By Keith Fitz-GeraldInvestment DirectorMoney Morning/The Money Map Report The moment Beijing won the right to host the 2008 Summer Olympics, the Chinese government embarked on an ambitious cultural etiquette program designed to make Beijing more hospitable to the 500,000 foreigners expected to visit for the Games, which start only weeks from now. And from the […]
Archives for June 2008
June 2008 - Page 3 of 13 - Money Morning - Only the News You Can Profit From
Waiting for the Fed's Decision, Statement
By Jennifer YousfiManaging Editor Economists and investors wait with bated breath for the U.S. Federal Reserve to release the statement from the Federal Open Market Committee this afternoon (Wednesday) at 2:15 p.m. EDT. While it is almost universally expected that the FOMC will vote to hold the Federal Funds rate steady at its current 2.0%, […]
Global Investing Roundups
Kodak Announces $1 Billion Buyback; Kroger Lowers Prices, Posts Profit; BP Breaks Ground on Wind Farm; Reliance and Dreamworks in Talks; Lukoil Joins Up With Italy's ERG; Wachovia Brings in Goldman Sachs; Dow Hikes Prices; Yahoo and Microsoft Back in Talks Shares of Eastman Kodak Co. (EK) rose the most in 20 years as it […]
Home Prices and Consumer Confidence Traverse Record Lows
By Jason Simpkins Associate Editor Another fresh round of economic data was released yesterday (Tuesday) with the prognosis looking dire for the U.S. economy. Home prices as measured by the S&P/Case Shiller composite index of 20 metro areas fell 1.4% in April from March and slumped by a record 15.3% over the year. The group's […]
Congress Debates High Oil Prices While Corporations and Consumers Pick up the Tab
By Jason Simpkins Associate Editor The price of oil edged up again yesterday (Tuesday), before settling at $137 a barrel flat, as concerns about short-term supplies continues to overwhelm Saudi Arabia's recent pledge to boost production. With Saudi Arabia offering some, albeit limited, cooperation, Congress has turned its ire on speculators and investment banks. First, […]
BG Group’s $13.1 Billion Bid for Origin Energy Goes Hostile
By Mike Caggeso Associate Editor British gas utility titan BG Group PLC (OTC ADR: BRGYY) went hostile in its takeover bid for Australia's Origin Energy Ltd. (PINK: OGFGF), Australia's largest coal-seam-gas producer, taking its offer of A$15.50 per share, which values the company at $13.1 billion (A$13.8 billion dollars), directly to shareholders. BG Group originally […]
A New Wave of Congressionally Mandated Energy Profits Is Just Around the Corner
By Keith Fitz-Gerald Investment Director Money Morning/The Money Map Report Congress is talking about going after oil speculators in an effort to lower prices by limiting the amount of money flowing into oil contracts. We realize that they're upset, but they're going about this the wrong way. What's more, they're demonstrating a near complete ignorance […]
A Plan to Grant the Fed Additional Powers Will Only Exacerbate Current U.S. Woes
By Peter D. Schiff Guest Columnist Throughout history, governments have always used crises to justify blatant power grabs. All too often, the "expanded government powers" that resulted from the moves remain in place – even after the crisis subsides. This tendency has come into sharp focus here in America recently. Congress signaled that it is […]
Global Investment Roundups
Source: Citigroup Cutting More Jobs Soon; Housing Outlook Remains Bleak; Consolidating Waste; Declining Euro; Huntsman Sues Apollo; GM Boost Prices, Cuts Costs; Safran Woos with Higher Offer; Motorola Slumps on "Sell" Rating Citigroup Inc. (C) may lay off more workers this week under a March plan to cut its trading and investment-banking workforce by about […]
Faced with Skyrocketing Iron Ore Costs, China's Baosteel Rolls Two Rivals into a Joint Venture
By Mike Caggeso Associate Editor Baosteel Group Corp., China's largest steel producer, will pay $4.2 billion in cash for an 80% stake in a new Guangzhou-based steel mill that will merge two rivals, Shaoguan Iron & Steel Group and Guangzhou Iron & Steel Group. China is already the world's top steel consumer and producer, churning […]