Goldmau.com Latest Headlines

Philip Richards: The hedge fund star who crashed to earth

Mon, 29 Sep 2008 05:49:36 GMT

Fund manager Philip Richards first heard the alarm bells last December. The star of RAB Capital had taken a £50m speculative bet on Northern Rock a couple of months earlier and now that the ailing bank was teetering on the brink of collapse that decision was looking foolish.

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'Unprecedented wave' of gold and silver mergers forecasted

Tue, 23 Sep 2008 22:02:25 GMT

There will be an unprecedented wave of merger and acquisition activity in the gold and silver space that will see junior miners and development companies...

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Yuan hits new high against U.S. dollar after 2 months of depreciation

Tue, 23 Sep 2008 22:01:52 GMT

China's currency, the yuan, on Tuesday hit a new high against the weakening U.S. dollar on the recovery of oil prices on global markets.

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Paulson and Bernanke urge approval of $700Bn bail-out

Tue, 23 Sep 2008 22:01:26 GMT

Hank Paulson, US Treasury secretary, and Ben Bernanke, chairman of the Federal Reserve, on Tuesday urged Congress to rapidly approve their $700bn government intervention to rescue the US financial system from collapse.

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LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS

Tue, 23 Sep 2008 22:00:58 GMT

Emerging markets face $111bn maturing debt

Tue, 23 Sep 2008 00:33:56 GMT

A $111bn backlog of bonds that need to be refinanced over the next year has built up in the emerging market economies and raised the threat of defaults and company closures.

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U.S. Fed keeps key rate unchanged

Tue, 16 Sep 2008 22:04:17 GMT

The U.S. Federal Reserve is keeping its benchmark interest rate unchanged at 2%, indicating the U.S. central bank is taking a tough view of inflation.

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ECB and Bank of England injected $42.04bn into the market

Mon, 15 Sep 2008 21:30:56 GMT

The European Central Bank said on Monday it had allotted €30bn ($42.04bn) in one-day liquidity to counter financial turmoil in the wake of the crisis in the US banking system...

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Oil and commodities prices plunge

Mon, 15 Sep 2008 21:30:25 GMT

Commodities prices plunged on Monday, with crude oil dropping to a seven-month low of $94 a barrel, as commodity dealers rushed to cut risk amid an acute crisis on Wall Street after Lehman Brothers filed for bankruptcy protection.

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China's cuts interest rate by 0.27%, and reserve requirement ratio by 1%

Mon, 15 Sep 2008 21:29:57 GMT

China's central bank said on Monday it would reduce the benchmark loan interest rate and the reserve requirement ratio for commercial banks to ensure a steady and rapid economic growth.

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Russia ready to tap $32Bn wealth fund

Thu, 11 Sep 2008 22:46:06 GMT

Russia is considering using money from its $32bn national wealth fund and from pension reserves to support financial markets, Alexei Kudrin, finance minister, said on Thursday.

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China to top Asian consumer markets in 2009

Thu, 11 Sep 2008 22:45:44 GMT

By 2009 China will become the largest consumer market in Asia said Chinese Minister of Commerce Chen Deming.

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U.S. Trade Deficit of $62.2 Billion Exceeds Forecast

Thu, 11 Sep 2008 22:45:20 GMT

The U.S. trade deficit widened more than forecast in July as oil imports soared to a record, overshadowing gains in exports.

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Norway blacklists miner Rio Tinto

Wed, 10 Sep 2008 20:10:44 GMT

Norway is banning its sovereign wealth fund from investing in Anglo-Australian mining firm Rio Tinto because of environmental concerns.

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OPEC Urges Members to Cut Oil Output as Price Nears $100

Wed, 10 Sep 2008 20:10:15 GMT

Crude oil jumped in New York as OPEC President Chakib Khelil called on members to stop producing more than the group's set quota after prices fell to almost $100 a barrel.

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Indian customers lured by gold's lower price

Fri, 05 Sep 2008 23:40:52 GMT

Gold demand in India is booming as retail consumers in the yellow metal's biggest importer return to the market after a 20 per cent fall in the price of bullion.

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US unemployment jumps to 5-year high

Fri, 05 Sep 2008 23:40:25 GMT

Fears about the health of the US economy were reignited on Friday after data showed that the unemployment rate spiked unexpectedly to 6.1 per cent...

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ECB, BOE Leave Rates Unchanged

Fri, 05 Sep 2008 23:39:45 GMT

The European Central Bank on Thursday left its main interest rate unchanged at a seven-year high of 4.25 per cent after inflation concerns outweighed fears the eurozone could plunge into recession.

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Hedge fund giant closes flagship after 27% drop

Fri, 05 Sep 2008 23:39:03 GMT

Hedge fund manager Ospraie Management LLC will close its flagship fund after it plunged 27% in August on losses in energy, mining and natural resources equity holdings...

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Bank of Canada holds benchmark rate at 3%

Fri, 05 Sep 2008 23:38:22 GMT

The Bank of Canada held its benchmark interest rate steady at 3% on Wednesday, noting that dropping commodity prices should serve to dampen inflation...

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Sino-African trade to hit $100 bln in 2008

Fri, 05 Sep 2008 23:37:50 GMT

Bilateral trade between China and Africa will exceed 100 billion U.S. dollars in 2008, two years earlier than expected, the General Administration of Customs said on Wednesday.

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Emirate to invest $1bn in film production

Fri, 05 Sep 2008 23:37:19 GMT

The emirate on Wednesday set out plans to become one of the world's largest film producers, with $1bn to invest in productions to be made in Hollywood, Bollywood and beyond.

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China begins 150% special export tariff on fertilizers

Tue, 02 Sep 2008 18:30:15 GMT

China on Monday launched a 150 percent special export tariff on nitrogenous fertilizer and synthetic ammonia, a move to satisfy domestic demand, according tothe customs tariff commission (CTC) of the State Council.

