As most countries agonize over how to keep their barely reviving economies growing, China is already looking to slam on the brakes.
China’s central bank moved late Friday to reduce lending to companies and individuals by requiring large commercial banks to increase the amount of cash they park with the central bank. The move, which came [...]
The Ultimate Money News Around The World
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China’s Central Bank Hits Brake on Hot Economy
February 13th, 2010 by Financial Writer Tags: central bank, China, economies growing, Federal Reserve, hot economy, inflation, lending
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Stocks end mixed after China slows lending again
February 12th, 2010 by Financial Writer A look at economic developments and activity in major stock markets around the world Friday:
FRANKFURT — With Greece overdrawn and no one eager to foot the bill, Europe’s messy debt crisis has exposed a fundamental weakness among the 16 countries that share the euro: different and often diametrically opposed approaches to spending don’t make for [...]Tags: economic developments, major stock, money surging, real estate prices, stocks
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EU leaders reach deal to rescue Greece
February 11th, 2010 by Financial Writer European leaders have reached a deal to provide aid to Greece, EU president Herman Van Rompuy said on Thursday, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro.
“There is an agreement on the Greek situation. We will communicate now the agreement to the other leaders,” van [...]Tags: eu leaders, european leaders, financial profligacy, greece, herman van rompuy, loans, refinance debts
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Dollar resumes rally as Fed signals tightening
February 11th, 2010 by Financial Writer The dollar rose Wednesday against most major currencies, resuming its two-month rally as Federal Reserve Chairman Ben Bernanke explained his plan for winding down government stimulus programs — including boosting interest rates on money the central bank holds for banks.
Higher interest rates, or the expectation of higher rates, can boost a currency as investors transfer [...]Tags: bernanke, dollar rose, european central bank, european union leaders, Federal Reserve, stimulus programs
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Small Investors Lost It All in Memphis
February 10th, 2010 by Financial Writer The commercial real-estate mess is clobbering lots of investors. Few of them are reeling as much as the 27 owners of 1023 Cherry Road in Memphis, Tenn.
The office complex about five miles east of downtown tumbled into foreclosure last fall because the owners couldn’t refinance the $14 million loan used to buy the two glass-and-steel [...]Tags: commercial mortgages, Debt, investors, loan, memphis, mortgages, unemployment
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Airgas Rejects Air Products’ Hostile Bid,Says ‘Undervalues’ Firm
February 9th, 2010 by Financial Writer Airgas Inc. (ARG) rejected rival Air Products & Chemicals Inc.’s (APD) $5.1 billion takeover offer, saying it significantly undervalues the company and isn’t in the best interest of shareholders.
Airgas’s shares slid 1.3% to $60.55 in after-hours trading Tuesday. The stock closed at $43.53 Thursday before the $60 offer was made. Air Products finished at $67.95 [...]Tags: air products, airgas, chemicals, economy improves, financial advisers
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UBS makes Q4 profit, but withdrawals continue
February 9th, 2010 by Financial Writer Swiss bank UBS AG posted a fourth-quarter profit of 1.205 billion Swiss francs ($1.12 billion) Tuesday, beating analysts’ expectations partly thanks to a tax credit, but said rich clients’ withdrawals had continued.
The result is a significant swing from last year, when the bank reported a net loss of 9.58 billion francs in the fourth quarter. [...]Tags: banks, future business, new money, q4, ubs, us tax
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Fed’s Dudley: Financial reform needs global scope
February 8th, 2010 by Financial Writer A revamp of the financial system needs to be global in nature to prevent a repeat of the worst financial crisis in some 70 years, a top Federal Reserve policy maker said on Monday.
“Although the raging crisis appears to be over, our work is not close to being complete. Making sure this work keeps moving [...]Tags: Federal Reserve, financial crisis, financial reform, financial system, us financial system
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Investors worry about Downturn: The Sequel
February 8th, 2010 by Financial Writer Jittery stock traders react to each day’s news as if it could be the start of Financial Crisis 2.0. On Thursday, the Standard & Poor’s 500 index suffered its biggest one-day drop in more than nine months because of worries about debt problems in Greece, Portugal and Spain. Concerns about China’s plans to limit economic [...]
Tags: downturn, economic growth, financial crisis, investors, jittery stock, the sequel, us economic recovery
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Debt crisis unsettles European economy
February 7th, 2010 by Financial Writer Governments in Athens, Madrid and Lisbon struggled on Friday to quell fears of a looming debt crisis in Europe that is pummeling the euro and rippling across global markets, as authorities vowed to impose fiscal austerity and plug their yawning budget deficits. The problem, however, is that investors don’t appear to believe them.
Senior officials at [...]Tags: borrowing, debt crisis, european economy, financial reckoning, investor, us exporters
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