By Don Miller Contributing Writer Money Morning An upward revision in China's growth figures allowed it to leapfrog Germany to become the world's third-largest economy in 2007. Now the Red Dragon is snapping at Japan's heels in the quest to become No. 2 in the world's economic pecking order. "I think it will take only […]
Archives for January 2009
January 2009 - Page 7 of 12 - Money Morning - Only the News You Can Profit From
ECB Cuts Key Rate to 2.0% as Eurozone Recession Worsens
By Jason SimpkinsManaging EditorMoney Morning The European Central Bank (ECB) today (Thursday) cut its benchmark interest rate by half a percentage point to 2.0%, an acknowledgment that the Eurozone economy is rapidly deteriorating amid the global financial crisis. "Looking further ahead, we continue to see global economic weakness," ECB President Jean-Claude Trichet said in a […]
Indian Government Ponders Satyam Bailout in Wake of Raju Scandal
By Jason SimpkinsManaging EditorMoney Morning Rocked by scandal, Satyam Computer Services Ltd. (ADR: SAY) is embarking on a massive corporate restructuring, but with India's reputation as an investment destination and world leader in information technology at stake, time is of the essence and the government could be forced to step in with a financial bailout. […]
Global Investment News Roundups
Deutsche Bank Drops $6.3 Billion in 4Q; Nortel Files for Chap. 11; Lehman Out of Chap. 11 in 18-24 Months; Work on World’s Tallest Building Delayed; Yahoo Tunes in to Asian Players; Record Job Cuts; More Adults Downloading TV; D-TV Switch Could be Delayed Germany’s largest bank, Deutsche Bank AG, reported a fourth quarter loss […]
The Global Financial Crisis Will Cost Western Banks a Share of Future China Profits
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report In mid November, Bank of American Corp. (BAC) ponied up more than $7 billion to nearly double its already existing investment in the state-owned China Construction Bank Corp., a move that gave the biggest U.S. bank a 19% stake in China's second-largest lender. Less than two […]
Retail Sales Extend Record Streak of Monthly Declines
By Jason SimpkinsManaging Editor Money Morning U.S. retail sales fell 2.7% last month and will likely continue on a downward trend as job losses mount. Total retail sales dropped to a seasonally adjusted 343.2 billion last month, the Commerce Department reported. That's a decrease of 2.7% from the previous month and 9.8% decline from December […]
New China Mall Devoted to Such Knock-Off Brands as “Bucksstar” Coffee, “Pizza Huh” Slices and “McDnoald’s” Burgers
Money Morning Staff Reports The Red Dragon has solidified its reputation as the "king of the counterfeiters" with the near-completion of a new shopping center that may actually be the world's first mall to be totally dedicated to fake brands. A British newspaper has reported that some of the brand impostors at the mall in […]
Yahoo Names Carol Bartz New CEO
By Mike CaggesoAssociate Editor Money Morning Yahoo Inc (YHOO) named Carol Bartz, 60, chairwoman of Autodesk Inc. (ADSK), its new chief executive following the departure of former company chief and co-founder Jerry Yang, who announced in November he would step down. Bartz served as Autodesk's president and CEO for 14 years before stepping down from […]
Global Investment News Roundup
Rattner Floated as Car Czar; Sources: Barclays Planning 2,100 Lay Offs; BG Group Pumping Billions into Brazil Oil; Pfizer Cutting 800 Research Posts; Oil Snaps Week-Long Skid; Commercial Banks Borrowing Less Than Investment Banks; Companies Scramble to Fill Pension Plan Gaps Sources close to the matter told Bloomberg News that President-elect Barack Obama may name […]
The Fed’s Bubble Trouble Will Cause Rates to Spike and Spawn Hyperinflation
By Peter D. Schiff Guest Columnist Money Morning A few weeks ago, when the U.S. Federal Reserve announced a strategy designed to bring down long-term interest and home mortgage rates through unlimited Treasury bond purchases, government debt staged a spectacular rally. To the unschooled market observer, the spike may be difficult to understand. After all, […]