Stocks soar on news of Citi rescue, Obama team

U.S. stocks rallied today as the U.S. government said it would back troubled Citigroup Inc. with $20 billion in fresh capital and the guarantee of $306 billion in mortgage-related assets.

The Dow Jones industrial average gained nearly 900 points over the past two sessions on news of President-elect Barack Obama's choice for his economic team.

The Dow Jones industrial average closed up 396.97, or 4.93%, at 8,443.39; the S&P 500 rose 51.78, or 6.47%, closing at 851.81; and the Nasdaq composite was up 87.67, or 6.33%, to close at 1,472.02. All numbers are preliminary.

Oops! Bernanke admits to subprime miscues

Fed chairman Ben Bernanke has acknowledged that he was in error when he forecast that the subprime-mortgage crisis, and the resulting credit crunch, could be contained, according to a feature story in the latest New Yorker magazine.

“I and others were mistaken early on in saying that the subprime crisis would be contained,” he said.

On Feb. 28, 2007, Mr. Bernanke testified before the House Budget Committee that he expected moderate growth and that the economy should begin to rebound by the end of the year (

Oops! Bernanke admits to subprime miscues

Fed chairman Ben Bernanke has acknowledged that he was in error when he forecast that the subprime-mortgage crisis, and the resulting credit crunch, could be contained, according to a feature story in the latest New Yorker magazine.

“I and others were mistaken early on in saying that the subprime crisis would be contained,” he said.

On Feb. 28, 2007, Mr. Bernanke testified before the House Budget Committee that he expected moderate growth and that the economy should begin to rebound by the end of the year (

Stocks soar on news of Citi rescue, Obama team

U.S. stocks rallied today as the U.S. government said it would back troubled Citigroup Inc. with $20 billion in fresh capital and the guarantee of $306 billion in mortgage-related assets.

The Dow Jones industrial average gained nearly 900 points over the past two sessions on news of President-elect Barack Obama's choice for his economic team.

The Dow Jones industrial average closed up 396.97, or 4.93%, at 8,443.39; the S&P 500 rose 51.78, or 6.47%, closing at 851.81; and the Nasdaq composite was up 87.67, or 6.33%, to close at 1,472.02. All numbers are preliminary.

Oops! Bernanke admits to subprime miscues

Fed chairman Ben Bernanke has acknowledged that he was in error when he forecast that the subprime-mortgage crisis, and the resulting credit crunch, could be contained, according to a feature story in the latest New Yorker magazine.

“I and others were mistaken early on in saying that the subprime crisis would be contained,” he said.

On Feb. 28, 2007, Mr. Bernanke testified before the House Budget Committee that he expected moderate growth and that the economy should begin to rebound by the end of the year (

Stocks soar on news of Citi rescue, Obama team

U.S. stocks rallied today as the U.S. government said it would back troubled Citigroup Inc. with $20 billion in fresh capital and the guarantee of $306 billion in mortgage-related assets.

The Dow Jones industrial average gained nearly 900 points over the past two sessions on news of President-elect Barack Obama's choice for his economic team.

The Dow Jones industrial average closed up 396.97, or 4.93%, at 8,443.39; the S&P 500 rose 51.78, or 6.47%, closing at 851.81; and the Nasdaq composite was up 87.67, or 6.33%, to close at 1,472.02. All numbers are preliminary.

Oops! Bernanke admits to subprime miscues

Fed chairman Ben Bernanke has acknowledged that he was in error when he forecast that the subprime-mortgage crisis, and the resulting credit crunch, could be contained, according to a feature story in the latest New Yorker magazine.

“I and others were mistaken early on in saying that the subprime crisis would be contained,” he said.

On Feb. 28, 2007, Mr. Bernanke testified before the House Budget Committee that he expected moderate growth and that the economy should begin to rebound by the end of the year (

U.S. launches $800B program to ease credit

The Federal Reserve is teaming up with the Department of the Treasury to purchase up to $800 billion in troubled assets through purchases of mortgage- and asset-backed securities as part of an effort to pump more liquidity into the financial markets.

The Federal Reserve will purchase $600 billion of mortgage-backed securities and an additional $200 billion of asset-backed securities to help provide consumers with credit.

European Commission unveils ‘bold’ stimulus plan

The European Commission today proposed a 200 billion euro ($256.22 billion) stimulus package to try to resurrect the region’s struggling economy.

