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Now how can a market go up with headlines like this???
U.S. Industrial Production Fell 1.4% in February (Update1)
March 16 (Bloomberg) -- Industrial production fell in February for the fourth consecutive month as auto cutbacks and collapsing exports hurt the broader U.S. economy.
Output at factories, mines and utilities dropped 1.4 percent last month, more than forecast, after a revised 1.9 decline in January, the Federal Reserve said today in Washington. The amount of factory capacity in use slumped to 70.9 percent, matching the lowest level on record.
The worst financial crisis in seven decades has choked off credit to consumers and businesses worldwide, leading to a slump in sales of cars, houses, airplanes and computers. Boeing Co. and United Technologies Corp. are among companies that have announced thousands of jobs will be cut to trim costs as the global economy contracts.
“The industrial sector is still struggling with a glut of inventories and both employment and production are likely to continue to fall,” said Zach Pandl, an economist at Nomura Securities International Inc. in New York. “We’re not out of the woods yet.”
Six Flags Says Debt Holder Refuses to Meet Company, Discuss Restructuring
March 16 (Bloomberg) -- Six Flags Inc. Chief Executive Mark Shapiro said one of its biggest debt holders refuses to meet with the company on restructuring.
“One of our principal debt holders who holds a significant amount of our senior notes due 2010 has thus far resisted a consensual restructuring,” Shapiro said today on a conference call, without giving details. The portfolio manager “has refused to even meet with me in person. The auto companies have an easier time getting a meeting with the United Auto Workers.”
Six Flags debt holders may receive equity in the theme-park owner by the end of the year, whether the company restructures out of court or files for pre-arranged bankruptcy, Chief Financial Officer Jeffrey Speed said March 13.
Now Alistair Darling puts the Mint up for sale
THE government is pressing ahead with plans to sell a string of state-owned organisations as part of a privatisation drive to add £35 billion to the dwindling public purse.
The chancellor, Alistair Darling, has appointed Rothschild to prepare the sale of the Royal Mint. Darling has also hired the Deloitte accountancy firm to explore a potential sale of the Queen Elizabeth II Conference Centre in central London.
Bankers expect Ordnance Survey, Britain’s national mapping agency, to be the next asset to be groomed for privatisation. Some 10 state-owned companies are in the frame, including the Covent Garden Market Authority and the Met Office. The canal-side property of British Waterways could also go.
The moves follow the sale of the government’s stake in British Energy last year and attempts to find buyers for Channel 4 and a 33% stake in Royal Mail.
The Royal Mint has been responsible for the manufacture and supply of UK coins for more than 1,000 years. It is estimated to be worth about £100m and could attract interest from corporate buyers such as De La Rue.
hhhmmm...seems they may not wait for M2M...they want this done ASAP...before the next G-20 meeting...
U.S. to Toughen Finance Rules
The Obama administration, moving with increasing speed, has inked the main contours of its plan to revamp financial-market oversight -- changes that will ripple through the economy, affecting everything from the operations of international banks to consumer protection.
The principles include giving the Federal Reserve new powers that include authority to monitor and address broad risks across the economy, say people familiar with the matter. The proposals are expected to include tougher capital requirements for big banks and authority for regulators to take over a large financial firm that is failing.
A 29-year-old man who works for a large investment management firm and was at Bagatelle’s brunch one recent Saturday and at Merkato 55’s the next, put it another way: “If you’d asked me in October, I’d say it’d be a different situation, and I don’t think I’d be here. Then the government gave us $10 billion.”
FIRST-QUARTER LAYOFFS: Selection Of Job Cuts By Major Companies
Dow Jones March 16, 2009:
12:15 PM ET
The following chart is a selection of some first-quarter announcements of job cuts since the beginning of the year. Some numbers are estimates.
Originally posted by finemanm
Why is AIG up 86% today? Isn't everyone pissed at them?
Obama expresses outrage over AIG bonus payments
UPDATE: NY AG Seeking Info On Who Received Bonuses At AIG
This is outrageous!
Originally posted by disgustedbyhumanity
reply to post by GreenBicMan
This is what I see happening.
Mark to mark rules are loosened. Over the next week they will come out and report how much of the losses will be overturned. Their solvency will be clear and the market rallies another 15-20% before resting for a while. Thern we get another upturn as non-financials report better than estimated and start seeing things more clearly as we go into the future.
Wouldn't want to be short is all I can say.
Today, the Commerce Department reported the January trade deficit was $36.0 billion. This was down from $39.9 billion in December, largely because oil prices fell and the recession is slowing demand for imported Chinese consumer goods.
To the extent stimulus spending gives the economy a temporary lift, oil prices and Chinese imports will rise again and pull the economy back down into recession.
The huge trade deficit indicates Americans spend much more abroad than foreigners spend in the United States, consume too much more than they produce, and borrow too much from the rest of the world, especially China and the Middle East oil exporters.
Simply, money spent on Middle East oil, Chinese televisions and coffee markers, and Japanese and Korean cars can’t be spent on U.S. made goods and services, unless offset by a comparable amount of exports. This creates an enormous shortage in demand for U.S.-made goods and services and is the primary reason the economy needs huge stimulus spending and huge budget deficits to keep it going. Along with the banking crisis, the trade deficit could push unemployment above 10 percent for a long time
As stimulus packages in the United States, China and elsewhere lift the global economy, the U.S. oil import bill will increase as oil prices and demand rise, and the undervalued Chinese yuan and beefed up subsidies on exports will push Chinese consumer goods and unemployment into the U.S. market. More American workers will be pushed out of good paying jobs with benefits into poorly paying positions and left to charity to obtain health care.
To finance the trade deficit, Americans are borrowing and selling assets at a pace of about $400 billion a year. U.S. foreign debt exceeds $6.5 trillion, and the debt service comes to nearly $2,000 a year for every working American.