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Australia cuts rate to 7%

Tue, 02 Sep 2008 18:29:49 GMT

Australia's central bank on Tuesday cut its benchmark interest rate for the first time in nearly seven years as it responded to indications inflationary pressures and economic growth may both be easing.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Tue, 02 Sep 2008 18:29:23 GMT

- According to Reuters, the manufacturing sector probably did not grow in August

- Reuters reports that it appears Gustav did little damage to oil rigs and refineries.

- Reuters reports that the Korea Development Bank confirmed it was in talks with Lehman (LEH).

- Reuters writes that Google (GOOG) will offer a new video-sharing service for businesses.

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Worst crisis for 60 years, says UK chancellor

Tue, 02 Sep 2008 18:28:44 GMT

Gordon Brown's authority as British prime minister suffered a further setback when his own chancellor admitted on Saturday that Britain was facing its worst economic crisis in 60 years.

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#1 Gold refiner out of Krugerrands

Tue, 02 Sep 2008 18:28:17 GMT

Rand Refinery Ltd., the world's largest gold refinery, ran out of South African Krugerrands after an "unusually large" order from a buyer in Switzerland.

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Canadian Current account surplus expands to $6.8-billion

Thu, 28 Aug 2008 22:55:34 GMT

Canada's current account surplus with the rest of the world expanded to $6.8-billion in the second quarter, led by exports of goods.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Thu, 28 Aug 2008 17:44:42 GMT

- According to Reuters, Toyota (TM) cut its 2009 sales forecast by almost 7%.

- Reuters reports that Fannie Mae (FNM) changed several of its top executives.

- Reuters writes that Starbucks (SBUX) management will receive no raises next year.

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FDIC might borrow money from Treasury to support more bank failures

Wed, 27 Aug 2008 17:38:50 GMT

Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures , the Wall Street Journal reported.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Wed, 27 Aug 2008 17:38:04 GMT

- According to Reuters, the FDIC may have to borrow money from Treasury to see it though a wave of bank failures.

- Reuters reports that Lehman (LEH) has asked three investment firms to stay in the bidding for its money management arm.

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China consumer spending hits $100 Bil USD and accelerating

Tue, 26 Aug 2008 22:51:54 GMT

The increase in China's retail sales volume exceeded 20 percent year on year in the last eight months and is still accelerating, enough to sustain economic growth above 9.5 percent for the rest of the year, a HSBC report said.

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Russian Stocks, Ruble Tumble as Medvedev Recognizes Regions

Tue, 26 Aug 2008 22:51:20 GMT

Russia's RTS Index fell to the lowest level since 2006, the ruble extended its drop and the cost of protecting the country's bonds rose as the government recognized the independence of Georgia's breakaway regions.

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$100 Bn Singapore Temasek Fund sees value in U.S. and UK banks

Tue, 26 Aug 2008 22:50:40 GMT

Singapore sovereign fund Temasek, which spent billions of dollars on shares in Merrill Lynch (MER.N), sees value in banking stocks in the United States and Britain, a senior executive said on Tuesday.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Tue, 26 Aug 2008 22:50:05 GMT

- According to Reuters, Singapore sovereign fund Temasek say it sees value in US and UK stocks.

- Reuters writes that two large bond investors may get involved in raising capital for Fannie Mae (FNM) and Freddie Mac (FRE), if the Treasury is involved.

- Reuters reports that Deltal (DAL) has tapped a $1 billion loan ahead of its merger with Northwest (NWA).

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China imported total of USD $9.17 Bn, nearly 50% more motor vehicles in first 7 months

Mon, 25 Aug 2008 17:18:40 GMT

China's auto import grew faster in the first seven months of this year, as world auto giants turned to the Chinese market after the U.S. economic slump and rocketing oil prices drove sales down on U.S.

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New-car leasing vaporizes in Canada

Mon, 25 Aug 2008 17:18:03 GMT

Earlier this month, Greg Dolson, general sales manager at Steele Chrysler in Halifax, did something that for him happens even more infrequently than his city's twice-a-month garbage collection. He leased a vehicle.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Mon, 25 Aug 2008 17:17:09 GMT

- According to Reuters, US car sales are likely to have another large drop in August.

- Reuters reports that Bernanke would like to see broader regulation of the financial markets.

- Reuters reports that most participants at a Fed summit were gloomy about the economy.

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Australia 'okays' Chinalco's $14 billion Rio Tinto bid

Mon, 25 Aug 2008 17:14:22 GMT

Aluminum Corp. Of China Ltd., or Chinalco, said Monday the company welcomes the Australian government's approval of its bid to acquire a stake in global miner Rio Tinto.

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China raises coke export tariff rate to 40%

Fri, 22 Aug 2008 18:33:25 GMT

China is to raise the coke export tariff rate to 40 percent as of August 20, up from 25 percent, said the State Council's customs tariff commission on Friday.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Fri, 22 Aug 2008 18:32:44 GMT

- According to Reuters, NewspaperWarren Buffett and the head of Blackstone (BX) called for a solution to the govenment's growing debt load and reliance of foreign investors to finance US borrowing.

- Reuters reports that Korean banks held talks with Lehman (LEH) about taking a stake in the US broker.

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Foreigners are pulling $16.4bn out of Russia - FT

Fri, 22 Aug 2008 18:30:30 GMT

Investors pulled their money out of Russia in the wake of the Georgia conflict at the fastest rate since the 1998 rouble crisis, new figures showed on Thursday.

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Family offices increasing Asia hedge-fund exposure

Thu, 21 Aug 2008 20:45:23 GMT

Executives from family offices based in Asia say they are seeking new managers and strategies. Family offices in Asia are raising their exposure to alternative-investment managers based in Asia as the local industry...

