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Global Investing News: Bank of America (BAC), China Mobile (CHN), General Motors (GM), UBS AG (UBS), American International Group (AIG) and Eli Lilly & Co. (LLY)
BofA 1Q Profit Doubles; China Mobile Misses Estimates; GM Cutting 1,400 Salary Positions; UBS Selling Brazilian Unit; AIG Gets More Fed Funding; Leading Economic Indicators Fall More Than Forecast; Lilly Beats Estimates; Rubber Prices May Fall on Fading Auto Sales
- First-quarter profit for Bank of America Corp. (BAC) more than doubled, but a surge in troubled loans threw a wet blanket on the bank’s earnings report. So far, Bank of America has received $45 billion in government loans, and Chief Executive Kenneth Lewis said on a conference call that “we absolutely don’t think we need additional capital," Reuters reported.
- The world’s biggest wireless provider, China Mobile Ltd. (CHN),…
Investor Calls for Bank of America CEO Kenneth Lewis to be Ousted
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 said he asked the Securities and Exchange Commission Friday for permission to start a public campaign to remove Lewis, as well as lead director Temple Sloan and asset-quality committee chairman Jackie Ward at Bank of America’s annual meeting on April 29.
Finger told The Journal that he has known Lewis for a long…
16Mar2009 | Money Morning | 0 comments | ContinuedSo Far, So…Mediocre
Weak.
Remember last week when I said I expected the market to come off a little bit from the recent buying spree, and that it was healthy for the market to behave in such a way? Well, it did, and it was. I expected the market to (hopefully) bounce up again afterwards. It did.
But until Thursday, it has done so with about as much conviction as a handshake from a crying three-year-old.
The market’s behavior in the past month or so has closely resembled that of the “bouncing ball” experiment that most of us did in science class. Each time the…
6Feb2009 | Oxbury Research | 0 comments | ContinuedBank of America to Boost Stake in China’s No. 2 Bank
Bank of America Corp. (BAC) will almost double its stake in state-owned banking giant China Construction Bank Corp., and will control nearly 20% of China’s second-largest bank when the deal is finalized.
The official announcement yesterday (Monday) ends months of speculation that the Charlotte, N.C.-based BofA would dump part of its three-year-old investment the Beijing-based bank to offset the effects of the global financial crisis. In an article on Saturday, Money Morning reported that the deal was close, though noting that the actual timing was unknown.
Story continues below…
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We Live In Interesting, Incompetent Times
Epics and Ongoing Busts in the Financial Sector
There may be a major hurricane battering the oil rigs and refineries in the Gulf of Mexico and Texas, but an even bigger one is crushing many of the key banking firms in America.
One is a natural disaster — you can’t blame people for Hurricane Ike unless they’re too stupid to heed storm warnings and get themselves and their families out of danger. But you can definitely blame people — specifically executives and regulators — for the man-made disaster currently engulfing investment banks and the financial sector as a whole.
Hundreds of billions of…
16Sep2008 | Oxbury Research | Comments Off | ContinuedCredit Crunch Claims Two More (Part 1)
“At no time in history has the biggest money in the world been as MISALOCATED and invested as it is now.†–Ty Andros
…well put Mr. Andros. Today marked the worst day since markets opened after 9/11. Bonds soared while commodities, save gold, took it on the chin. By the way, if you have been a reader of mine, our long gold short oil position that I discussed several weeks back in an issue of Bourbon & Bayonet has done tremendously well in violent commodities market to say the least. You can visit the issue here. Moving on…
There is an enormous…
16Sep2008 | Oxbury Research | Comments Off | ContinuedGlobal Investing Roundups
Report: Toyota Plunking $1 Billion on Brazil Plant; India Housing Boom Ending; GDP Revised Up; Home Sales Rise, Values Fall; Anheuser Busch to Reject InBev Bid; Bank of America Sheds Jobs; Gold Shares Glow; Oshkosh Plunges on Lowered Outlook
Toyota Motor Corp. (ADR: TM) plans to drop more than $1 billion on a new factory in Sao Paulo, Brazil, Valor Economico reported without citing a source. The new factory would be a bid to capture a share of the economic growth and rising incomes in South America.
A pair of mortgage executives in India said the country’s five-year property boom is…
27Jun2008 | Money Morning | Comments Off | ContinuedBACK TO BASICS
I have been buying natural resources since 2001. Back then, commodity prices were the cheapest ever in the history of capitalism and tangibles were not on the radar screen of many investors (they still are not). Fast forward to early 2008, where prices of resources are heading to the heavens, money is starting to pour into the sector and investors are beginning to take notice of the boom. So, where do we go from here? It is my observation that the current bull-market is still in its early days and fundamentals indicate that we have a long way to go.…
20Jun2008 | Daily Reckoning | Comments Off | ContinuedInflation is Winning
Today, we turn to our war correspondents for dispatches from the front lines, and we find an important insight:
“Learn to live with inflation,” begins the headline in the Financial Times.
The FT refers to England’s central banker, Mervyn King, who says inflation – already running hotter than at any time in 10 years – is going to heat up even more.
In America, the news is not so different. “Globalized Inflation,” is a headline in the Wall Street Journal, finally catching on. Input prices are running up at nearly twice the rate of the official CPI figure. Prices for goods imported from…
20Jun2008 | Daily Reckoning | Comments Off | Continued
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