The two-year European Economic Recovery Plan announced today would involve spending from the 27 European Union governments and from the EU itself.

“Europe needs to extend to the real economy its unprecedented coordination over financial markets,” European Commission president José Manuel Barroso said in a statement.

Fed heads weigh in on economy

Now that the Federal Reserve Board has cut the federal funds rate to 1%, the focus needs to be on increasing liquidity, St. Louis Federal Reserve Bank president James Bullard said yesterday.

Speaking at a conference in Evansville, Ind., he said that any influence that interest rate reductions have in the near term will be “limited.”

Instead, the Federal Reserve will need to be innovative in providing liquidity to markets through existing facilities, and possibly some new programs, Mr. Bullard said.

Invesco unveils actively managed real estate ETF

Invesco PowerShares Capital Management LLC of Wheaton, Ill., yesterday launched the first actively managed exchange traded fund to invest in real estate.

The PowerShares Active U.S. Real Estate Fund (PSR) seeks to provide high total return by investing in publicly traded U.S. real estate companies, selected using a proprietary stock selection model.

The selection methodology seeks to outperform its benchmark, the FTSE NAREIT Equity REITs Index, using quantitative and statistical metrics to identify attractively priced securities and manage risk.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

State regulators to feds: 'Don't marginalize us'

State securities regulators today warned federal policymakers not to enact regulatory reforms that might cut state powers.

“State securities regulators ... must not be pre-empted or marginalized as mere advisers to federal authorities,” the North American Securities Administrators Association Inc. of Washington said in a statement outlining its own principles for reform.

“Particularly in the areas of enforcement, licensing and compliance examinations, state regulators provide indispensable consumer protections,” NASAA said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

U.S. stocks fall on record drop in retail sales

U.S. stocks fell today as retail sales dropped a record 2.8% in October, the latest evidence of how steep the economic downturn is.

The Dow Jones industrial average closed down 337.94 points, or 3.8%, at 8,497.31, finishing off its low for the day of 8,469.99.

The broad market S&P 500 fell 38 points, or 4.2%, ending at 873.29. All numbers are preliminary.

Analysts said the stock market is trying to establish a bottom as the market is caught in a tug of war between attractive valuation and deteriorating economic fundamentals.

Schwab turns down slice of bailout pie

The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.

The deadline for applications from financial services companies seeking to participate in the program was Friday.

"We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings," chairman Charles Schwab said in a statement released Friday. "Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital" he said.

Wall Street giants' estimates slashed

Morgan Stanley and The Goldman Sachs Group Inc. both had their fourth-quarter estimates cut by analysts in research notes published today.

Sanford C. Bernstein & Co. LLC analyst Brad Hintz forecast a loss of 54 cents per share for Goldman Sachs after preciously estimating a profit of $2.12 per share.

As for Morgan Stanley of New York, Mr. Hintz forecasts a profit of 30 cents per share for the fourth quarter, down from his previous estimate of $1.12 per share.

Wall Street giants' estimates slashed

Morgan Stanley and The Goldman Sachs Group Inc. both had their fourth-quarter estimates cut by analysts in research notes published today.

Sanford C. Bernstein & Co. LLC analyst Brad Hintz forecast a loss of 54 cents per share for Goldman Sachs after preciously estimating a profit of $2.12 per share.

As for Morgan Stanley of New York, Mr. Hintz forecasts a profit of 30 cents per share for the fourth quarter, down from his previous estimate of $1.12 per share.

Wall Street giants' estimates slashed

Morgan Stanley and The Goldman Sachs Group Inc. both had their fourth-quarter estimates cut by analysts in research notes published today.

Sanford C. Bernstein & Co. LLC analyst Brad Hintz forecast a loss of 54 cents per share for Goldman Sachs after preciously estimating a profit of $2.12 per share.

As for Morgan Stanley of New York, Mr. Hintz forecasts a profit of 30 cents per share for the fourth quarter, down from his previous estimate of $1.12 per share.

Execs charged with multimillion-dollar fraud

The Securities and Exchange Commission today charged four financial services workers with engaging in a fraudulent scheme to overvalue the commodities derivatives trading portfolio at the Bank of Montreal.

