By Don MillerAssociate EditorMoney Morning Home prices in the U.S. plummeted a record 19% in January from a year earlier, as demand plunged and foreclosures continued their relentless rise, according to an industry report released today (Tuesday). The January S&P/Case-Shiller index fell more than forecast and topped the 18.6% decrease in December. The gauge of […]
Archives for March 2009
March 2009 - Money Morning - Only the News You Can Profit From
Shrinking U.S. Demand Keeps Canada’s Economy Underwater in January
By Mike Caggeso Associate Editor Money Morning Canada's economy contracted for the sixth straight month in January as automobile production and construction fell. The 0.7% decline follows decreases of 1.0% in December and 0.7% in November. Canada's manufacturing sector slipped 3.1%, and about half of that decline came from slumping motor vehicle and parts production […]
The Slow Death of General Motors
By Martin Hutchinson Contributing Editor Money Morning U.S. President Barack Obama's firing of General Motors Corp. (GM) Chief Executive Officer G. Richard Wagoner Jr. may be the beginning of the final act of a long and sad drama – the slow death of GM. The company nameplate may soldier on in some form, but it […]
Obama Rejects Automakers’ Reorganization Plans; Elevates Potential for Bankruptcy
By Jason Simpkins Managing EditorMoney Morning General Motors Corp. (GM) shares plunged more than 25% yesterday (Monday) – sparking a widespread stock-market sell-off – after U.S. President Barack Obama rejected turnaround plans that would have brought GM and Chrysler LLC billions in government rescue money and told the carmakers that bankruptcy might provide the best […]
Global Investment News Briefs
Report: U.K. Financials Cutting More Jobs; OPEC Prez Forecasts $75/Barrel; Oil Falls With Global Stocks; Chalco Scaling Back Spending; S&P Cuts Ireland's Credit Rating; Investors Paid Cash for 40% of 2nd Home Purchases in 2008; Grain Prices Likely to Fall; Microsoft Settles Patent Suit The Confederation of British Industry forecasts that the United Kingdom's financial-services […]
Geithner Hints Banks May Need More Bailout Funding
By Don MillerAssociate EditorMoney Morning U.S. Treasury Secretary Timothy Geithner made his first appearances on a host of talk shows on Sunday to promote the Obama administration's efforts to restart the economy. He also warned against attempts to tax investors who join a federal program to buy so-called "toxic" assets from banks. While Geithner hinted […]
World Bank Predicts 4.5% Contraction for Russia’s Economy, Possible “Social Crisis”
By Mike Caggeso Associate Editor Money Morning After nearly a decade of double-digit economic growth, Russia's economy is facing the prospect of a 4.5% contraction this year that will drive unemployment and poverty to "social crisis" levels, the World Bank said. This is a quick and drastic reversal of the World Bank's previous forecast of […]
CEOs of GM, Peugeot Lose Their Jobs as a Result of Auto Industry’s Great "Global Glut”
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report The Obama administration will give General Motors Corp. (GM) enough aid to restructure over the next two months – requiring Chief Executive Officer G. Richard Wagoner Jr. to resign as one of the conditions – and has told Chrysler LLC it must complete a deal with […]
Stimulus Coupled With Strong Stock Market Performance Creates Bullish Outlook
By William Patalon III Executive Editor Money Morning/The Money Map Report Is it “Bull Market 2009?” The answer to that question depends on whether you believe the three-week surge we’ve just been through is the start of a prolonged advance for U.S. stocks, or was just the kind of “dead-cat bounce” fake-out move that temporarily […]
Why the Mining Sector Doesn't Need Banks
Money Morning Staff Reports In the magical world of FinanceLand, it seems evil Dr. Doom has landed on the capital (Stall Street), and with a zap from his freezing ray-gun, has permeated the landscape with a thick layer of frost. The effect: Traditional sources of financing – indeed, virtually every type of credit – have […]