Hope fades for keeping economic pain at bay Dec 1, 2008
Given the dire consequences of a prolonged credit crunch, BI should come up with bolder measures in terms of restoring confidence and liquidity in the banking system. As the name of the game is now confidence and liquidity, BI should consider expanding bank deposits and loan guarantees to help Indonesian banks compete for depositors with fund banks in other countries that provide unlimited guarantees. (Jakarta Post, Indonesia -- Editorial)
Scottish businessmen mount legal challenge to HBOS takeover Dec 1, 2008
Treat a friend at PizzaExpress. Navigation - link to other main sections from here. (Times Online)
Team Obama ready to roll Dec 1, 2008
In turning to Clinton administration veterans for his economic team, President-elect Barack Obama is banking that people who had a role in the current financial crisis will be best able to fix it ... Lawrence Summers, his pick for White House economic adviser, ran the Treasury when Congress repealed the Glass-Steagall Act, breaking down walls between commercial and investment banking ... He was the Fed's chief liaison to the banking industry as subprime lending and securitization were taking... (Republican-American)
UN calls for 'massive' economic stimulus to ease global crisis Dec 1, 2008
" The report made dire projections for global economic growth in 2009, with an overall drop in per capita income and developed nations most affected by the financial meltdown. Developed countries will see a 0.5 percent decline in output, compared with an average growth of 5.3 percent in transition economies and 4.6 percent in developing countries, it said. World growth will most likely not exceed one percent in 2009, compared to 2.5 percent in 2008, with US growth decline by one percent, the... (Sydney Morning Herald -- World)
Long-term idea for Detroit 3: Think globally for way to survive Dec 1, 2008
Thursday: The Senate Banking, Housing and Urban Affairs Committee testimony. Friday: The House Financial Services Committee testimony. (Detroit Free Press)
OZ Min suspends stock in debt row Dec 1, 2008
OZ, which had been in a trading halt since Friday morning, revealed late yesterday that it had failed to secure agreement with the banking syndicate to have the refinancing deadline pushed back from November 30 to January 31 ... The December deadline is a big ask, given that in banking the business year pretty much ends on December 19. (Sydney Morning Herald -- Business)
Democrats' budget relies on empty reserves Dec 1, 2008
Democrats banking on empty reserves - Los Angeles Times ... Democrats banking on empty reserves. (Yahoo News -- U.S. Budget)
World's Greatest Artists Help Launch (RED)WIRE, (RED)'s New Music Service That Fights Aids in Africa Dec 1, 2008
- MSN Hosts Exclusive Launch Event Today at red. - iLike Chosen Exclusively To Unleash Viral Distribution Via. (Yahoo! Wire -- Entertainment News)
Sox mailbag: Is Teixeira a possibility? Dec 1, 2008
The Orioles are banking on Wieters to be a huge part of their future. And yes, Wieters does have a lot in common with 'Tek -- switch-hitter, power, Georgia Tech background -- which are even more reasons why the Orioles would probably never consider moving him. (MLB.com -- Boston Red Sox)
Ashamed of Republicans Dec 1, 2008
Ben C wrote on Nov 28, 2008 3:35 PM:" And as far as Congress goes; it's been under Democrat control for a few years now. Take a close look at the voting records of the Senators and Representatives over energy and banking. The 'man at the wheel' analogy doesn't work in the U.S. That's why we have the checks and balances of 3 levels of government. Putting all the blame on Bush for the current state of the economy doesn't make sense. Often, the President has even been blamed for things he voted... (Wasilla Frontiersman, AK)
Read more ... Dec 1, 2008
In most quarters, bankers are now reviled for playing fast and loose with conservative banking principles, after some of the worlds biggest banks disastrously speculated in high-risk debt products. Copywriters are not the only ones with little sense of context. (Business Report, South Africa)
Will Obama Turn a Recession into a Depression? Dec 1, 2008
Congress also should have moved to have our banking institutions regulate the manner in which they collateralize and package debt. But none of this happened. (Newsmax)
Letters from Readers: Suggestions for the president-elect Dec 1, 2008
The new president must calm the financial markets and restore faith in the banking and investment systems here in the United States. We have seen how lack of financial confidence has caused a ripple effect across the world. (Florida Times-Union)
FIRST COAST TICKER: Citigroup's credit card division facing more losses Dec 1, 2008
The federal government's bailout package last week for Citigroup Inc. protects the global banking giant against some losses from residential and commercial mortgages ... Because of Citigroup's size and importance in the worldwide financial system, analysts said the rescue package was necessary to maintain confidence in the banking system. (Florida Times-Union)