The individuals charged are David Lee, former managing director of Toronto-based BMO Financial Group’s commodities derivatives group as well natural-gas provider Optionable Inc.’s chief executive Kevin Cassidy, president Edward O’Connor and broker Scott Connor.

Wall Street giants' estimates slashed

Morgan Stanley and The Goldman Sachs Group Inc. both had their fourth-quarter estimates cut by analysts in research notes published today.

Sanford C. Bernstein & Co. LLC analyst Brad Hintz forecast a loss of 54 cents per share for Goldman Sachs after preciously estimating a profit of $2.12 per share.

As for Morgan Stanley of New York, Mr. Hintz forecasts a profit of 30 cents per share for the fourth quarter, down from his previous estimate of $1.12 per share.

Execs charged with multimillion-dollar fraud

The Securities and Exchange Commission today charged four financial services workers with engaging in a fraudulent scheme to overvalue the commodities derivatives trading portfolio at the Bank of Montreal.

The individuals charged are David Lee, former managing director of Toronto-based BMO Financial Group’s commodities derivatives group as well natural-gas provider Optionable Inc.’s chief executive Kevin Cassidy, president Edward O’Connor and broker Scott Connor.

Writedown pares George Weston's Q3 profit to $179M

Three-month TSX trading for George Weston

George Weston Ltd. reported a third-quarter profit of $179 million Tuesday, matching the amount it made a year ago, as sales increased by 4.4 per cent to $10.61 billion.

U.S. homebuilders' confidence hits new low

Homebuilders' confidence in a near-term U.S. housing recovery sank to a new all-time low this month, reflecting growing worries over the financial crisis, rising unemployment and weakening consumer confidence, an industry trade association said Tuesday.

The National Association of Home Builders/Wells Fargo housing market index, which began in January 1985, tumbled five points to nine in November. The index stood at 14 in October and 17 in September.

Report: AmEx lines up for TARP funds

American Express Co. is asking for $3.5 billion in taxpayer-funded capital from the federal government under the Troubled Asset Relief Program, The Wall Street Journal reported today.

It is uncertain whether New York-based AmEx made the request before winning approval to morph into a bank holding company Monday, according to the Journal.

Amex has two bank units, Centurion Bank and American Express Bank.

American Express Bank was already regulated by the Office of Thrift Supervision and thus might have been qualified to receive TARP money before the Fed’s decision. (

Merrill exec tapped for key spot

Merrill Lynch & Co. Inc. and Bank of America Corp. have named Andrea Orcel as the president of international operations for the global banking, securities and wealth management business for the soon-to-be-combined company, according to an internal memo distributed today.

He is currently the head of global origination and president of Europe, Middle East and Africa global markets and investment banking at Merrill.

Mr. Orcel will report to Greg Fleming, who will assume the role of head of global corporate and investment banking for the combined company after serving as president and chief operating officer of Merrill Lynch.

Citi to work with 500,000 at-risk homeowners

Citigroup Inc. has become the latest major bank to unveil plans to help distressed homeowners avoid foreclosure.

The New York financial services giant today announced the launch of its Citi Homeowner Assistance program, which will modify about $20 billion in mortgages over the next six months in order to make monthly mortgage payments more affordable for vulnerable homeowners.

The program will target a select group of 500,000 homeowners whose mortgages are held by Citi and who may require help to remain current on their mortgages.

JPMorgan expects rise in loan defaults

JPMorgan expects rise in consumer loan defaults

JPMorgan Chase & Co. is expecting consumer loan defaults to rise in the fourth quarter, as will loan loss provisions, according to a Securities and Exchange Commission filing today.

“Given the potential stress on the consumer from rising unemployment, the continued downward pressure on housing prices and the elevated national inventory of unsold homes, management remains extremely cautious,” the New York-based bank said in the SEC filing.

Bear pays $27.3M to wronged insurer

Under orders from a federal judge, Bear Stearns has paid $27.3 million to the now-defunct National Heritage Life Insurance Co., which lost money invested with Bear on collateralized mortgage-backed obligations and collateralized debt obligations.

The decision ordering the payment, which was handed down by Judge James E. Glatt Jr. from the Ninth Judicial Circuit Court of Florida in Orange Country, found that The Bear Stearns Cos. Inc. of New York misrepresented the very nature of the investment strategy to NHL.

