Links for 2008-10-27 [del.icio.us]
- GOP ‘mavericks’ concerned with McCain – Politico
In the past week alone, a handful of liberal, moderate and independent-leaning Republican officials have publicly announced they are supporting Barack Obama.
- Messy trial ends with a decisive verdict – Politico
Ted Stevens was convicted today on seven counts of failing to report more than $250,000 in improper gifts, but he says he is not guilty.
- ATF Disrupts Skinhead Plot To Kill Democrat Barack Obama – cbs4.com
WASHINGTON (AP) ? Law enforcement agents have broken up a plot by two neo-Nazi skinheads to assassinate Democratic presidential candidate Barack Obama and shoot or decapitate 88 black people, the Bureau of Alcohol, Tobacco Firearms and Explosives said Monday.
- IMF may need to “print money” as crisis spreads – Telegraph
The International Monetary Fund may soon lack the money to bail out an ever growing list of countries crumbling across Eastern Europe, Latin America, Africa, and parts of Asia
- U.S. banks to take $63bn cash from Government$
A total of 15 American banks have asked the U.S. Government for cash injections totalling almost $63 billion (£40 billion) as part of the $250 billion rescue package announced last month.
- Provident Bankshares swings to $5M loss on writedowns; weighs Treasury stock plan – Baltimore Business Journal
Provident Bankshares Corp. swung to a loss for the third quarter and said it had received preliminary approval to participate in the U.S. Treasury Department’s program to buy stock in banks.
- Automaker finance arms could apply for aid: White House – Reuters
WASHINGTON (Reuters) – The finance arms of ailing U.S. automakers such as General Motors Corp and Chrysler could apply for help from the $700 billion financial rescue package, the White House said on Monday. Automakers have seen sales plunge as the…
- Manulife, Sun Life May Need More Capital to Counter Market Fall – Bloomberg
Oct. 27 (Bloomberg) — Manulife Financial Corp. and Sun Life Financial Inc. may need to raise capital to bolster their balance sheets after global equities plunged, according to RBC Capital Markets analyst Andre-Philippe Hardy.
- Premier League: End of Chelsea’s run deserved a bang but got only a whimper – Guardian
Those 86 matches will stand among the great monuments of the English game
- Google Earth for the iPhone Has a Beautiful Interface – Mashable
Slowly but surely, iPhone versions of popular Web applications are coming in; I don’t doubt that in a year’s time you’ll be hard pressed to find one that doesn’t have its iPhone counterpart.
- More banks sign up for government funds
By Jonathan Stempel NEW YORK (Reuters) – State Street Corp (STT.N: Quote, Profile, Research, Stock Buzz) and SunTrust Banks Inc (STI.N: Quote, Profile, Research, Stock Buzz) are among the latest banks to join the Treasury Department’s $250 billion…
The economist who warned years ago of pending turmoil in global credit markets said Monday that deflation is set to rear its ugly head in North America next year.
- Postbank Reports Quarterly Loss on Lehman, Write
downs – Bloomberg
Oct. 27 (Bloomberg) — Deutsche Postbank AG, Germany’s biggest consumer bank by clients, reported a third-quarter loss related to the collapse of Lehman Brothers Holdings Inc. and writedowns from the financial crisis.
- Persimmon to Book $1 Billion in Writedowns on Slump – Bloomberg
Oct. 27 (Bloomberg) — Persimmon Plc, the U.K.’s biggest homebuilder by market value, said second-half prices will fall twice as fast as predicted earlier and the value of its land will be cut by 600 million pounds ($938.9 million).
- Iceland Kaupthing Defaults on Samurai Bonds as Yields Hit 450% – Bloomberg
Oct. 27 (Bloomberg) — Kaupthing Bank hf today became the first European borrower to default in Japan’s samurai bond market after the state-controlled bank missed its last chance to make a 450 million yen ($4.8 million) coupon payment.
- CLSA Asks 500 Staff to Take Pay Cuts of Up to 25% – Bloomberg
Oct. 27 (Bloomberg) — CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole SA, asked 500 senior bankers and executives to accept pay cuts of as much as 25 percent next year to avoid getting rid of jobs.
- Belgium injects €3.5bn into KBC – FT
The Belgian banking and insurance group accepted a €3.5bn capital injection from the state, becoming the last major lender to turn to the government after a sharp fall in its share price
- Swedbank rights issue to raise SKr12.5bn – FT
The global financial crisis hit previously secure Sweden in dramatic fashion on Monday when two of the country’s top banks moved to bolster their defences against market turbulence.
- U.S. public pension funds face big losses – FT
Public pension funds in U.S. states are facing their worst year of losses in history, exacerbating existing funding shortfalls and putting pressure on state governments to shore them up.
- Dr. Doom forecasts depression – National Post
Peter D. Schiff, an extreme bear nicknamed “Dr. Doom,” correctly foresaw the U.S. stock-market slide, the home mortgage meltdown and the credit crunch. In an interview with the National Post, the advisor says he expects more downside, and possibly the first Depression since the Dirty Thirties. sees plenty of doom and gloom ahead.