More Top Stories Asia Pacific Headlines Dec 1, 2008
Taiwanese authorities started investigating the former government's financial reforms in August, in particular looking at controversial mergers in the banking sector. Chen, his wife, son, daughter-in-law, and brother-in-law have all been named as defendants in the money laundering case. (Yahoo! Asia News)
Bank's profit to top 6bn Dec 1, 2008
As well as retail banking, RBS owns the Direct Line insurance business, and private bank Coutts, which caters for 70,000 wealthy clients ... Gordon Brown, the Chancellor, took steps to cut the cost of business banking two years ago, after accusing the high street banks of making 2. (Yahoo News -- Banking & Financial Services)
Attacks may have cost Rs 50K crore Dec 1, 2008
Given the overwhelming importance of Mumbai to the national economy, the corporate and banking fraternity is confident that the city will soon bounce back. South Mumbai, which was targeted by the terrorists, is home to important headquarters like Bombay Stock Exchange, Reserve Bank of India, the Tata group, the Mukesh Ambani group, State Bank of India, and a host of other companies, banks and financial institutions. (India Times, India)
NGOs criticise Switzerland over tax Nov 30, 2008
According to specialists such as Niggli, the Swiss cabinet is against global market regulation because it wants to defend banking secrecy as well as some offshore elements of the banking industry. They add that this does not make economic sense and contradicts the aims of official Swiss development policy. (SwissInfo.org, Switzerland)
Terror not to impact PE investments Nov 30, 2008
NexGen Capitals is the merchant banking arm of brokerage firm SMC Global. Experts say that although the attacks might have some impact on the earnings of the hotels and other companies related to the tourism industry, the investment flow into the country would not be impacted much. (India Times)
Polk Community College Foundation honors scholarship donors Nov 30, 2008
The Banking Endowed Teaching Chair was awarded to Professor Gregory Harris, a member of the PCC Faculty. The award consists of a $5,000 stipend to enhance the recipient s professional performance and enhance the classroom experience at PCC.. (Lake Wales News, FL)
Early data shows strong Black Friday... Nov 30, 2008
Early data shows strong Black Friday shopping: Financial News - Yahoo. AP Early data shows strong Black Friday shoppingSaturday November 29, 11:35 pm ET By Ashley M. Heher, AP Retail Writer. (The Drudge Report)
Saudi Index Soars After King's Comments on Economy Nov 30, 2008
The rise was led by the banking and petrochemical sectors. Last week, the TASI suffered a sharp drop, reaching a five-year low of 4,200 points, mainly because investors were alarmed by the sharp declines in crude oil prices. (ABC News -- Wire)
Planners seek cuts in Urban Services Area Proposed changes to Stafford's Urban Services Area could cause problems Nov 30, 2008
Trouble is, some property owners are banking on county water and sewer for their approved developments. If the new boundaries are accepted, they could be left high and dry on the wrong side of the line. (Fredericksburg.com, VA)
Business Commentary: The fluffy money meltdown—Part II Nov 30, 2008
Globalization of the banking and financial services industries made large-scale DASH operations possible. But once the meltdown started, globalization meant that the meltdown hurricaned into a worldwide problem of unprecedented proportions, one unprecedented in terms of the breadth of the problem and the speed with which the catastrophe spread through world banks, financial institutions and markets. (Green Valley News & Sun, AZ)
Frozen grants might hit tax bills Nov 30, 2008
1 million payment is a matter of accounting -- banking on the city's coming in under budget in 2008 or 2009, or both. Next year's budget already has cut funding from museums, the Augusta Arts Council and the Recreation and Public Works departments, and it has eliminated the Human Relations Commission. (The Augusta Chronicle)
Time To Refocus On Less Materialism, Simpler Life Nov 30, 2008
That, and the 1999 Gramm-Leach-Bliley Act that repealed the 1933 Glass-Steagall Act separating commercial and investment banking. You're mouthing the Obama campaign line -- wherein he and his brain trust, recently empowered further by Alan Greenspan's bizarre "confession" about the failure of free-market economics, are blaming the subprime lending crisis that cascaded into the financial collapse that morphed into the recession on. (Townhall.com)
EUGENE ROBINSON: The blessing of life in 'interesting times' Nov 30, 2008
There are straight-A seniors at Harvard and Princeton who planned to go into investment banking before the whole industry imploded. Now, maybe some of these brainiacs will go to work for the auto industry and save Detroit. (Fresno Bee -- Opinion)
TSX up for sixth day in a row Nov 30, 2008
