By Mike Caggeso Assistant Editor Money Morning Australia’s central bank took the hatchet to its benchmark interest rate today (Tuesday), cutting 75 basis points to 5.25%, the lowest since March 2005. Since the start of September, the Reserve Bank of Australia cut interest rates three times for a total of 200 basis points, in an […]
Archives for November 2008
November 2008 - Page 10 of 10 - Money Morning - Only the News You Can Profit From
Likely EU Recession Paves the Way for Greater ECB Influence
By Jason Simpkins Associate Editor Money Morning The European Commission (EC) said yesterday (Monday) that the Eurozone economy has already slipped into a recession and strong and stable economic growth will not return until 2010. The European Central Bank (ECB), originally charged with the task of maintaining price stability, has now found itself with the […]
How to be "Selectively Bullish" - Even in the Face of Financial Crisis
Keith Fitz-GeraldInvestment DirectorMoney Morning/The Money Map Report Nut job. Alarmist. Fear monger. Dr. Doom. I've heard them all. When you make your living as a financial analyst and commentator, as I do, you aren't going to get a lot of invitations to the ol' country club – especially if you spend a lot of time […]
Government Won't Extend $700 Billion Bailout Plan to U.S. "Big Three"
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report The U.S. Treasury Department has rejected General Motors Corp.'s (GM) request of $10 billion in assistance for its potential merger with Chrysler LLC after the Bush Administration decided it didn't want to broaden its $700 billion financial rescue program to include industrial companies – or to […]
Global Investing Roundups
South Korea Plans $10.8 billion Stimulus; KKR IPO Delayed Again; DryShips Posts 71% Profit Growth; Oil Slides Below $64; Manufacturing Hits 26-year Low; Viacom Profit Down 37%; Cars Sales Plummet; South Korea's government announced plans for a 14 trillion won ($10.8 billion) economic stimulus aimed to create an extra 200,000 jobs, extend tax breaks for […]
Battered Circuit City Closing 155 Stores, Scraping for Capital
By Mike Caggeso Associate Editor Money Morning Circuit City Stores Inc. (CC) will close 155, or 20%, of its 566 U.S. stores by Dec. 31 and slash its domestic workforce by about 17% as the fledging electronics retailer scrambles to conserve cash and reverse six consecutive quarters of falling sales. In the company’s Monday release, […]
Uncertainty Escalates as Tomorrow's Presidential Election Looms
By William Patalon III Executive Editor Money Morning/The Money Map Report Come Wednesday morning – after the presidential election tomorrow (Tuesday) – the United States will have a new commander-in-chief in the wings. The president-elect will face some significant challenges: A weak economy (okay, a recession, given last week’s gross domestic product (GDP) report, which […]
Boeing Union Workers Ratify Four-Year Pact, Ending Eight-Week Strike
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report The Boeing Co. (BA). said yesterday (Sunday) that its machinists in Washington, Oregon and Kansas ended a 58-day strike when the 27,000 unionized workers ratified a four-year contract. The Boeing statement announcing the agreement did not provide details of the union vote. A simple majority of […]
Railroad Play Burlington Northern Hauling Gains for Warren Buffett's Berkshire
By Jason Simpkins Associate Editor Money Morning Warren Buffett is working on the railroad – again. Last month, the iconic investing guru once again displayed his enthusiasm for railroad stocks by adding to his already sizeable stake in Burlington Northern Sante Fe Corp. (BNI). After picking up 7.85 million shares of Burlington in early October, […]
Commodity Prices Sinking to 52-Year Low
By Mike Caggeso Associate Editor Money Morning Commodity prices are bracing for their worst month in 52 years as global demand continues to slide. The Reuters/Jefferies CRB Index – a measure of 19 global commodities from light crude to lean hogs – fell 24% in October, Bloomberg reports. "October is at last ending – the […]