World Business News Headlines for October 12, 2008

Nice Work If Yo Can Find It: Lehman Approved $100 Million In Comp As Firm Failed

According to The Times of London, THE Lehman Brothers board signed off on more than $100m (£59m) in payouts to five top executives just three days before the bank went bankrupt leaving thousands of employees out of work in London.

Rank has its privileges.

Douglas A. McIntyre

Source: 24/7 Wall St. | 12 Oct 2008 | 1:24 pm

Wall Street's 8 brutal days

The Dow ended a staggering eight-session selloff Friday with a small decline in a volatile day, bringing the blue-chip index's total brutal loss to 2,400 points over a time period spanning less than two weeks.

Source: Business and financial news - CNNMoney.com | 12 Oct 2008 | 1:04 pm

Hyundai may make small car in U.S. :officials

SEOUL (Reuters) - Hyundai Motor Co , South Korea's top automaker, is considering making a small car in the United States as the financial crisis has lifted demand for such models, officials at the company and a car parts maker said on Sunday.

Source: Reuters: Business News | 12 Oct 2008 | 1:03 pm

NewsWatch: Global leaders race clock as IMF endorses G7 plan

Policymakers from around the globe are united in their resolve to avert a global financial meltdown, the International Monetary Fund says.

Source: MarketWatch.com - Top Stories | 12 Oct 2008 | 1:00 pm

China vows stable growth in face of global turmoil

BEIJING (Reuters) - China will maintain flexible and prudent macro-economic policies and seek to expand domestic demand in the face of a grim international economic environment, the country's ruling Communist Party said on Sunday.

Source: Reuters: Business News | 12 Oct 2008 | 12:56 pm

EU chiefs confront markets crisis

The 15 eurozone leaders are to meet in Paris to try to establish a common approach to the global financial crisis.
Source: BBC News | Business | World Edition | 12 Oct 2008 | 12:38 pm

Australia and NZ launch bank safeguard plan

Australia and New Zealand launched coordinated plans to safeguard their banking systems on Sunday, hoping to stem heavy losses suffered by their currencies and markets last week.
Source: FT.com - US homepage | 12 Oct 2008 | 12:23 pm

UK banks may get bail-out on Monday

UK banks may receive recapitalisation money from the government as soon as Monday morning.
Source: BBC News | Business | World Edition | 12 Oct 2008 | 12:12 pm

Britannia in Co-op merger talks

Britannia Building Society confirms it is in talks with Co-operative Financial Services that may lead to a merger.
Source: BBC News | Business | World Edition | 12 Oct 2008 | 12:09 pm

Gas prices: Down 10 cents in 2 days

Gasoline prices extended their slide, dropping more than 4 cents a gallon and coming within 25 cents of breaching the $3 level, according to a daily survey of credit card swipes.

Source: Business and financial news - CNNMoney.com | 12 Oct 2008 | 11:47 am

Credit Crisis Report 10/12/2008 Problems Deepen (MS)(RBS)(HBO)(FNM)(FRE)(GM)(F)

The IMF said that the world banking system faces of meltdown if governments does not take immediate action to support that largest banks. Based on comments from Paulson, the US may be moving a bit slowly, which could cost the stock market dearly on Monday

The Times of London reports that the four largest banks in the UK will ask for 35 billion pounds. The UK may become the biggest investor in some of these banks and certainly will be at Royal Bank of Scotland (RBS) and Halifax Bank of Scotland (HBOS). The government may take board seats at some of the financial firms.

Morgan Stanley (MS) could loss its investment from Mitsubishi UFJ if the Japanese bank's due diligence finds deal problems on the investment bank's balance sheet. That would leave a decision by Treasury either to buy an interest, probably a controlling interest in MS or let it fail and by some analysis cause more massive damage to the world financial system.

Bloomberg reports that Fannie Mae (FNM) and Freddie Mac (FRE) began notifying bond traders last week that each company needs to buy $20 billion a month in mostly subprime, Alt-A and non-performing prime mortgage securities.

GM (GM) and Ford (F) have discussed a merger and some reports say that GM is seeking a loan from the Fed.

The FT reports that "The pay-outs on about $400bn of defaulted credit derivatives linked to Lehman Brothers are likely to be higher than anticipated after auctions to settle these credit default swaps resulted in a low recovery price." Payments for the Lehman CDSs could damage some financial firms.

