Alcoa Inc. Up and Down US Stock traders might want to think twice before acting following the International Monetary Fund’s estimate slash for US economic growth. This led to a general plummet in stocks – such as Alcoa Inc. – yesterday at closing. However, the company did have some good news having a first quarter… Continue Reading
For best results, merge. It seems that the chair of South Korea’s Financial Services Commission (Kim Seok-dong) is considering the merger of two securities companies, Daewoo Securities and Woori Investment & Securities (no. 2 and 3 investment banks by market capitalization). Hopefully this would lead to the creation of a “giant with global potential.” This… Continue Reading
Banking Rules Insufficient Financial leaders who have recently signed on new banking rules may be counting their chickens before they’ve hatched. According to the IMF, such rules are not going to be able to help vis-à-vis the global financial crisis. So what is the solution? The IMF is setting out “new tools” through which to… Continue Reading
Republicans are likely to have a tough time sticking to budget if they put into plan their idea of cutting government spending by nearly $6 trillion over the next ten years. Barack Obama would certainly have a thing or two to say to the creator of this idea, Paul Ryan (House Budget Committee Chairman) about… Continue Reading
HSBC Bank Bermuda Named “Best Bank” HSBC Bank Bermuda was just named Best Bank in Bermuda (2011) by Global Finance magazine. According to Joseph D. Giarraputo, the magazine’s publisher, “We recognize these banks for their outstanding accomplishments.” It seems like customers at HSBC Bermuda Bank were extremely satisfied with the service received. Of course, such… Continue Reading
Rosneft-BP Merger A couple of months ago, world-renowned BP signed a deal with Russia’s major oil company Rosneft to “swap shares and jointly develop oil fields in the Arctic.” Of course it will be BP reaping most of the benefits (since it will be putting up the majority of the capital) with the Russian Rosneft… Continue Reading
With the global economy still in somewhat of a crisis and all the events in Japan impacting world finances too, it might be understandable if one were to inquire about the current position of the International Monetary Fund (IMF) today. Of course though, when it comes to such large monetary issues, where there are two… Continue Reading
Asia and Europe Not surprisingly, shares in Japan have dropped amid a backdrop of attempts to recover from the “world’s worst nuclear crisis in decades.” But Japan’s tragedy didn’t impact shares in Europe which steadied following a statement made by the region’s Central Bank chief, Jean-Claude Trichet on its decision to raise interest rates in… Continue Reading
Portugal Remains Silent Things aren’t looking so great for Portugal right now, either politically or economically. The country’s recent crisis has led to an attempt on the part of its government to “rein in the budget deficit.” In turn, this has resulted in markets once again shifting their focus to Europe’s sovereign debt crises. Given… Continue Reading
<h3>Global Financial Crisis on the Mend</h3> Finally there is some good news vis-à-vis the much talked about – nay, incessantly whined about – global financial crisis. The peak was around 3 years ago but since then there have been signs of improvement, albeit at a snail’s pace and still necessitating significant assistance according to Sultan… Continue Reading