By Jason Simpkins Associate Editor General Motors Corp. (GM), the world's largest automaker, will invest as much as $5 billion in China over the next five years. Detroit- based GM has fallen on hard times in its home market recently, but business in emerging markets has shown promise. With its status as an industry leader […]
Category
Top News
Fang-Temasek Partnership the Latest in a String of High-Profile Sovereign Wealth Deals
By Jennifer Yousfi Managing Editor In another example of the growing power of state-run investment funds, renowned Chinese dealmaker Fang Fenglei has joined forces with Singapore's government-controlled Temasek Holdings Pte. Ltd. to launch a new $2 billion China-focused private-equity fund, reported The Wall Street Journal. Temasek currently manages a portfolio worth more than $100 billion, […]
Deutsche Bank's Ackermann Reportedly Spurns an Offer to Head Citigroup
By William Patalon III Executive Editor Money Morning/The Money Map Report Deutsche Bank AG (DB) Chief Executive Officer Josef Ackermann has spurned the advances of the embattled Citigroup Inc. (C), which was interested in hiring the German banking executive to turn around the biggest U.S. bank, the Financial Times reported, citing an anonymous source. Ackermann, […]
Infrastructure a Smart Bet in 2008
By Jennifer Yousfi Managing Editor It is estimated that India needs to invest $500 billion over the next five years to keep its economy chugging along at its current 9% rate. In fact, India could be generating another couple percentage points worth of growth if the country's roads and ports weren't such a bottleneck and […]
Market Rallies on Strong Productivity and Payroll Optimism
By Jason SimpkinsAssociate Editor Markets soared Wednesday, boosted by positive economic data that still left enough room for a Federal Reserve rate cut next Tuesday. The Labor Department announced that productivity rose at an annual rate of 6.3% in the third quarter, up from 2.2% in the second, and the biggest increase in four years. […]
Traditional Media Looks to Cash In On Fast Growing Video Game Industry
By Jennifer Yousfi Managing Editor French media giant Vivendi's (BIT:VIV or PINK:VIVEF) recent deal to buy a major position in U.S.-based Activision, Inc. (NASDAQ:ATVI) has turned the market's eye to other video game tech stocks. Activision's stock rose on 24% Monday after the deal was announced, but other gaming stocks also showed gains as investors […]
South African Miners Strike, Platinum Spikes
Platinum futures spiked to $1,466 an ounce yesterday [Tuesday] as 270,000 South African miners declared a one-day strike protesting the safety record of the country's mining companies. Leaders from the National Union of Mineworkers (NUM) estimated 40,000 members marched in front of the Johannesburg Chamber of Mines, CNN reports. Nearly one miner dies every day […]
Canada Cuts Interest Rates Despite Economic Growth
By Mike Caggeso Associate Editor Canada's 25 basis point rate cut on Tuesday had many investors scratching their heads. After all, the cut goes against conventional thinking for central banks, which often lower rates when a country's economic growth is threatened by weakening currency valuations, housing markets and/or domestic demand – none of which are […]
Corporate Profits Dwindle Even as GDP Surges
By Jennifer YousfiManaging Editor A mixed report from the Commerce Department indicates the U.S. economy continues to grow even as corporate profits start to show the strain of a weakening domestic market. The report cited preliminary estimates for third quarter 2007 gross domestic product (GDP) and corporate profits. GDP was revised upward to 4.9%, an […]
China Drills Into Africa with $5.4 Billion Investment
By Mike Caggeso Associate Editor An overwhelming majority of South Africa's Standard Bank Group Ltd. (JNB:SBK) shareholders approved the sale of 20% of the bank's assets to state-owned Industrial and Commercial Bank of China Ltd. (HKG:1398) – a $5.4 billion purchase, making it China's largest overseas investment. More than 95% of Standard Bank shareholders approved […]