Debt Consolidation News Oct 2008
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How did it come to this for Wachovia?
The end of Wachovia Corp. as a banking institution may have appeared as abrupt as a heart attack Monday. (Wed, 01 Oct 2008 04:24:50 GMT)
2nd UPDATE: Russia Vows Unsecured Funds For Banks; Backs M&A
(Recasts adding detail, analyst comment.) By Andrew Langley Of DOW JONES NEWSWIRES MOSCOW -(Dow Jones)- Russia's central bank will make unsecured loans to banks as part of a radical plan to boost liquidity and will also encourage consolidation in the struggling banking sector. (Wed, 01 Oct 2008 14:13:36 GMT)
Pearlstein: The Economic Crisis
Washington Post columnist Steven Pearlstein was online Wednesday, Oct. 1 at 11 a.m. ET to discuss the ongoing financial crisis. (Wed, 01 Oct 2008 16:49:00 GMT)
Sector Snap: National bank stocks rally
Shares of national banks rallied Wednesday, as investors flooded financial stocks ahead of the Senate's vote on a revived financial bailout plan. (Wed, 01 Oct 2008 18:46:58 GMT)
Wachovia: How did it come to this?
The end of Wachovia Corp. as a banking institution may have appeared as abrupt as a heart attack Monday. (Thu, 02 Oct 2008 02:09:27 GMT)
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I am not posting spam. I understand posting spam or other comments that are unrelated to this article will cause my comment to be flagged for deletion and possibly cause my IP address to be permanently banned from this server. (Thu, 02 Oct 2008 04:02:13 GMT)
Look to the Nordic bubble, not the Great Depression
Governments forced a consolidation of their banking sectors (Thu, 02 Oct 2008 07:36:49 GMT)
Look to the Nordic bubble, not the Great Depression
Financial crises and bailouts crop up with metronomic regularity but only one, in the Nordic countries two decades ago, offers a prescription for what ails the United States - and its side effects were awful. (Thu, 02 Oct 2008 11:00:03 GMT)
Banking Big Bang
THE AUSTRALIAN financial services industry is poised for a dramatic round of consolidation after Commonwealth Bank pitched a bid for BankWest. (Thu, 02 Oct 2008 14:00:00 GMT)
Inside Entrepreneurship: Be careful tapping equity for startup
Should you fund your startup with a home equity loan? Susan Schreter advises caution. (Thu, 02 Oct 2008 20:25:12 GMT)
Economy crashing party for dealerships
You needn’t go to Detroit to see how the nation’s collapsing credit markets are crushing the retail auto industry. Just try to walk into a local car dealership like Joe Pfeffer’s Chrysler-Jeep showroom in Belleville. (Fri, 03 Oct 2008 05:37:07 GMT)
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Ever wonder who puts the newspaper together? Or how much work it takes to produce? This video will offer a sneak peak into what we do. (Fri, 03 Oct 2008 07:31:48 GMT)
Central Bank figures reveal pressures on local economy
Figures released yesterday by the Central Bank point to a softening in consumer credit and the domestic mortgage market, and an increase in under-performing domestic loans, supporting the view that the local economy is under pressure following decreases in tourist arrival numbers, cost of living increases (driven primarily by rising oil prices) and the credit crunch in the United States. (Fri, 03 Oct 2008 15:29:39 GMT)
Congress approves $700 billion Wall Street bailout
Policy makers and investors worldwide closely watched the outcome of the vote because they believed the measure was critical to prevent a further weakening of the U.S. and global economy. (Fri, 03 Oct 2008 18:12:55 GMT)
Experts back idea of public bailout in U.S.
Painful as it may be, acting swiftly to tackle the U.S. financial crisis with a public bailout is the right move — and perhaps the chief lesson from Japan's bad debt debacle of the 1990s, economists and politicians here say. Japan waited too long — seven years — before resorting to a bailout of banks, burdened with mountains of bad loans, they say. The result: what Japanese call the "lost ... (Fri, 03 Oct 2008 21:20:27 GMT)
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Be the first to comment on this article! I am not posting spam. I understand posting spam or other comments that are unrelated to this article will cause my comment to be flagged for deletion and possibly cause my IP address to be permanently banned from this server. (Sat, 04 Oct 2008 04:16:48 GMT)
Community banks see chance to grab new customers
The financial turmoil that's crippled some banks and turned others into behemoths could be a boon for the industry's neighborhood institutions - and that could benefit consumers. (Sat, 04 Oct 2008 08:12:19 GMT)
After the fall, the fall!
Now, reality sets in! The bailout/rescue plan will work only if banks take the liquidity that is coming their way and use it to make business and mortgage loans that will get the economy moving again. (Sat, 04 Oct 2008 11:12:01 GMT)
After the fall, the fall!
Now, reality sets in! The bailout/rescue plan will work only if banks take the liquidity that is coming their way and use it to make business and mortgage loans that will get the economy moving again. (Sat, 04 Oct 2008 19:03:30 GMT)
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Man the Digest is coming up. Must be that new guy they have in charge. He like that new fangled web pod casting stuff. Congrats and keep up the good work. (Sat, 04 Oct 2008 23:01:48 GMT)
Stage set for consolidation in Irish banking
The government bailout of the Irish banking sector should act as a catalyst for a wave of mergers and takeovers not seen in Ireland since the 1960s. (Sat, 04 Oct 2008 23:07:39 GMT)
Robert Peston
Why the markets are calling time on Iceland (Sun, 05 Oct 2008 05:25:48 GMT)
Robert Peston
Is there a possible cure out there for the credit crunch? (Sun, 05 Oct 2008 07:09:46 GMT)
Now what?
