forecast as American Job Losses Persist U.S. consumer credit fell in September for an eighth straight month, the longest series of declines on record, as thousands of Americans lost their jobs and banks tightened access to loans.
Florida Investment Pool's Securities Dealings With Banks Are Probed by SEC Wall Street firms that sold mortgage- backed securities to a $30 billion pool run by the state of Florida for local governments are under investigation for fraud by the U.S. Securities and Exchange Commission.
AIG Taps U.S. for $4.2 Billion to Help Restructure ILFC, Mortgage Insurer American International Group Inc., the insurer rescued by the U.S., tapped the Treasury Department for another $4.2 billion to help restructure its money-losing mortgage guarantor and the plane unit it’s trying to sell.
JPMorgan Said to Detect Kiener's K1 Fraud That Stung Banks, Bought Planes JPMorgan Chase & Co. found an unsettling fact buried in the books of newly acquired Bear Stearns Cos. last year: The brokerage had loaned millions of dollars to a German money manager for bets on hedge funds no one had ever heard of.
Fort Hood Suspect Hasan Called U.S.'s War on Terror a `War Against Islam' Major Nidal Malik Hasan, the Army psychiatrist accused of killing 13 people and wounding 30 others at the Fort Hood Army Base in Texas, regularly described the war on terror as “a war against Islam,” according to a doctor who was in a graduate program with him.
U.S. Army Psychiatrist in Custody After 13 Killed, 30 Hurt on Texas Base An Army psychiatrist is under guard in a Texas hospital after being accused of killing 13 people and wounding 30 others in what officials believe is the worst mass shooting at a U.S. military base.
Cantor Says Republicans Must Be Inclusive, Limbaugh Rhetoric Not `Helpful' Eric Cantor, the second-ranking Republican in the U.S. House, said his party needs to be inclusive and specifically said that some comments by talk-show host Rush Limbaugh were inappropriate.
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05 Nov 2009 20:38
, Nov 05 23:22, Nov 06 04:22, Nov 06 13:22RBA Says Australia Growth to Beat Forecasts, Rates to Rise; Currency Gains Australia’s central bank said the nation’s economy will expand at more than three times the pace forecast in August, and signaled it will continue to lead the world in raising interest rates.
Asian Stocks Rise on Australian Growth Outlook, U.S. Productivity Report Asian stocks rose, paring a weekly loss, after Australia’s central bank more than tripled its economic-growth forecast and reports showed U.S. unemployment claims and worker productivity beat estimates.
Ex-Galleon Office Worker, 13 Others Charged as U.S. Broadens Insider Case U.S. prosecutors charged 14 people, including hedge fund managers, lawyers and an ex-Galleon Group employee, for using the methods of “drug dealers” and “common criminals” to profit on insider data from deals involving firms such as 3Com Corp. and Alliance Data Systems Corp.
Dollar, Yen Poised for Weekly Declines as U.S. Job Losses Expected to Slow The dollar headed for a weekly loss against the euro before a government report today forecast to show U.S. employers cut fewer jobs last month, boosting demand for higher-yielding assets.
World's Central Banks Signal End to `Largesse' as Depression Threat Fades The world’s biggest central banks are starting to unwind emergency measures introduced earlier this year to stave off a second Great Depression.
Pangilinan May Beat San Miguel as Metro Increases Stake in Manila Electric Philippine tycoon Manuel Pangilinan may have beaten San Miguel Corp. in a six-month battle for control of Manila Electric Co., the nation’s largest utility.
Bridgestone Falls After Forecasting Loss on Australia, New Zealand Plants Bridgestone Corp., the world’s largest tiremaker by sales, fell to the lowest in more than four months after predicting an annual loss as a result of plant closures in Australia and New Zealand.
Suspected Shooter Is Alive in Hospital After Killing 12 on Texas Army Base A U.S. army psychiatrist who allegedly opened fire in the grounds of Fort Hood Army Base in Texas, killing 12 people and wounding 31 others, is alive and in custody in the hospital, the military said.
Saudi Arabia Says Planes Attack Yemeni Rebels Holding Territory on Border Saudi Arabia’s air force attacked Yemeni rebels holding territory in the kingdom’s border region, a move that threatened to draw the world’s largest oil exporter into its neighbor’s civil conflict.
