By Jason Simpkins Staff Writer Germany is on its way to a surplus for the first time in 18 years, the Financial Times reported – a bit of a surprise given that country’s exposure to the U.S. subprime mortgage mess. In fact, two German lenders had to be rescued after investments linked to the U.S. […]
Archives for August 2007
August 2007 - Page 4 of 11 - Money Morning - Only the News You Can Profit From
WHO Says Risks of Worldwide Disease Outbreak are at Highest Levels Ever
From Staff Reports This year’s World Health Organization (WHO) World Health Report warns that brand-new – and still-emerging – infectious diseases are quickly traversing the globe, a reality that poses a threat to the public health and economic vitality of countries around the world. Experts say that the best way to attack this problem is […]
Commercial Paper Continues Plunge, Pressures Mount on Fed to Cut Rates
From Staff Reports The level of outstanding commercial paper underwent its biggest weekly drop in at least seven years in the period that ended Wednesday, further evidence of how the credit crunch has shaken the financial markets. Commercial paper is a highly flexible, unsecured, short-term loan obligation with a maturity term that typically ranges between […]
Fund Manager Favors BHP, Which is Striking it Big in India
From Staff Reports Anglo-Australian mining giant BHP Billiton Ltd. (NYSE:BHP), which on Wednesday reported a $13.42 billion fiscal 2007 profit, said today (Friday) that the nine big projects it is set to finish in India this year would all meet their targets for costs and timing. BHP’s net profit presented a 28.4% gain over its […]
Investors Will Clean Up From Beijing's Toxic Mess for Years to Come
By Keith Fitz-Gerald Contributing Editor As a tri-athlete who has competed at the international level, I know what it takes to get ready both physically and mentally for these always-challenging events. So when I tell you that the Beijing-bound Summer Olympians are asking themselves two questions – over and over, like a computer stuck in […]
Dubai's Investment Arm Grabs Stake in MGM
By Mike Caggeso Staff Writer Dubai's extended its state-funded global reach a bit further yesterday (Wednesday) when its Dubai World investment arm agreed to pay $5.1 billion for a 9.5% stake in investor Kirk Kerkorian's MGM Mirage (NYSE:MGM). Dubai World is a holding company for the Persian Gulf state. News of the deal sent MGM […]
Inflation Rate Reaches 7,635% In Zimababwe
From Staff Reports Think inflation is through the roof in the United States? Let’s be thankful we’re not in Zimbabwe, where the world’s leading annual inflation rate rose to 7,635% in July. Two months earlier, the inflation rate was “only” 4,530% Its astronomical inflation numbers are due to a combination of food, gas and foreign […]
BHP Earnings Soar 28.4 Percent
From Staff Reports The Anglo-Australian BHP Billiton Ltd. (NYSE:BHP), the world’s largest mining company, reported its fiscal 2007 net profit was $13.42 billion, a 28.4% gain from the $10.45 billion it posted last year Higher commodity prices and the emerging economies in Europe and Asia added $7.1 billion to the bottom line, as did the […]
Lehman Shutters BNC Mortgage Unit, Cuts 1,200 jobs
From Staff Reports Lehman Brothers Holdings Inc. (NYSE: LEH) yesterday (Wednesday) announced that it is shutting down its subprime-mortgage unit, BNC Mortgage LLC, becoming the latest company to stop offering home loans to borrowers with risky credit ratings. The move will result in 1,200 employees being fired. BNC was a top-20 subprime mortgage lender in […]
ECB Still Will Boost Rates in September
From Staff Reports The European Central Bank indicated it may still raise interest rates in September and announced another three month loan – this one $54 billion – to ease lending between commercial banks during the ongoing credit crunch, Bloomberg News reported. The ECB has injected emergency funds into the global financial system over the […]