Douglas A. McIntyre

Source: 24/7 Wall St. | 12 Oct 2008 | 11:40 am

Europe readies action plan to avert global crisis

PARIS/WASHINGTON (Reuters) - European leaders hoped to agree on a detailed plan in Paris on Sunday to prevent market panic and stave off what the International Monetary Fund warned could be a global financial meltdown.

Source: Reuters: Business News | 12 Oct 2008 | 11:30 am

Europe readies action plan to avert global crisis (Reuters)

Reuters - European leaders hoped to agree on a detailed plan in Paris on Sunday to prevent market panic and stave off what the International Monetary Fund warned could be a global financial meltdown.

Source: Yahoo! News: Business | 12 Oct 2008 | 11:30 am

China vows stable growth in face of global turmoil

Emirates officials say nation's banks are strong

Officials in the United Arab Emirates say the country's financial institutions remain healthy despite growing fears the global credit crisis will hurt the booming Gulf economy. Emirates...
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 11:01 am

Iran to study all factors before proposing oil cut

DUBAI (Reuters) - Iran says the recent steep slide in oil prices and worsening global financial crisis will be studied carefully before it makes a proposal on output reductions for OPEC,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 10:20 am

Iran to study all factors before proposing oil cut (Reuters)

Reuters - Iran says the recent steep slide in oil prices and worsening global financial crisis will be studied carefully before it makes a proposal on output reductions for OPEC, the Islamic Republic's OPEC governor said on Sunday.
Source: Yahoo! News: Business | 12 Oct 2008 | 10:20 am

Iran to study all factors before proposing oil cut

DUBAI (Reuters) - Iran says the recent steep slide in oil prices and worsening global financial crisis will be studied carefully before it makes a proposal on output reductions for OPEC, the Islamic Republic's OPEC governor said on Sunday.

Source: Reuters: Business News | 12 Oct 2008 | 10:20 am

Finance leaders endorse G7 plan to calm markets

WASHINGTON (Reuters) - Finance leaders from the International Monetary Fund's 185 member countries on Saturday endorsed a plan by major economies to chart a course out of the credit crisis, hoping the broader support will calm markets.

Source: Reuters: Business News | 12 Oct 2008 | 10:08 am

Economic Preview: Economic signs pointing down

The U.S. recession has been nearly forgotten in all the anxiety about the financial meltdown in the past few weeks. For those who care about the fundamentals, however, the coming week will feature a lot of data about the economy, much of it rather depressing.

Source: MarketWatch.com - Top Stories | 12 Oct 2008 | 10:00 am

Gold rush

Austria's mint flat out as investors seek safety
Source: BBC News | Business | World Edition | 12 Oct 2008 | 8:01 am

Australia Guarantees Bank Deposits to Combat Crisis

Australia and New Zealand gave a blanket guarantee to all bank deposits in a move likely to raise pressure on other economies to do the same.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:54 am

Australian government guarantees all bank deposits

The Australian government will guarantee all deposits in domestic banks as the financial crisis enters a dangerous new phase and threatens growth, Prime Minister Kevin Rudd said Sunday.
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 7:45 am

Finance ministers seek to calm markets

Global finance ministers kept searching for ways to tackle the unfolding financial crisis, turning their attention to its effects on rapidly developing countries and poor nations at risk of
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 7:15 am

Guide to mutual fund categories

These tables rank the top-performing stock and bond mutual funds for the third quarter of 2008 for each of the main investment categories as defined by research firm Morningstar Inc., which provided the data for these tables. The tables of top-performing funds are followed by individual performance figures for 5,400 mutual funds, organized by fund company.

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Resist the impulse to flee stock market, financial planners say

Americans may be more worried about their investments than at any time since the Depression. And it's natural, planners say, for investors to want to do something at a time of crisis.

A major Wall Street bank crumbles. A money fund tanks. The stock market retreats to levels not seen in years.

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Obeying rules doesn't mean yielding rights

Question: We're a common interest development of a couple of dozen town houses with street and alley parking in addition to private garages. Rather than stick to the parking issues, our homeowners association board circulates minutes and memos that include nebulous lectures about "rights." Mailings include the statement "When we join a common interest community we make a compromise. For the common welfare we agree to give up some of our individual rights to choose and act."

