Euro Falls as First Economic Data of 2009 Show Economic Slump Is Deepening The euro fell to a two-week low against the dollar and declined versus the yen after a European manufacturing report indicated the recession is deepening in the 16-nation region.
IndyMac Bank's Sale to Investor Group May Be Announced by U.S. FDIC Today The Federal Deposit Insurance Corp. plans today to announce the sale of IndyMac Bank to at least five investors including J.C. Flowers & Co. and Paulson & Co., according to two people familiar with the matter.
Austria Takes Control of Medici, Bank With $2.1 Billion Madoff Investments The Austrian financial regulator assumed control of Bank Medici AG after the Vienna-based private bank said it had $2.1 billion invested in funds managed by Bernard Madoff. Chief Executive Officer Peter Scheithauer resigned.
Gazprom Plans to Use Part of Ukraine Natural-Gas Payment to Pay for Fines OAO Gazprom will use part of a $1.5 billion payment from Ukraine which it will receive on Jan. 11 to cover fines it says it is owed relating to gas deliveries.
Plastinina's Teenage Fashion House, $80 Million Gift From Dad, Goes Bust KP Fashion Co., the company set up to sell clothes by 16-year-old Russian fashion designer Kira Plastinina in the U.S., filed for bankruptcy after announcing last month it would close almost all of its 12 stores.
GM, Chrysler May Lead December Sales Slide, Capping Worst Year Since 1992 General Motors Corp. and Chrysler LLC, bailed out by $13.4 billion in federal loans last month, probably led a decline in December U.S. auto sales that capped the industry’s worst year since 1992.
India Cuts Interest Rates, Unveils Second Stimulus Package to Spur Growth India cut interest rates for the fourth time since October and unveiled another stimulus package to counter the effect of the global recession on Asia's third- largest economy.
Bonds Rally, Yields Approach Record Low, After India Cuts Interest Rates India’s 10-year bonds rallied, pushing yields to the lowest since April 2004, after the central bank slashed interest rates for the fourth time in less than three months.
Suzlon Energy to Sell 10% in Unit Hansen to Investment Company in London Suzlon Energy Ltd., India's biggest maker of wind-turbine generators, said it agreed to sell a 10 percent stake in unit Hansen Transmissions International NV to London-based investment company Ecofin Ltd.
Rupee Has Weekly Decline as Foreigners Pare Holdings, India Reduces Rates India’s rupee had a second weekly loss as overseas investors pared holdings of local equities.
Gold Declines in Asia as Crude Oil Prices Drop; Platinum Little Changed Gold declined in Asia as crude oil’s rally stalled and the dollar strengthened, reducing demand for the precious metal as a hedge against inflation and an alternative asset. Platinum was little changed.
Indian Stocks Rise to Two-Week High, Led by Banks Ahead of Stimulus Plan India’s benchmark stock index rose for a second day to a two-week high, led by banks, after the government said it will announce measures today to counter the economic slowdown.
Asia's Economic Slump Intensifies as Singapore Forecasts Deeper Recession Singapore said its economy may shrink more than previously forecast in 2009, foreshadowing a deepening slump throughout the region as exports and manufacturing contracted further in China, South Korea and Australia.
David M. Kennedy Says We Shouldn't Fear This Depression: Year in Review In times of trial, we turn instinctively to the words of the masters: maybe the Prophets or the Evangelists, or a favorite poet. Or perhaps the trenchant lyricism of Abraham Lincoln, especially those two masterworks chiseled in the Indiana limestone walls of the Lincoln Memorial: the Gettysburg Address and the Second Inaugural.
Source: Bloomberg