Bear pays $27.3M to wronged insurer

Under orders from a federal judge, Bear Stearns has paid $27.3 million to the now-defunct National Heritage Life Insurance Co., which lost money invested with Bear on collateralized mortgage-backed obligations and collateralized debt obligations.

The decision ordering the payment, which was handed down by Judge James E. Glatt Jr. from the Ninth Judicial Circuit Court of Florida in Orange Country, found that The Bear Stearns Cos. Inc. of New York misrepresented the very nature of the investment strategy to NHL.

Bear pays $27.3M to wronged insurer

Under orders from a federal judge, Bear Stearns has paid $27.3 million to the now-defunct National Heritage Life Insurance Co., which lost money invested with Bear on collateralized mortgage-backed obligations and collateralized debt obligations.

The decision ordering the payment, which was handed down by Judge James E. Glatt Jr. from the Ninth Judicial Circuit Court of Florida in Orange Country, found that The Bear Stearns Cos. Inc. of New York misrepresented the very nature of the investment strategy to NHL.

Bear pays $27.3M to wronged insurer

Under orders from a federal judge, Bear Stearns has paid $27.3 million to the now-defunct National Heritage Life Insurance Co., which lost money invested with Bear on collateralized mortgage-backed obligations and collateralized debt obligations.

The decision ordering the payment, which was handed down by Judge James E. Glatt Jr. from the Ninth Judicial Circuit Court of Florida in Orange Country, found that The Bear Stearns Cos. Inc. of New York misrepresented the very nature of the investment strategy to NHL.

Bear pays $27.3M to wronged insurer

Under orders from a federal judge, Bear Stearns has paid $27.3 million to the now-defunct National Heritage Life Insurance Co., which lost money invested with Bear on collateralized mortgage-backed obligations and collateralized debt obligations.

The decision ordering the payment, which was handed down by Judge James E. Glatt Jr. from the Ninth Judicial Circuit Court of Florida in Orange Country, found that The Bear Stearns Cos. Inc. of New York misrepresented the very nature of the investment strategy to NHL.

Bear pays $27.3M to wronged insurer

Under orders from a federal judge, Bear Stearns has paid $27.3 million to the now-defunct National Heritage Life Insurance Co., which lost money invested with Bear on collateralized mortgage-backed obligations and collateralized debt obligations.

The decision ordering the payment, which was handed down by Judge James E. Glatt Jr. from the Ninth Judicial Circuit Court of Florida in Orange Country, found that The Bear Stearns Cos. Inc. of New York misrepresented the very nature of the investment strategy to NHL.

Lack of clarity undermines TARP, firms say

Ninety-one percent of financial institutions surveyed said that a lack of clarity about the way the federal government’s Troubled Asset Relief Program works is making them less willing to participate in it, according to a survey of 445 financial institutions released yesterday by five financial trade associations.

Eighty-eight percent of the financial institutions surveyed said that the requirement to grant the Department of the Treasury warrants — similar to stock but without voting authority — also makes them less willing to participate. Uncertainty over investor perception of participation was cited by 84% of the survey respondents as an impediment to participating in the program.

European banks make steep rate cuts

The Bank of England, the European Central Bank and the Swiss National Bank announced interest rate cuts today to try to battle the weakening economy that has battered the Europe region.

The Bank of England voted today to slash its key interest rate by 1.5 percentage points to its lowest level since 1954.

The interest rate cut by Great Britain’s central bank to 3%, from 4.5%, is the largest since a 2-percentage-point reduction in March 1981.

Advisers strategize in wake of Obama victory

Advisers are of two minds following yesterday’s Democratic sweep of the White House and Congress.

Some worry about the effect of potentially large tax increases, while others are hopeful that President-elect Barack Obama can instill confidence in the economy. All are thinking about what the new administration will mean in terms of their clients’ finances.

“Regardless of the rhetoric, it almost certainly means taxes are going to go up for everybody,” said Michael Jones, a certified financial planner, chartered financial consultant, and president of Lifetime Financial Solutions Inc. of Louisville, Ky., which manages about $30 million. He is a member of the government relations committee of the Denver-based Financial Planning Association, but he spoke for himself.

The Hartford to pink-slip 500 employees

The Hartford (Conn.) Financial Services Group Inc. has announced that it will lay off 500 employees — about 1.6% of its total work force — this month, citing falling revenue and investment losses.