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Grappling with high personal debt

Dear Liz: My wife and I have two young children, a mortgage and two financed cars. We also have more than $100,000 of debt, mostly on credit cards that are in my wife's name. Our savings are gone. I have never been in this situation before. I am self-employed and bring home about $6,000 a month. My wife doesn't work. Personally, I don't think I will ever pay off this debt, and I don't know if I should call a financial advisor or a lawyer. What do you think of my situation?

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Tax cuts and banking behemoths

It's plain and simple to me that you don't understand the economics of tax cuts. ("Congress' brainless answer? Cut taxes," Consumer Confidential, Oct. 5)

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Foreign call centers may be required to declare themselves

A House bill would compel workers answering or initiating a business call to disclose their location.

You call customer support and the person who answers has a heavy accent.

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Rational thinking is a haven from panic

The stock market meltdown is triggering severe reactions by investors. Resist being swayed by the masses -- unless joining them makes financial sense.

Having trouble investing wisely in today's tumultuous market?

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Rational thinking is a haven from panic

The stock market meltdown is triggering severe reactions by investors. Resist being swayed by the masses -- unless joining them makes financial sense. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:00 am

Tax cuts and banking behemoths

It's plain and simple to me that you don't understand the economics of tax cuts. ("Congress' brainless answer? Cut taxes," Consumer Confidential, Oct. 5)
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:00 am

Errors in loan documents can save strapped homeowners

Even small mistakes in the paperwork may give borrowers the legal leverage to persuade lenders to rework their mortgages.

Homeowners who are having difficulty getting the attention of their lenders to discuss their troubled mortgages might want to obtain a forensic loan review to determine if their lenders made any mistakes when the mortgage was issued.

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Bond funds mostly in the red

The average fund still lost much less than the typical stock fund in the third quarter. Normally, losing 5% in...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:00 am

Bush says G-7 'will do what it takes' to ease economic crisis

The morning appearance in the Rose Garden kicks off a weekend of high-stakes meetings between world finance ministers and central banks. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:00 am

Stock mutual funds fell almost across the board

The average fund tumbled 10% in the third quarter. There was only one real winner among the 40 broad categories: bear market funds. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:00 am

Grappling with high personal debt

Obeying rules doesn't mean yielding rights

Bond funds mostly in the red

The average fund still lost much less than the typical stock fund in the third quarter.

Normally, losing 5% in a bond mutual fund in a quarter would be considered a terrible performance.

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Resist the impulse to flee stock market, financial planners say

Americans may be more worried about their investments than at any time since the Depression. And it's natural, planners say, for investors to want to do something at a time of crisis. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:00 am

Stock mutual funds fell almost across the board

The average fund tumbled 10% in the third quarter. There was only one real winner among the 40 broad categories: bear market funds.

Let's face it: Opening your third-quarter mutual fund or 401(k) statement will be like dropping a bowling ball on your toe. And let's not even think about the fourth quarter. ¶ As the very stability of the global financial system has been called into question, stock fund investors have had almost nowhere to hide. ¶ If there's a glimmer of good news, it's that many fund managers think, wishfully perhaps, that the market decline could soon burn itself out. ¶ The average U.S. equity fund skidded 10% in the third quarter -- and the damage was minor compared with the brutalization in the eight trading days since the period ended. So far in October, the Standard & Poor's 500 index is down a stunning 23%. ¶ Even foreign stock funds, whose strong gains in recent years provided a much-needed counterbalance to meandering domestic stock performance, were pounded, sinking on average 20.5%. ¶ The brunt of the third-quarter losses came in September as fallout from the subprime mortgage crisis and credit crunch brought down Lehman Bros. Holdings Inc. and the federal government scrambled to prop up other financial heavyweights such as Fannie Mae, Freddie Mac and American International Group Inc.

