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Global Investing Roundups
Borders Ousts CEO; Front Page Ads in New York Times; Steve Jobs Speaks, Apple Soars; U.K. Short Selling Ban Ending; Whitman’s Future; Oil Rises on MidEast Violence; Russia Cuts Gas Supplies to Europe
- Borders Group, Inc. (BGP) ousted its Chief Executive George Jones and replaced him with outsider Ron Marshall, a Wildridge Capital Management executive whose primary experience is turning around ailing companies, Reuters reported. George had been Borders’ CEO for the past three years.
- The New York Times Co. (NYT) opened its front page to advertisers, a controversial move within journalism circles but also one that follows rivals the Wall Street Journal and…
Merrill Lynch’s Thain to Remain with Bank of America
After executing a preemptive sale of investment bank Merrill Lynch & Co. Inc. (MER), Chief Executive John A. Thain will remain with Bank of America Corp. (BAC) after the merger, the Charlotte-based bank announced yesterday (Thursday).
"I am delighted that John has agreed to join Bank of America," Kenneth D. Lewis, Bank of America’s chairman and chief executive, said in a statement, The New York Times reported. "His experience and expertise will be invaluable as we put our two companies together and move forward as the premier financial services company in the world."
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The Fall of the Giants
Back on the job…
USA Today was in a blue mood on Friday. The stock market fell more than 300 points the day before, after its reporter realized that falling commodity prices were not necessarily such good news.
“Investors fear that crashing oil, coal and platinum prices signal something far more sinister: a sharp business slowdown abroad that could crimp the economy here and hamper US corporate profits.”
Retail sales are weak. On Friday, we reported that unemployment is at a five-year high…and foreclosures have hit a new record.
Of course, when you sell houses to people who can’t afford to pay for them,…
9Sep2008 | Daily Reckoning | Comments Off | ContinuedWith a Rate Decision, GDP Report Due Today, the Fed Walks the High Wire Again
If U.S. Federal Reserve policymakers make the expected quarter-point rate cut at the end of their meeting today (Wednesday), the impact will be felt well beyond U.S. borders.
Indeed, the interest-rate reduction could set in motion a series of diverse global events that will impact such seemingly unrelated areas as European inflation, global food prices, the U.S. dollar, American exports, and the already chilly relationship between the European Central Bank (ECB) and the government of France.
For any of this to happen, however, the Fed first has to act. Most observers believe the U.S. central bank’s policymaking Federal Open Market Committee (FOMC) will…
30Apr2008 | Money Morning | Comments Off | Continued
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