How bad is the financial crisis? Everyone from President Bush to Warren Buffett last week warned of potential disaster. Congress approved spending billions of taxpayer dollars on a rescue plan with no guarantee it will work. And the anger that pervaded the Shore slowly turned into resignation. (Sun, 05 Oct 2008 08:50:35 GMT)
Ex-exec ponders mortgage calamity
Like many investors, Dick Waterfield regularly reads national and international news reports about the mortgage meltdown. But the Fort Wayne man’s understanding of the mess is clearer and deeper than most, rooted in his 40 years in the mortgage industry as former chairman of Waterfield Mortgage Co. Inc. Photo caption: Waterfield (Sun, 05 Oct 2008 10:12:39 GMT)
MasTec Announces Agreement to Purchase Wanzek Construction, Inc.
MasTec, Inc. today announced that it has signed a definitive purchase agreement to acquire Wanzek Construction, Inc. for $200 million in cash and the assumption of $15 million in debt. (Mon, 06 Oct 2008 09:00:00 GMT)
The Fleecing of America
Over 200 years ago, Thomas Paine wrote a treatise on government in which he said "a republic is supposed to be directed by certain fundamental principles of right and justice, from which there cannot, because there ought not to, be any deviation. (Mon, 06 Oct 2008 14:20:26 GMT)
Russian shares plunge
With the price of crude sliding, oil-rich Russia on Monday saw its stock markets take their most brutal one-day beating ever. (Mon, 06 Oct 2008 19:38:04 GMT)
Transcript: First Presidential Debate
A transcript of the first presidential debate between Republican John McCain and Democrat Barack Obama -- Sept. 26, 2008 from Oxford, Miss. (Mon, 06 Oct 2008 19:41:12 GMT)
Thompson National, Argus Form Venture; Gee, Snodgrass to Join Thompson
Thompson National Properties L.L.C. will manage nearly all of Argus Realty Investors L.P.’s portfolio under a new venture formed by the two California-based companies. (Mon, 06 Oct 2008 21:23:24 GMT)
How to save Europe’s banks
Europe’s leaders have at last acknowledged that their banking system is in trouble. What should they do? It is easier to say what they should not do. They should not airily float rescue plans and then abandon them at the first whiff of controversy. (Tue, 07 Oct 2008 00:04:49 GMT)
Prevent Bankruptcy With These Tips
This financial decision should only be used as a last resort, find out here how to avoid it. (Tue, 07 Oct 2008 16:13:18 GMT)
Challenges to the Global Economy
It is a pleasure to address such a distinguished audience gathered here for NABE's annual meetings, and I would like to thank Susan Doolittle for the invitation. (Tue, 07 Oct 2008 20:51:12 GMT)
CreditFYI.com Launches, Credit Portal Empowers Consumers With Information About Personal Finance, Credit, Loans and More
New credit and personal finance destination provides, in one comprehensive website, the information and tools needed to make better financial decisions. (Wed, 08 Oct 2008 07:01:00 GMT)
CreditFYI.com Launches, Credit Portal Empowers Consumers With Information About Personal Finance, Credit, Loans and More
New credit and personal finance destination provides, in one comprehensive website, the information and tools needed to make better financial decisions. (PRWeb Oct 8, 2008) Read the full story at http://www.prweb.com/releases/CreditFYI/Launch/prweb1438904.htm (Wed, 08 Oct 2008 07:24:04 GMT)
Transcript of a Press Conference on the Global Financial Stability Report
MR. MURRAY: Good day. I am William Murray, Chief of Media Relations at the IMF, and this is a live press briefing on the latest IMF Global Financial Stability Report. Welcome everybody here in the room and watching via our live web cast. (Wed, 08 Oct 2008 13:36:12 GMT)
RBS May Need to Speed Up Asset Sales After U.K. Bank Bailout
Oct. 8 (Bloomberg) -- Royal Bank of Scotland Group Plc Chief Executive Officer Fred Goodwin may need to sell assets faster than planned after agreeing to take part in the U.K. government's 50 billion-pound ($68 billion) banking industry rescue package. (Wed, 08 Oct 2008 17:55:04 GMT)
U.K. May Borrow 50 Billion Pounds More to Fund Bank Rescue
Oct. 8 (Bloomberg) -- The U.K. government may need to increase borrowing by 50 billion pounds ($87.6 billion) to fund its bank rescue plan, limiting the amount it can spend on tax cuts and extra spending to spur the economy as it slips into a recession. (Wed, 08 Oct 2008 18:45:38 GMT)
Financial crisis
The current financial mess is considered the biggest world crisis since the Great Depression. (Wed, 08 Oct 2008 21:05:03 GMT)
EpiCept Receives Ceplene(R) Marketing Approval in Europe
Regulatory News: EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) today announced that the European Commission has granted ... (Thu, 09 Oct 2008 04:15:20 GMT)
EpiCept Receives Ceplene(R) Marketing Approval in Europe
Regulatory News: (Thu, 09 Oct 2008 04:21:52 GMT)
Americans tightening belts
More consumers are trimming spending and debt because their net worth has fallen fast. (Thu, 09 Oct 2008 19:00:29 GMT)
Wells Fargo Wins the War for Wachovia
Citigroup walked away from efforts to block a deal between Wachovia and Wells Fargo, but said it would continue to seek $60 billion in legal damages. (Fri, 10 Oct 2008 01:34:37 GMT)
Albion's Money Woes
