| Stocks are having a good run, but don’t be greedy
For the third quarter, nearly one out of five of the U.S. stock funds posted gains that were greater than 5 percent, based on the latest preliminary data from Morningstar Inc. About 62 percent of U.S. stock funds made some money for the quarter, according to Morningstar's data. Large-cap growth funds were up 6.19 percent on average from June 30 through Sept. 30, according to Lipper, a Reuters company. .
Home equity loans are becoming tougher to find
Since buying her home in the Village seven years ago, Leslie Spears has been itching to update her late '70s kitchen, with its laminated counters and inefficient cabinets. Some $20,000 later and one summer of inconvenience, she has a new kitchen — minus a backsplash that's expected to arrive any day. .
Market Follies and US Dollar Index Update
Old man winter definitely arrived last night (for the second time this year, dumping around 6 inches of snow on the Peg. Each snowflake by itself is nothing in weight, but collectively represent a significant amount of weight that can pack down and form glaciers that may not move mountains, but definitely carve a path. Think of each USD as a snowflake, which by itself is nothing. Collectively though, the trillions of USD similar to the snowflakes blanketing a city are instead blanketing the globe. This creates a real slippery situation that causes accidents left and right, even for those that are conservative drivers. Snowploughs (AKA Central Bankers) can clean up and move the snow, but it merely is removed. Allow for a strong wind and the snowflakes are blown all over the place, creating huge drifts in areas where there once was nothing.
Editorial: Incentives for NWA? Proceed with caution
"I wanted to take this opportunity to respectfully remind you of the commitments NWA has made to Minnesota. The Metropolitan Airports Commission recently entered into a lease agreement with NWA. As part of that agreement, NWA committed to keep both a hub presence and its headquarters in Minnesota.'' Gov. Tim Pawlenty, in a Jan. 17 letter to Northwest CEO Doug Steenland and Delta CEO Richard Anderson .
China on edge over BHP Billiton-Rio Tinto merger
CHINA'S biggest aluminium producer and a senior government official have added their voices to a growing chorus of Chinese concern about the proposed merger of BHP Billiton and Rio Tinto. The concerns have fuelled speculation that Chinese interests will try to intervene in the proposed $400 billion tie-up of the two giant miners. Aluminium Corp of China -- also known as Chalco -- yesterday expressed worries that a combined BHP (bhp.ASX:Quote,News) and Rio (rio.ASX:Quote,News) would concentrate raw material supplies and wield too much pricing power. "Someone told me that if they combine copper ore and iron ore, prices may double next year," Chalco president Luo Jianchuan told Bloomberg. "It makes us worried." On Monday, China's minister of land and resources told a mining conference in Beijing that a handful of multinational mining giants "dominate the global commodities trade and have more say in the price-setting mechanism".
Panel sees cartel in PSU banks
NEW DELHI: Competition Commission of India (CCI) has raised questions over all public sector banks raising and cutting interest rate at the same time. The simultaneous movement in rates, the competition watchdog suspects could be cartelisation. CCI — which is a toothless body at present with no penal powers and its role confined to advocacy — has written to RBI saying this upsets market dynamics and could be affecting the interests of ordinary consumers.
Banking is the latest sector which has come under CCI's lens with the commission, whose fate was till recently uncertain, having raised similar questions over the shipping and tyre sectors, prompting corporate affairs minister PC Gupta to suggest an enquiry.
Bankers, however, did not take the CCI's letter too seriously, pointing out that almost all interest rate movements were guided by RBI's monteary policy stance and the liquidity conditions prevailing in the market.
Quebecor World unloads European business
Debt-laden commercial printing giant Quebecor World Inc. is retreating from Europe after 14 years, abandoning most of a continental empire that was largely assembled by its founder's son, Pierre-Karl Péladeau, who heads parent company Quebecor Inc. As it unveiled a third quarter loss of $315.1-million, or $2. .
Gas Industry 1991-2000
For the last 10 years, the gas industry has lived as if it were a state within the state. The government was too loyal to the gas monopolist, and even its privatization was conducted in the interests of the company's management. However, such benevolence did not come without a price: Gazprom regularly provided funds to patch up holes in the state budget and finance various political campaigns.
1991
A plan was elaborated to incorporate the gas infrastructure of Russia, the Ukraine and Belarus into one system. The state gas concern (GTK) Gazprom hoped to retain control over the most important parts of its vast property in the former USSR. Of the most significance was the Soviet gas transportation system. However, the plan failed, and Gazprom remained an exclusively Russian enterprise.
AMR Corporation Reports a Third Quarter Profit of $175 Million
FORT WORTH, Texas, Oct. 17 /PRNewswire-FirstCall/ -- AMR Corporation, the parent company of American Airlines, Inc., today reported a net profit of $175 million for the third quarter of 2007, or $0.61 per diluted share. As disclosed in AMR's Sept. 21 investor update, the results for the third quarter of 2007 include the impact of a $40 million charge, or $0.13 per diluted share, to reflect an adjustment for additional salary and benefit expense accruals related to years 2003 through 2006 and the first six months of 2007. The current quarter results compare to a net profit of $15 million for the third quarter of 2006, or $0.06 per diluted share. The year-ago results included a $99 million non-cash charge in Other Income (Expense) to reduce the book value of certain outstanding fuel hedge contracts.
Rogue trader held in French bank scandal
The possible motivations of the 31-year-old trader, Jerome Kerviel, remained a mystery, and the bank said it appeared that he made no personal gain from the unauthorized trades. Judicial officials said Kerviel was taken into custody earlier in the day _ two days after Societe Generale's announcement that he was responsible for one of history's biggest frauds. The officials spoke on condition of anonymity because the investigation was ongoing. Under French law, Kerviel can be held up to 48 hours. The debacle further rattled an already nervous banking sector and has fueled a debate about risk management. "If we can make profits in a matter of hours, we can also have huge losses," President Nicolas Sarkozy said during a visit to India. "We must stop with this system that has gone haywire and that has lost track of its aim." He added: "It appears to be time to ...
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