U.S. Housing Starts Probably Stayed Near 1991 Low, Survey Shows
Bloomberg - For 2008 as a whole, construction will continue to fall,” Richard Moody, chief economist at Mission Residential, a real estate investment firm in Austin, Texas, stated before the report. “When we do hit bottom, we’ll stick there for some time, as
BNP Paribas FY net, writedowns match its estimates; to outperform in
Forbes - Corporate and investment banking had record full year sales of 8.293 bln eur, up 2.5 pct, and the aim for 2008 is to match this rise. Full year pretax profit in this sector was 3.577 bln eur, down 8.8 pct, but BNP Paribas stated this figure was up for
European Stock-Index Futures Drop; Air France, Banks May Fall
Bloomberg - ING Groep NV, the biggest Dutch financial-services firm, said fourth-quarter profit rose 18 percent to 2.48 billion euros as the company avoided big writedowns on asset-backed securities and booked investment gains. That beat the 2.38
Treating death as a commodity
Los Angeles Times - Life-settlement providers stress that these agreements are a boon for elderly consumers and an attractive investment for Wall Street. For years, they contend, life insurance companies have been a monopoly, sitting back and collecting premiums on
A&L profits sink 30 pct on $360.4 million writedown
Boston Globe - A&L warned three weeks ago that its writedown on holdings of structured investment vehicles (SIVs) and other products tarnished by the U.S. subprime housing crisis had more than tripled from a previous estimate to 185 million pounds. Profit was
Buoyant Barclays eyes Wall Street’s investment banks
Daily Telegraph - Barclays president Bob Diamond is preparing an assault on Wall Street’s biggest investment banks after the British lender emerged relatively unscathed from the credit crunch. The high street bank contained its sub-prime fall-out for 2007 to
Judge rules Rezko’s lawyers can explore Levine’s drug use
Chicago Tribune - Rezko, a former adviser and fundraiser for Gov. Rod Blagojevich , is scheduled to go on trial March 3 on charges he schemed with Levine to extort investment firms seeking business from the say. Levine, who pleaded guilty to similar charges in 2006
Investors bet on Cuba’s future
Miami Herald - A small Miami investment fund that rises and falls in counter-step to the apparent strength of Fidel Castro’s health rose 17 percent Tuesday. Shares of the Herzfeld Caribbean Basin Fund, which trades on the Nasdaq under the ticker symbol CUBA, shut
Clinton loss puts campaign in jeopardy
Miami Herald - She would be hard-pressed to pry more money out of contributors who have tiny good news to justify another investment. She would find it difficult to squeeze more from an underfinanced and overstretched campaign organization. She would have a hard
Patterson: Plans for Cobo going nowhere
Detroit Free Press - David Sowerby, a Bloomfield Hills investment expert who has studied Cobo’s economics, said late last year that the convention center pumps $590 million into the regional economy each year. About 80% of that, or about $472 million, comes from the auto
UPDATE 1-Rexam states underlying annual profit down 7 pct
Reuters - This year, despite the economic outlook and inflationary input cost environment, we expect continued top line growth across our upgraded portfolio and as our investment in organic growth begins to bear fruit,” Chairman Rolf Borjesson stated. Rexam
UPDATE 1-Australia’s Paladin to sell $325 mln of convertibles
Reuters - Convertible bonds are especially suited to the investment-intensive resource sector where companies need to raise funds to finish major projects. They stand between debt and equity, allowing companies to avoid issuing more stock at a time when their
German January Producer-Price Inflation Accelerated on Energy
Bloomberg - Due to strong demand from emerging markets, the upward trend in commodity prices is intact, driving costs at the producer level,” said Alexander Koch, an economist at UniCredit Markets & Investment Banking in Munich. “The ECB will monitor for
Obama extends streak with ninth victory over Clinton
International Herald Tribune - Sen. Clinton is very desperate to win at any cost, like President Bush had to do in Florida. Anytime you have to put someone down, with negativity, in order to build yourself up, you loose credit for yourself. Bill Clinton showed us all what it would
Briefly . . . NATION/WORLD
Philadelphia Daily News - But since taking over temporarily in the summer of 2006, he has largely operated in his brother’s shadow, and, except for facilitating large foreign investment by Canadian and European resort developers here, he has brought about tiny change. Under
Pimco Power in Treasuries Prompts Suit Gross Says Is Nonsense
Bloomberg - Feb. 20 (Bloomberg) — To classify Pacific Investment Management Co. as a massive mutual fund family does it little justice. Its $747 billion in bond assets almost matches the gross domestic product of Australia. The flagship Total Return Fund’s $113
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