Archive for the 'Economy' Category
JAPAN: NIKKEI PLUNGES 9.4%
October 8th, 2008Via: AP: Japan’s stock market plummeted 9.4 percent — its biggest one-day drop in 21 years — Wednesday as investors rushed for the exits on deepening fears over the global financial crisis. The benchmark Nikkei 225 index nose-dived 952.58 points to 9,203.32, a five-year low. That was its third-biggest drop in percentage terms and the […]
And Now… MetLife
October 8th, 2008Via: Bloomberg: MetLife Inc., the biggest U.S. life insurer, withdrew its 2008 earnings forecast and said third- quarter operating profit fell as much as 48 percent as investment income declined. The company plans to sell 75 million shares. Operating earnings for the quarter that ended in September declined to between $600 million and $675 million, […]
People Line Up to Buy Gold in Britain
October 7th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I’m concerned to be reading “selling the house to buy” gold stories… I hope people are taking a “Big Picture” view of the situation. And I say that as a BullionVault client and affiliate. Many eggs. Many baskets. Now, with caveats […]
U.S. Mint Halts Some American Eagle Coin Production
October 7th, 2008Via: Reuters: Unprecedented demand for precious metals and volatile markets forced the U.S. Mint to cease production for the half-ounce and quarter-ounce popular American Eagle gold coins for the rest of this year and to supply other bullion coins on an allocation basis. “Due to the extreme fluctuating market conditions for 2008, as well as […]
Fed to Buy Massive Amounts of Short-Term Debt
October 7th, 2008Ben’s Dodgy Loans—While You Wait! No bankers left behind. Call now! Via: AP: The Federal Reserve has announced a radical plan to buy massive amounts of short-term debts in a dramatic effort to break through a credit clog that is imperiling the economy. The Federal Reserve said Tuesday it will buy “commercial paper,” a short-term […]
Iceland: Government Seizes Landsbanki; No Withdrawls for UK Savers
October 7th, 2008Via: AP: The Icelandic government this morning seized control of Landsbanki, the second-largest bank in the country, as it sought to avert a financial meltdown. The government moved quickly to use sweeping powers over the country’s banks granted in the Reykjavik parliament last night. The board of directors at Landsbanki has been dismissed and the […]
AUSTRALIA CUTS RATE FULL PERCENTAGE POINT
October 7th, 2008Via: Bloomberg: Australia’s central bank cut its benchmark interest rate by one percentage point, the most since a recession in 1992, triggering a rebound in Asian stocks on speculation other countries will follow to unlock credit markets. “Rumors are now circulating that today’s aggressive move by the Reserve Bank of Australia is the precursor for […]
ICELAND: EMERGENCY LEGISLATION, “SPECTER OF NATIONAL BANKRUPTCY”
October 7th, 2008Via: AP: Iceland’s banks face a battle for survival Tuesday after government introduced emergency legislation to give itself sweeping new powers over its collapsing financial sector. Prime Minister Geir H. Haarde warned late Monday that the heavy exposure of the tiny country’s banking sector to the global financial turmoil was raising the specter of “national […]
RBS DOWN 39%
October 7th, 2008Via: Bloomberg: European stocks fell for a second day as concern that financial firms may need more capital overshadowed speculation central banks around the world will reduce borrowing costs. U.S. index futures and Asian shares declined. Royal Bank of Scotland Group Plc tumbled 39 percent after the bank had its credit rating cut for the […]
Plunge Protection Team Issues Statement
October 7th, 2008Don’t panic. Via: U.S. Treasury: While addressing our challenges, we must also remind investors and lenders that we have a resilient and diverse economy and workforce. We have faced economic and financial market challenges in the past. Each time we have worked through them and emerged with stronger financial institutions and regulatory policies. While it […]