In recent months, the national news has been flooded with negative information about the economy. Banks seem to be falling one after another like dominoes, while Congress worked to negotiate a $700 billion bailout to keep the remaining companies afloat. (Fri, 10 Oct 2008 02:46:53 GMT)
Cracks Appear In Chinese Steel Sector
Debt default of FerroChina comes on heels of industry attempts to cut production in face of slowing demand. (Fri, 10 Oct 2008 07:53:01 GMT)
Americans tightening belts
The dramatic changes in the US financial system – the debt write-downs and consolidation of corporate balance sheets – are now mirrored at kitchen tables around the United States. (Fri, 10 Oct 2008 08:00:00 GMT)
Citigroup pulls out of talks for Wachovia
NEW YORK – One of the biggest showdowns on Wall Street ended with a whimper yesterday when Citigroup walked away from efforts to block a deal between Wachovia and Wells Fargo, paving the way for a merger that would concentrate power within the American banking industry to just a few firms. (Fri, 10 Oct 2008 10:02:57 GMT)
Monetary Stalinism in Washington
Amongst the worst tragedies of Soviet collectivization was the Ukraine famine of 1932-33, which took six million lives as Joseph Stalin practiced forced appropriation of crops and imposed very low prices for agricultural products in favor of industrialization. (Fri, 10 Oct 2008 10:26:51 GMT)
Citigroup Walks Away, but Legal Wrangling Continues
One of the biggest showdowns on Wall Street ended with a whimper Thursday when Citigroup walked away from efforts to block a deal between Wachovia and Wells Fargo , paving the way for a merger that would concentrate power within the American banking industry to just a few firms. (Fri, 10 Oct 2008 11:37:05 GMT)
Amidst the Current Economic Turmoil, Bank of McKenney Posts Core Growth and Solid Earnings in Third Quarter and ...
MCKENNEY, Va., Oct. 10, 2008 -- Bank of McKenney today announced third quarter earnings of $305,000, only a slight decrease of 1.61% over 2007 third quarter earnings of $310,000 and continuing to demonstrate a stabilizing earnings environment. (Fri, 10 Oct 2008 13:20:08 GMT)
WRAPUP 1-Russia seeks to reassure as bank crisis deepens
MOSCOW, Oct 10 (Reuters) - Russia raised bank deposit guarantees on Friday as the banking crisis deepened, with one bank's licence revoked, another asking clients to repay mortgages and S&P putting 13 institutions on negative outlook. (Fri, 10 Oct 2008 14:10:39 GMT)
Americans tightening belts
The dramatic changes in the US financial system - the debt write-downs and consolidation of corporate balance sheets - are now mirrored at kitchen tables around the United States. (Fri, 10 Oct 2008 17:47:15 GMT)
Corporate report
General Electric Co. -- The conglomerate spared investors any nasty new surprises as it reported a 22 percent drop in third-quarter earnings, meeting its own lowered forecast and blaming its struggling financial arm for the decline. (Sat, 11 Oct 2008 05:08:47 GMT)
Global crisis: How to stop panic
It is possible to calm the waters, but it'll mean unlearning our post-Depression lessons (Sat, 11 Oct 2008 05:10:29 GMT)
The Next Banking Bomb?
While many were concerned with the housing bubble and mortgage-backed securities, Dorgan was concerned about what many now believe may be the next shoe to drop, the so-called credit derivatives market known to most as credit default swaps. (Sat, 11 Oct 2008 13:30:04 GMT)
American Families Tightening Belts As Crisis Comes Home
Americans are now trying to live within their incomes. If they succeed, it would boost the anemic U. S. savings rate and signal a shift in the way Americans view their finances. (Sun, 12 Oct 2008 01:01:33 GMT)
County's revenue loss: $12M
Slumping home prices will force St. Johns County property values to drop by $1 billion by early 2009, meaning that tax collections for 2010 will be down $12 million. (Sun, 12 Oct 2008 06:03:24 GMT)
Bankruptcy financing gets pricier and more elusive
Financing is getting pricier and more elusive for companies that file for bankruptcy. (Sun, 12 Oct 2008 14:04:23 GMT)
Business: Consolidation Likely As Small Oil Explorers Look For Cash
The credit crunch is set to unleash a "forest fire" of consolidation across the oil industry as smaller exploration companies struggle to refinance debts, according to industry experts. (Mon, 13 Oct 2008 07:45:01 GMT)
Bankruptcy financing gets pricier and more elusive
NEW YORK (Reuters) - Financing is getting pricier and more elusive for companies that file for bankruptcy. (Mon, 13 Oct 2008 09:50:06 GMT)
Bankruptcy Financing Proves Elusive
Financing is getting pricier and more elusive for companies that file for bankruptcy. Debtor-in-possession, or DIP, financing is the fuel that keeps companies going through bankruptcy, allowing them to continue paying their suppliers and their employees as they try to become profitable again. (Mon, 13 Oct 2008 10:38:11 GMT)
Beyond merger talks, GM eyes federal funds
What's good for General Motors Corp is good for the country. (Mon, 13 Oct 2008 11:07:12 GMT)
RPT-Bankruptcy financing gets pricier and more elusive
(Repeating Sunday item without changes to widen distribution) (Mon, 13 Oct 2008 11:30:26 GMT)
Beyond merger talks, GM eyes federal funds