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$9.47 Bn USD profit makes ICBC the most profitable bank in the world

Thu, 21 Aug 2008 20:44:51 GMT

The Industrial and Commercial Bank of China (ICBC), the country's largest lender, said on Thursday its first half after-tax profit totaled 64.88 billion yuan (9.47 billion U.S. dollars), which made it the world's most profitable bank.

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American Eagle gold coins sold out

Thu, 21 Aug 2008 20:44:23 GMT

A buying spree in the popular American Eagle bullion coins appears to have depleted inventory of major North American coin dealers, contributing to supply fears and sharply higher gold prices on Thursday.

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Oil Rises More Than $6 on U.S.-Russia Tensions, Dollar Weakness

Thu, 21 Aug 2008 17:32:46 GMT

Crude oil advanced more than $6 after the signing yesterday of a missile-shield agreement between the U.S. and Poland bolstered concern that Russia may disrupt the flow of oil.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Thu, 21 Aug 2008 17:31:59 GMT

- Reuters reports that the NY Attorney General will step up his auction-rate probe.

- Reuters writes that Fannie Mae (FNM) and Freddie Mac (FRE) fell on concerns of a bail-out.

- Reuters reports that US buy-out money is moving abroad because of few deals in the US.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Wed, 20 Aug 2008 21:02:07 GMT

- According to Reuters, US inflation rose as the housing market continued to be troubled.

- Reuters reports that Fed officials said they must be ready to curb inflation.

- Reuters writes that GM (GM) will extend warranties on its used cars.

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Small hedge funds still outperform - Northwestern

Wed, 20 Aug 2008 20:49:46 GMT

The storm over Wall Street has abated somewhat, but the tide of bad news is receding slowly, complicating life for hedge fund managers and the rest of the financial industry.

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US PPI At 27-Year High; Energy Prices Spreading

Wed, 20 Aug 2008 03:58:40 GMT

Prices paid to U.S. producers rose twice as much as economists had forecast in July, reflecting the jump in energy and commodity costs that has since started to wane.

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Bank of Japan keeps rate at 0.5%

Wed, 20 Aug 2008 03:58:05 GMT

Japan's central bank decided Tuesday to keep its key interest rate unchanged at 0.5 percent. The widely expected move came at the end of its two-day policy meeting amid concerns over soaring prices of energy, food and other commodities.

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The Great American Yard Sale - CNN

Wed, 20 Aug 2008 03:57:29 GMT

When Belgian-based, Brazilian-controlled InBev launched a hostile offer for American beer king Anheuser-Busch last month, xenophobia quickly foamed to the top.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Wed, 20 Aug 2008 03:56:37 GMT

- According to Reuters, Lehman (LEH) is considering selling it Neuberger Berman asset management unit.

- Reuters writes that bail-out concerns pushed down stocks in Fannie Mae (FNM) and Freddie Mac (FRE).

- Reuters reports that the former head economist of the IMF said a large US bank will fail.

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Canada attracts record $27.6 Bn of foreign investment in June

Mon, 18 Aug 2008 17:33:06 GMT

Total foreign investment increased for the seventh month in a row in June, completing a record second-quarter, Statistics Canada reported on Monday. International investors bought up $7.2-billion in domestic securities, the government agency said...

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Mon, 18 Aug 2008 17:32:19 GMT

- According to Reuters, analysts expect Lehman (LEH) to have a $1.8 billion loss.

- Reuters writes that the US is likely to recapitalize Fannie Mae (FNM) and Freddie Mac (FRE).

- Reuters reports that GM (GM) will not buy advertising on this year's Oscars in a move to save money.

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$USD Rally Plows Ahead to $76.69

Fri, 15 Aug 2008 17:46:04 GMT

The dollar extended its rally on Friday, hitting a nearly 2-year high against the pound and gaining further against the euro, amid troubling signs about the global economy. The dollar has soared against a number of currencies over the past month, most notably the euro.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Fri, 15 Aug 2008 17:45:18 GMT

- Reuters writes that Merrill Lynch (MER) will freeze all hiring through the end of the year.

- Reuters reports that the FAA proposes a $7.1 million fine against AMR (AMR).

- Reuters reports the consumer prices were up sharply as employment softened.

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Euro-Zone Economy Contracts Amid Global Credit Crunch - FT

Thu, 14 Aug 2008 23:00:41 GMT

Fresh fears that the eurozone was heading for recession kept up the pressure on the euro on Thursday as concerns about the outlook for global growth gathered pace.

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NY Fed: Foreign Central Banks Sell $3 bn of Treasurys

Thu, 14 Aug 2008 23:00:09 GMT

Foreign central banks' sold U.S. Treasurys and added modestly to their agency holdings in the week ended Aug. 13. Average daily custody holdings of U.S. Treasurys for foreign official accounts held by the Federal Reserve fell by $3 billion to about $1.416 trillion.

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US Inflation Hits 17-Year High - Bloomberg

Thu, 14 Aug 2008 22:59:35 GMT

U.S. consumer prices rose at the fastest pace in 17 years in July, limiting the ability of the Federal Reserve to lower interest rates as economic growth slows.

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25% of home sales result in loss - CNN

Wed, 13 Aug 2008 21:56:37 GMT

More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis. In the 12 months that ended June 30, nearly 25% of all homes sold nationwide fetched less than sellers originally paid, according to real estate Web site Zillow.com.

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Housing prices up 7% in major Chinese cities in July

Wed, 13 Aug 2008 17:33:34 GMT

Prices of real estate in 70 major Chinese cities rose 7.0 percent in July on the same month of last year, 1.2 percentage points lower than the June level, according to the National Development and Reform Commission (NDRC) and the National Bureau of Statistics on Tuesday.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Wed, 13 Aug 2008 17:32:50 GMT

- According to Reuters, Goldman Sachs (GS) will buy $1.5 billlion in assets from ABN.

- Reuters reports that Yahoo! (YHOO) has added new board members to complete a deal with Icahn.

- Reuters writes that the Japanese economy shrank in the last quarter, adding to concerns about recession.

