By Martin Hutchinson Director of Global Investing Research The U.S. banking trio of Citigroup Inc. (C), J.P. Morgan Chase & Co. (JPM) and Bank of America Corp. (BAC) yesterday (Monday) announced that they were setting up a new fund – perhaps as large as $100 billion – to buy mortgage debt held in "Securitized Investment […]
Archives for October 2007
October 2007 - Page 7 of 13 - Money Morning - Only the News You Can Profit From
Soaring Oil Prices, Debt Concerns Send Stocks Skidding Yesterday; Oil Spikes in Asia Today
By Jason Simpkins Staff Writer Stocks tumbled yesterday (Monday) as oil prices soared and three major U.S. banks announced a plan to revive the asset-backed commercial paper market. The Dow Jones Industrial Average fell 108.20 points, or 0.77%, to close at 13,984.80. The broader Standard & Poor's 500 Index closed at 1,548.71, down 13.09 points, […]
India Stock Soars with Reliance and Tata Steel Out in Front
By Jason SimpkinsStaff Writer India's benchmark stock index yesterday eclipsed the 19,000 level, the first time that's happened, The Associated Press reported. The Bombay Stock Exchange's 30-share Sensex peaked at 19,059, a 639.6 point gain and a new all-time high. The Sensex has soared by 1,000 points in just five trading sessions, similar to the […]
PetroChina Surpasses GE as Worlds Second Most Valuable Company; Sets Sights on Exxon
By Mike Caggeso Staff Writer Record oil prices and strong sales and profits have vaulted PetroChina Co. Ltd. (PTR) past General Electric Co. (GE) as the world's second-biggest company by market value. PetroChina also said it had completed procedures for its $5 billion A-share initial public offering and expects to list its shares on China's […]
Gold, Platinum Hit Highs Against Falling Dollar
From Staff Reports Gold hit a 28-year high yesterday (Monday), on the back of rising energy costs and a falling U.S. dollar. Gold futures for December rose 1.3% (or $9.80) to $763.60 an ounce on the New York Mercantile Exchange. The most closely watched of the precious metals is up 20% this year, and is […]
Solid Regional Growth Helps Emirates Telecommunications Report Profits of $1.5 Billion Through Year's First Nine Months
By Mike Caggeso Staff Writer Dubai-based Emirates Telecommunications Corp. (generally referred to as Etisalat), the third-largest Arab telecommunications company, reported that profits for the first nine months of this year jumped 14% (or $490.2 million) to $1.5 billion, as the company added more customers in the rapidly growing area, Reuters reported. Though Etisalat's coverage area […]
Banks Create Fund to Help to Fight Woeful Credit Market
From staff reports Three of the United States' biggest banks – Citigroup Inc. (C), Bank of America Corp. (BAC) and J.P. Morgan Chase & Co. (JPM)- announced yesterday (Monday) that they agreed to start a fund to enhance the liquidity of asset backed commercial paper (ABCP) and medium-term notes by structured investment vehicles (SIVs). The […]
BHP to Sell its Rio Algom unit to Uranium Resources
From Staff reports Uranium Resources Inc. (URRE) agreed to buy a uranium mining company and a mill license from BHP Billiton Ltd. (BHP) for about $126.5 million in cash. Uranium Resources announced that it would pay $110 million for Rio Algom Mining LLC, whose assets include New Mexico properties with 20 million pounds of U308 […]
Three Ways to Profit From Australia's Strong Dollar and Massive Natural Resource Reserves
By Martin Hutchinson Director of Global Investing Research Australia has had an excellent run in the last decade, benefiting from sound economic policies and rising natural resource prices. While the economic policies may be about to change, Australia's innate natural resource strength will only increase as demand from East Asia grows. That means that only […]
Is China Annexing Africa?
Trade between China and Africa hit a new high of $55.5 billion last year, up 40% from the year before. A special report from Tim Bennent and our U.K. affiliate, MoneyWeek Magazine, explores Beijing's motivations for upping its trade relations in Africa. The latest project to hit the headlines is a $5 billion offer from […]