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