- The Wall Street Journal reports that a price in the price of cotton has worried some that the market may be manipulated.

- The Wall Street Journal writes that banks are getting rid of foreclosed homes at a record rate which could damage their earnings further.

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U.S. Trade Gap Unexpectedly Narrows to $56.8 Billion - Bloomberg

Tue, 12 Aug 2008 17:24:52 GMT

The U.S. trade deficit unexpectedly narrowed in June as the biggest jump in exports in more than four years overcame record imports of petroleum.

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China Jan-Jul FDI to US$60.72 Bn;Up 44.54% On Year - DowJones.com

Tue, 12 Aug 2008 17:24:00 GMT

China attracted US$60.72 billion in actual foreign direct investment in the January-July period, up 44.54%...

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China reports 6.3% rise in CPI in July

Tue, 12 Aug 2008 17:22:49 GMT

China's consumer price index (CPI), a measure of inflation, was up 6.3 percent in July, the National Bureau of Statistics announced on Tuesday.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Tue, 12 Aug 2008 17:21:52 GMT

- According to Reuters, JP Morgan (JPM) lost $1.5 billion in July.

- Reuters writes the UBS (UBS) posted a huge loss and will split itself into a wealth management operation and an investmen bank.

- Reuters reports that Wachovia (WB) lost $9.11 billion and cut more jobs than it initially announced.

- Reuters writes that Morgan Stanley (MS) is trying to cut an auction-rate deal with New York state.

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Georgia's major miscalculation? - CNN

Tue, 12 Aug 2008 05:55:52 GMT

There has been no doubt of Europe's priority in the conflict between Georgia and Russia: Bringing about a ceasefire on both sides and minimizing further bloodshed. Beyond that, nothing in this conflict is simple.

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China's trade surplus fell to $123 bn USD in Jan.-July - Xinhua News

Mon, 11 Aug 2008 17:00:07 GMT

China's trade surplus fell to 123.72 billion U.S. dollars in the first seven months, down 13.1 billion U.S. dollars, or 9.6 percent year on year, the General Administration of Customs said on Monday.

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End of an era for Thaksin Shinawatra

Mon, 11 Aug 2008 16:59:16 GMT

Deposed prime minister Thaksin Shinawatra's refusal on Monday to return to face four court cases on corruption charges effectively puts an end to his controversial political career, but his legacy may prove harder to kill.

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Bolivia elects Morales in recall vote - FT

Mon, 11 Aug 2008 16:57:40 GMT

Evo Morales, Bolivia's president, claimed a reinvigorated mandate for constitutional reform on Sunday after a partial count showed he had won more than 60 per cent of the vote in a national recall election.

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China's manufacturing output to $11,783bn; Overtaking US as largest manufacturer - FT

Mon, 11 Aug 2008 16:56:41 GMT

China is set to overtake the US next year as the world's largest producer of manufactured goods, four years earlier than expected, as a result of the rapidly weakening US economy.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Mon, 11 Aug 2008 16:55:21 GMT

- Reuters writes that credit unions are being hit by mortgage market problems.

- Reuters reports that GATX (GMT) is offering over $3 billion to buy GE's (GE) rail car leasing business.

- Reuters reports that Paulson will not stay beyond Bush's term

- Reuters writes that, despite weak sales, retailers could come in with good earnings because of expense and inventory control.

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California's $20bn shortfall - Guardian.co.uk

Thu, 07 Aug 2008 22:01:21 GMT

California's legislators have been bickering over a budget for months now. The budget was supposed to be signed in July. As happens almost every year, come August there is still no budget .

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Jobless claims surge to highest in 6 years - CNNMoney

Thu, 07 Aug 2008 22:00:42 GMT

The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.

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Kuwait's $50bn investment in Asia - Financial Times

Thu, 07 Aug 2008 22:00:04 GMT

Kuwait is planning to "double or triple" its investment in Japan, in a move that could take its total commitment to $50bn, according to Mustapha al-Shamali, the Gulf state's finance minister.

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ECB leaves rates at 4.25% - Financial Times

Thu, 07 Aug 2008 21:59:24 GMT

The European Central Bank left interest rates unchanged on Thursday as it tried to balance the competing demands of record inflation and slowing growth in the eurozone.

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Dubai buys 20% of Cirque du Soleil - Financial Post

Thu, 07 Aug 2008 21:58:38 GMT

Istithmar World and Nakheel PJSC, both units of government-owned Dubai World, said they acquired 20% of circus operator Cirque du Soleil Inc. as the sheikhdom seeks to grow as a tourism destination.

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Fed Leaves Fed Funds Rate At 2%, Inflation 'Significant' Worry - Bloomberg

Tue, 05 Aug 2008 19:45:36 GMT

The Federal Reserve kept its benchmark interest rate at 2 percent as employment faltered and financial markets remained "under considerable stress."

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Booming China Suddenly Worries That a Slowdown Is Taking Hold - NYTimes

Tue, 05 Aug 2008 17:12:17 GMT

Many Chinese have been expecting a post-Olympics economic slowdown, but it has already started and the Games have not even begun. A bag factory in Dongguan in January. Factory orders were down sharply last month, and many companies have cut production.

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Fund Selling On Oil, Dollar Brings Gold Below $900 - DowJones

Tue, 05 Aug 2008 16:50:53 GMT

Spot gold and platinum were down again Tuesday, and market participants said more selling is expected as investors factor in dropping demand for industrial metals like platinum and the need to have cash in hand.

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Goldcorp bids $1.5-billion for Gold Eagle - FinancialPost

Thu, 31 Jul 2008 17:40:40 GMT

Goldcorp. is offering $1.5-billion in a friendly bid to buyout Gold Eagle Mines Ltd., the junior miner that made the Bruce Channel discovery near Goldcorp's existing mines in Northern Ontario.