Now a new base is being developed, led by large-cap banking stocks, which will then be followed by the small-cap universe, he said. "Then, hopefully, we can get the economy flowing again," said Morrison. (Financial Post)
The Year's Biggest Celebrity Meltdowns Nov 30, 2008
Amy Winehouse is banking on fans' hope for a second act after repeated rounds of drug abuse, violence and divorce rumors marred the musician's reputation. Authorities held her this past year for allegedly slapping a man and for suspicion of possessing a controlled substance. (Forbes)
Pro sports not immune to recession Nov 30, 2008
" Corporate cash drying up Yet, ticket sales are only part of the equation. More important to the financial health of any team or league is the revenue generated through corporate sponsorships. In 2007, the four major pro leagues pulled in $2.07 billion in sponsorship revenue, a 15 percent increase over the previous year. The NFL got $785 million from sponsorships, MLB got $505 million, the NBA $490 million and the NHL $290 million. At a meeting two weeks ago in New York, commissioner Bud Selig... (Yahoo News -- Auto Racing)
Japan wants yen to be the anchor of Asia Nov 30, 2008
"At 109 it is over-valued. It should be at 125 to 130. Big companies have no real problems because they have global production, but the smaller companies do have problems. The market is not working in favour of a cheaper yen." He dismissed market rumours that the intervention in the currency markets was being "sterilised" by the authorities in an attempt to prevent too much liquidity building up in Japan's banking system. The senior official expressed some surprise that policy makers in the... (Yahoo News -- Asian Economy)
Past suggests insurer may be bit of a risk Nov 30, 2008
Because of the financial concerns of the insurance industry, workers in the business are held to personal financial standards that mirror those in the banking industry. "You want to make sure that ... they take care of their own things in their own home," said Lynn McChristian, a spokeswoman for the Insurance Information Institute. (The Palm Beach Post)
Julian Knight: 'Frankly, not all lenders are gentlemen.' Fears ... Nov 30, 2008
But this is not enough, according to Mr Sampson: "This isn't binding on judges. What would be best would be for this requirement and the three-month arrears rule to be written into the Banking Bill currently going through Parliament. In addition, people facing repossession proceedings should be allowed legal aid. At present, they face the ridiculous situation that they are barred from properly defending their property, through accessing legal aid, because they're property owners.". Lenders,... (Independent)
Once the ball gets rolling... Nov 30, 2008
He was banking that the opposition parties would either cave or roll the dice on an election, whereby he would exhaust every last cent in the con war machine to squeeze out a majority. In the event of a coalition, Harper will push the 4-5 "big lie" talking points about an "unelected government" (what BS) and undermine them to gain an advantage for a possible election down the road. (Globe and Mail -- Business)
Isolated Iraq, Ghana stock markets soaring Nov 30, 2008
The more liquid Iraq Stock Exchange banking index, which makes up more than 80 per cent of turnover, was flat in September and has risen 6. 2 per cent this year in local currency or 9. (Globe and Mail -- Business)
Will GM's cuts be enough as Congress reconsiders aid? Nov 30, 2008
"Another chance, a different tone While Congress, the Bush administration and President-elect Barack Obama have united in calling for tough conditions as part of any auto industry rescue, the basic divide over where the money may come from remains. Democrats favor taking $25 billion from the $700-billion financial industry bailout; Republicans and the Bush administration want to tap $25 billion in retooling loans, a move House Speaker Nancy Pelosi, D-Calif., has compared to paying bills with a... (Detroit Free Press)
Simple Ways College Grads Can Give Back to their Alma Maters Nov 30, 2008
"People are always looking for easy ways to support what's important to them. However, prioritizing one's college or university among so many other responsibilities - financially and otherwise - can be a tall order," says Stephen Gillin, Affinity Banking executive ... Alumni and university fans can learn more about MyExpression Banking products at more than 6,100 Bank of America banking centers, or online at www. (Ontario Argus Observer, OR)
eBay Companies See Black Friday Shoppers Clicking for Great Deals Nov 30, 2008
--(BUSINESS WIRE)--Black Friday saw a buzz of shopping activity, as consumers took to their computers to snap up hot holiday gifts. eBay Inc. (Nasdaq: - ) companies, including PayPal and Shopping. (Yahoo! Wire -- Entertainment News)
DEFLATION, INFLATION BOTH IN THE FUTURE Nov 30, 2008
And what the federal government just did - magically create more than a trillion dollars (and probably more) to bail out the banking system - is going to make the financial markets uneasy about inflation in the future. Since Federal Reserve Chairman Ben Bernanke recently suggested just such an approach - run the printing presses to combat deflation - I think this is a legitimate area of concern. (New York Post -- Business)