Currently, The Hartford employs about 31,000 people.

The affected employees work around the country in the life and property-casualty operations, as well as on the corporate side.

They will be notified of their fate by the end of the month.

Millionaire investors feeling the pain

Confidence among wealthy investors fell to an all-time low last month as a result of the battered financial markets and the global financial crisis, according to a report by Spectrem Group.

The Spectrem Millionaire Investor Index fell six points to a reading of -24, marking the lowest level since the inception of the index in February 2004.

The previous record low was -18 in September.

The Spectrem Affluent Investor Index, which measures the investment outlook of households with $500,000 to $1 million in investible assets, fell eight points to -30, which was its lowest reading since the inception of the index in 2004.

Libor borrowing rate falls to 1997 level

The interest rate that banks charge to borrow from one another continued to tumble on Monday.

The London interbank offered rate, or Libor, that banks charge each to make overnight loans fell to 0.39% on Monday, from 0.41% on Friday — the lowest level since 1997 when the British Bankers’ Association began tracking the rate.

The three-month rate for dollars also dropped to 2.86%, from 3.03%.

This latest decline in Libor rates for U.S. dollars follows an Oct. 29 decision by the Federal Reserve to cut the federal funds rate to 1%, a half-point cut.

Markets Slide After Rate Cuts/Dollar Gains

Markets Slide After Rate Cuts/Dollar Gains

Global equities were falling sharply on Thursday after the ECB reduced borrowing costs by 50 basis points and BoE shocked markets with a massive 150 basis point reduction. Both moves came one week after the Fed's 60 basis point cut last Wednesday.

"Stocks usually get a short-term boost from rate cuts, but the time for that has long passed," said Matthew Carniol, chief currency strategist at TheLFB-forex.com." The S&P is down 2.8% since last Wednesday's 50 basis point cut by the Fed and European markets are taking steep losses today."

Bad economic news bogs down stocks

U.S. stocks sold off today as three separate reports highlighted a bleak employment outlook, while corporate news pointed to an economic downturn.

The Dow Jones industrial average closed down 486.01, or 5.05%, at 9,139.27; the S&P 500 fell 52.98, or 5.27%, ending at 952.77; and the Nasdaq composite closed down 98.48, or 5.53%, at 1,681.64. All numbers are preliminary.

The Institute for Supply Management, a private industry group, this morning reported that its ISM services index fell to 44.4 in October, the lowest reading since the series was first compiled in 1997. The ISM had already reported Monday that its manufacturing index slumped to 38.9 last month, a 36-year low. Readings below 50 indicate a contraction in the sector.

Markets Slide After Rate Cuts/Dollar Gains

Markets Slide After Rate Cuts/Dollar Gains

Global equities were falling sharply on Thursday after the ECB reduced borrowing costs by 50 basis points and BoE shocked markets with a massive 150 basis point reduction. Both moves came one week after the Fed's 60 basis point cut last Wednesday.

"Stocks usually get a short-term boost from rate cuts, but the time for that has long passed," said Matthew Carniol, chief currency strategist at TheLFB-forex.com." The S&P is down 2.8% since last Wednesday's 50 basis point cut by the Fed and European markets are taking steep losses today."

Bad economic news bogs down stocks

U.S. stocks sold off today as three separate reports highlighted a bleak employment outlook, while corporate news pointed to an economic downturn.

The Dow Jones industrial average closed down 486.01, or 5.05%, at 9,139.27; the S&P 500 fell 52.98, or 5.27%, ending at 952.77; and the Nasdaq composite closed down 98.48, or 5.53%, at 1,681.64. All numbers are preliminary.

The Institute for Supply Management, a private industry group, this morning reported that its ISM services index fell to 44.4 in October, the lowest reading since the series was first compiled in 1997. The ISM had already reported Monday that its manufacturing index slumped to 38.9 last month, a 36-year low. Readings below 50 indicate a contraction in the sector.

Private sector shed more jobs in October

U.S. companies in the private sector lost 157,000 jobs in October, according to the monthly ADP National Employment Report, released today.

The loss for the private sector followed a September that saw 26,000 jobs shed, which was revised from an original estimate of 8,000, the report said.

The goods-producing sector, which includes manufacturers and construction companies, took the brunt of the October damage, losing 126,000 jobs.

