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Daily Dispatches
Countrywide will cut up to 20% of workforce
Submitted by cpowell on Fri, 2007-09-07 21:31 Section: Daily DispatchesBy Alex Veiga
Associated Press
via Yahoo News
Friday, September 7, 2007
http://news.yahoo.com/s/ap/20070907/ap_on_bi_ge/countrywide_job_cuts;_yl...
LOS ANGELES -- Struggling lender Countrywide Financial Corp. will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry, the company said Friday.
Gold provides refuge from declining dollar
Submitted by cpowell on Fri, 2007-09-07 21:09 Section: Daily DispatchesBy Javier Blas
Financial Times, London
Friday, September 7, 2007
http://www.ft.com/cms/s/0/8b8aa01a-5d67-11dc-8d22-0000779fd2ac.html
Gold prices jumped above $700 an ounce for the first time in 16 months on Friday as investors looked for refuge from a falling US dollar.
European rate increases squelched on eve of explosion in cash hunger
Submitted by cpowell on Thu, 2007-09-06 21:35 Section: Daily DispatchesCredit Squeeze Puts Brakes on Rates
From the Financial Times
Friday, September 7, 2007
http://www.ft.com/cms/s/0/a79b84b2-5ca5-11dc-9cc9-0000779fd2ac.html
Australian central bank will buy mortgage-backed debt
Submitted by cpowell on Thu, 2007-09-06 01:37 Section: Daily DispatchesBy Laura Cochrane
Bloomberg News Service
Thursday, September 6, 2007
http://www.bloomberg.com/apps/news?pid=20601087&sid=aodU13AzlXeI&refer=home
MELBOURNE, Australia -- Australia's central bank said it will buy debt backed by home loans to add cash to the financial system, after the U.S. subprime credit rout eroded demand for asset-backed securities and drove up interest rates.
Billiton and CVRD may buy and break up Rio Tinto
Submitted by cpowell on Thu, 2007-09-06 00:07 Section: Daily DispatchesBy V. Phani Kumar
MarketWatch.com
Wednesday, September 5, 2007
http://www.marketwatch.com/news/story/bhp-cvrd-rumored-mulling-tie-up/st...
Jim Sinclair: Day of reckoning for derivatives has arrived
Submitted by cpowell on Wed, 2007-09-05 22:21 Section: Daily DispatchesBy Jim Sinclair
www.JSMineset.com
Wednesday, September 5, 2007
It is not just coming -- it is already here.
I am convinced that all that has been anticipated since 1968 has now occurred. I see the mountain of over-the-counter derivatives that, including all types, exceeds $30 trillion. The mountain is shaking badly.
Banks issue record amount of dollar debt to backstop commercial paper
Submitted by cpowell on Wed, 2007-09-05 22:06 Section: Daily DispatchesBy David Oakley and Michael MacKenzie
Financial Times, London
Wednesday, September 5, 2007
http://www.ft.com/cms/s/0/147bd4a4-5be0-11dc-bc97-0000779fd2ac.html
Banks are issuing record amounts of dollar-denominated debt as they fear more demands for cash from troubled structured investment vehicles, according to the latest figures.
Foreign holdings of Treasuries fall sharply -- Is China dumping them?
Submitted by cpowell on Wed, 2007-09-05 21:50 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Wednesday, September 5, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/05/bcnchi...
A sharp drop in foreign holdings of US Treasury bonds over the last five weeks has raised concerns that China is quietly withdrawing its funds from the United States, leaving the dollar increasingly vulnerable.
Developed nations' group urges U.S. interest rate cut
Submitted by cpowell on Wed, 2007-09-05 21:41 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Thursday, September 6, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/06/cnoecd...
The OECD club of rich nations has called on the US Federal Reserve to cut interest rates to stave off a credit crunch, warning that the sub-prime crisis could trigger a serious global downturn.
Two more bidders for Meridian by Friday, securities commission told
Submitted by cpowell on Wed, 2007-09-05 15:39 Section: Daily DispatchesBy Canadian Press
Wednesday, September 5, 2007
http://canadianpress.google.com/article/ALeqM5gjYDVNjyuHBeJfE4G33Xc2xRGZyQ
TORONTO -- Meridian Gold Inc. will lose the protection of its poison pill plan on Sept. 11, an OSC panel ruled Wednesday, handing a procedural victory to Yamana Gold Inc.
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