Sunday, February 01, 2009
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Archive for the ‘FINANCIAL MARKETS’ Category
ASIAN MARKETS GAIN AFTER US HOUSE PASSES STIMULUS BILL; EUROPE OPENS DOWN
Posted by Gilmour Poincaree on January 29, 2009
January 29, 2009 – 3:45 AM
by Stephen Wright – Associated Press
PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)
BANGKOK, Thailand – Asian markets advanced Thursday, with Hong Kong jumping 4.6 percent in a catch-up 
rally, as the U.S. House of Representatives approved a $819 billion stimulus bill that investors hope will help lift the American economy out of its worst crisis in decades. European markets opened lower.
Japan’s Nikkei 225 stock average rose 144.95 points, or 1.8 percent, to 8,251.24 even as new data showed that retail sales in the world’s second-largest economy sank the most in nearly four years in December.
Hong Kong’s Hang Seng leaped 575.83 points, or 4.6 percent, to 13,154.43 after being closed for three days for the Lunar New Year. Mainland China’s markets are closed all week. South Korea’s Kospi gained 0.7 percent and Australia’s main index rose 0.9 percent.
Sentiment in Asia got a boost as President Barack Obama’s massive stimulus package moved closer to becoming a reality.
The Democratic-controlled House of Representatives approved the bill Wednesday night, sending it to the Senate where debate could begin as early as Monday. Democratic leaders have pledged to have legislation ready for Obama’s signature by mid-February.
“The U.S. stimulus package has a positive psychological impact on markets globally,” said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong.
“But there is still going to be bad news in the form of profit warnings 
and unemployment,” he said. “The unemployment rate is going to continue to climb, making U.S. consumers even more hesitant about spending.”
As trading got underway in Europe, major bourses fell with France’s CAC-40 off 1.1 percent, Germany’s DAX down 1 percent and Britain’s FTSE 100 slipping 1.1 percent.
U.S. stock index futures were down, suggesting Wall Street would open lower Thursday. Dow futures were down 87 points, or 1.1 percent, at 8,235 and S&P500 futures were off 8.6 points, or 1 perc(AP) — ent, at 862.90.
Financial stocks led Asia’s advance Thursday, buoyed in part by hopes of new U.S. efforts to trim bad debt and spur lending.
In Hong Kong, banking giant HSBC jumped 8.4 percent and China’s top lender, Industrial & Commercial Bank of China Ltd., or ICBC, added 5 percent.
In Tokyo, megabank Sumitomo Mitsui Financial Group soared 13 percent, Mitsubishi UFJ jumped 4.8 percent and Mizuho added 5.2 percent.
Japanese exporters such as Sony and Toshiba reported weak quarterly results after the market closed.
Sony Corp.’s net profit tumbled 95 percent in the October-December quarter, as the global slump hurt sales of its core electronics products, while Toshiba Corp. sank into the red in the third quarter and expects a loss for the full year.
Elsewhere, New Zealand’s benchmark index was up 0.8 percent after the central bank slashed its key interest rate by 1.5 percentage points to 3.5 percent to prevent the country’s recession from deepening.
Oil prices slipped below $42 a barrel as rising U.S. crude inventories offset expectations the U.S. stimulus package will revive growth and consumer demand. Light, sweet crude for March delivery was down 34 cents to $41.82 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange.
In currency trading, the dollar fell to 90.02 yen from 90.41 late Wednesday in New York, while the euro declined to $1.3044 from $1.3139.
Posted in AGRICULTURE, ASIA, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GERMANY, HONG KONG, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STOCK MARKETS, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, THE WORK MARKET, UNEMPLOYMENT, UNITED KINGDOM, USA | Leave a Comment »
RUSSIA, CHINA BLAME WOES ON CAPITALISM – SPEECHES CRITICIZE INAPPROPRIATE POLICIES, FOCUS ON DOLLAR’S ROLE; YET PUTIN SENDS OBAMA CONCILIATORY SIGNAL
Posted by Gilmour Poincaree on January 29, 2009
JANUARY 29, 2009
by Marc Champion in Davos, Switzerland; Andrew Batson in Beijing and Greg White in Moscow
PUBLISHED BY ‘THE WALL STREET JOURNAL’ (USA)
The premiers of Russia and China slammed the U.S. economic system in speeches Wednesday, holding it 
responsible for the global economic crisis.
Both focused on the role of the U.S. dollar, with China’s Premier Wen Jiabao calling for better regulation of major reserve currencies and Russia’s Prime Minister Vladimir Putin calling over-reliance on the dollar “dangerous.”
Speaking on the opening day of the World Economic Forum in Davos, Switzerland, they both urged more international cooperation to escape the downturn. They also talked up the abilities of their own economies to ride out the recession. Mr. Wen said he was “confident” China would hit its 8% growth target for this year even though that was “a tall order.” (See the full text)
The Russian and Chinese leaders also called for cooperation with U.S. President Barack Obama, but it was a chilly reception for the new administration that reflected growing anger in economies that are now getting hit hard by a financial crisis that began with subprime mortgages sold in the U.S.
Mr. Putin was characteristically blunt. He called for the development of multiple, regional reserve currencies in addition to the dollar. “Excessive dependence on a single reserve currency is dangerous for the global economy,” Mr. Putin said. (See the full text)
The Russian leader mocked U.S. businessmen who he said had boasted 
at last year’s Davos meeting of the U.S. economy’s fundamental strength and “cloudless” prospects. “Today, investment banks, the pride of Wall Street, have virtually ceased to exist,” he said.