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05 Nov 2009 04:36
, Nov 05 07:22, Nov 05 12:22, Nov 05 21:22Bank of England Raises Bond-Purchase Plan to $331 Billion, Maintains Rate The Bank of England raised its bond- purchase plan by 25 billion pounds ($41 billion), the third increase since March, as policy makers try to cement Britain’s recovery from its longest recession on record.
Fed Signals Return to Growth Alone Doesn't Warrant Interest-Rate Increase Federal Reserve officials signaled a return to economic growth alone won’t warrant higher interest rates, saying an increase will instead depend on when the labor market and inflation pick up.
Stocks, Commodities Fall as Bonds and Yen Climb Before ECB, BOE Decisions Stocks and commodities fell while the yen and government bonds rose as investors weighed when central banks will withdraw stimulus measures after the Federal Reserve signaled no change in its monetary policy.
UBS Gets Fewest `Buys' Among Biggest Banks as Analysts Fret, Clients Flee UBS AG, the Swiss bank that posted a fourth straight quarterly loss this week, ranks lowest among Europe’s largest lenders in the estimation of industry analysts.
JPMorgan Deal Arranging Alabama Swap Supplied Rolex, Shoes to Politicians JPMorgan Chase & Co.’s Charles LeCroy explained to a colleague in 2003 how he planned to keep his job as the chief bond banker to Jefferson County, Alabama.
BNP Paribas Third-Quarter Net Rises 45% on Fortis Assets, Investment Bank BNP Paribas SA, France’s largest bank, said third-quarter profit rose 45 percent, helped by the purchase of Fortis assets and a rebound at the investment bank.
Default Rate Rises to Highest Level Since Great Depression, Moody's Says The global speculative-grade default rate rose to 12.4 percent in October, surpassing the record set in 1991 for the highest proportion of defaults since the Great Depression, according to Moody’s Investors Service.
Obama Bid for Progress in Middle East Peace Talks Dealt Setback, Arabs Say The Obama administration’s effort to end the Middle East conflict has suffered a setback, the Arab League said at the United Nations after Secretary of State Hillary Clinton assured Egyptian leaders of the U.S. commitment.
Taxpayers May Shift Income to 2009 as U.S. Government Seeks Stimulus Cash The U.S. government is spending $787 billion to stimulate the economy, the deficit is $1.4 trillion and Congress is debating costly changes to health care. The taxpayers’ bill to pay for it isn’t far behind.
UN Moves About 600 Staff in Afghanistan After Five Killed in Taliban Raid The UN will move about 600 of its international staff members in Afghanistan, removing some from the country, following an Oct. 28 attack by Taliban militants that killed five of the agency’s workers in a Kabul guesthouse.
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04 Nov 2009 12:12
, Nov 04 15:07, Nov 04 20:07, Nov 05 05:07Fed Retains Its Pledge to Keep Interest Rates Down for `Extended Period' The Federal Reserve restated its intention to keep interest rates “exceptionally low” for “an extended period” as long as inflation expectations are stable and unemployment fails to decline.
Treasury 10-Year Yield Jumps After Fed Policy Makers Say Economy Improving Treasuries fell for a third day after Federal Reserve officials said they’re more optimistic about the economic outlook at the conclusion of today’s policy meeting.
Berkshire Hathaway AAA Rating May Be Cut by S&P After Burlington Takeover Warren Buffett’s Berkshire Hathaway Inc. is more likely to be stripped of its AAA rating by Standard & Poor’s after the company agreed yesterday to pay $26 billion to acquire railroad Burlington Northern Santa Fe Corp.
Mathews Said to Plan Commodity Hedge Fund After 12 Years With Tudor Jones Steve Mathews, former head of commodities research and fund manager at Tudor Investment Corp., plans to start a commodity hedge fund as investor appetite for risk returns.
Build America Bonds Program May Be Extended, Treasury Nominee Mundaca Says A nominee for a senior U.S. Treasury Department position said the Obama administration may seek to extend interest-subsidized Build America Bonds, calling the venture an “extraordinarily successful program.”
