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Global Investing News
OPEC May Cut Output Again; McClatchy Cans 1,600; Malaysia May Quadruple Stimulus; Public Transportation Ridership at 52-Year High; AIG Warned Feds of “Catastrophic” Collapse; Wells Fargo Shares Rise on Buffett Comments; Capital One Cuts Dividend 87%
- The Organization of Petroleum Exporting Countries (OPEC) needs to cut its oil output by an additional 800,000 barrels a day, the group’s secretary-general, Abdalla el-Badri, said yesterday (Monday). OPEC will also lower its 2009 demand forecast to a drop of 1 million barrels a day in 2009, a boost from its earlier forecast of 600,000 barrels a day, Bloomberg reported.
- Newspaper chain McClatchy Co. (MNI)…
Uncertainty Escalates as Tomorrow’s Presidential Election Looms
Come Wednesday morning – after the presidential election tomorrow (Tuesday) – the United States will have a new commander-in-chief. The president-elect will face some significant challenges: A weak economy (okay, a recession, given last week’s gross domestic product (GDP) report, which confirmed just how dire the country’s economic situation had become).
While this week’s data from the manufacturing and housing sectors will be eagerly anticipated, nothing compares to Friday’s reports on unemployment and the picture of the ailing labor market. After nine consecutive months of job contraction, few analysts hold out much hope for optimism. In fact, some believe the jobless…
3Nov2008 | Money Morning | Comments Off | Continued
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