Earlier, Mr. Wen called for an expansion of regulatory “coverage of the international financial system, with particular emphasis on strengthening the supervision on major reserve currencies.”
While Mr. Wen never named the U.S., his critique of its failings was as sweeping as Mr. Putin’s. The financial crisis, he said, was “attributable to inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit” – and other excesses.
“The entire economic growth system, where one regional center prints money without respite and consumes material wealth, while another regional centre manufactures inexpensive goods … has suffered a major setback,” Mr. Putin said.
Mr. Wen’s comments came just days after U.S. Treasury Secretary Timothy Geithner accused China of manipulating its currency for economic gain. The Chinese premier gently, but firmly warned that if Washington and Beijing chose confrontation, both would be losers.
But the different tones of the two speeches, and the fact that Mr. Wen didn’t call for replacing the dollar’s role as the world’s reserve currency but regulating it, reflect crucial differences in the important emerging economies.
A spokeswoman for the U.S. Treasury Department declined to comment on the remarks in the speeches. The White House did not respond to requests for comment.
Many of the attendees at Davos took the remarks from Mr. Putin and Mr. Wen in stride. “The sad thing is is that we might have scoffed at this a while ago. But we really dragged the world down” economically, Alan Blinder, former vice chairman of the U.S. Federal Reserve, said in an interview after the speeches.
The rapid collapse of oil and commodities prices has hit Russia hard on top of the ripples of the financial crisis. The government now forecasts the economy will shrink for the first time in a decade this year, after growing 6% last year.
“In a very real sense Russia has been kicked to the margins, while China has become pivotal to any resolution of the financial crisis,” says Bob Lo, Director of the Russia and China programs at the Center for European Reform in London.
Mr. Putin’s government has spent $200 billion of hard currency reserves to defend the Russian currency, the ruble. It has spent as much again in a bailout package that amounts to 15% of gross domestic product, one of the largest responses to the financial crisis in the world. Unlike China, Russia’s economy is too dependent on commodities exports and too small to play a significant role in any global recovery, says Mr. Lo.
Russia also has negligible trade with the U.S., while Chinese exports are heavily dependent on U.S. consumers and Beijing holds $2 trillion in U.S. debt, prompting a much more cautious approach towards Washington and the dollar in Beijing.
The net effect of falling oil prices and the downturn, however, has been to make Russia more vulnerable and the Kremlin weaker, analysts say. Russian officials have begun to send out more conciliatory signals to the new U.S. administration.
“We wish the new team success,” Mr Putin said Wednesday, calling on it to cooperate.
China, too, is suffering from the downturn. Many independent economists, including economists at the International Monetary Fund, question whether Beijing will be able to meet its 8% growth target this year.
Developed nations are increasingly calling for China to do more to stimulate its own economy. On Wednesday, Mr. Wen gave a detailed account of the four trillion yuan ($585 billion) investment program China announced in November. “As a big responsible country” China was actively boosting 
domestic, and particularly consumer demand, said Mr. Wen.
The headline sum in the program would likely be equivalent to around 3% of gross domestic product in 2009 and 2010. But even government officials aren’t promising that much of a boost to the economy. Zhang Ping, the head of the National Development and Reform Commission, in November estimated it would add about one percentage point to GDP growth this year and next.
That may have seemed like a lot at the time, but expectations for global and Chinese growth have rapidly deteriorated since then. Mr. Wen said growth slowed to 6.8% in the fourth quarter from the same period a year earlier. That’s a little more than half the 13% gain in 2007, at the height of the boom. Some economists believe China could grow by as little as 5% this year, too little to provide jobs for the graduates flooding into the labor market from Chinese universities and schools each year and a further drag on the global economy.
Less noticed in Mr. Geithner’s repetition of Mr. Obama’s campaign-trail assertion that China “manipulates” its currency last week was his argument that the long U.S.-Chinese dispute over currency didn’t matter as much as getting China to do more to boost its economic growth.
“Given the crisis the immediate focus needs to be on the broader issue of stabilizing domestic demand in China and the U.S.,” Mr. Geithner said in his written response to questions during his Senate confirmation process. “A further slowdown in China would lead to a substantial fall in world growth (and demand for U.S. exports) and delay recovery from the crisis.”
Printed in The Wall Street Journal, page A6
Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, CHINA, COMMERCE, CURRENCIES, DOLLAR (USA), ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, RUSSIA, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, USA | Leave a Comment »
HEDGEHOGS RAVAGED BY BEARS
Posted by Gilmour Poincaree on January 29, 2009
Feb. 2, 2009
by Barton Biggs
The equity markets of the world have many afflictions, but one of the most debilitating is the plague being experienced by the hedgehogs (a.k.a. hedge funds). Bright, young, bushy-tailed hedgehogs are dying right and left, and fatter, older, more experienced members of the species are starving and sickly. The irony is that hedge funds didn’t do all that badly last year. The Hennessee Hedge Fund Index was off 19.2 percent, although the average fund lost more like 25 to 27 percent. By contrast, the S&P 500 fell 37 percent, the MSCI All County World Index was down 42 percent and the MSCI Emerging Markets Index fell 53 percent. Still, hedge funds failed to do what they promise: to protect their clients’ assets in a bear market.
We live in extravagant times. In January 2008 there were about 8,000 hedge funds worldwide running about $2 trillion of investor money. As the dust settles, the best guess is that about 2,000 hedge funds have gone out of business and another 2,000 will disappear in the next year. Ravaged by killer 
bear markets as well as a deluge of redemptions, the total capital run by hedge funds today is now about $1.2 trillion, according to Hennessee.