What's good for General Motors Corp is good for the country. When former GM chief executive Charles Wilson told the U.S. Senate that GM "goes with the welfare of the country" in 1953, the automaker had more employees than the populations of Delaware and Nevada combined. Today, it has 266,000 employees worldwide and has seen its market value plunge to ... (Mon, 13 Oct 2008 11:51:30 GMT)
American Families Tightening Belts As Crisis Comes Home
Americans are now trying to live within their incomes. If they succeed, it would boost the anemic U. S. savings rate and signal a shift in the way Americans view their finances. (Mon, 13 Oct 2008 12:23:32 GMT)
Americans Tightening Belts
NEW YORK – The dramatic changes in the US financial system – the debt write-downs and consolidation of corporate balance sheets – are now mirrored at kitchen tables around the United States. Households are cutting spending, paying down debt, and rebuilding their personal balance sheets. The belt-tightening may have been spurred by two years of falling home values followed by surging energy and ... (Mon, 13 Oct 2008 14:07:42 GMT)
American Families Tightening Belts As Crisis Comes Home
The dramatic changes in the U. S. financial system -- the debt write-downs and consolidation of corporate balance sheets -- are now mirrored at kitchen tables around the United States. (Mon, 13 Oct 2008 15:13:10 GMT)
$2.4Bln In Bailout Funds For VTB
14 October 2008 By Courtney Weaver / Staff Writer In the first major sign that the liquidity crisis is affecting Russia's state banking giants, VTB, the country's second-largest bank, will apply for government bailout money to refinance its foreign loans for this year and next year, and plans to cut internal costs by 15 percent to 20 percent in the fourth quarter. (Mon, 13 Oct 2008 22:09:12 GMT)
Briefs: GMAC limits auto loans to credit scores of 700 or better
DETROIT — GMAC, the consumer-finance arm of General Motors, said it will limit auto loans to customers with credit scores of at least 700, making it harder for some to buy a car or truck. (Tue, 14 Oct 2008 05:09:12 GMT)
BUSINESS BRIEFS
Moody's Investors Service says Smithfield Foods Inc. is heading into some financial challenges. Moody's downgraded three long-term ratings yesterday for the meat producer, saying its credit metrics likely will be weak in the near term because of poor returns in hog production and high leverage. Moody's lowered the corporate family rating to B1 from Ba2, the probability-of-default rating to B1 ... (Tue, 14 Oct 2008 05:50:06 GMT)
Money Mart direct placed in receivership
Tough times in the motor vehicle industry have forced Hamilton-based car dealer and finance company Money Mart Direct into receivership today. (Tue, 14 Oct 2008 06:31:22 GMT)
United States: Major Tax Incentive For Bank Purchases: IRS Eliminates The Limitation On Banks´ Built-In Losses ...
On September 30, the IRS issued a notice that creates a major tax incentive for buying or making major investments in banks. Losses and deductions attributable to a target bank's troubled portfolio can now be used to shelter the buyer's operating income without limitation after a merger. (Tue, 14 Oct 2008 12:22:40 GMT)
Transcript of presidential debate
Sens. John McCain and Barack Obama debated on the campus of the University of Mississippi Friday night. The moderator for the debate was Jim Lehrer of the NewsHour on PBS. What follows is the full transcript of the debate: (Tue, 14 Oct 2008 14:32:42 GMT)
The last piece of the global rescue plan is almost in place
In the past few days, we have seen all the major Western economies adopt the "Gordon Brown" plan for bailing out banks. (Tue, 14 Oct 2008 18:03:52 GMT)
16th Congressional candidates spar over bailout, economy
The federal government's $700 billion bailout of Wall Street provides one clear point of difference between the candidates for the Congress in the 16th district: Don Manzullo voted against it, and Bob Abboud supports it. (Wed, 15 Oct 2008 05:35:33 GMT)
Black Rock report on US market and the credit crunch
Financial markets have been thrown into turmoil in recent weeks. The credit crisis that began with the collapse of the subprime loan industry last year has resulted in the failure of several financial institutions and banks, the government takeover of several major financial firms and expectations for more to come. (Wed, 15 Oct 2008 11:37:22 GMT)
Wells Fargo Reports Net Income of $1.64 Billion, or $0.49 Per Share
SAN FRANCISCO----Wells Fargo & Company : -- Strong business momentum continues: -- Year-to-date revenue up 11 percent -- Average loans up 15 percent from prior year and 13 percent from prior quarter -- Average earning assets up 15 percent from prior year and 13 percent from prior quarter -- Core deposits up 10 percent from September 30, 2007, and 30 percent from June 30, 2008 -- Cross-sell of ... (Wed, 15 Oct 2008 12:00:00 GMT)
Help on loans, budgets, investments, more
This week, TODAY financial editor Jean Chatzky tackles reader questions about consolidating student loans, selling a home, budgeting with an irregular paycheck and more. (Wed, 15 Oct 2008 17:14:53 GMT)
Indian Government and RBI announce measures to improve liquidity