Private sector shed more jobs in October

U.S. companies in the private sector lost 157,000 jobs in October, according to the monthly ADP National Employment Report, released today.

The loss for the private sector followed a September that saw 26,000 jobs shed, which was revised from an original estimate of 8,000, the report said.

The goods-producing sector, which includes manufacturers and construction companies, took the brunt of the October damage, losing 126,000 jobs.

Private sector shed more jobs in October

U.S. companies in the private sector lost 157,000 jobs in October, according to the monthly ADP National Employment Report, released today.

The loss for the private sector followed a September that saw 26,000 jobs shed, which was revised from an original estimate of 8,000, the report said.

The goods-producing sector, which includes manufacturers and construction companies, took the brunt of the October damage, losing 126,000 jobs.

Nationwide remains ‘negative,’ according to SandP

Nationwide Financial Services Inc. of Columbus, Ohio, will remain on CreditWatch “negative,” Standard and Poor’s Ratings Services of New York said today.

The news follows yesterday’s announcement of NFS’ third-quarter loss of $346.6 million, or $2.51 per share, down from a profit of $147 million, or $1.03 per share, in the comparable year-ago period. Investment losses totaled $315.4 million.

The New York-based rating agency decided to keep the firm, its subsidiaries and related securities on CreditWatch “negative” after Nationwide Mutual Insurance Co., the Columbus-based parent, bought up all outstanding shares of NFS — a move that will yank the publicly held NFS back into a mutual structure either in late 2008 or in early 2009, S&P credit analyst Matthew Carroll said in a statement.

Direxion introduces triple-leverage ETFs

Direxion Shares this week for its first time launched ETFs that have a goal of returning 300% of the performance of their underlying indexes, either on the positive side or the inverse.

The Direxion ETFs will use derivatives such as futures and swaps to maintain leverage against the indexes.

The eight ETFs will include both bull and bear funds measured against four indexes — the Russell 1000, Russell 2000, Russell 1000 Energy and Russell 1000 Financial Services indexes.

Fuld's Lehman swan song: No bonus

Lehman Brothers Holdings Inc. chief executive Richard Fuld Jr. will leave the bankrupt investment bank by the end of the year without taking a bonus.

He received a $34.4 million bonus in 2007.

Mr. Fuld will be helping lawyers and other professionals disburse Lehman's assets to pay creditors.

His position will be filled by Bryan Marsal of Alvarez & Marsal Holdings LLC, who is serving as Lehman's chief restructuring officer, according to two people familiar with the bankruptcy case.

Europe is likely in recession, EC says

The European Commission today said that the European Union countries probably are in the midst of a recession and that the outlook for 2009 growth is dim.

The Brussels, Belgium-based EC said that the economy in the euro zone — the15 countries that use the euro as their currency — will grow just 0.1% next year.

Economic growth for the European Union, which includes the euro zone as well as countries that don’t use the euro, is expected to be 1.4% this year, half what it was in 2007, according to the EC’s report.

Barclays rebrands Lehman index family

Barclays Capital is combining its family of indexes with those of Lehman Brothers under the Barclays Capital Indexes name, said Waqas Samad, head of Barclays Capital’s index products group.

“We have been working flat out to integrate these two very complementary index families. We’ve been in close touch with our clients and partners,” Mr. Samad said. “I think they are seeing that we have brought together the best of both worlds in the new, combined Barclays Capital Indexes.”

Keep eye on inflation, Lacker says

As banking leaders attempt to combat the slumping economy, concerns about rising inflation should not be put on the back burner, Federal Reserve Bank of Richmond President Jeffrey Lacker said today.

"It is crucial that we not allow expectations of future inflation to ratchet higher during this recession, he said in prepared remarks today at Hebrew University of Jerusalem.

“While the downturn in real economic activity is going to pose challenges for monetary policy in the period ahead, it's essential that we not let inflation drift from view,” Mr. Lacker said.

RBC appoints U.S. investment banking exec

RBC Capital Markets Corp. of New York has appointed Kevin Lewis as a managing director and head of its U.S. investment banking consumer/retail group.

He will be based in New York and report to Peter de Vos, RBC's head of U.S. investment banking.

In addition to managing the consumer/retail group, Mr. Lewis will join the U.S. global investment banking management committee.