In the good old days, hedge funds were the most active investors; their $2 trillion was leveraged up to $8 trillion—the size of the U.S. equity market today. Things have changed. At a conference in London last week, Morgan Stanley said that at the beginning of 2008,65 to 70 percent of its institutional equity business in Europe was from hedge funds and only 30 percent was from traditional investment management firms. Now, the percentages are reversed. At this same conference, one of the largest funds of hedge funds in the world said that the net long positions of the 135 hedge funds in its portfolio was now 10 percent (i.e., only 10 percent of the fund’s capital was exposed to the market), and that the funds were less leveraged than ever.
The plague is likely to continue. The three classes of investors that dominate hedge-fund money are the fund of funds (FOFs), institutional investors (endowments, foundations, pension funds) and wealthy individuals. All three categories are scared to death, experiencing unprecedented liquidity squeezes, and deeply concerned about not the return on their money but the return of their money.
The FOFs, which now account, according to Hennessee, for 32 percent of hedge-rand assets, had in the past decade been the biggest winners in the entire investment-management business, with their assets growing 25 percent a year. Now suddenly they are suffering an epidemic of redemptions. A year ago they were 40 percent of assets. Fjven before the Madoff affair, their clients were questioning whether the extra fees they pay were worth it, since they were not being protected from losses. The Madoff Ponzi scheme and the FOFs’ involvement with Madoff was a brutal blow. In addition, many FOFs had leveraged up their portfolios to maximize their returns for competitive reasons. Instead they maximized their losses. The big institutional investors are also having a horrendous time. Many of them switched from a highly liquid asset-allocation strategy of stocks, bonds and cash to the so-called Endowment Model, which trivialized bonds, minimized listed equities and maximized so-called alternative assets (hedge funds, private equity, real estate and oil and gas partnerships). The managers of all these asset classes charge very high fees and rely on large amounts of debt to leverage up returns. Now, the debt money is simply not available. Meanwhile, global economic weakness is ravaging private equity, with real estate close behind. Many big institutions have been using the gains in their endowment portfolios for the funding of current operations. They are now faced with either sharply cutting operating budgets or selling investment assets. Charitable organizations and educational institutions are hurting big time. Harvard (one that has funded a major part of its operating budget from its endowment) has been dumping its private-equity stakes at 50 to 80 percent discounts, and recently raised money by issuing bonds. Pension funds, too, need cash. There is a desperate scramble for liquidity, which may force institutional investors to redeem from their large hedge-fund stakes.
As for individuals, they are just plain terrified from the wealth destruction they have suffered in the past year.
Does all this spell another horrendous year for the stock markets as a tsunami of forced selling overwhelms the great valuations that exist in many blue-chip stocks? Not necessarily, although it is a risk to bear in mind. I’m bullish because I’m a value investor. Stocks are dirt cheap, and I think that at some point this year we’re going to have a massive rally. But whatever happens to stock markets, the hedge-fund industry in the future will be much smaller, far less leveraged and have considerably lower fees. Hedge-fund and private-equity managers have been among the most overcompensat-ed executives in the history of the world. The golden years are over and gone, and I must admit the world will not be diminished by their passing.
(*) – BIGGS is a managing partner of’Traxis Partners hedge fund in New York.
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
U.S. FEDERAL RESERVE STRUGGLES TO REVIVE ECON GROWTH
Posted by Gilmour Poincaree on January 28, 2009
Thursday, January 29, 2009
Agence France-Presse
PUBLISHED BY ‘THE MANILA TIMES’ (Philippines)
WASHINGTON, D.C.: The US Federal Reserve wraps up a two-day policy meeting Wednesday focused on new 
tools to revive a moribund economy that has so far failed to respond to its zero-interest rate policy.
The Federal Open Market Committee (FOMC) meeting was being held six weeks after the central bank slashed its base-lending rate to a range of zero to 0.25 percent and predicted “exceptionally low” rates to persist.
An announcement was due around 1915 GMT Wednesday.
Joseph Balestrino at Federated Investors said he expected some clues from the Fed on additional efforts to get credit flowing in the economy.
“There’s not much more the central bank can do on the monetary policy front after having lowered its target federal funds rate to a record low,” he said.
“What may be worth noting is the language the Fed uses to describe the state of an economy that, since the two-day meeting that ended December 16, appears to have worsened on most every front.”
Balestrino said Fed chairman Ben Bernanke and his colleagues “are likely to be more explicit about their plans for quantitative easing—that is, using measures such as direct injections into banks and purchases of debt securities to pump more capital into ailing institutions and the markets.”
Sacha Tihanyi, analyst at Scotia Capital, said the market expects the Fed to take further action to help fire up growth.
“With rates going nowhere for some time, the market’s focus will be on whether the Fed will be looking to buy government—or corporate—securities in the near future,” Tihanyi said.
“This is a highly controversial step and some see this as somewhat of a high-risk policy but on the other hand, it is one of the few avenues the Fed has left open to it with regard to further easing monetary conditions.”
Despite the zero-rate policy, Bernanke and others have repeatedly said the central bank is not out of ammunition to fight the crisis. But Bernanke avoided the use of the term “quantitative easing,” saying the Fed has engaged in what he called “credit easing” to spur more lending activity.
The Fed “has already done a lot and will continue to do a lot” in addition to moving on interest rates, said Nariman Behravesh, chief economist at IHS Global Insight.
The central bank has already offered exceptional aid to banks and other firms, and has been buying up mortgage-backed bonds and commercial paper to help unfreeze credit in those areas.
