Federal regulators filed civil fraud charges against Sentinel Management Group, accused of fraud and misappropriation of clients’ assets, including using customers’ securities to obtain a loan of up to a half-billion dollars. The Securities and Exchange Commission arraigned Sentinel for [...]
January 31st, 2012 - 1:52 pm § in News Of Economy
Shaky market kindles hopes for another rate cut
Stocks steadily strengthened after the Federal Reserve’s recent interest rate cut, but failed to meet with the anticipated promises. Market is continuously being hurt by the debt market – to alleviate the ongoing credit crunch and to calm the market precariousness, another rate cut is ho[...]
January 31st, 2012 - 1:51 pm § in News Of Economy
China raises interest rates despite subprime woes
To control money supply and curb rising prices, the People’s Bank of China has raised interest rate on bank deposits by 27 basis points to 3.6%, and the lending rates by 18 basis points, to 7.02% from 6.84%, fourth time this year. On the basis of second quarter results, ended in July, economy [...]
January 30th, 2012 - 1:48 pm § in News Of Economy
Bank of America puts $2bn in Countrywide
Bank of America has invested $2bn in Countrywide Financial Corp, to shore up the finances at the largest U.S. mortgage lender, which has hard hit by the subprime mortgage crises. Under the terms of the deal, bank will buy 7.25% of non-voting preferred stock, which can be converted into Countrywide c[...]
January 30th, 2012 - 6:40 am § in News Of Economy
The US depression
With the vast oil reserves of Iraq at its disposal and having acquired supremacy over the world, US faces the worst recession this year with the prices of commodities rising every day. The food assistance program recorded the highest increase with 28 million people using food stamps to buy food. The[...]
January 30th, 2012 - 6:39 am § in News Of Economy
Britons not happy with losing jobs to foreign workers
The Britons have been contemplating the fact that they are loosing most of their jobs to foreign workers. If you can just imagine all those dishwashers and day laborers in Britain, it will be clear to you. With various other European countries joining the European Union, it has become easier for cit[...]