The Rekama Blog

Dow closes below 12,000 on bank jitters, oil prices (Reuters)

Sat, 21 Jun 2008 07:06:50 +0000

Chrysler LLC , citing financial damage from high gasoline prices . GM shares fell 6.8 percent and Ford tumbled 8.1 percent.

Oil prices shot up 2 percent to $134.70 a barrel on Middle East tensions and a weak dollar , compounding already elevated fears about inflation and consumer spending. The session started on a negative note, as investors dumped commercial bank shares after Merrill Lynch said it sees dividend cuts and the need to raise more capital at Bank of America, Regions Financial, SunTrust Banks and Wachovia Corp .

Full Story: Dow closes below 12,000 on bank jitters, oil prices (Reuters)

Paulson to push for oversight reforms: reports (Reuters)

Thu, 19 Jun 2008 12:20:58 +0000

Reuters - U.S. Treasury Secretary Henry Paulson is expected to urge that the Federal Reserve be given new powers to regulate Wall Street after the collapse of brokerage Bear Stearns Cos. Inc., U.S. media reported on Wednesday.

Full Story: Paulson to push for oversight reforms: reports (Reuters)

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French plans for EU tax reform on hold after Ireland vote: Lagarde (AFP)

Thu, 19 Jun 2008 12:20:50 +0000

AFP - France has put plans for European Union tax harmonisation on hold after Ireland's voters rejected the bloc's new reform treaty last week, finance minister Christine Lagarde said Thursday.

Full Story: French plans for EU tax reform on hold after Ireland vote: Lagarde (AFP)

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Obama: Boosting economy best way to aid dollar (Reuters)

Wed, 18 Jun 2008 12:20:24 +0000

Reuters - White House hopeful Barack Obama said on Tuesday the weakness in the U.S. dollar reflects the soft economy and large trade deficits, and the best way to strengthen the currency is to restore the economy's health.

Full Story: Obama: Boosting economy best way to aid dollar (Reuters)

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London shares close higher lifted by banks, miners (AFP)

Wed, 18 Jun 2008 12:20:17 +0000

AFP - UK blue chips closed higher on Tuesday, supported by gains from banks and miners and by hopes a spike in UK CPI may be temporary, but the FTSE 100 index ended well off the session peak as Wall Street fell back after poor US PPI data.

Full Story: London shares close higher lifted by banks, miners (AFP)

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May PPI seen up 1.0 percent on crude costs (Reuters)

Tue, 17 Jun 2008 12:20:32 +0000

Reuters - Record-high crude oil costs sent wholesale inflation soaring in May, but a key gauge of underlying price pressures likely moved ahead at a slower pace than the month before, according to a Reuters poll.

Full Story: May PPI seen up 1.0 percent on crude costs (Reuters)

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Eurozone inflation hits record 3.7 percent (AFP)

Tue, 17 Jun 2008 12:20:26 +0000

AFP - Inflation in the 15-nation eurozone hit a record 3.7 percent in May, pushed by soaring oil and food prices to the highest level since the single European currency was launched in 1999, official figures showed Monday.

Full Story: Eurozone inflation hits record 3.7 percent (AFP)

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Stocks rally as tame CPI calms inflation fear (Reuters)

Mon, 16 Jun 2008 12:22:33 +0000

Reuters - Stocks closed higher on Friday, helped by a government report that showed underlying price pressures rose moderately in May, easing fears that inflation would force a near-term rise in interest rates.

Full Story: Stocks rally as tame CPI calms inflation fear (Reuters)

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France sees '3 Fs' as economic challenge (AP)

Mon, 16 Jun 2008 12:22:27 +0000

AP - Crises involving finance, food and fuel — the three Fs — are buffeting Asia and Europe, French Finance Minister Christine Lagarde said Sunday.Full Story: France sees '3 Fs' as economic challenge (AP)

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