The Fed’s cornucopia
Tagged: Investment, US
November was the worst month in about 30 years despite a four-day end-of-month rally, which recovered over 1,000 points for the Dow. The US Treasury and US government have consistently refused to apply the term recession to the US economy but on Monday, the administration conceded that the US gross domestic product (GDP) dropped 0.5 percent in the third quarter and that the economy had been in recession since last December. The GDP growth was revised from negative 0.3 percent to negative 0.5 percent, and all other revisions were invariably for the worse.
Will Obama succeed?
Tagged: Investment, USWe have been through one of the worst weeks in global history and the S&P 500 index has fallen to its lowest level since 1997. The Dow and the Nasdaq are only a fraction above it. The Dow closed nearly 500 points higher on Friday due to the fact that it was expiration day for the option market. All the bears who sold put options on stocks and the S&P index last month called their options and covered their short positions so the Dow opened nearly 200 points higher. Toward the close, Obama appointed Geithner to be treasury secretary and Summers to be chief of the National Economic Council. Both men are highly qualified and well thought of so the Dow rallied strongly.
Oil falls towards $53
Tagged: Investment, USOil fell towards $53 a barrel on Friday as OPEC ministers prepared to meet in Cairo to discuss potential further supply cuts as the global economic slowdown eats into oil demand.
The Organization of the Petroleum Exporting Countries, which is to hold an informal meeting on Saturday in Cairo, is struggling to slice output fast enough to keep pace with a recessionary reduction in fuel demand in the West that has sent crude prices down nearly two-thirds since July.
PDIC pushes full deposit coverage
Tagged: Investment, USPhilippine Insurance Deposit Corp. (PDIC) is pushing for full insurance coverage of bank deposits, regardless of amount, to help boost confidence in the banking sector.
“If you look around us, sky’s the limit on [the insurance coverage of] bank deposits in many countries … That’s one way of preserving depositors’ confidence,” PDIC president Jose Nograles said.
How long, how deep is the US recession?
Tagged: Investment, USThe United States officially joined the ranks of the recession-hit economies, but debate is still raging on how long and how deep the downturn will be.
The Business Cycle Dating Committee of the National Bureau of Economic Research (NBER), the panel recognized as the official arbiter of business cycles, said it made the determination the recession began in December 2007.
Site Cleanup
Tagged: Investment, US
I’ll be cleaning the Pinoy Stocks, old articles will be deleted from the year 2007 to June 2008.
Play of financial words
Tagged: Investment, USRecession or slowdown?
When key members of the Makati Business Club were asked last week about their economic forecast for the country, they said a recession loomed over next year.
Peso narrowly misses 50 to $1
Tagged: Investment, USThe peso on Tuesday nearly hit 50 to the dollar as recession jitters soured investors’ appetite for emerging-market assets.
The peso reached 49.999 to the dollar during trading and closed at 49.94, skirting the crucial 50-per-dollar mark. Currency dealers said the central bank unloaded dollars when the peso the intraday low.
Paulson’s turnabout
Tagged: Investment, USThe G-20 met and agreed to work together to tackle the ever-worsening global crisis. That is about all they did and set another meeting for next April. However, the G-7, which comprises the most important European countries, has been coordinating interest rate cuts and the Federal Reserve and the IMF are doling out vast sums of money to get world economies moving again.
Villar resigns as Senate President
Tagged: Investment, USSenate President Manuel Villar has tendered his resignation.
At the start of the session, Villar said he was vacating his post after learning that he no longer had the support of majority of the chamber.