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A Bearish Dow Has its Worst June Since the Great Depression

By Jason Simpkins Associate Editor High oil prices, a steep drop in consumer confidence, declining home values and a weak dollar conspired to drive the Dow Jones Industrial Average to its lowest point in two years, and made for the benchmark index's worst June since the Great Depression. After falling more than 300 points last […]

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Consumer Spending Strong, but Will it Last?

By Jason SimpkinsAssociate Editor Consumer spending in the United States rose an unexpected 0.8% in the month of May, the biggest increase since last November, as nearly $50 billion worth of rebate checks were cashed and put to use. Incomes grew 1.9% in May – their biggest jump in nearly three years – and the […]

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Qatar Funnels $8 Billion Into a Resurgent Libya

By Jason SimpkinsAssociate Editor The State of Qatar will invest about $8 billion in Libyan companies across various sectors, officials told the Financial Times. The investment is one of many made by large, national sovereign wealth funds, or global cash barons, and will help Libya diversify its economy away from a reliance on hydro carbons. […]

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Banco Bradesco Banking on Continued Brazilian Growth with 350 New Offices

By Mike Caggeso Associate Editor With incomes rising all over Brazil, Banco Bradesco SA (ADR: BBD), the country's largest private bank, plans to add 350 new offices throughout the country in the next year and a half. In an interview with Bloomberg, Banco Bradesco Chief Executive Marcio Cypriano said the retail expansion is a bid […]

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Crude Hits Another Record High Above $140

By Jason SimpkinsAssociate Editor The benchmark crude oil rose 57 cents to settle at a record-high $140.21 a barrel on the New York Mercantile Exchange Friday, after a sell-off on Wall Street left the Dow Jones Industrial Average in bear territory. After plummeting 358 points on Thursday, the Dow dropped another 107 points to end […]

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Oil Hits $140 on Depleted Dollar and Supply Concerns

By Jason Simpkins Associate Editor Oil and gold each experienced a fresh resurgence yesterday (Thursday) – with crude achieving a new trading record – after the dollar weakened in response to the policy decisions by central banks around the world, and the Organization of Petroleum Exporting Countries' president said oil may reach $170 by the […]

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Goldman’s Crystal Ball: Citigroup, Merrill are in Serious 2Q Trouble

By Mike Caggeso Associate Editor Citigroup Inc. (C) – the U.S. financial titan still reeling from the subprime fallout – was the target of another downgrade, as Goldman Sachs Group Inc. (GS) analyst William Tanona said the bank may suffer $8.9 billion of second-quarter write-downs and be forced to cut its dividend again. Tanona downgraded […]

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Declining Russian Oil Production Could Lead to $200 Oil and "Global Recession," Says Deutsche Bank

By Jennifer Yousfi Managing Editor Higher oil could lead to a worldwide economic collapse, according to a top analyst at Germany's largest bank. "Two-hundred dollar oil would break the back of the global economy," Adam Sieminski, chief energy economist at Deutsche Bank AG (DB), told Bloomberg News in an interview yesterday (Wednesday) in Tokyo. "Next […]

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Rio Strikes While the Iron is Hot, but BHP Holds Out for More

By Jason SimpkinsAssociate Editor Steelmakers throughout Asia cringed earlier this week when they heard the news that Aussie mining giant Rio Tinto PLC (ADR: RTP) had secured a 97% price increase for its iron-ore. But getting Rio out of the way was only half the battle, because now steelmakers are forced to confront BHP Billiton […]

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Foreign Banks, Sovereign Wealth Funds Help Barclays Raise $8.9 Billion

By Mike Caggeso Associate Editor Starving for capital and hell-bent on retaining its handsome dividend, Barclays PLC (ADR: BCS) plans to raise $8.9 billion (4.5 billion pounds) by selling shares to investment banks and sovereign wealth funds around the world. As much as 1.58 million shares will be sold to existing investors China Investment Bank […]

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