“AIG reports third-quarter record loss of $24.47 billion”
And as a reward Americans give them future tax dollars and no one goes to jail. What a joke. By the way, Losses are only greater than expected by a factor of 10x. That’s not a loss. That’s an Enron type collapse. The loss just get 10 times [...]
WASHINGTON (MarketWatch) — The unemployment rate is expected to rise to 8.5% by the end of next year and inch even higher in early 2010, economists for Goldman Sachs wrote Friday. The cumulative trough-to-peak increase of more than 4 percentage points in the jobless rate would be the most since World War II, they said. [...]
NEW YORK (MarketWatch) — Fidelity Investments said Thursday that it plans to lay off about 1,300 staff, starting later this month. The firm said that there will be a second round of layoffs in the first quarter of 2009, though details are still being finalized. “Global economic conditions and the unsettled nature of the world’s [...]
“Consumer confidence had already declined by mid-2008 by more than prior to any past recession and the steep October loss indicates that accelerated cutbacks in spending can be expected during the months ahead,” according to Richard Curtin, director of the consumer survey.
“Consumers rated the current administration’s economic policies more unfavorably than ever before in the [...]
By Laura Mandaro
SAN FRANCISCO (MarketWatch) — The government of Iceland said Friday it had reached an agreement with the International Monetary Fund on an economic stabilization program that includes a $2 billion year loan under a two-year standby arrangement. Iceland would be able to draw $830 million immediately after the IMF’s executive board approves the [...]
http://www.marketwatch.com/news/story/samsung-electronics-q3-net-income-863/story.aspx?guid=%7B4B9CE457%2D1D05%2D489C%2DA4FE%2DBBB91C0C0543%7D&dist=hplatest
HONG KONG (MarketWatch) — Samsung Electronics Co. said Friday its net income for the third quarter fell 44% from a year earlier because of price declines in memory chips and flat panels. Samsung said revenue for the three months ended Sept. 30 was 1.22 trillion won ($863 million), compared to 2.19 trillion a year earlier. [...]
SAN FRANCISCO (MarketWatch) — SanDisk Corp. late Monday reported it swung to a net loss of $155.2 million, or 69 cents a share, compared to a net income of $84.6 million, or 36 cents a share, in the third quarter last year. Excluding certain charges, net losses totaled $132 million, or 59 cents a share. [...]
NEW YORK (MarketWatch) — Eaton Corp. on Monday is forecasting a U.S. economic recession starting in the fourth quarter, with a possible recovery beginning at the end of next year, Chief Executive Alexander Cutler said Monday in a post-earnings call. The Cleveland company, which makes electrical, aerospace and automotive markets, predicts “an extremely difficult environment” [...]
The country, perceived as one of the world’s riskiest borrowers, may need as much as $6 billion to boost its foreign-currency reserves, which fell more than 74% in the past year to about $4.3 billion, according to a Bloomberg News report.
The next interest payment for Pakistan on its dollar-denominated bonds is due in December, and [...]
http://www.marketwatch.com/news/story/corporate-governance-
“. . . But the Treasury isn’t replacing any of the directors on the boards of the banks it’s investing in, or adding new directors to represent taxpayer interests. That means there’s no way for the Treasury to check if executive compensation is encouraging too much risk-taking. . . .”
The bailout is just another [...]
http://www.marketwatch.com/news/story/goldman-cuts-growth-forecasts-several-emerging/story.aspx?guid=%7BAB998D5A%2DC7B9%2D4C45%2D96B6%2D2AADE7DF7FB1%7D&dist=hplatest
NEW YORK (MarketWatch) — Goldman Sachs has lowered its 2009 economic growth forecasts for several emerging markets, including Russia, Turkey, South Africa and Kazakhstan, citing falling oil prices, the worsening outlook for growth in major markets and the recent deepening of the global financial turmoil. Goldman cut its forecast for Russia’s 2009 GDP growth from [...]
SAN FRANCISCO (MarketWatch) — Hedge funds saw a record $210 billion drop in assets under management during the third quarter as investors redeemed an unprecedented amount of money from the industry after poor performance, according to a survey released Friday.
“With losses continuing through October, it appears that 2008 will be the worst year on record [...]
BOSTON (MarketWatch) — Investors were set to focus on banking stocks again after Citigroup Inc. and Merrill Lynch & Co. reported more quarterly losses Thursday, one day after the financial sector saw a double-digit percentage decline.
Markets have had plenty of earnings reports to comb through this week, and investors are trying to decide whether more [...]
WASHINGTON (MarketWatch) - The output of the nation’s factories, mines and utilities plunged 2.8% in September, the Federal Reserve said Thursday. This is the biggest decline in output since December 1974. The figures were weaker than forecast by economists surveyed by MarketWatch, who were looking for output to fall 1.5%. A strike at Boeing Co. [...]
Johnson: Stay on defense until you get an all-clear sign from the stock market, the credit markets, and important economic numbers. We don’t have that all-clear sign now.
This is a normal cycle, but on top of this very normal stock market business cycle you have to superimpose two bubbles. One is an oil bubble and [...]
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