Barack Obama, and the Rush For Election Souvenirs Nov 30, 2008
(This, of course, is also known as banking. But the collective unconscious goes further and deeper, and starts long before we know the meaning of a nickel. (Time.com)
Malaysia Needs More Interest-Rate Cuts as Growth Falters, Economists Say Nov 29, 2008
Oversea-Chinese Banking Corp., JPMorgan Chase & Co. and HSBC Holdings Plc ... With Bank Negara signaling to the market that inflation risks have subsided and as growth concerns take centre stage, sagging growth is foreseen in the next year, said , an economist at Oversea-Chinese Banking Corp. in Singapore. (Bloomberg -- Asia)
P2P: Help from friends boosts loan-challenged Nov 29, 2008
The result is a financial opportunity that is more in line with online than the banking industry has ever been ... They are creating a new market for lending that the banking community doesn t play in efficiently. (Helena Independent Record, MT)
Russians play down crisis as economy falters Nov 29, 2008
Russia has burnt a hole in its vast international reserves by shoring up the flagging ruble and providing support to the weakened banking system and the economy. Its stock markets have lost more than two-thirds of their value. (San Francisco Chronicle -- Business)
FOXBusiness: Dow Closes Up for Fifth Straight Day Nov 29, 2008
UBS (UBS) shareholders signed off on the Swiss banking giants plans to seek a rescue from the government. Also, Chairman Peter Kurer said he will return an additional $18. (Fox News)
Politico reports Nov 29, 2008
More corrupt people and more corrupt government that is tied to corrupt business and banking. The lying cheating and stealing most likely will not stop until the average citizen organizes and takes up arms against the federal government. (Harper's Magazine)
Polk Community College Foundation honors scholarship donors Nov 29, 2008
The Banking Endowed Teaching Chair was awarded to Professor Gregory Harris, a member of the PCC Faculty. The award consists of a $5,000 stipend to enhance the recipient s professional performance and enhance the classroom experience at PCC.. (Lake Wales News, FL)
JPMorgan Retains WaMu Branch Staff, Cuts Office Jobs Nov 29, 2008
Some 1,600 WaMu staff who worked in back office roles in California handling credit cards and other consumer banking businesses were told their jobs would be eliminated by March ... JPMorgan bought Washington Mutual's banking business on Sept 25 for $1. (ABC News -- Wire)
Goldman Sachs Wins NY State Banking Charter Nov 29, 2008
NEW YORK (Reuters) - Goldman Sachs Group Inc on Friday won a charter from New York State's banking department, a key step in the Wall Street bank's effort to change its investment banking model and gather deposits. The new bank will be called Goldman Sachs Bank USA, and include Goldman Sachs Capital Markets LP, Goldman Sachs Credit Partners LP and Goldman Sachs Mortgage Co, the banking department said ... Goldman's pursuit of a state charter suggests the company will continue to focus on... (ABC News -- Wire)
GM Looks to Sell Real Estate in England Nov 29, 2008
GM is banking on swift congressional approval of taxpayer-backed bridge loans. Company executives are currently preparing a viability plan to present to Congress by Tuesday. (ABC News -- Wire)
Even near North Pole, shoppers cutting back Nov 29, 2008
Banking group Nordea AB said Finns will spend 17 percent less on Christmas presents this year, compared to 2007, while Danes and Swedes will cut back gift shopping by 12 percent. Norwegians will only reduce their spending by 3 percent, the bank said. (Albany Times Union)
FINANCE: Bailout billions not making loans easier to find Nov 29, 2008
The U.S. government has pumped billions of dollars into the nation's banking system, yet borrowing money remains an obstacle for some consumers, mortgage brokers said last week. The two behemoths that oversee the nation's finances, the Federal Reserve and the U.S. Treasury, have taken extraordinary measures over the last few months ---- from lending more to backstopping losses to direct infusions of capital. (North County Times)
Vision resurrected in Obama Nov 29, 2008
In Reagan s eight years of free-market ideology, followed by four years of Bush I, in the name of reinventing government, we saw regulations eviscerated in vital areas such as environmental protection, civil rights, equal employment opportunity, banking, consumer and worker safety, job training and health care. We saw mental hospitals close, with a concomitant rise in homelessness among the seriously mentally ill. (Waterloo-Cedar Falls Courier)
Oil, taxes and development Nov 29, 2008
We have a banking system that is quite sound ... The problem with our banking sector is therefore not solidity but liquidity ... We have presented a package to Parliament to restore liquidity in the banking system. (International Herald Tribune -- Business)
