123jump.com Staff
26 Sep, 2008
New York City
U.S. stocks edged lower after lawmakers debate alternatives to the proposed bailout plan from the U.S. administration. Washington Mutual, 120-year old bank was seized and sold by the Federal regulators to JP Morgan. Morgan Stanley, Wachovia and Goldman Sachs dropped. Research in Motion plunged 25%.
123jump.com Staff
25 Sep, 2008
New York City
Washington Mutual, the battered bank was seized by the Federal regulators and sold all of its assets to JP Morgan. The WaMu failure is the largest bank failure in the U.S. history and the bank had $188 billion in deposits but had faced withdrawals of $16.7 billion in the last ten days.
123jump.com Staff
25 Sep, 2008
New York City
U.S. stocks rallied after lawmakers appear to agree on the broad framework of the bailout plan. The plan may release $250 billion immediately but will have the authority to invest up to $700 billion unless the Congress imposes limits at a later date. Markets in Europe and Brazil rise.
123jump.com Staff
25 Sep, 2008
New York City
Stocks in Australia fell after commodities and metal prices declined. Australian banks have less than 1% exposure to the sub-prime loans issued in the country, according to the latest report from the RBA. Australian dollar gained. China based Shagan acquired 45% stake in Australian iron ore company.
123jump.com Staff
25 Sep, 2008
New York City
Stocks in Shanghai rose as China controlled investment arm stepped up its purchase of bank stocks. Bank of East Asia in Hong Kong faced a temporary run after rumors of collapse swept markets. Central bank denied the rumors and added HK$500 million in liquidity and Li Ka-shing purchased its stock.
123jump.com Staff
25 Sep, 2008
New York City
Japan recorded its first monthly trade deficit in 26 years. Rising energy and coal imports and a decline in exports to the U.S. and Europe contributed to the deficit. The Bank of Japan added liquidity to the market and will carry out four more auctions in the rest of the year.
123jump.com Staff
25 Sep, 2008
New York City
Stocks in India fell after financial markets in the region declined. Financials, realty, software exporters and industrials fell. Inflation at the end of last week stabilized but hovered near its peak level. Rupee traded volatile and hovered near 46 rupee to a dollar.
123jump.com Staff
25 Sep, 2008
New York City
Capital One drops after it completed stock offering at a lower price. Bed Bath & Beyond matched the earnings views but predicted lower earnings for the quarter and the rest of the year. General Electric lowered its earnings outlook. McCormick edged higher after third quarter earnings rose.
123jump.com Staff
25 Sep, 2008
New York City
General Electric lowered its earnings outlook for the quarter and the year and said the current difficult conditions in the financial services business are not likely to improve in the near future. The company left its dividend unchanged and suspended its stock buyback plan.
123jump.com Staff
24 Sep, 2008
New York City
U.S. lawmakers voiced more skepticism and frustration with the Treasury and the Fed plan to bailout banks. The U.S. lawmakers also passed $25 billion rescue package for the auto industry. AIG fell sharply after it signed punitive loan terms with the Fed.
123jump.com Staff
24 Sep, 2008
New York City
Stocks in HK and Shanghai rose as financial staged a mild rebound after China stepped up purchase of bank stocks. However, inflation and global slowdown worries persisted in China trading. HK reported second quarter balance of payment surplus of HK$10.3 billion. Yili drops 10% for the second day.
123jump.com Staff
24 Sep, 2008
New York City
Stocks in Australia rose after financial stocks in the region rose and the benchmark index added 1.2%. The IMF lowered its growth estimate for Australia to 2.7% in the current year. The U.S Federal Reserve offered $10 billion credit swap lines in the U.S. dollar to ease liquidity.
123jump.com Staff
24 Sep, 2008
New York City
The French state controlled nuclear utility company agreed to acquire British Energy for
123jump.com Staff
24 Sep, 2008
New York City
Civilian nuclear deal between the U.S. and India was approved by the U.S. Senate panel and will be put for a vote on the U.S. Senate. The number of mobile telecom users in India cross 300 million after the country adds more than 9 million users in August.
123jump.com Staff
24 Sep, 2008
New York City
Sumitomo Mitsubishi will invest as much as 100 billion yen or $1 billion in Goldman Sachs after Warren Buffett agreed to invest $5 billion in the recently converted bank. Taro Aso is elected as the fourth prime minister in less than two years in Japan but elections are likely in less a year.