Prior to joining RBC, he spent 10 years with Lehman Brothers Holdings Inc. of New York, where he was most recently a managing director the firm's global consumer and retail group.

NY Fed hires former Bear risk chief

The Federal Reserve Bank of New York has hired the former chief risk officer at The Bear Stearns Cos. Inc., Michael Alix, effective yesterday.

As senior vice president in the bank supervision group, he will serve as a senior adviser to William L. Rutledge, executive vice president of that group.

Mr. Alix was chief risk officer at Bear Stearns from 2006 to 2008, and global head of credit risk management between 1996 and 2006. The New York-based investment bank collapsed in March,

Struggling Citi bids farewell to No. 1 spot

One year ago this week, the board of a struggling Citigroup Inc. ousted chief executive Charles Prince in hopes of turning the bank around.

Twelve months and $68 billion in mortgage-related losses later, Citi shares have lost 65% of their value, and the company has so many troubled assets that its days as a leader in U.S. finance appear to be over.

What was once the world's biggest bank has slipped to a position as America's fourth-largest by market value, ahead of Minneapolis-based U.S. Bancorp.

Bernanke rethinks Fannie and Freddie

Government sponsored enterprises need to be retooled in order to create a robust home-lending market that would work even during a credit crunch, Federal Reserve Chairman Ben Bernanke emphasized in a speech today at the University of California, Berkeley.

Some potential options that he outlined to reform GSEs such as Washington-based Fannie Mae and McLean, Va.-based Freddie Mac include privatization, a model that would support the mortgage firms through covered bonds, or a public utility regulation model that would establish pricing and other rules with a promised rate of return for shareholders.

Goldman hedge fund takes mighty fall

A $989 million loss by a Goldman Sachs fund year-to-date through September offers more proof that in the hedge fund space, the bigger they are, the harder they fall.

The Goldman Sachs Investment Partners fund, which was launched in January with $6 billion under management, reportedly told shareholders the fund had taken a huge hit as part of the overall financial crisis.

The fund, managed by a unit of The Goldman Sachs Group Inc. of New York, was down 13% in the third quarter and was down 15.5% through the first nine months of the year, according to the Financial Times.

KKR puts IPO plans on hold

Kohlberg Kravis Roberts & Co. LP, a 32-year-old private-equity firm, is delaying plans to become a public company, due largely to the credit crisis, which has cut the value of its investments.

The New York-based company had initially planned to go public in July 2007 and later announced plans to merge with KKR Private Equity Investors LP, its publicly traded, Amsterdam, Netherlands-based private-equity investment fund, in a deal valued as high as $15 billion.

Naked short selling on the wane

Christopher Cox, Securities and Exchange Commission chief, has been coming down hard on short selling and illegal naked short sales since October, and his efforts seem to be paying off, according to the New York Post.

While he has been generating results, he has not been making many fans on Wall Street.

The Nasdaq Stock Market Inc. published a naked-short-selling watch list this week that named 56 stocks, as opposed to nearly 500 listed in September.

Gulf Investors Still Positive towards Indian Market

Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to post annual growth rate of 30 per cent to reach $60 billion by 2010 according to research outfit ‘Çityscape Intelligence’. As a consequence a large contingent of regional real estate investors and developers are poised to descend on Cityscape India to further their long term ambitions in the sub-continent.

Graham Wood, Exhibition Director for Cityscape India said, “The internal demand for commercial and residential real estate in India is undeniable. The investment climate may be difficult but developers will benefit from lower land prices, lower material and labour costs. Providing that the finance is in place, many developments may be approaching completion after the downturn has bottomed-out.”

Naked short selling on the wane

Christopher Cox, Securities and Exchange Commission chief, has been coming down hard on short selling and illegal naked short sales since October, and his efforts seem to be paying off, according to the New York Post.

While he has been generating results, he has not been making many fans on Wall Street.

The Nasdaq Stock Market Inc. published a naked-short-selling watch list this week that named 56 stocks, as opposed to nearly 500 listed in September.

Naked short selling on the wane

Christopher Cox, Securities and Exchange Commission chief, has been coming down hard on short selling and illegal naked short sales since October, and his efforts seem to be paying off, according to the New York Post.

While he has been generating results, he has not been making many fans on Wall Street.

