MBIA Gets Cash Infusion From Warburg Pincus; Reckitt Benckiser Inhales Adams Respiratory; China Automotive to Rev Up U.S. Sales; Lafarge Cements Future with Orsacom Acquisition Leading bond insurance company MBIA Inc. (MBI) announced yesterday (Monday) that it would receive a cash infusion from a leading private equity firm, the Associated Press reported. Warburg Pincus LLC […]
Archives for December 2007
December 2007 - Page 7 of 11 - Money Morning - Only the News You Can Profit From
Libya Taps Billions from Petro-Canada for Oil Access
By Mike Caggeso Associate Editor Petro-Canada (PCZ) yesterday (Monday) announced a renegotiation of its existing oil exploration and production agreements with Libya’s state-run National Oil Corp., or NOC. Under the new agreements, Petro-Canada and NOC have agreed to jointly invest $7 billion to develop new exploration projects and refurbish existing oil infrastructure. The new agreements […]
China Triples Investment Quota
By Jason Simpkins Associate Editor China announced on Sunday that it would triple the amount of money foreign financial institutions can collectively invest in its domestic stock market. The quota, which previously stood at $10 billion, will now be raised to $30 billion. China originally limited qualified foreign institutional investment to $4 billion when it […]
Gold Posts Gains Ahead of Anticipated Fed Rate Cut
By Jennifer Yousfi Managing Editor Gold gained on Monday, fueled by a persistently weak dollar and anticipation of another rate cut at today’s FOMC meeting. Both spot gold and February futures were up 2% for the day. “The trade today seems to be focusing on active purchasing ahead of the extremely pivotal Fed meeting,” Zachary […]
Fannie Mae to Sell $6 Billion in Bills to Ease Ongoing Liquidity Woes
By Staff Reports Federal National Mortgage Association, more commonly known as Fannie Mae (FNM), became the latest casualty of the subprime mortgage crisis when it announced plans last week to issue $7 billion of nonconvertible preferred stock in a bid to raise much-needed cash. Monday, the firm announced it would also sell $6 billion in […]
Citigroup CEO Search Group Meets Today; Insider Vikram Pandit Said to be Leading Candidate.
By William Patalon III Executive Editor Money Morning/The Money Map Report Citigroup Inc. (C) board members will meet today (Monday) and tomorrow (Tuesday), and could name insider Vikram Pandit as the new chief executive officer before the week is out. Pandit, a former Morgan Stanley (MS) executive who in mid-October was appointed to oversee Citigroup's […]
India’s Gold Imports Decline For A Second Straight Month
From Staff Reports Gold imports to India, the world’s biggest gold consumer, have fallen for the second straight month. According to the Bombay Bullion Association, November purchases fell drastically from 59 metric tons last year to 12 tons during the same month this year. Likewise, year-over-year purchases for October fell from 68 tons last year […]
The Big Picture: IMAX Inks 100-Screen Deal and Eyes Asia Expansion
By Mike Caggeso Associate Editor Shares of IMAX Corp. (IMAX) rocketed more than 62% Friday after the company announced a deal that will install 100 digital projection systems in AMC Entertainment Inc. theaters across North America. Ontario-based IMAX is known for its large-format, color-and-sound-enhanced films specially filmed for presentation on large screens that are usually […]
Money Morning’s Three-Minute Market Review: How Last Week’s Action is Shaping This Week’s Market
By William Patalon III Executive Editor Money Morning/The Money Map Report Look, up in the sky…it’s a bird; it’s a plane; it’s SUPER PREZ!!! Or is it? With his second term nearing an end, U.S. President George W. Bush is searching for a lasting legacy [in case “peace in the Middle East” doesn’t work out] […]
Blackstone, China Govt. Planning a Bid for Rio Tinto, Say Media Reports From Today
By Jason Simpkins And William Patalon III Money Morning Editors In the latest move underscoring China's push to create captive supplies of key natural resources, Blackstone Group LP (BX) is planning a bid for Rio Tinto PLC (RTP) that may include China's sovereign wealth fund, according to several media reports emanating from Asia early today […]