Monthly Archives: July 2012
“Chinese banks shares were hit yesterday on the stock market, led by China Construction Bank (CCB), which fell by 2.95% in Hong Kong on the news that it is the biggest lender to Zhejiang Zhongjiang, which is going bust. Interestingly, three months ago we had a brief mention of Zhongjiang when one of its subsidiaries, Jinxing Property, filed for bankruptcy.”Comments »
“WASHINGTON (AP) — Democrats fell short in efforts Wednesday to block cuts to the food stamp program as the House Agriculture Committee moved ahead on a half-trillion-dollar bill to fund farm and nutrition programs over the next five years. Similarly, a Republican attempt to make deeper cuts to the program was defeated.
The program that helps feed 46 million people at a cost of near $80 billion a year, about 80 percent of farm bill spending, was the dominant issue as committee members tried to advance one of the larger and more expensive bills that Congress is taking up this year. Democrats insisted that any cuts to the Supplemental Nutrition Assistance Program would result in people going hungry. Republicans said they were merely trying to bring efficiency to a program to ensure that anyone who is qualified for food benefits will receive them.”Comments »
“LOS ANGELES (AP) — Banks are increasingly placing homes with unpaid mortgages on a countdown that could deliver a swell of new foreclosed properties onto the market by early next year, potentially weighing further on home values.
June provided the latest evidence of this trend, as the number of U.S. homes entering the foreclosureprocess for the first time increased on an annual basis for the second month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.”Comments »
Continuing claims are at 3.3 million
Import prices are down 2.6%Comments »
“Blackstone Group LP (BX) is teaming up with Mark Wilson, the former head of AIA Group Ltd. (1299), and other investors in a bid for ING Groep NV (INGA)’s Asian insurance business, said two people with knowledge of the matter.
The group, which includes reinsurer Swiss Re (SREN) Ltd., may make an offer of 5 billion euros to 6 billion euros ($7.35 billion) by July 16, the deadline for final bids, said one of the people, who asked not to be identified because the process is private. ING agreed to divest its insurance and asset management operations before the end of 2013 as a condition of receiving state aid.”Comments »
World markets fell in over night trade as the Euro fell below 1.22. Growth concerns remain for the global economy and the world is not so sure about the recent decisions made to bail out Spain.
In addition to many concerns the Fed released its minutes yesterday without any hints of QE or stimulus.Comments »
That is the 8th reduction in rates since last August.Comments »