GMAC Draws Criticism After Ending Public Reports on ResCap to Save Money GMAC Inc., the auto and mortgage lender that counts the U.S. government as its largest stakeholder, drew criticism from analysts after halting public filings of quarterly results for its Residential Capital LLC unit.
Homebuyer Tax Credit, Jobless Benefits Extension May Pass in Senate Today The U.S. Senate may approve as early as today a $45 billion plan to expand a tax credit for first- time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.
Voters in U.S. Split on Gay Marriage, Approve Casinos, Preservation Bonds Maine voters overturned a law that extended marriage rights to same-sex couples, while a ballot measure to uphold those benefits in Washington was ahead with half the vote counted. New Jersey approved borrowing $400 million for land preservation and Ohio voted to allow casinos.
Suspected CIA Agents Convicted by Milan Court of Cleric's 2003 Kidnapping Twenty-two suspected CIA agents and an American military official were convicted by an Italian judge for kidnapping a Muslim cleric in the first court case challenging the U.S. policy known as extraordinary rendition.
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03 Nov 2009 17:22
, Nov 03 20:07, Nov 04 01:07, Nov 04 10:07GM Decides to Keep Opel Rather Than Sell European Unit to Magna, Sberbank General Motors Co.’s board voted to keep its Opel unit rather than sell a majority stake to Magna International Inc. and partner OAO Sberbank, citing an improving economy and the brand’s strategic importance.
Buffett to Acquire Burlington Northern for $26 Billion in His Biggest Deal Warren Buffett’s Berkshire Hathaway Inc. agreed to buy railroad Burlington Northern Santa Fe Corp. in what he described as an “all-in wager on the economic future of the United States.”
Gold Surges to Record as Treasuries Decline; U.S. Stocks, Dollar Advance Gold climbed to a record, most U.S. stocks rose and the dollar rallied to the strongest level against the euro in a month. Treasuries fell before the Federal Reserve issues its policy statement tomorrow.
Morgan Stanley Said to Seek Bids for Joint-Venture Stake in China's CICC Morgan Stanley, the U.S. bank that last month posted its first profit in a year, is soliciting bids for its 34.3 percent stake in a joint-venture investment bank it formed in China in 1995, said three people familiar with the situation.
RBA's Stevens Tones Down Australia Rate Rhetoric as Currency Nears Parity Australia’s central bank Governor Glenn Stevens signaled a surge in the nation’s currency to near parity with the U.S. dollar has given him scope to slow the pace of future interest-rate increases.
IMF Chief Strauss-Kahn Says Chinese Yuan Is `Undervalued,' Will Appreciate International Monetary Fund Managing Director Dominique Strauss-Kahn said he anticipates China will address its “undervalued” currency, recognizing the nation’s role in the global economy.
Clinton Detours to Cairo to Calm Arab Concerns, Press for Mideast Peace Secretary of State Hillary Clinton will seek to give a push to the Middle East peace process and allay Arab concerns about the U.S. role in talks today with Egyptian President Hosni Mubarak.
Pakistan's Army Captures Taliban Stronghold in South Waziristan Offensive Pakistan’s army said it captured a Taliban stronghold at Sararogha in South Waziristan as troops try to complete an offensive to clear fighters from the region before winter starts next month.
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03 Nov 2009 00:40
, Nov 03 03:37, Nov 03 08:37, Nov 03 17:37Lloyds Banking Will Raise $34 Billion in Rights Offer, Avoid Asset Program Lloyds Banking Group Plc plans to raise 21 billion pounds ($34 billion) in Britain’s biggest rights offering and deny the government majority control of the country’s largest mortgage lender.
China Said to Plan Review of Developer Loans on Concern at Surging Prices China’s banking regulator plans to review debt levels at some real-estate developers on concern the companies’ borrowings are fueling excessive gains in property prices, a person familiar with the matter said.
European, Asian Stocks Drop; UBS, Royal Bank of Scotland, BMW Shares Fall Stocks in Europe and Asia dropped as UBS AG reported a wider-than-estimated loss and Australia raised interest rates for the second time in four weeks.
