Reuters - Builder Lennar Corp
said on Friday it formed an investment venture with Morgan
Stanley Real Estate and sold the venture $525 million in
properties.
Reuters - The Treasury Department and mortgage
industry leaders are putting the final touches on a plan that
could save struggling homeowners from foreclosure by freezing
interest rates before they reset sharply higher.
Reuters - The Federal Reserve would not
hesitate to act to prevent financial strains from damaging the
economy and any steps it does take are not made to shield
investors, a top Fed official said on Friday.
Reuters - The Treasury Department and mortgage
industry leaders are putting the final touches on a plan that
could save struggling homeowners from foreclosure by freezing
interest rates before they reset sharply higher.
AP - Jewelry and luxury goods retailer Tiffany & Co.’s third-quarter earnings more than tripled on strong sales growth and a hefty gain on the sale and leaseback of its Tokyo flagship store.
Investor’s Business Daily - The plunge in the dollar has turned normally calm voices strident and fearful. A weak currency, they say, spells catastrophe for the U.S. economy.
AP - The Bush administration and the mortgage industry, trying to combat a massive wave of foreclosures, are hammering out a proposal to temporarily freeze interest rates on certain troubled subprime mortgages. If adopted, it would be the biggest action taken to cope with the unfolding crisis.
Reuters - The Dow and S&P 500 rose on Friday,
capping a dismal November with a four-day rally, as financial
stocks rallied on optimism over a proposed rescue for
struggling homeowners and on heightened expectations for more
interest-rate cuts.
AP - Federal Reserve policymakers should consider the impact of turbulent financial markets on the economy’s health when weighing interest rate decisions, a Fed official said Friday.
Reuters - Mobile phone maker Motorola Inc
said on Friday embattled Chief Executive Ed Zander will
step down after a year of disappointing earnings and market
share losses, raising investor hopes his successor, Greg Brown,
will turn the business around.
Reuters - Bristol-Myers Squibb Co. said
on Friday it has begun cutting jobs as part of a previously
announced restructuring by the U.S. drugmaker meant to help
bolster earnings growth.
Reuters - Consumer spending inched up by an
unexpectedly small 0.2 percent last month and construction
spending tumbled, according to reports on Friday that
heightened concerns on the health of the economy.
Reuters - Sears Holdings Corp Chairman
Edward Lampert on Friday took the media and analysts to task
for underestimating the company, saying the retailer is being
criticized for the same practices that elicit praise when used
by its competitors.
Reuters - The Treasury Department is
finalizing a plan with mortgage industry leaders that will hold
interest payments steady for many subprime borrowers facing
higher rates and possible foreclosure.
FT.com - Although I think of myself as a contrarian, every once in a while, I find myself affirming the "prevailing wisdom". Right now, I find myself in agreement with the bearish mood prevalent in global equity markets. In particular, I'm bearish about Chinese stocks: in my book, they deserve a thorough thrashing.