(RTTNews) - The drive to restore investor confidence gathered momentum on Wednesday when the Indian government and the Reserve Bank of India (RBI) announced a slew of measures to infuse more money into the liquidity-starved economy. (Thu, 16 Oct 2008 09:01:22 GMT)
Nigeria: Global Financial Crisis
The current global crisis is unprecedented in the history of the modern world and it is having a catastrophic effect on the financial well being of millions of people around the world. (Thu, 16 Oct 2008 12:20:08 GMT)
The Student Loan Corporation Announces Third Quarter Earnings
The Student Loan Corporation (NYSE:STU) today reported net income of $4.4 million, or $0.22 per share, for the quarter ended September 30, 2008, a decrease of $20.6 million (82%) compared to net income of $25.0 million, or $1.25 per share, reported in same quarter of 2007. The overall deterioration in the financial markets has adversely affected the Company's results of operations. These ... (Thu, 16 Oct 2008 12:31:59 GMT)
Citigroup posts loss amid credit costs
Citigroup Inc, battered by the global credit crisis, posted its fourth straight quarterly loss on Thursday, hurt by more than $13 billion of credit costs and write-downs tied to complex and low-quality debt. (Thu, 16 Oct 2008 13:44:54 GMT)
Citigroup posts loss amid credit costs of $13 bln
By Jonathan Stempel and Dan Wilchins (Thu, 16 Oct 2008 14:05:34 GMT)
Student Loan Corp. 3Q profit plunges 83 percent
Student Loan Corp. on Thursday said its third-quarter profit plunged 83 percent, hurt by disruptions in the financial market and higher set-asides for souring loans. (Thu, 16 Oct 2008 14:18:40 GMT)
Citigroup loss hits $3 billion
NEW YORK: Citigroup, battered by the global credit crisis, posted its fourth straight quarterly loss yesterday, hurt by more than $13 billion of credit costs and writedowns tied to complex and low-quality debt. (Fri, 17 Oct 2008 01:17:13 GMT)
MGIC Investment Corporation Reports Third Quarter Results
MGIC Investment Corporation today reported a net loss for the quarter ended September 30, 2008 of $113.3 million, compared with net loss of $372.5 million for the same quarter a year ago. (Fri, 17 Oct 2008 01:21:00 GMT)
Financing a new bank; Bend startup makes its pitch to investors, saying its timing is ‘extremely fortuitous’
While some in Central Oregon watched the presidential debate Wednesday evening, approximately 100 people were at The Riverhouse Convention Center in Bend debating whether to invest in a new bank.Crown Point National Bank, a federally chartered community bank currently organizing in Bend, is seeking investors to help it raise the $30 million in capital it requires before its planned opening in ... (Fri, 17 Oct 2008 11:04:07 GMT)
Angelmoola returns
Social lender Angelmoola says it now complies with credit legislation and conducts credit checks on all borrowers. (Fri, 17 Oct 2008 12:51:34 GMT)
Finmin rules out privatisation of PSU banks
The government on Friday ruled out privatisation of state-owned bank and added that it has not given any direction for consolidation of the PSU banks. (Fri, 17 Oct 2008 16:46:40 GMT)
Finance company owners put chopper on TradeMe
The owners of collapsed finance company Money Mart Direct have put their helicopter up for sale on auction website TradeMe for $3 million. (Fri, 17 Oct 2008 18:47:38 GMT)
Failed finance company sells chopper online
The owners of collapsed finance company Money Mart Direct have put their helicopter up for sale on auction website Trade Me for $3 million. The auction of the 2008 Eurocopter EC120B closes on October 27 and is under the name Palmytrades. (Fri, 17 Oct 2008 19:33:19 GMT)
County loss: $12 million for 2010
Slumping home prices will force St. Johns County property values to drop by $1 billion by early 2009, meaning that tax collections for 2010 will be down $12 million. (Sat, 18 Oct 2008 04:53:44 GMT)
The rise and fall of American capitalism
Under the circumstances – government bailouts of the leading banks of the U.S. and Europe, and a stock market that posted a record weekly drop of 18 per cent last week, and a 40 per cent plunge since last summer – the biggest failure in modern free-market economics was bound to raise doubts about the future of capitalism as we know it. (Sat, 18 Oct 2008 08:41:46 GMT)
Time to take stock and survive
As governments around the world scramble to rescue economies awash with debt, the global finance crisis has concentrated people's attention on their personal liquidity. (Sat, 18 Oct 2008 15:27:30 GMT)
The wind shifts for renewable energy
THE global credit crunch and the easing of energy costs have brought renewable energy firms back to earth with a thud. (Mon, 20 Oct 2008 01:23:00 GMT)
Up in smoke: The abridged history of US investment banking
It worked. The credit markets have begun to thaw. Overnight LIBOR (London Interbank Offered Rate) dropped 27 basis points to 1.67 percent, the lowest level since September 2004. Three month LIBOR shed 40 basis points last week to 4.42 percent. (Mon, 20 Oct 2008 04:57:25 GMT)
Japan Should Enable REIT Market Consolidation, Executive Says
Oct. 20 (Bloomberg) -- Japanese regulators should create rules to spur mergers of real estate investment trusts to help them survive, said Yuichi Hiromoto , chief executive officer of Mitsubishi Corp. UBS Realty. (Mon, 20 Oct 2008 05:42:46 GMT)
