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Global Investing News
U.S. Pending Home Sales Up 2.1%; India Exports Plunge 21.7%; U.S. Manufacturing Gains Traction; Nigerian Market Down 37% This Year; KMPG Sued for $1 Billion; Carmakers’ Incentives Help Sales in March; Macy’s Debt Downgraded to Junk; Billion-Dollar Hedge Funds Drop 40%
- Pending sales of U.S. homes increased 2.1% from January to February, nearly doubling the expectations of economists polled by Reuters. The National Association of Realtors Pending Home Sales Index, which measures contracts signed, rose to 82.1 from 80.4.
- India’s exports continued falling in February, but at the fastest pace in at least 13 years, according to government figures. Merchandise shipments fell…
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Global Investing News
IMF Predicts Global “Great Recession”; United Tech. Cuts 11,600 Jobs; Brazil Economy Grows 1.3% in 4Q; Malaysia Adds $16 Billion to Stimulus; GM to Sell Half of Opel; Big Corporate Bankruptcies Surge in 2009; Hedge Funds to Slash 20,000 Jobs; SEC Will Bring Back Uptick Rule
- Dominique Strauss-Kahn, Managing Director of the International Monetary Fund yesterday (Tuesday) warned of a “Great Recession” taking place this year. “The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes,” Strauss-Kahn told African political and financial leaders in the Tanzanian capital. He added his forecast may…
Investment News Around the Globe
Rocked by scandal, Satyam Computer Services Ltd. (ADR: SAY) is embarking on a massive corporate restructuring, but with India’s reputation as an investment destination and world leader in information technology at stake, time is of the essence and the government could be forced to step in with a financial bailout.
“We are considering all options and will soon announce definite steps to help the company overcome the current crisis as it is the question of saving jobs and an international brand,” Commerce and Industry Minister Kamal Nath said Monday. “The Prime Minister is closely monitoring the developments on Satyam.”
Indian authorities last…
15Jan2009 | Money Morning | 0 comments | ContinuedGlobal Investment News Roundups
German Gov’t Takes 25% Bank Stake; Walgreen Cutting 1,000 Jobs; Boeing Orders Fall 53%, TD Ameritrade Acquires thinkorswim; Gas Dispute Continues; BOE Cuts Rates; Lenovo Sheds Jobs; Crude Down Again
- Germany’s government will take a 25% stake in its second-largest bank, Commerzbank AG (ADR:CRZBY). The 10 million euro ($13.7 billion) investment comes as Commerzbank is completing its acquisition of Dresdner Bank from Allianz SE (AZ), Bloomberg reported.
- Walgreen Co. (WAG) said it plans to cut about 1,000 jobs outside its drugstores, part of a plan that aims to save $1 billion annually by its fiscal 2011. Part of the plan is offering…
Global Investment News Roundup
Alcoa Cuts 13% of Workforce; Best Buy to Sell Used iPhones; Jobs’ Statement Earns Apple Upgrade; India Exports Slowing Dramatically; Europe Inflation at 2-Year Low; U.S. Still Innovation Leader; Belarus to Secure IMF Aid
- Alcoa Inc. (AA) said late yesterday (Tuesday) that it will cut 13% of its global workforce. The company will also sell four business units, cut output, freeze salaries and hiring efforts, MarketWatch reported. The measures will result in a fourth-quarter charge of $900 million to $950 million after tax, or $1.13 to $1.19 a share.
- Electronics retail Best Buy Co. (BBY) said it will sell used Apple Inc’s (AAPL) iPhone 3G -returned…
Global Investing Roundups
South Africa Cuts Interest Rates; BlackRock Cans 500; Empire Co. Posts 13% Profit; KB Toys Files for Bankruptcy; Citi and UBS to Buy Back $30 Billion in Securities; Bank of America to Cut 35,000 Jobs
- South Africa’s central bank cut a half-percentage point from its benchmark interest rate, marking the country’s first interest rate reduction in more than three years, Bloomberg reported. The growing global crisis, rising unemployment and falling commodity prices are hampering growth for the emerging economy.
- Asset manager BlackRock Inc. (BLK) cut 500 jobs, Chief Executive Laurence Fink said Thursday. Many of the job losses were part-time employees, Reuters reported. BlackRock…
Global Investing Roundups
Consumer Confidence Climbs; Home Prices Record Plunge; Troubled Banks on the Rise; Oil Falls 7%; Slim’s Bank Buys Citi Stock; D.R. Horton Shares Vault
- The Conference Board said yesterday (Tuesday) that its Consumer Confidence Index now stands at 44.9, up from a revised 38.8 in October. Last month’s reading was the lowest since the research group started tracking the index in 1967.
- Home prices plunged in the third quarter, according to the S&P Case-Shiller Home Price index, which posted a 16.6% drop for the three-month period. That outpaces the second quarter’s record 15.1% decline.
- The number of problem U.S. banks and thrifts soared…
Global Investing Roundups
Sony Goes Solo; P&G’s Socks Strong Second Quarter; Service Sector Shrinks; D.R. Horton Now a Fixer-Upper; Lehman in For a Trim; Adidas Brings its “A” Game; Farmland Values Skyrocket; Russian Fire Sale
-Bertelsmann AG will sell its half of Sony BMG Music Entertainment to Sony Corp. for $900 million giving the Japanese company full ownership of the joint venture, The Associated Press reported. A statement released by the privately held Bertelsmann said the new company will be called Sony Music Entertainment Inc.
-The Procter & Gamble Co. (PG) reported a 33% jump in fourth-quarter profit yesterday (Tuesday) as the consumer-products maker overcame soaring…
6Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
WTO’s Global Trade Deal; Ford’s Lowered Expectations; Surprise Decline in Jobless Claims; Oil Drags on Hang Seng; Wider Loss for B&N; Big Oil Spends $1.3 Million in 1Q Lobbying; Bill Miller Joins Ichan in Pressuring Yahoo; IEA to Probe World’s Oil Supply; Medtronic Coughs Up $75 Million to Settle Suit.
- The World Trade Organization (WTO) has published a new draft of plans for a global trade deal that will be discussed the next time world trade ministers meet, BBC News reported. Although the plan doesn’t change existing tariff or subsidy cuts, it does offer some compromises and clarifies some key “sticking…
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