By Jennifer YousfiManaging EditorMoney Morning PNC Financial Services Group Inc. (PNC) became the first U.S. bank to make use of the government’s Troubled Assets Relief Program (TARP) with its plans to purchase National City Corp. (NCC). Pennsylvania-based regional bank PNC announced today (Friday) that it would purchase Ohio-based National City in an all-stock transaction that […]
Archives for October 2008
October 2008 - Page 4 of 14 - Money Morning - Only the News You Can Profit From
Six Profit Plays From South of the Equator
By Martin Hutchinson Contributing Editor Money Morning Like most other markets, Brazil has been battered by the credit crisis – the BOVESPA index is currently down 28% in October alone and no less than 52% from its peak as recently as May. It now appears to represent excellent value, with a historic Price/Earnings (P/E) ratio […]
French Nuclear Giant Areva Links Up With Northrop in Groundbreaking Production Venture
From Money Morning Staff Reports In a sign that the planned construction of new nuclear reactors in the U.S. market could jump-start the nation’s moribund manufacturing sector, France's Areva SA and defense-industry giant Northrop Grumman Corp. (NOC) have formed a joint venture to make nuclear reactor vessels, steam generators and other related components at Northrop's […]
Will Calls for a "New Global Financial Order" Result in a Second Bretton Woods and the End of U.S. Dominance?
By Jason Simpkins Associate Editor Money Morning The leaders of 20 of the world’s most developed nations, the G20, will convene in Washington D.C. on Nov. 15 for an emergency financial summit considered by many to be the 21st century version of the Bretton Woods initiative of 1944. This will be the first chance for […]
Global Investing Roundups
Microsoft Profit Up; Goldman Slashes Jobs; Dow Reports 6% Jump in Profits; Sony Slashes Earnings Outlook; WaMu Debt Value Set; Crude Gains on OPEC Expectations Microsoft Corp.'s (MSFT) quarterly profit rose 2% from a year ago, the company said yesterday (Thursday) in a statement. The world's largest software maker earned $4.37 billion, or 48 cents […]
Treasury and FDIC Team Up to Aid Homeowners at Risk for Foreclosure
By Jennifer YousfiManaging EditorMoney Morning Foreclosures continue to plague the U.S. housing market, but government agencies are working to develop a plan to aid struggling homeowners, and in turn, strengthen the U.S. economy. Foreclosure activity saw a huge spike in the third quarter, as one in every 475 U.S. homes either received a default or […]
Fears of Mortgage Rate Re-Sets May Fuel LIBOR Manipulation and Mask Deeper Banking System Problems
Global Credit Crisis Takes a Toll on Former Titans of Banking
By Jennifer YousfiManaging EditorMoney Morning It takes more than a globally competitive economy to have a sound banking system. For the third straight year, the United States finds itself at the top of the Global Competitiveness Index (GCI), published by the World Economic Forum (WEF) as part of its annual Global Competitiveness Report. “Once the […]
OPEC Production Cut Up in the Air as Members to Clash Over Oil Prices
By Jason Simpkins Associate Editor Money Morning In the face of the worst worldwide financial crisis since the Great Depression, the Organization of Petroleum Exporting Countries (OPEC) is expected to cut crude-oil output and raise prices at an emergency meeting in Vienna tomorrow (Friday). But even with crude oil prices down more than 50% from […]
Global Investing Roundups
IMF Issues Bleak Forecest; McDonald’s Magic Earnings; Boeing’s Tailspin; ConocoPhillips Enjoys Oil Cushion; Wachovia’s Claim to Infamy; AT&T’s Expensive iPhone Habit; S&P 500’s Historic Slump; Financial Crisis Summit The International Monetary Fund (IMF) said yesterday (Wednesday) that U.S. economic growth would be flat or negative for the rest of 2008, and into 2009. In Canada, […]