The Nasdaq Stock Market Inc. published a naked-short-selling watch list this week that named 56 stocks, as opposed to nearly 500 listed in September.

Gulf Investors Still Positive towards Indian Market

Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to post annual growth rate of 30 per cent to reach $60 billion by 2010 according to research outfit ‘Çityscape Intelligence’. As a consequence a large contingent of regional real estate investors and developers are poised to descend on Cityscape India to further their long term ambitions in the sub-continent.

Graham Wood, Exhibition Director for Cityscape India said, “The internal demand for commercial and residential real estate in India is undeniable. The investment climate may be difficult but developers will benefit from lower land prices, lower material and labour costs. Providing that the finance is in place, many developments may be approaching completion after the downturn has bottomed-out.”

Gulf Investors Still Positive towards Indian Market

Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to post annual growth rate of 30 per cent to reach $60 billion by 2010 according to research outfit ‘Çityscape Intelligence’. As a consequence a large contingent of regional real estate investors and developers are poised to descend on Cityscape India to further their long term ambitions in the sub-continent.

Graham Wood, Exhibition Director for Cityscape India said, “The internal demand for commercial and residential real estate in India is undeniable. The investment climate may be difficult but developers will benefit from lower land prices, lower material and labour costs. Providing that the finance is in place, many developments may be approaching completion after the downturn has bottomed-out.”

Gulf Investors Still Positive towards Indian Market

Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to post annual growth rate of 30 per cent to reach $60 billion by 2010 according to research outfit ‘Çityscape Intelligence’. As a consequence a large contingent of regional real estate investors and developers are poised to descend on Cityscape India to further their long term ambitions in the sub-continent.

Graham Wood, Exhibition Director for Cityscape India said, “The internal demand for commercial and residential real estate in India is undeniable. The investment climate may be difficult but developers will benefit from lower land prices, lower material and labour costs. Providing that the finance is in place, many developments may be approaching completion after the downturn has bottomed-out.”

Gulf Investors Still Positive towards Indian Market

Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to post annual growth rate of 30 per cent to reach $60 billion by 2010 according to research outfit ‘Çityscape Intelligence’. As a consequence a large contingent of regional real estate investors and developers are poised to descend on Cityscape India to further their long term ambitions in the sub-continent.

Graham Wood, Exhibition Director for Cityscape India said, “The internal demand for commercial and residential real estate in India is undeniable. The investment climate may be difficult but developers will benefit from lower land prices, lower material and labour costs. Providing that the finance is in place, many developments may be approaching completion after the downturn has bottomed-out.”

Deutsche Bank, Evercore

Deutsche Bank AG and Evercore Partners Inc. reported declines in their third-quarter earnings.

Deutsche Bank posted a 73% in decrease in third-quarter net income, but beat analysts’ expectations because of new accounting rules instituted by the European Union.

The Frankfurt, Germany-based financial giant reported a profit of 435 million euros ($575 million), compared with a profit of 1.62 billion euros a year earlier.

AARP: Freeze mandatory retirement withdrawals

AARP today urged Treasury Secretary Henry Paulson to temporarily freeze mandatory retirement account withdrawals.

The Washington-based association, which represents 39 million members 50 and older, joined both presidential candidates in asking for a temporary waiver of requirements that people who are at least 70½ begin taking minimum distributions from their retirement accounts.

The minimum withdrawals are based on the fair market value of retirement accounts on the last day of the previous year.

Dem prez a tonic for SandP 500, study says

While there is a perception among many investors that electing a Republican president will translate into greater stock market returns, history shows the opposite to be true, according to data released yesterday by Savant Capital Management.

Rockford, Ill-based Savant’s analysis of returns for the Standard & Poor’s 500 stock index dating back to the early 1950s show that in the first year of a new president’s term, the market has performed better under Democratic presidents than Republicans.

Fed to extend up to $30B in credit to four nations

The Federal Reserve today announced plans to supply credit to the central banks in Brazil, Mexico, Korea and Singapore to help those four “large and systemically important economies” deal with the global liquidity crisis.

Under the plan, the Fed will provide up to $30 billion to the Banco Central do Brasil, the Banco de Mexico, the Bank of Korea, and the Monetary Authority of Singapore, in the latest series of “swap” arrangements in which it provides dollars in exchange for reserves of the other nations' currencies.