2007 December
China Hikes Interest Rates For Sixth Time This Year; Bumps Subsidies to Farmers
By Mike Caggeso Associate Editor For the sixth time this year, China raised interest rates to temper the fastest inflation the country has seen since 1996. Effective tomorrow, the People's Bank of China will raise the benchmark one-year lending rate 18 basis points to 7.47%. The one-year deposit rate will also increase 27 basis points [...]
Leading Economic Indicators Paint a Bleak Economic Future
By Jennifer Yousfi Managing Editor The Conference Board announced yesterday (Thursday) that the Leading Economic Indicator Index fell for a second straight month. The index fell 0.4% in November following a decline of 0.5% in October. Analysts had predicted a 0.3% decline for the month. In the six-month period from May to November, the index [...]
New Pipeline Subverts U.S. Efforts to Diversify Gas Supply
By Jason Simpkins Associate Editor Russia, Turkmenistan and Kazakhstan signed an agreement yesterday (Thursday) to begin construction on a natural gas pipeline along the Caspian Sea. The move is a huge blow to the United States and Europe, who were encouraging the former Soviet republics to build a pipeline under the Caspian Sea and bypass [...]
Dubai World Opens Wallet to Help Build Malaysian Super City
By Mike Caggeso Associate Editor Dubai World's worldwide holdings got another boost yesterday (Thursday), as its subsidiary, Limitless Holdings Pte, agreed to form a joint venture with UEM World Bhd. that will build $448 million (1.5 billion ringgit) in luxury homes in Malaysia's Johor province. The housing project will be built in a special zone [...]
Outlook 2008: How to Profit When Oil Bubbles Up Above the $100 Level
Editor's Note: This is the Second Installment of an Ongoing Series Addressing the Outlook for Investment Opportunities and the Global Economy in 2008. By Jason Simpkins Associate Editor The price of oil has climbed nearly 50% this year, a rise that culminated on Nov. 21 when the "black gold" hit a record high of $99.29 [...]
Brazil's Petrobras Agrees to Invest up to $1 Billion in Bolivian Natural Gas Projects
By Mike Caggeso Associate Editor Bolivia's state-run oil company, YPF Bolivianos, will get up to a $1 billion investment for local natural-gas projects from Brazil's state-run oil company, Petroleo Brazileiro SA (PBR), also called Petrobras. The deal – signed by the presidents of both South American countries – calls for $750 million to $1 billion [...]
Global Investing Roundup
MasterCard Forced to Reduce International Fees; Harmony Mining Creates New Holding Company; First Reserve Proposes a $1.8 Billion Takeover of Abbot Group; Sports Direct Retailer Balks on First-Half Profits The European Commission ruled yesterday (Wednesday) that MasterCard Inc. (MA) must reduce the fees it charges for cross-border credit card transactions. The fees, which range from [...]
Cash Infusion Brightens Morgan Stanley's Dismal Fourth Quarter
By Jason Simpkins Associate Editor Morgan Stanley (MS) announced a total fourth quarter loss of $9.4 billion yesterday (Wednesday), after the company took another $5.7 billion write down on its mortgage-related assets. The same day, Morgan Stanley also announced a $5 billion cash infusion from state-controlled China Investment Corp. The second-largest U.S. investment bank posted [...]
Sprint Nextel Selects Telecom Insider Hesse as New CEO
By Jennifer Yousfi Managing Editor Earlier this week (Tuesday), Sprint Nextel Corp. (S) named Daniel R. Hesse, 54, as president and chief executive officer, effective immediately. Hesse replaces Gary Forsee who resigned in October under growing pressure from the board of directors due to continued loss of subscribers and operational troubles resulting from the Sprint [...]
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