A long way down
It was early evening a week ago last Saturday when senior officials in Abu Dhabi, the oil-rich capital of the United Arab Emirates, huddled with Crown Prince Mohammed bin Zayed al-Nahyan to discuss how to respond to the global financial turmoil. (Mon, 20 Oct 2008 08:44:42 GMT)
Exelon Offers $6.2 Billion for NRG Energy Amid Consolidation
Oct. 20 (Bloomberg) -- Exelon Corp. , the biggest U.S. operator of nuclear power plants, made an unsolicited all-stock offer to buy NRG Energy Inc. for $6.2 billion, the second attempted nuclear power acquisition in North America in five weeks as asset prices tumble amid the credit freeze. (Mon, 20 Oct 2008 11:43:08 GMT)
Taiwan banks missed the merger window
The wave of big financial mergers sparked by the global credit crisis is leaving Taiwan behind, as key players there wait for markets to calm rather than force lenders into shotgun weddings (Mon, 20 Oct 2008 12:14:10 GMT)
GM-Chrysler Merger May Get Labor Savings, New Loans (Update1)
Oct. 20 (Bloomberg) -- General Motors Corp. , the largest U.S. automaker, may be able to win new labor savings and bank loans as part of a merger with Chrysler LLC, a JPMorgan Chase & Co. analyst said. (Mon, 20 Oct 2008 13:18:13 GMT)
GM-Chrysler Merger May Get Labor Savings, New Loans (Update3)
Oct. 20 (Bloomberg) -- General Motors Corp. , the largest U.S. automaker, may be able to win new labor savings and bank loans as part of a merger with Chrysler LLC, a JPMorgan Chase & Co. analyst said. (Mon, 20 Oct 2008 20:26:19 GMT)
Analyst sees benefit in merger
General Motors might come out ahead on labor and bank loans if it merges with Chrysler, a JPMorgan Chase & Co. analyst says. (Tue, 21 Oct 2008 05:32:58 GMT)
Community banks, credit unions still lending money
If loans have dried up and banks are paralyzed, then how in the world did Chanal Hudgins get a loan for her business? (Tue, 21 Oct 2008 08:16:45 GMT)
For car dealers, tight credit is fueling a 'catastrophe'
They may be folks you love to hate, but it's hard not to have sympathy for car dealers these days. These business owners are manning the bucket brigades in an auto industry meltdown. (Tue, 21 Oct 2008 08:44:55 GMT)
KeyCorp Reports Third Quarter 2008 Results
KeyCorp today announced a third quarter loss from continuing operations of $36 million, or $0.10 per common share, compared to income from continuing operations of $224 million, or $0.57 per diluted common share, for the third quarter of 2007. (Tue, 21 Oct 2008 10:31:00 GMT)
Lessons for West in Asian meltdown
LOOK east not just for solutions to deal with the banking crisis, but for funds to recapitalise. (Tue, 21 Oct 2008 13:00:00 GMT)
USA Funds Introduces Online Exit Counseling for Graduate Students
USA Funds®, the nation's leading education loan guarantor, announces the introduction of USA Funds Grad Guide exit counseling, an online program designed to address the unique financial issues graduate and professional students face as they complete their degree programs. (Tue, 21 Oct 2008 13:59:00 GMT)
Grocers Look to Gobble Up Smaller Rivals
22 October 2008 By Courtney Weaver, Jessica Bachman / Staff Writers Financial institutions and over-leveraged oligarchs may have been the first casualties of the global credit crunch, but a torrent of bad news for the country's grocers suggests that another wave of consolidation is on the way. (Tue, 21 Oct 2008 21:39:40 GMT)
CreditLoan.com Allays Consumer Credit Fears with Solid Information
CreditLoan.com website reviews lenders and discusses economic topics that are affected by the economy's past, present and future so that consumers can make wise choices regarding debt consolidation, credit cards and loans. (Wed, 22 Oct 2008 07:01:00 GMT)
US government throws oil on fire
Free-market fundamentalists have been operating in denial mode for more than a year, since the US financial sector imploded in a credit crisis from excessive debt in August 2007, claiming that the economic fundamentals were still basically sound, even within the debt-infested financial sector. (Wed, 22 Oct 2008 10:51:39 GMT)
Consumers addicted to plastic? :Families carry average credit card debt of $8,000.
$8,000. That's how much the average American family is said to carry in credit card debt. If they pay the minimum on this balance every month, it could take more than 20 years to get out of the red. (Wed, 22 Oct 2008 11:06:42 GMT)
Kerkorian, Cerberus Auto Retreat Spotlights Industry Collapse
Oct. 22 (Bloomberg) -- The retreat of billionaire Kirk Kerkorian and Cerberus Capital Management LP from stakes in Ford Motor Co. and Chrysler LLC may leave the U.S. auto industry without new funding just as sales head to a 26-year low. (Wed, 22 Oct 2008 11:33:16 GMT)
Paulson Plans to Step Up Relief for Homeowners, Buy Mortgages
Oct. 22 (Bloomberg) -- Treasury Secretary Henry Paulson aims to intensify efforts to stem record mortgage foreclosures, using part of the government's $700 billion financial-rescue fund to purchase home loans. (Wed, 22 Oct 2008 12:31:23 GMT)
How to Avoid Filling for Bankruptcy
Filing for bankruptcy is often viewed as a quick and easy way to get out of debt. (Wed, 22 Oct 2008 17:26:36 GMT)
The Coming College Bubble?