The cash-and-stock offer, which values Gold Eagle at about $12.62 a share, is conditional on the acceptance of at least two-thirds of Gold Eagle's shareholders. Gold Eagle last traded at $10.58 on Wednesday.

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Economy in U.S. Grew 1.9% in Q2 - Bloomberg

Thu, 31 Jul 2008 16:55:23 GMT

The U.S. economy shrank at the end of 2007 and grew less than forecast in this year's second quarter, signaling that the country is in worse shape than many investors and analysts had thought.

"We're in a recession," Allen Sinai, chief economist at Decision Economics Inc. in New York, said in a Bloomberg Television interview. "It's going to widen, it's going to deepen."

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Thu, 31 Jul 2008 16:05:03 GMT

Reuters reports that Starbucks (SBUX) posted if first loss as a public company but back its forecast for the next fiscal.

Reuters reports that write-downs at Deutsche Bank (DB) have now totalled $11 billion.

Reuters reports that Merrill Lynch's (MER) reorganization of its balance sheet may only be supporting an illusion of improvement in the company's fortunes.

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New York Governor Warns Of Economic Crisis - New York Times

Thu, 31 Jul 2008 16:03:07 GMT

In a rare, brief televised address, Gov. David A. Paterson announced on Tuesday afternoon that he would call the Legislature into an emergency session on Aug. 19 to address what he called an economic and budget crisis confronting New York State as a result of plummeting revenues and rising costs.

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China gold fund manager sees potential for rally - Reuters

Thu, 31 Jul 2008 16:02:23 GMT

After doubling his money in the gold market in just six months, Wang Weilie, one of China's leading gold fund managers, believes another surge in gold prices is likely in the next few years as global inflation escalates and the dollar sags.

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America's house price time bomb - BBC

Wed, 30 Jul 2008 17:46:11 GMT

With the American housing market in its worst crisis since the Great Depression of the 1930s, President Bush is authorising new legislation to pave the way for massive new government intervention designed to slow the slide. The intervention would come as a little known quirk of US law threatens to drive down house prices even faster.

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Gold dips below $900 an ounce - Globe and Mail

Wed, 30 Jul 2008 17:45:19 GMT

Gold tumbled almost 3 per cent to a five-week low below $900 (U.S.) an ounce on Wednesday as a stronger dollar, weaker oil and receding inflation fears prompted a sell-off.

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SEC Extends Emergency Short-Sale Order Thru August 12 - DowJones

Wed, 30 Jul 2008 17:44:37 GMT

Emergency restrictions on short-sales in 17 Wall Street firms and housing-finance giants Fannie Mae (FNM) and Freddie Mac (FRE), due to expire just before midnight Tuesday, have been extended through August 12, the Securities and Exchange Commission announced.

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Unpaid Payroll Taxes Total $58 Billion - ABC News

Wed, 30 Jul 2008 17:41:46 GMT

Every time an American worker gets paid, part of their check is supposed to be set aside for Social Security and Medicare, federal programs to workers with their retirement and medical expenses. But a government investigation released early exclusively to ABC News today, found that, as of Sept. 30, 2007, 1.6 million businesses had failed to pay these taxes.

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Fed Extends Emergency Loan to Jan 09 - Bloomberg

Wed, 30 Jul 2008 17:40:01 GMT

The Federal Reserve extended its emergency lending programs to Wall Street firms through January after policy makers judged that markets are still too weak to go without a backstop from the central bank.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Wed, 30 Jul 2008 17:39:11 GMT

According to Reuters, Merrill Lynch (MER) said that it would sell $8.5 billion in stock and take large write-downs.

Reuters report that KKR says the market slump is a good time to go public.

Reuters reports that the FDIC said that only 13% of the banks on its watch list fail.

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Bank Of Canada Injects C$475M Of Liquidity Tuesday

Tue, 29 Jul 2008 23:35:04 GMT

The Bank of Canada injected C$475 million (US$464 million) of liquidity Tuesday, intervening for the fourth consecutive business day to ease pressure on the overnight rate.

The injection was the smallest since the central bank began to intervene July 21 after refraining for nearly six weeks. It has injected a total C$4.57 billion since then, including the latest infusion.

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US home prices plunge by 15.8%

Tue, 29 Jul 2008 19:43:06 GMT

US home prices fell sharply in May by a record 15.8 per cent, according to data released on Tuesday, offering scant evidence that the ailing US housing industry is on the path to recovery.

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US credit crisis is hitting the wealthy

Tue, 29 Jul 2008 19:42:20 GMT

The US financial crisis is spreading from subprime borrowers to wealthier consumers, with evidence mounting that more affluent people are failing to pay their mortgages and credit card balances.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Tue, 29 Jul 2008 19:41:05 GMT

$1 Trillion in Losses Stemming From the U.S. Mortgage Crisis

Mon, 28 Jul 2008 18:33:02 GMT

The International Monetary Fund said there's no end in sight to the U.S. housing recession and warned that deteriorating credit conditions for consumers and banks may prolong a period of slow economic growth.

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Record $490B U.S. Deficit in 2009

Mon, 28 Jul 2008 18:32:16 GMT

The U.S. budget deficit will widen to a record of about $490 billion next year, an administration official said, leaving a deep budget hole for the next president.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Mon, 28 Jul 2008 18:31:20 GMT

According to Reuters, KKR will go public on the NYSE at a valuation of $15 billion.

The Wall Street Journal writes that the SEC will try to expand its rules limiting short selling and increase them to more stocks.

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FDIC takes over 2 more banks, closing 28 branches

Sun, 27 Jul 2008 01:27:40 GMT

The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.

The banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said.

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Japan inflation accelerates at fastest in 15 years

Fri, 25 Jul 2008 20:20:03 GMT

Inflation in Japan accelerated in June to 1.9 per cent, the fastest pace in 15 years, as surging prices for energy and other commodities forced companies to pass on higher costs to consumers.