Analysts say this has helped somewhat but that credit markets remain under stress, with lenders and consumers skittish about taking on new risks.
Morgan Stanley economist Ted Wieseman said he expected nothing dramatic from the Fed meeting.
“Obviously rates have already been cut about as low as they can go,” he said.
“If long-end [Treasury bond] yields continue surging higher, the Fed will undoubtedly eventually step in and start buying, but such an announcement probably wouldn’t come in an FOMC statement.”
Economist Joseph LaVorgna at Deutsche Bank said the Fed might not yet be ready for direct purchases of US Treasuries.
“Even though we believe the Fed will eventually be forced to purchase Treasuries in an attempt to cap their yields we do not believe the Fed is going to announce those intentions today,” he said.
He said some members might be uncomfortable with what could be seen as a drastic step.
“Rather, we expect the Fed to repeat the ‘committee is evaluating the potential benefits of purchasing longer-term Treasury securities.’”
Scott Brown, chief economist at Raymond James & Associates, said each word of the Fed statement would be weighed and parsed carefully.
“The wording of the policy statement will signal future intentions,” he said.
“In each statement, the Fed describes its economic outlook. A darkening in that outlook would likely mean that further stimulus efforts are coming. A brighter outlook would suggest that policy will become less accommodative.”
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, CENTRAL BANKS, COMMERCE, DOLLAR (USA), ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MACROECONOMY, NATIONAL DEBT - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKING ENVIRONMENT, TRADE DEFICIT - USA, USA | Leave a Comment »
SAN MIGUEL CORP. SELLS BEER ASSETS TO DOMESTIC BREWERY SUBSIDIARY – SAN MIGUEL CORP. (SMC) ANNOUNCED IT WOULD SHED ITS ASSETS IN THE BEER BUSINESS (Philippines)
Posted by Gilmour Poincaree on January 28, 2009
Thursday, January 29, 2009
by Chino S. Leyco – Reporter
PUBLISHED BY ‘THE MANILA TIMES’ (Philippines)
AFTER creating two new wholly owned subsidiaries, Southeast Asia’s largest food and beverage firm said on 
Wednesday that it is selling those units to San Miguel Brewery Inc. (SMB).
In its disclosure to the Philippine Stock Exchange, SMC said its board has approved the sale of domestic beer brands, related intellectual property rights and “know-how” to SMB for P32 billion.
The SMC board also told the local bourse that the land used in the beer operations would be sold to SMB for P6.8 billion. Another parcel would be sold to SMB Retirement Plan for P239 million.
Last year, SMC formed Brewery Properties Inc. and Iconic Beverages Inc. as part of its restructuring program. Earlier this month, Kirin Holdings Co. Ltd. said it entered into exclusive negotiations with SMC to buy a 43.25-percent stake in SMB. Kirin held 27 percent of SMC at end-December last year.
With its looming investment in SMB, Kirin said this will significantly contribute to the further growth of its alcohol business in Asia and Oceania.
SMB produces beer at five manufacturing facilities in the Philippines for sale in the local market.
Last year, SMC offered 5.75 percent of its shares in its domestic brewing business in an initial public offering. In the first nine months last year, the conglomerate’s profit rose on the back of non-recurring gains from SMB’s maiden share sale.
For the same nine-month period, SMB posted a 10-percent growth in revenues to P35.2 billion, resulting in a net income improvement of 23 percent to P7 billion year-on-year.
Besides carving out its beer operations, SMC has acquired a substantial stake in the Philippines’ largest electricity distributor, Manila Electric Co. (Meralco). The conglomerate also forged an option agreement with the Ashmore Group of UK for a 50.1 percent stake in Petron Corp. Besides the power sector, SMC is also eyeing the telecom industry, by signing a joint venture with Qatar Telecom QSC for a possible foray in to wireless broadband and mobile telecoms.
Posted in ALCOHOLIC BEVERAGES, COMMERCE, COMMODITIES MARKET, COMMUNICATION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
STATE FARM TO STOP PROVIDING PROPERTY INSURANCE (USA)
Posted by Gilmour Poincaree on January 28, 2009
January 27, 2009
by Russel Ray – The Tampa Tribune
PUBLISHED BY ‘THE TAMPA BAY ONLINE’ (USA)
State Farm, the 
second-largest property insurer in Florida, said today that it will stop providing property insurance statewide, a move that would affect more than 1 million policyholders.
State Farm’s plan to drop policyholders was submitted to the Office of Insurance Regulation, which has 90 days to review the proposal.
“Nothing will happen until that review is complete,” said State Farm spokesman Chris Neal.
The plan calls for dropping policyholders over a two-year period beginning in November. State Farm has nearly 100,000 homeowner policies in Hillsborough and Pinellas counties.
The move comes two weeks after Florida Insurance Commissioner Kevin McCarty rejected State Farm’s request to raise rates 47 percent on average statewide.
State Farm said operating costs have risen along with the number of claims. What’s more, the insurer said state-mandated discounts for homeowners who strengthen their homes against hurricanes have slashed the company’s revenues.
“This is not an action we wanted to take, but one we must take given the realities of the Florida property insurance market,” Jim Thompson, president of State Farm Florida, said in a statement. “We regret the impact this will have on our customers, employees and agents in Florida.”
The move comes after Florida Insurance Commissioner Kevin McCarty recently rejected State Farm’s request to raise rates 47 percent on average statewide.
The cancellation of more than 1 million policies could deepen Florida’s insurance crisis and is sure to increase the policy count at state-run Citizens Property Insurance Corp., the state’s so-called insurer of last resort and the largest property insurer in the state.