Source: L.A. Times - Business | 12 Oct 2008 | 7:00 am

Even in Europe's welfare states, financial crisis raises anxiety

Bankers, workers and small-business owners in places such as Rome and Paris worry about the future, especially for the younger generation. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 12 Oct 2008 | 7:00 am

China's communists set to approve key land reforms

China's ruling Communist Party was expected Sunday to approve a major economic reform plan that would let farmers trade and mortgage their right to land and bolster the nation's food...
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 6:37 am

Iran to seek OPEC oil output cut: minister

TEHRAN (Reuters) - Iran will ask for an oil output cut at an OPEC emergency meeting scheduled for mid-November in Vienna, Oil Minister Gholamhossein Nozari told an Iranian newspaper.
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 6:18 am

Australia to guarantee all bank deposits: PM

The Australian government will guarantee all deposits held in domestic financial institutions for the next three years, Prime Minister Kevin Rudd said Sunday. "The Australian
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 5:58 am

ETFs Continue Their Historic Slide Down (Daily ETF Wrap-Up)

ETFs, stocks continue their historic slide as investors fear spreading credit crisis.

Source: SmartMoney.com | 12 Oct 2008 | 5:44 am

Lucrative business class air travel hit by crisis

Businessmen and women, hit by the global financial crisis, are cutting back on their trips and forcing airlines to either slash their prices or to reduce capacity, analysts said.
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 4:49 am

Euro-zone chiefs meet to coordinate on meltdown

European leaders are searching for a common response to the spreading financial crisis which has ricocheted across the Atlantic to their shores. In what could be a complex exercise, 15...
Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Oct 2008 | 4:26 am

IMF in global 'meltdown' warning

The world is facing financial "meltdown", the International Monetary Fund warns, as it offers help to credit-starved countries.
Source: BBC News | Business | World Edition | 12 Oct 2008 | 3:22 am

Chrysler, GM have merger talks: sources

DETROIT/NEW YORK (Reuters) - Chrysler LLC has had talks with General Motors Corp about a deal to combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to three people familiar with the matter.

Source: Reuters: Business News | 12 Oct 2008 | 2:25 am

Finance leaders endorse G7 plan to calm markets (Reuters)

Reuters - Finance leaders from the International Monetary Fund's 185 member countries on Saturday endorsed a plan by major economies to chart a course out of the credit crisis, hoping the broader support will calm markets.

Source: Yahoo! News: Business | 12 Oct 2008 | 12:24 am

Pressure grows for details of stabilisation plan

Pressure mounted at the weekend on the world's leading economies to spell out the specific 'urgent and exceptional' steps they have promised to take to stabilise financial markets before they open on Monday
Source: FT.com - US homepage | 12 Oct 2008 | 12:17 am

Wealth funds, recipients adopt investing principles

WASHINGTON (Reuters) - Government-owned wealth funds and the countries that accept their investments agreed on Saturday to a set of principles aimed at ensuring that both sides play by the rules.

Source: Reuters: Business News | 11 Oct 2008 | 11:27 pm

Wealth funds, recipients adopt investing principles (Reuters)

Reuters - Government-owned wealth funds and the countries that accept their investments agreed on Saturday to a set of principles aimed at ensuring that both sides play by the rules.
Source: Yahoo! News: Business | 11 Oct 2008 | 11:27 pm

Chrysler, GM have merger talks: sources (Reuters)

Reuters - Chrysler LLC has had talks with General Motors Corp about a deal to combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to three people familiar with the matter.

Source: Yahoo! News: Business | 11 Oct 2008 | 11:18 pm

The crash of 2008: now the pain sets in

IN these tough times Philip Fairey is getting used to hearing about his clients “doing a runner”. But a few days ago was the first time he caught one of them in the act.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Philip Falcone shorts Santander

PHILIP FALCONE, the American hedge-fund manager who made a killing by betting against the shares of HBOS, now has the UK’s second-largest retail bank in his sights.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Robert Tchenguiz dumps Whitbread

PROPERTY tycoon Robert Tchenguiz is believed to have sold his entire 3% holding in Whitbread, the hotels-to-coffee shops leisure group.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Angela Merkel: the woman who saw the crisis coming

The look on Peer Steinbrück’s face said it all as he strode out of yet another crisis meeting at the chancellery in Berlin. The German finance minister seemed in no mood to talk despite a flurry of questions from reporters. A succession of late-night emergency talks was beginning to take its toll. In the previous three days he had shuttled between Berlin, Frankfurt and Paris.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Pound 'will keep falling'

STERLING will continue to slide against the dollar as long as financial turbulence persists, analysts say, as international investors dump the pound and euro.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Bosses show bulldog spirit

BUSINESS leaders are rallying this weekend in an attempt to restore consumer confidence.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