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Economic events for July 25, 2008

Fri, 25 Jul 2008 20:18:32 GMT

U.S. Foreclosures Double as House Prices Decline

Orders for Durable Goods in U.S. Unexpectedly Advance

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Fri, 25 Jul 2008 20:17:22 GMT

According to Reuters, Microsoft (MSFT) backed its internet spending plan and said it was done with negotiations with Yahoo! (YHOO).

Reuters reports that the CFO of Wachovia (WB) is leaving.

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Cox: Intend To Extend Short-Sale Protections Marketwide

Thu, 24 Jul 2008 19:40:30 GMT

WASHINGTON (Dow Jones)--Securities and Exchange Commission Chairman Christopher Cox said U.S. regulators intend to extend restrictions on short-sales to the entire market.

"That's our intent," Cox said in response to questions at a House Financial Services Committee hearing on Thursday.

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Gold creeps higher to $927 on bargain hunting

Thu, 24 Jul 2008 16:40:57 GMT

Gold rose slightly on Thursday from a two-week low that attracted bargain hunters, though a firming dollar and falling oil prices posed downside risks.

Gold rose to $927.30/928.30 (U.S.) an ounce at 1000 GMT from $921.35/922.95 late in New York on Wednesday. Earlier in the session the precious metal hit an intraday low of $916.40 its weakest since July 9.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Thu, 24 Jul 2008 16:40:10 GMT

Reuters writes that Goldman Sachs (GS) has raised $10 billion to invest in LBO loans.

The Wall Street Journal writes that Credit Suisse (CS) had a sharp drop in net income.

The Wall Street Journal writes that the Actic has vast deposits of oil

The Wall Street Journal writes that the drop in oil is taking pressure off the Fed.

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Pawn shops brimming with business

Thu, 24 Jul 2008 16:38:49 GMT

The fuel gauge on her Chrysler convertible aimed dead left, so Betty Jean Edwards lifted the gold cross from her neck and tugged another ring off her 65-year-old hand.

She slid them under the thick tinted window inside Marge and Jerry's Loan Co. in Oakland, gathered the $20 bill and folded her pink receipt in with the stack that lines her wallet. Then she headed past the jewelry display, the shaggy gorilla and the Ouija board and out the door, off to fetch a third of a tank.

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Japan trade surplus down 89%

Thu, 24 Jul 2008 16:37:57 GMT

Japan's trade surplus in June fell 88.9 percent from a year earlier marking the fourth straight month of decline, the government announced Thursday. Japan's trade surplus with the U.S. fell 40.2%, down on slower exports of cars, auto parts and mineral fuels.

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Gas prices ignite June inflation

Wed, 23 Jul 2008 17:25:49 GMT

Soaring fuel and food costs pushed consumer prices above 3.1% from a year earlier in June, Statistics Canada reported on Wednesday.

Gasoline prices increased 26.9% from June 2007, the government agency said, and was the largest year over-year-rise since September 2005, when hurricane Katrina disrupted oil production in the Gulf of Mexico.

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Bush to sign $3.9B housing bill

Wed, 23 Jul 2008 17:06:04 GMT

President Bush dropped his opposition Wednesday to legislation aiming to calm the chaotic housing market despite his objections to a $3.9 billion provision. The House was expected to vote on the bill Wednesday, and it could become law as early as this week.

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More Than $1 Trillion Needed to Solve Housing Crisis

Wed, 23 Jul 2008 17:04:49 GMT

Treasury Secretary Hank Paulson has been putting on a full-court press in the last 24 hours, making the case for his plan to shore-up Fannie Mae (FNM) and Freddie Mac (FRE).

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Wed, 23 Jul 2008 17:03:23 GMT

Reuters reports that Wachovia (WB) posted huge write-offs and losses for the last quarter.

The Wall Street Journal reports that Washington Mutual (WM) posted a huge loss but its shares rallied.

The Wall Street Journal reports that NY State will file fraud charges against UBS (UBS)

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UAE dropping its 30-year USD peg next year

Tue, 22 Jul 2008 16:44:05 GMT

The United Arab Emirates dirham will appreciate 5 percent in 2009 as faster inflation in the Gulf state forces the central bank to ditch its 30-year peg to the dollar peg next year, according to CFC Seymour Ltd.

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US Dollar hits $1.592 vs Euro fueled by corporate gloom

Tue, 22 Jul 2008 16:43:30 GMT

The dollar remained mired close to recent lows after warning from US corporates re-ignited fears that earnings gloom was not limited to the financial sector.

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Public pension fund takes $920M hit from credit crunch

Tue, 22 Jul 2008 16:42:37 GMT

One of Canada's largest public pension fund managers, PSP Investments, has taken a $920-million, or 2.3%, hit to the value of its holdings due to the global credit crunch, revealing for the first time its exposure to Canada's frozen non-bank asset-backed commercial paper (ABCP) market.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Tue, 22 Jul 2008 16:42:06 GMT

Reuters reports that American Express (AXP) profits fell on credit losses.

Reuters writes that wide-spread earnings problems reflect consumer fears.

Reuters reports that Yahoo! (YHOO) and Carl Icahn settled their differences but no progress on a deal with Microsoft (MSFT) has been made.

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Gold future rises to $963.70 as crude oil climbs

Tue, 22 Jul 2008 05:04:23 GMT

Gold for August delivery rose $5.70 to end at $963.70 an ounce on the New York Mercantile Exchange. Earlier, gold hit an intraday high of $966.50 an ounce.

"I think the market was a bit oversold last week and it seems [that] for lack of a better trade today, gold seems to be catching a small bid," said Zachary Oxman, a senior trader at Wisdom Financial.

On Friday, gold dropped $12.70 to end at $958 an ounce. It posted a weekly decline of $2.60.