“We have been hearing for months of possible plans to make such a move in Florida,” McCarty said in a statement. “I will do everything within my power to protect Florida consumers from unnecessary destabilization of the insurance market that this might cause.”
Reporter Russell Ray can be reached at (813) 259-7870
Posted in BANKING SYSTEM - USA, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HOUSING CRISIS - USA, INDUSTRIES - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, REAL ESTATE INDUSTRIES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
FUGITIVE INVESTOR (ARTHUR NADEL) TURNS HIMSELF IN
Posted by Gilmour Poincaree on January 28, 2009
January 28, 2009
by Elaine Silvestrini – News Channel 8 reporter Krista Klaus contributed to this report
PUBLISHED BY ‘THE TAMPA BAY ONLINE’ (USA)
TAMPA – Arthur Nadel, the hedge fund manager from Sarasota who disappeared recently, turned himself in 
Tuesday, an FBI spokesman said.
Before disappearing, Nadel wrote to his wife, instructing her to take money out of credit and other accounts before the authorities blocked access, a criminal complaint states.
The funds Nadel controlled were nearly empty, but Nadel had homes in Sarasota and North Carolina and owned 500 acres of a development in North Carolina and three private planes, the complaint states.
Nadel, 76, surrendered at 9:45 a.m. at the Tampa field office, FBI spokesman Dave Couvertier said. Two lawyers, Barry Cohen and his partner, Todd Foster, were with him.
Nadel appeared in court Tuesday afternoon with shackles on his hands and feet. Several family members, including his wife, sat in the courtroom spectator section but declined to talk to reporters.
Cohen told U.S. Magistrate Mark Pizzo that Nadel is “suffering some emotional problems” and has been “visiting with a psychiatrist the past week.” Nadel wanted to check himself in to a hospital but turned himself in at the insistence of the U.S. attorney’s office, Cohen said.
Cohen didn’t say where Nadel has been the past 13 days but told Pizzo his client “came back when he was notified of a warrant.”
Nadel initially will be prosecuted in the Southern District of New York, said Couvertier, who said the Tampa and New York offices of the FBI are working together. He said Nadel has victims around the world.
A federal criminal complaint out of New York charges Nadel with securities and wire fraud. Each charge carries a maximum sentence of 20 years, along with financial penalties.
Nadel is accused of misleading investors by exaggerating the level of money in his investment funds and by inflating their investment returns, according to the U.S. attorney’s office complaint and a similar civil court complaint filed by the Securities and Exchange Commission.
Investigators also allege that Nadel transferred millions of dollars of investors’ money to bank accounts he controlled.
A court-appointed receiver overseeing Nadel’s investment companies says in a court filing that Nadel’s “scheme” dates at least to 2003.
Nadel’s family reported him missing Jan. 14.
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FINANCIAL SERVICES INDUSTRIES, FRAUD, HOUSING CRISIS - USA, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
INDÚSTRIA PAULISTA DEMITIU 130 MIL TRABALHADORES EM DEZEMBRO (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
26/01/2009 21:26
Agência Brasil
PUBLISHED BY ‘CORREIO BRAZILIENSE’
Posted in ÍNDICES ECONÔMICOS - BRASIL, BRASIL, CIDADES, COMMERCE, DEPUTADOS ESTADUAIS, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, O PODER EXECUTIVO ESTADUAL, O PODER EXECUTIVO MUNICIPAL, O PODER LEGISLATIVO ESTADUAL, O PODER LEGISLATIVO MUNICIPAL, OS GOVERNADORES, OS MEIOS DE COMUNICAÇÃO - BRASIL, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, TAXAS DE DESEMPREGO, THE FLOW OF INVESTMENTS, THE WORK MARKET, UNEMPLOYMENT, VEREADORES | Leave a Comment »
PETROBRAS QUER CONSTRUIR USINA DE ÁLCOOL NA COLÔMBIA (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Posted in BANKING SYSTEMS, BRASIL, COLOMBIA, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, ETANOL, ETHANOL, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, POLÍTICA EXTERNA - BRASIL, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, RELAÇÕES DIPLOMÁTICAS - BRASIL, RELAÇÕES INTERNACIONAIS - BRASIL, THE FLOW OF INVESTMENTS | Leave a Comment »
PETROBRAS TERÁ US$ 10 BILHÕES DO BNDES EM 2010 (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Posted in A QUESTÃO ENERGÉTICA, BANKING SYSTEMS, BNDES, BRASIL, COMMERCE, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ENERGY INDUSTRIES, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, GÁS NATURAL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PETRÓLEO, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
BNDES APROVA FINANCIAMENTO QUE VAI GERAR MAIS DE 3 MIL EMPREGOS DIRETOS (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
26/01/2009 19:57
Agência Brasil
PUBLISHED BY ‘CORREIO BRAZILIENSE’
Posted in BANKING SYSTEMS, BNDES, BRASIL, CIDADANIA, COMBATE À DESIGUALDADE E À EXCLUSÃO - BRASIL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, INSTITUIÇÕES DE FOMENTO NACIONAL, INTERNATIONAL, O PODER EXECUTIVO FEDERAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
