Despite the coveted debt deal that was passed just before the deadline, stocks sank across the board. A realization that the US economy was no where near salvation caused investors to turn bearish. Although no new rating agencies downgraded US bonds since Egan-Jones downgraded it last week, Fitch and the S & P threatened to… Continue Reading
First-Half Pre-Tax Profit Drop Today, Barclays announced a drop of 33 percent in its first-half pre-tax profit. This brings it to £2.64bn following a £1bn absorption charge for the price of sorting out complaints on the sale of payment protection insurance which led to a scandal. According to an article in the Belfast Telegraph, Barclays… Continue Reading
There has been a lot of talk lately about lowering the USA’s AAA credit rating. So who else is in the AAA club? The following is the official list: Continue Reading
With Senator Reid’s bill struck down, many politicians still anticipate a last minute compromise between Democrats and Republicans. Despite the glimmer of hope from Mitch McConnel, there is a quiet forbodence about where things are in the next 48 hours. Let me put it this way, despite the claims of compromise, there is a large… Continue Reading
According to Senate Majority Leader Harry Reid, the current negotiations taking place on a way of escalating the debt limit, “still had a way to go.” They were pushed off until last Sunday in a “test vote on a Democratic deficit reduction bill.” Right now, the White House is hoping for “as much time as… Continue Reading
For a third consecutive day there was a drop in European stocks. This might have been due to the fact that earnings missed estimates from Clariant AC (CLN) (a Swiss chemical maker) to Merck KGA (MRK) (second largest drug manufacturer in Germany). The former plummeted 13 percent and the latter, 5.1 percent. Other dives were… Continue Reading
Libya’s Political Unrest A report from The Tripoli Post two days ago detailed the sorry situation in Libya as rebels attempt to get rid of the country’s leader, Muammar Al Qathafi. They are doing this following “a rule of 41 years.” The rebels have “appealed to Spanish corporates for financial aid to begin reconstruction of… Continue Reading
Whopping Welsh Investments Over the 2010-11 fiscal year, according to a news article in the Daily Post, Finance Wales (FW) “invested a record £39 million in Welsh businesses.” However, this led to the company again going over its annual investment budget, with 199 debt and equity investments, rendering the total to over 2,600.Š To date,… Continue Reading
In an almost eerie omen of what may come if the debt ceiling is not raised on US debt, the DOW Jones tumbled 1.2 percent in early morning trading. Whether or not stocks pare gains is not as important as the indicator that this reaction to both European debt troubles and stalled negotiations over the… Continue Reading
The second largest smartphone manufacturer in Asia, HTC Corp. (2498) is planning on purchasing up to 2.4 percent of its shares. According to a report in Bloomberg, this move follows a U.S. International Trade Commission rule “that it infringed two Apple Inc. (AAPL) patents.” In practice what does this mean? While 2.4 percent doesn’t seem… Continue Reading