State to save HBOS and RBS

THE government will launch the biggest rescue of Britain’s high-street banks tomorrow when the UK’s four biggest institutions ask for a £35 billion financial lifeline.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Sir Philip Green targets Baugur’s debt

TOP SHOP owner Sir Philip Green is today trying to clinch a deal to acquire the £1 billion-plus of debt owed to three nationalised Icelandic banks by Baugur, the group behind Karen Millen and Hamleys.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Failing Lehman in $100m payout plan

THE Lehman Brothers board signed off on more than $100m ($£59m) in payouts to five top executives just three days before the bank went bankrupt leaving thousands of employees out of work in London.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Bust Dawnay Day duo are beached

GUY NAGGAR and Peter Klimt are unlikely to be sailing to warmer climes this winter to escape the fallout from the recent collapse of Dawnay Day, the company they founded.
Source: Latest Business News from Times Online | 11 Oct 2008 | 11:00 pm

Global leaders race clock as IMF endorses G7 plan

Policymakers from around the globe are united in their resolve to avert a global financial meltdown, the International Monetary Fund says.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 9:50 pm

GM and Ford discussed merger

General Motors approached Ford Motor Co. in recent months about a possible merger, but Ford called off the talks after concluding it could survive independently, according to a published report.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 9:21 pm

Ford reportedly mulls selling its 33% stake in Mazda

Ford Motor Co. is exploring the sale of its controlling stake in Japan's Mazda Motor Co. as the second-largest U.S. automaker tries to steady its finances amid slumping sales, according to a published report.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 9:20 pm

UK banks reportedly may unveil capital raising plans Monday: WSJ

Some of the largest U.K. banks hope to unveil plans to raise billions of pounds in new capital on Monday as part of government efforts to stabilize the country's financial system, according to a published report.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 9:01 pm

NewsWatch: Global leaders race clock as IMF warns of imminent meltdown

The global financial system is on the brink of a meltdown and additional steps must be taken immediately by the richest nations to calm jittery bankers and investors, the International Monetary Fund warns.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 9:00 pm

Fannie, Freddie told to buy $40 bln of mortgages a month - report

Federal regulators have ordered Fannie Mae and Freddie Mac to start buying $40 billion of troubled mortgage bonds each month as the U.S. government tries to revive the economy, according to a published report.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 8:58 pm

AIG's gallows humor gives bankers a laugh

WASHINGTON (Reuters) - Insurance giant American International Group, on the receiving end of a multi-billion dollar bailout from the Federal Reserve, was trying hard on Saturday to look on the bright side of life.

Source: Reuters: Business News | 11 Oct 2008 | 8:52 pm

Italy to push for broader G7 membership

WASHINGTON (Reuters) - Italy will push for broadening membership in the Group of Seven when it takes over leading the rich nations' club next year, Italian Economy Minister Giulio Tremonti pledged on Saturday.

Source: Reuters: Business News | 11 Oct 2008 | 8:50 pm

Germany readies its own bank bailout plan, WSJ reports

Germany reportedly is preparing its own plan to bailout the country's financial sector -- after recently saying its banks don't need such support.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 7:32 pm

Apple (AAPL): Stabbed In The Back By Nvidia (NVDA), Will Jobs Short The Shares?

It turns out the cowpie of the PC chip world, built and marketed by Nvidia (NVDA), may have ended up in some Apple (AAPL) laptops. That would make the Mac buyers miffed. The semiconductor scrambles video like eggs thereby undermining the Steve Jobs experience.

As an aside, Nvidia had the guts to say that performance of Apple's PCs had not been compromised by the nasty chip, which appears to be untrue.

According to The Wall Street Journal, "when Nvidia publicly disclosed the problem in July it "assured Apple that Mac computers with these graphics processors were not affected."

At least Nvidia has been hit by class action suits and has set a reserve of $196 million due to the accidental trouble.

The evildoers have been punished. Nvidia's stock is down 80% so far this year. Jobs is short the shares.

Douglas A. McIntyre

Source: 24/7 Wall St. | 11 Oct 2008 | 7:21 pm

As Treasury mulls investing in banks, Morgan Stanley may benefit

Morgan Stanley may benefit from the U.S. Treasury's latest plan to buy equity stakes in financial institutions as the investment bank awaits a crucial $9 billion investment from Japan's Mitsubishi UFJ.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 6:58 pm

Retail tycoon in UK stores talks

Billionaire Sir Philip Green holds talks with officials in Iceland, which could lead to him buying several leading UK stores.
Source: BBC News | Business | World Edition | 11 Oct 2008 | 6:22 pm

Talks on GM-Chrysler merger

General Motors and Chrysler have held preliminary talks about a merger or an acquisition of Chrysler by GM. The Wall Street Journal , citing people it described as familiar with the discussions, said Cerberus Capital Management,...
Source: New Zealand Herald - Business | 11 Oct 2008 | 5:30 pm

Cash best remedy for depression

Veteran investors in New Zealand are cautiously guarding what cash they've got in the wake of a global financial crisis they fear will be worse than any the country has seen. Tony Gibbs, chairman of Guinness Peat Group, says while...
Source: New Zealand Herald - Business | 11 Oct 2008 | 4:00 pm

Bernard Hickey : Investors bank on safety

In days gone by savers could always rely on the bank as a safe place to park money. Most took bank safety for granted. Their first thought was which bank offered the best rate and what options were there to lift returns. Many...
Source: New Zealand Herald - Business | 11 Oct 2008 | 4:00 pm

Mortgage rates tipped to stay high

The Reserve Bank of New Zealand is tipped to cut the official cash rate this month, but mortgage holders and first home buyers are warned not to expect lower interest rates yet. ASB chief economist Nick Tuffley expects the Reserve...
Source: New Zealand Herald - Business | 11 Oct 2008 | 4:00 pm

Finance chiefs urged to co-ordinate efforts

Stock markets plummeted still lower on Wall St and around the world yesterday despite efforts to slow the selling stampede. United States Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke met in Washington...
Source: New Zealand Herald - Business | 11 Oct 2008 | 4:00 pm

Financial failure taking a toll on businessmen

It's been a bad year for the Wellington business community. First Phil Lewin, former CEO of the Wellington Regional Chamber of Commerce, took his life in August. Then last month Kirk Stephenson, a London-based millionaire, threw himself...
Source: New Zealand Herald - Business | 11 Oct 2008 | 4:00 pm

Top tips: Become smarter during economic uncertainty

What risk do we face if we let fear get the better of us when it comes to money? Emotions impair judgment; so emotional people often buy when they are blindly elated or greedy and sell when they're fearful or depressed, and pay...
Source: New Zealand Herald - Business | 11 Oct 2008 | 4:00 pm

Martin Hawes : All that is gold does not glitter

I have never believed gold is an investment. My definition of an investment is it must generate income - shares in companies generate profits and dividends, property gives rental income and deposits give interest. Gold does not...
Source: New Zealand Herald - Business | 11 Oct 2008 | 4:00 pm

Bush removes North Korea from terror list

President George W. Bush removed North Korea from the US terrorism list in a move to resurrect a nuclear disarmament process that was in danger of collapse
Source: FT.com - US homepage | 11 Oct 2008 | 3:54 pm

A Google-Yahoo monopoly?

Yahoo's ad alliance with Google seems like a great deal to the companies' top executives. Now they just have to win over the Justice Department.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 1:26 pm

IMF Says Markets Could Drop Another 20%

The people who run the International Monetary Fund probably don't have any money in the stock market. They as the bond-owner, conservative sorts.

Their risk aversion has not taken away their pessimism, and it may have made it worse. The IMF's chief economist says that markets could drop another 20% if things get very bad.

According to Reuters, "In a worst-case scenario, governments will need a few more weeks to take the correct measures and the markets could fall another 20 percent. Then, we'll turn around," the IMF's chief economist Olivier Blanchard was quoted as saying.

One rumor say that the IMF is short the major country equity indexes.

Douglas A. McIntyre

Source: 24/7 Wall St. | 11 Oct 2008 | 1:13 pm

Music sharer seeks legitimacy

Recently, Nat Hays, chairman of Brooklyn's independent +1 Records, wanted to break a new record by one of his label's new bands, The Morning Benders. So he went straight to Apple's iTunes Music Store.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 1:04 pm

Obama's small biz rescue plan: The details

Democratic presidential candidate Barack Obama on Friday proposed emergency assistance for small business endangered by America's financial crisis, calling for a "small business rescue plan" of tax incentives and loans.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 11:38 am

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