By Jason Simpkins Managing Editor Money Morning Speaking at his annual press conference Friday, Chinese Premier Wen Jiabao announced more than $200 billion of new spending to bolster the nation's flagging economy. However, Wen also voiced concern about China's financing of U.S. debt – which U.S. President Barack Obama is counting on to fund this […]
Archives for March 2009
March 2009 - Page 7 of 12 - Money Morning - Only the News You Can Profit From
Buy, Sell or Hold: Shipper C.H. Robinson Worldwide Inc. is Poised to Deliver Major Profits
Unemployment is on the march, the plummeting housing market has yet to find a bottom and top U.S. companies in the banking and automaking sectors remain downright shaky. And yet the U.S. stock market – as a discounting mechanism – experienced a robust rally last week, posting a four-day rally that saw the Dow Jones […]
Economic Slump Narrows U.S. Trade Gap to Lowest Level in Six Years
By Don MillerAssociate EditorMoney Morning The U.S. trade deficit narrowed for a record sixth consecutive month in January to the lowest level in six years as imports and exports both slumped on weak domestic demand, government data showed on Friday. Weak American demand for everything from oil to automobiles led to shrinking imports, which fell […]
Bank of America Investor Calls for CEO Lewis’ Ouster
By Mike Caggeso Associate Editor Money Morning Upset with Kenneth Lewis' leadership as Bank of America Corp.'s (BAC) Chief Executive Officer, and unable to privately persuade the company to unseat him, longtime shareholder Jerry Finger is launching a public campaign to oust Lewis from his post. In an interview with The Wall Street Journal, Finger […]
Global Investing News Briefs
‘Deeply Sorry’ Madoff Pleads Guilty; Brazil Cuts Interest Rate; U.S. Inventories Fall 1.1%; Bank of America Profitable in 2009; GM Won’t Need U.S. Bailout in March; Chrysler Asks Canada for $2.3 Billion; Oil Rises 10% on Retail Sales Report “I never invested the funds in securities as promised,” Bernie Madoff said while pleading guilty to […]
Economics Should Take Priority Over Politics at Weekend G20 Meeting
By Martin Hutchinson Contributing Editor Money Morning When the finance ministers of the G20 group of leading world economies – including the so-called “BRIC” (Brazil, Russia, India, China) group of emerging-market nations – meet in London this weekend, you can bet that there will be only one topic: To figure out what the hell their […]
Roche Keeps M&A Party Rolling with $46.8 Billion Deal for Genentech
By Don MillerAssociate EditorMoney Morning Big Pharma’s rapidly accelerating consolidation pattern snowballed yesterday (Thursday) as Roche Holding AG (ADR: RHHBY) struck a deal to buy the remaining shares it didn’t already own of Genentech Inc. (DNA) for $46.8 billion, or $95 each. The buyout ends a long battle by Basel, Switzerland-based Roche to acquire the […]
First Three-Day Rally Since January Puts Dow Back up Above 7,000
Money Morning Staff Reports Big gains in the U.S. financial sector helped stocks add more than 600 points in their first three-day winning streak since late January, which puts the Dow Jones Industrial Average back up above the psychologically important 7,000 level. The Dow gained 239.66 points, or 3.46%, to close at 7,170.06 yesterday (Thursday). […]
Standard & Poor’s Cuts GE’s Top Level Credit Rating
By Jason Simpkins Managing EditorMoney Morning Standard & Poor's today (Thursday) downgraded the AAA credit ratings for both General Electric Co. (GE) and its finance arm, GE Capital Corp. – a move that underlines the continued financial struggles of one of America's largest, most iconic companies. Standard & Poor's cut its ratings for GE and […]
Retail Sales Rebound in February; January’s Revised Up
By Jason Simpkins Managing 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 […]