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January 5


Obama Stimulus and January Effect Will be the Week’s Top Stories

By William Patalon III
Executive Editor
Money Morning/The Money Map Report

President-elect Barack Obama’s transition team is reportedly putting the finishing touches on an economic recovery plan that could run from $675 billion to $1 trillion, though many experts believe the program will most like range between $700 billion and $800 billion.

Briefings for top congressional Democrats were to start either over the weekend or today (Monday), a senior transition-team official told The Associated Press late last week. President-elect Obama is slated to meet today with House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., in a Democratic strategy session that is likely to focus on the economic recovery package.

It’s time to look forward, not back.  The 111th Congress meets tomorrow (Tuesday), and a comprehensive economic stimulus package is at the top of its agenda.  Hopefully, the lawmakers can put partisan bickering …

http://www.moneymorning.com/2009/01/05/barack-obama-stimulus-plan/



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India Starts 2009 With More Rate Cuts and Stimuli

By Mike Caggeso
Associate Editor
Money Morning

India started the year on an actionable note by sharply cutting interest rates and unveiling another stimulus package.

The Reserve Bank of India lowered its repurchase rate by one percentage point to 5.5%, and lowered the reverse-repurchase rate by one percentage point to 4%.

As part of its stimulus plan, the government eased inflation controls and raised the overseas investment limit to $15 billion from $6 billion. India’s federal government also green-lighted state-level initiatives to raise an additional $6.18 billion (300 billion rupees) in the year to March 31 for infrastructure projects such as roads, schools and hospitals.

The government will also offer $4.12 billion (200 billion) rupees to state-run banks and $5.15 billion (250 billion rupees) to non-bank finance companies to raise capital, The Wall Street Journal reported.

To make this possible, India lowered the cash reserve ratio – the proportion of deposits banks are required to set aside as cash …

http://www.moneymorning.com/2009/01/05/reserve-bank-of-india/



Global Investing Roundups

Borders Ousts CEO; Front Page Ads in New York Times; Steve Jobs Speaks, Apple Soars; U.K. Short Selling Ban Ending; Whitman’s Future; Oil Rises on MidEast Violence; Russia Cuts Gas Supplies to Europe

  • Borders Group, Inc. (BGP) ousted its Chief Executive George Jones and replaced him with outsider Ron Marshall, a Wildridge Capital Management executive whose primary experience is turning around ailing companies, Reuters reported. George had been Borders’ CEO for the past three years.
  • The New York Times Co. (NYT) opened its front page to advertisers, a controversial move within journalism circles but also one that follows rivals the Wall Street Journal and USA Today. The ad space is two-and-half inches high and runs across the bottom of the page, Reuters reported. 
http://www.moneymorning.com/2009/01/06/investment-news-roundups/