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Canadian exports boosted by rising commodity prices

Mon, 21 Jul 2008 19:09:51 GMT

Canada is better placed than many industrialized countries to shelter itself from "the gathering U.S. economic storm," Bank of Nova Scotia said Monday in a report on the global economic outlook.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Mon, 21 Jul 2008 19:09:19 GMT

Reuters writes that Paulson say banks are solid but the recovery of the industry may take time.

Reuters writes that Goldman Sachs (GS) most senior financial institutions banker will leave the firm to consult for Paulson.

The Wall Street Journal writes that businesses are finding it much harder to borrow money.

The Wall Street Journal reports that Chrysler's borrowing costs are likely to rise when it financial arm rolls over $30 billion in short term debt.

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Oil fell to below $129 (U.S.) a barrel, continues to slide

Fri, 18 Jul 2008 22:32:02 GMT

Oil fell to below $129 (U.S.) a barrel on Friday, extending a slide that has knocked nearly 13 per cent off last week's record peak on easing tension between Iran and the West and growing demand concerns.

Oil's losses this week are the steepest in dollar terms since futures began trading in New York in 1983 and the steepest in percentage terms since December, 2004.

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Top fund managers socked by financial bets

Fri, 18 Jul 2008 16:58:57 GMT

A two-day rally aside, the beating that financial stocks have taken lately have knocked out some top money managers and their brand-name mutual funds.

No champ has endured more pain than Bill Miller of Legg Mason Value Trust (LMVTX). Until 2006, Miller held the distinction of beating the S&P 500 for 15 consecutive calendar years, but lately the fund has struggled.

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Gold consolidates at $960 while oil rebounds

Fri, 18 Jul 2008 15:14:41 GMT

Oil prices staged a rebound on Friday after dropping below the $130 level in the previous session while gold prices traded in a narrow range.

Nymex August West Texas Intermediate rose $1.71 to $131.00 a barrel after sinking to a low of $129.00 on Thursday, led lower by a sharp fall in US natural gas prices.

WTI ended Thursday's session $5.31 lower at $129.29 and has corrected by 12.2 per cent since reaching an all-time high of $147.27 last Friday.

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B.C. gas rush nets $610 Million

Fri, 18 Jul 2008 15:14:10 GMT

The B. C. government cashed in big yesterday from the rush to capture a piece of Canada's hottest natural-gas play, the Montney, collecting a record $610-million in its latest auction of oil and gas rights.

The big spending comes days after Royal Dutch Shell PLC bid $5.9-billion in cash for Duvernay Oil Corp. to lock up its Montney properties, and two months after another sale that included Montney rights made B. C. $441.6-million richer. Shell was rumoured to be the big buyer in that sale.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Fri, 18 Jul 2008 15:13:35 GMT

Reuters writes that Merrill Lynch (MER) posted a loss of $4.9 billion and sold its share of Bloomberg.

The Wall Street Journal reports that Freddie Mac (FRE) may try to raise $10 billion..

The Wall Street Journal writes that the EU brought anti-trust charges against Intel (INTC).

The Wall Street Journal reports that Wachovia (WB) has been hit by a auction rate probe.

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China's GDP grew to 13.06 Trillion Yuan

Thu, 17 Jul 2008 17:22:59 GMT

China's economy grew at the slowest pace since 2005, handing more ammunition to Chinese officials calling for reduced gains by the yuan as the export outlook dims.

Gross domestic product rose 10.1 percent in the second quarter from a year earlier, down from 10.6 percent in the first, the statistics bureau said today in Beijing. Consumer prices rose 7.1 percent in June, slowing from 7.7 percent in May.

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Headlines from Reuters, WSJ, NYTimes, FT, Bloomberg

Thu, 17 Jul 2008 17:22:33 GMT

According to Reuters, the FBI is probing IndyMac (IMB) for possible fraud.

Reuters reports new numbers show soaring inflation and falling confidence among homebuilders.

The Wall Street Journal reports that Congress is fighting over a plan to help Fannie Mae (FNM) and Freddie Mac (FRE).

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$1.6T Sovereign funds cutting exposure to weak US$

Thu, 17 Jul 2008 17:22:03 GMT

Some of the world's largest sovereign wealth funds are seeking to scale back their exposure to the U.S. dollar in a sign of global concern about the currency, the Financial Times reported on its online site.

The report, published during the Asian day on Thursday, said one large sovereign fund in the Gulf had cut its dollar-denominated holdings from more than 80 percent a year ago to less than 60 percent, but gave no source.

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US to open 3.9m acres in Alaska for drilling

Thu, 17 Jul 2008 17:21:32 GMT

The US federal government on Wednesday said it would open 3.9m acres of land in a designated petroleum reserve in Alaska for drilling as a means to help curb rising petrol prices.

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Bernanke: GSEs in no danger of failing

Wed, 16 Jul 2008 23:04:31 GMT

Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."

The Fed chief made his remarks to the House Financial Services Committee, his second day on Capitol Hill where he briefed lawmakers on the problems plaguing the economy.

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Consumer prices jump 1.1 percent in June

Wed, 16 Jul 2008 15:48:43 GMT

Consumer prices shot up in June at the second fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.

The Labor Department reported that consumer prices jumped 1.1 percent last month, much worse than had been expected. Energy prices rocketed upward by 6.6 percent, reflecting big gains for gasoline, home heating oil and natural gas.

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Oil drops $6.44, biggest in 17 years

Wed, 16 Jul 2008 15:48:15 GMT

Crude futures on Tuesday closed down more than $6 a barrel, the biggest daily drop in more than 17 years, as concerns that slowing economic growth will dampen oil demand triggered a broad sell-off in energy commodities.

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Headlines From Reuters, WSJ, NYTimes, FT, Bloomberg

Wed, 16 Jul 2008 15:47:38 GMT

According to Reuters, talks between Time Warner's (TWX) AOL and Yahoo! (YHOO) and Microsoft (MSFT) are heating up.

