By Martin HutchinsonContributing EditorMoney Morning/Money Map Report Four months ago, it appeared that three economic “bad actors” were triumphant in their disregard of economic laws and contempt for the United States: Russia, Venezuela and Argentina. Today, while the iron laws of economics have taken a bite out of all of us, they have taken an […]
Archives for October 2008
October 2008 - Money Morning - Only the News You Can Profit From
Credit Crisis Expert Says Proposed Plan to Bail Out Delinquent Homeowners May Face Too Many Problems to Succeed
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report A tentative Bush Administration plan aimed at keeping as many as three million homeowners who are behind on their mortgages from losing their houses will be difficult to administer, and could end up costing the country hundreds of billions of dollars more than the plan’s architects […]
Third Quarter GDP Suggests U.S. Has Entered Into Recession
By Jason SimpkinsAssociate Editor The U.S. economy shrank at an annualized rate of 0.3% in the third quarter – the biggest decline in seven years – after businesses cut back on investments and consumer spending experienced its sharpest pullback since 1980. And though the contraction was smaller than economists expected, they are still predicting a […]
Buy, Sell or Hold Update: Brazil ETF Rated as a “Buy” on Monday Has Now Posted a 31% Gain
From Money Morning Staff Reports The iShares MSCI Brazil Index (EWZ), an exchange-traded fund (ETF) that was the topic of the popular “Buy, Sell or Hold” feature on Monday, surged 9.9% yesterday (Thursday) and is now up 31% in the four days since Contributing Editor Horacio Marquez rated this ETF as a “Buy” in his column. […]
Global Investing Roundups
AmEx Cuts 7,000 Jobs; Oil Down on GDP; Governors Lobby Gov. on Auto Industry; Motorola Downsizes; Kodak Results Less Than Picture Perfect; Waste Management Recession Resistant American Express Co. (AXP) said yesterday (Thursday) that it plans to cut 7,000 jobs, or 10% of its global work force, in an effort to reduce costs by $1.8 […]
Exxon Mobil Posts Record $14.8 Billion Profit, Shell Tops Estimates
By Jennifer YousfiManaging EditorMoney Morning Exxon Mobil Corp. (XOM) set a U.S. profit record today (Thursday) when it announced its third quarter profit topped $14.8 billion on record-high oil prices. Exxon Mobil, the largest U.S. oil company, earned $14.8 billion, or $2.86 per share, a 58% increase from the $9.41 billion, or $1.70 per share […]
Bush Administration Proposing Plan to Bail Out Delinquent Homeowners
By William Patalon III Executive Editor Money Morning/The Money Map Report The Bush Administration is considering a plan that could keep as many as 3 million homeowners who are behind on their mortgages from losing their houses, The New York Times reported today (Thursday). According to the newspaper report, this program would be the most […]
Billions in Bank Rescue Funds are Fueling Buyout Deals, and not the Increase in Loans That Would Help Ease the Financial Crisis
By William Patalon III Executive Editor Money Morning/The Money Map Report While the U.S. government’s plan to invest $250 billion in U.S. financial institutions has been billed as a strategy that will bolster the health of the banking system and also jump-start lending, the recapitalization plan is likely to have a secondary effect – one […]
Federal Reserve, Bank of China Cut Interest Rates as Financial Crisis Deepens
By Jason Simpkins Associate Editor Money Morning Federal Reserve policymakers yesterday (Wednesday) reduced the benchmark Federal Funds rate to 1.0%, an aggressive half-percentage-point cut that central bank Chairman Ben S. Bernanke’s latest attempt to keep the widening financial crisis from tipping the world into a global recession. “The pace of economic activity appears to have […]
Buy, Sell or Hold Update: Brazil ETF Featured Monday Soars as Much as 31% in Three Trading Days
By William Patalon III Executive Editor Money Morning/The Money Map Report The iShares MSCI Brazil Index (EWZ), an exchange-traded fund (ETF) that was the topic of the popular “Buy, Sell or Hold” feature on Monday, surged as much as 31% in the first three days of this week. The shares, which closed Friday at $29.94, […]