AMERICAN EXPRESS ANUNCIA QUEDA NOS LUCROS E PROBLEMAS SE AGRAVAM (USA)
Posted by Gilmour Poincaree on January 27, 2009
26/01/2009 20:45
Agence France-Presse
PUBLISHED BY ‘CORREIO BRAZILIENSE’
Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIES - USA, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
SETOR HABITACIONAL ESPERA, OTIMISTA, PACOTE DE INCENTIVO (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Segunda-feira, 26 de Janeiro de 2009 11:12
por Fernanda Mathias
PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)
Posted in BANKING SYSTEMS, BRASIL, COMÉRCIO - BRASIL, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FINANCIAMENTO IMOBILIÁRIO, FLUXO DE CAPITAIS, INDÚSTRIA DA CONSTRUÇÃO CIVIL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, O MERCADO FINANCEIRO, O PODER EXECUTIVO FEDERAL, O SISTEMA BANCÁRIO - BRASIL, PROGRAMA DE ACELERAÇÃO DO CRESCIMENTO (PAC), PUBLIC SECTOR AND STATE OWNED ENTERPRISES, REAL ESTATE INDUSTRIES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
BB GARANTE R$ 2,5 BI A REVENDEDORAS DE VEÍCULOS NO PAÍS (Brazil)
Posted by Gilmour Poincaree on January 27, 2009
Segunda-feira, 26 de Janeiro de 2009 20:51
por João Humberto
PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)
Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEMS, BRASIL, COMÉRCIO - BRASIL, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, EXPANSÃO INDUSTRIAL, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, INDÚSTRIA AUTOMOTIVA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, O PODER EXECUTIVO FEDERAL, O SISTEMA BANCÁRIO - BRASIL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS | Leave a Comment »
GRUPO ÁGUAS DO BRASIL ASSUME OFICIALMENTE CONTROLE DA COMPANHIA DE ÁGUAS E ESGOTO DE NOVA FRIBURGO (Brazil)
Posted by Gilmour Poincaree on January 26, 2009
Posted in BANKING SYSTEMS, BRASIL, CIDADES, COMÉRCIO - BRASIL, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, FUSÕES E/OU INCORPORAÇÕES EMPRESARIAIS, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INFRAESTRUTURA - BRASIL, INTERNATIONAL, O PODER EXECUTIVO MUNICIPAL, ORÇAMENTO MUNICIPAL, OS PREFEITOS, POLÍTICA REGIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, SANEAMENTO BÁSICO, THE FLOW OF INVESTMENTS, VEREADORES, WATER | Leave a Comment »
PAÍS CAMINHA BEM MAS É PRECISO ATENÇÃO AO CAPITAL DE GIRO, AFIRMA PRESIDENTE (Brazil)
Posted by Gilmour Poincaree on January 26, 2009
26 de Janeiro de 2009 – 08h32
Paula Laboissière – Repórter da Agência Brasil
Posted in A PRESIDÊNCIA, BANCO CENTRAL - BRASIL, BANKING SYSTEMS, BRASIL, CENTRAL BANKS, COMÉRCIO - BRASIL, COMMERCE, CONSELHO MONETÁRIO NACIONAL (CMN), DESENVOLVIMENTO SUSTENTÁVEL, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FLUXO DE CAPITAIS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, LUIS INÁCIO LULA DA SILVA, O PODER EXECUTIVO FEDERAL, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »
LYING FOR A CAR LOAN IS A DEAD END (USA)
Posted by Gilmour Poincaree on January 26, 2009
Sunday, January 25, 2009
by Patrick Danner – Miami Herald
PUBLISHED BY ‘McCLATHY NEWSPAPERS’ (USA)
Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FRAUD, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, USA | Leave a Comment »
RESERVE BANK FIXES ON RISK FACTORS IN NEW RULES FOR FINANCE COMPANIES (New Zealand)
Posted by Gilmour Poincaree on January 26, 2009
4:00AM Monday Jan 26, 2009
by Adam Bennett
PUBLISHED BY ‘THE NEW ZEALAND HERALD’
Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, MACROECONOMY, NEW ZEALAND, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES | Leave a Comment »
FREE TRADE BEST HOPE OF GETTING THROUGH (New Zealand)
Posted by Gilmour Poincaree on January 26, 2009
4:00AM Monday Jan 26, 2009
by Owen Hembry
PUBLISHED BY ‘THE NEW ZEALAND HERALD’
Posted in AGRICULTURE, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, NEW ZEALAND, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
JAPANESE AGRI FIRM TO INVEST IN RP (Philippines)
Posted by Gilmour Poincaree on January 26, 2009
21:05:00 01/25/2009
by Abigail L. Ho – Philippine Daily Inquirer
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in AGRICULTURE, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), INTERNATIONAL, JAPAN, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
RURAL BANKS LAY OFF 1,000 WORKERS – TUCP (Philippines)
Posted by Gilmour Poincaree on January 26, 2009
15:57:00 01/26/2009
by Kristine L. Alave – Philippine Daily Inquirer
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in AGRICULTURE, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, PHILIPPINES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, UNEMPLOYMENT | Leave a Comment »
PHILIPS TO CUT 6,000 JOBS AFTER LOSS (Netherlands)
Posted by Gilmour Poincaree on January 26, 2009
16:02:00 01/26/2009
Agence France-Presse
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ELECTRIC / ELECTRONIC INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NETHERLANDS, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, UNEMPLOYMENT | Leave a Comment »
U.S. BUSINESS CLIMATE WORST IN 27 YRS
Posted by Gilmour Poincaree on January 26, 2009
13:17:00 01/26/2009
by Lucia Mutikani – Reuters