Reuters reports that the SEC has issued emergency rules to curb short selling.

Reuters writes that Intel (INTC) profits rose, supported by notebook sales.

Reuters reports that Toyota (TM) will cut its 2008 sales goals by 3.6%.

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Euro hits $1.6038, new record against US dollar

Tue, 15 Jul 2008 20:41:21 GMT

The euro roared to a new high against the dollar on Tuesday, reaching $1.6038 in European trading as markets worried about the ongoing U.S. lending crisis and the state of the country's economy.

The 15-nation currency's new all-time high against the dollar surpassed its previous record of $1.6018 set on April 22.

After reaching the record, the euro fell back to $1.5969 -- still above the $1.5916 it bought in late New York trading Monday.

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Analyst warns on Wachovia amid more bank worries

Tue, 15 Jul 2008 16:06:07 GMT

The situation is increasingly bleak for Wachovia Corp. and the bank's mortgage portfolio will continue to lose value, "seriously jeopardizing" the company's ability to generate earnings, an influential analyst warned on Tuesday.

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Headlines From Reuters, WSJ, NYTimes, FT, Bloomberg

Tue, 15 Jul 2008 16:05:37 GMT

- Reuters reports that regional bank stocks were hit hard by liquidity concerns.

- Reuters writes that Soros said the Fannie Mae (FNM) and Freddie Mac (FRE) crisis would not be the last.

- The Wall Street Journal writes that Paulson took the lead in the plan to bail out FNM and FRE.

- The Wall Street Journal writes that mortgage insurers have tightened their standards making loans harder to get.

- The Wall Street Journal writes that Northrop (NOC) and Boeing (BA) are preparing new bids for the Air Force tanker contract.

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Bank of Canada remains on hold at 3%

Tue, 15 Jul 2008 16:05:01 GMT

The Bank of Canada left its benchmark interest rate at 3 per cent and predicted raging oil and food prices would cause total inflation to surge past 4 per cent by early next year.

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Growth in Chinese forex reserves slows to $11.9Bn in June

Tue, 15 Jul 2008 16:03:55 GMT

China's foreign exchange reserves grew at their slowest pace in more than two years in June, prompting questions over whether the flow of speculative capital into China was slowing as a result of government efforts.

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BOJ Keeps Interest Rate at 0.5%, Cuts Growth Forecast

Tue, 15 Jul 2008 16:03:07 GMT

The Bank of Japan cut its economic growth forecast, raised its inflation estimate and kept its benchmark interest rate at 0.5 percent, saying higher commodity prices are hurting the expansion.

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Freddie down to $6.60 despite Paulson's rescue announcement

Mon, 14 Jul 2008 21:17:46 GMT

The Bush administration's plan to help restore confidence in the nation's two largest mortgage finance companies, Fannie Mae and Freddie Mac, only briefly halted the decline in the shares for those two giants on Monday.

Shares in Freddie Mac were down almost 15 percent, to $6.60, and Fannie shares were off 6 percent, to $9.59. That decline, along with continued concern about financial institutions, helped push the Dow Jones industrial average down 0.48 percent in afternoon trading. The Standard & Poor's 500-stock index was down 0.84 percent, while the Nasdaq was down more than 1.15 percent.

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Black gold: Barrick's $354-million bid for oil producer

Mon, 14 Jul 2008 18:04:22 GMT

In a move to mitigate rising energy costs, Barrick Gold Corp. has launched an unsolicited $354-million bid to acquire Cadence Energy Inc., and challenges an existing offer for Cadence from another energy firm.

"We are confronting the energy cost challenges facing our industry through this long term economic hedge," Barrick's chief financial officer Jamie Sokalsky said in a statement on Monday.

Headlines From Reuters, WSJ, NYTimes, FT, Bloomberg, FP

Mon, 14 Jul 2008 17:17:00 GMT

According to Reuters, the govenment will bail-out Freddie Mac (FRE) and Fannie Mae (FNM) through a combination of stock purchases and loans.

Reuters reports that InBev will buy Anheuser-Busch (BUD) for $52 billion.

Reuters reports that Yahoo! (YHOO) rejected a proposal from Microsoft (MSFT) and Icahn to break up the company.

And More...

IndyMac Seized by U.S. Regulators; Schumer Blamed for Failure

Sat, 12 Jul 2008 20:33:39 GMT

ndyMac Bancorp Inc. became the second- biggest federally insured financial company to be seized by U.S. regulators after a run by depositors left the California mortgage lender short on cash.

The Federal Deposit Insurance Corp. will run a successor institution, IndyMac Federal Bank FSB, starting next week, the Office of Thrift Supervision said in an e-mail yesterday. The regulator blamed U.S. Senator Charles Schumer for creating a "liquidity crisis" after a letter on June 26, in which he expressed concern that the bank may fail.

Freddie Mac bailout will double US debt

Fri, 11 Jul 2008 22:48:32 GMT

Fannie Mae and Freddie Mac's rapid slide into the center of the global financial crisis has Wall Street frantically talking about a possible government takeover of the government-sponsored mortgage agencies.

But many also worry that a bailout of the GSEs would be so costly that it would cripple the budget and threaten an already badly bruised U.S. currency.

Fannie-Freddie Bailout will double US gov debt

Fri, 11 Jul 2008 20:00:26 GMT

Fannie, Freddie 'insolvent', lose 20%+ of value

Thu, 10 Jul 2008 23:10:06 GMT

Stoking concerns, former St. Louis Federal Reserve President William Poole said the two major U.S. mortgage finance companies were "insolvent" and may need a U.S. government bailout, according to Bloomberg News.

World energy demands to spike 50% by 2030: OPEC

Thu, 10 Jul 2008 22:44:45 GMT

World energy needs will spike by more than 50 per cent by 2030 but adequate oil reserves, conservation and new methods of recovery mean supply will keep pace with demand, the Organization of Petroleum Exporting Countries said...