From Staff Reports China sold $79 billion in bonds — the world’s biggest bond sale — to help fund a state-run investment company that will help manage its $1.33 trillion in foreign-exchange reserves, also the world’s biggest. China’s Ministry of Finance said in a statement yesterday (Wednesday) that it sold the 10-year bonds carrying 4.3% […]
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Aussie Bank Chief Favors Big Four' Merger to Avoid Asia-Market Irrelevance
From Staff Reports National Australia Bank Ltd. (OTC: NABZY) has jumped back into the debate on the Australian federal government’s ban on mergers between the country’s “Big Four” banks after NAB Chief Executive John Stewart changed his stance on the highly controversial policy, which many feel will relegate Australia’s banking system to a secondary position […]
Bad Credit Replaces Terrorism as America's Boogeyman
By Mike Caggeso Staff Writer Credit defaults have overtaken terrorism as the U.S. economy’s Public Enemy No. 1, a key national research group reported Monday. The National Association of Business Economics, a Washington-based association, surveyed 258 NABE panel members in the survey: Of that total, 32% cited loan defaults and excessive debt as their biggest […]
Wal-Mart Faces New Global Rival in its Home U.S. Market
From Staff Reports Wal-Mart Stores Inc. (NYSE:WMT), the No. 1 U.S. retailer, is about to get a taste of its own medicine. Wal-Mart said it is considering acquisitions in its home U.S. market, and will move to reduce its growth reliance on its gigantic all-everything Supercenters store by focusing on smaller stores. Wal-Mart is being […]
Soybean Prices Approach Record High
By Jason Simpkins Staff Writer Soybeans – a key crop used in the creation of certain Biofuels – is nearing record price levels, and may actually hit its second-highest price level ever, according to a Friday report in USA Today. It would be the highest soybean prices have climbed since 1983, says the U.S. Department […]
New Home Sales, Factory Orders Both Pick Up in July
By Jason Simpkins Staff Writer Sales of new homes and U.S. factory orders for durable goods both picked up in July, a development that could enable Federal Reserve policymakers to persuade themselves that an interest-rate reduction isn't needed. The U.S. Commerce Department said Friday that new home sales rose 2.8% in July after falling 4% […]
Stocks Post Solid Gains For Week
From Staff Reports U.S. stocks finished out their calmest week in a month on Friday with a solid gain: The Dow Jones Industrial Average soared 142.99 points to close at 13,378.87. The Standard & Poor's 500 Index rose 16.87 points to close at 1,479.37, and the tech-laden Nasdaq Composite Index gained 34.99 points to close […]
Countrywide CEO Still Gloomy After $2 Billion Capital Infusion
By Mike Caggeso Staff Writer Countrywide Financial Corp. CEO Angelo Mozilo said yesterday (Thursday) that the housing market isn’t improving and could sink the United States into a recession. In answering questions on cable-TV channel CNBC, Mozilo said there is a “very serious situation going on” in the U.S. housing market. “This environment is certainly […]
German Budget Surplus Defies Both the Odds and a Global Credit Crunch
By Jason Simpkins Staff Writer Germany is on its way to a surplus for the first time in 18 years, the Financial Times reported – a bit of a surprise given that country’s exposure to the U.S. subprime mortgage mess. In fact, two German lenders had to be rescued after investments linked to the U.S. […]
WHO Says Risks of Worldwide Disease Outbreak are at Highest Levels Ever
From Staff Reports This year’s World Health Organization (WHO) World Health Report warns that brand-new – and still-emerging – infectious diseases are quickly traversing the globe, a reality that poses a threat to the public health and economic vitality of countries around the world. Experts say that the best way to attack this problem is […]