Economy
Bank of America scraps overdraft fees
Bank of America said Wednesday that it is ending debit overdraft fees on purchases this Summer. With Bank of America’s new policy, debit card purchases that would push checking account overdraft will be declined for new customers beginning in June, and for existing customers starting in early August.
Customers who attempt to withdraw insufficient funds at [...]
Mexican Telecom titan Carlos Slim Helu, the world’s richest person
In the Forbes Magazine’s 2010 billionaire list, announced in New York Wednesday, Helu and his family knocked Bill Gates out of the leading post with a total net worth of US$53.5B.
Helu ranked the 3rd in the Y 2009 rankings. His rise has marked the first time since Y 1994 that the No 1position is held [...]
Davos delegates debates financial reforms, economic recovery +
The annual Davos confab opened its 1st day of discussions Wednesday focusing on how to improve the regulation of the financial sector to avoid future crisis, and if global economy could recover sustainably.
There is consensus that the global financial system needs to be better regulated, participants at the meeting differed on what changes might be [...]
The US$ rose yesterday against major currencies
The USD rose against major currencies Thursday as the US Federal Reserve was reported to be more confident about the economic outlook.
The US central bank decided Wednesday to maintain the target range for the federal funds rate at Zero to 0.25 percent.
The Fed said in a statement that economic conditions are likely to warrant exceptionally [...]
Beijing housing price tops 20,000 Yuan
Beijing housing price tops 20,000 Yuan (US$3K+)per square meter inside 4th Ring Road
The average price of pre-construction homes inside Beijing’s 4th Ring Road now stands at a staggering 20,515 Yuan (US$3,004.6) per square meter, according to a report by the Beijing Youth Daily Tuesday citing the Beijing Bureau of Statistics.
The figures reveal that 19.95 million [...]
S&P slapped a negative outlook on Spain
If the collapse of Dubai’s credit-fueled bubble in November was a late ripple of the last financial crisis, events in Europe last week seemed like an omen of the next: out-of-control government deficits.
Markets headed lower after rating agencies downgraded the public debt of Greece and warned about the outlook for several others. Greece could become [...]
US Fed holds Key interest rate near Zero
The US Federal Reserve said Wednesday that the US economic activity has continued to “pick up,” and it decided to keep a Key interest rate unchanged at a record low of between Zero to 0.25 % to help buildup the economy.
Information received recently suggested that “economic activity has continued to pick up and that the [...]
White House plans to extend Green Tax break
The Obama administration said Wednesday that it plans to extend tax breaks for clean energy investment by US$5B, hoping to simultaneously create jobs and increase the use of renewable energy.
The proposal, which has to be approved by Congress, would allow new or expanded manufacturers of technology such as solar panels and wind turbines to receive [...]
US Dollar Report: US$ rises against major currencies
The USD rose against major currencies Tuesday after the latest US economic reports boosted expectations that the Federal Reserve will lift interest rates earlier than expected.
The US Labor Department reported Tuesday that US producer prices index jumped by 1.8% month-to-month in November as Gasoline and Fuels prices spiked. Analysts have forecasted an increase of 0.8%. [...]
Chinese banks absorbed US$32.78B in foreign capital
EH LTN recently learned that, as of the end of Y 2008, 12 countries and regions have set up 28 foreign owned banks, two joint venture banks and two foreign-owned finance companies in China.
75 foreign banks from 25 countries and regions have set up 116 branches in China.
In addition, the ICBC, Bank of China, China [...]
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Guest: China reported sharper-than-expected increases in consumer and producer prices.
Guest: China Gerui Advanced Materials (CHOP) Shares Climb 6% After Earnings Report
Guest: China Mobile (ADR) (NYSE: CHL) has agreed to acquire 20 percent stake in Shanghai Pudong Development Bank. Deal expected to be worth $5B
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