By Jason Simpkins Associate Editor The European Central Bank (ECB) yesterday (Thursday) held its key interest rate steady at 4.25%, but ECB President Jean-Claude Trichet struck a much less hawkish tone in announcing the decision and may be forced to cut rates before year-end to revive the Eurozone's shrinking economy. "Economic activity in the euro […]
Archives for October 2008
October 2008 - Page 13 of 14 - Money Morning - Only the News You Can Profit From
Merrill Lynch's Thain to Remain with Bank of America
By Jennifer YousfiManaging Editor After executing a preemptive sale of investment bank Merrill Lynch & Co. Inc. (MER), Chief Executive John A. Thain will remain with Bank of America Corp. (BAC) after the merger, the Charlotte-based bank announced yesterday (Thursday). "I am delighted that John has agreed to join Bank of America," Kenneth D. Lewis, […]
Heads They Win, Tails You Lose: Why the Bailout Plan Will Fail U.S. Taxpayers
Updated 10/07/08 By Shah Gilani Contributing Editor Money Morning My sister lives in a landmark building in Coral Gables, Fla. There was a fire in one apartment in the building. After that fire was brought under control, the fire department – for some unknown reason – dropped a hose in the burned apartment, and left […]
Bailout Bill Clears the Senate, Heads for (Another) House Vote
By Jason Simpkins Associate Editor The U.S. Senate last night (Wednesday) passed a $700 billion banking-sector bailout package, and will now watch as the House of Representatives reviews the inducement-laden pact. The House rejected an earlier version of this bill on Monday. The legislation, approved by a 74-25 vote, authorizes the federal government to buy […]
General Electric to Raise "At Least" $15 Billion Via Stock Sale, Investment From Warren Buffett's Berkshire Hathaway
By William Patalon IIIExecutive Editor Money Morning/The Money Map Report General Electric Co. (GE) said yesterday (Wednesday) that it will sell "at least" $12 billion in common shares to investors, and another $3 billion in preferred stock to Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B), making GE the latest U.S. giant that's been forced to […]
Stakes are High as Bailout Strides to Clear House and Senate
[Editor's Note: The Senate vote still hadn't been finalized as of our publishing deadline last night. However, Money Morning will continue to follow this story and will update this report with the newest information first thing today (Thursday).] By Jason Simpkins Associate Editor The United States Senate was set to vote last night (Wednesday) on […]
Global Investing Roundups
Eli Outbids Bristol; Carmax Crashes; IBM Could Miss Estimates; Micron's Loss; Cereal's Sugar High; Canada Drives Toyota Eli Lilly and Co. (LLY) is in advanced talks to acquire ImClone Systems Inc (IMCL) for $70 a share, topping a rival bid from Bristol-Myers Squibb Co. (BMY), the Wall Street Journal reported yesterday (Wednesday). Bristol already owns […]
With the Senate Bailout Vote Set for Tonight, Odds Makers are Betting on Success
By William Patalon III And Jason Simpkins Money Morning Editors The U.S. Senate plans to vote tonight (Wednesday) on a $700 billion banking-bailout plan, using an increase in bank-deposit-insurance limits and tax breaks for consumers and businesses as devices to win support from the Republicans who sent a House bill down to defeat on Monday. […]
Credit Crisis Update: U.S. Stocks Notch Record Gains on Investor Hopes for a New Bailout Plan
By Jennifer Yousfi And William Patalon III Money Morning Editors U.S. stocks soared yesterday (Tuesday) – with the Dow Jones Industrial Average gaining 485 points in posting its third-biggest point gain ever – as investors stormed back into the stock market just one day after the surprise rejection of a $700 billion bailout plan ignited a […]
Five Reasons Why the $700 Billion Banking Bailout Will Translate into $250 Oil
By Keith Fitz-Gerald Investment Director Money Morning/The Money Map Report I've been predicting record oil prices for a number of years now, so when crude oil prices recently plunged from their record highs, I warned investors and consumers that the decline was nothing more than a temporary respite. But the fallout from the current $700 […]