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, CRIMINAL FOREIGN POLICIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FOREIGN POLICIES - USA, FRAUD, HEALTH CARE - USA, HOUSING CRISIS - USA, HUMAN RIGHTS, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL RELATIONS, MACROECONOMY, NATIONAL DEBT - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TERRORISM, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, THE OCCUPATION WAR IN IRAQ, TRADE DEFICIT - USA, UNEMPLOYMENT, USA, WAR CRIMES, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »
MOODY’S WITHDRAWS CREDIT RATING ON URC – (Philippines)
Posted by Gilmour Poincaree on January 26, 2009
21:02:00 01/25/2009
by Doris Dumlao – Philippine Daily Inquirer
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »
SMC-ALLIED GROUP BUYS 7% OF MERALCO – BOARD CHANGES SEEN MONDAY – (Philippines)
Posted by Gilmour Poincaree on January 26, 2009
20:54:00 01/25/2009
by Doris Dumlao and Elizabeth Sanchez-Lacson – Philippine Daily Inquirer
PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’
Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
BANKERS EVOLVED FROM AGENTS TO RISK-TAKERS – ONE CASUALTY OF THE GLOBAL FINANCIAL CRISIS, AND WE PROBABLY WON’T MISS IT, IS THE WALL STREET MODEL OF INVESTMENT BANKING
Posted by Gilmour Poincaree on January 26, 2009
January 26, 2009
by Andrew Main – Business Editor – The Australian
Posted in BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
BIG FOUR AUSTRALIAN BANKS HAVE JOINED THE GLOBAL ELITE – THE CRISIS IN THE FINANCIAL SYSTEM CATAPULTED ALL FOUR MAJORS INTO THE RANKS OF THE TOP 20 GLOBAL BANKS FOR THE FIRST TIME
Posted by Gilmour Poincaree on January 26, 2009
Posted in AUSTRALIA, BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »
OBAMA GREEN LIGHT FOR TOUGH FUEL LAWS – OBAMA BEGINS ROLLING BACK BUSH CLIMATE POLICY (USA)
Posted by Gilmour Poincaree on January 26, 2009
Posted in AGRICULTURE, BANKING SYSTEM - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), COMMERCE, COMMODITIES MARKET, ECOLOGICAL AGRICULTURE, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE PRESIDENCY - USA, USA | Leave a Comment »
SPECULATION GROWS OVER EBAY PLAN TO SELL SKYPE INTERNET TELEPHONE DIVISION
Posted by Gilmour Poincaree on January 26, 2009
Posted in COMMERCE, COMMODITIES MARKET, COMMUNICATION INDUSTRIES, DIGITAL INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNET INDUSTRIES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
$90M HOLE IN POLICE IT ARM (Australia)
Posted by Gilmour Poincaree on January 26, 2009
Posted in AUSTRALIA, CORRUPTION, CRIMINAL ACTIVITIES, DIGITAL INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ELECTRIC / ELECTRONIC INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS | Leave a Comment »
CORUS TO LAY OFF 3500 – BRITAIN TO TAKE BRUNT OF JOB CUTS BY STEELMAKER CORUS
Posted by Gilmour Poincaree on January 26, 2009
January 26, 2009
The Australian – With Agence France-Presse and Dow Jones Newswires
Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, STEEL, THE FLOW OF INVESTMENTS, THE WORK MARKET, UNEMPLOYMENT, UNITED KINGDOM | 1 Comment »
MITSUBISHI MAKES GABON OIL FIND – WEST AFRICA OILFIELD COULD DELIVER 14M BARRELS – JAPANESE TRADING HOUSE MITSUBISHI HAS DISCOVERED AN OIL FIELD IN GABON, RAISING HOPE FOR MORE ENERGY PRODUCTION FROM WEST AFRICA
Posted by Gilmour Poincaree on January 26, 2009
Posted in AFRICA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, THE FLOW OF INVESTMENTS | Leave a Comment »
AUSTRALIAN HOUSING BUBBLE ‘YET TO BURST’ – AN INTERNATIONAL GROUP HAS PREDICTED THAT THE HOUSING BUBBLE IN AUSTRALIA IS YET TO BURST
Posted by Gilmour Poincaree on January 26, 2009
Posted in AUSTRALIA, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, REAL ESTATE INDUSTRIES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
THE FOOL’S NEWEST TAKE ON MUTUAL FUNDS (USA)
Posted by Gilmour Poincaree on January 25, 2009
Sun, Jan. 25, 2009
by Charles A. Jaffe – Inquirer Financial Columnist
PUBLISHED BY ‘THE PHILADELPHIA DAILY & INQUIRER’ (USA)
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FINANCIAL SERVICES INDUSTRIES, FRAUD, HOUSING CRISIS - USA, INDUSTRIES - USA, PENSION FUNDS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
ANALYSIS: HARD TIMES HELP GEITHNER’S TREASURY BID
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL RELATIONS, MACROECONOMY, NATIONAL DEBT - USA, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, THE OCCUPATION WAR IN IRAQ, THE PRESIDENCY - USA, THE WORK MARKET, TRADE DEFICIT - USA, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »
COLOMBIA, VENEZUELA FORM $200M FUND TO BOOST TRADE
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEMS, CENTRAL BANKS, COLOMBIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, VENEZUELA | Leave a Comment »
NORWAY TO UNVEIL MEASURES TO BOOST BANKING SECTOR
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, NORWAY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR | Leave a Comment »
BELEAGUERED SIA CUTS FOUR SINGLE-CLASS FLIGHTS (Malaysia)
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009 MYT 7:08:00 PM
by Karamjit Kaur
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in AIR TRANSPORT INDUSTRY, COMMODITIES MARKET, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MALAYSIA, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