Australia Raises Key Rate by Quarter Point to 3.5%; Currency Pares Gains Australia raised its benchmark interest rate by a quarter percentage point for the second straight month, becoming the only nation to increase borrowing costs twice this year as the global economy recovers.
BMW Third-Quarter Profit Drops 74% as Economic Slump Saps Luxury-Car Sales Bayerische Motoren Werke AG, the world’s largest maker of luxury cars, reported a 74 percent plunge in third-quarter profit as the recession sapped demand for higher-priced models.
Bernanke's Housing Gamble May Bring Pressure From Congress to Keep Fed Aid Federal Reserve Chairman Ben S. Bernanke is gambling that come March, he can stop the purchases of mortgage-backed securities that have propped up the U.S. housing market. Congress may have other ideas.
New Jersey, Virginia Choose Governors as Palin Campaigns in New York Race Governor’s races today in Virginia and New Jersey have been anticipated as barometers of next year’s midterm congressional elections. A U.S. House race in upstate New York may prove more meaningful.
Czech Court Rejects Challenge to EU Lisbon Treaty, Shifts Focus to Klaus The Czech Constitutional Court rejected challenges to the European Union’s Lisbon Treaty, bringing the accord to the verge of adoption and leaving Czech President Vaclav Klaus as the final hurdle.
Clinton Tempers Praise for Israel to Calm Arabs on Settlements Proposal Facing criticism from Arab leaders, Secretary of State Hillary Clinton tempered praise of Israel’s offer to restrict West Bank settlements and announced a sudden trip to Egypt to confer with President Hosni Mubarak about the stalled Mideast peace process.
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02 Nov 2009 07:10
, Nov 02 10:07, Nov 02 15:07, Nov 03 00:07U.S. Stocks Extend Gains After ISM Manufacturing Index Exceeds Estimates U.S. stocks extended gains after the Institute for Supply Management’s gauge of manufacturing topped economists’ estimates, signaling the economic rebound is gaining momentum.
Pending Sales of Existing Homes in U.S. Rise 6.1% Amid Tax-Credit Deadline The number of contracts to buy previously owned homes in the U.S. rose in September for an eighth straight month as Americans rushed to meet a deadline for a home-buyer tax credit.
Ford Has Earnings of $997 Million, Says 2011 Will Be `Solidly Profitable' Ford Motor Co., the only major U.S. automaker to avoid bankruptcy, posted net income of $997 million in the third quarter and its first operating profit since early 2008. Ford said it expects to be “solidly profitable” in 2011.
Hector Ruiz Will Leave Globalfoundries Amid Galleon Insider-Trading Case Hector Ruiz, the most prominent executive tied to the Galleon Group LLC insider-trading case, is stepping down as chairman of Globalfoundries Inc., a spinoff of Advanced Micro Devices Inc.
Bank of America Joins China as Treasuries Buyer While Fed Bailout Unwinds U.S. banks are buying Treasuries at the fastest pace since just after the last recession, helping shore up demand now that the Federal Reserve has finished purchasing $300 billion worth to hold down borrowing costs.
Muni Borrowers Planning $10 Billion in Sales Confront `New Issue' Penalty U.S. state and local governments, which intend to sell almost $10 billion of bonds this week, face a market where dealers and traders’ reluctance to hold unsold debt is pushing borrowing costs higher than market yields.
Karzai Wins Second Term as Afghan President After Rival Quits Runoff Vote Hamid Karzai will serve a second term as Afghanistan’s president after election challenger Abdullah Abdullah, a former foreign minister, dropped out of a runoff vote that was scheduled for Nov. 7, the Independent Election Commission said in Kabul.
Pakistan Bombing Kills 33 as Government Puts $5 Million Bounty on Taliban At least 33 people were killed in an explosion close to the Shalimar Hotel in Pakistan’s garrison town of Rawalpindi as the government placed a $5 million bounty on Taliban militants.
Clinton's Praise of Netanyahu on Settlements Signals New Tone in Peace Bid Secretary of State Hillary Clinton’s acceptance of an Israeli position that fell short of a total settlement freeze moved the U.S. closer to Prime Minister Benjamin Netanyahu’s stance, while leaving Palestinians unimpressed and unwilling to resume peace talks.