America's undercapitalized independent schools could be the next industry to pop. (Thu, 23 Oct 2008 10:03:23 GMT)
MasterCard's keys to survival
On the desktop screens at MasterCard Worldwide, you can see the economic pulse of the globe in real time. In the suburban St. Louis control center of MasterCard's global-payments network, rows of analysts keep watch over the flow of nearly 20 billion transactions a year in 210 countries, more than the United Nations has members. When the matrix of green lights flashes a red spot, the money ... (Thu, 23 Oct 2008 12:31:16 GMT)
Shaw Announces Strong Fourth Quarter and Full Year Results and Provides 2009 Preliminary Guidance
CALGARY, ALBERTA -- (Marketwire) -- 10/23/08 -- Shaw Communications Inc. (TSX: SJR.B) (NYSE: SJR) today announced results for the fourth quarter and fiscal year ended August 31, 2008. Consolidated service revenue for the three and twelve month periods of $806 million and $3.10 billion, respectively, improved 13% and 12% over the same periods last year. (Thu, 23 Oct 2008 12:35:01 GMT)
PRESS RELEASE: Wartsila: Interim Report January-September 2008
Wärtsilä Corporation INTERIM REPORT 24 October 2008 at 8.30 local time ORDER INTAKE CONTINUED ON HIGH LEVEL - ORDER BOOK STILL GROWING THIRD QUARTER JULY-SEPTEMBER 2008 HIGHLIGHTS - Order intake fell 9% to EUR 1,382 million (1,514) - Net sales grew 22% to EUR 1,140 million (933) - Operating income (EBIT) grew 28% to EUR 123 million, or 10.8% of net sales (EUR 96 million and 10.3%) - Earnings per ... (Fri, 24 Oct 2008 06:02:15 GMT)
Candidate Q&A: State Representative District 25
NEWS 8: What is your opinion on the bailout of Wall Street and what does it say in a free market economy to say we'll rescue you as a multi-national financial firm, but we won't save you as a mom and pop business? (Fri, 24 Oct 2008 10:12:23 GMT)
What Is Business Debt Refinancing?
The basis of business debt refinancing is the conversion of original debt, including outstanding or overdue amounts, into a new debt instrument. (Fri, 24 Oct 2008 12:00:00 GMT)
(AFX UK Focus) 2008-10-24 17:14 UPDATE 1-INTERVIEW-Spain's Popular sees domestic mergers likely
MADRID, Oct 24 (Reuters) - Consolidation is likely in Spain's banking sector but it will not be driven by the need to survive the global financial crisis, the chief executive officer of one of Spain's biggest banks said on Friday. "There could be mergers amongst the domestic banks, or we could see foreign banks buying up in Spain, or a mix of both," Banco Popular Deputy Chairman and CEO Roberto ... (Fri, 24 Oct 2008 16:38:05 GMT)
Treasury Starts Buying Stakes in Regional U.S. Banks (Update1)
Oct. 24 (Bloomberg) -- The Treasury began purchasing stakes in a number of regional U.S. banks, as the government stepped up its efforts to halt the freeze of credit to businesses and households. (Fri, 24 Oct 2008 17:08:20 GMT)
AG report faults some Iowa Student Loan practices
The practices of the Iowa Student Loan Liquidity Corp. favored the goals of increasing access to loans and offering families a choice of loans over making the lowest-cost loans available to borrowers, according to Iowa Attorney General Tom Miller. (Fri, 24 Oct 2008 21:25:57 GMT)
PNC buys National City in $5.58 billion deal
PNC will become Kentucky's largest bank, based on deposits, when it completes a $5.58 billion acquisition of National City Corp., which has been hobbled by bad loans and the tanking U.S. housing market. (Sat, 25 Oct 2008 08:55:21 GMT)
Live Web Chat
The stock market volatility got you and your portfolio down? (Sat, 25 Oct 2008 09:13:43 GMT)
State report faults Iowa Student Loan work
The nonprofit’s business practices will be discussed Tuesday by a Legislature oversight committee. (Sat, 25 Oct 2008 09:25:42 GMT)
Insurers Are Getting in Line for Piece of Federal Bailout
The government considered extending the bailout to include insurance companies, and the auto industry stepped up efforts to secure a share of the money. (Sat, 25 Oct 2008 13:11:40 GMT)
Local banks feeling the pinch
Locally based banks have not seen the large loan losses or plummeting stock prices that have afflicted banks in other regions, but the effects of the housing downturn and federal bailout are still being felt here.For one thing, local bank officials report spending a lot of time lately assuring custo... (Sun, 26 Oct 2008 04:16:51 GMT)
UK Top 10 For 'Poor Credit Loans'
London and Birmingham top a league table of demand for 'bad credit loans', according to a new report from unsecured loans specialist Credit Problems No Problem (www.creditproblemsnoproblem.co.uk). (Sun, 26 Oct 2008 07:01:00 GMT)
The grip of dept
Household debt, including mortgages and credit cards, represents 19 percent of the average family's total assets compared with 13 percent in 1980. It can seem like an endless cycle, but there are ways to dig out. Dean Zellers has cut $30,000 off the balance he had last year. Find out how he did it. (Sun, 26 Oct 2008 13:13:05 GMT)
CENTRAL NY BUSINESS NEWS
• Consider the cost when refinancing Q. We're considering refinancing our mortgage and adding $10,000 to pay off credit card debt. We have 14 years left on a 20-year, 7 percent fixed-rate mortgage with a balance of $112,000. Our credit union is offering a 15-year, 5.5 percent fixed-rate "refi." (Mon, 27 Oct 2008 04:19:59 GMT)
