News round-up: 9 Aug 2008

Markets

• Rand down 10% in five days – Fin24 (It’s not just major currencies)
• Party crashers: China’s stock markets dive as Games begin – LA Times
• Auction-Rate Buybacks: The Bottom Line – Deal Book

Politics

• Georgia says Russia at war – FT (This is a very big deal. It’s hard to say what the economic implications will be )

Credit

• Wachovia To Exit Retail Mortgages in 19 States: Report – Housing Wire (Is Wachovia closing the barn door after the horse bolted or contracting credit to protect against future losses?)
• Ford Credit to Cut Back On Leasing, Citing Risks – WSJ (Same question here as with Wachovia)

Earnings

• Lenovo Strengthens its Status as a Global Brand with Strong Sales in China and Europe – Money Morning (IBM used to own this business)
• MBIA Posts “Phantom Profit” as CDS Spreads Blow Up – Housing Wire
• Buffett Builds Berkshire Holdings as Earnings Decline – Bloomberg

Economic opinion

• Americans need radical surgery to revive country’s economy – Telegraph
• Feldstein: A Tale of Two Monetary Policies – Economist’s View
• Cutting Oil Exporters’ Taxes via Lower Oil – Infectious Greed (Interesting take on the fall in oil)
• Please, Mr Greenspan, Shut Up – Market Movers
• The End of Credit Card Consumerism – U.S. News

Odds and Ends

• American Airlines penalises frequent fliers – Telegraph (Paying to use frequent flier miles? What a rip)
• Soundgarden Inadvertently Reunites At Area Cinnabon – The Onion (Grunge is back, dude)
• Wikipedians Leave Cyberspace, Meet in Egypt – WSJ