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  • “Frankenfoods” Gain Greater Acceptance as Food Prices Skyrocket

    By Jason Simpkins Associate Editor For more than a decade, European policymakers have spurned genetically modified crops, but these so-called Frankenfoods are beginning to look more and more appetizing in the wake of food shortages and soaring prices. Only 21% of Europeans are willing to eat genetically engineered food, according to a survey by the […]

  • MBIA on the Hook for $7.4 Billion After Moody’s Downgrade

    By Jennifer YousfiManaging Editor After a recent credit-rating downgrade, MBIA Inc. (MBI) must come up with $2.9 billion in possible termination payments, as well as an additional $4.5 billion in collateral to stabilize guaranteed investment contracts (GICs). Many investment contracts have minimum collateral requirements that go into effect in the event of a credit-rating downgrade. […]

  • 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 […]

  • Moody's Joins Other Rating Agencies in Downgrade of Ambac, MBIA

    By Jennifer Yousfi Managing Editor Moody's Investors Service on Friday downgraded the debt rating of key bond insurers MBIA Inc. (MBI) and Ambac Financial Group Inc. (ABK), increasing expectations that more write-downs are in the offing for the U.S. financial-services sector, which has already written off nearly $400 billion in losses. Moody's Investors Service, subsidiary […]

  • Mexico Joins the Global Battle Against Inflation with Surprise Rate Cut

    By Jason SimpkinsAssociate Editor Mexico's central bank unexpectedly raised its benchmark interest rate by a quarter percentage point to 7.75% Friday, warning that the rate of inflation may exceed its previous forecast. "The recent inflation dynamic is worrying," Banco de Mexico's five-member board said in a statement. "The balance of risks for inflation has worsened." […]

  • Barclays Gets a $927 Million Jump Start as Japanese Banks Ramp Up Overseas Investment

    By Jason SimpkinsAssociate Editor Barclays PLC (ADR: BCS), the United Kingdom's fourth-largest bank, may get a $927 million cash infusion from Japan's Sumitomo Mitsui Financial Group Inc. by the end of the month. The investment, which will be made through the group's Sumitomo Mitsui Banking Corp. unit, underscores an evolving trend among large Japanese banks […]

  • Reports: Yahoo Shedding Executives, Overhauling Products

    By Mike Caggeso Associate Editor After months of tumultuous shareholder temperament, Yahoo! Inc. (YHOO) is giving its board and product line a makeover to convince traders of its value after turning down Microsoft Corp's (MSFT) $47.5 billion offer, according to reports. President Susan Decker is pushing a plan to roll several product groups under one […]

  • Financial Fears Sweep the Globe After RBS Predicts Worldwide Stock-Market Crash

    By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report As rocky as the global markets have been, the worst is yet to come, the Royal Bank of Scotland Group PLC (ADR: RBS) warns. RBS analysts have warned clients to brace for a full-blown crash in the global stock-and-bond markets over the next three months as […]

  • Oil Drops as China Ratchets Up Fuel Costs

    By Jennifer YousfiManaging Editor Oil futures fell yesterday (Thursday) on news that China plans to sharply reduce fuel subsidies starting today, which is expected to have an effect on demand. "The announcement of the Chinese fuel price increase sent the market sharply lower," Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. […]

  • Can Inflation Save Canada From Recession?

    By Mike Caggeso Associate Editor Canada's consumer price inflation rose 2.2% year-over-year in May, edging ahead as the Bank of Canada signaled it would last week. The spike suggests Canada's economy of is also sputtering alongside that of the United States, but soaring commodities costs just may help our northern neighbor skirt recession.  Inflation is […]