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Global Investing Roundups
Kenya Growth Stalls Quickly; Caterpillar Cuts Pay and Jobs; Wal-Mart Offers $2.66 Billion for Chile’s Biggest Grocer; Walgreen Falls Short, Cuts Opening Plans; Palm Gets $100 Million Injection; JPMorgan Buys UBS Assets; Oil Falls 6%
- Kenya’s economy grew 2.1% in the third quarter, down significantly from the 6.3% gross domestic product growth it posted a year earlier. On top of the global financial crisis, Kenya suffered from post-election violence and a severe drought, Bloomberg reported.
- Caterpillar Inc. (CAT) said it will offer buyouts to some employees and cut white-collar pay by up to 50%. Last week, the heavy equipment maker announced…
Global Investing Roundups
Credit Crisis Claims $1 Trillion; Dollar Falls Hard; Gold and Silver Rally; Honda Slashes Profit Outlook; Motorola Cuts Costs; Valeo Cuts 5,000 Jobs; Woolworths Closing Its 807 Stores in Jan.; E-Trade Growing and Shrinking
- With Morgan Stanley’s (MS) $2.2 billion loss in the third quarter, the carnage from the credit crisis passed the $1 trillion mark. About 67% of that came from U.S. financial firms, and about 30% from European firms, Bloomberg reported.
- A day after the U.S. Federal Reserve’s deepest rate cut in history, the dollar fell hit fresh lows against other currencies. It fell toward a 13-year low against the yen…
BHP Abandons Hostile Bid for Rio
With commodity prices falling and the global economic outlook uncertain, Melbourne-based mining titan BHP Billiton (BHP) pulled the plug on its hostile takeover of rival Rio Tinto PLC (RTP), saying the proposed deal is of no longer in the best interest of shareholders.
The bid was also partially kneecapped by antitrust concerns raised by the European Commission, which mandated BHP unload assets for approval.
And Rio’s net debt of $39 billion was yet another concern for BHP.
“Recent global events and associated falls in commodity prices have… altered risk dimensions. BHP Billiton is very focused on balance sheet strength. Accordingly, the…
26Nov2008 | Money Morning | 0 comments | ContinuedThe Plot Thickens…
The trouble with following the financial news is that there is so much of it. Everyday brings news information, new facts, new theories – dozens of them. The financial news becomes like a dense Russian novel, with so many characters coming and going that we forget the plot.
Of course, if you’re reading Dostoevsky this summer, you can always stop, flip back and figure out what is going on. In the financial markets you can never stop. The news just keeps coming…the absurd character keep popping up…the intrigues and sub-plots get denser and more confused.
And yet, it’s in the financial markets that…
15Aug2008 | Daily Reckoning | Comments Off | ContinuedGlobal Investing Roundups
Bank of America Boosts China Bank Stake; Home Prices Continue to Fall; Record Profit and Resignation for Vodafone; Standard Pacific Stock Shoots Up; Landis&Gyr Lands 7 Million “Smart Meter” Contract; S. Africa Grows a Slow 2.1% in 1Q; Gold Futures Fall $18.
–Bank of America Corp. (BAC) announced yesterday (Tuesday) that it would increase its stake in China Construction Bank Corp. to almost 11%, The Associated Press reported. The Charlotte-based bank plans to purchase 6 billion H-shares on or about June 5th, bringing Bank of America’s total investment in the Beijing-based bank to 10.75%.
–The S&P/Case-Shiller home-price index declined 14.4% from the same period…
28May2008 | Money Morning | Comments Off | ContinuedRecession: Not Gonna Happen
I could not have said it better myself:
“I think this recession mumbo jumbo is way out of line. It is being pushed on the radio and TV, but out in the real world we are not seeing it.”
I heard that line as I was chatting with the owner of a tourism company. The president of a publicly traded company uttered it as he called the man I was speaking with to cancel his $60,000 employee-incentive vacation. He said he just got done laying off scores of workers and his shareholders would hang him if he took the trip.
Once I found…
27Jan2008 | Guest Contributor | Comments Off | Continued
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