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01 Nov 2009 15:52
, Nov 01 18:52, Nov 01 23:52, Nov 02 08:52CIT Files for Bankruptcy, U.S. Is Unlikely to Recoup $2.3 Billion Bailout CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.
Denbury to Acquire Oil and Gas Producer Encore in $4.5 Billion Transaction Denbury Resources Inc., a Plano, Texas-based oil and natural-gas producer, said it will purchase Encore Acquisition Co. for about $4.5 billion, including the assumption of debt.
Japan Futures, Australia Stocks Fall on U.S. Consumer Spending; Sony Drops Japanese stock futures and Australian shares dropped as U.S. consumer spending fell and CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy, damping confidence the global economy is recovering.
Chinese manufacturing data for October showed the nation’s economic recovery is strengthening, giving policy makers more room to pare stimulus measures in coming months.
Yen Rises to 3-Week Highs Against Dollar, Euro on CIT, Global Stocks Rout The yen rose to the most in almost three weeks against the dollar and the euro after New York-based CIT Group Inc. filed for bankruptcy, boosting demand for Japan’s currency as a shelter from financial turmoil.
Afghan Candidate Abdullah's Election Pullout Adds Risk for Karzai, Obama Afghan President Hamid Karzai’s remaining challenger withdrew from the country’s runoff election, citing fraud that has marred voting and undermined U.S. hopes for a stronger government to help fight the Taliban.
Secretary of State Hillary Clinton, on a Mideast trip to revive stalled peace talks, commended Israel’s “unprecedented” offer to limit construction of Jewish settlements, while Palestinians maintained their demand for a total building freeze.
Blankfein, Pandit, Winfrey Were Among Early Visitors to Obama White House Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein, Citigroup Inc. CEO Vikram Pandit and television talk-show host Oprah Winfrey were among White House visitors during President Barack Obama’s first six months in office, records released by the administration show.
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01 Nov 2009 01:42
, Nov 01 03:37, Nov 01 08:37, Nov 01 17:37China Manufacturing Grows at Fastest Pace in 18 Months on Stimulus, Loans China’s manufacturing expanded at the fastest pace in 18 months and a government researcher said economic growth will accelerate this quarter.
Payrolls in U.S. Probably Fell, Manufacturing Sped Up in Uneven Recovery Employers in the U.S. kept cutting jobs in October and manufacturing picked up, pointing to an uneven economic recovery that will take time to encourage hiring, economists said before reports this week.
Ford UAW Workers Said to Reject Concessions That Would Match GM, Chrysler Ford Motor Co. hourly employees have rejected contract concessions the automaker said it needed to remain competitive with its U.S. rivals, said two people familiar with the outcome of the voting.
CIT Group Bankruptcy Approaches After Striking Icahn, Goldman Sachs Deals CIT Group Inc., the 101-year-old commercial lender seeking to avoid collapse, may file for a prepackaged bankruptcy as soon as this weekend after striking deals with billionaire Carl Icahn and Goldman Sachs Group Inc.
South Korea's October Exports Fall 8.3%, Less Than Economists' Forecasts South Korea’s exports fell less than economists estimated in October, adding to signs that trade may start to rebound from the slump triggered by the global financial crisis.
Australia Plans to Release `Better' GDP, Unemployment Forecasts, Swan Says Australia will revise forecasts for growth and unemployment with figures “better” than those published in May, Treasurer Wayne Swan said.
Afghanistan's Abdullah Withdraws From Presidential Run-Off Against Karzai Abdullah Abdullah, former Afghan foreign minister, said he will withdraw from the Nov. 7 presidential run-off election against Hamid Karzai.
Clinton Praises Israeli Offer on Settlements; Palestinians Demand Freeze Secretary of State Hillary Clinton, on a Mideast trip to revive stalled peace talks, praised Israel’s “unprecedented” offer to limit construction of Jewish settlements, while Palestinians maintained their demand for a total building freeze.
West Atlas Rig Ablaze in Timor Sea at PTTEP Begins Fourth Bid to Cap Leak PTT Exploration & Production Pcl said a fire broke out on a drilling rig in the Timor Sea off northwestern Australia during efforts to plug the well that has been leaking oil for 10 weeks.
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