Down for the count: The whole system is contracting
“The great inter-war slumps were not acts of God or of blind forces. They were the sure and certain result of the concentration of too much economic power in the hands of too few men (who) felt no responsibility to the nation.” (Mon, 27 Oct 2008 04:57:18 GMT)
Chrysler deal may rely on fed aid
Talks between Chrysler LLC owner Cerberus Capital Management LP and suitors for the automaker are progressing at a rapid clip, but a deal may hinge on state and federal authorities' willingness to aid the struggling U.S. auto industry. (Mon, 27 Oct 2008 05:17:02 GMT)
FPL Group Reports Solid Third-Quarter Earnings
JUNO BEACH, Fla.----FPL Group, Inc. today reported 2008 third-quarter net income on a GAAP basis of $774 million, or $1.92 per share, compared to $533 million, or $1.33 per share, in the third quarter of 2007. (Mon, 27 Oct 2008 11:30:00 GMT)
Superior Bancorp Announces Third Quarter 2008 Performance
Superior Bancorp announced today its third quarter 2008 performance. A summary of its results is provided below and in the attached selected financial data. (Mon, 27 Oct 2008 12:00:00 GMT)
Stocks Sink amid Global Recession Fears
The Dow fell 312 points and the S&P 500 was off 3.45% on Friday, but U.S. stocks managed to avoid the panicked plunge in Asian markets overnight (Mon, 27 Oct 2008 12:29:45 GMT)
Sun Bancorp, Inc. Reports Third Quarter 2008 Results
VINELAND, N.J., Oct. 27, 2008 -- Sun Bancorp, Inc. reported today third quarter net income of $4.1 million, or $0.18 per share, compared to net income of $5.9 million, or $0.25 per share, for the third quarter of 2007. (Mon, 27 Oct 2008 12:42:04 GMT)
Order pictures
Parkview Hospital board members plan to hold a special meeting Tuesday to re-start efforts on a consolidation loan that stalled after hospital auditors raised some concerns about the transaction. (Mon, 27 Oct 2008 16:52:40 GMT)
First batch of bailout money for banks moving soon
The government prepared Monday to move the first batch of bailout money to banks as fretful world markets plunged again. Wall Street ended with a big drop at the closing bell, sending the Dow Jones industrials to their lowest close since the financial meltdown began. (Tue, 28 Oct 2008 04:24:51 GMT)
Lehman Toxic Debt Advice Led Leipzig Bank to Ruin Via Dublin
Oct. 28 (Bloomberg) -- Teachers at the Clara Zetkin Middle School in Freiberg, Germany, were counting on a budget surplus to ease staff shortages across the state of Saxony. (Tue, 28 Oct 2008 09:19:40 GMT)
Lehman Toxic Debt Advice Led Leipzig Bank to Ruin Via Dublin
Oct. 28 (Bloomberg) -- Teachers at the Clara Zetkin Middle School in Freiberg, Germany, were counting on a budget surplus to ease staff shortages across the state of Saxony. (Tue, 28 Oct 2008 09:32:04 GMT)
Lehman Toxic Debt Advice Led Leipzig Bank to Ruin Via Dublin
Oct. 28 (Bloomberg) -- Teachers at the Clara Zetkin Middle School in Freiberg, Germany, were counting on a budget surplus to ease staff shortages across the state of Saxony. (Tue, 28 Oct 2008 09:33:10 GMT)
Treasury expects ship $125 billion to banks this week
The government has cleared the way to ship $125 billion this week to the country's largest banks, beginning the biggest government bailout in history. (Wed, 29 Oct 2008 02:53:51 GMT)
Kazakhstan does its own bailing
MONTREAL - Kazakhstan, whose economy has endured a switchback progress since independence from the Kremlin in 1991, is discovering the benefits of salting away wealth in the good times as it seeks to survive the global downturn without recourse to foreign aid. (Wed, 29 Oct 2008 11:07:09 GMT)
CENTRAL NY BUSINESS NEWS
• Marriott Hotel construction delayed The start of construction on a 175-room Marriott Hotel in Armory Square in downtown Syracuse has been pushed back until spring to take advantage of falling steel prices and to obtain more favorable financing terms, the developer said Tuesday. (Wed, 29 Oct 2008 11:34:46 GMT)
New York Community Bancorp, Inc. Reports 3rd Quarter 2008 Diluted Operating Earnings Per Share of $0.25 (1) and ...
WESTBURY, N.Y.----New York Community Bancorp, Inc. today reported third quarter 2008 operating earnings of $84.8 million, signifying a $9.7 million, or 12.9%, linked-quarter increase and a year-over-year increase of $13.6 million, or 19.1%. (Wed, 29 Oct 2008 12:00:00 GMT)
Hungary Pays With Growth Prospects for IMF-Led Bailout Package
The government, which secured $25.5 billion in loans from the International Monetary Fund, the European Union and the World Bank, expects a 1 percent contraction next year, the first since 1993, as spending cuts and an emergency rate increase will stifle domestic demand and export markets falter. (Wed, 29 Oct 2008 13:32:33 GMT)
Why Banks Should Lend Out Treasury's Funds
Paul Kedrosky has a peculiar argument today, saying that banks shouldn't lend the money they're getting from Treasury: Banks are looking at a changed world, one with deleveraging everything, consolidation happening apace, and defaults almost certain to rise rapidly over the next 24 months. (Wed, 29 Oct 2008 14:35:57 GMT)
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