DeKalb school board Nov 29, 2008
Reason for running: Ownership and management experience with small and international companies; includes banking and financial institutions. Served on the DeKalb board from 1981 to 1992. (Atlanta Journal-Constitution)
Ireland Considering Bank Aid Under `Certain Circumstances,' Minister Says Nov 29, 2008
Nov. 29 (Bloomberg) -- Irelands government said it may invest with other parties in the nations banking system as the countrys lenders seek to shore up capital depleted by the global financial crisis and the end of a decade-long property boom. In certain circumstances it would be appropriate for the state, through the National Pensions Reserve Fund or otherwise, to consider supplementing private investment, Finance Minister said in an e-mailed statement late yesterday. (Bloomberg -- UK)
Paul Krugman: Lest we forget Nov 29, 2008
Yet the experience of the last decade suggests that we should be worrying about financial reform, above all regulating the "shadow banking system" at the heart of the current mess, sooner rather than later. For once the economy is on the road to recovery, the wheeler-dealers will be making easy money again - and will lobby hard against anyone who tries to limit their bottom lines. (International Herald Tribune)
New bank ads emphasize your money is secure Nov 29, 2008
What do dogs and swings have to do with banking ... They are looking for banks that are interested in them as individuals, and they are looking for banks that are safe and secure, said Craig Metz, marketing director for Blairsville-based United Community Banks, the third-largest banking company based in Georgia ... Buckhead Community Bank, for instance, continues to run ads promoting CD rates and checking accounts, with no mention even indirectly of the banking crisis. (Atlanta Journal-Constitution -- Business)
Japan wants yen to be the anchor of Asia Nov 29, 2008
"At 109 it is over-valued. It should be at 125 to 130. Big companies have no real problems because they have global production, but the smaller companies do have problems. The market is not working in favour of a cheaper yen." He dismissed market rumours that the intervention in the currency markets was being "sterilised" by the authorities in an attempt to prevent too much liquidity building up in Japan's banking system. The senior official expressed some surprise that policy makers in the... (Yahoo News -- Asian Economy)
Ways to fix our economic ills Nov 29, 2008
The banking and stock market meltdown should be ended with a forced re-negotiation of mortgages to reasonable interest and payments, with a rent option for those who cannot continue with their mortgage. Forget bailing out the same crooks who caused the problem. (Sierra Vista Herald, AZ)
Expecting the unexpected Nov 29, 2008
"The credit and real estate bubble is, relative to the size of the banking sector and GDP, larger in China than the United States," Arnott said. The investment strategy would be to resist bottom-fishing in emerging-market stocks, although he thinks that bonds there are a safe bet. (International Herald Tribune -- Money Report)
Former Tyco chiefs jailed for $150m corporate theft Nov 29, 2008
to provide support to the student loan municipal finance banking business. this new role will provide on. (Yahoo News -- Tyco)
Citigold client's complaint Nov 29, 2008
If Bank Indonesia does not take corrective measures on the marketing of offshore investment products, many more local retail investors will remain highly vulnerable to misrepresentation by sales executives of foreign banks such as Citibank, which has been most aggressive in selling overseas investment products through its private banking department (Citigold). HADI SUTIONO Bandung. (Jakarta Post, Indonesia -- Editorial)
Yudhoyono torn between family bond and state affairs Nov 29, 2008
Paskah was the deputy chairman of the then House of Representatives' Commission IX overseeing financial and banking issues at the time of the alleged graft. Fellow Golkar Party lawmaker Hamka Yandhu, who is currently on trial over the case, has told the court Paskah received Rp 1 billion from the total Rp 31. (Jakarta Post, Indonesia)
Postal workers need to do their jobs better, faster Nov 29, 2008
To Chris wrote on Nov 18, 2008 2:02 PM:" Why not set up online banking and bill pay. That way, unless you enjoy getting junk mail, there will be no reason to use the USPS at all. Saves me a lot of time and trouble of going to the post office to buy stamps and waiting for the mail. ". Ha wrote on Nov 18, 2008 1:19 PM:" It is so entertaining to read someone commenting on someone else's bad grammar, and they make grammar mistakes as well, ha! Spelling is important too! I believe the word you was... (Keokuk Daily Gate City, IO)
Sir Philip sells Moss Bros stake Nov 29, 2008
Sir Philip Green has sold the 29pc stake he acquired in troubled retail chain Moss Bros earlier this month banking almost 1m profit in the process. By Richard Fletcher Last Updated: 9:41PM GMT 28 Nov 2008. (Telegraph.co.uk)