SWEDISH AIRLINE NORDIC AIRWAYS LOSES LICENCE
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Associated Press
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in AIR TRANSPORT INDUSTRY, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAQ, JUDICIARY SYSTEMS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, SWEDEN | Leave a Comment »
U.N. CRIME CHIEF SAYS DRUG MONEY FLOWED INTO BANKS – THE UNITED NATIONS’ CRIME AND DRUG WATCHDOG HAS INDICATIONS THAT MONEY MADE IN ILLICIT DRUG TRADE HAS BEEN USED TO KEEP BANKS AFLOAT IN THE GLOBAL FINANCIAL CRISIS, ITS HEAD WAS QUOTED AS SAYING ON SUNDAY
Posted by Gilmour Poincaree on January 25, 2009
Sunday January 25, 2009
Reuters
PUBLISHED BY ‘THE STAR’ (Malaysia)
Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FINANCIAL SERVICES INDUSTRIES, FRAUD, HOUSING CRISIS - USA, INDUSTRIES - USA, INTERNATIONAL, MONEY LAUDERING, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE UNITED NATIONS, USA | Leave a Comment »
GOODWILL ‘DEFRAUDED OUT OF 38 BIL. YEN’ – FUND PARTNERS SAID LIED ABOUT SHARE PRICES (Japan)
Posted by Gilmour Poincaree on January 25, 2009
Jan. 26, 2009
The Yomiuri Shimbun
PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)
Posted in BANKING SYSTEMS, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SCAMS, FINANCIAL SERVICES INDUSTRIES, FRAUD, INDUSTRIES, INTERNATIONAL, JAPAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
CHINA OFFICIALS ‘TOLD FIRM TO BUY RECALLED GYOZA’
Posted by Gilmour Poincaree on January 25, 2009
Jan. 26, 2009
Satoshi Saeki – Yomiuri Shimbun Correspondent
PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)
Posted in CHINA, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), FRAUD, HEALTH SAFETY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MILK, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »
GOVT TO MAKE GREATER USE OF REMOTE ISLES – POLICY AIMS AT BOOSTING EEZ CLAIM (Japan)
Posted by Gilmour Poincaree on January 25, 2009
Jan. 25, 2009
The Yomiuri Shimbun
PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)
Posted in COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
MSDF DISPATCH WILL CAUSE WAVES – COULD ANTIPIRACY OPERATIONS BE COMPROMISED BY LEGAL DIFFICULTIES ?
Posted by Gilmour Poincaree on January 25, 2009
Jan. 26, 2009
The Yomiuri Shimbun
PUBLISHED BY ‘THE DAILY YOMIURI’ (Japan)
Posted in BANKING SYSTEMS, CARGO PIRACY, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, JUDICIARY SYSTEMS, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »
IT’S TIME TO UNRAVEL A FINANCIAL KNOT (USA)
Posted by Gilmour Poincaree on January 25, 2009
Sunday, January 25, 2009 at 4:23 a.m.
by Gretchen Morgenson – The New York Times
PUBLISHED BY ‘THE PRESS DEMOCRAT’ (USA)
Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
MOTOR CITY MALAISE (USA)
Posted by Gilmour Poincaree on January 25, 2009
Sun, Jan. 25, 2009
by Maria Panaritis – Inquirer Staff Writer
PUBLISHED BY ‘THE PHILADELPHIA INQUIRER’ (USA)
Posted in AUTOMOTIVE INDUSTRY, BANKING SYSTEM - USA, BANKRUPTCIES - USA, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FOREIGN WORK FORCE - LEGAL, HISTORY, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MACROECONOMY, NATIONAL WORK FORCES, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE WORK MARKET, THE WORKERS, THE WORKING ENVIRONMENT, UNEMPLOYMENT, USA | Leave a Comment »
HOW MERGER OF THE BLUES GOT DERAILED – COMPETITION AND USE OF “BLUE” WERE KEY (USA)
Posted by Gilmour Poincaree on January 25, 2009
Sun, Jan. 25, 2009
by Jane M. Von Bergen – Inquirer Staff Writer
PUBLISHED BY ‘THE PHILADELPHIA INQUIRER’ (USA)
Posted in BANKING SYSTEM - USA, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HEALTH CARE - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
HOW ABOUT A BAD BANK FOR DAMAGED ASSETS ? (USA)
Posted by Gilmour Poincaree on January 25, 2009
Sun, Jan. 25, 2009
by Joseph N. DiStefano
PUBLISHED BY ‘THE PHILADELPHIA INQUIRER’ (USA)
Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, MACROECONOMY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
STATE GUNNING FOR GREEDY CARTELS (South Africa)
Posted by Gilmour Poincaree on January 25, 2009
January 24 2009 at 03:16PM
by Melanie Peters
PUBLISHED BY ‘THE INDEPENDENT ONLINE’ (South Africa)
Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR, SOUTH AFRICA | Leave a Comment »
THE REIGN OF THAIN GOES MOSTLY DOWN THE DRAIN (USA)
Posted by Gilmour Poincaree on January 25, 2009
January 23, 2009
by Loren Steffy
PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)
Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, HOUSING CRISIS - USA, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, USA | Leave a Comment »
ADVANCES SEEN IN PILOTLESS AIRCRAFT (USA)
Posted by Gilmour Poincaree on January 25, 2009
Saturday, January 24, 2009
by David Bjellos – Special to the Daily News
PUBLISHED BY ‘THE PALM BEACH DAILY NEWS’ (USA)
Posted in AIR TRANSPORT INDUSTRY, BANKING SYSTEM - USA, COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, USA | Leave a Comment »
PSEi RISES 2.68% – ASIAN STOCKS RALLY AFTER STEEP FED RATE CUT
Posted by Gilmour Poincaree on January 25, 2009
Posted in CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »
