Saturday, October 11, 2008

U.S. to buy financial equity

Bush administration will move ahead with a plan to buy stock in financial institutions and to implement the new rescue package more swiftly and thoughtfully and is expected to start announcing next week the private sector asset management firms that will help run the program.In the previous week the U.S Congress passed on a 700$ billion bailout plan to help the ailing firms.

Tuesday, October 7, 2008

Japan's central bank to supply $20 bln

The Bank of Japan has launched its second dollar-funds supply operation to inject 20 billion-dollar in a bid to ease liquidity crunch on financial markets.The BOJ will lend 20 billion dollars for three months to banks and other financial institutions engaging in the Tokyo money market.The central bank injected 1 trillion yen into the Tokyo money market on Tuesday for the 15th business day of emergency operations designed to facilitate interbank borrowing amid the global financial market turmoil.

China was willing to enhance coordination and cooperation with the U.S. and other economies to overcome current difficulties and stabilize the international financial market,says Central Bank.The remarks come after the U.S. House of Representatives approved overnight a revised 700 billion dollars bailout plan and President Bush immediately signed the plan into law on the same day.

Vale do Rio Doce, the world's biggest iron-ore producer, plans to spend $480 million in Peru to create one of South America's largest phosphate mines.The Bayovar project in Piura will open in July 2010 with an annual capacity of 3.9 million metric tons of phosphates to make fertilizers, possibly at the same site, Tito Martins, Vale's director of non-ferrous metals and energy.Garcia is seeking to attract more Brazilian investments to the Andean country in exchange for allowing companies such as Porto Alegre, Brazil-based Gerdau SA, which announced a $1.4 billion expansion of its Peruvian steelworks this week, to ship to Asian buyers through Peru's ports.

Monday, August 25, 2008

Florida tops 1Q mortgage fraud list

Incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases.Properties in the Sunshine State accounted for nearly a quarter of all mortgage fraud incidents.The most common mortgage fraud cases included misrepresenting income, employment history, and debt and assets.Mortgage fraud has represented about $1 billion in losses over the past decade.Maryland had an unusually high percentage- 69 percent of its cases involved tax return and financial statement misrepresentation.

Metro-Goldwyn-Mayer Studios Inc. said Monday it is "not for sale" following a report in BusinessWeek that MGM's owners were looking to sell the movie company for US$5.2 billion.The studio was taken private for nearly $5 billion in 2005 by Providence Equity Partners, TPG, Sony Corp. of America and Comcast Corp.It has retained Goldman Sachs to enhance its long-term capital structure.Last year, it made $558 million from its 4,000-title film library, but has yet to deliver a big hit.

Tuesday, August 19, 2008

Wall Street tumbles

Wall Street continued to decline Tuesday, after the U.S. government reported worse-than-expected wholesale inflation.The wholesale prices surged 1.2 percent in July. The increase was more than double the 0.5 percent gain that economists had expected. Core prices, excluding food and energy, rose 0.7 percent.American International Group, the world's largest insurer, fell 6 percent.JPMorgan Chase predicted that Lehman Brothers may write down about 4 billion U.S. dollars in the third quarter. Lehman tumbled 13 percent.The Dow Jones fell 130.84, or 1.1 percent, to 11,348.55. The Nasdaq fell 32.62, or 1.4 percent, to 2,384.36.

Sunday, August 17, 2008

World's worst inflation

Zimbabwe is hit with the worst inflation crisis that the issue of Fortune you're holding would have cost you 270,543,825,555 Zimbabwean dollars.Robert Mugabe's government considers a reasonable strategy for coping with an inflation rate of more than 2,000,000%. If anyone is to blame for the economic crisis, it's Mugabe himself.Anticipating problems at the cash register, the government has also announced a longer-term plan to dispense with the zeroes entirely, turning $10 billion into $1.

Saturday, August 16, 2008

Chinese Banks eye America

The American banking system has become a melting pot as financial institutions from all over the world have set up shop in the United States.The Federal Reserve gave the go-ahead to Industrial and Commercial Bank of China, China's largest lender, to open a wholesale banking operation in New York.China's ICBC is hardly the first foreign financial institution to put down roots in the United States.

Hii everybody this is my first post in finance related topics....hope to get ur good response